Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.4
Income Taxes (Tables)
12 Months Ended
Sep. 29, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Provision

The income tax provision for the years ended September 29, 2024 and October 1, 2023 include the following:

 

    2024     2023  
    (Thousands)  
    2024     2023  
Current income tax expense:                
Current year federal income tax   $ 1,045     $ 484  
Prior year tax adjustment     (14 )     (35 )
Current income tax expense     1,031       449  
Deferred income tax provision (benefit):                
Federal     (25 )     20  
                 
Provision for income taxes, net   $ 1,006     $ 469  
Schedule of Effective Income Tax Rate Reconciliation

The income tax provision for Optex Systems as of September 29, 2024 and October 1, 2023 differs from those computed using the statutory federal tax rate in the respective years due to the following permanent differences:

 

    2024     %     2023     %  
                         
Tax provision at statutory federal rate   $ 1,003       21     $ 574       21  
Nondeductible expenses     3       -       3       -  
Other temporary adjustments     14       -       (4 )     -  
Prior year federal income tax adjustment     (14 )     -       (35 )     (1 )
Change in deferred tax valuation allowance     -       -       (69 )     (3 )
Provision for income taxes, net   $ 1,006       21     $ 469       17  
Schedule of Deferred Income Tax Assets (Liabilities)

Deferred income taxes recorded in the balance sheets result from differences between financial statement and tax reporting of income and deductions. A summary of the composition of the deferred income tax assets (liabilities) follows:

 

   

As of

September 29, 2024

   

As of

October 1, 2023

 
    (Thousands)  
    Deferred Tax Asset  
   

As of

September 29, 2024

   

As of

October 1, 2023

 
             
Stock Compensation   $ 177     $ 151  
Inventory Reserve     232       211  
Unicap     59       47  
Deferred Compensation     56       53  
Property and Equipment     (233 )     (212 )
Intangible Asset Amortization     10       -  
Contract Loss Reserve     54       51  
Accrued Paid Time Off     92       85  
Net Operating Losses     1,223       1,258  
Other     50       52  
Subtotal   $ 1,720     $ 1,696  
Valuation allowance     (773 )     (774 )
Net deferred asset   $ 947     $ 922