001-11703 GENCOR INDUSTRIES, INC. ( Consequently, the four synthetic fuel plants were decommissioned. The Company intends to retain its cash to fund its business requirements. The Company's products are manufactured at three facilities in the United States. The effective income tax rate for fiscal 2020 was 17.2% versus 20.5% in fiscal 2019. The Company had no long-term debt outstanding at September 30, 2020 or 2019. To date, no amounts have been drawn under the letter of credit. Payment for services under contract with customers is due as services are completed. Inventories Inventories are valued at the lower of cost or net realizable value. Fair value is generally determined using a discounted cash flow analysis. The lease term is for the period September 1, 2020 through August 31, 2023. The Company adopted ASU 2014-09 in the first quarter of fiscal 2019. The Company elected to adopt the standard using the modified retrospective method. Basic EPS is based on the weighted-average number of shares outstanding. The allowance for doubtful accounts also includes an estimate for returns and allowances. The Company adjusts these reserves in light of changing facts and circumstances. As of September 30, 2020 and 2019, the Company had UTB's of $150,000. There were no Florida R&D Credits carryforwards at September 30, 2020. There were no liabilities assumed. Dated: December 18, 2020 GENCOR INDUSTRIES, INC. ( 149; & Undesignated Preferred Stock. In addition, we are subject to the provisions of Section& 203 of the DGCL. I have reviewed this annual report on Form 10-K of Gencor Industries, Inc.; & 2. Actual results could differ from those estimates. &