RGC Resources (RGCO) 10-Q 8 Feb 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2017	Jan. 31, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Dec. 31, 2017
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Entity Registrant Name	RGC RESOURCES INC
Entity Central Index Key	1,069,533
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		7,263,289

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2017	Sep. 30, 2017
CURRENT ASSETS:
Cash and cash equivalents	$ 334,278	$ 69,640
Accounts receivable (less allowance for uncollectibles of $200,938 and $99,456, respectively)	10,895,194	3,492,703
Materials and supplies	1,072,097	1,021,191
Gas in storage	6,906,656	7,701,894
Prepaid income taxes	798,414	1,796,825
Interest rate swap	46,847	26,777
Other	1,828,144	1,576,574
Total current assets	21,881,630	15,685,604
UTILITY PROPERTY:
In service	206,193,289	204,223,714
Accumulated depreciation and amortization	(60,653,163)	(59,765,987)
In service, net	145,540,126	144,457,727
Construction work in progress	6,369,011	3,470,244
Utility plant, net	151,909,137	147,927,971
OTHER ASSETS:
Regulatory assets	11,810,238	11,796,260
Investment in unconsolidated affiliate	10,095,214	7,445,106
Interest rate swap	132,735	90,066
Other	452,365	190,064
Total other assets	22,490,552	19,521,496
TOTAL ASSETS	196,281,319	183,135,071
CURRENT LIABILITIES:
Line-of-credit	54,377	0
Dividends payable	1,125,677	1,050,281
Accounts payable	7,229,538	5,122,899
Capital contributions payable	2,323,821	1,055,504
Customer credit balances	1,004,059	1,220,578
Customer deposits	1,512,915	1,471,960
Accrued expenses	2,047,301	3,006,936
Over-recovery of gas costs	2,116,450	1,438,074
Rate refund	462,442	0
Total current liabilities	17,876,580	14,366,232
LONG-TERM DEBT:
Notes payable	53,076,200	43,812,200
Line-of-credit	17,000,000	17,791,760
Less unamortized debt issuance costs	(282,417)	(291,949)
Long-term debt net of unamortized debt issuance costs	69,793,783	61,312,011
DEFERRED CREDITS AND OTHER LIABILITIES:
Asset retirement obligations	6,136,712	6,069,993
Regulatory cost of retirement obligations	10,259,624	10,055,189
Benefit plan liabilities	7,683,080	8,214,326
Deferred income taxes	11,488,231	23,076,848
Regulatory liability - deferred income taxes	11,742,274	0
Total deferred credits and other liabilities	47,309,921	47,416,356
STOCKHOLDERS’ EQUITY:
Common stock, $5 par value; authorized 10,000,000 shares; issued and outstanding 7,251,014 and 7,240,846, respectively	36,255,070	36,204,230
Preferred stock, no par, authorized 5,000,000 shares; no shares issued and outstanding	0	0
Capital in excess of par value	528,154	292,485
Retained earnings	25,679,679	24,746,021
Accumulated other comprehensive loss	(1,161,868)	(1,202,264)
Total stockholders’ equity	61,301,035	60,040,472
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 196,281,319	$ 183,135,071

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2017	Sep. 30, 2017
Statement of Financial Position [Abstract]
Accounts receivable, allowance for uncollectibles	$ 200,938	$ 99,456
Common stock, par value (in dollars per share)	$ 5	$ 5
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	7,251,014	7,240,846
Common stock, share outstanding	7,251,014	7,240,846
Preferred stock, par value (in dollars per share)	$ 0	$ 0
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, share outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income - USD ($)	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
OPERATING REVENUES:
Gas utilities	$ 18,519,994	$ 18,512,333
Other	236,057	276,252
Total operating revenues	18,756,051	18,788,585
COST OF SALES:
Gas utilities	9,561,406	9,246,852
Other	121,210	150,828
Total cost of sales	9,682,616	9,397,680
GROSS MARGIN	9,073,435	9,390,905
OTHER OPERATING EXPENSES:
Operations and maintenance	3,197,111	3,391,828
General taxes	466,322	441,074
Depreciation and amortization	1,734,878	1,575,728
Total other operating expenses	5,398,311	5,408,630
OPERATING INCOME	3,675,124	3,982,275
Equity in earnings of unconsolidated affiliate	148,811	84,540
Other expense, net	16,132	3,712
Interest expense	612,645	458,521
INCOME BEFORE INCOME TAXES	3,195,158	3,604,582
INCOME TAX EXPENSE	1,135,696	1,372,364
NET INCOME	$ 2,059,462	$ 2,232,218
BASIC EARNINGS PER COMMON SHARE (in dollars per share)	$ 0.28	$ 0.31
DILUTED EARNINGS PER COMMON SHARE (in dollars per share)	0.28	0.31
DIVIDENDS DECLARED PER COMMON SHARE (in dollars per share)	$ 0.155	$ 0.145

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income - USD ($)	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 2,059,462	$ 2,232,218
Other comprehensive income, net of tax:
Interest rate swap	44,645	95,128
Defined benefit plans	(4,249)	39,742
Other comprehensive income	40,396	134,870
COMPREHENSIVE INCOME	$ 2,099,858	$ 2,367,088

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 2,059,462	$ 2,232,218
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,765,779	1,606,090
Cost of removal of utility plant, net	(121,384)	(97,800)
Stock option grants	0	12,297
Equity in earnings of unconsolidated affiliate	(148,811)	(84,540)
Changes in assets and liabilities which used cash, exclusive of changes and noncash transactions shown separately	(5,513,739)	(5,781,253)
Net cash used in operating activities	(1,958,693)	(2,112,988)
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to utility plant and nonutility property	(4,306,651)	(4,438,642)
Investment in unconsolidated affiliate	(1,232,980)	(485,747)
Proceeds from disposal of equipment	244	1,560
Net cash used in investing activities	(5,539,387)	(4,922,829)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of notes payable	9,264,000	7,508,000
Borrowings under line-of-credit agreement	11,888,529	11,501,201
Repayments under line-of-credit agreement	(12,625,912)	(11,732,610)
Debt issuance expenses	0	(16,675)
Proceeds from issuance of stock (10,168 and 17,122 shares, respectively)	286,509	278,968
Cash dividends paid	(1,050,408)	(970,244)
Net cash provided by financing activities	7,762,718	6,568,640
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	264,638	(467,177)
BEGINNING CASH AND CASH EQUIVALENTS	69,640	643,252
ENDING CASH AND CASH EQUIVALENTS	334,278	176,075
SUPPLEMENTAL CASH FLOW INFORMATION:
Interest paid	814,061	730,163
Income taxes paid	$ 0	$ 0

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Parenthetical) - shares	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Statement of Cash Flows [Abstract]
Issuance of stock, shares	10,168	17,122

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation RGC Resources, Inc. is an energy services company primarily engaged in the sale and distribution of natural gas. The consolidated financial statements include the accounts of RGC Resources, Inc. ("Resources" or the "Company") and its wholly owned subsidiaries: Roanoke Gas Company; Diversified Energy Company; and RGC Midstream, LLC. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly Resources financial position as of December 31, 2017 and the results of its operations, cash flows and comprehensive income for the three months ended December 31, 2017 and 2016 . The results of operations for the three months ended December 31, 2017 are not indicative of the results to be expected for the fiscal year ending September 30, 2018 as quarterly earnings are affected by the highly seasonal nature of the business and weather conditions generally result in greater earnings during the winter months. The unaudited condensed consolidated interim financial statements and condensed notes are presented as permitted under the rules and regulations of the Securities and Exchange Commission. Pursuant to those rules, certain information and note disclosures normally included in the annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted, although the Company believes that the disclosures made are adequate to make the information not misleading. Therefore, the condensed consolidated financial statements and condensed notes should be read in conjunction with the financial statements and notes contained in the Company’s Form 10-K for the year ended September 30, 2017 . The September 30, 2017 balance sheet was included in the Company’s audited financial statements included in Form 10-K. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Prior year share and per share data have been restated to reflect the three-for-two stock split effected in the form of a stock dividend effective March 1, 2017. The Company’s significant accounting policies are described in Note 1 to the consolidated financial statements in Form 10-K for the year ended September 30, 2017 . Newly adopted and newly issued accounting standards are discussed below. Recently Issued or Adopted Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) that affects any entity that enters into contracts with customers for the transfer of goods or services or transfer of non-financial assets. This guidance supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The core principle of the new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when, or as, the entity satisfies the performance obligation. In August 2015, the FASB issued ASU 2015-14 that deferred the effective date of this guidance by one year making the standard effective for the Company's annual reporting period ending September 30, 2019 and interim periods within that annual period. The FASB continues to issue subsequent guidance under ASC No. 606 to further clarify the original ASU. In addition, the Company is also monitoring the activity of the Power and Utilities Task Force. The Task Force was formed by the American Institute of Certified Public Accountants ("AICPA") to provide industry-specific guidance. Implementation issues identified by the Task Force include accounting for contributions in aid of construction and assessing collectability of customer accounts when regulated mechanisms exist to allow recovery of uncollected accounts from ratepayers. As of December 31, 2017, the Company continues identifying sources of revenue and evaluating the effect that the revenue guidance will have on financial results and disclosures. Based on the review of customer contracts to date, the Company is not anticipating a material impact to its financial position, results of operations or cash flows upon adoption; however, the Company does anticipate the potential for significant new disclosures as a result of the guidance. Because of ongoing internal analysis and the continued activities of the FASB and other related implementation efforts specific to the rate-regulated natural gas industry, early adoption is not expected. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . The ASU enhances the reporting model for financial instruments to provide users of the financial statements with more useful information through several provisions, including the following: (1) requires equity investments, excluding investments accounted for under the equity method, be measured at fair value with changes in fair value recognized in net income, (2) simplifies the impairment assessment of equity investments without readily determinable fair values, (3) eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (4) requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, and (5) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. The new guidance is effective for the Company for the annual reporting period ending September 30, 2019 and interim periods within that annual period. Management has not completed its evaluation of the new guidance. However, the Company does not currently expect the new guidance to have a material effect on its financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases. The ASU leaves the accounting for leases mostly unchanged for lessors, with the exception of targeted improvements for consistency; however, the new guidance requires lessees to recognize assets and liabilities for leases with terms of more than 12 months. The ASU also revises the definition of a lease as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Consistent with current GAAP, the presentation and cash flows arising from a lease by a lessee will primarily depend on its classification as a finance or operating lease. In contrast, the new ASU requires both types of leases to be recognized on the balance sheet. In addition, the new guidance includes quantitative and qualitative disclosure requirements to aid financial statement users in better understanding the amount, timing and uncertainty of cash flows arising from leases. The new guidance is effective for the Company for the annual reporting period ending September 30, 2020 and interim periods within that annual period. Early adoption is permitted. Management has not completed its evaluation of the new guidance. However, the Company has completed its inventory of leases and does not currently expect the new guidance to have a material effect on its financial position, results of operations or cash flows. In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Corrections and Investments - Equity Method and Joint Ventures . This update adds the text of the SEC Staff Announcement, Disclosure of the Impact That Recently Issued Accounting Standards Will Have on the Financial Statements of a Registrant When Such Standards Are Adopted in a Future Period (in accordance with Staff Accounting Bulletin Topic 11.M) as paragraph 250-10-S99-6. Related specifically to ASU 2014-09, ASU 2016-02 and ASU 2016-13, an SEC registrant should evaluate ASUs that have not yet been adopted to determine and include appropriate financial disclosures and MD&A discussions, including consideration of additional qualitative disclosures, to assist financial statement readers in assessing the significance of impact on adoption. The new guidance is effective immediately. The nature of this guidance relates to the effectiveness and quality of disclosures related to ASUs not yet adopted; however, there is no effect on the Company's financial position, results of operations or cash flows. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits . The primary objective of this guidance is to improve the financial statement presentation of net periodic pension and postretirement benefit costs; however, it also changes which cost components are eligible for capitalization. The amendments in the ASU require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and, if a subtotal for income from operations is presented, outside of income from operations. In addition, the ASU allows only the service cost component of periodic benefit cost to be eligible for capitalization when applicable. This change to capitalization eligibility differs from the treatment currently applied by the Company and from allowed regulatory accounting. The new guidance is effective for the Company for the annual reporting period ending September 30, 2019 and interim periods within that annual period. Early adoption is permitted. Management is in the process of evaluating the new guidance. The regulatory body in the Company's service jurisdiction requires the capitalization of all cost components included in net benefit costs. As a result, the Company may have to establish regulatory assets for those costs now excluded from capitalization under this ASU. The Company has begun discussions with its regulatory body, the State Corporation Commission of Virginia, regarding the expected treatment of those costs. Although the ultimate disposition of these other components of net periodic benefit costs has not been determined, management expects the new guidance may have a material effect on the Company's consolidated financial statements when adopted. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting For Hedging Activities . The ASU is meant to simplify recognition and presentation guidance in an effort to improve financial reporting of cash flow and fair value hedging relationships to better portray the economic results of an entity's risk management activities. This is achieved through changes to both the designation and measurement guidance for qualifying hedging relationships, as well as changes to the presentation of hedge results. The new guidance is effective for the Company for the annual reporting period ending September 30, 2020 and interim periods within that annual period. Early adoption is permitted. Management has not completed its evaluation of the new guidance; however, it does not currently expect the new guidance to have a material effect on its financial position, results of operations or cash flows. Other accounting standards that have been issued by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes On December 22, 2017, the Tax Cuts and Jobs Act, ("Tax Act") became law. The most significant impact of the new law is the reduction of the maximum corporate federal income tax rate from 35% to 21% beginning January 1, 2018. As the Company operates on a fiscal year, the Company will have a transition or blended rate of 24.3% determined based on the number of days of the Company's fiscal year at 34% and the number of days in the year at 21% . Under the provisions of ASC 740 - Income Taxes , the deferred tax assets and liabilities of the Company must be revalued to reflect the reduction in the federal tax rate. Furthermore, revaluing the deferred tax balances to the ultimate 21% federal tax rate required the Company to project the deferred tax activity for the balance of the year and to estimate the impact to current taxes based on the valuation adjustments to this activity. In accordance with the guidance provided by the SEC Staff Accounting Bulletin ("SAB") 118, the Company has made reasonable estimates of the effect of the tax rate change on its deferred tax assets and liabilities. The Company has reduced the net deferred tax liability by $11,533,986 to revalue the liability from a 34% federal tax rate to a 21% federal tax rate. $11,742,274 related to Roanoke Gas and was reclassified to a regulatory liability as discussed in Note 3, while $208,288 was charged to income tax expense related to the unregulated operations of the Company. These estimates are subject to further clarification of provisions of the Tax Act and regulatory approvals from Roanoke Gas' regulatory body.

Rates and Regulatory Matters

Rates and Regulatory Matters	3 Months Ended
	Dec. 31, 2017
Regulated Operations [Abstract]
Rates and Regulatory Matters	Rates and Regulatory Matters The State Corporation Commission of Virginia (“SCC”) exercises regulatory authority over the natural gas operations of Roanoke Gas. Such regulation encompasses terms, conditions and rates to be charged to customers for natural gas service; safety standards; extension of service; and accounting and depreciation. As referenced in Note 2, the Tax Act provides for a reduction in the federal corporate tax rate to 21% . The Company has revalued its deferred tax assets and liabilities to reflect the new federal tax rate. Under the provisions of ASC 740, the corresponding adjustment to deferred income taxes generally flows through to income tax expense. For rate regulated entities such as Roanoke Gas, these excess deferred taxes were originally recovered from its customers based on billing rates derived using a federal income tax rate of 34% . Therefore, the adjustment to the net deferred tax liabilities of Roanoke Gas, to the extent such net deferred tax liabilities are attributable to rate base or cost of service for customers, are refundable to customers. Roanoke Gas established a regulatory liability in the amount of $11,742,274 related to these excess deferred income taxes. With the implementation of the Tax Act, the Company has a blended federal tax rate of 24.3% for the current fiscal year. On January 8, 2018, the SCC issued a directive requiring the accrual of a regulatory liability for excess revenues collected from customers attributable to the higher federal income tax rate, currently included as a component of customer billing rates, until such time as the SCC approves lower billing rates incorporating the lower tax rate. As of December 31, 2017, the Company recorded an estimated reduction to revenue and established a regulatory liability in the amount of $462,442 reflecting the excess revenue collected from customers since October 1, 2017. This estimated refund of excess revenue as well as estimated regulatory liability related to the excess deferred taxes on Roanoke Gas will be adjusted as necessary and reflected in future financial statements once the SCC reviews and approves the Company's calculations and methodology. The method and timing of the refunds of both the excess deferred income taxes and the excess revenues will be determined by the SCC.

Other Investments

Other Investments	3 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Other Investments	Other Investments In October 2015, the Company, through its wholly-owned subsidiary, RGC Midstream, LLC ("Midstream"), acquired a 1% equity interest in the Mountain Valley Pipeline, LLC (the “LLC”). The LLC was established to construct and operate a natural gas pipeline originating in northern West Virginia and extending through south central Virginia. The proposed pipeline will have the capacity to transport approximately 2 million decatherms of natural gas per day. The pipeline has received Federal Energy Regulatory Commission ("FERC") approval and is scheduled to begin construction in early 2018. The total project cost is estimated to be approximately $3.5 billion. The Company's 1% equity interest in the LLC will require a total estimated cash investment of approximately $35 million, by periodic capital contributions throughout the design and construction phases of the project. On a quarterly basis, the LLC issues a capital call notice, which specifies the capital contributions to be paid over the subsequent 3 months . As of December 31, 2017 , the Company had $2,323,821 remaining to be paid under the most recent notice. The capital contribution payable has been reflected on the Company's balance sheet as of December 31, 2017 , with a corresponding increase to Investment in unconsolidated affiliate. Related to capital contributions payable, there was a non-cash $1,268,317 increase in the Investment in unconsolidated affiliate in the three months ended December 31, 2017 . Initial funding for Midstream's investment in the LLC is provided through two unsecured promissory notes, each with a 5 -year term. The Company is participating in the earnings of the LLC in proportion to its level of investment. The Company is utilizing the equity method to account for the transactions and activity of the investment. The financial statement locations of the investment in the LLC are as follows: Balance Sheet Location of Other Investments: December 31, 2017 September 30, 2017 Other Assets: Investment in unconsolidated affiliate $ 10,095,214 $ 7,445,106 Current Liabilities: Capital contributions payable $ 2,323,821 $ 1,055,504 Three Months Ended Income Statement Location of Other Investments: December 31, 2017 December 31, 2016 Equity in earnings of unconsolidated affiliate $ 148,811 $ 84,540

Derivatives and Hedging

Derivatives and Hedging	3 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging The Company’s risk management policy allows management to enter into derivatives for the purpose of managing the commodity and financial market risks of its business operations. The Company’s risk management policy specifically prohibits the use of derivatives for speculative purposes. The key market risks that the Company seeks to hedge include the price of natural gas and the cost of borrowed funds. The Company has one interest rate swap associated with its $7,000,000 term note as discussed in Note 6. Effective November 1, 2017, the swap agreement converted the floating rate note based on LIBOR into a fixed rate debt with a 2.30% effective interest rate. The swap qualifies as a cash flow hedge with changes in fair value reported in other comprehensive income. No portion of the swap was deemed ineffective during the periods presented. The table below reflects the fair values of the derivative instrument and its corresponding classification in the condensed consolidated balance sheet: December 31, 2017 September 30, 2017 Derivative designated as hedging instrument: Current assets: Interest rate swap $46,847 $26,777 Other assets: Interest rate swap $132,735 $90,066 Total derivatives designed as hedging instruments $179,582 $116,843 The table in Note 7 reflects the effect on income and other comprehensive income of the Company's cash flow hedge.

Long-Term Debt

Long-Term Debt	3 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Long-Term Debt	Long-Term Debt On October 2, 2017, Roanoke Gas issued ten -year unsecured notes in the principal amount of $8,000,000 with a fixed interest rate of 3.58% per annum. The proceeds from the notes were used to convert a portion of the Company's line-of-credit balance into longer-term financing. On March 27, 2017, Roanoke Gas entered into a new unsecured line-of-credit agreement. This new line-of-credit agreement replaced the agreement which expired on March 31, 2017. The expired agreement was for a term of one year and all amounts drawn against that agreement were considered to be current liabilities. The current line-of-credit agreement is for a two -year term expiring March 31, 2019. Amounts drawn against the new agreement are considered to be non-current as the balance under the line-of-credit is not subject to repayment within the next 12-month period. The agreement provides for a variable interest rate based on 30-day LIBOR plus 100 basis points and an availability fee of 15 basis points . The agreement includes multi-tiered borrowing limits to accommodate seasonal borrowing demands and minimize borrowing costs. The Company's total available borrowing limits during the term of the agreement range from $10,000,000 to $30,000,000 . As the available borrowing limit drops to $17,000,000 on March 1, 2018, $54,377 of the balance outstanding was reclassified to current at December 31, 2017. The Company has begun discussions with the financial institution to extend the current agreement for an additional year during the second fiscal quarter. Roanoke Gas has a 5 -year unsecured note in the principal amount of $7,000,000 . This note is variable rate with interest based on 30-day LIBOR plus 90 basis points with the interest rate hedged by a swap agreement which converts the variable rate debt into a fixed-rate instrument with an annual interest rate of 2.30% . Midstream has two unsecured Promissory Notes ("Notes") which provide up to a total of $25 million in borrowing limits over a period of 5 years , with an interest rate of 30-day LIBOR plus 160 basis points. Midstream issued the Notes in December 2015 to provide financing for capital contributions in respect of its 1% interest in the LLC. In accordance with the terms of the Agreement, at such point in time as Midstream has borrowed $17.5 million under the Notes, Midstream is required to provide the next $5 million towards its capital contributions to the LLC. Once Midstream has completed its $5 million in contributions, it may resume borrowing under the Notes up to the $25 million limit. All of the debt agreements set forth certain representations, warranties and covenants to which the Company is subject, including financial covenants that limit consolidated long-term indebtedness to not more than 65% of total capitalization. All of the debt agreements, except for the line-of-credit, provide for priority indebtedness to not exceed 15% of consolidated total assets. Long-term debt consists of the following: December 31, 2017 September 30, 2017 Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Roanoke Gas Company: Unsecured senior notes payable, at 4.26% due on September 18, 2034 $ 30,500,000 $ 161,706 $ 30,500,000 $ 164,119 Unsecured term note payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 7,000,000 12,784 7,000,000 13,618 Unsecured term notes payable, at 3.58% due on October 2, 2027 8,000,000 46,956 — 48,160 RGC Midstream, LLC: Unsecured term notes payable, at 30-day LIBOR plus 1.60%, due December 29, 2020 7,576,200 60,971 6,312,200 66,052 Total notes payable $ 53,076,200 $ 282,417 $ 43,812,200 $ 291,949 Line-of-credit, at 30-day LIBOR plus 1.00%, due March 31, 2019 $ 17,054,377 $ — $ 17,791,760 $ — Current portion of line-of-credit (54,377 ) — — — Total long-term debt $ 70,076,200 $ 282,417 $ 61,603,960 $ 291,949

Other Comprehensive Income

Other Comprehensive Income	3 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Other Comprehensive Income	Other Comprehensive Income A summary of other comprehensive income and loss is provided below: Before-Tax Amount Tax (Expense) or Benefit Net-of-Tax Amount Three Months Ended December 31, 2017 Interest rate swap: Unrealized gains $ 61,581 $ (17,760 ) $ 43,821 Transfer of realized losses to interest expense 1,158 (334 ) 824 Net interest rate swap 62,739 (18,094 ) 44,645 Defined benefit plans: Amortization of actuarial gains (5,971 ) 1,722 (4,249 ) Other comprehensive income $ 56,768 $ (16,372 ) $ 40,396 Three Months Ended December 31, 2016 Interest rate swap: Unrealized gains $ 153,334 $ (58,206 ) $ 95,128 Defined benefit plans: Amortization of actuarial losses 64,058 (24,316 ) 39,742 Other comprehensive income $ 217,392 $ (82,522 ) $ 134,870 The amortization of actuarial losses is included as a component of net periodic pension and postretirement benefit cost in operations and maintenance expense. Reconciliation of Other Accumulated Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) Balance at September 30, 2017 $ (1,202,264 ) Other comprehensive income 40,396 Balance at December 31, 2017 $ (1,161,868 )

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Roanoke Gas currently holds the only franchises and/or certificates of public convenience and necessity to distribute natural gas in its service area. The current franchise agreements expire December 31, 2035 . The Company's certificates of public convenience and necessity are exclusive and are intended for perpetual duration. Due to the nature of the natural gas distribution business, the Company has entered into agreements with both suppliers and pipelines for natural gas commodity purchases, storage capacity and pipeline delivery capacity. The Company obtains most of its regulated natural gas supply through an asset manager. The Company utilizes an asset manager to assist in optimizing the use of its transportation, storage rights, and gas supply in order to provide a secure and reliable source of natural gas to its customers. The Company also has storage and pipeline capacity contracts to store and deliver natural gas to the Company’s distribution system. Roanoke Gas is served directly by two primary pipelines. These two pipelines deliver all of the natural gas supplied to the Company’s distribution system. Depending on weather conditions and the level of customer demand, failure of one or both of these transmission pipelines could have a major adverse impact on the Company's ability to deliver natural gas to its customers and its results of operations.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per common share for the three months ended December 31, 2017 and 2016 were calculated by dividing net income by the weighted average common shares outstanding during the period. Diluted earnings per common share were calculated by dividing net income by the weighted average common shares outstanding during the period plus potential dilutive common shares. A reconciliation of basic and diluted earnings per share is presented below: Three Months Ended December 31, 2017 2016 Net Income $ 2,059,462 $ 2,232,218 Weighted average common shares 7,248,094 7,194,594 Effect of dilutive securities: Options to purchase common stock 48,086 15,953 Diluted average common shares 7,296,180 7,210,547 Earnings Per Share of Common Stock: Basic $ 0.28 $ 0.31 Diluted $ 0.28 $ 0.31

Employee Benefit Plans

Employee Benefit Plans	3 Months Ended
	Dec. 31, 2017
Retirement Benefits [Abstract]
Employee Benefit Plans	Employee Benefit Plans The Company has both a defined benefit pension plan (the “pension plan”) and a postretirement benefit plan (the “postretirement plan”). The pension plan covers substantially all of the Company’s employees and provides retirement income based on years of service and employee compensation. The postretirement plan provides certain health care and supplemental life insurance benefits to retired employees who meet specific age and service requirements. Net pension plan and postretirement plan expense recorded by the Company is detailed as follows: Three Months Ended December 31, 2017 2016 Components of net periodic pension cost: Service cost $ 166,309 $ 176,669 Interest cost 272,045 248,900 Expected return on plan assets (465,710 ) (404,103 ) Recognized loss 87,758 165,545 Net periodic pension cost $ 60,402 $ 187,011 Three Months Ended December 31, 2017 2016 Components of postretirement benefit cost: Service cost $ 41,805 $ 45,817 Interest cost 160,151 156,706 Expected return on plan assets (155,845 ) (142,878 ) Recognized loss 70,967 107,440 Net postretirement benefit cost $ 117,078 $ 167,085 The table below reflects the Company's actual contributions made fiscal year-to-date and the expected contributions to be made during the balance of the current fiscal year. Fiscal Year-to-Date Contributions Remaining Fiscal Year Contributions Defined benefit pension plan $ 400,000 $ 1,200,000 Postretirement medical plan 150,000 450,000 Total $ 550,000 $ 1,650,000

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements FASB ASC No. 820, Fair Value Measurements and Disclosures , established a fair value hierarchy that prioritizes each input to the valuation method used to measure fair value of financial and nonfinancial assets and liabilities that are measured and reported on a fair value basis into one of the following three levels: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 – Inputs other than quoted prices in Level 1 that are either for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 – Unobservable inputs for the asset or liability where there is little, if any, market activity for the asset or liability at the measurement date. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets (Level 1) and the lowest priority to unobservable inputs (Level 3). The following table summarizes the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as required by existing guidance and the fair value measurements by level within the fair value hierarchy as of December 31, 2017 and September 30, 2017 : Fair Value Measurements - December 31, 2017 Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Interest rate swap $ 179,582 $ — $ 179,582 $ — Total $ 179,582 $ — $ 179,582 $ — Liabilities: Natural gas purchases $ 1,148,415 $ — $ 1,148,415 $ — Total $ 1,148,415 $ — $ 1,148,415 $ — Fair Value Measurements - September 30, 2017 Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Interest rate swap $ 116,843 $ — $ 116,843 $ — Total $ 116,843 $ — $ 116,843 $ — Liabilities: Natural gas purchases $ 805,159 $ — $ 805,159 $ — Total $ 805,159 $ — $ 805,159 $ — The fair value of the interest rate swap is determined by using the counterparty's proprietary models and certain assumptions regarding past, present and future market conditions. Under the asset management contract, a timing difference can exist between the payment for natural gas purchases and the actual receipt of such purchases. Payments are made based on a predetermined monthly volume with the price based on weighted average first of the month index prices corresponding to the month of the scheduled payment. At December 31, 2017 and September 30, 2017 , the Company had recorded in accounts payable the estimated fair value of the liability valued at the corresponding first of month index prices for which the liability is expected to be settled. The Company’s nonfinancial assets and liabilities measured at fair value on a nonrecurring basis consist of its asset retirement obligations. The asset retirement obligations are measured at fair value at initial recognition based on expected future cash flows required to settle the obligation. The carrying value of cash and cash equivalents, accounts receivable, accounts payable (with the exception of the timing difference under the asset management contract), customer credit balances and customer deposits is a reasonable estimate of fair value due to the short-term nature of these financial instruments. In addition, the carrying amount of the variable rate line-of-credit is a reasonable approximation of its fair value. The following table summarizes the fair value of the Company’s financial assets and liabilities that are not adjusted to fair value in the financial statements as of December 31, 2017 and September 30, 2017 : Fair Value Measurements - December 31, 2017 Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Long-term debt $ 53,076,200 $ — $ — $ 54,759,595 Total $ 53,076,200 $ — $ — $ 54,759,595 Fair Value Measurements - September 30, 2017 Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Long-term debt $ 43,812,200 $ — $ — $ 45,689,238 Total $ 43,812,200 $ — $ — $ 45,689,238 The fair value of long-term debt is estimated by discounting the future cash flows of the debt based on current market rates and corresponding interest rate spread. FASB ASC 825, Financial Instruments , requires disclosures regarding concentrations of credit risk from financial instruments. Cash equivalents are investments in high-grade, short-term securities (original maturity less than three months), placed with financially sound institutions. Accounts receivable are from a diverse group of customers including individuals and small and large companies in various industries. As of December 31, 2017 and September 30, 2017 , no single customer accounted for more than 5% of the total accounts receivable balance. The Company maintains certain credit standards with its customers and requires a customer deposit if such evaluation warrants.

Subsequent Events

Subsequent Events	3 Months Ended
	Dec. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company has evaluated subsequent events through the date the financial statements were issued. There were no items not otherwise disclosed which would have materially impacted the Company’s condensed consolidated financial statements.

Basis of Presentation (Policies

Basis of Presentation (Policies)	3 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation RGC Resources, Inc. is an energy services company primarily engaged in the sale and distribution of natural gas. The consolidated financial statements include the accounts of RGC Resources, Inc. ("Resources" or the "Company") and its wholly owned subsidiaries: Roanoke Gas Company; Diversified Energy Company; and RGC Midstream, LLC. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to present fairly Resources financial position as of December 31, 2017 and the results of its operations, cash flows and comprehensive income for the three months ended December 31, 2017 and 2016 . The results of operations for the three months ended December 31, 2017 are not indicative of the results to be expected for the fiscal year ending September 30, 2018 as quarterly earnings are affected by the highly seasonal nature of the business and weather conditions generally result in greater earnings during the winter months. The unaudited condensed consolidated interim financial statements and condensed notes are presented as permitted under the rules and regulations of the Securities and Exchange Commission. Pursuant to those rules, certain information and note disclosures normally included in the annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted, although the Company believes that the disclosures made are adequate to make the information not misleading. Therefore, the condensed consolidated financial statements and condensed notes should be read in conjunction with the financial statements and notes contained in the Company’s Form 10-K for the year ended September 30, 2017 . The September 30, 2017 balance sheet was included in the Company’s audited financial statements included in Form 10-K. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Prior year share and per share data have been restated to reflect the three-for-two stock split effected in the form of a stock dividend effective March 1, 2017. The Company’s significant accounting policies are described in Note 1 to the consolidated financial statements in Form 10-K for the year ended September 30, 2017 . Newly adopted and newly issued accounting standards are discussed below.
Recently Issued or Adopted Accounting Standards	Recently Issued or Adopted Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) that affects any entity that enters into contracts with customers for the transfer of goods or services or transfer of non-financial assets. This guidance supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The core principle of the new guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle, an entity should apply the following steps: (1) identify the contract with the customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when, or as, the entity satisfies the performance obligation. In August 2015, the FASB issued ASU 2015-14 that deferred the effective date of this guidance by one year making the standard effective for the Company's annual reporting period ending September 30, 2019 and interim periods within that annual period. The FASB continues to issue subsequent guidance under ASC No. 606 to further clarify the original ASU. In addition, the Company is also monitoring the activity of the Power and Utilities Task Force. The Task Force was formed by the American Institute of Certified Public Accountants ("AICPA") to provide industry-specific guidance. Implementation issues identified by the Task Force include accounting for contributions in aid of construction and assessing collectability of customer accounts when regulated mechanisms exist to allow recovery of uncollected accounts from ratepayers. As of December 31, 2017, the Company continues identifying sources of revenue and evaluating the effect that the revenue guidance will have on financial results and disclosures. Based on the review of customer contracts to date, the Company is not anticipating a material impact to its financial position, results of operations or cash flows upon adoption; however, the Company does anticipate the potential for significant new disclosures as a result of the guidance. Because of ongoing internal analysis and the continued activities of the FASB and other related implementation efforts specific to the rate-regulated natural gas industry, early adoption is not expected. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall: Recognition and Measurement of Financial Assets and Financial Liabilities . The ASU enhances the reporting model for financial instruments to provide users of the financial statements with more useful information through several provisions, including the following: (1) requires equity investments, excluding investments accounted for under the equity method, be measured at fair value with changes in fair value recognized in net income, (2) simplifies the impairment assessment of equity investments without readily determinable fair values, (3) eliminates the requirement to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet, (4) requires entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, and (5) requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset on the balance sheet or the accompanying notes to the financial statements. The new guidance is effective for the Company for the annual reporting period ending September 30, 2019 and interim periods within that annual period. Management has not completed its evaluation of the new guidance. However, the Company does not currently expect the new guidance to have a material effect on its financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases. The ASU leaves the accounting for leases mostly unchanged for lessors, with the exception of targeted improvements for consistency; however, the new guidance requires lessees to recognize assets and liabilities for leases with terms of more than 12 months. The ASU also revises the definition of a lease as a contract, or part of a contract, that conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Consistent with current GAAP, the presentation and cash flows arising from a lease by a lessee will primarily depend on its classification as a finance or operating lease. In contrast, the new ASU requires both types of leases to be recognized on the balance sheet. In addition, the new guidance includes quantitative and qualitative disclosure requirements to aid financial statement users in better understanding the amount, timing and uncertainty of cash flows arising from leases. The new guidance is effective for the Company for the annual reporting period ending September 30, 2020 and interim periods within that annual period. Early adoption is permitted. Management has not completed its evaluation of the new guidance. However, the Company has completed its inventory of leases and does not currently expect the new guidance to have a material effect on its financial position, results of operations or cash flows. In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Corrections and Investments - Equity Method and Joint Ventures . This update adds the text of the SEC Staff Announcement, Disclosure of the Impact That Recently Issued Accounting Standards Will Have on the Financial Statements of a Registrant When Such Standards Are Adopted in a Future Period (in accordance with Staff Accounting Bulletin Topic 11.M) as paragraph 250-10-S99-6. Related specifically to ASU 2014-09, ASU 2016-02 and ASU 2016-13, an SEC registrant should evaluate ASUs that have not yet been adopted to determine and include appropriate financial disclosures and MD&A discussions, including consideration of additional qualitative disclosures, to assist financial statement readers in assessing the significance of impact on adoption. The new guidance is effective immediately. The nature of this guidance relates to the effectiveness and quality of disclosures related to ASUs not yet adopted; however, there is no effect on the Company's financial position, results of operations or cash flows. In March 2017, the FASB issued ASU 2017-07, Compensation - Retirement Benefits . The primary objective of this guidance is to improve the financial statement presentation of net periodic pension and postretirement benefit costs; however, it also changes which cost components are eligible for capitalization. The amendments in the ASU require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and, if a subtotal for income from operations is presented, outside of income from operations. In addition, the ASU allows only the service cost component of periodic benefit cost to be eligible for capitalization when applicable. This change to capitalization eligibility differs from the treatment currently applied by the Company and from allowed regulatory accounting. The new guidance is effective for the Company for the annual reporting period ending September 30, 2019 and interim periods within that annual period. Early adoption is permitted. Management is in the process of evaluating the new guidance. The regulatory body in the Company's service jurisdiction requires the capitalization of all cost components included in net benefit costs. As a result, the Company may have to establish regulatory assets for those costs now excluded from capitalization under this ASU. The Company has begun discussions with its regulatory body, the State Corporation Commission of Virginia, regarding the expected treatment of those costs. Although the ultimate disposition of these other components of net periodic benefit costs has not been determined, management expects the new guidance may have a material effect on the Company's consolidated financial statements when adopted. In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting For Hedging Activities . The ASU is meant to simplify recognition and presentation guidance in an effort to improve financial reporting of cash flow and fair value hedging relationships to better portray the economic results of an entity's risk management activities. This is achieved through changes to both the designation and measurement guidance for qualifying hedging relationships, as well as changes to the presentation of hedge results. The new guidance is effective for the Company for the annual reporting period ending September 30, 2020 and interim periods within that annual period. Early adoption is permitted. Management has not completed its evaluation of the new guidance; however, it does not currently expect the new guidance to have a material effect on its financial position, results of operations or cash flows. Other accounting standards that have been issued by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a material impact on the Company’s financial position, results of operations or cash flows.

Other Investments (Tables)

Other Investments (Tables)	3 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Other Investments	The financial statement locations of the investment in the LLC are as follows: Balance Sheet Location of Other Investments: December 31, 2017 September 30, 2017 Other Assets: Investment in unconsolidated affiliate $ 10,095,214 $ 7,445,106 Current Liabilities: Capital contributions payable $ 2,323,821 $ 1,055,504 Three Months Ended Income Statement Location of Other Investments: December 31, 2017 December 31, 2016 Equity in earnings of unconsolidated affiliate $ 148,811 $ 84,540

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	3 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Fair Values of Derivative Instrument	The table below reflects the fair values of the derivative instrument and its corresponding classification in the condensed consolidated balance sheet: December 31, 2017 September 30, 2017 Derivative designated as hedging instrument: Current assets: Interest rate swap $46,847 $26,777 Other assets: Interest rate swap $132,735 $90,066 Total derivatives designed as hedging instruments $179,582 $116,843

Long-Term Debt (Tables)

Long-Term Debt (Tables)	3 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Schedule of Long-Term Debt	Long-term debt consists of the following: December 31, 2017 September 30, 2017 Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Roanoke Gas Company: Unsecured senior notes payable, at 4.26% due on September 18, 2034 $ 30,500,000 $ 161,706 $ 30,500,000 $ 164,119 Unsecured term note payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 7,000,000 12,784 7,000,000 13,618 Unsecured term notes payable, at 3.58% due on October 2, 2027 8,000,000 46,956 — 48,160 RGC Midstream, LLC: Unsecured term notes payable, at 30-day LIBOR plus 1.60%, due December 29, 2020 7,576,200 60,971 6,312,200 66,052 Total notes payable $ 53,076,200 $ 282,417 $ 43,812,200 $ 291,949 Line-of-credit, at 30-day LIBOR plus 1.00%, due March 31, 2019 $ 17,054,377 $ — $ 17,791,760 $ — Current portion of line-of-credit (54,377 ) — — — Total long-term debt $ 70,076,200 $ 282,417 $ 61,603,960 $ 291,949

Other Comprehensive Income (Tab

Other Comprehensive Income (Tables)	3 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Summary of Other Comprehensive Income and Loss	A summary of other comprehensive income and loss is provided below: Before-Tax Amount Tax (Expense) or Benefit Net-of-Tax Amount Three Months Ended December 31, 2017 Interest rate swap: Unrealized gains $ 61,581 $ (17,760 ) $ 43,821 Transfer of realized losses to interest expense 1,158 (334 ) 824 Net interest rate swap 62,739 (18,094 ) 44,645 Defined benefit plans: Amortization of actuarial gains (5,971 ) 1,722 (4,249 ) Other comprehensive income $ 56,768 $ (16,372 ) $ 40,396 Three Months Ended December 31, 2016 Interest rate swap: Unrealized gains $ 153,334 $ (58,206 ) $ 95,128 Defined benefit plans: Amortization of actuarial losses 64,058 (24,316 ) 39,742 Other comprehensive income $ 217,392 $ (82,522 ) $ 134,870
Reconciliation of Other Accumulated Other Comprehensive Income (Loss)	Reconciliation of Other Accumulated Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss) Balance at September 30, 2017 $ (1,202,264 ) Other comprehensive income 40,396 Balance at December 31, 2017 $ (1,161,868 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings Per Share Reconciliation	A reconciliation of basic and diluted earnings per share is presented below: Three Months Ended December 31, 2017 2016 Net Income $ 2,059,462 $ 2,232,218 Weighted average common shares 7,248,094 7,194,594 Effect of dilutive securities: Options to purchase common stock 48,086 15,953 Diluted average common shares 7,296,180 7,210,547 Earnings Per Share of Common Stock: Basic $ 0.28 $ 0.31 Diluted $ 0.28 $ 0.31

Employee Benefit Plans (Tables)

Employee Benefit Plans (Tables)	3 Months Ended
	Dec. 31, 2017
Retirement Benefits [Abstract]
Schedule of Components of Net Periodic Pension and Postretirement Benefit Cost	Net pension plan and postretirement plan expense recorded by the Company is detailed as follows: Three Months Ended December 31, 2017 2016 Components of net periodic pension cost: Service cost $ 166,309 $ 176,669 Interest cost 272,045 248,900 Expected return on plan assets (465,710 ) (404,103 ) Recognized loss 87,758 165,545 Net periodic pension cost $ 60,402 $ 187,011 Three Months Ended December 31, 2017 2016 Components of postretirement benefit cost: Service cost $ 41,805 $ 45,817 Interest cost 160,151 156,706 Expected return on plan assets (155,845 ) (142,878 ) Recognized loss 70,967 107,440 Net postretirement benefit cost $ 117,078 $ 167,085
Summary of Employer Contributions to Defined Benefit Plans	The table below reflects the Company's actual contributions made fiscal year-to-date and the expected contributions to be made during the balance of the current fiscal year. Fiscal Year-to-Date Contributions Remaining Fiscal Year Contributions Defined benefit pension plan $ 400,000 $ 1,200,000 Postretirement medical plan 150,000 450,000 Total $ 550,000 $ 1,650,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Dec. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis	The following table summarizes the Company’s financial assets and liabilities that are measured at fair value on a recurring basis as required by existing guidance and the fair value measurements by level within the fair value hierarchy as of December 31, 2017 and September 30, 2017 : Fair Value Measurements - December 31, 2017 Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Interest rate swap $ 179,582 $ — $ 179,582 $ — Total $ 179,582 $ — $ 179,582 $ — Liabilities: Natural gas purchases $ 1,148,415 $ — $ 1,148,415 $ — Total $ 1,148,415 $ — $ 1,148,415 $ — Fair Value Measurements - September 30, 2017 Fair Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Interest rate swap $ 116,843 $ — $ 116,843 $ — Total $ 116,843 $ — $ 116,843 $ — Liabilities: Natural gas purchases $ 805,159 $ — $ 805,159 $ — Total $ 805,159 $ — $ 805,159 $ —
Summary of the Fair Value of Financial Assets and Liabilities Not Adjusted to Fair Value	The following table summarizes the fair value of the Company’s financial assets and liabilities that are not adjusted to fair value in the financial statements as of December 31, 2017 and September 30, 2017 : Fair Value Measurements - December 31, 2017 Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Long-term debt $ 53,076,200 $ — $ — $ 54,759,595 Total $ 53,076,200 $ — $ — $ 54,759,595 Fair Value Measurements - September 30, 2017 Carrying Value Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Liabilities: Long-term debt $ 43,812,200 $ — $ — $ 45,689,238 Total $ 43,812,200 $ — $ — $ 45,689,238

Basis of Presentation Narrative

Basis of Presentation Narrative (Details)	Mar. 01, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Stock split ratio	1.5

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2018
Income Tax Contingency [Line Items]
Reduction in deferred tax liability resulting from the Tax Act	$ 11,533,986
Amount reclassified to regulatory liability resulting from the Tax Act	11,742,274
Charge to income tax expense related to unregulated operations resulting from the Tax Act	$ 208,288
Scenario, Forecast [Member]
Income Tax Contingency [Line Items]
Blended tax rate		24.30%

Rates and Regulatory Matters Ra

Rates and Regulatory Matters Rates and Regulatory Matters (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2018	Sep. 30, 2017
Regulatory Liabilities [Line Items]
Reduction in deferred tax liability resulting from the Tax Act	$ 11,742,274
Rate refund	$ 462,442		$ 0
Scenario, Forecast [Member]
Regulatory Liabilities [Line Items]
Blended tax rate		24.30%

Other Investments (Narrative) (

Other Investments (Narrative) (Details) Bcf in Millions	1 Months Ended	3 Months Ended
	Oct. 31, 2015USD ($)debt_instrumentBcf	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2015
Investment [Line Items]
Capital contributions payable term		3 months
Capital contributions payable		$ 2,323,821	$ 1,055,504
Non-cash increase in investment in unconsolidated affiliate		$ 1,268,317
Midstream [Member]
Investment [Line Items]
Equity interest percentage	1.00%			1.00%
Pipeline capacity per day (in bcf) | Bcf	2
Total project cost	$ 3,500,000,000
Total estimated investment	$ 35,000,000
Number of unsecured Promissory Notes funding the investment | debt_instrument	2
Debt term	5 years

Other Investments (Schedule of

Other Investments (Schedule of Other Investments) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Sep. 30, 2017
Other Assets:
Investment in unconsolidated affiliate	$ 10,095,214		$ 7,445,106
Current Liabilities:
Capital contributions payable	2,323,821		$ 1,055,504
Income Statement Location of Other Investments:
Equity in earnings of unconsolidated affiliate	$ 148,811	$ 84,540

Derivatives and Hedging (Narrat

Derivatives and Hedging (Narrative) (Details)	Dec. 31, 2017USD ($)instrument_held
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest rate swap associated with the term note | instrument_held	1
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Debt instrument, borrowing amount | $	$ 7,000,000
Effective interest rate	2.30%

Derivatives and Hedging (Schedu

Derivatives and Hedging (Schedule of Fair Value of Marked-to-Market Transactions) (Details) - USD ($)	Dec. 31, 2017	Sep. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Interest rate swap, current assets	$ 46,847	$ 26,777
Interest rate swap, other assets	132,735	90,066
Total derivatives designated as hedging instruments	$ 179,582	$ 116,843

Long-Term Debt (Narrative) (Det

Long-Term Debt (Narrative) (Details)	Oct. 02, 2017USD ($)	Mar. 27, 2017USD ($)	Dec. 31, 2015USD ($)instrument_held	Oct. 31, 2015debt_instrument	Dec. 31, 2017USD ($)	Mar. 31, 2017	Mar. 01, 2018USD ($)	Sep. 30, 2017USD ($)
Debt Instrument [Line Items]
Current portion of line-of-credit					$ 54,377			$ 0
Maximum percentage of Consolidated Long Term Indebtedness to Consolidated Total Capitalization					65.00%
Roanoke Gas [Member]
Debt Instrument [Line Items]
Debt term						1 year
Roanoke Gas [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2019 [Member]
Debt Instrument [Line Items]
Current portion of line-of-credit					$ 54,377			$ 0
Roanoke Gas [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 3.58%, due October 2, 2027 [Member]
Debt Instrument [Line Items]
Debt term	10 years
Debt instrument, borrowing amount	$ 8,000,000
Stated percentage rate	3.58%				3.58%
Maximum percentage of Priority Indebtedness to Consolidated Total Assets					15.00%
Roanoke Gas [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 [Member]
Debt Instrument [Line Items]
Debt term					5 years
Debt instrument, borrowing amount					$ 7,000,000
Effective interest rate					2.30%
Maximum percentage of Priority Indebtedness to Consolidated Total Assets					15.00%
Roanoke Gas [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 [Member] | 30-day LIBOR [Member]
Debt Instrument [Line Items]
Variable rate basis points (as a percent)					0.90%
Roanoke Gas [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2019 [Member]
Debt Instrument [Line Items]
Debt term		2 years
Availability fee (as a percent)		0.15%
Roanoke Gas [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2019 [Member] | Scenario, Forecast [Member]
Debt Instrument [Line Items]
Available line-of-credit							$ 17,000,000
Roanoke Gas [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2019 [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of credit, maximum borrowing limit		$ 10,000,000
Roanoke Gas [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2019 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of credit, maximum borrowing limit		$ 30,000,000
Roanoke Gas [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2019 [Member] | 30-day LIBOR [Member]
Debt Instrument [Line Items]
Variable rate basis points (as a percent)		1.00%			1.00%
Roanoke Gas [Member] | Unsecured Senior Notes [Member] | Unsecured Senior Notes Payable, at 4.26%, due on September 18, 2034 [Member]
Debt Instrument [Line Items]
Stated percentage rate					4.26%
Maximum percentage of Priority Indebtedness to Consolidated Total Assets					15.00%
Midstream [Member]
Debt Instrument [Line Items]
Debt term				5 years
Number of unsecured Promissory Notes funding the investment | debt_instrument				2
Equity interest percentage			1.00%	1.00%
Midstream [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.60%, due December 29, 2020 [Member]
Debt Instrument [Line Items]
Debt term			5 years
Number of unsecured Promissory Notes funding the investment | instrument_held			2
Maximum borrowings			$ 17,500,000
Required amount to be provided towards capital contributions to the LLC			5,000,000
Maximum percentage of Priority Indebtedness to Consolidated Total Assets					15.00%
Midstream [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.60%, due December 29, 2020 [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, borrowing amount			$ 25,000,000
Midstream [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.60%, due December 29, 2020 [Member] | 30-day LIBOR [Member]
Debt Instrument [Line Items]
Variable rate basis points (as a percent)			1.60%		1.60%

Long-Term Debt (Schedule of Lon

Long-Term Debt (Schedule of Long-Term Debt) (Details) - USD ($)	Mar. 27, 2017	Dec. 31, 2015	Dec. 31, 2017	Oct. 02, 2017	Sep. 30, 2017
Debt Instrument [Line Items]
Notes payable			$ 53,076,200		$ 43,812,200
Current portion of line-of-credit			(54,377)		0
Principal			70,076,200		61,603,960
Unamortized Debt Issuance Costs			282,417		291,949
Notes Payable [Member]
Debt Instrument [Line Items]
Notes payable			53,076,200		43,812,200
Unamortized Debt Issuance Costs			282,417		291,949
Roanoke Gas Company [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2019 [Member]
Debt Instrument [Line Items]
Current portion of line-of-credit			(54,377)		0
Unamortized Debt Issuance Costs			0		0
Roanoke Gas Company [Member] | Unsecured Senior Notes [Member] | Unsecured Senior Notes Payable, at 4.26%, due on September 18, 2034 [Member]
Debt Instrument [Line Items]
Notes payable			30,500,000		30,500,000
Unamortized Debt Issuance Costs			$ 161,706		164,119
Stated percentage rate			4.26%
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 [Member]
Debt Instrument [Line Items]
Notes payable			$ 7,000,000		7,000,000
Unamortized Debt Issuance Costs			$ 12,784		13,618
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 0.90%, due November 1, 2021 [Member] | 30-day LIBOR [Member]
Debt Instrument [Line Items]
Variable rate basis points (as a percent)			0.90%
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 3.58%, due October 2, 2027 [Member]
Debt Instrument [Line Items]
Notes payable			$ 8,000,000		0
Unamortized Debt Issuance Costs			$ 46,956		48,160
Stated percentage rate			3.58%	3.58%
Roanoke Gas Company [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2019 [Member]
Debt Instrument [Line Items]
Line-of-credit			$ 17,054,377		17,791,760
Unamortized Debt Issuance Costs			$ 0		0
Roanoke Gas Company [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR plus 1.00%, due March 31, 2019 [Member] | 30-day LIBOR [Member]
Debt Instrument [Line Items]
Variable rate basis points (as a percent)	1.00%		1.00%
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.60%, due December 29, 2020 [Member]
Debt Instrument [Line Items]
Notes payable			$ 7,576,200		6,312,200
Unamortized Debt Issuance Costs			$ 60,971		$ 66,052
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR plus 1.60%, due December 29, 2020 [Member] | 30-day LIBOR [Member]
Debt Instrument [Line Items]
Variable rate basis points (as a percent)		1.60%	1.60%

Other Comprehensive Income (Sch

Other Comprehensive Income (Schedule of Other Comprehensive Income and Loss) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Before-Tax Amount
Other comprehensive income	$ 56,768	$ 217,392
Tax (Expense) or Benefit
Other comprehensive income	16,372	82,522
Net-of-Tax Amount
Other comprehensive income	40,396	134,870
Interest rate swap [Member]
Before-Tax Amount
Other comprehensive income before reclassifications	61,581	153,334
Reclassifications from accumulated other comprehensive income	1,158
Other comprehensive income	62,739
Tax (Expense) or Benefit
Other comprehensive income before reclassifications	(17,760)	(58,206)
Reclassifications from accumulated other comprehensive income	(334)
Other comprehensive income	18,094
Net-of-Tax Amount
Other comprehensive income before reclassifications	43,821	95,128
Reclassifications from accumulated other comprehensive income	824
Other comprehensive income	44,645
Defined benefit plans [Member]
Before-Tax Amount
Other comprehensive income	(5,971)	64,058
Tax (Expense) or Benefit
Other comprehensive income	(1,722)	24,316
Net-of-Tax Amount
Other comprehensive income	$ (4,249)	$ 39,742

Other Comprehensive Income (Rec

Other Comprehensive Income (Reconciliation of Accumulated Comprehensive Income (Loss)) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Increase (Decrease) in Other Accumulated Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	$ 60,040,472
Other comprehensive income	40,396	$ 134,870
Balance at end of period	61,301,035
Accumulated Other Comprehensive Income (Loss) [Member]
Increase (Decrease) in Other Accumulated Comprehensive Income (Loss) [Roll Forward]
Balance at beginning of period	(1,202,264)
Balance at end of period	$ (1,161,868)

Commitments and Contingencies (

Commitments and Contingencies (Details)	3 Months Ended
	Dec. 31, 2017pipeline
Commitments and Contingencies Disclosure [Abstract]
Number of pipelines serving Roanoke Gas	2

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Earnings Per Share [Abstract]
Net income	$ 2,059,462	$ 2,232,218
Weighted average common shares	7,248,094	7,194,594
Effect of dilutive securities:
Options to purchase common stock (in shares)	48,086	15,953
Diluted average common shares	7,296,180	7,210,547
Earnings Per Share of Common Stock:
Basic (in dollars per share)	$ 0.28	$ 0.31
Diluted (in dollars per share)	$ 0.28	$ 0.31

Employee Benefit Plans (Schedul

Employee Benefit Plans (Schedule of Components of Net Periodic Pension and Postretirement Benefit Cost) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	$ 166,309	$ 176,669
Interest cost	272,045	248,900
Expected return on plan assets	(465,710)	(404,103)
Recognized loss	87,758	165,545
Net periodic/postretirement pension/benefit cost	60,402	187,011
Postretirement Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Service cost	41,805	45,817
Interest cost	160,151	156,706
Expected return on plan assets	(155,845)	(142,878)
Recognized loss	70,967	107,440
Net periodic/postretirement pension/benefit cost	$ 117,078	$ 167,085

Employee Benefit Plans (Sched42

Employee Benefit Plans (Schedule of Actual and Expected Employer Contributions) (Details)	3 Months Ended
	Dec. 31, 2017USD ($)
Defined Benefit Plan Disclosure [Line Items]
Fiscal Year-to-Date Contributions	$ 550,000
Fiscal Year-to-Date Expected Future Employer Contributions	1,650,000
Defined Benefit Pension Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Fiscal Year-to-Date Contributions	400,000
Fiscal Year-to-Date Expected Future Employer Contributions	1,200,000
Postretirement Medical Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Fiscal Year-to-Date Contributions	150,000
Fiscal Year-to-Date Expected Future Employer Contributions	$ 450,000

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis) (Details) - USD ($)	Dec. 31, 2017	Sep. 30, 2017
Assets:
Interest rate swap	$ 179,582	$ 116,843
Total	179,582	116,843
Liabilities:
Total	1,148,415	805,159
Quoted Prices in Active Markets (Level 1) [Member]
Assets:
Total	0	0
Liabilities:
Total	0	0
Significant Other Observable Inputs (Level 2) [Member]
Assets:
Total	179,582	116,843
Liabilities:
Total	1,148,415	805,159
Significant Unobservable Inputs (Level 3) [Member]
Assets:
Total	0	0
Liabilities:
Total	0	0
Recurring [Member]
Liabilities:
Natural gas purchases	1,148,415	805,159
Recurring [Member] | Interest Rate Swap [Member]
Assets:
Interest rate swap	179,582	116,843
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member]
Liabilities:
Natural gas purchases	0	0
Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | Interest Rate Swap [Member]
Assets:
Interest rate swap	0	0
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member]
Liabilities:
Natural gas purchases	1,148,415	805,159
Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swap [Member]
Assets:
Interest rate swap	179,582	116,843
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member]
Liabilities:
Natural gas purchases	0	0
Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Swap [Member]
Assets:
Interest rate swap	$ 0	$ 0

Fair Value Measurements (Summar

Fair Value Measurements (Summary of the Fair Value of Financial Assets and Liabilities Not Adjusted to Fair Value) (Details) - USD ($)	Dec. 31, 2017	Sep. 30, 2017
Quoted Prices in Active Markets (Level 1) [Member]
Liabilities:
Long-term debt	$ 0	$ 0
Total	0	0
Significant Other Observable Inputs (Level 2) [Member]
Liabilities:
Long-term debt	0	0
Total	0	0
Significant Unobservable Inputs (Level 3) [Member]
Liabilities:
Long-term debt	54,759,595	45,689,238
Total	54,759,595	45,689,238
Carrying Value [Member]
Liabilities:
Long-term debt	53,076,200	43,812,200
Total	$ 53,076,200	$ 43,812,200