Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Mar. 31, 2022 | Apr. 30, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001069533 | |
Entity Registrant Name | RGC Resources, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --09-30 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 000-26591 | |
Entity Incorporation, State or Country Code | VA | |
Entity Tax Identification Number | 54-1909697 | |
Entity Address, Address Line One | 519 Kimball Ave., N.E. | |
Entity Address, City or Town | Roanoke | |
Entity Address, State or Province | VA | |
Entity Address, Postal Zip Code | 24016 | |
City Area Code | 540 | |
Local Phone Number | 777-4427 | |
Title of 12(b) Security | Common Stock, $5 Par Value | |
Trading Symbol | RGCO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,791,422 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 9,431,990 | $ 1,518,317 |
Accounts receivable (less allowance for credit losses of $712,100, and $242,010, respectively) | 10,997,174 | 4,949,900 |
Materials and supplies | 1,043,133 | 1,031,666 |
Gas in storage | 2,063,974 | 7,867,470 |
Prepaid income taxes | 2,118,634 | 3,104,950 |
Regulatory assets | 1,997,076 | 5,656,453 |
Interest rate swap | 312,511 | 0 |
Other | 4,556,142 | 1,015,099 |
Total current assets | 32,520,634 | 25,143,855 |
UTILITY PROPERTY: | ||
In service | 280,362,362 | 272,382,539 |
Accumulated depreciation and amortization | (78,862,695) | (76,038,433) |
In service, net | 201,499,667 | 196,344,106 |
Construction work in progress | 17,209,963 | 15,305,578 |
Utility plant, net | 218,709,630 | 211,649,684 |
OTHER ASSETS: | ||
Regulatory assets | 6,706,015 | 6,769,759 |
Investment in unconsolidated affiliates | 27,321,251 | 64,867,319 |
Benefit plan assets | 1,344,713 | 1,259,639 |
Deferred income taxes | 337,757 | 0 |
Interest rate swap | 1,046,987 | 0 |
Other | 371,498 | 418,937 |
Total other assets | 37,128,221 | 73,315,654 |
TOTAL ASSETS | 288,358,485 | 310,109,193 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 19,705,200 | 7,000,000 |
Dividends payable | 1,908,139 | 1,549,841 |
Accounts payable | 5,809,165 | 7,729,707 |
Capital contributions payable | 773,090 | 2,140,637 |
Customer credit balances | 682,959 | 1,539,680 |
Income taxes payable | 88,080 | 0 |
Customer deposits | 1,583,542 | 1,571,342 |
Accrued expenses | 2,831,418 | 3,819,977 |
Interest rate swaps | 0 | 332,389 |
Regulatory liabilities | 3,195,059 | 329,959 |
Total current liabilities | 36,576,652 | 26,013,532 |
LONG-TERM DEBT: | ||
Notes payable | 105,125,000 | 116,110,200 |
Line-of-credit | 0 | 17,628,897 |
Less unamortized debt issuance costs | (283,922) | (267,670) |
Long-term debt, net | 104,841,078 | 133,471,427 |
DEFERRED CREDITS AND OTHER LIABILITIES: | ||
Interest rate swaps | 0 | 863,694 |
Asset retirement obligations | 7,876,084 | 7,628,958 |
Regulatory cost of retirement obligations | 14,126,243 | 13,640,567 |
Benefit plan liabilities | 885,806 | 949,851 |
Deferred income taxes | 5,883,375 | 14,948,213 |
Regulatory liabilities | 12,706,518 | 12,891,242 |
Total deferred credits and other liabilities | 41,478,026 | 50,922,525 |
STOCKHOLDERS’ EQUITY: | ||
Common stock, $5 par; authorized 20,000,000 shares; issued and outstanding 9,789,895 and 8,375,092 shares, respectively | 48,949,475 | 41,875,460 |
Preferred stock, no par, authorized 5,000,000 shares; no shares issued and outstanding | 0 | 0 |
Capital in excess of par value | 40,978,942 | 19,705,387 |
Retained earnings | 15,194,355 | 39,656,296 |
Accumulated other comprehensive income (loss) | 339,957 | (1,535,434) |
Total stockholders’ equity | 105,462,729 | 99,701,709 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 288,358,485 | $ 310,109,193 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 |
Accounts receivable, allowance for uncollectible | $ 712,100 | $ 242,010 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 9,789,895 | 8,375,092 |
Common stock, shares outstanding (in shares) | 9,789,895 | 8,375,092 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
OPERATING REVENUES: | ||||
Revenues | $ 29,529,683 | $ 28,253,662 | $ 52,792,763 | $ 47,770,679 |
OPERATING EXPENSES: | ||||
Operations and maintenance | 4,242,007 | 3,931,470 | 7,932,321 | 7,433,592 |
General taxes | 647,253 | 642,825 | 1,250,462 | 1,216,849 |
Depreciation and amortization | 2,268,704 | 2,128,304 | 4,539,398 | 4,281,702 |
Total operating expenses | 22,086,295 | 21,154,236 | 39,970,952 | 35,089,866 |
OPERATING INCOME | 7,443,388 | 7,099,426 | 12,821,811 | 12,680,813 |
Equity in earnings (loss) of unconsolidated affiliate | (445) | (3,797) | 71,682 | 1,352,886 |
Impairment of unconsolidated affiliates | (39,822,213) | 0 | (39,822,213) | 0 |
Other income, net | 344,510 | 287,548 | 666,949 | 617,574 |
Interest expense | 1,103,844 | 1,007,764 | 2,208,700 | 2,027,593 |
INCOME (LOSS) BEFORE INCOME TAXES | (33,138,604) | 6,375,413 | (28,470,471) | 12,623,680 |
INCOME TAX EXPENSE (BENEFIT) | (8,644,175) | 1,607,935 | (7,560,571) | 3,132,939 |
NET INCOME (LOSS) | $ (24,494,429) | $ 4,767,478 | $ (20,909,900) | $ 9,490,741 |
BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) | $ (2.89) | $ 0.58 | $ (2.48) | $ 1.16 |
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) | (2.89) | 0.58 | (2.48) | 1.16 |
Dividends declared per share (in dollars per share) | $ 0.195 | $ 0.185 | $ 0.390 | $ 0.370 |
Gas Utility [Member] | ||||
OPERATING REVENUES: | ||||
Revenues | $ 29,499,219 | $ 28,221,274 | $ 52,730,874 | $ 47,704,774 |
OPERATING EXPENSES: | ||||
Cost of gas and sale | 14,923,575 | 14,447,057 | 26,239,980 | 22,147,756 |
Non-utility [Member] | ||||
OPERATING REVENUES: | ||||
Revenues | 30,464 | 32,388 | 61,889 | 65,905 |
OPERATING EXPENSES: | ||||
Cost of gas and sale | $ 4,756 | $ 4,580 | $ 8,791 | $ 9,967 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
NET INCOME (LOSS) | $ (24,494,429) | $ 4,767,478 | $ (20,909,900) | $ 9,490,741 |
Other comprehensive income (loss), net of tax: | ||||
Interest rate swaps | 1,535,499 | 494,294 | 1,897,773 | 663,019 |
Defined benefit plans | (11,191) | 14,864 | (22,382) | 29,728 |
OTHER COMPREHENSIVE INCOME, NET OF TAX | 1,524,308 | 509,158 | 1,875,391 | 692,747 |
COMPREHENSIVE INCOME (LOSS) | (22,970,121) | 5,276,636 | (19,034,509) | 10,183,488 |
Interest Rate Swap [Member] | ||||
Other comprehensive income (loss), net of tax: | ||||
Interest rate swaps | $ 1,535,499 | $ 494,294 | $ 1,897,773 | $ 663,019 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Sep. 30, 2020 | $ 40,800,290 | $ 15,847,121 | $ 35,688,510 | $ (3,447,944) | $ 88,887,977 |
Net income (loss) | 0 | 0 | 4,723,263 | 0 | 4,723,263 |
Other comprehensive income | 0 | 0 | 0 | 183,589 | 183,589 |
Cash dividends declared | 0 | 0 | (1,519,670) | 0 | (1,519,670) |
Issuance of common stock | 59,895 | 214,487 | 0 | 0 | 274,382 |
Balance at Dec. 31, 2020 | 40,860,185 | 16,061,608 | 38,892,103 | (3,264,355) | 92,549,541 |
Balance at Sep. 30, 2020 | 40,800,290 | 15,847,121 | 35,688,510 | (3,447,944) | 88,887,977 |
Net income (loss) | 9,490,741 | ||||
Other comprehensive income | 692,747 | ||||
Balance at Mar. 31, 2021 | 41,133,250 | 17,058,609 | 42,137,946 | (2,755,197) | 97,574,608 |
Balance at Dec. 31, 2020 | 40,860,185 | 16,061,608 | 38,892,103 | (3,264,355) | 92,549,541 |
Net income (loss) | 0 | 0 | 4,767,478 | 0 | 4,767,478 |
Other comprehensive income | 0 | 0 | 0 | 509,158 | 509,158 |
Cash dividends declared | 0 | 0 | (1,521,635) | 0 | (1,521,635) |
Issuance of common stock | 273,065 | 997,001 | 0 | 0 | 1,270,066 |
Balance at Mar. 31, 2021 | 41,133,250 | 17,058,609 | 42,137,946 | (2,755,197) | 97,574,608 |
Balance at Sep. 30, 2021 | 41,875,460 | 19,705,387 | 39,656,296 | (1,535,434) | 99,701,709 |
Net income (loss) | 0 | 0 | 3,584,529 | 0 | 3,584,529 |
Other comprehensive income | 0 | 0 | 0 | 351,083 | 351,083 |
Cash dividends declared | 0 | 0 | (1,642,324) | 0 | (1,642,324) |
Issuance of common stock | 69,570 | 230,278 | 0 | 0 | 299,848 |
Balance at Dec. 31, 2021 | 41,945,030 | 19,935,665 | 41,598,501 | (1,184,351) | 102,294,845 |
Balance at Sep. 30, 2021 | 41,875,460 | 19,705,387 | 39,656,296 | (1,535,434) | 99,701,709 |
Net income (loss) | (20,909,900) | ||||
Other comprehensive income | 1,875,391 | 1,875,391 | |||
Balance at Mar. 31, 2022 | 48,949,475 | 40,978,942 | 15,194,355 | 339,957 | 105,462,729 |
Balance at Dec. 31, 2021 | 41,945,030 | 19,935,665 | 41,598,501 | (1,184,351) | 102,294,845 |
Net income (loss) | 0 | 0 | (24,494,429) | 0 | (24,494,429) |
Other comprehensive income | 0 | 0 | 0 | 1,524,308 | 1,524,308 |
Cash dividends declared | 0 | 0 | (1,909,717) | 0 | (1,909,717) |
Issuance of common stock | 7,004,445 | 21,043,277 | 0 | 0 | 28,047,722 |
Balance at Mar. 31, 2022 | $ 48,949,475 | $ 40,978,942 | $ 15,194,355 | $ 339,957 | $ 105,462,729 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | |
Dividends declared per share (in dollars per share) | $ 0.195 | $ 0.195 | $ 0.185 | $ 0.185 | $ 0.390 | $ 0.370 |
Common stock issued (in shares) | 1,400,889 | 13,914 | 54,613 | 11,979 | 64,803 | |
Dividends declared per share (in dollars per share) | $ 0.195 | $ 0.195 | $ 0.185 | $ 0.185 | $ 0.390 | $ 0.370 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (20,909,900) | $ 9,490,741 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,656,829 | 4,405,956 |
Cost of retirement of utility plant, net | (298,580) | (265,021) |
Stock option grants | 5,550 | 0 |
Equity in earnings of unconsolidated affiliate | (71,682) | (1,352,886) |
Impairment of unconsolidated affiliates | 39,822,213 | 0 |
Allowance for funds used during construction | 0 | (55,981) |
Changes in assets and liabilities which used cash, exclusive of changes and noncash transactions shown separately | (10,211,524) | (2,611,407) |
Net cash provided by operating activities | 12,992,906 | 9,611,402 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Expenditures for utility property | (10,758,703) | (8,978,822) |
Investment in unconsolidated affiliates | (3,572,011) | (2,720,008) |
Proceeds from disposal of utility property | 51,834 | 7,390 |
Net cash used in investing activities | (14,278,880) | (11,691,440) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of unsecured notes | 26,720,000 | 3,780,000 |
Retirement of notes payable | (25,000,000) | 0 |
Borrowings under line-of-credit | 34,423,129 | 22,535,162 |
Repayments under line-of-credit | (52,052,026) | (22,396,839) |
Debt issuance expenses | (39,732) | 0 |
Proceeds from issuance of stock | (28,342,019) | (1,544,448) |
Cash dividends paid | (3,193,743) | (2,947,250) |
Net cash provided by financing activities | 9,199,647 | 2,515,521 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 7,913,673 | 435,483 |
BEGINNING CASH AND CASH EQUIVALENTS | 1,518,317 | 291,066 |
ENDING CASH AND CASH EQUIVALENTS | $ 9,431,990 | $ 726,549 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. Basis of Presentation Resources is an energy services company primarily engaged in the sale and distribution of natural gas. The condensed consolidated financial statements include the accounts of Resources and its wholly-owned subsidiaries: Roanoke Gas, Diversified Energy and Midstream. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to fairly present Resources' financial position as of March 31, 2022 six March 31, 2022 2021 three six March 31, 2022 2021 three six March 31, 2022 not September 30, 2022 The unaudited condensed consolidated financial statements and condensed notes are presented under the rules and regulations of the SEC. Pursuant to those rules, certain information and note disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted. Although the Company believes that the disclosures are adequate, the unaudited 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 September 30, 2021 September 30, 2021 10 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. The Company’s significant accounting policies are described in Note 1 10 September 30, 2021 Recently Issued or Adopted Accounting Standards In March 2020, 2020 04, Reference Rate Reform (Topic 848 2021 01, December 31, 2022. one one six one June 2023 no may December 31, 2021. one None not 2022. Other accounting standards that have been issued by the FASB or other standard-setting bodies are not not |
Note 2 - Stock Issue
Note 2 - Stock Issue | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 2. Stock Issue In March 2022, 2022 |
Note 3 - Revenue
Note 3 - Revenue | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue The Company assesses new contracts and identifies related performance obligations for promises to transfer distinct goods or services to the customer. Revenue is recognized when performance obligations have been satisfied. In the case of Roanoke Gas, the Company contracts with its customers for the sale and/or delivery of natural gas. The following tables summarize revenue by customer, product and income statement classification: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 18,104,512 $ — $ 18,104,512 $ 17,402,552 $ — $ 17,402,552 Commercial 9,487,312 — 9,487,312 9,264,611 — 9,264,611 Industrial and Transportation 1,352,161 — 1,352,161 1,252,343 — 1,252,343 Other 138,035 30,464 168,499 95,092 32,388 127,480 Total contracts with customers 29,082,020 30,464 29,112,484 28,014,598 32,388 28,046,986 Alternative Revenue Programs 417,199 — 417,199 206,676 — 206,676 Total operating revenues $ 29,499,219 $ 30,464 $ 29,529,683 $ 28,221,274 $ 32,388 $ 28,253,662 Six Months Ended March 31, 2022 Six Months Ended March 31, 2021 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 31,317,001 $ — $ 31,317,001 $ 28,648,746 $ — $ 28,648,746 Commercial 16,873,030 — 16,873,030 15,254,631 — 15,254,631 Industrial and Transportation 2,665,252 — 2,665,252 2,476,144 — 2,476,144 Other 361,863 61,889 423,752 256,169 65,905 322,074 Total contracts with customers 51,217,146 61,889 51,279,035 46,635,690 65,905 46,701,595 Alternative Revenue Programs 1,513,728 — 1,513,728 1,069,084 — 1,069,084 Total operating revenues $ 52,730,874 $ 61,889 $ 52,792,763 $ 47,704,774 $ 65,905 $ 47,770,679 Gas utility revenues Substantially all of Roanoke Gas' revenues are derived from rates authorized by the SCC through its tariffs. Based on its evaluation, the Company has concluded that these tariff-based revenues fall within the scope of ASC 606. All customers are billed monthly based on consumption as measured by metered usage. Revenue is recognized as bills are issued for natural gas that has been delivered or transported. In addition, the Company utilizes the practical expedient that allows an entity to recognize the invoiced amount as revenue, if that amount corresponds to the value received by the customer. Since customers are billed tariff rates, there is no Unbilled revenue is included in residential and commercial revenues in the preceding table. Natural gas consumption is estimated for the period subsequent to the last billed date and up through the last day of the month. Estimated volumes and approved tariff rates are utilized to calculate unbilled revenue. The following month, the unbilled estimate is reversed, the actual usage is billed and a new unbilled estimate is calculated. The Company obtains metered usage for industrial customers at the end of each month, thereby eliminating any unbilled consideration for these rate classes. Other revenues Other revenues primarily consist of miscellaneous fees and charges, utility-related revenues not no Alternative Revenue Program revenues ARPs, which fall outside the scope of ASC 606, 30 Customer AccountsReceivable and Liabilities Accounts receivable, as reflected in the condensed consolidated balance sheets, includes both billed and unbilled customer revenues, as well as amounts that are not Current Assets Current Liabilities Trade accounts receivable (1) Unbilled revenue (1) Customer credit balances Customer deposits Balance at September 30, 2021 $ 3,722,916 $ 1,191,227 $ 1,539,680 $ 1,571,342 Balance at March 31, 2022 7,872,022 3,057,298 682,959 1,583,542 Increase (decrease) $ 4,149,106 $ 1,866,071 $ (856,721 ) $ 12,200 ( 1 The Company had no not |
Note 4 - Income Taxes
Note 4 - Income Taxes | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 4. Income Taxes The effective tax rate for the three six March 31, 2022 2021 Excluding the effect of the impairment, the effective tax rate for the three six March 31, 2022 2021. Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Effective tax rate 26.1 % 25.2 % 26.6 % 24.8 % Effective tax rate - LLC impairment 25.7 % - 25.7 % - Effective tax rate excluding LLC impairment 24.0 % 25.2 % 23.7 % 24.8 % |
Note 5 - Rates and Regulatory M
Note 5 - Rates and Regulatory Matters | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Public Utilities Disclosure [Text Block] | 5. Rates and Regulatory Matters In April 2020, 19 19 first two 2022. In October 2021, September 30, 2021. November 2021, August 31, 2021. December 2021. |
Note 6 - Other Investments
Note 6 - Other Investments | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 6. Other Investments Midstream is an approximately 1% equity investment owner of the LLC constructing the MVP, a 303 November 2021 Midstream is also a less than 1% investor in Southgate, which is being accounted for under the cost method. On January 25, 2022, February 3, 2022, February 22, 2022 March 31, 2022, Midstream estimated the fair value of its investment in the LLC, with the assistance of a valuation specialist, using an income based approach that primarily considered probability-weighted scenarios of discounted future cash flows based on the estimated project costs at completion and projected revenues. These scenarios reflected assumptions and judgments regarding the ultimate outcome of further matters relating to, or resulting from, the January February 2022 second 2022. 3 March 31, 2022, There is risk that Midstream’s equity investment in the LLC may may Funding for Midstream's investments in the LLC for both MVP and Southgate is being provided through two December 2022, three 9. The investments in the LLC are included in the accompanying financial statements as follows: Balance Sheet location: March 31, 2022 September 30, 2021 Other Assets: MVP $ 27,237,888 $ 64,462,194 Southgate 83,363 405,125 Investment in unconsolidated affiliates $ 27,321,251 $ 64,867,319 Current Liabilities: MVP $ 772,601 $ 2,139,696 Southgate 489 941 Capital contributions payable $ 773,090 $ 2,140,637 Three Months Ended Six Months Ended Income Statement location: March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 Equity in earnings (loss) of unconsolidated affiliate $ (445 ) $ (3,797 ) $ 71,682 $ 1,352,886 March 31, 2022 September 30, 2021 Undistributed earnings, net of income taxes, of MVP in retained earnings $ 8,134,259 $ 8,081,027 The undistributed earnings does not The change in the investment in unconsolidated affiliates is provided below: Six Months Ended March 31, 2022 March 31, 2021 Cash investment $ 3,572,011 $ 2,720,008 Change in accrued capital calls (1,367,548 ) (1,071,205 ) Pre-tax impairment (39,822,213 ) — Equity in earnings of unconsolidated affiliate 71,682 1,352,886 Change in investment in unconsolidated affiliates $ (37,546,068 ) $ 3,001,689 Summary unaudited financial statements of MVP are presented below. Southgate financial statements, which are accounted for under the cost method, are not Income Statements Three Months Ended Six Months Ended March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 AFUDC $ — $ — $ 6,883,069 $ 133,757,314 Other income (expense), net 9,245 5,514 (35,818 ) (47,094 ) Net income $ 9,245 $ 5,514 $ 6,847,251 $ 133,710,220 Balance Sheets March 31, 2022 September 30, 2021 Assets: Current assets $ 118,201,286 $ 208,961,113 Construction work in progress 6,514,077,686 6,281,991,035 Other assets 1,190,042 980,410 Total assets $ 6,633,469,014 $ 6,491,932,558 Liabilities and Equity: Current liabilities $ 146,102,517 $ 200,441,027 Noncurrent liabilities 45,000 13,000 Capital 6,487,321,497 6,291,478,531 Total liabilities and equity $ 6,633,469,014 $ 6,491,932,558 |
Note 7 - Derivatives and Hedgin
Note 7 - Derivatives and Hedging | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 7. Derivatives and Hedging The Company’s hedging and derivative policy allows management to enter into derivatives for the purpose of managing the commodity and financial market risks of its business operations, including the price of natural gas and the cost of borrowed funds. This policy specifically prohibits the use of derivatives for speculative purposes. The Company has five interest rate swaps associated with its variable rate debt as of March 31, 2022. 2021, April 1, 2022; no November 1, 2021, No The Company had no The fair value of the current and non-current portions of the interest rate swaps are reflected in the condensed consolidated balance sheets under the caption interest rate swaps. The table in Note 10 |
Note 8 - Short-term Debt
Note 8 - Short-term Debt | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Short-Term Debt [Text Block] | 8. Short-Term Debt On March 31, 2022, March 25, 2021. March 31, 2023, March 31, 2022, In connection with the line-of-credit, the Company also entered into the Seventh Amendment to Credit Agreement as of March 31, 2022, March 31, 2016 |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 9. Long-Term Debt On November 1, 2021 30 January 1, 2028. 2023. March 31, 2022, On September 24, 2021, first April 1, 2022 October 1, 2022. 30 October 1, 2028. September 24, 2021, On August 20, 2021, 30 August 20, 2026. March 31, 2016 August 20, 2021, October 1, 2021. Long-term debt consists of the following: March 31, 2022 September 30, 2021 Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Roanoke Gas: Unsecured senior notes payable, at 4.26 $ 30,500,000 $ 120,676 $ 30,500,000 $ 125,502 Unsecured term note payable, at 30-day LIBOR plus 0.90 — — 7,000,000 278 Unsecured term notes payable, at 3.58 8,000,000 26,488 8,000,000 28,896 Unsecured term notes payable, at 4.41 10,000,000 28,193 10,000,000 29,760 Unsecured term notes payable, at 3.60 10,000,000 27,301 10,000,000 29,062 Unsecured term note payable, at 30-day SOFR plus 1.20 15,000,000 — — — Unsecured delayed draw note payable — 31,064 — 21,545 Midstream: Unsecured term notes payable, at 30-day LIBOR plus 1.35 19,330,200 8,942 33,610,200 14,904 Unsecured term note payable, at 30-day LIBOR plus 1.15 14,000,000 10,233 14,000,000 11,437 Unsecured term note payable, at 30-day LIBOR plus 1.20 10,000,000 5,107 10,000,000 6,286 Unsecured term note payable, at 30-day LIBOR plus 1.15 8,000,000 25,918 — — Total notes payable, current and non-current 124,830,200 283,922 123,110,200 267,670 Line-of-credit, at 30-day LIBOR plus 1.00 — — 17,628,897 — Total long-term debt 124,830,200 283,922 140,739,097 267,670 Less: current maturities of long-term debt (19,705,200 ) — (7,000,000 ) — Total long-term debt, net current maturities $ 105,125,000 $ 283,922 $ 133,739,097 $ 267,670 All 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 not December 31, 2021 March 31, 2022 September 30, 2021 |
Note 10 - Other Comprehensive I
Note 10 - Other Comprehensive Income (Loss) | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 10. Other Comprehensive Income (Loss) A summary of other comprehensive income and loss is provided below: Tax Before-Tax (Expense) Net-of-Tax Amount or Benefit Amount Three Months Ended March 31, 2022 Interest rate swaps: Unrealized gains $ 1,903,875 $ (490,057 ) $ 1,413,818 Transfer of realized losses to interest expense 163,860 (42,179 ) 121,681 Net interest rate swaps 2,067,735 (532,236 ) 1,535,499 Defined benefit plans: Amortization of actuarial gains (15,070 ) 3,879 (11,191 ) Other comprehensive income $ 2,052,665 $ (528,357 ) $ 1,524,308 Three Months Ended March 31, 2021 Interest rate swaps: Unrealized gains $ 529,356 $ (136,257 ) $ 393,099 Transfer of realized losses to interest expense 136,270 (35,075 ) 101,195 Net interest rate swaps 665,626 (171,332 ) 494,294 Defined benefit plans: Amortization of actuarial losses 20,017 (5,153 ) 14,864 Other comprehensive income $ 685,643 $ (176,485 ) $ 509,158 Tax Before-Tax (Expense) Net-of-Tax Amount or Benefit Amount Six Months Ended March 31, 2022 Interest rate swaps: Unrealized gains $ 2,219,858 $ (571,390 ) $ 1,648,468 Transfer of realized losses to interest expense 335,723 (86,418 ) 249,305 Net interest rate swaps 2,555,581 (657,808 ) 1,897,773 Defined benefit plans: Amortization of actuarial gains (30,140 ) 7,758 (22,382 ) Other comprehensive income $ 2,525,441 $ (650,050 ) $ 1,875,391 Six Months Ended March 31, 2021 Interest rate swaps: Unrealized gains $ 619,126 $ (159,364 ) $ 459,762 Transfer of realized losses to interest expense 273,708 (70,451 ) 203,257 Net interest rate swaps 892,834 (229,815 ) 663,019 Defined benefit plans: Amortization of actuarial losses 40,034 (10,306 ) 29,728 Other comprehensive income $ 932,868 $ (240,121 ) $ 692,747 The amortization of actuarial gains and losses, reflected in the preceding table, relate to the unregulated operations of the Company. Actuarial gains and losses attributable to the regulated operations are included as a regulatory asset. See Note 16 Reconciliation of Accumulated Other Comprehensive Income (Loss) Accumulated Other Interest Rate Defined Benefit Comprehensive Swaps Plans Income (Loss) Balance at September 30, 2021 $ (888,210 ) $ (647,224 ) $ (1,535,434 ) Other comprehensive income (loss) 1,897,773 (22,382 ) 1,875,391 Balance at March 31, 2022 $ 1,009,563 $ (669,606 ) $ 339,957 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Commitments and Contingencies COVID- 19 19 |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Earnings Per Share Basic earnings per common share for the three six March 31, 2022 2021 A reconciliation of basic and diluted earnings per share is presented below: Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Net income (loss) $ (24,494,429 ) $ 4,767,478 $ (20,909,900 ) $ 9,490,741 Weighted average common shares 8,486,518 8,217,822 8,434,689 8,192,533 Effect of dilutive securities: Options to purchase common stock — 12,828 — 13,621 Diluted average common shares 8,486,518 8,230,650 8,434,689 8,206,154 Earnings (loss) per share of common stock: Basic $ (2.89 ) $ 0.58 $ (2.48 ) $ 1.16 Diluted $ (2.89 ) $ 0.58 $ (2.48 ) $ 1.16 |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plans | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 13. Employee Benefit Plans The Company has both a pension plan and a postretirement plan. The pension plan covers the Company’s employees hired before January 1, 2017 Three Months Ended Six Months Ended March 31, March 31, 2022 2021 2022 2021 Components of net periodic pension cost: Service cost $ 162,072 $ 183,570 $ 324,144 $ 367,140 Interest cost 253,279 243,785 506,558 487,570 Expected return on plan assets (457,888 ) (503,936 ) (915,776 ) (1,007,872 ) Recognized loss 36,600 125,535 73,200 251,070 Net periodic pension cost (benefit) $ (5,937 ) $ 48,954 $ (11,874 ) $ 97,908 Three Months Ended Six Months Ended March 31, March 31, 2022 2021 2022 2021 Components of postretirement benefit cost: Service cost $ 24,450 $ 35,172 $ 48,900 $ 70,344 Interest cost 110,930 107,623 221,860 215,246 Expected return on plan assets (166,541 ) (149,122 ) (333,082 ) (298,244 ) Recognized loss — 38,664 — 77,328 Net postretirement benefit cost (benefit) $ (31,161 ) $ 32,337 $ (62,322 ) $ 64,674 The components of net periodic benefit cost, other than the service cost component, are included in other income, net in the condensed consolidated statements of income. Service cost is included in operations and maintenance expense in the condensed consolidated statements of income. The table below reflects the Company's actual contributions made fiscal year-to-date and the expected remaining contributions to be made during the balance of the current fiscal year. Fiscal Year-to-Date Contributions Remaining Fiscal Year Contributions Pension plan $ — $ 500,000 Postretirement plan — 400,000 Total $ — $ 900,000 |
Note 14 - Fair Value Measuremen
Note 14 - Fair Value Measurements | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 14. Fair Value Measurements FASB ASC No. 820, Fair Value Measurements and Disclosures one three Level 1 Level 2 1 not Level 3 The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets (Level 1 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: Fair Value Measurements - March 31, 2022 Quoted Significant Prices Other Significant in Active Observable Unobservable Fair Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Assets: Interest rate swaps $ 1,359,498 $ — $ 1,359,498 $ — Total $ 1,359,498 $ — $ 1,359,498 $ — Liabilities: Natural gas purchases $ 1,355,281 $ — $ 1,355,281 $ — Total $ 1,355,281 $ — $ 1,355,281 $ — Fair Value Measurements - September 30, 2021 Quoted Significant Prices Other Significant in Active Observable Unobservable Fair Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Liabilities: Natural gas purchases $ 2,728,935 $ — $ 2,728,935 $ — Interest rate swaps 1,196,083 — 1,196,083 — Total $ 3,925,018 $ — $ 3,925,018 $ — The fair value of the interest rate swaps are 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 March 31, 2022 September 30, 2021 first The Company’s nonfinancial assets and liabilities measured at fair value on a nonrecurring basis consist of its AROs. The AROs 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, borrowings under line-of-credit, 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 Fair Value Measurements - March 31, 2022 Quoted Significant Prices Other Significant in Active Observable Unobservable Carrying Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Liabilities: Current maturities of long-term debt $ 19,705,200 $ — $ — $ 19,765,421 Notes payable 105,125,000 — — 107,952,588 Total $ 124,830,200 $ — $ — $ 127,718,009 Fair Value Measurements - September 30, 2021 Quoted Significant Prices Other Significant in Active Observable Unobservable Carrying Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Liabilities: Current maturities of long-term debt $ 7,000,000 $ — $ — $ 7,000,000 Notes payable 116,110,200 — — 124,691,896 Total $ 123,110,200 $ — $ — $ 131,691,896 The fair value of long-term debt is estimated by discounting the future cash flows of the fixed rate debt based on the underlying Treasury rate or other Treasury instruments with a corresponding maturity period and estimated credit spread extrapolated based on market conditions since the issuance of the debt. FASB ASC 825, Financial Instruments three March 31, 2022 September 30, 2021 5% |
Note 15 - Segment Information
Note 15 - Segment Information | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. Segment Information Operating segments are defined as components of an enterprise for which separate financial information is available and is evaluated regularly by the Company's chief operating decision maker in deciding how to allocate resources and assess performance. The Company uses operating income and equity in earnings to assess segment performance. Intersegment transactions are recorded at cost. The reportable segments disclosed herein are defined as follows: Gas Utility Investment in Affiliates Parent and Other Information related to the segments of the Company are provided below: Three Months Ended March 31, 2022 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 29,499,219 $ — $ 30,464 $ 29,529,683 Depreciation 2,268,704 — — 2,268,704 Operating income (loss) 7,528,839 (108,987 ) 23,536 7,443,388 Equity in earnings (loss) — (445 ) — (445 ) Impairment of investments in affiliates — (39,822,213 ) — (39,822,213 ) Interest expense 751,038 352,806 — 1,103,844 Income (loss) before income taxes 7,117,202 (40,279,495 ) 23,689 (33,138,604 ) Three Months Ended March 31, 2021 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 28,221,274 $ — $ 32,388 $ 28,253,662 Depreciation 2,128,304 — — 2,128,304 Operating income (loss) 7,175,532 (102,295 ) 26,189 7,099,426 Equity in earnings (loss) — (3,797 ) — (3,797 ) Interest expense 707,532 300,232 — 1,007,764 Income (loss) before income taxes 6,750,004 (400,880 ) 26,289 6,375,413 Six Months Ended March 31, 2022 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 52,730,874 $ — $ 61,889 $ 52,792,763 Depreciation 4,539,398 — — 4,539,398 Operating income (loss) 12,933,155 (160,547 ) 49,203 12,821,811 Equity in earnings — 71,682 — 71,682 Impairment of investments in affiliates — (39,822,213 ) — (39,822,213 ) Interest expense 1,515,901 692,799 — 2,208,700 Income (loss) before income taxes 12,076,384 (40,596,376 ) 49,521 (28,470,471 ) Six Months Ended March 31, 2021 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 47,704,774 $ — $ 65,905 $ 47,770,679 Depreciation 4,281,702 — — 4,281,702 Operating income (loss) 12,788,574 (153,142 ) 45,381 12,680,813 Equity in earnings — 1,352,886 — 1,352,886 Interest expense 1,411,862 615,731 — 2,027,593 Income before income taxes 11,986,004 592,045 45,631 12,623,680 March 31, 2022 Gas Utility Investment in Affiliates (1) Parent and Other Consolidated Total Total assets $ 240,934,602 $ 27,465,020 $ 19,958,863 $ 288,358,485 ( 1 6 September 30, 2021 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 231,737,427 $ 65,686,376 $ 12,685,390 $ 310,109,193 |
Note 16 - Regulatory Assets and
Note 16 - Regulatory Assets and Liabilities | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Schedule of Regulatory Assets and Liabilities [Text Block] | 16. Regulatory Assets and Liabilities The Company’s regulated operations follow the accounting and reporting requirements of FASB ASC No. 980, Regulated Operations No. 980 no No. 980 no Regulatory assets included in the Company’s accompanying balance sheets are as follows: March 31, 2022 September 30, 2021 Assets: Current Assets: Regulatory assets: WNA revenues $ 1,808,525 $ 8,104 Under-recovery of gas costs — 5,048,164 Under-recovery of SAVE Plan revenues — 305,502 Accrued pension and postretirement medical 103,340 206,679 Other deferred expenses 85,211 88,004 Total current 1,997,076 5,656,453 Utility Property: In service: Other 11,945 11,945 Construction work in progress: AFUDC 386,189 386,189 Other Assets: Regulatory assets: Premium on early retirement of debt 1,427,340 1,484,433 Accrued pension and postretirement medical 5,154,713 5,154,713 Other deferred expenses 123,962 130,613 Total non-current 6,706,015 6,769,759 Total regulatory assets $ 9,101,225 $ 12,824,346 Regulatory liabilities included in the Company’s accompanying balance sheets are as follows: March 31, 2022 September 30, 2021 Liabilities and Stockholders' Equity: Current Liabilities: Regulatory liabilities: Over-recovery of gas costs $ 98,776 $ — Over-recovery of SAVE Plan revenues 102,879 — Deferred income taxes 332,361 329,959 Supplier refunds 2,661,043 — Total current 3,195,059 329,959 Deferred Credits and Other Liabilities: Asset retirement obligations 7,876,084 7,628,958 Regulatory cost of retirement obligations 14,126,243 13,640,567 Regulatory Liabilities: Deferred income taxes 12,706,518 12,891,242 Total non-current 34,708,845 34,160,767 Total regulatory liabilities $ 37,903,904 $ 34,490,726 As of March 31, 2022 September 30, 2021 not |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 6 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. Subsequent Events On April 1, 2022, October 1, 2022. 9 The Company has evaluated subsequent events through the date the financial statements were issued. There were no not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Resources is an energy services company primarily engaged in the sale and distribution of natural gas. The condensed consolidated financial statements include the accounts of Resources and its wholly-owned subsidiaries: Roanoke Gas, Diversified Energy and Midstream. In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting of only normal recurring accruals) necessary to fairly present Resources' financial position as of March 31, 2022 six March 31, 2022 2021 three six March 31, 2022 2021 three six March 31, 2022 not September 30, 2022 The unaudited condensed consolidated financial statements and condensed notes are presented under the rules and regulations of the SEC. Pursuant to those rules, certain information and note disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted. Although the Company believes that the disclosures are adequate, the unaudited 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 September 30, 2021 September 30, 2021 10 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. The Company’s significant accounting policies are described in Note 1 10 September 30, 2021 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued or Adopted Accounting Standards In March 2020, 2020 04, Reference Rate Reform (Topic 848 2021 01, December 31, 2022. one one six one June 2023 no may December 31, 2021. one None not 2022. Other accounting standards that have been issued by the FASB or other standard-setting bodies are not not |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 18,104,512 $ — $ 18,104,512 $ 17,402,552 $ — $ 17,402,552 Commercial 9,487,312 — 9,487,312 9,264,611 — 9,264,611 Industrial and Transportation 1,352,161 — 1,352,161 1,252,343 — 1,252,343 Other 138,035 30,464 168,499 95,092 32,388 127,480 Total contracts with customers 29,082,020 30,464 29,112,484 28,014,598 32,388 28,046,986 Alternative Revenue Programs 417,199 — 417,199 206,676 — 206,676 Total operating revenues $ 29,499,219 $ 30,464 $ 29,529,683 $ 28,221,274 $ 32,388 $ 28,253,662 Six Months Ended March 31, 2022 Six Months Ended March 31, 2021 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 31,317,001 $ — $ 31,317,001 $ 28,648,746 $ — $ 28,648,746 Commercial 16,873,030 — 16,873,030 15,254,631 — 15,254,631 Industrial and Transportation 2,665,252 — 2,665,252 2,476,144 — 2,476,144 Other 361,863 61,889 423,752 256,169 65,905 322,074 Total contracts with customers 51,217,146 61,889 51,279,035 46,635,690 65,905 46,701,595 Alternative Revenue Programs 1,513,728 — 1,513,728 1,069,084 — 1,069,084 Total operating revenues $ 52,730,874 $ 61,889 $ 52,792,763 $ 47,704,774 $ 65,905 $ 47,770,679 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Current Assets Current Liabilities Trade accounts receivable (1) Unbilled revenue (1) Customer credit balances Customer deposits Balance at September 30, 2021 $ 3,722,916 $ 1,191,227 $ 1,539,680 $ 1,571,342 Balance at March 31, 2022 7,872,022 3,057,298 682,959 1,583,542 Increase (decrease) $ 4,149,106 $ 1,866,071 $ (856,721 ) $ 12,200 |
Note 4 - Income Taxes (Tables)
Note 4 - Income Taxes (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Effective tax rate 26.1 % 25.2 % 26.6 % 24.8 % Effective tax rate - LLC impairment 25.7 % - 25.7 % - Effective tax rate excluding LLC impairment 24.0 % 25.2 % 23.7 % 24.8 % |
Note 6 - Other Investments (Tab
Note 6 - Other Investments (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Investment [Table Text Block] | Balance Sheet location: March 31, 2022 September 30, 2021 Other Assets: MVP $ 27,237,888 $ 64,462,194 Southgate 83,363 405,125 Investment in unconsolidated affiliates $ 27,321,251 $ 64,867,319 Current Liabilities: MVP $ 772,601 $ 2,139,696 Southgate 489 941 Capital contributions payable $ 773,090 $ 2,140,637 Three Months Ended Six Months Ended Income Statement location: March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 Equity in earnings (loss) of unconsolidated affiliate $ (445 ) $ (3,797 ) $ 71,682 $ 1,352,886 March 31, 2022 September 30, 2021 Undistributed earnings, net of income taxes, of MVP in retained earnings $ 8,134,259 $ 8,081,027 Six Months Ended March 31, 2022 March 31, 2021 Cash investment $ 3,572,011 $ 2,720,008 Change in accrued capital calls (1,367,548 ) (1,071,205 ) Pre-tax impairment (39,822,213 ) — Equity in earnings of unconsolidated affiliate 71,682 1,352,886 Change in investment in unconsolidated affiliates $ (37,546,068 ) $ 3,001,689 |
Equity Method Investments [Table Text Block] | Income Statements Three Months Ended Six Months Ended March 31, 2022 March 31, 2021 March 31, 2022 March 31, 2021 AFUDC $ — $ — $ 6,883,069 $ 133,757,314 Other income (expense), net 9,245 5,514 (35,818 ) (47,094 ) Net income $ 9,245 $ 5,514 $ 6,847,251 $ 133,710,220 Balance Sheets March 31, 2022 September 30, 2021 Assets: Current assets $ 118,201,286 $ 208,961,113 Construction work in progress 6,514,077,686 6,281,991,035 Other assets 1,190,042 980,410 Total assets $ 6,633,469,014 $ 6,491,932,558 Liabilities and Equity: Current liabilities $ 146,102,517 $ 200,441,027 Noncurrent liabilities 45,000 13,000 Capital 6,487,321,497 6,291,478,531 Total liabilities and equity $ 6,633,469,014 $ 6,491,932,558 |
Note 9 - Long-term Debt (Tables
Note 9 - Long-term Debt (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, 2022 September 30, 2021 Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Roanoke Gas: Unsecured senior notes payable, at 4.26 $ 30,500,000 $ 120,676 $ 30,500,000 $ 125,502 Unsecured term note payable, at 30-day LIBOR plus 0.90 — — 7,000,000 278 Unsecured term notes payable, at 3.58 8,000,000 26,488 8,000,000 28,896 Unsecured term notes payable, at 4.41 10,000,000 28,193 10,000,000 29,760 Unsecured term notes payable, at 3.60 10,000,000 27,301 10,000,000 29,062 Unsecured term note payable, at 30-day SOFR plus 1.20 15,000,000 — — — Unsecured delayed draw note payable — 31,064 — 21,545 Midstream: Unsecured term notes payable, at 30-day LIBOR plus 1.35 19,330,200 8,942 33,610,200 14,904 Unsecured term note payable, at 30-day LIBOR plus 1.15 14,000,000 10,233 14,000,000 11,437 Unsecured term note payable, at 30-day LIBOR plus 1.20 10,000,000 5,107 10,000,000 6,286 Unsecured term note payable, at 30-day LIBOR plus 1.15 8,000,000 25,918 — — Total notes payable, current and non-current 124,830,200 283,922 123,110,200 267,670 Line-of-credit, at 30-day LIBOR plus 1.00 — — 17,628,897 — Total long-term debt 124,830,200 283,922 140,739,097 267,670 Less: current maturities of long-term debt (19,705,200 ) — (7,000,000 ) — Total long-term debt, net current maturities $ 105,125,000 $ 283,922 $ 133,739,097 $ 267,670 |
Note 10 - Other Comprehensive_2
Note 10 - Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Tax Before-Tax (Expense) Net-of-Tax Amount or Benefit Amount Three Months Ended March 31, 2022 Interest rate swaps: Unrealized gains $ 1,903,875 $ (490,057 ) $ 1,413,818 Transfer of realized losses to interest expense 163,860 (42,179 ) 121,681 Net interest rate swaps 2,067,735 (532,236 ) 1,535,499 Defined benefit plans: Amortization of actuarial gains (15,070 ) 3,879 (11,191 ) Other comprehensive income $ 2,052,665 $ (528,357 ) $ 1,524,308 Three Months Ended March 31, 2021 Interest rate swaps: Unrealized gains $ 529,356 $ (136,257 ) $ 393,099 Transfer of realized losses to interest expense 136,270 (35,075 ) 101,195 Net interest rate swaps 665,626 (171,332 ) 494,294 Defined benefit plans: Amortization of actuarial losses 20,017 (5,153 ) 14,864 Other comprehensive income $ 685,643 $ (176,485 ) $ 509,158 Tax Before-Tax (Expense) Net-of-Tax Amount or Benefit Amount Six Months Ended March 31, 2022 Interest rate swaps: Unrealized gains $ 2,219,858 $ (571,390 ) $ 1,648,468 Transfer of realized losses to interest expense 335,723 (86,418 ) 249,305 Net interest rate swaps 2,555,581 (657,808 ) 1,897,773 Defined benefit plans: Amortization of actuarial gains (30,140 ) 7,758 (22,382 ) Other comprehensive income $ 2,525,441 $ (650,050 ) $ 1,875,391 Six Months Ended March 31, 2021 Interest rate swaps: Unrealized gains $ 619,126 $ (159,364 ) $ 459,762 Transfer of realized losses to interest expense 273,708 (70,451 ) 203,257 Net interest rate swaps 892,834 (229,815 ) 663,019 Defined benefit plans: Amortization of actuarial losses 40,034 (10,306 ) 29,728 Other comprehensive income $ 932,868 $ (240,121 ) $ 692,747 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated Other Interest Rate Defined Benefit Comprehensive Swaps Plans Income (Loss) Balance at September 30, 2021 $ (888,210 ) $ (647,224 ) $ (1,535,434 ) Other comprehensive income (loss) 1,897,773 (22,382 ) 1,875,391 Balance at March 31, 2022 $ 1,009,563 $ (669,606 ) $ 339,957 |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, Six Months Ended March 31, 2022 2021 2022 2021 Net income (loss) $ (24,494,429 ) $ 4,767,478 $ (20,909,900 ) $ 9,490,741 Weighted average common shares 8,486,518 8,217,822 8,434,689 8,192,533 Effect of dilutive securities: Options to purchase common stock — 12,828 — 13,621 Diluted average common shares 8,486,518 8,230,650 8,434,689 8,206,154 Earnings (loss) per share of common stock: Basic $ (2.89 ) $ 0.58 $ (2.48 ) $ 1.16 Diluted $ (2.89 ) $ 0.58 $ (2.48 ) $ 1.16 |
Note 13 - Employee Benefit Pl_2
Note 13 - Employee Benefit Plans (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended Six Months Ended March 31, March 31, 2022 2021 2022 2021 Components of net periodic pension cost: Service cost $ 162,072 $ 183,570 $ 324,144 $ 367,140 Interest cost 253,279 243,785 506,558 487,570 Expected return on plan assets (457,888 ) (503,936 ) (915,776 ) (1,007,872 ) Recognized loss 36,600 125,535 73,200 251,070 Net periodic pension cost (benefit) $ (5,937 ) $ 48,954 $ (11,874 ) $ 97,908 Three Months Ended Six Months Ended March 31, March 31, 2022 2021 2022 2021 Components of postretirement benefit cost: Service cost $ 24,450 $ 35,172 $ 48,900 $ 70,344 Interest cost 110,930 107,623 221,860 215,246 Expected return on plan assets (166,541 ) (149,122 ) (333,082 ) (298,244 ) Recognized loss — 38,664 — 77,328 Net postretirement benefit cost (benefit) $ (31,161 ) $ 32,337 $ (62,322 ) $ 64,674 |
Summary of Employer Contributions to Defined Benefit Plans [Table Text Block] | Fiscal Year-to-Date Contributions Remaining Fiscal Year Contributions Pension plan $ — $ 500,000 Postretirement plan — 400,000 Total $ — $ 900,000 |
Note 14 - Fair Value Measurem_2
Note 14 - Fair Value Measurements (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements - March 31, 2022 Quoted Significant Prices Other Significant in Active Observable Unobservable Fair Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Assets: Interest rate swaps $ 1,359,498 $ — $ 1,359,498 $ — Total $ 1,359,498 $ — $ 1,359,498 $ — Liabilities: Natural gas purchases $ 1,355,281 $ — $ 1,355,281 $ — Total $ 1,355,281 $ — $ 1,355,281 $ — Fair Value Measurements - September 30, 2021 Quoted Significant Prices Other Significant in Active Observable Unobservable Fair Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Liabilities: Natural gas purchases $ 2,728,935 $ — $ 2,728,935 $ — Interest rate swaps 1,196,083 — 1,196,083 — Total $ 3,925,018 $ — $ 3,925,018 $ — |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements - March 31, 2022 Quoted Significant Prices Other Significant in Active Observable Unobservable Carrying Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Liabilities: Current maturities of long-term debt $ 19,705,200 $ — $ — $ 19,765,421 Notes payable 105,125,000 — — 107,952,588 Total $ 124,830,200 $ — $ — $ 127,718,009 Fair Value Measurements - September 30, 2021 Quoted Significant Prices Other Significant in Active Observable Unobservable Carrying Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Liabilities: Current maturities of long-term debt $ 7,000,000 $ — $ — $ 7,000,000 Notes payable 116,110,200 — — 124,691,896 Total $ 123,110,200 $ — $ — $ 131,691,896 |
Note 15 - Segment Information (
Note 15 - Segment Information (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2022 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 29,499,219 $ — $ 30,464 $ 29,529,683 Depreciation 2,268,704 — — 2,268,704 Operating income (loss) 7,528,839 (108,987 ) 23,536 7,443,388 Equity in earnings (loss) — (445 ) — (445 ) Impairment of investments in affiliates — (39,822,213 ) — (39,822,213 ) Interest expense 751,038 352,806 — 1,103,844 Income (loss) before income taxes 7,117,202 (40,279,495 ) 23,689 (33,138,604 ) Three Months Ended March 31, 2021 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 28,221,274 $ — $ 32,388 $ 28,253,662 Depreciation 2,128,304 — — 2,128,304 Operating income (loss) 7,175,532 (102,295 ) 26,189 7,099,426 Equity in earnings (loss) — (3,797 ) — (3,797 ) Interest expense 707,532 300,232 — 1,007,764 Income (loss) before income taxes 6,750,004 (400,880 ) 26,289 6,375,413 Six Months Ended March 31, 2022 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 52,730,874 $ — $ 61,889 $ 52,792,763 Depreciation 4,539,398 — — 4,539,398 Operating income (loss) 12,933,155 (160,547 ) 49,203 12,821,811 Equity in earnings — 71,682 — 71,682 Impairment of investments in affiliates — (39,822,213 ) — (39,822,213 ) Interest expense 1,515,901 692,799 — 2,208,700 Income (loss) before income taxes 12,076,384 (40,596,376 ) 49,521 (28,470,471 ) Six Months Ended March 31, 2021 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 47,704,774 $ — $ 65,905 $ 47,770,679 Depreciation 4,281,702 — — 4,281,702 Operating income (loss) 12,788,574 (153,142 ) 45,381 12,680,813 Equity in earnings — 1,352,886 — 1,352,886 Interest expense 1,411,862 615,731 — 2,027,593 Income before income taxes 11,986,004 592,045 45,631 12,623,680 March 31, 2022 Gas Utility Investment in Affiliates (1) Parent and Other Consolidated Total Total assets $ 240,934,602 $ 27,465,020 $ 19,958,863 $ 288,358,485 September 30, 2021 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 231,737,427 $ 65,686,376 $ 12,685,390 $ 310,109,193 |
Note 16 - Regulatory Assets a_2
Note 16 - Regulatory Assets and Liabilities (Tables) | 6 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Regulatory Assets [Table Text Block] | March 31, 2022 September 30, 2021 Assets: Current Assets: Regulatory assets: WNA revenues $ 1,808,525 $ 8,104 Under-recovery of gas costs — 5,048,164 Under-recovery of SAVE Plan revenues — 305,502 Accrued pension and postretirement medical 103,340 206,679 Other deferred expenses 85,211 88,004 Total current 1,997,076 5,656,453 Utility Property: In service: Other 11,945 11,945 Construction work in progress: AFUDC 386,189 386,189 Other Assets: Regulatory assets: Premium on early retirement of debt 1,427,340 1,484,433 Accrued pension and postretirement medical 5,154,713 5,154,713 Other deferred expenses 123,962 130,613 Total non-current 6,706,015 6,769,759 Total regulatory assets $ 9,101,225 $ 12,824,346 |
Schedule of Regulatory Liabilities [Table Text Block] | March 31, 2022 September 30, 2021 Liabilities and Stockholders' Equity: Current Liabilities: Regulatory liabilities: Over-recovery of gas costs $ 98,776 $ — Over-recovery of SAVE Plan revenues 102,879 — Deferred income taxes 332,361 329,959 Supplier refunds 2,661,043 — Total current 3,195,059 329,959 Deferred Credits and Other Liabilities: Asset retirement obligations 7,876,084 7,628,958 Regulatory cost of retirement obligations 14,126,243 13,640,567 Regulatory Liabilities: Deferred income taxes 12,706,518 12,891,242 Total non-current 34,708,845 34,160,767 Total regulatory liabilities $ 37,903,904 $ 34,490,726 |
Note 2 - Stock Issue (Details T
Note 2 - Stock Issue (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | |
Stock Issued During Period, Shares, New Issues (in shares) | 1,400,889 | 13,914 | 54,613 | 11,979 | 64,803 | |
Proceeds from Issuance of Common Stock | $ 28,342,019 | $ 1,544,448 | ||||
Equity Offering [Member] | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,350,000 | |||||
Proceeds from Issuance of Common Stock | $ 27,000,000 |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Total contracts with customers | $ 29,112,484 | $ 28,046,986 | $ 51,279,035 | $ 46,701,595 |
Alternative Revenue Programs | 417,199 | 206,676 | 1,513,728 | 1,069,084 |
Operating revenues | 29,529,683 | 28,253,662 | 52,792,763 | 47,770,679 |
Oil and Gas [Member] | Residential [Member] | ||||
Total contracts with customers | 18,104,512 | 17,402,552 | 31,317,001 | 28,648,746 |
Oil and Gas [Member] | Commercial [Member] | ||||
Total contracts with customers | 9,487,312 | 9,264,611 | 16,873,030 | 15,254,631 |
Oil and Gas [Member] | Industrial and Transportation [Member] | ||||
Total contracts with customers | 1,352,161 | 1,252,343 | 2,665,252 | 2,476,144 |
Product and Service, Other [Member] | ||||
Total contracts with customers | 168,499 | 127,480 | 423,752 | 322,074 |
Gas Utility [Member] | ||||
Total contracts with customers | 29,082,020 | 28,014,598 | 51,217,146 | 46,635,690 |
Alternative Revenue Programs | 417,199 | 206,676 | 1,513,728 | 1,069,084 |
Operating revenues | 29,499,219 | 28,221,274 | 52,730,874 | 47,704,774 |
Gas Utility [Member] | Oil and Gas [Member] | Residential [Member] | ||||
Total contracts with customers | 18,104,512 | 17,402,552 | 31,317,001 | 28,648,746 |
Gas Utility [Member] | Oil and Gas [Member] | Commercial [Member] | ||||
Total contracts with customers | 9,487,312 | 9,264,611 | 16,873,030 | 15,254,631 |
Gas Utility [Member] | Oil and Gas [Member] | Industrial and Transportation [Member] | ||||
Total contracts with customers | 1,352,161 | 1,252,343 | 2,665,252 | 2,476,144 |
Gas Utility [Member] | Product and Service, Other [Member] | ||||
Total contracts with customers | 138,035 | 95,092 | 361,863 | 256,169 |
Non-utility [Member] | ||||
Total contracts with customers | 30,464 | 32,388 | 61,889 | 65,905 |
Alternative Revenue Programs | 0 | 0 | 0 | 0 |
Operating revenues | 30,464 | 32,388 | 61,889 | 65,905 |
Non-utility [Member] | Oil and Gas [Member] | Residential [Member] | ||||
Total contracts with customers | 0 | 0 | 0 | 0 |
Non-utility [Member] | Oil and Gas [Member] | Commercial [Member] | ||||
Total contracts with customers | 0 | 0 | 0 | 0 |
Non-utility [Member] | Oil and Gas [Member] | Industrial and Transportation [Member] | ||||
Total contracts with customers | 0 | 0 | 0 | 0 |
Non-utility [Member] | Product and Service, Other [Member] | ||||
Total contracts with customers | $ 30,464 | $ 32,388 | $ 61,889 | $ 65,905 |
Note 3 - Revenue - Customer Acc
Note 3 - Revenue - Customer Accounts Receivable (Details) - USD ($) | 6 Months Ended | ||
Mar. 31, 2022 | Sep. 30, 2021 | ||
Trade accounts receivable | $ 10,997,174 | $ 4,949,900 | |
Unbilled revenue | [1] | 3,057,298 | 1,191,227 |
Customer credit balances | 682,959 | 1,539,680 | |
Customer deposits | 1,583,542 | 1,571,342 | |
Increase (decrease) in Unbilled revenue | [1] | 1,866,071 | |
Increase (decrease) in Customer credit balances | (856,721) | ||
Increase (decrease) in Customer deposits | 12,200 | ||
Trade Accounts Receivable [Member] | |||
Trade accounts receivable | [1] | 7,872,022 | $ 3,722,916 |
Increase (decrease) in Trade accounts receivable | [1] | $ 4,149,106 | |
[1] | Included in accounts receivable in the condensed consolidated balance sheet. Amounts shown net of reserve for credit losses. |
Note 4 - Income Taxes (Details
Note 4 - Income Taxes (Details Textual) | 3 Months Ended | 6 Months Ended |
Mar. 31, 2022 | Mar. 31, 2022 | |
Effective Income Tax Rate Reconciliation, at Federal and State Statutory Income Tax Rate, Percent | 25.74% | 25.74% |
Effective Income Tax Rate Reconciliation, Percent, Excluding Impairment | 24.00% | 23.70% |
Note 4 - Income Taxes - Income
Note 4 - Income Taxes - Income Positions (Details) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Effective tax rate | 26.10% | 25.20% | 26.60% | 24.80% |
Effective tax rate excluding LLC impairment | 24.00% | 23.70% | ||
Effective Income Tax Rate, Including the Effect of Impaired Investment [Member] | ||||
Effective tax rate - LLC impairment | 25.70% | 0.00% | 25.70% | 0.00% |
Effective Income Tax Rate, Excluding the Effect of Impaired Investment [Member] | ||||
Effective tax rate excluding LLC impairment | 24.00% | 25.20% | 23.70% | 24.80% |
Note 5 - Rates and Regulatory_2
Note 5 - Rates and Regulatory Matters (Details Textual) | 1 Months Ended |
Nov. 30, 2021USD ($) | |
American Rescue Plan Act, Funds Received | $ 850,000 |
Note 6 - Other Investments (Det
Note 6 - Other Investments (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Equity Method Investment, Other than Temporary Impairment | $ 39,822,213 | $ 0 | $ 39,822,213 | $ 0 |
RGC Midstream LLC [Member] | MVP Southgate Investment [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1.00% | 1.00% | ||
RGC Midstream LLC [Member] | MVP [Member] | ||||
Equity Method Investment, Ownership Percentage | 1.00% | 1.00% | ||
Equity Method Investment, Other than Temporary Impairment | $ 39,800,000 |
Note 6 - Other Investments - Sc
Note 6 - Other Investments - Schedule of Other Investments (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2021 | |
Investment in unconsolidated affiliates | $ 27,321,251 | $ 27,321,251 | $ 64,867,319 | ||
Capital contributions payable | 773,090 | 773,090 | 2,140,637 | ||
Equity in earnings (loss) of unconsolidated affiliate | (445) | $ (3,797) | 71,682 | $ 1,352,886 | |
Undistributed earnings, net of income taxes, of MVP in retained earnings | 8,134,259 | 8,134,259 | 8,081,027 | ||
Cash investment | 3,572,011 | 2,720,008 | |||
Change in accrued capital calls | (1,367,548) | (1,071,205) | |||
Pre-tax impairment | 39,822,213 | $ 0 | 39,822,213 | 0 | |
Change in investment in unconsolidated affiliates | (37,546,068) | $ 3,001,689 | |||
MVP [Member] | |||||
Investment in unconsolidated affiliates | 27,237,888 | 27,237,888 | 64,462,194 | ||
Capital contributions payable | 772,601 | 772,601 | 2,139,696 | ||
Southgate [Member] | |||||
Investment in unconsolidated affiliates | 83,363 | 83,363 | 405,125 | ||
Capital contributions payable | $ 489 | $ 489 | $ 941 |
Note 6 - Other Investments - In
Note 6 - Other Investments - Investment in Unconsolidated Entity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | |
Other income (expense), net | $ 344,510 | $ 287,548 | $ 666,949 | $ 617,574 | ||||
Net income (loss) | (24,494,429) | $ 3,584,529 | 4,767,478 | $ 4,723,263 | (20,909,900) | 9,490,741 | ||
Current assets | 32,520,634 | 32,520,634 | $ 25,143,855 | |||||
Total assets | 288,358,485 | 288,358,485 | 310,109,193 | |||||
Current liabilities | 36,576,652 | 36,576,652 | 26,013,532 | |||||
Capital | 105,462,729 | $ 102,294,845 | 97,574,608 | $ 92,549,541 | 105,462,729 | 97,574,608 | 99,701,709 | $ 88,887,977 |
Total liabilities and equity | 288,358,485 | 288,358,485 | 310,109,193 | |||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | MVP [Member] | ||||||||
AFUDC | 0 | 0 | 6,883,069 | 133,757,314 | ||||
Other income (expense), net | 9,245 | 5,514 | (35,818) | (47,094) | ||||
Net income (loss) | 9,245 | $ 5,514 | 6,847,251 | $ 133,710,220 | ||||
Current assets | 118,201,286 | 118,201,286 | 208,961,113 | |||||
Construction work in progress | 6,514,077,686 | 6,514,077,686 | 6,281,991,035 | |||||
Other assets | 1,190,042 | 1,190,042 | 980,410 | |||||
Total assets | 6,633,469,014 | 6,633,469,014 | 6,491,932,558 | |||||
Current liabilities | 146,102,517 | 146,102,517 | 200,441,027 | |||||
Noncurrent liabilities | 45,000 | 45,000 | 13,000 | |||||
Capital | 6,487,321,497 | 6,487,321,497 | 6,291,478,531 | |||||
Total liabilities and equity | $ 6,633,469,014 | $ 6,633,469,014 | $ 6,491,932,558 |
Note 7 - Derivatives and Hedg_2
Note 7 - Derivatives and Hedging (Details Textual) $ in Millions | Apr. 01, 2022USD ($) | Mar. 31, 2022 | Nov. 01, 2021USD ($) | Sep. 30, 2021 | Sep. 24, 2021USD ($) | Aug. 20, 2021USD ($) | Jun. 30, 2019USD ($) |
Number of Interest Rate Derivatives Held | 5 | ||||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | |||||||
Debt Instrument, Face Amount | $ 15 | ||||||
Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | |||||||
Debt Instrument, Face Amount | $ 10 | ||||||
Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | Subsequent Event [Member] | |||||||
Proceeds from Issuance of Debt | $ 5 | ||||||
Roanoke Gas Company [Member] | |||||||
Number of Interest Rate Derivatives Held | 2 | ||||||
Roanoke Gas Company [Member] | Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | |||||||
Debt Instrument, Face Amount | 15 | ||||||
Roanoke Gas Company [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | |||||||
Debt Instrument, Face Amount | 10 | ||||||
Roanoke Gas Company [Member] | Unsecured Debt [Member] | Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | |||||||
Debt Instrument, Face Amount | $ 15 | ||||||
Derivative, Fixed Interest Rate | 2.00% | ||||||
Roanoke Gas Company [Member] | Unsecured Debt [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | |||||||
Debt Instrument, Face Amount | $ 10 | ||||||
Derivative, Fixed Interest Rate | 2.49% | ||||||
Roanoke Gas Company [Member] | Unsecured Debt [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | Subsequent Event [Member] | |||||||
Proceeds from Issuance of Debt | $ 5 | ||||||
RGC Midstream LLC [Member] | |||||||
Number of Interest Rate Derivatives Held | 2 | ||||||
Debt Instrument, Number of Instruments | 2 | ||||||
RGC Midstream LLC [Member] | Unsecured Debt [Member] | |||||||
Debt Instrument, Face Amount | $ 8 | ||||||
Derivative, Fixed Interest Rate | 2.443% | ||||||
RGC Midstream LLC [Member] | Unsecured Debt [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.15%, Due June 12, 2026 [Member] | |||||||
Debt Instrument, Face Amount | $ 14 | ||||||
RGC Midstream LLC [Member] | Unsecured Debt [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | |||||||
Debt Instrument, Face Amount | $ 10 | ||||||
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 1.15% Due June 12, 2026 [Member] | |||||||
Derivative, Fixed Interest Rate | 3.24% | ||||||
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | |||||||
Derivative, Fixed Interest Rate | 3.14% |
Note 8 - Short-term Debt (Detai
Note 8 - Short-term Debt (Details Textual) | Mar. 31, 2022USD ($) |
Long-Term Line of Credit, Total | $ 0 |
Minimum [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | 21,000,000 |
Maximum [Member] | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 33,000,000 |
Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |
Debt Instrument, Basis Spread on Variable Rate | 1.10% |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) - USD ($) $ in Millions | Oct. 01, 2022 | Apr. 01, 2022 | Nov. 01, 2021 | Sep. 24, 2021 | Aug. 20, 2021 | Mar. 31, 2021 | Mar. 31, 2022 | Oct. 31, 2021 |
Debt Instruments, Overall Maximum Borrowing Capacity | $ 33 | $ 23 | $ 41 | |||||
Debt Instrument, Debt Covenant Ratio of Long-term Debt to Total Capitalization, Maximum | 65.00% | |||||||
Debt Instrument, Debt Covenant, Ratio of Priority Debt to Total Assets, Maximum | 15.00% | |||||||
Debt Instrument, Debt Covenant, Interest Coverage Ratio | 1.5 | |||||||
Unsecured Promissory Note with 30 Day LIBOR Plus 1.15 Basis Points Maturing January 1, 2028 [Member] | RGC Midstream LLC [Member] | ||||||||
Debt Instrument, Face Amount | $ 8 | |||||||
Derivative, Fixed Interest Rate | 2.443% | |||||||
Unsecured Promissory Note with 30 Day LIBOR Plus 1.15 Basis Points Maturing January 1, 2028 [Member] | RGC Midstream LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | |||||||
Cash Infusion Proceeds Utilized to Repay Non-revolving Credit Facility [Member] | ||||||||
Repayments of Debt | $ 10 | |||||||
Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | ||||||||
Debt Instrument, Face Amount | $ 10 | |||||||
Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | Roanoke Gas Company [Member] | ||||||||
Debt Instrument, Face Amount | $ 10 | |||||||
Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | Roanoke Gas Company [Member] | Interest Rate Swap [Member] | ||||||||
Derivative, Fixed Interest Rate | 2.49% | |||||||
Derivative, Notional Amount | $ 10 | |||||||
Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | Roanoke Gas Company [Member] | Forecast [Member] | ||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 5 | $ 5 | ||||||
Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | Roanoke Gas Company [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | ||||||||
Debt Instrument, Face Amount | $ 15 | |||||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | Roanoke Gas Company [Member] | ||||||||
Debt Instrument, Face Amount | $ 15 | |||||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | Roanoke Gas Company [Member] | Interest Rate Swap [Member] | ||||||||
Derivative, Fixed Interest Rate | 2.00% | |||||||
Derivative, Notional Amount | $ 15 | |||||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | Roanoke Gas Company [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.20% |
Note 9 - Long-term Debt - Long-
Note 9 - Long-term Debt - Long-term Debt (Details) - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 |
Notes payable | $ 124,830,200 | $ 140,739,097 |
Unamortized Debt Issuance Costs | 283,922 | 267,670 |
Long-Term Line of Credit, Total | 0 | |
Total long-term debt, net current maturities | 105,125,000 | 133,739,097 |
Notes Payable [Member] | ||
Less: current maturities of long-term debt | (19,705,200) | (7,000,000) |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Senior Notes Payable, at 4.26%, Due on September 18, 2034 [Member] | ||
Notes payable | 30,500,000 | 30,500,000 |
Unamortized Debt Issuance Costs | 120,676 | 125,502 |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 0.90%, Due November 1, 2021 [Member] | ||
Notes payable | 0 | 7,000,000 |
Unamortized Debt Issuance Costs | 0 | 278 |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 3.58%, Due on October 2, 2027 [Member] | ||
Notes payable | 8,000,000 | 8,000,000 |
Unamortized Debt Issuance Costs | 26,488 | 28,896 |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 4.41 %, Due on March 28, 2031 [Member] | ||
Notes payable | 10,000,000 | 10,000,000 |
Unamortized Debt Issuance Costs | 28,193 | 29,760 |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 3.60%, Due on December 6, 2029 [Member] | ||
Notes payable | 10,000,000 | 10,000,000 |
Unamortized Debt Issuance Costs | 27,301 | 29,062 |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day SOFR Plus 1.20%, Due August 20, 2026 [Member] | ||
Unamortized Debt Issuance Costs | 0 | |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day SOFR Plus 1.20%, Due August 20, 2026 [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||
Notes payable | 15,000,000 | 0 |
Roanoke Gas Company [Member] | Notes Payable [Member] | ||
Notes payable | 0 | 0 |
Unamortized Debt Issuance Costs | 31,064 | 21,545 |
Roanoke Gas Company [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR Plus 1.00%, Due March 31, 2023 [Member] | ||
Long-Term Line of Credit, Total | 0 | 17,628,897 |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 1.35%, Due December 29,2022 [Member] | ||
Unamortized Debt Issuance Costs | 8,942 | 14,904 |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 1.35%, Due December 29,2022 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Notes payable | 19,330,200 | 33,610,200 |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.15%, Due June 12, 2026 [Member] | ||
Unamortized Debt Issuance Costs | 10,233 | 11,437 |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.15%, Due June 12, 2026 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Notes payable | 14,000,000 | 14,000,000 |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | ||
Unamortized Debt Issuance Costs | 5,107 | 6,286 |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Notes payable | 10,000,000 | 10,000,000 |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Promissory Note with 30 Day LIBOR Plus 1.15 Basis Points Maturing January 1, 2028 [Member] | ||
Unamortized Debt Issuance Costs | 25,918 | |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Promissory Note with 30 Day LIBOR Plus 1.15 Basis Points Maturing January 1, 2028 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Notes payable | 8,000,000 | 0 |
RGC Midstream LLC [Member] | Notes Payable [Member] | ||
Notes payable | 124,830,200 | 123,110,200 |
Unamortized Debt Issuance Costs | $ 283,922 | $ 267,670 |
Note 9 - Long-term Debt - Lon_2
Note 9 - Long-term Debt - Long-term Debt (Details) (Parentheticals) | 6 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Sep. 30, 2021 | |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Senior Notes Payable, at 4.26%, Due on September 18, 2034 [Member] | ||
Stated rate | 4.26% | 4.26% |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 0.90%, Due November 1, 2021 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | 0.90% |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 3.58%, Due on October 2, 2027 [Member] | ||
Stated rate | 3.58% | 3.58% |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 4.41 %, Due on March 28, 2031 [Member] | ||
Stated rate | 4.41% | 4.41% |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 3.60%, Due on December 6, 2029 [Member] | ||
Stated rate | 3.60% | 3.60% |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day SOFR Plus 1.20%, Due August 20, 2026 [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | 1.20% |
Roanoke Gas Company [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR Plus 1.00%, Due March 31, 2023 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.00% |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 1.35%, Due December 29,2022 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | 1.35% |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.15%, Due June 12, 2026 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | 1.15% |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | 1.20% |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.50%, Due January 1, 2028 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | 1.15% |
Note 10 - Other Comprehensive_3
Note 10 - Other Comprehensive Income (Loss) - Schedule of Other Comprehensive Income and Loss (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | |
Unrealized gains | $ 1,903,875 | $ 529,356 | $ 2,219,858 | $ 619,126 | ||
Unrealized gains | (490,057) | (136,257) | (571,390) | (159,364) | ||
Unrealized gains | 1,413,818 | 393,099 | 1,648,468 | 459,762 | ||
Transfer of realized losses to interest expense | 163,860 | 136,270 | 335,723 | 273,708 | ||
Transfer of realized losses to interest expense | (42,179) | (35,075) | (86,418) | (70,451) | ||
Transfer of realized losses to interest expense | 121,681 | 101,195 | 249,305 | 203,257 | ||
Net interest rate swaps | 2,067,735 | 665,626 | 2,555,581 | 892,834 | ||
Net interest rate swaps | (532,236) | (171,332) | (657,808) | (229,815) | ||
Net interest rate swaps | 1,535,499 | 494,294 | 1,897,773 | 663,019 | ||
Amortization of actuarial gains | (15,070) | 20,017 | (30,140) | 40,034 | ||
Amortization of actuarial gains | 3,879 | (5,153) | 7,758 | (10,306) | ||
Amortization of actuarial gains | (11,191) | 14,864 | (22,382) | 29,728 | ||
Other comprehensive income | 2,052,665 | 685,643 | 2,525,441 | 932,868 | ||
Other comprehensive income | (528,357) | (176,485) | (650,050) | (240,121) | ||
Other comprehensive income | $ 1,524,308 | $ 351,083 | $ 509,158 | $ 183,589 | $ 1,875,391 | $ 692,747 |
Note 10 - Other Comprehensive_4
Note 10 - Other Comprehensive Income (Loss) - Reconciliation of Accumulated Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | |
Balance | $ 102,294,845 | $ 99,701,709 | $ 92,549,541 | $ 88,887,977 | $ 99,701,709 | $ 88,887,977 |
Other comprehensive income | 1,524,308 | 351,083 | 509,158 | 183,589 | 1,875,391 | 692,747 |
Balance | 105,462,729 | 102,294,845 | 97,574,608 | 92,549,541 | 105,462,729 | 97,574,608 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||
Balance | (888,210) | (888,210) | ||||
Other comprehensive income | 1,897,773 | |||||
Balance | 1,009,563 | 1,009,563 | ||||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||||||
Balance | (647,224) | (647,224) | ||||
Other comprehensive income | (22,382) | |||||
Balance | (669,606) | (669,606) | ||||
AOCI Attributable to Parent [Member] | ||||||
Balance | (1,184,351) | (1,535,434) | (3,264,355) | (3,447,944) | (1,535,434) | (3,447,944) |
Other comprehensive income | 1,524,308 | 351,083 | 509,158 | 183,589 | 1,875,391 | |
Balance | $ 339,957 | $ (1,184,351) | $ (2,755,197) | $ (3,264,355) | $ 339,957 | $ (2,755,197) |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Earnings Per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2022 | Dec. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | |
Net income (loss) | $ (24,494,429) | $ 3,584,529 | $ 4,767,478 | $ 4,723,263 | $ (20,909,900) | $ 9,490,741 |
Weighted average common shares (in shares) | 8,486,518 | 8,217,822 | 8,434,689 | 8,192,533 | ||
Options to purchase common stock (in shares) | 0 | 12,828 | 0 | 13,621 | ||
Diluted average common shares (in shares) | 8,486,518 | 8,230,650 | 8,434,689 | 8,206,154 | ||
BASIC EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) | $ (2.89) | $ 0.58 | $ (2.48) | $ 1.16 | ||
DILUTED EARNINGS (LOSS) PER COMMON SHARE (in dollars per share) | $ (2.89) | $ 0.58 | $ (2.48) | $ 1.16 |
Note 13 - Employee Benefit Pl_3
Note 13 - Employee Benefit Plans - Schedule of Components of Net Periodic Pension and Postretirement Benefit Cost (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | |
Pension Plan [Member] | ||||
Service cost | $ 162,072 | $ 183,570 | $ 324,144 | $ 367,140 |
Interest cost | 253,279 | 243,785 | 506,558 | 487,570 |
Expected return on plan assets | (457,888) | (503,936) | (915,776) | (1,007,872) |
Recognized loss | 36,600 | 125,535 | 73,200 | 251,070 |
Net periodic pension cost (benefit) | (5,937) | 48,954 | (11,874) | 97,908 |
Postemployment Retirement Benefits [Member] | ||||
Service cost | 24,450 | 35,172 | 48,900 | 70,344 |
Interest cost | 110,930 | 107,623 | 221,860 | 215,246 |
Expected return on plan assets | (166,541) | (149,122) | (333,082) | (298,244) |
Recognized loss | 0 | 38,664 | 0 | 77,328 |
Net periodic pension cost (benefit) | $ (31,161) | $ 32,337 | $ (62,322) | $ 64,674 |
Note 13 - Employee Benefit Pl_4
Note 13 - Employee Benefit Plans - Schedule of Actual and Expected Employer Contributions (Details) | 6 Months Ended |
Mar. 31, 2022USD ($) | |
Fiscal Year-to-Date Contributions | $ 0 |
Remaining Fiscal Year Contributions | 900,000 |
Pension Plan [Member] | |
Fiscal Year-to-Date Contributions | 0 |
Remaining Fiscal Year Contributions | 500,000 |
Postemployment Retirement Benefits [Member] | |
Fiscal Year-to-Date Contributions | 0 |
Remaining Fiscal Year Contributions | $ 400,000 |
Note 14 - Fair Value Measurem_3
Note 14 - Fair Value Measurements (Details Textual) Pure in Thousands | Mar. 31, 2022 | Sep. 30, 2021 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||
Number of Major Customers | 0 | 0 |
Note 14 - Fair Value Measurem_4
Note 14 - Fair Value Measurements - Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 |
Total Assets fair value | $ 1,359,498 | |
Natural gas purchases | 1,355,281 | $ 2,728,935 |
Total Liabilities fair value | 1,355,281 | 3,925,018 |
Fair Value, Inputs, Level 1 [Member] | ||
Total Assets fair value | 0 | |
Natural gas purchases | 0 | 0 |
Total Liabilities fair value | 0 | 0 |
Interest rate swaps, liabilities | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Total Assets fair value | 1,359,498 | |
Natural gas purchases | 1,355,281 | 2,728,935 |
Total Liabilities fair value | 1,355,281 | 3,925,018 |
Fair Value, Inputs, Level 3 [Member] | ||
Total Assets fair value | 0 | |
Natural gas purchases | 0 | 0 |
Total Liabilities fair value | 0 | 0 |
Interest Rate Swap [Member] | ||
Interest rate swaps | 1,359,498 | |
Interest rate swaps, liabilities | 1,196,083 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate swaps | 0 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swaps | 1,359,498 | |
Interest rate swaps, liabilities | 1,196,083 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate swaps | $ 0 | |
Interest rate swaps, liabilities | $ 0 |
Note 14- Fair Value Measurement
Note 14- Fair Value Measurements - Summary of the Fair Value of Financial Assets and Liabilities Not Adjusted to Fair Value (Details) - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 |
Current maturities of long-term debt | $ 19,705,200 | $ 7,000,000 |
Reported Value Measurement [Member] | ||
Current maturities of long-term debt | 19,705,200 | 7,000,000 |
Notes payable | 105,125,000 | 116,110,200 |
Total Liabilities fair value | 124,830,200 | 123,110,200 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Current maturities of long-term debt | 0 | 0 |
Notes payable | 0 | 0 |
Total Liabilities fair value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Current maturities of long-term debt | 0 | 0 |
Notes payable | 0 | 0 |
Total Liabilities fair value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Current maturities of long-term debt | 19,765,421 | 7,000,000 |
Notes payable | 107,952,588 | 124,691,896 |
Total Liabilities fair value | $ 127,718,009 | $ 131,691,896 |
Note 15 - Segment Information -
Note 15 - Segment Information - Segment Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Sep. 30, 2021 | |
Operating revenues | $ 29,529,683 | $ 28,253,662 | $ 52,792,763 | $ 47,770,679 | |
Depreciation | 2,268,704 | 2,128,304 | 4,539,398 | 4,281,702 | |
Operating income (loss) | 7,443,388 | 7,099,426 | 12,821,811 | 12,680,813 | |
Equity in earnings (loss) | (445) | (3,797) | 71,682 | 1,352,886 | |
Pre-tax impairment | 39,822,213 | 0 | 39,822,213 | 0 | |
Interest expense | 1,103,844 | 1,007,764 | 2,208,700 | 2,027,593 | |
Income (loss) before income taxes | (33,138,604) | 6,375,413 | (28,470,471) | 12,623,680 | |
Operating revenues | 29,529,683 | 28,253,662 | 52,792,763 | 47,770,679 | |
Total assets | 288,358,485 | 288,358,485 | $ 310,109,193 | ||
Operating Segments [Member] | Gas Utility [Member] | |||||
Operating revenues | 29,499,219 | 28,221,274 | 52,730,874 | 47,704,774 | |
Depreciation | 2,268,704 | 2,128,304 | 4,539,398 | 4,281,702 | |
Operating income (loss) | 7,528,839 | 7,175,532 | 12,933,155 | 12,788,574 | |
Equity in earnings (loss) | 0 | 0 | 0 | 0 | |
Pre-tax impairment | 0 | 0 | |||
Interest expense | 751,038 | 707,532 | 1,515,901 | 1,411,862 | |
Income (loss) before income taxes | 7,117,202 | 6,750,004 | 12,076,384 | 11,986,004 | |
Operating revenues | 29,499,219 | 28,221,274 | 52,730,874 | 47,704,774 | |
Total assets | 240,934,602 | 240,934,602 | 231,737,427 | ||
Operating Segments [Member] | Investment in Affiliates [Member] | |||||
Operating revenues | 0 | 0 | 0 | 0 | |
Depreciation | 0 | 0 | 0 | 0 | |
Operating income (loss) | (108,987) | (102,295) | (160,547) | (153,142) | |
Equity in earnings (loss) | (445) | (3,797) | 71,682 | 1,352,886 | |
Pre-tax impairment | 39,822,213 | 39,822,213 | |||
Interest expense | 352,806 | 300,232 | 692,799 | 615,731 | |
Income (loss) before income taxes | (40,279,495) | (400,880) | (40,596,376) | 592,045 | |
Operating revenues | 0 | 0 | 0 | 0 | |
Total assets | 27,465,020 | 27,465,020 | 65,686,376 | ||
Corporate, Non-Segment [Member] | |||||
Operating revenues | 30,464 | 32,388 | 61,889 | 65,905 | |
Depreciation | 0 | 0 | 0 | 0 | |
Operating income (loss) | 23,536 | 26,189 | 49,203 | 45,381 | |
Equity in earnings (loss) | 0 | 0 | 0 | 0 | |
Pre-tax impairment | 0 | 0 | |||
Interest expense | 0 | 0 | 0 | 0 | |
Income (loss) before income taxes | 23,689 | 26,289 | 49,521 | 45,631 | |
Operating revenues | 30,464 | $ 32,388 | 61,889 | $ 65,905 | |
Total assets | $ 19,958,863 | $ 19,958,863 | $ 12,685,390 |
Note 16 - Regulatory Assets a_3
Note 16 - Regulatory Assets and Liabilities (Details Textual) - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 |
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | $ 9,089,280 | $ 12,812,401 |
Note 16 - Regulatory Assets a_4
Note 16 - Regulatory Assets and Liabilities - Schedule of Regulatory Assets (Details) - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 |
Regulatory assets | $ 1,997,076 | $ 5,656,453 |
Utility property in service, other | 11,945 | 11,945 |
Construction work in progress - AFUDC | 386,189 | 386,189 |
Noncurrent regulatory assets | 6,706,015 | 6,769,759 |
Total regulatory assets | 9,101,225 | 12,824,346 |
WNA [Member] | ||
Regulatory assets | 1,808,525 | 8,104 |
Regulatory Clause Revenues, under-Recovered [Member] | ||
Regulatory assets | 0 | 5,048,164 |
Under-recovery of SAVE Plan Revenues [Member] | ||
Regulatory assets | 0 | 305,502 |
Pension Costs [Member] | ||
Regulatory assets | 103,340 | 206,679 |
Noncurrent regulatory assets | 5,154,713 | 5,154,713 |
Other Assets [Member] | ||
Regulatory assets | 85,211 | 88,004 |
Noncurrent regulatory assets | 123,962 | 130,613 |
Deferred Gain (Loss) on Early Extinguishment of Debt [Member] | ||
Noncurrent regulatory assets | $ 1,427,340 | $ 1,484,433 |
Note 16 - Regulatory Assets a_5
Note 16 - Regulatory Assets and Liabilities - Schedule of Regulatory Liabilities (Details) - USD ($) | Mar. 31, 2022 | Sep. 30, 2021 |
Regulatory liabilities | $ 3,195,059 | $ 329,959 |
Asset retirement obligations | 7,876,084 | 7,628,958 |
Regulatory cost of retirement obligations | 14,126,243 | 13,640,567 |
Regulatory Liability, Noncurrent | 12,706,518 | 12,891,242 |
Total non-current | 34,708,845 | 34,160,767 |
Total regulatory liabilities | 37,903,904 | 34,490,726 |
Over-recovery of Gas Cost [Member] | ||
Regulatory liabilities | 98,776 | 0 |
Revenue Subject to Refund [Member] | ||
Regulatory liabilities | 102,879 | 0 |
Deferred Income Tax Charge [Member] | ||
Regulatory liabilities | 332,361 | 329,959 |
Regulatory Liability, Noncurrent | 12,706,518 | 12,891,242 |
Supplier Refund [Member] | ||
Regulatory liabilities | $ 2,661,043 | $ 0 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) - Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] - USD ($) $ in Millions | Apr. 01, 2022 | Sep. 24, 2021 |
Debt Instrument, Face Amount | $ 10 | |
Subsequent Event [Member] | ||
Proceeds from Issuance of Debt | $ 5 | |
Debt Instrument, Unused Borrowing Capacity, Amount | $ 5 |