Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 30, 2024 | Jul. 31, 2024 | |
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 | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
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, $5 Par Value | |
Trading Symbol | RGCO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,218,894 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 30, 2024 | Sep. 30, 2023 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 2,541,093 | $ 1,512,431 |
Accounts receivable (less allowance for credit losses of $444,369, and $155,164, respectively) | 5,229,249 | 4,194,934 |
Materials and supplies | 1,666,342 | 1,674,462 |
Gas in storage | 7,231,617 | 11,185,601 |
Prepaid income taxes | 2,326,667 | 3,227,544 |
Regulatory assets | 3,523,818 | 2,854,276 |
Interest rate swaps | 1,239,879 | 1,533,057 |
Other | 1,649,366 | 612,957 |
Total current assets | 25,408,031 | 26,795,262 |
UTILITY PROPERTY: | ||
In service | 335,181,418 | 318,369,891 |
Accumulated depreciation and amortization | (91,218,942) | (85,752,798) |
In service, net | 243,962,476 | 232,617,093 |
Construction work in progress | 13,974,279 | 14,966,458 |
Utility property, net | 257,936,755 | 247,583,551 |
OTHER NON-CURRENT ASSETS: | ||
Regulatory assets | 5,271,682 | 5,389,445 |
Investment in unconsolidated affiliates | 20,175,659 | 17,187,093 |
Benefit plan assets | 1,687,894 | 1,901,902 |
Deferred income taxes | 1,004,415 | 1,163,594 |
Interest rate swaps | 1,996,748 | 3,084,398 |
Other | 672,976 | 624,095 |
Total other non-current assets | 30,809,374 | 29,350,527 |
TOTAL ASSETS | 314,154,160 | 303,729,340 |
Liabilities, Current [Abstract] | ||
Current maturities of long-term debt | 400,000 | 10,975,000 |
Line-of-credit | 7,615,825 | 4,353,572 |
Dividends payable | 2,038,956 | 1,978,400 |
Accounts payable | 6,791,934 | 5,838,643 |
Customer credit balances | 1,075,453 | 1,972,132 |
Customer deposits | 1,586,618 | 1,476,321 |
Accrued expenses | 3,524,073 | 4,661,722 |
Regulatory liabilities | 718,331 | 1,632,716 |
Other | 31,366 | 30,281 |
Total current liabilities | 23,782,556 | 32,918,787 |
LONG-TERM DEBT: | ||
Notes payable | 136,615,000 | 126,100,000 |
Unamortized debt issuance costs | (303,652) | (255,272) |
Long-term debt, net | 136,311,348 | 125,844,728 |
DEFERRED CREDITS AND OTHER NON-CURRENT LIABILITIES: | ||
Asset retirement obligations | 11,027,988 | 10,792,831 |
Regulatory cost of retirement obligations | 14,036,454 | 13,029,376 |
Benefit plan liabilities | 328,902 | 47,674 |
Deferred income taxes | 1,914,471 | 2,008,458 |
Regulatory liabilities | 17,587,869 | 18,031,693 |
Other | 396,780 | 323,168 |
Total deferred credits and other non-current liabilities | 45,292,464 | 44,233,200 |
STOCKHOLDERS’ EQUITY: | ||
Common stock, $5 par; authorized 20,000,000 shares; issued and outstanding 10,193,160 and 10,015,254 shares, respectively | 50,965,800 | 50,076,270 |
Preferred stock, no par, authorized 5,000,000 shares; no shares issued and outstanding | 0 | 0 |
Capital in excess of par value | 47,053,931 | 44,430,786 |
Retained earnings | 9,484,498 | 3,972,280 |
Accumulated other comprehensive income | 1,263,563 | 2,253,289 |
Total stockholders’ equity | 108,767,792 | 100,732,625 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 314,154,160 | $ 303,729,340 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2024 | Sep. 30, 2023 |
Accounts receivable, allowance for uncollectible | $ 444,369 | $ 155,164 |
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) | 10,193,160 | 10,015,254 |
Common stock, shares outstanding (in shares) | 10,193,160 | 10,015,254 |
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 | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Revenues | $ 14,458,202 | $ 13,660,245 | $ 71,536,930 | $ 84,972,237 |
OPERATING EXPENSES: | ||||
Operations and maintenance | 4,221,661 | 3,845,377 | 13,879,513 | 11,856,618 |
General taxes | 631,990 | 588,767 | 1,967,446 | 1,816,046 |
Depreciation and amortization | 2,697,707 | 2,419,541 | 8,093,121 | 7,258,623 |
Total operating expenses | 12,900,609 | 11,861,780 | 54,697,591 | 68,037,865 |
OPERATING INCOME | 1,557,593 | 1,798,465 | 16,839,339 | 16,934,372 |
Equity in earnings of unconsolidated affiliate | 282,604 | 519,482 | 2,979,823 | 523,581 |
Other income (expense), net | (69,349) | 6,725 | 140,924 | 203,155 |
Interest expense | 1,567,093 | 1,423,566 | 4,769,979 | 4,188,592 |
INCOME BEFORE INCOME TAXES | 203,755 | 901,106 | 15,190,107 | 13,472,516 |
INCOME TAX EXPENSE | 47,063 | 214,290 | 3,570,033 | 3,187,409 |
NET INCOME | $ 156,692 | $ 686,816 | $ 11,620,074 | $ 10,285,107 |
BASIC EARNINGS PER COMMON SHARE (in dollars per share) | $ 0.02 | $ 0.07 | $ 1.15 | $ 1.04 |
DILUTED EARNINGS PER COMMON SHARE (in dollars per share) | $ 0.02 | $ 0.07 | $ 1.15 | $ 1.04 |
Gas Utility [Member] | ||||
Revenues | $ 14,431,379 | $ 13,631,856 | $ 71,455,564 | $ 84,885,600 |
OPERATING EXPENSES: | ||||
Cost of gas and sale | 5,344,684 | 5,003,371 | 30,741,090 | 47,092,581 |
Non-utility [Member] | ||||
Revenues | 26,823 | 28,389 | 81,366 | 86,637 |
OPERATING EXPENSES: | ||||
Cost of gas and sale | $ 4,567 | $ 4,724 | $ 16,421 | $ 13,997 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
NET INCOME | $ 156,692 | $ 686,816 | $ 11,620,074 | $ 10,285,107 |
Other comprehensive income (loss), net of tax: | ||||
Interest rate swaps | (199,217) | 461,130 | (1,025,405) | (227,325) |
Defined benefit plans | 11,893 | 14,631 | 35,679 | 43,893 |
OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAX | (187,324) | 475,761 | (989,726) | (183,432) |
COMPREHENSIVE INCOME (LOSS) | (30,632) | 1,162,577 | 10,630,348 | 10,101,675 |
Interest Rate Swap [Member] | ||||
Other comprehensive income (loss), net of tax: | ||||
Interest rate swaps | $ (199,217) | $ 461,130 | $ (1,025,405) | $ (227,325) |
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, 2022 | $ 49,102,675 | $ 41,479,459 | $ 544,158 | $ 1,964,364 | $ 93,090,656 |
Net income | 0 | 0 | 3,256,405 | 0 | 3,256,405 |
Other comprehensive income (loss) | 0 | 0 | 0 | (168,667) | (168,667) |
Cash dividends declared | 0 | 0 | (1,957,369) | 0 | (1,957,369) |
Net issuance of common stock | 156,225 | 512,757 | 0 | 0 | 668,982 |
Balance at Dec. 31, 2022 | 49,258,900 | 41,992,216 | 1,843,194 | 1,795,697 | 94,890,007 |
Balance at Sep. 30, 2022 | 49,102,675 | 41,479,459 | 544,158 | 1,964,364 | 93,090,656 |
Net income | 10,285,107 | ||||
Other comprehensive income (loss) | (183,432) | ||||
Balance at Jun. 30, 2023 | 49,992,175 | 44,238,202 | 4,936,504 | 1,780,932 | 100,947,813 |
Balance at Dec. 31, 2022 | 49,258,900 | 41,992,216 | 1,843,194 | 1,795,697 | 94,890,007 |
Net income | 0 | 0 | 6,341,886 | 0 | 6,341,886 |
Other comprehensive income (loss) | 0 | 0 | 0 | (490,526) | (490,526) |
Cash dividends declared | 0 | 0 | (1,960,156) | 0 | (1,960,156) |
Net issuance of common stock | 357,835 | 1,139,362 | 0 | 0 | 1,497,197 |
Balance at Mar. 31, 2023 | 49,616,735 | 43,131,578 | 6,224,924 | 1,305,171 | 100,278,408 |
Net income | 0 | 0 | 686,816 | 0 | 686,816 |
Other comprehensive income (loss) | 0 | 0 | 0 | 475,761 | 475,761 |
Cash dividends declared | 0 | 0 | (1,975,236) | 0 | (1,975,236) |
Net issuance of common stock | 375,440 | 1,106,624 | 0 | 0 | 1,482,064 |
Balance at Jun. 30, 2023 | 49,992,175 | 44,238,202 | 4,936,504 | 1,780,932 | 100,947,813 |
Balance at Sep. 30, 2023 | 50,076,270 | 44,430,786 | 3,972,280 | 2,253,289 | 100,732,625 |
Net income | 0 | 0 | 5,019,992 | 0 | 5,019,992 |
Other comprehensive income (loss) | 0 | 0 | 0 | (1,013,827) | (1,013,827) |
Cash dividends declared | 0 | 0 | (2,032,679) | 0 | (2,032,679) |
Net issuance of common stock | 221,835 | 616,657 | 0 | 0 | 838,492 |
Balance at Dec. 31, 2023 | 50,298,105 | 45,047,443 | 6,959,593 | 1,239,462 | 103,544,603 |
Balance at Sep. 30, 2023 | 50,076,270 | 44,430,786 | 3,972,280 | 2,253,289 | 100,732,625 |
Net income | 11,620,074 | ||||
Other comprehensive income (loss) | (989,726) | (989,726) | |||
Balance at Jun. 30, 2024 | 50,965,800 | 47,053,931 | 9,484,498 | 1,263,563 | 108,767,792 |
Balance at Dec. 31, 2023 | 50,298,105 | 45,047,443 | 6,959,593 | 1,239,462 | 103,544,603 |
Net income | 0 | 0 | 6,443,390 | 0 | 6,443,390 |
Other comprehensive income (loss) | 0 | 0 | 0 | 211,425 | 211,425 |
Cash dividends declared | 0 | 0 | (2,036,221) | 0 | (2,036,221) |
Net issuance of common stock | 599,290 | 1,781,375 | 0 | 0 | 2,380,665 |
Balance at Mar. 31, 2024 | 50,897,395 | 46,828,818 | 11,366,762 | 1,450,887 | 110,543,862 |
Net income | 0 | 0 | 156,692 | 0 | 156,692 |
Other comprehensive income (loss) | 0 | 0 | 0 | (187,324) | (187,324) |
Cash dividends declared | 0 | 0 | (2,038,956) | 0 | (2,038,956) |
Net issuance of common stock | 68,405 | 225,113 | 0 | 0 | 293,518 |
Balance at Jun. 30, 2024 | $ 50,965,800 | $ 47,053,931 | $ 9,484,498 | $ 1,263,563 | $ 108,767,792 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |||||
Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | |
Dividends declared per share (in dollars per share) | $ 0.2 | $ 0.2 | $ 0.2 | $ 0.1975 | $ 0.1975 | $ 0.1975 |
Common stock issued (in shares) | 13,681 | 119,858 | 44,367 | 75,088 | 71,567 | 31,245 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 11,620,074 | $ 10,285,107 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 8,285,761 | 7,431,251 |
Cost of retirement of utility property | (485,165) | (627,225) |
Amortization of stock option grants | 51,500 | 21,560 |
Equity in earnings of unconsolidated affiliate | (2,979,823) | (523,581) |
Allowance for funds used during construction | 0 | (184,619) |
Changes in assets and liabilities which provided cash, exclusive of changes and noncash transactions shown separately | 563,839 | 7,231,786 |
Net cash provided by operating activities | 17,056,186 | 23,634,279 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Expenditures for utility property | (16,568,542) | (19,368,974) |
Investment in unconsolidated affiliates | (8,743) | (2,132,679) |
Proceeds from disposal of utility property | 33,023 | 37,674 |
Net cash used in investing activities | (16,544,262) | (21,463,979) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of unsecured notes | 10,115,000 | 1,103,800 |
Repayments of notes payable | (10,175,000) | (775,000) |
Borrowings under line-of-credit | 34,622,405 | 26,946,775 |
Repayments under line-of-credit | (31,360,152) | (26,946,775) |
Debt issuance expenses | (99,390) | (10,749) |
Proceeds from issuance of stock | (3,461,175) | (3,626,683) |
Cash dividends paid | (6,047,300) | (5,832,842) |
Net cash provided by (used in) financing activities | 516,738 | (1,888,108) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 1,028,662 | 282,192 |
BEGINNING CASH AND CASH EQUIVALENTS | 1,512,431 | 4,898,914 |
ENDING CASH AND CASH EQUIVALENTS | 2,541,093 | 5,181,106 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 4,604,431 | 4,333,580 |
Income taxes | $ 2,640,000 | $ 1,623,145 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 nine June 30, 2024 2023 three nine June 30, 2024 2023 three nine June 30, 2024 not September 30, 2024 The unaudited condensed consolidated financial statements and related 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 the related notes should be read in conjunction with the financial statements and notes contained in the Company’s Form 10 September 30, 2023 September 30, 2023 10 Roanoke Gas' line of credit is renewed annually in March, June 30, 2024. March May 2024, 2024 2025. 6 7 may not 2014 15 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, 2023 Certain amounts previously disclosed have been reclassified to conform to current year presentations. Recently Issued or Adopted Accounting Standards In March 2020, 2020 04, Reference Rate Reform (Topic 848 2021 01 2022 06, December 31, 2024. one one six one June 2023 no may December 31, 2021. June 30, 2023, one one six one September 2024 June 30, 2024. 7 9 In November 2023, 2023 07, Segment Reporting (Topic 280 December 15, 2023 December 31, 2024. In December 2023, 2023 09, Income Taxes (Topic 740 5 not two December 15, 2024. In March 2024, 2027 May 28, 2024; may Other accounting standards that have been issued by the FASB, SEC or other standard-setting bodies are not not |
Note 2 - Revenue
Note 2 - Revenue | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. 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 June 30, 2024 Three Months Ended June 30, 2023 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 7,333,332 $ — $ 7,333,332 $ 7,405,959 $ — $ 7,405,959 Commercial 4,706,086 — 4,706,086 4,459,667 — 4,459,667 Transportation and interruptible 1,317,890 — 1,317,890 1,354,678 — 1,354,678 Other 168,514 26,823 195,337 170,160 28,389 198,549 Total contracts with customers 13,525,822 26,823 13,552,645 13,390,464 28,389 13,418,853 Alternative revenue programs 905,557 — 905,557 241,392 — 241,392 Total operating revenues $ 14,431,379 $ 26,823 $ 14,458,202 $ 13,631,856 $ 28,389 $ 13,660,245 Nine Months Ended June 30, 2024 Nine Months Ended June 30, 2023 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 40,001,039 $ — $ 40,001,039 $ 48,148,235 $ — $ 48,148,235 Commercial 22,946,163 — 22,946,163 28,502,754 — 28,502,754 Transportation and interruptible 4,047,151 — 4,047,151 4,508,997 — 4,508,997 Other 653,571 81,366 734,937 855,079 86,637 941,716 Total contracts with customers 67,647,924 81,366 67,729,290 82,015,065 86,637 82,101,702 Alternative revenue programs 3,807,640 — 3,807,640 2,870,535 — 2,870,535 Total operating revenues $ 71,455,564 $ 81,366 $ 71,536,930 $ 84,885,600 $ 86,637 $ 84,972,237 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, Revenue from Contracts with Customers All customers are billed monthly based on consumption as measured by metered usage with payments due 20 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 transportation and interruptible 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 accounts receivable 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, 2023 $ 2,782,025 $ 1,240,097 $ 1,972,132 $ 1,476,321 Balance at June 30, 2024 3,783,662 1,423,346 1,075,453 1,586,618 Increase (decrease) $ 1,001,637 $ 183,249 $ (896,679 ) $ 110,297 ( 1 The Company had no not |
Note 3 - Segment Information
Note 3 - Segment Information | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 3. Segment Information Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the Company's executive management 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 Company's segments are provided below: Three Months Ended June 30, 2024 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 14,431,379 $ — $ 26,823 $ 14,458,202 Depreciation 2,697,707 — — 2,697,707 Operating income (loss) 1,574,375 (37,692 ) 20,910 1,557,593 Equity in earnings — 282,604 — 282,604 Interest expense 868,000 699,093 — 1,567,093 Income (loss) before income taxes 637,332 (454,462 ) 20,885 203,755 Three Months Ended June 30, 2023 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 13,631,856 $ — $ 28,389 $ 13,660,245 Depreciation 2,419,541 — — 2,419,541 Operating income (loss) 1,839,910 (63,766 ) 22,321 1,798,465 Equity in earnings — 519,482 — 519,482 Interest expense 808,384 615,182 — 1,423,566 Income (loss) before income taxes 1,039,212 (160,402 ) 22,296 901,106 Nine Months Ended June 30, 2024 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 71,455,564 $ — $ 81,366 $ 71,536,930 Depreciation 8,093,121 — — 8,093,121 Operating income (loss) 16,884,683 (106,380 ) 61,036 16,839,339 Equity in earnings — 2,979,823 — 2,979,823 Interest expense 2,748,741 2,021,238 — 4,769,979 Income before income taxes 14,277,365 851,777 60,965 15,190,107 Nine Months Ended June 30, 2023 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 84,885,600 $ — $ 86,637 $ 84,972,237 Depreciation 7,258,623 — — 7,258,623 Operating income (loss) 17,034,575 (169,217) 69,014 16,934,372 Equity in earnings — 523,581 — 523,581 Interest expense 2,441,296 1,747,296 — 4,188,592 Income (loss) before income taxes 14,798,527 (1,394,950) 68,939 13,472,516 June 30, 2024 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 274,432,384 $ 20,418,572 $ 19,303,204 $ 314,154,160 September 30, 2023 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 268,664,460 $ 17,882,108 $ 17,182,772 $ 303,729,340 |
Note 4 - Rates and Regulatory M
Note 4 - Rates and Regulatory Matters | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Public Utilities Disclosure [Text Block] | 4. Rates and Regulatory Matters The SCC exercises regulatory authority over the natural gas operations of Roanoke Gas. Such regulation encompasses terms, conditions and rates to be charged to customers for natural gas service, safety standards, service extension and depreciation. In response to continued inflationary pressures, Roanoke Gas filed a general rate application on February 2, 2024 July 1, 2024, November 7, 2024. The SCC requires regulated utilities within the state to perform a depreciation study every five 2019. February 2024, July 2024, 2024, October 1, 2023. fourth 2024. On December 2, 2022, January 1, 2023, fourth 2023, October 1, 2023. December 19, 2023 February 2024. On August 31, 2023, October 1, 2023. 2024 five September 30, 2028. 2024. June 28, 2024, October 1, 2024. 2025 September 2024. By Order dated September 1, 2023, October 1, 2023 September 30, 2024. May 30, 2024. May 30, 2024, October 1, 2024. September 2024. Roanoke Gas is authorized by the SCC to acquire certain natural gas distribution assets from a local housing authority at five The assets of two 2022. September 29, 2023, one fourth 2023. fourth may |
Note 5 - Other Investments
Note 5 - Other Investments | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 5. Other Investments Midstream owns a less than 1% equity investment in the LLC that owns the MVP, which went into service in June 2024. While under construction, AFUDC provided the majority of the income recognized by Midstream. The amount of AFUDC recognized during the current and prior year is included in the equity in earnings of unconsolidated affiliate in the tables below. AFUDC ceased in June 2024 The Company participates in the earnings of the MVP proportionate to its level of investment. With the MVP in operation, the Company recognizes its share of earnings from the MVP, favorably adjusted for a basis difference between the Company's proportional share of assets and its carrying value that arose when the Company recorded an other-than-temporary impairment of its investment in 2022. no 2023 2024 Funding for Midstream's investments has been provided through equity contributions from Resources and unsecured promissory notes as detailed in Note 7. Investment balances of MVP and Southgate, as of June 30, 2024 September 30, 2023, Balance Sheet location: June 30, 2024 September 30, 2023 Other Assets: MVP $ 20,076,299 $ 17,096,476 Southgate 99,360 90,617 Investment in unconsolidated affiliates $ 20,175,659 $ 17,187,093 Three Months Ended June 30, Nine Months Ended June 30, Income Statement location: 2024 2023 2024 2023 Equity in earnings of unconsolidated affiliate $ 282,604 $ 519,482 $ 2,979,823 $ 523,581 June 30, 2024 September 30, 2023 Undistributed earnings, net of income taxes, of MVP in retained earnings, excluding impairment $ 11,896,616 $ 9,683,797 The undistributed earnings does not The change in the investment in unconsolidated affiliates is provided below: Nine Months Ended June 30, 2024 2023 Cash investment $ 8,743 $ 2,132,679 Change in accrued capital calls — (803,998 ) Equity in earnings of unconsolidated affiliate 2,979,823 523,581 Change in investment in unconsolidated affiliates $ 2,988,566 $ 1,852,262 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 June 30, Nine Months Ended June 30, 2024 2023 2024 2023 Revenue $ 3,723,469 $ — $ 3,723,469 $ — Operating expenses (10,822,325 ) — (10,822,325 ) — AFUDC 38,815,497 49,744,717 343,916,298 49,744,717 Other income, net 1,899,904 304,093 7,799,966 723,805 Net income $ 33,616,545 $ 50,048,810 $ 344,617,408 $ 50,468,522 Balance Sheets June 30, 2024 September 30, 2023 Assets: Current assets $ 181,484,706 $ 795,787,358 Construction work in progress — 7,499,128,254 Property, plant and equipment, net 9,416,489,036 — Other assets 13,944,447 11,639,586 Total assets $ 9,611,918,189 $ 8,306,555,198 Liabilities and Equity: Current liabilities $ 218,689,919 $ 236,947,158 Noncurrent liabilities 32,500 — Capital 9,393,195,770 8,069,608,040 Total liabilities and equity $ 9,611,918,189 $ 8,306,555,198 |
Note 6 - Short-term Debt
Note 6 - Short-term Debt | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. Short-Term Debt On March 24, 2023, March 31, 2024, March 31, 2025. June 30, 2024, |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 7. Long-Term Debt On March 6, 2024, one one December 31, 2025. On May 2, 2024, 2.215%; May 2, 2026. On May 29, 2024, June 1, 2024. On June 28, 2023, June 12, 2019 November 1, 2021, July 1, 2023. March 6, 2024, April 1, 2024 January 1, 2025. April 1, 2025. June 2023, not March 6, 2024, On March 24, 2023, September 24, 2021. April 1, 2023. April 3, 2023, September 24, 2021. 8 Long-term debt consists of the following: June 30, 2024 September 30, 2023 Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Roanoke Gas: Unsecured senior note payable at 4.26 $ 30,500,000 $ 98,954 $ 30,500,000 $ 106,195 Unsecured term note payable at 3.58 8,000,000 15,652 8,000,000 19,264 Unsecured term note payable at 4.41 10,000,000 21,145 10,000,000 23,495 Unsecured term note payable at 3.60 10,000,000 19,375 10,000,000 22,017 Unsecured term note payable at 30-day SOFR 1.20 2.00 15,000,000 — 15,000,000 — Unsecured term note payable at Term SOFR 1.00 2.49 10,000,000 28,784 10,000,000 33,666 Midstream: Unsecured term note payable at Term SOFR 1.75 24,115,000 38,758 23,000,000 23,386 Unsecured term note payable at Daily Simple SOFR 1.26448 3.24 14,000,000 4,815 14,000,000 6,621 Unsecured term note payable at 30-day LIBOR 1.20 41,667 3.14 — — 9,375,000 1,571 Unsecured term note payable at Daily Simple SOFR 1.26448 400,000 2.443 6,400,000 23,082 7,200,000 19,057 Revolving credit facility at Daily Simple SOFR 2.215 9,000,000 53,087 — — Total long-term debt 137,015,000 303,652 137,075,000 255,272 Less: current maturities of long-term debt (400,000 ) — (10,975,000 ) — Total long-term debt, net current maturities $ 136,615,000 $ 303,652 $ 126,100,000 $ 255,272 Debt issuance costs are amortized over the life of the related debt. As of June 30, 2024 September 30, 2023, 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 not 1, December 31, 2021, not 1. June 30, 2024 September 30, 2023 |
Note 8 - Derivatives and Hedgin
Note 8 - Derivatives and Hedging | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 8. 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 four June 30, 2024. two two 7, 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 11 |
Note 9 - Fair Value Measurement
Note 9 - Fair Value Measurements | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 9. Fair Value Measurements ASC 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 - June 30, 2024 Quoted Significant Prices Other Significant in Active Observable Unobservable Fair Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Assets: Interest rate swaps $ 3,236,627 $ — $ 3,236,627 $ — Total $ 3,236,627 $ — $ 3,236,627 $ — Liabilities: Natural gas purchases $ 1,955,937 $ — $ 1,955,937 $ — Total $ 1,955,937 $ — $ 1,955,937 $ — Fair Value Measurements - September 30, 2023 Quoted Significant Prices Other Significant in Active Observable Unobservable Fair Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Assets: Interest rate swaps $ 4,617,455 $ — $ 4,617,455 $ — Total $ 4,617,455 $ — $ 4,617,455 $ — Liabilities: Natural gas purchases $ 1,022,662 $ — $ 1,022,662 $ — Total $ 1,022,662 $ — $ 1,022,662 $ — 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 June 30, 2024 September 30, 2023 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 contracts), 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 - June 30, 2024 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 $ 400,000 $ — $ — $ 400,000 Notes payable 136,615,000 — — 132,886,828 Total $ 137,015,000 $ — $ — $ 133,286,828 Fair Value Measurements - September 30, 2023 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 $ 10,975,000 $ — $ — $ 10,975,000 Notes payable 126,100,000 — — 120,298,658 Total $ 137,075,000 $ — $ — $ 131,273,658 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. ASC 825, Financial Instruments three 5% June 30, 2024 September 30, 2023 |
Note 10 - Earnings Per Share
Note 10 - Earnings Per Share | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 10. Earnings Per Share Basic earnings per common share for the three nine June 30, 2024 2023 A reconciliation of basic and diluted earnings per share is presented below: Three Months Ended June 30, Nine Months Ended June 30, 2024 2023 2024 2023 Net income $ 156,692 $ 686,816 $ 11,620,074 $ 10,285,107 Weighted average common shares 10,188,592 9,939,843 10,129,111 9,893,454 Effect of dilutive securities: Options to purchase common stock 4,205 3,028 3,236 5,767 Diluted average common shares 10,192,797 9,942,871 10,132,347 9,899,221 Earnings per share of common stock: Basic $ 0.02 $ 0.07 $ 1.15 $ 1.04 Diluted $ 0.02 $ 0.07 $ 1.15 $ 1.04 |
Note 11 - Other Comprehensive I
Note 11 - Other Comprehensive Income (Loss) | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 11. 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 June 30, 2024 Interest rate swaps: Unrealized gains $ 207,785 $ (53,484 ) $ 154,301 Transfer of realized gains to interest expense (476,053 ) 122,535 (353,518 ) Net interest rate swaps (268,268 ) 69,051 (199,217 ) Defined benefit plans: Amortization of net actuarial losses 16,015 (4,122 ) 11,893 Other comprehensive loss $ (252,253 ) $ 64,929 $ (187,324 ) Three Months Ended June 30, 2023 Interest rate swaps: Unrealized gains $ 1,111,338 $ (286,058 ) $ 825,280 Transfer of realized gains to interest expense (490,371 ) 126,221 (364,150 ) Net interest rate swaps 620,967 (159,837 ) 461,130 Defined benefit plans: Amortization of net actuarial losses 19,703 (5,072 ) 14,631 Other comprehensive income $ 640,670 $ (164,909 ) $ 475,761 Tax Before-Tax (Expense) Net-of-Tax Amount or Benefit Amount Nine Months Ended June 30, 2024 Interest rate swaps: Unrealized gains $ 174,113 $ (44,816 ) $ 129,297 Transfer of realized gains to interest expense (1,554,942 ) 400,240 (1,154,702 ) Net interest rate swaps (1,380,829 ) 355,424 (1,025,405 ) Defined benefit plans: Amortization of net actuarial losses 48,045 (12,366 ) 35,679 Other comprehensive loss $ (1,332,784 ) $ 343,058 $ (989,726 ) Nine Months Ended June 30, 2023 Interest rate swaps: Unrealized gains $ 894,741 $ (230,304 ) $ 664,437 Transfer of realized gains to interest expense (1,200,862 ) 309,100 (891,762 ) Net interest rate swaps (306,121 ) 78,796 (227,325 ) Defined benefit plans: Amortization of net actuarial losses 59,109 (15,216 ) 43,893 Other comprehensive loss $ (247,012 ) $ 63,580 $ (183,432 ) 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 13 Reconciliation of Accumulated Other Comprehensive Income (Loss) Accumulated Other Interest Rate Defined Benefit Comprehensive Swaps Plans Income (Loss) Balance at September 30, 2023 $ 3,428,922 $ (1,175,633 ) $ 2,253,289 Other comprehensive income (loss) (1,025,405 ) 35,679 (989,726 ) Balance at June 30, 2024 $ 2,403,517 $ (1,139,954 ) $ 1,263,563 |
Note 12 - Income Taxes
Note 12 - Income Taxes | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Taxes The effective tax rates for the three nine June 30, 2024 2023 three nine June 30, 2024 three nine June 30, 2023 Three Months Ended June 30, Nine Months Ended June 30, 2024 2023 2024 2023 Effective tax rate 23.1 % 23.8 % 23.5 % 23.7 % The Company files a consolidated federal income tax return and state income tax returns in Virginia and West Virginia, and thus subject to examinations by federal and state tax authorities. The IRS is currently examining the Company's 2018 2019 10 June 30, 2024 2023; a result of this examination. Aside from the September 30, 2018 2019 September 30, 2020 no 10 September 30, 2020 no 10 |
Note 13 - Regulatory Assets and
Note 13 - Regulatory Assets and Liabilities | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Schedule of Regulatory Assets and Liabilities [Text Block] | 13. Regulatory Assets and Liabilities The Company’s regulated operations follow the accounting and reporting requirements of ASC 980, Regulated Operations may 980 no 980 no Regulatory assets included in the Company’s accompanying balance sheets are as follows: June 30, 2024 September 30, 2023 Assets: Current Assets: Regulatory assets: Accrued WNA revenues $ 1,918,161 $ 414,689 Under-recovery of gas costs 316,729 1,383,340 Under-recovery of RNG revenues 1,215,411 797,804 Accrued pension 60,755 243,017 Other deferred expenses 12,762 15,426 Total current 3,523,818 2,854,276 Other Non-Current Assets: Regulatory assets: Premium on early retirement of debt 1,170,418 1,256,059 Accrued pension 3,786,265 3,786,265 Other deferred expenses 314,999 347,121 Total non-current 5,271,682 5,389,445 Total regulatory assets $ 8,795,500 $ 8,243,721 Regulatory liabilities included in the Company’s accompanying balance sheets are as follows: June 30, 2024 September 30, 2023 Liabilities and Stockholders' Equity: Current Liabilities: Regulatory liabilities: Over-recovery of SAVE Plan revenues $ 85,815 $ 146,861 Rate refund — 652,018 Deferred income taxes 591,765 527,034 Supplier refunds 32,964 275,649 Other deferred liabilities 7,787 31,154 Total current 718,331 1,632,716 Deferred Credits and Other Non-Current Liabilities: Asset retirement obligations 11,027,988 10,792,831 Regulatory cost of retirement obligations 14,036,454 13,029,376 Regulatory liabilities: Deferred income taxes 15,805,952 16,249,776 Deferred postretirement medical 1,781,917 1,781,917 Total non-current 42,652,311 41,853,900 Total regulatory liabilities $ 43,370,642 $ 43,486,616 As of June 30, 2024 September 30, 2023 not |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. Commitments and Contingencies Roanoke Gas currently holds the only franchises and/or CPCNs to distribute natural gas in its service area. These franchises generally extend for multi-year periods and are renewable by the municipalities, including exclusive franchises in the cities of Roanoke and Salem and the Town of Vinton, Virginia. All three December 31, 2035. 2019, five not November 2023, three first Due to the nature of the natural gas distribution business, the Company has entered into agreements with both suppliers and pipelines for natural gas commodity purchases, storage capacity and pipeline delivery capacity. The Company utilizes asset managers to assist in optimizing the use of its transportation, storage rights and gas supply in order to provide a secure and reliable source of natural gas to its customers. The Company also has storage and pipeline capacity contracts to store and deliver natural gas to the Company’s distribution system. Roanoke Gas is currently served directly by three one |
Note 15 - Employee Benefit Plan
Note 15 - Employee Benefit Plans | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 15. 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 January 1, 2000, Three Months Ended June 30, Nine Months Ended June 30, 2024 2023 2024 2023 Components of net periodic pension cost: Service cost $ 81,066 $ 91,635 $ 243,198 $ 274,905 Interest cost 367,206 343,025 1,101,618 1,029,075 Expected return on plan assets (294,958 ) (308,149 ) (884,874 ) (924,447 ) Recognized loss 79,132 79,181 237,396 237,543 Net periodic pension cost $ 232,446 $ 205,692 $ 697,338 $ 617,076 Three Months Ended June 30, Nine Months Ended June 30, 2024 2023 2024 2023 Components of postretirement benefit cost: Service cost $ 7,599 $ 11,475 $ 22,797 $ 34,425 Interest cost 153,369 155,156 460,107 465,468 Expected return on plan assets (133,311 ) (116,012 ) (399,933 ) (348,036 ) Recognized gain (10,149 ) — (30,447 ) — Net postretirement benefit cost $ 17,508 $ 50,619 $ 52,524 $ 151,857 The components of net periodic benefit cost, excluding 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. For the three nine June 30, 2024, not 2024. |
Note 16 - Leases
Note 16 - Leases | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 16. Leases The Company leases certain assets including office space and land classified as operating leases. The Company determines if an arrangement is a lease at inception of the agreement based on the terms and conditions in the contract. The operating lease ROU assets and operating lease liabilities are recognized as the present value of the future minimum lease payments over the lease term at commencement date. As most of the leases do not third Lease expense for minimum lease payments is recognized on a straight-line basis over the term of the agreement. The Company made an accounting policy election that payments under agreements with an initial term of 12 not During fiscal 2023, two five not non-current assets other current liabilities non-current liabilities Other information related to leases were as follows: Three Months Ended June 30, 2024 2023 Supplemental Cash Flow Information: Cash paid on operating leases $ 9,900 $ 3,300 Right of use obtained in exchange for operating lease obligations N/A N/A Weighted-average remaining term (in years) 17.4 17.5 Weighted-average discount rate 5.65 % 5.65 % Nine Months Ended June 30, 2024 2023 Supplemental Cash Flow Information: Cash paid on operating leases $ 22,166 $ 19,200 Right of use obtained in exchange for operating lease obligations N/A N/A Weighted-average remaining term (in years) 17.4 17.5 Weighted-average discount rate 5.65 % 5.65 % On June 30, 2024, 2024 $ 26,900 2025 43,065 2026 30,038 2027 30,038 2028 26,400 Thereafter 369,600 Total minimum lease payments 526,041 Less imputed interest (177,193 ) Total $ 348,848 |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 9 Months Ended |
Jun. 30, 2024 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. Subsequent Events The Company has evaluated subsequent events through the date the financial statements were issued. There were no not |
Insider Trading Arrangements
Insider Trading Arrangements | 9 Months Ended |
Jun. 30, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | 5 None |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 30, 2024 | |
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 June 30, 2024 nine June 30, 2024 2023 three nine June 30, 2024 2023 three nine June 30, 2024 not September 30, 2024 The unaudited condensed consolidated financial statements and related 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 the related notes should be read in conjunction with the financial statements and notes contained in the Company’s Form 10 September 30, 2023 September 30, 2023 10 Roanoke Gas' line of credit is renewed annually in March, June 30, 2024. March May 2024, 2024 2025. 6 7 may not 2014 15 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, 2023 Certain amounts previously disclosed have been reclassified to conform to current year presentations. |
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 2022 06, December 31, 2024. one one six one June 2023 no may December 31, 2021. June 30, 2023, one one six one September 2024 June 30, 2024. 7 9 In November 2023, 2023 07, Segment Reporting (Topic 280 December 15, 2023 December 31, 2024. In December 2023, 2023 09, Income Taxes (Topic 740 5 not two December 15, 2024. In March 2024, 2027 May 28, 2024; may Other accounting standards that have been issued by the FASB, SEC or other standard-setting bodies are not not |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2024 Three Months Ended June 30, 2023 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 7,333,332 $ — $ 7,333,332 $ 7,405,959 $ — $ 7,405,959 Commercial 4,706,086 — 4,706,086 4,459,667 — 4,459,667 Transportation and interruptible 1,317,890 — 1,317,890 1,354,678 — 1,354,678 Other 168,514 26,823 195,337 170,160 28,389 198,549 Total contracts with customers 13,525,822 26,823 13,552,645 13,390,464 28,389 13,418,853 Alternative revenue programs 905,557 — 905,557 241,392 — 241,392 Total operating revenues $ 14,431,379 $ 26,823 $ 14,458,202 $ 13,631,856 $ 28,389 $ 13,660,245 Nine Months Ended June 30, 2024 Nine Months Ended June 30, 2023 Gas utility Non utility Total operating revenues Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 40,001,039 $ — $ 40,001,039 $ 48,148,235 $ — $ 48,148,235 Commercial 22,946,163 — 22,946,163 28,502,754 — 28,502,754 Transportation and interruptible 4,047,151 — 4,047,151 4,508,997 — 4,508,997 Other 653,571 81,366 734,937 855,079 86,637 941,716 Total contracts with customers 67,647,924 81,366 67,729,290 82,015,065 86,637 82,101,702 Alternative revenue programs 3,807,640 — 3,807,640 2,870,535 — 2,870,535 Total operating revenues $ 71,455,564 $ 81,366 $ 71,536,930 $ 84,885,600 $ 86,637 $ 84,972,237 |
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, 2023 $ 2,782,025 $ 1,240,097 $ 1,972,132 $ 1,476,321 Balance at June 30, 2024 3,783,662 1,423,346 1,075,453 1,586,618 Increase (decrease) $ 1,001,637 $ 183,249 $ (896,679 ) $ 110,297 |
Note 3 - Segment Information (T
Note 3 - Segment Information (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, 2024 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 14,431,379 $ — $ 26,823 $ 14,458,202 Depreciation 2,697,707 — — 2,697,707 Operating income (loss) 1,574,375 (37,692 ) 20,910 1,557,593 Equity in earnings — 282,604 — 282,604 Interest expense 868,000 699,093 — 1,567,093 Income (loss) before income taxes 637,332 (454,462 ) 20,885 203,755 Three Months Ended June 30, 2023 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 13,631,856 $ — $ 28,389 $ 13,660,245 Depreciation 2,419,541 — — 2,419,541 Operating income (loss) 1,839,910 (63,766 ) 22,321 1,798,465 Equity in earnings — 519,482 — 519,482 Interest expense 808,384 615,182 — 1,423,566 Income (loss) before income taxes 1,039,212 (160,402 ) 22,296 901,106 Nine Months Ended June 30, 2024 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 71,455,564 $ — $ 81,366 $ 71,536,930 Depreciation 8,093,121 — — 8,093,121 Operating income (loss) 16,884,683 (106,380 ) 61,036 16,839,339 Equity in earnings — 2,979,823 — 2,979,823 Interest expense 2,748,741 2,021,238 — 4,769,979 Income before income taxes 14,277,365 851,777 60,965 15,190,107 Nine Months Ended June 30, 2023 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Operating revenues $ 84,885,600 $ — $ 86,637 $ 84,972,237 Depreciation 7,258,623 — — 7,258,623 Operating income (loss) 17,034,575 (169,217) 69,014 16,934,372 Equity in earnings — 523,581 — 523,581 Interest expense 2,441,296 1,747,296 — 4,188,592 Income (loss) before income taxes 14,798,527 (1,394,950) 68,939 13,472,516 June 30, 2024 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 274,432,384 $ 20,418,572 $ 19,303,204 $ 314,154,160 September 30, 2023 Gas Utility Investment in Affiliates Parent and Other Consolidated Total Total assets $ 268,664,460 $ 17,882,108 $ 17,182,772 $ 303,729,340 |
Note 5 - Other Investments (Tab
Note 5 - Other Investments (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Investment [Table Text Block] | Balance Sheet location: June 30, 2024 September 30, 2023 Other Assets: MVP $ 20,076,299 $ 17,096,476 Southgate 99,360 90,617 Investment in unconsolidated affiliates $ 20,175,659 $ 17,187,093 Three Months Ended June 30, Nine Months Ended June 30, Income Statement location: 2024 2023 2024 2023 Equity in earnings of unconsolidated affiliate $ 282,604 $ 519,482 $ 2,979,823 $ 523,581 June 30, 2024 September 30, 2023 Undistributed earnings, net of income taxes, of MVP in retained earnings, excluding impairment $ 11,896,616 $ 9,683,797 Nine Months Ended June 30, 2024 2023 Cash investment $ 8,743 $ 2,132,679 Change in accrued capital calls — (803,998 ) Equity in earnings of unconsolidated affiliate 2,979,823 523,581 Change in investment in unconsolidated affiliates $ 2,988,566 $ 1,852,262 |
Equity Method Investments [Table Text Block] | Income Statements Three Months Ended June 30, Nine Months Ended June 30, 2024 2023 2024 2023 Revenue $ 3,723,469 $ — $ 3,723,469 $ — Operating expenses (10,822,325 ) — (10,822,325 ) — AFUDC 38,815,497 49,744,717 343,916,298 49,744,717 Other income, net 1,899,904 304,093 7,799,966 723,805 Net income $ 33,616,545 $ 50,048,810 $ 344,617,408 $ 50,468,522 Balance Sheets June 30, 2024 September 30, 2023 Assets: Current assets $ 181,484,706 $ 795,787,358 Construction work in progress — 7,499,128,254 Property, plant and equipment, net 9,416,489,036 — Other assets 13,944,447 11,639,586 Total assets $ 9,611,918,189 $ 8,306,555,198 Liabilities and Equity: Current liabilities $ 218,689,919 $ 236,947,158 Noncurrent liabilities 32,500 — Capital 9,393,195,770 8,069,608,040 Total liabilities and equity $ 9,611,918,189 $ 8,306,555,198 |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | June 30, 2024 September 30, 2023 Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Roanoke Gas: Unsecured senior note payable at 4.26 $ 30,500,000 $ 98,954 $ 30,500,000 $ 106,195 Unsecured term note payable at 3.58 8,000,000 15,652 8,000,000 19,264 Unsecured term note payable at 4.41 10,000,000 21,145 10,000,000 23,495 Unsecured term note payable at 3.60 10,000,000 19,375 10,000,000 22,017 Unsecured term note payable at 30-day SOFR 1.20 2.00 15,000,000 — 15,000,000 — Unsecured term note payable at Term SOFR 1.00 2.49 10,000,000 28,784 10,000,000 33,666 Midstream: Unsecured term note payable at Term SOFR 1.75 24,115,000 38,758 23,000,000 23,386 Unsecured term note payable at Daily Simple SOFR 1.26448 3.24 14,000,000 4,815 14,000,000 6,621 Unsecured term note payable at 30-day LIBOR 1.20 41,667 3.14 — — 9,375,000 1,571 Unsecured term note payable at Daily Simple SOFR 1.26448 400,000 2.443 6,400,000 23,082 7,200,000 19,057 Revolving credit facility at Daily Simple SOFR 2.215 9,000,000 53,087 — — Total long-term debt 137,015,000 303,652 137,075,000 255,272 Less: current maturities of long-term debt (400,000 ) — (10,975,000 ) — Total long-term debt, net current maturities $ 136,615,000 $ 303,652 $ 126,100,000 $ 255,272 |
Note 9 - Fair Value Measureme_2
Note 9 - Fair Value Measurements (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements - June 30, 2024 Quoted Significant Prices Other Significant in Active Observable Unobservable Fair Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Assets: Interest rate swaps $ 3,236,627 $ — $ 3,236,627 $ — Total $ 3,236,627 $ — $ 3,236,627 $ — Liabilities: Natural gas purchases $ 1,955,937 $ — $ 1,955,937 $ — Total $ 1,955,937 $ — $ 1,955,937 $ — Fair Value Measurements - September 30, 2023 Quoted Significant Prices Other Significant in Active Observable Unobservable Fair Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) Assets: Interest rate swaps $ 4,617,455 $ — $ 4,617,455 $ — Total $ 4,617,455 $ — $ 4,617,455 $ — Liabilities: Natural gas purchases $ 1,022,662 $ — $ 1,022,662 $ — Total $ 1,022,662 $ — $ 1,022,662 $ — |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements - June 30, 2024 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 $ 400,000 $ — $ — $ 400,000 Notes payable 136,615,000 — — 132,886,828 Total $ 137,015,000 $ — $ — $ 133,286,828 Fair Value Measurements - September 30, 2023 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 $ 10,975,000 $ — $ — $ 10,975,000 Notes payable 126,100,000 — — 120,298,658 Total $ 137,075,000 $ — $ — $ 131,273,658 |
Note 10 - Earnings Per Share (T
Note 10 - Earnings Per Share (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Nine Months Ended June 30, 2024 2023 2024 2023 Net income $ 156,692 $ 686,816 $ 11,620,074 $ 10,285,107 Weighted average common shares 10,188,592 9,939,843 10,129,111 9,893,454 Effect of dilutive securities: Options to purchase common stock 4,205 3,028 3,236 5,767 Diluted average common shares 10,192,797 9,942,871 10,132,347 9,899,221 Earnings per share of common stock: Basic $ 0.02 $ 0.07 $ 1.15 $ 1.04 Diluted $ 0.02 $ 0.07 $ 1.15 $ 1.04 |
Note 11 - Other Comprehensive_2
Note 11 - Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Comprehensive Income (Loss) [Table Text Block] | Tax Before-Tax (Expense) Net-of-Tax Amount or Benefit Amount Three Months Ended June 30, 2024 Interest rate swaps: Unrealized gains $ 207,785 $ (53,484 ) $ 154,301 Transfer of realized gains to interest expense (476,053 ) 122,535 (353,518 ) Net interest rate swaps (268,268 ) 69,051 (199,217 ) Defined benefit plans: Amortization of net actuarial losses 16,015 (4,122 ) 11,893 Other comprehensive loss $ (252,253 ) $ 64,929 $ (187,324 ) Three Months Ended June 30, 2023 Interest rate swaps: Unrealized gains $ 1,111,338 $ (286,058 ) $ 825,280 Transfer of realized gains to interest expense (490,371 ) 126,221 (364,150 ) Net interest rate swaps 620,967 (159,837 ) 461,130 Defined benefit plans: Amortization of net actuarial losses 19,703 (5,072 ) 14,631 Other comprehensive income $ 640,670 $ (164,909 ) $ 475,761 Tax Before-Tax (Expense) Net-of-Tax Amount or Benefit Amount Nine Months Ended June 30, 2024 Interest rate swaps: Unrealized gains $ 174,113 $ (44,816 ) $ 129,297 Transfer of realized gains to interest expense (1,554,942 ) 400,240 (1,154,702 ) Net interest rate swaps (1,380,829 ) 355,424 (1,025,405 ) Defined benefit plans: Amortization of net actuarial losses 48,045 (12,366 ) 35,679 Other comprehensive loss $ (1,332,784 ) $ 343,058 $ (989,726 ) Nine Months Ended June 30, 2023 Interest rate swaps: Unrealized gains $ 894,741 $ (230,304 ) $ 664,437 Transfer of realized gains to interest expense (1,200,862 ) 309,100 (891,762 ) Net interest rate swaps (306,121 ) 78,796 (227,325 ) Defined benefit plans: Amortization of net actuarial losses 59,109 (15,216 ) 43,893 Other comprehensive loss $ (247,012 ) $ 63,580 $ (183,432 ) |
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, 2023 $ 3,428,922 $ (1,175,633 ) $ 2,253,289 Other comprehensive income (loss) (1,025,405 ) 35,679 (989,726 ) Balance at June 30, 2024 $ 2,403,517 $ (1,139,954 ) $ 1,263,563 |
Note 12 - Income Taxes (Tables)
Note 12 - Income Taxes (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Three Months Ended June 30, Nine Months Ended June 30, 2024 2023 2024 2023 Effective tax rate 23.1 % 23.8 % 23.5 % 23.7 % |
Note 13 - Regulatory Assets a_2
Note 13 - Regulatory Assets and Liabilities (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Regulatory Assets [Table Text Block] | June 30, 2024 September 30, 2023 Assets: Current Assets: Regulatory assets: Accrued WNA revenues $ 1,918,161 $ 414,689 Under-recovery of gas costs 316,729 1,383,340 Under-recovery of RNG revenues 1,215,411 797,804 Accrued pension 60,755 243,017 Other deferred expenses 12,762 15,426 Total current 3,523,818 2,854,276 Other Non-Current Assets: Regulatory assets: Premium on early retirement of debt 1,170,418 1,256,059 Accrued pension 3,786,265 3,786,265 Other deferred expenses 314,999 347,121 Total non-current 5,271,682 5,389,445 Total regulatory assets $ 8,795,500 $ 8,243,721 |
Schedule of Regulatory Liabilities [Table Text Block] | June 30, 2024 September 30, 2023 Liabilities and Stockholders' Equity: Current Liabilities: Regulatory liabilities: Over-recovery of SAVE Plan revenues $ 85,815 $ 146,861 Rate refund — 652,018 Deferred income taxes 591,765 527,034 Supplier refunds 32,964 275,649 Other deferred liabilities 7,787 31,154 Total current 718,331 1,632,716 Deferred Credits and Other Non-Current Liabilities: Asset retirement obligations 11,027,988 10,792,831 Regulatory cost of retirement obligations 14,036,454 13,029,376 Regulatory liabilities: Deferred income taxes 15,805,952 16,249,776 Deferred postretirement medical 1,781,917 1,781,917 Total non-current 42,652,311 41,853,900 Total regulatory liabilities $ 43,370,642 $ 43,486,616 |
Note 15 - Employee Benefit Pl_2
Note 15 - Employee Benefit Plans (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended June 30, Nine Months Ended June 30, 2024 2023 2024 2023 Components of net periodic pension cost: Service cost $ 81,066 $ 91,635 $ 243,198 $ 274,905 Interest cost 367,206 343,025 1,101,618 1,029,075 Expected return on plan assets (294,958 ) (308,149 ) (884,874 ) (924,447 ) Recognized loss 79,132 79,181 237,396 237,543 Net periodic pension cost $ 232,446 $ 205,692 $ 697,338 $ 617,076 Three Months Ended June 30, Nine Months Ended June 30, 2024 2023 2024 2023 Components of postretirement benefit cost: Service cost $ 7,599 $ 11,475 $ 22,797 $ 34,425 Interest cost 153,369 155,156 460,107 465,468 Expected return on plan assets (133,311 ) (116,012 ) (399,933 ) (348,036 ) Recognized gain (10,149 ) — (30,447 ) — Net postretirement benefit cost $ 17,508 $ 50,619 $ 52,524 $ 151,857 |
Note 16 - Leases (Tables)
Note 16 - Leases (Tables) | 9 Months Ended |
Jun. 30, 2024 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended June 30, 2024 2023 Supplemental Cash Flow Information: Cash paid on operating leases $ 9,900 $ 3,300 Right of use obtained in exchange for operating lease obligations N/A N/A Weighted-average remaining term (in years) 17.4 17.5 Weighted-average discount rate 5.65 % 5.65 % Nine Months Ended June 30, 2024 2023 Supplemental Cash Flow Information: Cash paid on operating leases $ 22,166 $ 19,200 Right of use obtained in exchange for operating lease obligations N/A N/A Weighted-average remaining term (in years) 17.4 17.5 Weighted-average discount rate 5.65 % 5.65 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | 2024 $ 26,900 2025 43,065 2026 30,038 2027 30,038 2028 26,400 Thereafter 369,600 Total minimum lease payments 526,041 Less imputed interest (177,193 ) Total $ 348,848 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | Jun. 30, 2024 USD ($) |
Long-Term Line of Credit | $ 7,615,825 |
Number of States in which Entity Operates | 2 |
RGC Midstream LLC [Member] | |
Unsecured Debt, Current | $ 32,000,000 |
Note 2 - Revenue - Disaggregati
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Total contracts with customers | $ 13,552,645 | $ 13,418,853 | $ 67,729,290 | $ 82,101,702 |
Alternative revenue programs | 905,557 | 241,392 | 3,807,640 | 2,870,535 |
Operating revenues | 14,458,202 | 13,660,245 | 71,536,930 | 84,972,237 |
Oil and Gas [Member] | Residential [Member] | ||||
Total contracts with customers | 7,333,332 | 7,405,959 | 40,001,039 | 48,148,235 |
Oil and Gas [Member] | Commercial [Member] | ||||
Total contracts with customers | 4,706,086 | 4,459,667 | 22,946,163 | 28,502,754 |
Oil and Gas [Member] | Transportation and Interruptible [Member] | ||||
Total contracts with customers | 1,317,890 | 1,354,678 | 4,047,151 | 4,508,997 |
Product and Service, Other [Member] | ||||
Total contracts with customers | 195,337 | 198,549 | 734,937 | 941,716 |
Gas Utility [Member] | ||||
Total contracts with customers | 13,525,822 | 13,390,464 | 67,647,924 | 82,015,065 |
Alternative revenue programs | 905,557 | 241,392 | 3,807,640 | 2,870,535 |
Operating revenues | 14,431,379 | 13,631,856 | 71,455,564 | 84,885,600 |
Gas Utility [Member] | Oil and Gas [Member] | Residential [Member] | ||||
Total contracts with customers | 7,333,332 | 7,405,959 | 40,001,039 | 48,148,235 |
Gas Utility [Member] | Oil and Gas [Member] | Commercial [Member] | ||||
Total contracts with customers | 4,706,086 | 4,459,667 | 22,946,163 | 28,502,754 |
Gas Utility [Member] | Oil and Gas [Member] | Transportation and Interruptible [Member] | ||||
Total contracts with customers | 1,317,890 | 1,354,678 | 4,047,151 | 4,508,997 |
Gas Utility [Member] | Product and Service, Other [Member] | ||||
Total contracts with customers | 168,514 | 170,160 | 653,571 | 855,079 |
Non-utility [Member] | ||||
Total contracts with customers | 26,823 | 28,389 | 81,366 | 86,637 |
Alternative revenue programs | 0 | 0 | 0 | 0 |
Operating revenues | 26,823 | 28,389 | 81,366 | 86,637 |
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] | Transportation and Interruptible [Member] | ||||
Total contracts with customers | 0 | 0 | 0 | 0 |
Non-utility [Member] | Product and Service, Other [Member] | ||||
Total contracts with customers | $ 26,823 | $ 28,389 | $ 81,366 | $ 86,637 |
Note 2 - Revenue - Customer Acc
Note 2 - Revenue - Customer Accounts Receivable (Details) - USD ($) | 9 Months Ended | ||
Jun. 30, 2024 | Sep. 30, 2023 | ||
Trade accounts receivable | $ 5,229,249 | $ 4,194,934 | |
Unbilled revenue | [1] | 1,423,346 | 1,240,097 |
Customer credit balances | 1,075,453 | 1,972,132 | |
Customer deposits | 1,586,618 | 1,476,321 | |
Increase (decrease) in Unbilled revenue | [1] | 183,249 | |
Increase (decrease) in Customer credit balances | (896,679) | ||
Increase (decrease) in Customer deposits | 110,297 | ||
Trade Accounts Receivable [Member] | |||
Trade accounts receivable | [1] | 3,783,662 | $ 2,782,025 |
Increase (decrease) in Trade accounts receivable | [1] | $ 1,001,637 | |
[1]Included in accounts receivable in the condensed consolidated balance sheet. Amounts shown net of reserve for credit losses. |
Note 3 - Segment Information -
Note 3 - Segment Information - Segment Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Sep. 30, 2023 | |
Operating revenues | $ 14,458,202 | $ 13,660,245 | $ 71,536,930 | $ 84,972,237 | |
Depreciation | 2,697,707 | 2,419,541 | 8,093,121 | 7,258,623 | |
Operating income (loss) | 1,557,593 | 1,798,465 | 16,839,339 | 16,934,372 | |
Equity in earnings | 282,604 | 519,482 | 2,979,823 | 523,581 | |
Interest expense | 1,567,093 | 1,423,566 | 4,769,979 | 4,188,592 | |
Income (loss) before income taxes | 203,755 | 901,106 | 15,190,107 | 13,472,516 | |
Total assets | 314,154,160 | 314,154,160 | $ 303,729,340 | ||
Operating Segments [Member] | Gas Utility [Member] | |||||
Operating revenues | 14,431,379 | 13,631,856 | 71,455,564 | 84,885,600 | |
Depreciation | 2,697,707 | 2,419,541 | 8,093,121 | 7,258,623 | |
Operating income (loss) | 1,574,375 | 1,839,910 | 16,884,683 | 17,034,575 | |
Equity in earnings | 0 | 0 | 0 | ||
Interest expense | 868,000 | 808,384 | 2,748,741 | 2,441,296 | |
Income (loss) before income taxes | 637,332 | 1,039,212 | 14,277,365 | 14,798,527 | |
Total assets | 274,432,384 | 274,432,384 | 268,664,460 | ||
Operating Segments [Member] | Investment in Affiliates [Member] | |||||
Operating revenues | 0 | 0 | 0 | ||
Depreciation | 0 | 0 | 0 | ||
Operating income (loss) | (37,692) | (63,766) | (106,380) | (169,217) | |
Equity in earnings | 282,604 | 519,482 | 2,979,823 | 523,581 | |
Interest expense | 699,093 | 615,182 | 2,021,238 | 1,747,296 | |
Income (loss) before income taxes | (454,462) | (160,402) | 851,777 | (1,394,950) | |
Total assets | 20,418,572 | 20,418,572 | 17,882,108 | ||
Segment Reporting, Reconciling Item, Corporate Nonsegment [Member] | |||||
Operating revenues | 26,823 | 28,389 | 81,366 | 86,637 | |
Depreciation | 0 | 0 | 0 | ||
Operating income (loss) | 20,910 | 22,321 | 61,036 | 69,014 | |
Equity in earnings | 0 | 0 | 0 | ||
Interest expense | 0 | 0 | 0 | ||
Income (loss) before income taxes | 20,885 | $ 22,296 | 60,965 | $ 68,939 | |
Total assets | $ 19,303,204 | $ 19,303,204 | $ 17,182,772 |
Note 4 - Rates and Regulatory_2
Note 4 - Rates and Regulatory Matters (Details Textual) | 3 Months Ended | |||||||||
Jun. 28, 2024 USD ($) | May 30, 2024 USD ($) | Feb. 02, 2024 USD ($) | Jul. 07, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 21, 2022 USD ($) | Dec. 02, 2022 USD ($) | Dec. 31, 2023 USD ($) | Jul. 19, 2022 | Jun. 02, 2022 | |
Public Utilities, Requested Rate Increase (Decrease), Amount | $ 4,330,000 | $ 8,550,000 | ||||||||
Public Utilities, Approved Return on Equity, Percentage | 9.44% | |||||||||
Public Utilities, Requested Return on Equity, Percentage | 10.35% | |||||||||
Regulated Operating Revenue, SAVE Revenue | $ 4,050,000 | |||||||||
Public Utilities, Approved Rate Increase (Decrease), Amount | $ 7,450,000 | |||||||||
Recovery Costs, SAVE Eligible Expenses | $ 9,130,000 | $ 8,500,000 | ||||||||
Investments | $ 49,500,000 | |||||||||
SAVE Annual Revenues | $ 1,530,000 | $ 366,000 | ||||||||
RNG Rider Revenue Requirement | $ 1,560,000 | |||||||||
RNG Rider Sale of Environmental Credits | 1,110,000 | |||||||||
RNG Rider, Over-Recovery Costs | 35,000 | |||||||||
RNG Rider, Net Revenue | $ 415,000 | |||||||||
Number of Locations, Natural Gas Delivery Assets, Requested Acquisition | 5 | |||||||||
Number of Locations, Natural Gas Delivery Assets, Approved Acquisition | 2 | |||||||||
Natural Gas Delivery Assets [Member] | Housing Authority Management [Member] | ||||||||||
Asset Acquisition, Recognized Pre-tax Gain | $ 311,000 |
Note 5 - Other Investments (Det
Note 5 - Other Investments (Details Textual) - RGC Midstream LLC [Member] | Jun. 30, 2024 |
MVP Southgate Investment [Member] | |
Subsidiary, Ownership Percentage, Noncontrolling Owner | 1% |
MVP [Member] | |
Equity Method Investment, Ownership Percentage | 1% |
Note 5 - Other Investments - Sc
Note 5 - Other Investments - Schedule of Other Investments (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Sep. 30, 2023 | |
Investment in unconsolidated affiliates | $ 20,175,659 | $ 20,175,659 | $ 17,187,093 | ||
Equity in earnings of unconsolidated affiliate | 282,604 | $ 519,482 | 2,979,823 | $ 523,581 | |
Undistributed earnings, net of income taxes, of MVP in retained earnings, excluding impairment | 11,896,616 | 11,896,616 | 9,683,797 | ||
Cash investment | 8,743 | 2,132,679 | |||
Change in accrued capital calls | 0 | (803,998) | |||
Change in investment in unconsolidated affiliates | 2,988,566 | $ 1,852,262 | |||
MVP [Member] | |||||
Investment in unconsolidated affiliates | 20,076,299 | 20,076,299 | 17,096,476 | ||
Southgate [Member] | |||||
Investment in unconsolidated affiliates | $ 99,360 | $ 99,360 | $ 90,617 |
Note 5 - Other Investments - In
Note 5 - Other Investments - Investment in Unconsolidated Entity (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||||
Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue | $ 14,458,202 | $ 13,660,245 | $ 71,536,930 | $ 84,972,237 | ||||||
Other income, net | (69,349) | 6,725 | 140,924 | 203,155 | ||||||
Net income | 156,692 | $ 6,443,390 | $ 5,019,992 | 686,816 | $ 6,341,886 | $ 3,256,405 | 11,620,074 | 10,285,107 | ||
Current assets | 25,408,031 | 25,408,031 | $ 26,795,262 | |||||||
Property, plant and equipment, net | 243,962,476 | 243,962,476 | 232,617,093 | |||||||
Total assets | 314,154,160 | 314,154,160 | 303,729,340 | |||||||
Current liabilities | 23,782,556 | 23,782,556 | 32,918,787 | |||||||
Capital | 108,767,792 | $ 110,543,862 | $ 103,544,603 | 100,947,813 | $ 100,278,408 | $ 94,890,007 | 108,767,792 | 100,947,813 | 100,732,625 | $ 93,090,656 |
Total liabilities and equity | 314,154,160 | 314,154,160 | 303,729,340 | |||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | ||||||||||
Revenue | 3,723,469 | 0 | 3,723,469 | 0 | ||||||
Operating expenses | (10,822,325) | 0 | (10,822,325) | 0 | ||||||
AFUDC | 38,815,497 | 49,744,717 | 343,916,298 | 49,744,717 | ||||||
Other income, net | 1,899,904 | 304,093 | 7,799,966 | 723,805 | ||||||
Net income | 33,616,545 | $ 50,048,810 | 344,617,408 | $ 50,468,522 | ||||||
Current assets | 181,484,706 | 181,484,706 | 795,787,358 | |||||||
Construction work in progress | 0 | 0 | 7,499,128,254 | |||||||
Property, plant and equipment, net | 9,416,489,036 | 9,416,489,036 | 0 | |||||||
Other assets | 13,944,447 | 13,944,447 | 11,639,586 | |||||||
Total assets | 9,611,918,189 | 9,611,918,189 | 8,306,555,198 | |||||||
Current liabilities | 218,689,919 | 218,689,919 | 236,947,158 | |||||||
Noncurrent liabilities | 32,500 | 32,500 | 0 | |||||||
Capital | 9,393,195,770 | 9,393,195,770 | 8,069,608,040 | |||||||
Total liabilities and equity | $ 9,611,918,189 | $ 9,611,918,189 | $ 8,306,555,198 |
Note 6 - Short-term Debt (Detai
Note 6 - Short-term Debt (Details Textual) - USD ($) | Mar. 24, 2023 | Jun. 30, 2024 |
Long-Term Line of Credit | $ 7,615,825 | |
Minimum [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000,000 | |
Maximum [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000,000 | |
Roanoke Gas Company [Member] | Unsecured Revolving Note Maturing March 31, 2024 [Member] | ||
Debt Instrument, Face Amount | $ 25,000,000 | |
Debt Instrument, Basis Spread on Variable Rate | 1.10% |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) | 6 Months Ended | 9 Months Ended | ||||||||
May 02, 2024 USD ($) | Mar. 06, 2024 USD ($) | Jul. 28, 2023 | Jun. 28, 2023 USD ($) | Mar. 24, 2023 USD ($) | Mar. 31, 2024 USD ($) | Jun. 30, 2024 USD ($) | Sep. 30, 2023 USD ($) | Apr. 03, 2023 USD ($) | Aug. 20, 2021 USD ($) | |
Debt Instruments, Overall Maximum Borrowing Capacity | $ 25,000,000 | |||||||||
Unsecured Debt | $ 137,015,000 | $ 137,075,000 | ||||||||
Regulatory Asset | $ 8,795,500 | 8,243,721 | ||||||||
Debt Instrument, Debt Covenant Ratio of Long-term Debt to Total Capitalization, Maximum | 65% | |||||||||
Debt Instrument, Debt Covenant, Ratio of Priority Debt to Total Assets, Maximum | 15% | |||||||||
Debt Instrument, Debt Covenant, Interest Coverage Ratio | 1.5 | |||||||||
Deferred Gain (Loss) on Early Extinguishment of Debt [Member] | ||||||||||
Regulatory Asset | $ 1,170,418 | $ 1,256,059 | ||||||||
Regulatory Asset, Amortization Period (Year) | 20 years | |||||||||
Line of Credit [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 9,000,000 | $ 9,000,000 | ||||||||
Debt Instrument, Debt Covenant, Interest Coverage Ratio | 1.5 | |||||||||
Amended and Restated Delayed Term Note Entered September 24, 2021 [Member] | ||||||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | ||||||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||||||
RGC Midstream LLC [Member] | ||||||||||
Derivative, Fixed Interest Rate | 2.49% | |||||||||
RGC Midstream LLC [Member] | Unsecured Debt [Member] | ||||||||||
Debt Instrument, Face Amount | $ 8,000,000 | $ 8,000,000 | ||||||||
Derivative, Fixed Interest Rate | 2.443% | 2.443% | ||||||||
RGC Midstream LLC [Member] | Line of Credit [Member] | ||||||||||
Line of Credit Facility, Upfront Fee Percentage | 0.40% | |||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.125% | |||||||||
RGC Midstream LLC [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Unsecured Debt [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.26448% | |||||||||
RGC Midstream LLC [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Line of Credit [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2.215% | |||||||||
RGC Midstream LLC [Member] | London Interbank Offered Rate (LIBOR) 1 [Member] | Unsecured Debt [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | |||||||||
RGC Midstream LLC [Member] | Unsecured Promissory Notes [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | 2% | ||||||||
RGC Midstream LLC [Member] | Unsecured Promissory Notes [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Variable Rate Upon Meeting Milestones One [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||||||||
RGC Midstream LLC [Member] | Unsecured Promissory Notes [Member] | Secured Overnight Financing Rate (SOFR) [Member] | Variable Rate Upon Meeting Milestones Two [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.55% | |||||||||
RGC Midstream LLC [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | Unsecured Term Notes [Member] | ||||||||||
Unsecured Debt | $ 9,000,000 | |||||||||
RGC Midstream LLC [Member] | Unsecured term note payable, at Daily Simple SOFR plus 1.26448%, due June 12, 2026[Member] | Unsecured Term Notes [Member] | ||||||||||
Debt Instrument, Face Amount | $ 14,000,000 | |||||||||
Derivative, Fixed Interest Rate | 3.24% | |||||||||
Roanoke Gas Company [Member] | Amended and Restated Delayed Term Note Entered September 24, 2021 [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||||||
Roanoke Gas Company [Member] | Amended and Restated Delayed Term Note Entered September 24, 2021 [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||||||||
Roanoke Gas Company [Member] | Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | Unsecured Debt [Member] | ||||||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||||||
Derivative, Fixed Interest Rate | 2% |
Note 7 - Long-term Debt - Long-
Note 7 - Long-term Debt - Long-term Debt (Details) - USD ($) | Jun. 30, 2024 | Sep. 30, 2023 |
Notes payable | $ 137,015,000 | $ 137,075,000 |
Unamortized Debt Issuance Costs | 303,652 | 255,272 |
Revolving credit facility at Daily Simple SOFR plus 2.215%, due May 2, 2026 | 7,615,825 | |
Less: current maturities of long-term debt | (400,000) | (10,975,000) |
Total long-term debt, net current maturities | 136,615,000 | 126,100,000 |
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 | 98,954 | 106,195 |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [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 | 15,652 | 19,264 |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [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 | 21,145 | 23,495 |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [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 | 19,375 | 22,017 |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Term Note Payable, at 30-day SOFR Plus 1.20%, Due August 20, 2026 [Member] | ||
Notes payable | 15,000,000 | 15,000,000 |
Unamortized Debt Issuance Costs | 0 | 0 |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term note payable, at Term SOFR plus 1.00%, due October 1, 2028 [Member] | ||
Notes payable | 10,000,000 | 10,000,000 |
Unamortized Debt Issuance Costs | 28,784 | 33,666 |
RGC Midstream LLC [Member] | Revolving Credit Facility, at Daily Simple SOFR plus 2.215%, due May 2, 2026 [Member | Revolving Credit Facility [Member] | ||
Unamortized Debt Issuance Costs | 53,087 | 0 |
Revolving credit facility at Daily Simple SOFR plus 2.215%, due May 2, 2026 | 9,000,000 | 0 |
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term note payable at Term SOFR plus 1.75%, due December 31, 2025 [Member] | ||
Notes payable | 24,115,000 | 23,000,000 |
Unamortized Debt Issuance Costs | 38,758 | 23,386 |
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term note payable, at Daily Simple SOFR plus 1.26448%, due June 12, 2026[Member] | ||
Notes payable | 14,000,000 | 14,000,000 |
Unamortized Debt Issuance Costs | 4,815 | 6,621 |
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | ||
Notes payable | 0 | 9,375,000 |
Unamortized Debt Issuance Costs | 0 | 1,571 |
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term note payable, at Daily Simple SOFR plus 1.26448%, due January 1, 2028 [Member] | ||
Notes payable | 6,400,000 | 7,200,000 |
Unamortized Debt Issuance Costs | $ 23,082 | $ 19,057 |
Note 7 - Long-term Debt - Lon_2
Note 7 - Long-term Debt - Long-term Debt (Details) (Parentheticals) - USD ($) | 9 Months Ended | 12 Months Ended | |
Jun. 30, 2024 | Sep. 30, 2023 | Apr. 03, 2023 | |
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration] | Secured Overnight Financing Rate (SOFR) [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |
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 Senior Notes Payable [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 Senior Notes Payable [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 Senior Notes Payable [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 Senior Notes Payable [Member] | Unsecured Term Note Payable, at 30-day SOFR Plus 1.20%, Due August 20, 2026 [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | 1.20% | |
Derivative, Fixed Interest Rate | 2% | 2% | |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term note payable, at Term SOFR plus 1.00%, due October 1, 2028 [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1% | 1% | |
Derivative, Fixed Interest Rate | 2.49% | 2.49% | |
RGC Midstream LLC [Member] | |||
Derivative, Fixed Interest Rate | 2.49% | ||
RGC Midstream LLC [Member] | Revolving Credit Facility, at Daily Simple SOFR plus 2.215%, due May 2, 2026 [Member | Revolving Credit Facility [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 2.215% | 2.215% | |
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term note payable at Term SOFR plus 1.75%, due December 31, 2025 [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | 1.75% | |
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term note payable, at Daily Simple SOFR plus 1.26448%, due June 12, 2026[Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.26448% | 1.26448% | |
Derivative, Fixed Interest Rate | 3.24% | 3.24% | |
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | 1.20% | |
Derivative, Fixed Interest Rate | 3.14% | 3.14% | |
Debt Instrument, Periodic Payment | $ 41,667 | $ 41,667 | |
RGC Midstream LLC [Member] | Unsecured Senior Notes Payable [Member] | Unsecured term note payable, at Daily Simple SOFR plus 1.26448%, due January 1, 2028 [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.26448% | 1.26448% | |
Derivative, Fixed Interest Rate | 2.443% | 2.443% | |
Debt Instrument, Periodic Payment | $ 400,000 | $ 400,000 |
Note 8 - Derivatives and Hedg_2
Note 8 - Derivatives and Hedging (Details Textual) $ in Millions | Jun. 30, 2024 USD ($) | Jun. 28, 2023 USD ($) | Apr. 03, 2023 | Aug. 20, 2021 USD ($) |
Number of Interest Rate Derivatives Held | 4 | |||
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] | ||||
Number of Interest Rate Derivatives Held | 2 | |||
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% | |||
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% | |||
RGC Midstream LLC [Member] | ||||
Derivative, Fixed Interest Rate | 2.49% | |||
RGC Midstream LLC [Member] | Unsecured Debt [Member] | ||||
Debt Instrument, Face Amount | $ 8 | $ 8 | ||
Derivative, Fixed Interest Rate | 2.443% | 2.443% | ||
RGC Midstream LLC [Member] | Unsecured Debt [Member] | Unsecured Term Notes Payable, at 3.58%, Due on October 2, 2027 [Member] | ||||
Debt Instrument, Face Amount | $ 8 | |||
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 1.15% Due June 12, 2026 [Member] | ||||
Debt Instrument, Face Amount | $ 14 | |||
Derivative, Fixed Interest Rate | 3.24% |
Note 9 - Fair Value Measureme_3
Note 9 - Fair Value Measurements (Details Textual) Pure in Thousands | Jun. 30, 2024 | Sep. 30, 2023 |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||
Number of Major Customers | 0 | 0 |
Note 9 - Fair Value Measureme_4
Note 9 - Fair Value Measurements - Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Jun. 30, 2024 | Sep. 30, 2023 |
Total Assets fair value | $ 3,236,627 | $ 4,617,455 |
Natural gas purchases | 1,955,937 | 1,022,662 |
Total Liabilities fair value | 1,955,937 | 1,022,662 |
Fair Value, Inputs, Level 1 [Member] | ||
Total Assets fair value | 0 | 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 | 3,236,627 | 4,617,455 |
Natural gas purchases | 1,955,937 | 1,022,662 |
Total Liabilities fair value | 1,955,937 | 1,022,662 |
Fair Value, Inputs, Level 3 [Member] | ||
Total Assets fair value | 0 | 0 |
Natural gas purchases | 0 | 0 |
Total Liabilities fair value | 0 | 0 |
Interest Rate Swap [Member] | ||
Interest rate swaps | 3,236,627 | |
Interest rate swaps, liabilities | 4,617,455 | |
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 | 3,236,627 | |
Interest rate swaps, liabilities | 4,617,455 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate swaps | $ 0 | |
Interest rate swaps, liabilities | $ 0 |
Note 9 - Fair Value Measureme_5
Note 9 - Fair Value Measurements - Summary of the Fair Value of Financial Assets and Liabilities Not Adjusted to Fair Value (Details) - USD ($) | Jun. 30, 2024 | Sep. 30, 2023 |
Current maturities of long-term debt | $ 400,000 | $ 10,975,000 |
Reported Value Measurement [Member] | ||
Current maturities of long-term debt | 400,000 | 10,975,000 |
Notes payable | 136,615,000 | 126,100,000 |
Total Liabilities fair value | 137,015,000 | 137,075,000 |
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 | 400,000 | 10,975,000 |
Notes payable | 132,886,828 | 120,298,658 |
Total Liabilities fair value | $ 133,286,828 | $ 131,273,658 |
Note 10 - Earnings Per Share -
Note 10 - Earnings Per Share - Earnings Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income | $ 156,692 | $ 6,443,390 | $ 5,019,992 | $ 686,816 | $ 6,341,886 | $ 3,256,405 | $ 11,620,074 | $ 10,285,107 |
Weighted average common shares (in shares) | 10,188,592 | 9,939,843 | 10,129,111 | 9,893,454 | ||||
Options to purchase common stock (in shares) | 4,205 | 3,028 | 3,236 | 5,767 | ||||
Diluted average common shares (in shares) | 10,192,797 | 9,942,871 | 10,132,347 | 9,899,221 | ||||
Basic (in dollars per share) | $ 0.02 | $ 0.07 | $ 1.15 | $ 1.04 | ||||
Diluted (in dollars per share) | $ 0.02 | $ 0.07 | $ 1.15 | $ 1.04 |
Note 11 - Other Comprehensive_3
Note 11 - Other Comprehensive Income (Loss) - Schedule of Other Comprehensive Income and Loss (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | |
Unrealized gains (losses) | $ 207,785 | $ 1,111,338 | $ (174,113) | $ (894,741) | ||||
Unrealized gains (losses) | (53,484) | (286,058) | 44,816 | 230,304 | ||||
Unrealized gains (losses) | 154,301 | 825,280 | (129,297) | (664,437) | ||||
Transfer of realized gains to interest expense | (476,053) | (490,371) | (1,554,942) | (1,200,862) | ||||
Transfer of realized gains to interest expense | 122,535 | 126,221 | 400,240 | 309,100 | ||||
Transfer of realized gains to interest expense | (353,518) | (364,150) | (1,154,702) | (891,762) | ||||
Net interest rate swaps | (268,268) | 620,967 | (1,380,829) | (306,121) | ||||
Net interest rate swaps | 69,051 | (159,837) | 355,424 | 78,796 | ||||
Net interest rate swaps | (199,217) | 461,130 | (1,025,405) | (227,325) | ||||
Amortization of net actuarial losses | 16,015 | 19,703 | 48,045 | 59,109 | ||||
Amortization of net actuarial losses | (4,122) | (5,072) | (12,366) | (15,216) | ||||
Amortization of net actuarial losses | 11,893 | 14,631 | 35,679 | 43,893 | ||||
Other comprehensive loss | (252,253) | 640,670 | (1,332,784) | (247,012) | ||||
Other comprehensive loss | 64,929 | (164,909) | 343,058 | 63,580 | ||||
Other comprehensive loss | (187,324) | $ 211,425 | $ (1,013,827) | 475,761 | $ (490,526) | $ (168,667) | (989,726) | (183,432) |
Unrealized gains | (207,785) | (1,111,338) | 174,113 | 894,741 | ||||
Unrealized gains | 53,484 | 286,058 | (44,816) | (230,304) | ||||
Unrealized gains | $ (154,301) | $ (825,280) | $ 129,297 | $ 664,437 |
Note 11 - Other Comprehensive_4
Note 11 - Other Comprehensive Income (Loss) - Reconciliation of Accumulated Comprehensive Income (Loss) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2024 | Jun. 30, 2023 | |
Balance | $ 110,543,862 | $ 103,544,603 | $ 100,732,625 | $ 100,278,408 | $ 94,890,007 | $ 93,090,656 | $ 100,732,625 | $ 93,090,656 |
Other comprehensive income (loss) | (187,324) | 211,425 | (1,013,827) | 475,761 | (490,526) | (168,667) | (989,726) | (183,432) |
Balance | 108,767,792 | 110,543,862 | 103,544,603 | 100,947,813 | 100,278,408 | 94,890,007 | 108,767,792 | 100,947,813 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||||||||
Balance | 3,428,922 | 3,428,922 | ||||||
Other comprehensive income (loss) | (1,025,405) | |||||||
Balance | 2,403,517 | 2,403,517 | ||||||
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||||||||
Balance | (1,175,633) | (1,175,633) | ||||||
Other comprehensive income (loss) | 35,679 | |||||||
Balance | (1,139,954) | (1,139,954) | ||||||
AOCI Attributable to Parent [Member] | ||||||||
Balance | 1,450,887 | 1,239,462 | 2,253,289 | 1,305,171 | 1,795,697 | 1,964,364 | 2,253,289 | 1,964,364 |
Other comprehensive income (loss) | (187,324) | 211,425 | (1,013,827) | 475,761 | (490,526) | (168,667) | (989,726) | |
Balance | $ 1,263,563 | $ 1,450,887 | $ 1,239,462 | $ 1,780,932 | $ 1,305,171 | $ 1,795,697 | $ 1,263,563 | $ 1,780,932 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Effective Income Tax Rate Reconciliation, at Federal and State Statutory Income Tax Rate, Percent | 25.74% | 25.74% | 25.74% | 25.74% |
Note 12 - Income Taxes - Income
Note 12 - Income Taxes - Income Positions (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Effective tax rate | 23.10% | 23.80% | 23.50% | 23.70% |
Note 13 - Regulatory Assets a_3
Note 13 - Regulatory Assets and Liabilities (Details Textual) - USD ($) | Jun. 30, 2024 | Sep. 30, 2023 |
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | $ 8,795,500 | $ 8,243,721 |
Note 13 - Regulatory Assets a_4
Note 13 - Regulatory Assets and Liabilities - Schedule of Regulatory Assets (Details) - USD ($) | Jun. 30, 2024 | Sep. 30, 2023 |
Regulatory assets | $ 3,523,818 | $ 2,854,276 |
Noncurrent regulatory assets | 5,271,682 | 5,389,445 |
Total regulatory assets | 8,795,500 | 8,243,721 |
WNA [Member] | ||
Regulatory assets | 1,918,161 | 414,689 |
Regulatory Clause Revenues, under-Recovered [Member] | ||
Regulatory assets | 316,729 | 1,383,340 |
Under-recovery of RNG Revenues [Member] | ||
Regulatory assets | 1,215,411 | 797,804 |
Pension Costs [Member] | ||
Regulatory assets | 60,755 | 243,017 |
Noncurrent regulatory assets | 3,786,265 | 3,786,265 |
Other Assets [Member] | ||
Regulatory assets | 12,762 | 15,426 |
Noncurrent regulatory assets | 314,999 | 347,121 |
Deferred Gain (Loss) on Early Extinguishment of Debt [Member] | ||
Noncurrent regulatory assets | 1,170,418 | 1,256,059 |
Total regulatory assets | $ 1,170,418 | $ 1,256,059 |
Note 13 - Regulatory Assets a_5
Note 13 - Regulatory Assets and Liabilities - Schedule of Regulatory Liabilities (Details) - USD ($) | Jun. 30, 2024 | Sep. 30, 2023 |
Regulatory liabilities | $ 718,331 | $ 1,632,716 |
Asset retirement obligations | 11,027,988 | 10,792,831 |
Regulatory cost of retirement obligations | 14,036,454 | 13,029,376 |
Regulatory Liability, Noncurrent | 17,587,869 | 18,031,693 |
Total non-current | 42,652,311 | 41,853,900 |
Total regulatory liabilities | 43,370,642 | 43,486,616 |
Revenue Subject to Refund [Member] | ||
Regulatory liabilities | 85,815 | 146,861 |
Rate Refund [Member] | ||
Regulatory liabilities | 0 | 652,018 |
Deferred Income Tax Charge [Member] | ||
Regulatory liabilities | 591,765 | 527,034 |
Regulatory Liability, Noncurrent | 15,805,952 | 16,249,776 |
Supplier Refund [Member] | ||
Regulatory liabilities | 32,964 | 275,649 |
Other Deferred Liabilities [Member] | ||
Regulatory liabilities | 7,787 | 31,154 |
Other Regulatory Assets (Liabilities) [Member] | ||
Regulatory Liability, Noncurrent | $ 1,781,917 | $ 1,781,917 |
Note 15 - Employee Benefit Pl_3
Note 15 - Employee Benefit Plans (Details Textual) - Pension Plan [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Mar. 31, 2024 | Jun. 30, 2024 | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 0 |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0 |
Note 15 - Employee Benefit Pl_4
Note 15 - Employee Benefit Plans - Schedule of Components of Net Periodic Pension and Postretirement Benefit Cost (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pension Plan [Member] | ||||
Service cost | $ 81,066 | $ 91,635 | $ 243,198 | $ 274,905 |
Interest cost | 367,206 | 343,025 | 1,101,618 | 1,029,075 |
Expected return on plan assets | (294,958) | (308,149) | (884,874) | (924,447) |
Recognized loss | 79,132 | 79,181 | 237,396 | 237,543 |
Net periodic pension cost | 232,446 | 205,692 | 697,338 | 617,076 |
Postemployment Retirement Benefits [Member] | ||||
Service cost | 7,599 | 11,475 | 22,797 | 34,425 |
Interest cost | 153,369 | 155,156 | 460,107 | 465,468 |
Expected return on plan assets | (133,311) | (116,012) | (399,933) | (348,036) |
Recognized loss | (10,149) | 0 | (30,447) | 0 |
Net periodic pension cost | $ 17,508 | $ 50,619 | $ 52,524 | $ 151,857 |
Note 16 - Leases (Details Textu
Note 16 - Leases (Details Textual) | 3 Months Ended | 9 Months Ended |
Dec. 31, 2023 | Jun. 30, 2024 USD ($) | |
Number of Additional Operating Leases | 3 | |
Operating Lease, Right-of-Use Asset | $ 339,022 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets, Miscellaneous, Noncurrent | |
Operating Lease, Liability, Current | $ 31,366 | |
Operating Lease, Liability, Noncurrent | $ 317,482 | |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Liabilities, Other than Long-Term Debt, Noncurrent | |
Three Other Operating Leases [Member] | ||
Operating Lease, Cost | $ 50,000 | |
Minimum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 3 years | |
Maximum [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 6 years | |
RNG [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 20 years | |
Lessee, Operating Lease, Renewal Term (Year) | 5 years |
Note 16 - Leases - Lease Cost (
Note 16 - Leases - Lease Cost (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Cash paid on operating leases | $ 9,900 | $ 3,300 | $ 22,166 | $ 19,200 |
Weighted-average remaining term (in years) (Year) | 17 years 4 months 24 days | 17 years 6 months | 17 years 4 months 24 days | 17 years 6 months |
Weighted-average discount rate | 5.65% | 5.65% | 5.65% | 5.65% |
Note 16 - Leases - Operating Le
Note 16 - Leases - Operating Lease Maturity (Details) | Jun. 30, 2024 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities |