Energy Services of America (ESOA) 10-Q 11 Aug 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2017	Aug. 01, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Energy Services of America CORP
Entity Central Index Key	1,357,971
Trading Symbol	esoa
Current Fiscal Year End Date	--09-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		14,239,836
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Current assets
Cash and cash equivalents	$ 4,035,584	$ 3,815,790
Accounts receivable-trade	17,300,546	24,059,432
Allowance for doubtful accounts	(108,200)	(133,500)
Retainages receivable	5,728,981	5,810,474
Other receivables	100,300	106,837
Costs and estimated earnings in excess of billings on uncompleted contracts	4,936,904	5,953,818
Deferred tax asset	1,889,690	1,399,152
Prepaid expenses and other	4,769,286	2,485,101
Assets of discontinued operations	12,303	12,303
Total current assets	38,665,394	43,509,407
Property, plant and equipment, at cost	46,656,169	39,375,505
less accumulated depreciation	(28,461,982)	(26,625,827)
Total fixed assets	18,194,187	12,749,678
Long-term notes receivable	137,281	137,281
Total assets	56,996,862	56,396,366
Current liabilities
Current maturities of long-term debt	3,192,036	2,867,898
Lines of credit and short term borrowings	11,281,582	6,232,943
Accounts payable	7,672,021	5,006,427
Accrued expenses and other current liabilities	4,236,870	5,933,571
Billings in excess of costs and estimated earnings on uncompleted contracts	2,523,446	3,410,548
Income tax payable		1,076,440
Liabilities of discontinued operations	28,671	28,671
Total current liabilities	28,934,626	24,556,498
Long-term debt, less current maturities	5,594,825	7,390,099
Deferred income taxes payable	1,812,616	1,926,077
Total liabilities	36,342,067	33,872,674
Shareholders' equity
Preferred stock, $.0001 par value Authorized 1,000,000 shares, 206 issued for June 30, 2017 and September 30, 2016
Common stock, $.0001 par value Authorized 50,000,000 shares 14,839,836 issued and 14,239,836 outstanding for June 30, 2017 and September 30, 2016	1,484	1,484
Treasury stock, 600,000 shares at June 30, 2017 and September 30, 2016	(60)	(60)
Additional paid in capital	61,289,260	61,289,260
Retained earnings (deficit)	(40,635,889)	(38,766,992)
Total shareholders' equity	20,654,795	22,523,692
Total liabilities and shareholders' equity	$ 56,996,862	$ 56,396,366

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2017	Sep. 30, 2016
Statement Of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	206	206
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	14,839,836	14,239,836
Common stock, shares outstanding	14,839,836	14,239,836
Treasury stock, shares	600,000	600,000

Consolidated Statements of Inco

Consolidated Statements of Income Unaudited - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement [Abstract]
Revenue	$ 35,686,215	$ 43,370,975	$ 98,554,692	$ 105,750,087
Cost of revenues	37,124,756	39,391,420	93,796,294	96,436,182
Gross profit (loss)	(1,438,541)	3,979,555	4,758,398	9,313,905
Selling and administrative expenses	1,600,454	1,588,076	5,735,342	5,646,252
Income (loss) from operations	(3,038,995)	2,391,479	(976,944)	3,667,653
Other income (expense)
Other nonoperating income (expense)	5,112	(48,358)	(106,548)	(72,420)
Interest expense	(183,583)	(204,491)	(558,098)	(636,412)
Gain on sale of equipment	26,431	24,136	95,262	137,657
Other income (expense), Total	(152,040)	(228,713)	(569,384)	(571,175)
Income (loss) from continuing operations before income taxes	(3,191,035)	2,162,766	(1,546,328)	3,096,478
Income tax expense (benefit)	(1,323,887)	1,085,541	(605,298)	1,530,632
Income (loss) from continuing operations	(1,867,148)	1,077,225	(941,030)	1,565,846
Dividends on preferred stock	77,250	77,250	231,750	231,750
Income (loss) from continuing operations available to common shareholders	(1,944,398)	999,975	(1,172,780)	1,334,096
Income from discontinued operations net of tax expense
Net income (loss) available to common shareholders	$ (1,944,398)	$ 999,975	$ (1,172,780)	$ 1,334,096
Weighted average shares outstanding-basic (in shares)	14,239,836	14,239,836	14,239,836	14,239,836
Weighted average shares-diluted (in shares)	14,239,836	17,673,169	14,239,836	17,673,169
Earnings (loss) per share from continuing operations available to common shareholders (in dollars per share)	$ (0.137)	$ 0.070	$ (0.082)	$ 0.094
Earnings (loss) per share from continuing operations-diluted available to common shareholders (in dollars per share)	(0.137)	0.057	(0.082)	0.075
Earnings (loss) per share available to common shareholders (in dollars per share)	(0.137)	0.070	(0.082)	0.094
Earnings (loss) per share-diluted available to common shareholders (in dollars per share)	$ (0.137)	$ 0.057	$ (0.082)	$ 0.075

Consolidated Statements of Cash

Consolidated Statements of Cash Flows Unaudited - USD ($)	9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income (loss) available to common shareholders	$ (1,172,780)	$ 1,334,096
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation expense	2,286,618	1,863,496
Gain on sale/disposal of equipment	(95,262)	(137,657)
Provision for deferred taxes	(603,999)	1,215,278
Decrease in contracts receivable	6,733,586	2,626,882
Decrease in retainage receivable	81,493	96,616
Decrease in other receivables	6,537	8,244
Decrease (increase) in cost and estimated earnings in excess of billings on uncompleted contracts	1,016,914	(4,955,596)
Increase in prepaid expenses	(2,284,185)	(1,580,208)
Increase in accounts payable	2,665,594	4,293,377
Decrease in accrued expenses	(1,696,701)	(82,727)
Decrease in billings in excess of cost and estimated earnings on uncompleted contracts	(887,102)	(276,194)
(Decrease) increase in income taxes payable	(1,076,440)	45,947
Net cash provided by operating activities	4,974,273	4,451,554
Cash flows from investing activities:
Investment in property & equipment	(7,144,371)	(2,609,747)
Proceeds from sales of property and equipment	213,771	257,955
Net cash used in investing activities	(6,930,600)	(2,351,792)
Cash flows from financing activities:
Dividends on common stock	(696,117)	(695,367)
Borrowings on lines of credit and short term debt, net of (repayments)	5,048,639	1,415,538
Principal payments on long term debt	(2,176,401)	(1,877,154)
Net cash provided by (used in) financing activities	2,176,121	(1,156,983)
Increase in cash and cash equivalents	219,794	942,779
Cash beginning of period	3,828,093	1,511,581
Cash end of period	4,047,887	2,454,360
Supplemental schedule of noncash investing and financing activities:
Purchases of property & equipment under financing agreements	705,265	3,579,023
Insurance premiums financed	3,524,350	2,565,020
Cash paid during the year for:
Interest	558,098	636,412
Income taxes	1,344,568	241,065
Insurance premiums	2,475,711	1,649,482
Dividends paid on preferred stock	$ 309,000	$ 309,000

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Common Stock	Additional Paid in Capital	Retained Earnings (deficit)	Treasury Stock	Total
Balance at Sep. 30, 2015	$ 1,484	$ 61,289,260	$ (41,004,048)	$ (60)	$ 20,286,636
Balance (in shares) at Sep. 30, 2015	14,239,836
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) available to common shareholders			1,334,096		1,334,096
Dividends on common stock ($0.05 per share on 13,907,340 and 13,922,336 shares; 332,496 and 317,500 common shares are part of preferred units and were not eligible for the common dividend for June 30, 2016 and 2017, respectively)			(695,367)		(695,367)
Balance at Jun. 30, 2016	$ 1,484	61,289,260	(40,365,319)	(60)	20,925,365
Balance (in shares) at Jun. 30, 2016	14,239,836
Balance at Sep. 30, 2016	$ 1,484	61,289,260	(38,766,992)	(60)	22,523,692
Balance (in shares) at Sep. 30, 2016	14,239,836
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) available to common shareholders			(1,172,780)		(1,172,780)
Dividends on common stock ($0.05 per share on 13,907,340 and 13,922,336 shares; 332,496 and 317,500 common shares are part of preferred units and were not eligible for the common dividend for June 30, 2016 and 2017, respectively)			(696,117)		(696,117)
Balance at Jun. 30, 2017	$ 1,484	$ 61,289,260	$ (40,635,889)	$ (60)	$ 20,654,795
Balance (in shares) at Jun. 30, 2017	14,239,836

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	9 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
BUSINESS AND ORGANIZATION	1. BUSINESS AND ORGANIZATION: Energy Services of America Corporation (“Energy Services” or the “Company”) was formed in 2006 as a special purpose acquisition corporation, or blank check company. On August 15, 2008, Energy Services completed the acquisitions of S.T. Pipeline, Inc. (“S.T. Pipeline”) and C.J. Hughes Construction Company, Inc. (“C.J. Hughes”). Wholly owned subsidiary C.J. Hughes is a general contractor primarily engaged in pipeline construction for utility companies. C.J. Hughes operates primarily in the mid-Atlantic region of the United States. Nitro Electric Company, Inc. (“Nitro Electric”), a wholly owned subsidiary of C. J. Hughes, is an electrical and mechanical contractor that provides its services to the power, chemical and automotive industries. Nitro Electric operates primarily in the mid-Atlantic region of the United States. Contractors Rental Corporation (“Contractors Rental”), a wholly owned subsidiary of C.J. Hughes, provides union building trade employees for projects managed by C.J. Hughes. All of the C.J. Hughes, Nitro Electric, and Contractors Rental production personnel are union members of various related construction trade unions and are subject to collective bargaining agreements that expire at varying time intervals. S.T. Pipeline engaged in the construction of natural gas pipelines for utility companies in various states, mostly in the mid-Atlantic area of the country. On May 14, 2013, the Company liquidated the operation of S.T. Pipeline and realized $1.9 million from the sale of assets. The financial position and results of operations of S.T. Pipeline have been presented as discontinued operations in the accompanying financial statements for all presented periods. The Company’s stock is quoted under the symbol “ESOA” on the OTC QB market place operated by the OTC Markets Group. Interim Financial Statements The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the Company’s audited financial statements and footnotes thereto for the years ended September 30, 2016 and 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC on December 15, 2016. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to the interim financial reporting rules and regulations of the SEC. The financial statements reflect all adjustments (consisting primarily of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position and results of operations. The operating results for the three and nine months ended June 30, 2017 are not necessarily indicative of the results to be expected for the full year or any other interim period. Principles of Consolidation The consolidated financial statements of Energy Services include the accounts of Energy Services and its wholly owned subsidiary, C.J. Hughes and its subsidiaries, Nitro Electric and Contractors Rental. S.T. Pipeline has been shown as discontinued operations for the three and nine months ended June 30, 2017 and 2016. All significant intercompany accounts and transactions have been eliminated in the consolidation. Unless the context requires otherwise, references to Energy Services include Energy Services and C.J. Hughes and C.J. Hughes’ subsidiaries. Reclassifications Certain reclassifications have been made in prior years’ financial statements to conform to classifications used in the current year.

UNCOMPLETED CONTRACTS

UNCOMPLETED CONTRACTS	9 Months Ended
	Jun. 30, 2017
Contractors [Abstract]
UNCOMPLETED CONTRACTS	2. UNCOMPLETED CONTRACTS Costs, estimated earnings, and billings on uncompleted contracts as of June 30, 2017, and September 30, 2016 are summarized as follows: June 30, 2017 September 30, 2016 Costs incurred on uncompleted contracts $ 131,064,078 $ 134,163,585 Estimated earnings, net of estimated losses 10,061,448 16,592,644 141,125,526 150,756,229 Less billing to date 138,712,068 148,212,959 $ 2,413,458 $ 2,543,270 Costs and estimated earnings in excess of billings on uncompleted contracts $ 4,936,904 $ 5,953,818 Less billings in excess of costs and estimated earnings on uncompleted contracts 2,523,446 3,410,548 $ 2,413,458 $ 2,543,270 Backlog at June 30, 2017 and September 30, 2016 was $68.2 million and $78.5 million, respectively.

CLAIMS

CLAIMS	9 Months Ended
	Jun. 30, 2017
Claims [Abstract]
CLAIMS	3. CLAIMS The Company does not have any claims recorded as of June 30, 2017. Claims receivable is a component of cost and estimated earnings in excess of billing.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Jun. 30, 2017
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	4. FAIR VALUE MEASUREMENTS The Fair Value Measurements and Disclosures Topic Under the FASB’s authoritative guidance on fair value measurements, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Fair Value Measurements Topic of the FASB Accounting Standards Codification establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. As noted above, there is a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: Level 1 Level 2 Level 3 A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amount for borrowings under the Company’s revolving credit facility approximates fair value because of the variable market interest rate charged to the Company for these borrowings. The fair value of the Company’s long term fixed-rate debt to unrelated parties was estimated using a discounted cash flow analysis and a yield rate that was estimated based on the borrowing rates for bank loans with similar terms and maturities. The fair value of the aggregate principal amount of the Company’s fixed-rate debt of $20.1 million at June 30, 2017 was $20.0 million. The Company uses fair value measurements on a non-recurring basis in its assessment of goodwill and long-lived assets held and used. In accordance with its annual impairment test during the quarter ended September 30, 2012, the Company recorded a goodwill impairment charge of $36.9 million, which represented the entire amount of goodwill carried on the Company’s balance sheet. Refer to Note 4, Goodwill and Intangible Assets, of the Company’s Annual Report on Form 10-K for the year ended September 30, 2016 for further information.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	9 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	5. DISCONTINUED OPERATIONS Due to organizational changes and operating losses incurred in fiscal year 2012, the Company decided to discontinue the operations of its wholly owned subsidiary S.T Pipeline. On May 14, 2013, the Company liquidated the operations of S.T. Pipeline and realized $1.9 million from the sale. The Company did not have income from discontinued operations for the three and nine months ended June 30, 2017 and 2016. The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company’s consolidated balance sheets at June 30, 2017 and at September 30, 2016. June 30, September 30, 2017 2016 Cash $ 12,303 $ 12,303 Assets of discontinued operations-current 12,303 12,303 Total assets of discontinued operations 12,303 12,303 Accrued expenses and other current liabilities 28,671 28,671 Liabilities of discontinued operations-current 28,671 28,671 Total liabilities of discontinued operations 28,671 28,671 Net liabilities $ (16,368 ) $ (16,368 ) The $29,000 in accrued expenses and other current liabilities at June 30, 2017 represents a reserve for any unexpected expenses that may be incurred by the discontinued operation. As of June 30, 2017, the Company had paid all debts known to exist to the unsecured creditors of the discontinued operation.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	9 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	6. EARNINGS (LOSS) PER SHARE The amounts used to compute the earnings per share for the three and nine months ended June 30, 2017 and 2016 are summarized below. Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended June 30, June 30, June 30, June 30, 2017 2016 2017 2016 Income (loss) from continuing operations $ (1,867,148 ) $ 1,077,225 $ (941,030 ) $ 1,565,846 Dividends on preferred stock 77,250 77,250 231,750 231,750 Income (loss) available to common shareholders-continuing operations $ (1,944,398 ) $ 999,975 $ (1,172,780 ) $ 1,334,096 Weighted average shares outstanding 14,239,836 14,239,836 14,239,836 14,239,836 Weighted average shares outstanding-diluted 14,239,836 17,673,169 14,239,836 17,673,169 Earnings (loss) per share from continuing operations available to common shareholders $ (0.137 ) $ 0.070 $ (0.082 ) $ 0.094 Earnings (loss) per share from continuing operations available to common shareholders-diluted $ (0.137 ) $ 0.057 $ (0.082 ) $ 0.075 Income from discontinued operations $ - $ - $ - $ - Weighted average shares outstanding 14,239,836 14,239,836 14,239,836 14,239,836 Weighted average shares outstanding-diluted 14,239,836 14,239,836 14,239,836 14,239,836 Earnings per share from discontinued operations $ - $ - $ - $ - Earnings per share from discontinued operations-diluted $ - $ - $ - $ - Net income (loss) $ (1,867,148 ) $ 1,077,225 $ (941,030 ) $ 1,565,846 Dividends on preferred stock 77,250 77,250 231,750 231,750 Net income (loss) available to common shareholders $ (1,944,398 ) $ 999,975 $ (1,172,780 ) $ 1,334,096 Earnings (loss) per share available to common shareholders $ (0.137 ) $ 0.070 $ (0.082 ) $ 0.094 Earnings (loss) per share available to common shareholders-diluted $ (0.137 ) $ 0.057 $ (0.082 ) $ 0.075

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Interim Financial Statements	Interim Financial Statements The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the Company’s audited financial statements and footnotes thereto for the years ended September 30, 2016 and 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC on December 15, 2016. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to the interim financial reporting rules and regulations of the SEC. The financial statements reflect all adjustments (consisting primarily of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position and results of operations. The operating results for the three and nine months ended June 30, 2017 are not necessarily indicative of the results to be expected for the full year or any other interim period.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements of Energy Services include the accounts of Energy Services and its wholly owned subsidiary, C.J. Hughes and its subsidiaries, Nitro Electric and Contractors Rental. S.T. Pipeline has been shown as discontinued operations for the three and nine months ended June 30, 2017 and 2016. All significant intercompany accounts and transactions have been eliminated in the consolidation. Unless the context requires otherwise, references to Energy Services include Energy Services and C.J. Hughes and C.J. Hughes’ subsidiaries.
Reclassifications	Reclassifications Certain reclassifications have been made in prior years’ financial statements to conform to classifications used in the current year.

UNCOMPLETED CONTRACTS (Tables)

UNCOMPLETED CONTRACTS (Tables)	9 Months Ended
	Jun. 30, 2017
Contractors [Abstract]
Schedule of costs, estimated earnings and billings on uncompleted contracts	June 30, 2017 September 30, 2016 Costs incurred on uncompleted contracts $ 131,064,078 $ 134,163,585 Estimated earnings, net of estimated losses 10,061,448 16,592,644 141,125,526 150,756,229 Less billing to date 138,712,068 148,212,959 $ 2,413,458 $ 2,543,270 Costs and estimated earnings in excess of billings on uncompleted contracts $ 4,936,904 $ 5,953,818 Less billings in excess of costs and estimated earnings on uncompleted contracts 2,523,446 3,410,548 $ 2,413,458 $ 2,543,270

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	9 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Schedule of the components of asset and liabilities that are classified as discontinued operations	June 30, September 30, 2017 2016 Cash $ 12,303 $ 12,303 Assets of discontinued operations-current 12,303 12,303 Total assets of discontinued operations 12,303 12,303 Accrued expenses and other current liabilities 28,671 28,671 Liabilities of discontinued operations-current 28,671 28,671 Total liabilities of discontinued operations 28,671 28,671 Net liabilities $ (16,368 ) $ (16,368 )

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Schedule of basic and diluted earnings per share	Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended June 30, June 30, June 30, June 30, 2017 2016 2017 2016 Income (loss) from continuing operations $ (1,867,148 ) $ 1,077,225 $ (941,030 ) $ 1,565,846 Dividends on preferred stock 77,250 77,250 231,750 231,750 Income (loss) available to common shareholders-continuing operations $ (1,944,398 ) $ 999,975 $ (1,172,780 ) $ 1,334,096 Weighted average shares outstanding 14,239,836 14,239,836 14,239,836 14,239,836 Weighted average shares outstanding-diluted 14,239,836 17,673,169 14,239,836 17,673,169 Earnings (loss) per share from continuing operations available to common shareholders $ (0.137 ) $ 0.070 $ (0.082 ) $ 0.094 Earnings (loss) per share from continuing operations available to common shareholders-diluted $ (0.137 ) $ 0.057 $ (0.082 ) $ 0.075 Income from discontinued operations $ - $ - $ - $ - Weighted average shares outstanding 14,239,836 14,239,836 14,239,836 14,239,836 Weighted average shares outstanding-diluted 14,239,836 14,239,836 14,239,836 14,239,836 Earnings per share from discontinued operations $ - $ - $ - $ - Earnings per share from discontinued operations-diluted $ - $ - $ - $ - Net income (loss) $ (1,867,148 ) $ 1,077,225 $ (941,030 ) $ 1,565,846 Dividends on preferred stock 77,250 77,250 231,750 231,750 Net income (loss) available to common shareholders $ (1,944,398 ) $ 999,975 $ (1,172,780 ) $ 1,334,096 Earnings (loss) per share available to common shareholders $ (0.137 ) $ 0.070 $ (0.082 ) $ 0.094 Earnings (loss) per share available to common shareholders-diluted $ (0.137 ) $ 0.057 $ (0.082 ) $ 0.075

BUSINESS AND ORGANIZATION (Deta

BUSINESS AND ORGANIZATION (Detail Textuals) $ in Millions	May 14, 2013USD ($)
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Amount received from sale of assets of subsidiary	$ 1.9

UNCOMPLETED CONTRACTS - Summary

UNCOMPLETED CONTRACTS - Summary of costs, estimated earnings, and billings on uncompleted contracts (Details) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Contractors [Abstract]
Costs incurred on uncompleted contracts	$ 131,064,078	$ 134,163,585
Estimated earnings, net of estimated losses	10,061,448	16,592,644
Costs of uncomplete contracts including net estimated earnings	141,125,526	150,756,229
Less billing to date	138,712,068	148,212,959
Unbilled contracts receivable	2,413,458	2,543,270
Costs and estimated earnings in excess of billings on uncompleted contracts	4,936,904	5,953,818
Less billings in excess of costs and estimated earnings on uncompleted contracts	2,523,446	3,410,548
Unbilled contracts receivable	$ 2,413,458	$ 2,543,270

UNCOMPLETED CONTRACTS (Detail T

UNCOMPLETED CONTRACTS (Detail Textuals) - USD ($) $ in Millions	Jun. 30, 2017	Sep. 30, 2016
Contractors [Abstract]
Backlog	$ 68.2	$ 78.5

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Detail Textuals) $ in Millions	9 Months Ended
	Jun. 30, 2017USD ($)
Fair Value Disclosures [Abstract]
Aggregate principal amount of fixed-rate debt	$ 20.1
Fair value of company's fixed rate debt	20
Goodwill impairment charge	$ 36.9

DISCONTINUED OPERATIONS - Compo

DISCONTINUED OPERATIONS - Components of asset and liabilities classified as discontinued operations (Details) - USD ($)	Jun. 30, 2017	Sep. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets of discontinued operations-current	$ 12,303	$ 12,303
Liabilities of discontinued operations-current	28,671	28,671
S.T. Pipeline, Inc | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash	12,303	12,303
Assets of discontinued operations-current	12,303	12,303
Total assets of discontinued operations	12,303	12,303
Accrued expenses and other current liabilities	28,671	28,671
Liabilities of discontinued operations-current	28,671	28,671
Total liabilities of discontinued operations	28,671	28,671
Net liabilities	$ (16,368)	$ (16,368)

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Detail Textuals) - S.T. Pipeline, Inc - Discontinued Operations - USD ($)	May 14, 2013	Jun. 30, 2017	Sep. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of discontinued operations	$ 1,900,000
Accrued expenses and other current liabilities		$ 28,671	$ 28,671

EARNINGS (LOSS) PER SHARE - Sum

EARNINGS (LOSS) PER SHARE - Summary of amounts used to compute earnings per share (Details ) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ (1,867,148)	$ 1,077,225	$ (941,030)	$ 1,565,846
Dividends on preferred stock	77,250	77,250	231,750	231,750
Income (loss) available to common shareholders-continuing operations	$ (1,944,398)	$ 999,975	$ (1,172,780)	$ 1,334,096
Weighted average shares outstanding (in shares)	14,239,836	14,239,836	14,239,836	14,239,836
Weighted average shares outstanding-diluted (in shares)	14,239,836	17,673,169	14,239,836	17,673,169
Earnings (loss) per share from continuing operations available to common shareholders (in dollars per share)	$ (0.137)	$ 0.070	$ (0.082)	$ 0.094
Earnings (loss) per share from continuing operations available to common shareholders-diluted (in dollars per share)	$ (0.137)	$ 0.057	$ (0.082)	$ 0.075
Income from discontinued operations
Weighted average shares outstanding (in shares)	14,239,836	14,239,836	14,239,836	14,239,836
Weighted average shares outstanding-diluted (in shares)	14,239,836	14,239,836	14,239,836	14,239,836
Earnings per share from discontinued operations (in dollars per share)
Earnings per share from discontinued operations-diluted (in dollars per share)
Net income (loss)	$ (1,867,148)	$ 1,077,225	$ (941,030)	$ 1,565,846
Dividends on preferred stock	77,250	77,250	231,750	231,750
Net income (loss) available to common shareholders	$ (1,944,398)	$ 999,975	$ (1,172,780)	$ 1,334,096
Earnings (loss) per share available to common shareholders (in dollars per share)	$ (0.137)	$ 0.070	$ (0.082)	$ 0.094
Earnings (loss) per share available to common shareholders-diluted (in dollars per share)	$ (0.137)	$ 0.057	$ (0.082)	$ 0.075