Energy Services of America (ESOA) 10-Q 14 May 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2018	May 01, 2018
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	Mar. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2018	Sep. 30, 2017
Current assets
Cash and cash equivalents	$ 2,841,953	$ 1,663,222
Accounts receivable-trade	12,146,234	23,140,272
Allowance for doubtful accounts	(108,771)	(108,200)
Retainages receivable	1,354,679	3,773,892
Other receivables	98,701	96,242
Costs and estimated earnings in excess of billings on uncompleted contracts	5,697,269	5,350,884
Prepaid expenses and other	5,072,833	4,044,731
Assets of discontinued operations	12,303	12,303
Total current assets	27,115,201	37,973,346
Property, plant and equipment, at cost	47,609,657	48,436,122
less accumulated depreciation	(29,616,656)	(29,243,614)
Total fixed assets	17,993,001	19,192,508
Long-term notes receivable	137,281	137,281
Total assets	45,245,483	57,303,135
Current liabilities
Current maturities of long-term debt	4,470,279	4,562,918
Lines of credit and short term borrowings	4,859,188	9,432,968
Accounts payable	2,887,144	5,522,143
Accrued expenses and other current liabilities	2,524,304	4,302,611
Billings in excess of costs and estimated earnings on uncompleted contracts	2,667,983	2,173,965
Liabilities of discontinued operations	28,671	28,671
Total current liabilities	17,437,569	26,023,276
Long-term debt, less current maturities	7,504,712	9,702,483
Deferred income taxes payable	125,958	446,557
Total liabilities	25,068,239	36,172,316
Shareholders' equity
Preferred stock, $.0001 par value Authorized 1,000,000 shares, 206 issued for March 31, 2018 and September 30, 2017
Common stock, $.0001 par value Authorized 50,000,000 shares 14,839,836 issued and 14,239,836 outstanding for March 31, 2018 shares and September 30, 2017	1,484	1,484
Treasury stock, 600,000 shares at March 31, 2018 and September 30, 2017	(60)	(60)
Additional paid in capital	61,289,260	61,289,260
Retained earnings (deficit)	(41,113,440)	(40,159,865)
Total shareholders' equity	20,177,244	21,130,819
Total liabilities and shareholders' equity	$ 45,245,483	$ 57,303,135

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2018	Sep. 30, 2017
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	14,839,836
Common stock, shares outstanding	14,239,836	14,239,836
Treasury stock, shares	600,000	600,000

Consolidated Statements of Inco

Consolidated Statements of Income Unaudited - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Revenue	$ 23,093,033	$ 25,371,605	$ 55,640,636	$ 62,868,477
Cost of revenues	22,036,935	23,859,453	52,609,084	56,671,538
Gross profit	1,056,098	1,512,152	3,031,552	6,196,939
Selling and administrative expenses	1,956,356	1,939,278	3,965,447	4,134,888
Income (loss) from operations	(900,258)	(427,126)	(933,895)	2,062,051
Other income (expense)
Interest income	61		132,342
Other nonoperating expense	(47,023)	(40,231)	(102,147)	(111,660)
Interest expense	(243,708)	(143,546)	(539,552)	(374,515)
Gain on sale of equipment	19,670	41,841	388,375	68,831
Other income (expense), Total	(271,000)	(141,936)	(120,982)	(417,344)
Income (loss) before income taxes	(1,171,258)	(569,062)	(1,054,877)	1,644,707
Income tax expense (benefit)	(223,683)	(256,523)	(255,802)	718,589
Net income (loss)	(947,575)	(312,539)	(799,075)	926,118
Dividends on preferred stock	77,250	77,250	154,500	154,500
Net income (loss) available to common shareholders	$ (1,024,825)	$ (389,789)	$ (953,575)	$ 771,618
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	14,239,836	14,239,836	17,673,169
Earnings (loss) per share from continuing operations available to common shareholders (in dollars per share)	$ (0.072)	$ (0.027)	$ (0.067)	$ 0.054
Earnings (loss) per share from continuing operations-diluted available to common shareholders (in dollars per share)	(0.072)	(0.027)	(0.067)	0.044
Earnings (loss) per share available to common shareholders (in dollars per share)	(0.072)	(0.027)	(0.067)	0.054
Earnings (loss) per share-diluted available to common shareholders (in dollars per share)	$ (0.072)	$ (0.027)	$ (0.067)	$ 0.044

Consolidated Statements of Cash

Consolidated Statements of Cash Flows Unaudited - USD ($)	6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ (799,075)	$ 926,118
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	2,114,346	1,406,151
Gain on sale/disposal of equipment	(388,375)	(68,831)
Provision for deferred taxes	(320,599)	92,000
Decrease in contracts receivable	10,994,609	12,487,429
Decrease (increase) in retainage receivable	2,419,213	(560,318)
(Increase) decrease in other receivables	(2,459)	6,787
(Increase) decrease in cost and estimated earnings in excess of billings on uncompleted contracts	(346,385)	1,630,865
Increase in prepaid expenses	(1,028,102)	(2,498,964)
Decrease in accounts payable	(2,634,999)	(1,356,188)
Decrease in accrued expenses	(1,778,307)	(1,664,100)
Increase (decrease) in billings in excess of cost and estimated earnings on uncompleted contracts	494,018	(606,334)
Decrease in income taxes payable		(890,526)
Net cash provided by operating activities	8,723,885	8,904,089
Cash flows from investing activities:
Investment in property and equipment	(969,804)	(3,119,369)
Proceeds from sales of property and equipment	443,340	162,573
Net cash used in investing activities	(526,464)	(2,956,796)
Cash flows from financing activities:
Borrowings on lines of credit and short term debt, net of (repayments)	(4,573,780)	(3,990,175)
Preferred dividends paid	(154,500)	(154,500)
Principal payments on long term debt	(2,290,410)	(1,442,848)
Net cash used in financing activities	(7,018,690)	(5,587,523)
Increase in cash and cash equivalents	1,178,731	359,770
Cash beginning of period	1,675,525	3,828,093
Cash end of period	2,854,256	4,187,863
Supplemental schedule of noncash investing and financing activities:
Insurance premiums financed	3,130,859	3,524,350
Accrued dividends on preferred stock	154,500	154,500
Cash paid during the year for:
Interest	539,552	374,515
Income taxes	$ 21,357	$ 1,139,306

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, 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)			926,118		926,118
Accrued preferred dividends			(154,500)		(154,500)
Balance at Mar. 31, 2017	$ 1,484	61,289,260	(37,995,374)	(60)	23,295,310
Balance (in shares) at Mar. 31, 2017	14,239,836
Balance at Sep. 30, 2017	$ 1,484	61,289,260	(40,159,865)	(60)	21,130,819
Balance (in shares) at Sep. 30, 2017	14,239,836
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)			(799,075)		(799,075)
Accrued preferred dividends			(154,500)		(154,500)
Balance at Mar. 31, 2018	$ 1,484	$ 61,289,260	$ (41,113,440)	$ (60)	$ 20,177,244
Balance (in shares) at Mar. 31, 2018	14,239,836

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	6 Months Ended
	Mar. 31, 2018
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. 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. Nitro Construction Services, Inc. (“Nitro”), 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 operates primarily in the mid-Atlantic region of the United States. Pinnacle Technical Solutions, Inc. (“Pinnacle”), a wholly owned subsidiary of Nitro, operates as a data storage facility within Nitro’s office building. Pinnacle is supported by Nitro and has no employees of its own. All of the C.J. Hughes, Nitro, 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 operations 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 consolidated 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 consolidated financial statements and footnotes thereto for the years ended September 30, 2017 and 2016 included in the Company’s Annual Report on Form 10-K filed with the SEC on December 15, 2017. 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 six months ended March 31, 2018 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, Pinnacle, and Contractors Rental. S.T. Pipeline has been shown as discontinued operations for the three and six months ended March 31, 2018 and 2017. 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	6 Months Ended
	Mar. 31, 2018
Contractors [Abstract]
UNCOMPLETED CONTRACTS	2. UNCOMPLETED CONTRACTS Costs, estimated earnings, and billings on uncompleted contracts as of March 31, 2018 and September 30, 2017 are summarized as follows: March 31, 2018 September 30, 2017 Costs incurred on uncompleted contracts $ 122,803,569 $ 143,738,101 Estimated earnings, net of estimated losses 7,096,048 9,573,781 129,899,617 153,311,882 Less billing to date 126,870,331 150,134,963 $ 3,029,286 $ 3,176,919 Costs and estimated earnings in excess of billings on uncompleted contracts $ 5,697,269 $ 5,350,884 Less billings in excess of costs and estimated earnings on uncompleted contracts 2,667,983 2,173,965 $ 3,029,286 $ 3,176,919 Backlog at March 31, 2018 and September 30, 2017 was $55.1 million and $62.5 million, respectively. In April 2018, the company was awarded a transmission pipeline project valued at $47.0 million. This project is not included in the March 31, 2018 backlog.

CLAIMS

CLAIMS	6 Months Ended
	Mar. 31, 2018
Claims [Abstract]
CLAIMS	3. CLAIMS The Company does not have any claims recorded as of March 31, 2018. Claims receivable is a component of cost and estimated earnings in excess of billing.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Mar. 31, 2018
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 $13.2 million at March 31, 2018 was $13.1 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, 2017 for further information.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Mar. 31, 2018
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 six months ended March 31, 2018 and 2017. The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company’s consolidated balance sheets at March 31, 2018 and September 30, 2017. March 31, September 30, 2018 2017 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 March 31, 2018 represents a reserve for any unexpected expenses that may be incurred by the discontinued operation. As of March 31, 2018, the Company had paid all debts known to exist to the unsecured creditors of the discontinued operation.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
EARNINGS PER SHARE	6. EARNINGS PER SHARE The amounts used to compute the earnings per share for the three and six months ended March 31, 2018 and 2017 are summarized below. Three Months Ended Three Months Ended Six Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2018 2017 2018 2017 Income (loss) from continuing operations $ (947,575 ) $ (312,539 ) $ (799,075 ) $ 926,118 Dividends on preferred stock 77,250 77,250 154,500 154,500 Income (loss) available to common shareholders-continuing operations $ (1,024,825 ) $ (389,789 ) $ (953,575 ) $ 771,618 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 17,673,169 Earnings (loss) per share from continuing operations available to common shareholders $ (0.072 ) $ (0.027 ) $ (0.067 ) $ 0.054 Earnings (loss) per share from continuing operations available to common shareholders-diluted $ (0.072 ) $ (0.027 ) $ (0.067 ) $ 0.044 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 17,673,169 Earnings per share from discontinued operations $ - $ - $ - $ - Earnings per share from discontinued operations-diluted $ - $ - $ - $ - Net income (loss) $ (947,575 ) $ (312,539 ) $ (799,075 ) $ 926,118 Dividends on preferred stock 77,250 77,250 154,500 154,500 Net income (loss) available to common shareholders $ (1,024,825 ) $ (389,789 ) $ (953,575 ) $ 771,618 Earnings (loss) per share available to common shareholders $ (0.072 ) $ (0.027 ) $ (0.067 ) $ 0.054 Earnings (loss) per share available to common shareholders-diluted $ (0.072 ) $ (0.027 ) $ (0.067 ) $ 0.044

INCOME TAXES

INCOME TAXES	6 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	7. INCOME TAXES The components of income taxes are as follows: Six months ended March 31, 2018 2017 Federal Current $ (152,484 ) $ 534,767 Deferred (63,045 ) 75,371 Total (215,529 ) 610,138 State Current (63,716 ) 96,539 Deferred 23,443 11,912 Total (40,273 ) 108,451 Total income tax expense (benefit) $ (255,802 ) $ 718,589 The income tax effects of temporary differences giving rise to the deferred tax assets and liabilities are as follows: March 31, September 30, 2018 2017 Deferred income tax assets Long-term Net operating loss carryforward $ 461,602 $ 180,605 Other deferred assets 861,284 1,213,461 Total deferred income tax assets 1,322,886 1,394,066 Continuing operations 1,322,886 1,394,066 Total deferred income tax assets 1,322,886 1,394,066 Deferred income tax liabilities Long-term Property and equipment $ 1,471,216 $ 1,857,088 Other deferred liabilities (22,372 ) (16,465 ) Total deferred income tax liabilities-LT 1,448,844 1,840,623 Continuing operations 1,448,844 1,840,623 Total deferred income tax liabilities-LT 1,448,844 1,840,623 Net deferred income tax liabilities $ 125,958 $ 446,557 The Company does not believe that it has any unrecognized tax benefits included in its consolidated financial statements that require recognition. The Company has not had any settlements in the current period with taxing authorities, nor has it recognized tax benefits as a result of a lapse of the applicable statute of limitations. The Company recognizes interest and penalties accrued related to unrecognized tax benefits, if applicable, in general and administrative expenses.

SHORT-TERM AND LONG-TERM DEBT

SHORT-TERM AND LONG-TERM DEBT	6 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
SHORT-TERM AND LONG-TERM DEBT	8. SHORT-TERM AND LONG-TERM DEBT A summary of short-term and long-term debt as of March 31, 2018 and September 30, 2017 is as follows: March 31, September 30, 2018 2017 Line of credit payable to bank, monthly interest at 4.99%, final payment due by February 27, 2018. $ 2,582,199 $ 9,112,572 Renewal signed on March 21, 2018 to extend until February 27, 2019. Notes payable to finance companies, due in monthly installments totaling $63,673 including interest ranging from 1.0% to 10.09%, final payments due through April 2018 to June 2019, secured by equipment. 1,659,466 2,042,524 Note payable to finance company for insurance premiums financed, due in monthly installments totaling $288,581 in 2018 and $320,396 in 2017, including interest rate at 2.77%, final payment due October 2018. 2,276,989 320,396 Notes payable to bank, due in monthly installments totaling $7,799, including interest at 4.75%, final payment due November 2034 secured by building and property. 1,074,469 1,094,631 Notes payable to bank, due in monthly installments totaling $11,506, including interest at 5.0%, final payment due November 2025 secured by building and property. 900,545 949,481 Notes payable to bank, due in monthly installments totaling $172,473, including interest at 6.5%, final payment due February 2019 secured by equipment. 1,694,649 2,655,515 Notes payable to bank, due in monthly installments totaling $30,914, including interest at 5.0%, final payment due February 2019 secured by equipment. 332,961 507,507 Notes payable to bank, due in monthly installments totaling $94,333, including interest at 4.99%, final payment due September 2022 secured by equipment. 4,527,648 5,000,000 Notes payable to bank, due in monthly installments totaling $46,405, including interest at 5.00%, final payment due September 2021 secured by equipment. 1,785,253 2,015,743 Total debt 16,834,179 23,698,369 Less current maturities 9,329,467 13,995,886 Total long term debt $ 7,504,712 $ 9,702,483

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Interim Financial Statements	Interim Financial Statements The accompanying unaudited consolidated 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 consolidated financial statements and footnotes thereto for the years ended September 30, 2017 and 2016 included in the Company’s Annual Report on Form 10-K filed with the SEC on December 15, 2017. 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 six months ended March 31, 2018 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, Pinnacle, and Contractors Rental. S.T. Pipeline has been shown as discontinued operations for the three and six months ended March 31, 2018 and 2017. 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)	6 Months Ended
	Mar. 31, 2018
Contractors [Abstract]
Schedule of costs, estimated earnings and billings on uncompleted contracts	March 31, 2018 September 30, 2017 Costs incurred on uncompleted contracts $ 122,803,569 $ 143,738,101 Estimated earnings, net of estimated losses 7,096,048 9,573,781 129,899,617 153,311,882 Less billing to date 126,870,331 150,134,963 $ 3,029,286 $ 3,176,919 Costs and estimated earnings in excess of billings on uncompleted contracts $ 5,697,269 $ 5,350,884 Less billings in excess of costs and estimated earnings on uncompleted contracts 2,667,983 2,173,965 $ 3,029,286 $ 3,176,919

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Schedule of the components of asset and liabilities that are classified as discontinued operations	March 31, September 30, 2018 2017 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)	6 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule to compute earnings per share	Three Months Ended Three Months Ended Six Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2018 2017 2018 2017 Income (loss) from continuing operations $ (947,575 ) $ (312,539 ) $ (799,075 ) $ 926,118 Dividends on preferred stock 77,250 77,250 154,500 154,500 Income (loss) available to common shareholders-continuing operations $ (1,024,825 ) $ (389,789 ) $ (953,575 ) $ 771,618 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 17,673,169 Earnings (loss) per share from continuing operations available to common shareholders $ (0.072 ) $ (0.027 ) $ (0.067 ) $ 0.054 Earnings (loss) per share from continuing operations available to common shareholders-diluted $ (0.072 ) $ (0.027 ) $ (0.067 ) $ 0.044 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 17,673,169 Earnings per share from discontinued operations $ - $ - $ - $ - Earnings per share from discontinued operations-diluted $ - $ - $ - $ - Net income (loss) $ (947,575 ) $ (312,539 ) $ (799,075 ) $ 926,118 Dividends on preferred stock 77,250 77,250 154,500 154,500 Net income (loss) available to common shareholders $ (1,024,825 ) $ (389,789 ) $ (953,575 ) $ 771,618 Earnings (loss) per share available to common shareholders $ (0.072 ) $ (0.027 ) $ (0.067 ) $ 0.054 Earnings (loss) per share available to common shareholders-diluted $ (0.072 ) $ (0.027 ) $ (0.067 ) $ 0.044

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Schedule of components of income taxes	Six months ended March 31, 2018 2017 Federal Current $ (152,484 ) $ 534,767 Deferred (63,045 ) 75,371 Total (215,529 ) 610,138 State Current (63,716 ) 96,539 Deferred 23,443 11,912 Total (40,273 ) 108,451 Total income tax expense (benefit) $ (255,802 ) $ 718,589
Schedule of income tax effects to deferred tax assets and liabilities	March 31, September 30, 2018 2017 Deferred income tax assets Long-term Net operating loss carryforward $ 461,602 $ 180,605 Other deferred assets 861,284 1,213,461 Total deferred income tax assets 1,322,886 1,394,066 Continuing operations 1,322,886 1,394,066 Total deferred income tax assets 1,322,886 1,394,066 Deferred income tax liabilities Long-term Property and equipment $ 1,471,216 $ 1,857,088 Other deferred liabilities (22,372 ) (16,465 ) Total deferred income tax liabilities-LT 1,448,844 1,840,623 Continuing operations 1,448,844 1,840,623 Total deferred income tax liabilities-LT 1,448,844 1,840,623 Net deferred income tax liabilities $ 125,958 $ 446,557

SHORT-TERM AND LONG-TERM DEBT (

SHORT-TERM AND LONG-TERM DEBT (Tables)	6 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Schedule of summary of short-term and long-term debt	March 31, September 30, 2018 2017 Line of credit payable to bank, monthly interest at 4.99%, final payment due by February 27, 2018. $ 2,582,199 $ 9,112,572 Renewal signed on March 21, 2018 to extend until February 27, 2019. Notes payable to finance companies, due in monthly installments totaling $63,673 including interest ranging from 1.0% to 10.09%, final payments due through April 2018 to June 2019, secured by equipment. 1,659,466 2,042,524 Note payable to finance company for insurance premiums financed, due in monthly installments totaling $288,581 in 2018 and $320,396 in 2017, including interest rate at 2.77%, final payment due October 2018. 2,276,989 320,396 Notes payable to bank, due in monthly installments totaling $7,799, including interest at 4.75%, final payment due November 2034 secured by building and property. 1,074,469 1,094,631 Notes payable to bank, due in monthly installments totaling $11,506, including interest at 5.0%, final payment due November 2025 secured by building and property. 900,545 949,481 Notes payable to bank, due in monthly installments totaling $172,473, including interest at 6.5%, final payment due February 2019 secured by equipment. 1,694,649 2,655,515 Notes payable to bank, due in monthly installments totaling $30,914, including interest at 5.0%, final payment due February 2019 secured by equipment. 332,961 507,507 Notes payable to bank, due in monthly installments totaling $94,333, including interest at 4.99%, final payment due September 2022 secured by equipment. 4,527,648 5,000,000 Notes payable to bank, due in monthly installments totaling $46,405, including interest at 5.00%, final payment due September 2021 secured by equipment. 1,785,253 2,015,743 Total debt 16,834,179 23,698,369 Less current maturities 9,329,467 13,995,886 Total long term debt $ 7,504,712 $ 9,702,483

BUSINESS AND ORGANIZATION (Deta

BUSINESS AND ORGANIZATION (Detail Textuals) $ in Millions	May 14, 2013USD ($)
S.T. Pipeline, Inc | Discontinued Operations
Disposal Groups, Including Discontinued Operations [Line Items]
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 ($)	Mar. 31, 2018	Sep. 30, 2017
Contractors [Abstract]
Costs incurred on uncompleted contracts	$ 122,803,569	$ 143,738,101
Estimated earnings, net of estimated losses	7,096,048	9,573,781
Costs of uncompleted contracts including net estimated earnings	129,899,617	153,311,882
Less billing to date	126,870,331	150,134,963
Unbilled contracts receivable	3,029,286	3,176,919
Costs and estimated earnings in excess of billings on uncompleted contracts	5,697,269	5,350,884
Less billings in excess of costs and estimated earnings on uncompleted contracts	2,667,983	2,173,965
Unbilled contracts receivable	$ 3,029,286	$ 3,176,919

UNCOMPLETED CONTRACTS (Detail T

UNCOMPLETED CONTRACTS (Detail Textuals) - USD ($) $ in Millions	Apr. 30, 2018	Mar. 31, 2018	Sep. 30, 2017
Uncompleted Contracts [Line Items]
Backlog		$ 55.1	$ 62.5
Subsequent event
Uncompleted Contracts [Line Items]
Transmission pipeline project amount	$ 47

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Detail Textuals) - USD ($) $ in Millions	1 Months Ended
	Sep. 30, 2012	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Aggregate principal amount of fixed-rate debt		$ 13.2
Fair value of fixed rate debt		$ 13.1
Goodwill impairment charge	$ 36.9

DISCONTINUED OPERATIONS - Compo

DISCONTINUED OPERATIONS - Components of asset and liabilities classified as discontinued operations (Details) - USD ($)	Mar. 31, 2018	Sep. 30, 2017
Components of assets and liabilities classified as discontinued operations:
Assets of discontinued operations-current	$ 12,303	$ 12,303
Accrued expenses and other current liabilities	29,000
Liabilities of discontinued operations-current	28,671	28,671
S.T. Pipeline, Inc | Discontinued Operations
Components of assets and liabilities classified as discontinued operations:
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) - USD ($)	May 14, 2013	Mar. 31, 2018	Sep. 30, 2017
Disposal Groups, Including Discontinued Operations [Line Items]
Accrued expenses and other current liabilities		$ 29,000
S.T. Pipeline, Inc | Discontinued Operations
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		6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ (947,575)	$ (312,539)	$ (799,075)	$ 926,118
Dividends on preferred stock	77,250	77,250	154,500	154,500
Income (loss) available to common shareholders-continuing operations	$ (1,024,825)	$ (389,789)	$ (953,575)	$ 771,618
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	17,673,169
Earnings (loss) per share from continuing operations available to common shareholders (in dollars per share)	$ (0.072)	$ (0.027)	$ (0.067)	$ 0.054
Earnings (loss) per share from continuing operations available to common shareholders-diluted (in dollars per share)	$ (0.072)	$ (0.027)	$ (0.067)	$ 0.044
Income from discontinued operations	$ 0	$ 0	$ 0	$ 0
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	17,673,169
Earnings per share from discontinued operations (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Earnings per share from discontinued operations-diluted (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Net income (loss)	$ (947,575)	$ (312,539)	$ (799,075)	$ 926,118
Dividends on preferred stock	77,250	77,250	154,500	154,500
Net income (loss) available to common shareholders	$ (1,024,825)	$ (389,789)	$ (953,575)	$ 771,618
Earnings (loss) per share available to common shareholders (in dollars per share)	$ (0.072)	$ (0.027)	$ (0.067)	$ 0.054
Earnings (loss) per share available to common shareholders-diluted (in dollars per share)	$ (0.072)	$ (0.027)	$ (0.067)	$ 0.044

INCOME TAXES - Components of in

INCOME TAXES - Components of income taxes (Details) - USD ($)	6 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Federal
Current	$ (152,484)	$ 534,767
Deferred	(63,045)	75,371
Total	(215,529)	610,138
State
Current	(63,716)	96,539
Deferred	23,443	11,912
Total	(40,273)	108,451
Total income tax expense (benefit)	$ (255,802)	$ 718,589

INCOME TAXES - Summary of incom

INCOME TAXES - Summary of income tax effects of temporary differences giving rise to deferred tax liabilities (Details 1) - USD ($)	Mar. 31, 2018	Sep. 30, 2017
Deferred income tax assets Long-term
Net operating loss carryforward	$ 461,602	$ 180,605
Other deferred assets	861,284	1,213,461
Total deferred income tax assets	1,322,886	1,394,066
Deferred income tax liabilities, Long-term
Property and equipment	1,471,216	1,857,088
Other deferred liabilities	(22,372)	(16,465)
Total deferred income tax liabilities-LT	1,448,844	1,840,623
Net deferred income tax liabilities	125,958	446,557
Continuing Operations
Deferred income tax assets Long-term
Total deferred income tax assets	1,322,886	1,394,066
Deferred income tax liabilities, Long-term
Total deferred income tax liabilities-LT	$ 1,448,844	$ 1,840,623

SHORT-TERM AND LONG-TERM DEBT -

SHORT-TERM AND LONG-TERM DEBT - Summary of short-term and long-term debt (Details) - USD ($)	Mar. 31, 2018	Sep. 30, 2017
Debt Instrument [Line Items]
Total debt	$ 16,834,179	$ 23,698,369
Less current maturities	9,329,467	13,995,886
Total long term debt	7,504,712	9,702,483
Line of credit payable to bank due by February 27, 2018
Debt Instrument [Line Items]
Total debt	2,582,199	9,112,572
Notes payable to finance companies, final payments due April 2018 to June 2019
Debt Instrument [Line Items]
Total debt	1,659,466	2,042,524
Note payable to finance company for insurance premiums financed, due October 2018 in monthly installments
Debt Instrument [Line Items]
Total debt	2,276,989	320,396
Notes payable to bank, final payment due November 2034
Debt Instrument [Line Items]
Total debt	1,074,469	1,094,631
Notes payable to bank, final payment due November 2025
Debt Instrument [Line Items]
Total debt	900,545	949,481
Notes payable to bank, final payment due February 2019
Debt Instrument [Line Items]
Total debt	1,694,649	2,655,515
Notes payable to bank, final payment due February 2019
Debt Instrument [Line Items]
Total debt	332,961	507,507
Notes payable to bank, final payment due September 2022
Debt Instrument [Line Items]
Total debt	4,527,648	5,000,000
Notes payable to bank, final payment due September 2021
Debt Instrument [Line Items]
Total debt	$ 1,785,253	$ 2,015,743

SHORT-TERM AND LONG-TERM DEBT31

SHORT-TERM AND LONG-TERM DEBT - Summary of short-term and long-term debt (Parentheticals) (Details) - USD ($)	6 Months Ended	12 Months Ended
	Mar. 31, 2018	Sep. 30, 2017
Line of credit payable to bank due by February 27, 2018
Debt Instrument [Line Items]
Interest rate	4.99%
Notes payable to finance companies, final payments due April 2018 to June 2019
Debt Instrument [Line Items]
Note payable in monthly installments	$ 63,673
Notes payable to finance companies, final payments due April 2018 to June 2019 | Minimum
Debt Instrument [Line Items]
Interest rate	1.00%
Notes payable to finance companies, final payments due April 2018 to June 2019 | Maximum
Debt Instrument [Line Items]
Interest rate	10.09%
Note payable to finance company for insurance premiums financed, due October 2018 in monthly installments
Debt Instrument [Line Items]
Note payable in monthly installments	$ 288,581	$ 320,396
Interest rate	2.77%
Notes payable to bank, final payment due November 2034
Debt Instrument [Line Items]
Note payable in monthly installments	$ 7,799
Interest rate	4.75%
Notes payable to bank, final payment due November 2025
Debt Instrument [Line Items]
Note payable in monthly installments	$ 11,506
Interest rate	5.00%
Notes payable to bank, final payment due February 2019
Debt Instrument [Line Items]
Note payable in monthly installments	$ 172,473
Interest rate	6.50%
Notes payable to bank, final payment due February 2019
Debt Instrument [Line Items]
Note payable in monthly installments	$ 30,914
Interest rate	5.00%
Notes payable to bank, final payment due September 2022
Debt Instrument [Line Items]
Note payable in monthly installments	$ 94,333
Interest rate	4.99%
Notes payable to bank, final payment due September 2021
Debt Instrument [Line Items]
Note payable in monthly installments	$ 46,405
Interest rate	5.00%