Energy Services of America (ESOA) 10-Q 14 Aug 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2023	Aug. 15, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Entity File Number	000-00000
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Entity Registrant Name	Energy Services of America Corporation
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	20-4606266
Entity Address, Address Line One	75 West 3rd Ave.
Entity Address, City or Town	Huntington
Entity Address, Postal Zip Code	25701
Entity Address, State or Province	WV
City Area Code	304
Local Phone Number	522-3868
Title of 12(g) Security	Common Stock, Par Value $0.0001
Trading Symbol	ESOA
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		16,567,185
Entity Central Index Key	0001357971
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Current assets
Cash and cash equivalents	$ 9,038,562	$ 7,427,474
Accounts receivable-trade	47,875,592	38,525,223
Allowance for doubtful accounts	(51,063)	(70,310)
Retainages receivable	7,324,964	4,443,679
Other receivables	567,031	10,866
Contract assets	12,198,918	16,109,593
Prepaid expenses and other	4,849,731	3,945,968
Total current assets	81,803,735	70,392,493
Property, plant and equipment, at cost	82,131,349	73,736,433
less accumulated depreciation	(45,933,846)	(41,074,646)
Total property and equipment, net	36,197,503	32,661,787
Right-of-use assets-operating lease	3,674,455	1,611,321
Intangible assets, net	3,472,469	3,873,690
Goodwill	4,087,554	4,087,554
Total assets	129,235,716	112,626,845
Current liabilities
Current maturities of long-term debt	4,858,795	4,060,016
Lines of credit and short-term borrowings	28,248,900	23,164,851
Current maturities of operating lease liabilities	1,213,496	588,653
Accounts payable	18,833,990	20,314,408
Accrued expenses and other current liabilities	10,318,491	11,266,008
Contract liabilities	16,576,181	6,027,578
Total current liabilities	80,049,853	65,421,514
Long-term debt, less current maturities	12,731,183	13,494,084
Long-term operating lease liabilities, less current maturities	2,431,780	1,015,624
Deferred tax liability	5,155,011	4,455,079
Total liabilities	100,367,827	84,386,301
Shareholders' equity
Common stock, $.0001 par value Authorized 50,000,000 shares, 17,885,615 issued and 16,567,185 outstanding at June 30, 2023 and 17,885,615 issued and 16,667,185 outstanding at September 30, 2022	1,789	1,789
Treasury stock, 1,318,430 shares at June 30, 2023 and 1,218,430 shares at September 30, 2022	(132)	(122)
Additional paid in capital	60,288,745	60,508,350
Retained deficit	(31,422,513)	(32,269,473)
Total shareholders' equity	28,867,889	28,240,544
Total liabilities and shareholders' equity	$ 129,235,716	$ 112,626,845

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2023	Sep. 30, 2022
Consolidated Balance Sheets
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	17,885,615	17,885,615
Common stock, shares outstanding	16,567,185	16,667,185
Treasury stock, shares	1,318,430	1,218,430

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Consolidated Statements of Income
Revenue	$ 85,529,892	$ 51,171,939	$ 199,245,920	$ 129,223,642
Cost of revenues	74,650,897	44,754,346	178,480,010	114,632,057
Gross profit	10,878,995	6,417,593	20,765,910	14,591,585
Selling and administrative expenses	5,283,617	3,821,043	16,487,502	10,870,677
Income from operations	5,595,378	2,596,550	4,278,408	3,720,908
Other income (expense)
Interest income			196	576
Other nonoperating expense	(72,338)	(174,957)	(163,525)	(438,195)
Interest expense	(639,888)	(231,265)	(1,713,862)	(623,498)
Gain on sale of equipment	30,136	58,311	47,073	418,103
Other nonoperating income (expense), Total	(682,090)	(347,911)	(1,830,118)	(643,014)
Income before income taxes	4,913,288	2,248,639	2,448,290	3,077,894
Income tax expense	1,497,742	651,396	767,970	945,216
Net income	$ 3,415,546	$ 1,597,243	$ 1,680,320	$ 2,132,678
Weighted average shares outstanding-basic	16,602,556	16,449,829	16,659,169	16,270,499
Weighted average shares-diluted	16,602,556	16,449,829	16,659,169	16,270,499
Earnings per share-basic	$ 0.21	$ 0.10	$ 0.10	$ 0.13
Earnings per share-diluted	$ 0.21	$ 0.10	$ 0.10	$ 0.13

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 1,680,320	$ 2,132,678
Adjustments to reconcile net income to net cash provided by operating activities:
Accreted interest on PPP Loans	74,613	74,613
Depreciation expense	5,356,166	4,006,663
Gain on sale of equipment	(47,073)	(418,103)
Provision for deferred taxes	699,932	845,216
Accreted interest on notes payable	31,200	27,326
Increase in accounts receivable	(9,369,616)	(3,086,194)
Increase in retainage receivable	(2,881,285)	(2,221,588)
(Increase) decrease in other receivables	(556,165)	489,771
Decrease (increase) in contract assets	3,910,675	(3,206,678)
Decrease in prepaid expenses and other	2,907,881	2,424,047
(Decrease) increase in accounts payable	(1,480,418)	4,050,532
(Decrease) increase in accrued expenses and other current liabilities	(969,652)	2,229,419
Increase in contract liabilities	10,548,603	2,961,585
Net cash provided by operating activities	10,306,402	10,616,985
Cash flows from investing activities:
Investment in property and equipment	(8,498,746)	(4,671,687)
Proceeds from sales of property and equipment	546,672	643,603
Net cash used in investing activities	(7,952,074)	(4,028,084)
Cash flows from financing activities:
Preferred stock redemption		(1,210,525)
Dividends on common stock	(833,360)
Treasury stock purchased	(219,615)
Borrowings on lines of credit and short-term debt, net of (repayments)	1,197,792	(4,884,880)
Proceeds from long-term debt	3,100,000
Principal payments on long-term debt	(3,988,057)	(3,324,838)
Net cash used in financing activities	(743,240)	(9,420,243)
Increase (decrease) in cash and cash equivalents	1,611,088	(2,831,342)
Cash and cash equivalents beginning of period	7,427,474	8,226,739
Cash and cash equivalents end of period	9,038,562	5,395,397
Supplemental schedule of noncash investing and financing activities:
Purchases of property & equipment under financing agreements	892,735	461,784
Prepaid insurance premiums financed	3,811,644	3,352,971
Debt assumed in acquisitions for equipment		390,445
Sellers' note Tri-State Paving acquisition		936,000
Note payable to finance Tri-State Paving acquisition		7,500,000
Common stock issued to finance Tri-State Paving acquisition		1,048,218
Par value of common stock issued from preferred stock conversion		263
Operating lease right-of-use assets acquired in exchange for operating lease liabilities	2,618,530	365,379
Cash paid during the year for:
Interest	$ 1,636,404	548,885
Income taxes		$ 6,706

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Common Stock	Additional Paid in Capital	Retained Deficit	Treasury Stock	Total
Balance at the beginning at Sep. 30, 2021	$ 1,484	$ 60,670,699	$ (36,019,788)	$ (122)	$ 24,652,273
Balance at the beginning (in shares) at Sep. 30, 2021	13,621,406
Increase (Decrease) in Stockholders' Equity
Net income (loss)			1,145,836		1,145,836
Preferred share redemption, net of accrued dividends at September 30, 2021		(1,210,525)			(1,210,525)
Preferred share conversion	$ 263				263
Preferred share conversion (in shares)	2,626,492
Balance at the end at Dec. 31, 2021	$ 1,747	59,460,174	(34,873,952)	(122)	24,587,847
Balance at the end (in shares) at Dec. 31, 2021	16,247,898
Balance at the beginning at Sep. 30, 2021	$ 1,484	60,670,699	(36,019,788)	(122)	24,652,273
Balance at the beginning (in shares) at Sep. 30, 2021	13,621,406
Increase (Decrease) in Stockholders' Equity
Net income (loss)					2,132,678
Balance at the end at Jun. 30, 2022	$ 1,789	60,508,350	(33,887,110)	(122)	26,622,907
Balance at the end (in shares) at Jun. 30, 2022	16,667,185
Balance at the beginning at Dec. 31, 2021	$ 1,747	59,460,174	(34,873,952)	(122)	24,587,847
Balance at the beginning (in shares) at Dec. 31, 2021	16,247,898
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(610,401)		(610,401)
Balance at the end at Mar. 31, 2022	$ 1,747	59,460,174	(35,484,353)	(122)	23,977,446
Balance at the end (in shares) at Mar. 31, 2022	16,247,898
Increase (Decrease) in Stockholders' Equity
Net income (loss)			1,597,243		1,597,243
Shares issued for Tri-State Paving acquisition	$ 42	1,048,176			1,048,218
Shares issued for Tri-State Paving acquisition (in shares)	419,287
Balance at the end at Jun. 30, 2022	$ 1,789	60,508,350	(33,887,110)	(122)	26,622,907
Balance at the end (in shares) at Jun. 30, 2022	16,667,185
Balance at the beginning at Sep. 30, 2022	$ 1,789	60,508,350	(32,269,473)	(122)	28,240,544
Balance at the beginning (in shares) at Sep. 30, 2022	16,667,185
Increase (Decrease) in Stockholders' Equity
Net income (loss)			138,374		138,374
Balance at the end at Dec. 31, 2022	$ 1,789	60,508,350	(32,131,099)	(122)	28,378,918
Balance at the end (in shares) at Dec. 31, 2022	16,667,185
Balance at the beginning at Sep. 30, 2022	$ 1,789	60,508,350	(32,269,473)	(122)	28,240,544
Balance at the beginning (in shares) at Sep. 30, 2022	16,667,185
Increase (Decrease) in Stockholders' Equity
Net income (loss)					1,680,320
Balance at the end at Jun. 30, 2023	$ 1,789	60,288,745	(31,422,513)	(132)	28,867,889
Balance at the end (in shares) at Jun. 30, 2023	16,567,185
Balance at the beginning at Dec. 31, 2022	$ 1,789	60,508,350	(32,131,099)	(122)	28,378,918
Balance at the beginning (in shares) at Dec. 31, 2022	16,667,185
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(1,873,600)		(1,873,600)
Dividends on common stock ($0.05 per share on 16,667,185 shares)			(833,360)		(833,360)
Treasury stock purchased by company		(71,652)		(3)	(71,655)
Treasury stock purchased by company (in shares)	(32,181)
Balance at the end at Mar. 31, 2023	$ 1,789	60,436,698	(34,838,059)	(125)	25,600,303
Balance at the end (in shares) at Mar. 31, 2023	16,635,004
Increase (Decrease) in Stockholders' Equity
Net income (loss)			3,415,546		3,415,546
Treasury stock purchased by company		(147,953)		(7)	(147,960)
Treasury stock purchased by company (in shares)	(67,819)
Balance at the end at Jun. 30, 2023	$ 1,789	$ 60,288,745	$ (31,422,513)	$ (132)	$ 28,867,889
Balance at the end (in shares) at Jun. 30, 2023	16,567,185

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders Equity (Parentheticals)	9 Months Ended
	Jun. 30, 2023 $ / shares shares
Consolidated Statements of Changes in Shareholders' Equity
Dividends on common stock (in dollars per share) | $ / shares	$ 0.05
Number of common shares | shares	16,667,185

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	9 Months Ended
	Jun. 30, 2023
BUSINESS AND ORGANIZATION
BUSINESS AND ORGANIZATION	1. BUSINESS AND ORGANIZATION Energy Services of America Corporation (“Energy Services” or the “Company”), formed in 2006, is a contractor and service company that operates primarily in the mid-Atlantic and central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. For the gas industry, the Company is primarily engaged in the construction, replacement and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. Energy Services is involved in the construction of both interstate and intrastate pipelines, with an emphasis on the latter. For the oil industry, the Company provides a variety of services relating to pipeline, storage facilities and plant work. For the power, chemical, and automotive industries, the Company provides a full range of electrical and mechanical installations and repairs including substation and switchyard services, site preparation, equipment setting, pipe fabrication and installation, packaged buildings, transformers, and other ancillary work with regards thereto. Energy Services’ other services include liquid pipeline construction, pump station construction, production facility construction, water and sewer pipeline installations, various maintenance and repair services and other services related to pipeline construction. The Company has also added the ability to install residential, commercial, and industrial solar systems and perform civil and general contracting services. C.J. Hughes Construction Company, Inc. (“C.J. Hughes”), a wholly owned subsidiary of the Company, is a general contractor primarily engaged in pipeline construction for utility companies. 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. (“NCS”), a wholly owned subsidiary of C.J. Hughes, provides electrical, mechanical, HVAC/R, and fire protection services to customers primarily in the automotive, chemical, and power industries. Revolt Energy, LLC (“Revolt”), a wholly owned subsidiary of NCS, performs residential solar installation projects. Nitro Electric Company, LLC (“Nitro Electric”), a wholly owned subsidiary of NCS, performs industrial electrical work and is a satellite office registered in Michigan. Pinnacle Technical Solutions, Inc. (“Pinnacle”), a wholly owned subsidiary of NCS, operates as a data storage facility within Nitro’s office building. Pinnacle is supported by NCS and has no employees of its own. NCS and its subsidiaries will collectively be referred to “Nitro”. All C.J. Hughes, Nitro, and Contractors Rental construction personnel are union members of various related construction trade unions and are subject to collective bargaining agreements that expire at varying time intervals. West Virginia Pipeline, Inc. (“West Virginia Pipeline” or “WVP”), a wholly owned subsidiary of Energy Services, operates as a gas and water distribution contractor primarily in southern West Virginia. The employees of West Virginia Pipeline are non-union and are managed independently of the Company’s union subsidiaries. SQP Construction Group, Inc. (“SQP”), a wholly owned subsidiary of Energy Services, operates as a general contractor primarily in West Virginia. SQP engages in the construction and renovation of buildings and other civil construction projects for state and local government agencies and commercial customers. As a general contractor, SQP manages the overall construction project and subcontracts most of the work. The employees of SQP are non-union and are managed independently of the Company’s union subsidiaries. Tri-State Paving & Sealcoating, Inc. The employees of TSP are non-union and are managed independently of the Company’s union subsidiaries. Ryan Construction Services Inc. (“Ryan Construction” or “RCS”), a wholly owned subsidiary of Energy Services, formed in August 2022 in connection with the acquisition of substantially all the assets of Ryan Environmental, LLC and Ryan Environmental Transport, LLC (collectively “Ryan Environmental”), provides directional drilling services for broadband service providers along with offering natural gas distribution services, cathodic protection and corrosion prevention services, and civil construction services. Ryan Construction operates primarily in West Virginia and Pennsylvania. The employees of RCS are non-union and are managed independently of the Company’s union subsidiaries. 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, 2022, and 2021 included in the Company’s Amendment No. 1 to the Company’s Annual Report on Form 10-K/A filed with the SEC on May 31, 2023. 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 (“U.S. GAAP”) 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, 2023 and 2022 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, its wholly owned subsidiaries West Virginia Pipeline, SQP, Ryan Construction, Tri-State Paving and C.J. Hughes and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidation. Unless the context requires otherwise, references to Energy Services include Energy Services, West Virginia Pipeline, SQP, Ryan Construction, Tri-State Paving and C.J. Hughes and its subsidiaries. Use of Estimates and Assumptions The preparation of financial statements, in conformity with U.S. GAAP, 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 income and loss during the reporting period. Actual results could differ materially from those estimates.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jun. 30, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Please refer to Note 2 “ Summary of Significant Accounting Policies

RESTATEMENT OF PREVIOUSLY ISSUE

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS	9 Months Ended
	Jun. 30, 2023
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS	3. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS On May 12, 2023, the audit committee of the Board of Directors of Energy Services, after considering the recommendation of management, concluded: that (a) the Company’s previously issued audited consolidated financial statements for the fiscal years ended September 30, 2022 and 2021 included in the Company’s annual reports on Form 10-K for the fiscal years ended September 30, 2022 and 2021, and (b) the Company’s unaudited consolidated financial statements for the periods ended June 30, 2021, December 31, 2021, March 31, 2022, June 30, 2022 and December 31, 2022 as reported in the Company’s quarterly reports on Form 10-Q for those periods (together, the “Reports”) should no longer be relied upon and have been restated. Due to the economic uncertainties created by COVID-19 and limited operating funds available, the Company applied for loans under the Paycheck Protection Program (“PPP”). On April 15, 2020, the Company and its subsidiaries, C.J. Hughes, Contractors Rental, and Nitro, entered into separate PPP notes effective April 7, 2020, with United Bank as the lender (“Lender”) in an aggregate principal amount of $13.1 million pursuant to the PPP (collectively, the “PPP Loans”). In a special meeting held on April 27, 2020, the Board of Directors of the Company unanimously voted to return $3.3 million of the PPP Loans after discussing the financing needs of the Company and subsidiaries. That left the Company and subsidiaries with $9.8 million in PPP Loans to fund operations. During fiscal year 2021, the Company received notice that the Small Business Administration (the “SBA”) had granted forgiveness of the $9.8 million of PPP Loans and the SBA repaid the Lender in full. The forgiveness was recorded as other income for the fiscal year ended September 30, 2021. During April 2023, management received notification from the SBA that one of the Company’s forgiveness applications related to the PPP Loans was under review. As part of the review, the SBA requested additional payroll information. Additionally, the SBA requested information regarding the ability of the Company’s affiliates to meet SBA size standards and/or PPP corporate maximum limits. The requested information was subsequently provided to the SBA through the Lender. The Company recognizes that there is a possibility that the SBA could reverse its previous determination on the forgiveness of the PPP Loans. As a result of this uncertainty, the Company restated the previously issued financial statements of the Company that were included in the Reports. The Company has recorded a short-term borrowing due to the SBA inquiry for the full $9.8 million, plus accrued interest for all periods presented. During July 2023, management received notification from the SBA that two additional forgiveness applications related to the PPP Loans were under review. As part of the review, the SBA requested information regarding the ability of the Company’s affiliates to meet SBA size standards and/or PPP corporate maximum limits. The requested information was subsequently provided to the SBA through the Lender. Tables for the income statement impact “As previously reported” and “restated” for Paycheck Protection Program loan forgiveness and interest expense for the three and nine months ended June 30, 2022 are below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2022 ​ ​ As Previously ​ ​ ​ ​ ​ ​ ​ Reported Restated Change Interest expense ​ $ 206,394 ​ $ 231,265 ​ $ 24,871 Net income ​ ​ 1,622,114 ​ 1,597,243 ​ (24,871) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, 2022 ​ ​ As Previously ​ ​ ​ ​ ​ ​ ​ Reported Restated Change Interest expense ​ $ 548,885 ​ $ 623,498 ​ $ 74,613 Net income ​ 2,207,291 ​ 2,132,678 ​ (74,613) ​ A table for the balance sheet impact “As previously reported” and “restated” for Paycheck Protection Program loan forgiveness and interest expense at September 30, 2022 is below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ As Previously ​ ​ ​ ​ ​ ​ ​ Reported Restated Change Lines of credit and short-term borrowings ​ $ 13,080,320 ​ $ 23,164,851 ​ $ 10,084,531 Shareholders' equity ​ 38,325,075 ​ 28,240,544 ​ (10,084,531) ​

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Jun. 30, 2023
REVENUE RECOGNITION
REVENUE RECOGNITION	4. REVENUE RECOGNITION Our revenue is primarily derived from construction contracts that can span several quarters. We recognize revenue in accordance with Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers ● Identify the contract ● Identify performance obligations ● Determine the transaction price ● Allocate the transaction price ● Recognize revenue The accuracy of our revenue and profit recognition in a given period depends on the accuracy of our estimates of the cost to complete each project. We believe our experience allows us to create materially reliable estimates. There are a number of factors that can contribute to changes in estimates of contract cost and profitability. The most significant of these include: ● the completeness and accuracy of the original bid; ● costs associated with scope changes; ● changes in costs of labor and/or materials; ● extended overhead and other costs due to owner, weather and other delays; ● subcontractor performance issues; ● changes in productivity expectations; ● site conditions that differ from those assumed in the original bid; ● changes from original design on design-build projects; ● the availability and skill level of workers in the geographic location of the project; ● a change in the availability and proximity of equipment and materials; ● our ability to fully and promptly recover on affirmative claims and back charges for additional contract costs; and ● the customer’s ability to properly administer the contract. The foregoing factors, as well as the stage of completion of contracts in process and the mix of contracts at different margins may cause fluctuations in gross profit from period to period. Significant changes in cost estimates, particularly in our larger, more complex projects, could have a significant effect on our profitability. Our contract assets include cost and estimated earnings in excess of billings that represent amounts earned and reimbursable under contracts, including claim recovery estimates, but have a conditional right for billing and payment such as achievement of milestones or completion of the project. With the exception of customer affirmative claims, generally, such unbilled amounts will become billable according to the contract terms and generally will be billed and collected over the next three months. Settlement with the customer of outstanding affirmative claims is dependent on the claims resolution process and could extend beyond one year. Based on our historical experience, we generally consider the collection risk related to billable amounts to be low. When events or conditions indicate that it is probable that the amounts outstanding become unbillable, the transaction price and associated contract asset is reduced. Our contract liabilities consist of provisions for losses and billings in excess of costs and estimated earnings. Provisions for losses, if incurred, are recognized in the consolidated statements of income at the uncompleted performance obligation level for total estimated losses in the period that evidence indicates that the estimated total cost of a performance obligation exceeds its estimated total revenue. Billings in excess of costs and estimated earnings are billings to customers on contracts in advance of work performed, including advance payments negotiated as a contract condition. Generally, unearned project-related costs will be earned over the next twelve months. ​

DISAGGREGATION OF REVENUE

DISAGGREGATION OF REVENUE	9 Months Ended
	Jun. 30, 2023
DISAGGREGATION OF REVENUE
DISAGGREGATION OF REVENUE	5. DISAGGREGATION OF REVENUE The Company disaggregates revenue based on the following lines of service: (1) Gas & Water Distribution, (2) Gas & Petroleum Transmission, and (3) Electrical, Mechanical, & General services and construction. Our contract types are: Lump Sum, Unit Price, Cost Plus and Time and Materials (“T&M”). The following tables present our disaggregated revenue for the three and nine months ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2023 ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ Gas & Water ​ Gas & Petroleum ​ Mechanical, and ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 29,132,537 ​ $ 29,132,537 Unit price contracts ​ 17,906,005 ​ 28,488,329 ​ 1,568,962 ​ 47,963,296 Cost plus and T&M contracts ​ — ​ — ​ 8,434,059 ​ 8,434,059 Total revenue from contracts ​ $ 17,906,005 ​ $ 28,488,329 ​ $ 39,135,558 ​ $ 85,529,892 ​ ​ ​ ​ ​ ​ ​ ​ ​ Earned over time ​ $ 7,738,419 ​ $ 28,488,329 ​ $ 35,991,934 ​ $ 72,218,682 Earned at point in time ​ 10,167,586 ​ — ​ 3,143,624 ​ 13,311,210 Total revenue from contracts ​ $ 17,906,005 ​ $ 28,488,329 ​ $ 39,135,558 ​ $ 85,529,892 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ ​ Gas &Water ​ Gas & Petroleum ​ Mechanical, and ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 13,033,786 ​ $ 13,033,786 Unit price contracts ​ 13,667,005 ​ 15,443,917 ​ — ​ 29,110,922 Cost plus and T&M contracts ​ — ​ — ​ 9,027,231 ​ 9,027,231 Total revenue from contracts ​ $ 13,667,005 ​ $ 15,443,917 ​ $ 22,061,017 ​ $ 51,171,939 ​ ​ ​ ​ ​ ​ Earned over time ​ $ 3,315,407 ​ $ 15,443,917 ​ $ 21,269,782 ​ $ 40,029,106 Earned at point in time ​ 10,351,598 ​ — ​ 791,235 ​ 11,142,833 Total revenue from contracts ​ $ 13,667,005 ​ $ 15,443,917 ​ $ 22,061,017 ​ $ 51,171,939 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ ​ Gas & Water ​ Gas & Petroleum ​ Mechanical, and ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 68,633,633 ​ $ 68,633,633 Unit price contracts ​ 43,825,957 ​ 50,718,004 ​ 4,368,041 ​ 98,912,002 Cost plus and T&M contracts ​ — ​ — ​ 31,700,285 ​ 31,700,285 Total revenue from contracts ​ $ 43,825,957 ​ $ 50,718,004 ​ $ 104,701,959 ​ $ 199,245,920 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earned over time ​ $ 21,328,177 ​ $ 50,718,004 ​ $ 97,618,445 ​ $ 169,664,626 Earned at point in time ​ 22,497,780 ​ — ​ 7,083,514 ​ 29,581,294 Total revenue from contracts ​ $ 43,825,957 ​ $ 50,718,004 ​ $ 104,701,959 ​ $ 199,245,920 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ ​ Gas & Water ​ Gas & Petroleum ​ Mechanical, and ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 32,918,955 ​ $ 32,918,955 Unit price contracts ​ 36,282,234 ​ 35,217,113 ​ — ​ 71,499,347 Cost plus and T&M contracts ​ — ​ — ​ 24,805,340 ​ 24,805,340 Total revenue from contracts ​ $ 36,282,234 ​ $ 35,217,113 ​ $ 57,724,295 ​ $ 129,223,642 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earned over time ​ $ 17,263,257 ​ $ 35,217,113 ​ $ 55,768,374 ​ $ 108,248,744 Earned at point in time ​ 19,018,977 ​ — ​ 1,955,921 ​ 20,974,898 Total revenue from contracts ​ $ 36,282,234 ​ $ 35,217,113 ​ $ 57,724,295 ​ $ 129,223,642 ​

CONTRACT BALANCES

CONTRACT BALANCES	9 Months Ended
	Jun. 30, 2023
CONTRACT BALANCES
CONTRACT BALANCES	6. CONTRACT BALANCES The Company’s accounts receivable consists of amounts that have been billed to customers and collateral is generally not required. Most of the Company’s contracts have monthly billing terms; however, billing terms for some are based on project completion. Payment terms are generally within 30 to 45 days after invoices have been issued. The Company attempts to negotiate two-week billing terms and 15-day payment terms on larger projects. The timing of billings to customers may generate contract assets or contract liabilities. During the three and nine months ended June 30, 2023, we recognized revenue of $100,000 and $5.7 million, respectively, that was included in the contract liability balance at September 30, 2022. Accounts receivable-trade, net of allowance for doubtful accounts, contract assets and contract liabilities consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 September 30, 2022 Change ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable-trade, net of allowance for doubtful accounts ​ $ 47,824,529 ​ $ 38,454,913 ​ $ 9,369,616 ​ ​ ​ ​ Contract assets ​ ​ ​ Cost and estimated earnings in excess of billings ​ $ 12,198,918 ​ $ 16,109,593 ​ $ (3,910,675) ​ ​ ​ ​ ​ ​ Contract liabilities ​ ​ ​ ​ ​ Billings in excess of cost and estimated earnings ​ $ 16,576,181 ​ $ 6,027,578 ​ $ 10,548,603 ​

PERFORMANCE OBLIGATIONS

PERFORMANCE OBLIGATIONS	9 Months Ended
	Jun. 30, 2023
PERFORMANCE OBLIGATIONS
PERFORMANCE OBLIGATIONS	7. PERFORMANCE OBLIGATIONS For the three and nine months ended June 30, 2023, there was no revenue recognized as a result of changes in contract transaction price related to performance obligations that were satisfied prior to September 30, 2022. Changes in contract transaction price can result from items such as executed or estimated change orders, and unresolved contract modifications and claims. At June 30, 2023, the Company had $157.0 million in remaining unsatisfied performance obligations, in which revenue is expected to be recognized over the next twelve months.

UNCOMPLETED CONTRACTS

UNCOMPLETED CONTRACTS	9 Months Ended
	Jun. 30, 2023
UNCOMPLETED CONTRACTS
UNCOMPLETED CONTRACTS	8. UNCOMPLETED CONTRACTS Costs, estimated earnings, and billings on uncompleted contracts as of June 30, 2023 and September 30, 2022, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 September 30, 2022 Costs incurred on contracts in progress ​ $ 165,370,815 ​ $ 192,957,145 Estimated earnings, net of estimated losses ​ 19,220,491 ​ 28,150,060 ​ ​ 184,591,306 ​ 221,107,205 Less billings to date ​ 188,968,569 ​ 211,025,190 ​ ​ $ (4,377,263) ​ $ 10,082,015 ​ ​ ​ ​ ​ ​ ​ Costs and estimated earnings in excess of billed on uncompleted contracts ​ $ 12,198,918 ​ $ 16,109,593 ​ ​ ​ ​ ​ ​ ​ Less billings in excess of costs and estimated earnings on uncompleted contracts ​ 16,576,181 ​ 6,027,578 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (4,377,263) ​ $ 10,082,015 ​ Backlog at June 30, 2023 and September 30, 2022, was $185.9 million and $142.3 million, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Jun. 30, 2023
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	9. FAIR VALUE MEASUREMENTS The fair value measurement guidance 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 measurement guidance of the FASB ASC 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. 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 was estimated using a discounted cash flow analysis and a yield rate that was estimated based on the borrowing rates currently available to the Company for bank loans with similar terms and maturities. The fair value of the aggregate principal amount of the Company’s fixed-rate debt of $27.2 million at June 30, 2023 was $25.3 million. The fair value of the aggregate principal amount of the Company’s fixed-rate debt of $25.1 million, as restated, at September 30, 2022 was $24.3 million, as restated. All other current assets and liabilities are carried at a net realizable value which approximates fair value because of their short duration to maturity.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Jun. 30, 2023
EARNINGS PER SHARE
EARNINGS PER SHARE	10. EARNINGS PER SHARE The amounts used to compute the earnings per share for the three and nine months ended June 30, 2023 and 2022 are summarized below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As Restated ​ ​ ​ As Restated ​ ​ Three Months Ended ​ Three Months Ended ​ Nine Months Ended ​ Nine Months Ended ​ ​ June 30, ​ June 30, ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 Net income, as restated ​ $ 3,415,546 ​ $ 1,597,243 ​ $ 1,680,320 ​ $ 2,132,678 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding-basic ​ 16,602,556 ​ 16,449,829 ​ 16,659,169 ​ 16,270,499 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares-diluted ​ 16,602,556 ​ 16,449,829 ​ 16,659,169 ​ 16,270,499 ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share-basic ​ $ 0.21 ​ $ 0.10 ​ $ 0.10 ​ $ 0.13 ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share-diluted ​ $ 0.21 ​ $ 0.10 ​ $ 0.10 ​ $ 0.13 ​

INCOME TAXES

INCOME TAXES	9 Months Ended
	Jun. 30, 2023
INCOME TAXES
INCOME TAXES	11. INCOME TAXES The components of income taxes are as follows: The effective income tax rate for the three and nine months ended June 30, 2023 was 30.5% and 31.4%, respectively, as compared to 29.0% as restated, and 30.7%, as restated, for the same periods in fiscal year 2022. Effective income tax rates are estimates and may vary from period to period due to changes in the amount of taxable income and non-deductible expenses. Major items that can affect the effective tax rate include state taxes, amortization of goodwill, and non-deductible amounts for per diem expenses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ June 30, 2023 June 30, 2022 Federal ​ ​ Current ​ $ 68,038 ​ $ 100,000 Deferred ​ 1,104,844 ​ 408,087 Total ​ ​ 1,172,882 ​ ​ 508,087 ​ ​ ​ ​ ​ State ​ ​ ​ ​ Current ​ ​ — ​ ​ — Deferred ​ 324,860 ​ 143,309 Total ​ ​ 324,860 ​ ​ 143,309 Total income tax expense ​ $ 1,497,742 ​ $ 651,396 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ June 30, 2023 June 30, 2022 Federal ​ ​ Current ​ $ 68,038 ​ $ 100,000 Deferred ​ 542,938 ​ 637,268 Total ​ 610,976 ​ 737,268 ​ ​ ​ ​ ​ ​ ​ State ​ ​ ​ ​ Current ​ ​ — ​ ​ — Deferred ​ 156,994 ​ 207,948 Total ​ 156,994 ​ 207,948 Total income tax expense ​ $ 767,970 ​ $ 945,216 ​ The income tax effects of temporary differences giving rise to the deferred tax assets and liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, ​ 2023 2022 Deferred tax liabilities ​ ​ Property and equipment ​ $ 7,940,727 ​ $ 7,686,064 Other ​ 564,978 ​ 7,632 Total deferred tax liabilities ​ $ 8,505,705 ​ $ 7,693,696 ​ ​ ​ ​ ​ Deferred income tax assets ​ ​ ​ ​ Other ​ $ 879,717 ​ $ 404,093 Net operating loss carryforward ​ ​ 2,470,977 ​ ​ 2,834,524 Total deferred tax assets ​ $ 3,350,694 ​ $ 3,238,617 ​ ​ ​ ​ ​ Total net deferred tax liabilities ​ $ 5,155,011 ​ $ 4,455,079 ​ Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements, which will result in taxable or deductible amounts in the future. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. At June 30, 2023, the Company expects all net operating loss carryforwards to be realized in the near future. 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. ​ The Company and all subsidiaries file a consolidated federal and various state income tax returns on a fiscal year basis. With few exceptions, the Company is no longer subject to U.S. federal, state, or local income tax examinations for years ended prior to September 30, 2018.

SHORT-TERM AND LONG-TERM DEBT

SHORT-TERM AND LONG-TERM DEBT	9 Months Ended
	Jun. 30, 2023
SHORT-TERM AND LONG-TERM DEBT
SHORT-TERM AND LONG-TERM DEBT	12. SHORT-TERM AND LONG-TERM DEBT Operating Line of Credit On July 13, 2022, the Company received a one-year extension on its $15.0 million operating line of credit effective June 28, 2022. The interest rate on the line of credit is the “ Wall Street Journal On January 19, 2023, the Company received an amendment to the agreement which increased the line of credit to $30.0 million with a maturity date of June 28, 2023. On June 1, 2023, the agreement was renewed through June 28, 2024. The line of credit is limited to a borrowing base calculation, which was approximately $24.4 million at June 30, 2023. The outstanding balance on the line of credit was $16.2 million at June 30, 2023. The line of credit has a variable interest rate equal to the “Wall Street Journal” The modified financial covenants for the quarter ended June 30, 2023, and all subsequent quarters, are below: ● Minimum tangible net worth of $28.0 million, ● Minimum traditional debt service coverage of 1.50x on a rolling twelve- month basis, ● Minimum current ratio of 1.20x , ● Maximum debt to tangible net worth ratio (“TNW”) of 2.75x , ● Each ratio and covenant shall be determined, tested, and measured as of each calendar quarter beginning June 30, 2023, ● The Company shall maintain a ratio of Maximum Senior Funded Debt (“SFD”) to Earnings before Interest, Taxes, Depreciation and Amortization (“EBDITA”) equal to or less than 3.5 :1. SFD shall mean any funded debt or lease of the Company, other than subordinated debt. The covenant shall be tested quarterly, at the end of each fiscal quarter, with EBITDA based on the preceding four quarters. The Company was not in compliance with all covenants at June 30, 2023; however, a waiver was received from the Company’s lender. The Company projects to meet all covenant requirements for the next twelve months. Insurance Premiums Financed The Company also finances insurance policy premiums on a short-term basis through a financing company. These insurance policies include workers’ compensation, general liability, automobile, umbrella, and equipment policies. The Company makes a down payment in January and finances the remaining premium amount over eleven monthly payments. At June 30, 2023 and September 30, 2022, the remaining balance of the insurance premiums was $1.9 million and $580,000, respectively. Paycheck Protection Program Loans Due to the economic uncertainties created by COVID-19 and limited operating funds available, the Company applied for loans under the PPP. On April 15, 2020, the Company and its subsidiaries, C.J. Hughes, Contractors Rental and Nitro, entered into separate PPP notes effective April 7, 2020, with its Lender in an aggregate principal amount of $13.1 million pursuant to the PPP Loans. In a special meeting held on April 27, 2020, the Board of Directors of the Company unanimously voted to return $3.3 million of the PPP Loans after discussing the financing needs of the Company and subsidiaries. That left the Company and subsidiaries with $9.8 million in PPP Loans to fund operations. During fiscal year 2021, the Company received notice that the SBA had granted forgiveness of the $9.8 million of PPP Loans and the SBA repaid the Lender in full. The forgiveness was recorded as other income for the fiscal year ended September 30, 2021. During April 2023, management received notification from the SBA that one of the Company’s forgiveness applications related to the PPP Loans was under review. As part of the review, the SBA requested additional payroll information. Additionally, the SBA requested information regarding the ability of the Company’s affiliates to meet SBA size standards and/or PPP corporate maximum limits. The requested information was subsequently provided to the SBA through the Lender. The Company recognizes that there is a possibility that the SBA could reverse its previous determination on the forgiveness of the PPP Loans. As a result of this uncertainty, the Company restated the previously issued financial statements of the Company that were included in the Reports. The Company has recorded a short-term borrowing due to the SBA inquiry for the full $9.8 million, plus accrued interest for all periods presented. During July 2023, management received notification from the SBA that two additional forgiveness applications related to the PPP Loans were under review. As part of the review, the SBA requested information regarding the ability of the Company’s affiliates to meet SBA size standards and/or PPP corporate maximum limits. The requested information was subsequently provided to the SBA through the Lender. A summary of short-term and long-term debt as of June 30, 2023 and September 30, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As Restated ​ ​ June 30, ​ September 30, ​ 2023 2022 Line of credit payable to bank, monthly interest at 9.25%, final payment due by June 28, 2024, guaranteed by certain directors of the Company. ​ $ 16,200,000 ​ $ 12,500,000 ​ ​ ​ ​ ​ Equipment line of credit payable to United Bank, $9.3 million available with no borrowings at June 30, 2023. All borrowings between June 1, 2023 and December 1, 2023 have a fixed interest rate of 7.25% . After December 1, 2023, the line of credit turns into a fifty-four-month term note with a fixed interest rate of 7.25% , final payment due June 1, 2028. ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans from Small Business Administration, 1.0% simple interest, initially forgiven in the fiscal year ended September 30, 2021. Final forgiveness decision has not been determined. ​ 10,159,144 ​ 10,084,531 ​ ​ ​ ​ ​ ​ ​ Term note payable to United Bank, WV Pipeline acquisition, due in monthly installments of $64,853, including interest at 4.25%, final payment due by March 25, 2026, secured by receivables and equipment, guaranteed by certain directors of the Company. ​ ​ 1,963,324 ​ ​ 2,529,421 ​ ​ ​ ​ ​ Notes payable to finance companies, due in monthly installments totaling ​ 1,324,858 ​ 889,165 ​ ​ ​ ​ ​ Note payable to finance company for insurance premiums financed, due in monthly installments totaling ​ 1,889,756 ​ 580,320 ​ ​ ​ ​ ​ Notes payable to bank, due in monthly installments totaling ​ 827,019 ​ 867,383 ​ ​ ​ ​ ​ Notes payable to bank, due in monthly installments totaling ​ 324,941 ​ 412,917 ​ ​ ​ ​ ​ Notes payable to bank, due in monthly installments totaling ​ 2,739,910 ​ — ​ ​ ​ ​ ​ Notes payable to David Bolton and Daniel Bolton, due in annual installments totaling $500,000, including interest at 3.25%, final payment due December 31, 2026, unsecured ​ 1,652,500 ​ 2,380,000 ​ ​ ​ ​ Notes payable to bank, interest at 4.25% of outstanding balance due in monthly installments between January 2021 and January 2022. Note payments due in monthly installments totaling $68,150, including interest at 9.25%, with final payment due September 2026, secured by equipment, guaranteed by certain directors of the Company. ​ ​ 2,030,636 ​ ​ 2,549,281 ​ ​ ​ ​ ​ ​ ​ Term note payable to United Bank, Tri-State Paving acquisition, due in monthly installments of $129,910, including interest at 4.25%, final payment due by June 1, 2027, secured by receivables and equipment, guaranteed by certain directors of the Company. ​ ​ 6,024,254 ​ ​ 6,982,097 ​ ​ ​ ​ ​ ​ ​ Notes payable to Corns Enterprises, $1,000,000 with fair value of $936,000, due in annual installments totaling $250,000, including interest at 3.50%, final payment due April 29, 2026, unsecured ​ ​ 702,536 ​ ​ 943,836 ​ ​ ​ ​ ​ ​ ​ Total debt ​ $ 45,838,878 ​ $ 40,718,951 Less current maturities ​ 33,107,695 ​ 27,224,867 Total long term debt ​ $ 12,731,183 ​ $ 13,494,084 ​

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Jun. 30, 2023
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS	13. GOODWILL AND INTANGIBLE ASSETS The Company follows the guidance of ASC Topic 350, Intangibles-Goodwill and Other A table of the Company’s goodwill is below: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, September 30, ​ ​ 2023 ​ 2022 Beginning balance ​ $ 4,087,554 ​ $ 1,814,317 ​ ​ ​ ​ ​ ​ ​ Acquired ​ — ​ 2,273,237 Ending balance ​ $ 4,087,554 ​ $ 4,087,554 ​ A table of the Company’s intangible assets subject to amortization at June 30, 2023 and September 30, 2022 is below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization ​ Amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Accumulated ​ and Impairment ​ and Impairment ​ ​ ​ ​ Remaining Life ​ ​ ​ Amortization and ​ Amortization and ​ Three Months ​ Nine Months ​ ​ ​ ​ (in months) at ​ ​ ​ Impairment at ​ Impairment at ​ Ended June 30, ​ Ended June 30, ​ Net Book Value Intangible assets: June 30, 2023 ​ Original Cost June 30, 2023 September 30, 2022 2023 ​ 2023 at June 30, 2023 West Virginia Pipeline: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer Relationships ​ 90 ​ $ 2,209,724 ​ $ 573,225 ​ $ 386,693 ​ $ 65,643 ​ $ 186,532 ​ $ 1,636,499 Tradename ​ 90 ​ ​ 263,584 ​ ​ 65,909 ​ ​ 46,136 ​ ​ 6,591 ​ ​ 19,773 ​ ​ 197,675 Non-competes — ​ 83,203 ​ 83,203 ​ 72,806 ​ — ​ ​ 10,397 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolt Energy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employment agreement/non-compete — ​ 100,000 ​ 100,000 ​ 77,779 ​ 13,887 ​ ​ 22,221 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tri-State Paving: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer Relationships ​ 106 ​ ​ 1,649,159 ​ ​ 190,468 ​ ​ 66,781 ​ ​ 41,229 ​ ​ 123,687 ​ ​ 1,458,691 Tradename ​ 106 ​ ​ 203,213 ​ ​ 23,609 ​ ​ 8,368 ​ ​ 5,080 ​ ​ 15,241 ​ ​ 179,604 Non-competes ​ — ​ ​ 39,960 ​ ​ 39,960 ​ ​ 16,590 ​ ​ 3,390 ​ ​ 23,370 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total intangible assets ​ ​ ​ $ 4,548,843 ​ $ 1,076,374 ​ $ 675,153 ​ $ 135,820 ​ $ 401,221 ​ $ 3,472,469 ​ The amortization on identifiable intangible assets for the three and nine months ended June 30, 2023 was $136,000 and $401,000, respectively. The amortization on identifiable intangible assets for the three and nine months ended June 30, 2022 was $112,000 and $308,000, respectively. ​ Amortization expense associated with the identifiable intangible assets is expected to be as follows: ​ ​ ​ ​ ​ ​ Amortization Expense July 2023 to June 2024 $ 430,008 July 2024 to June 2025 ​ 430,008 July 2025 to June 2026 ​ 430,008 July 2026 to June 2027 ​ 430,008 July 2027 to June 2028 ​ 430,008 After ​ 1,322,429 Total ​ $ 3,472,469 ​

LEASE OBLIGATIONS (Imported)

LEASE OBLIGATIONS (Imported)	9 Months Ended
	Jun. 30, 2023
LEASE OBLIGATIONS
LEASE OBLIGATIONS	14. LEASE OBLIGATIONS The Company leases office space for SQP for $1,500 per month. The lease, signed on March 25, 2021, is for a period of two years with five one-year renewals available immediately following the end of the base term. Rental terms for the option periods shall be negotiated and agreed mutually between the parties and shall not exceed five percent increases to rent, if any. The Company has two lease agreements for construction equipment with a combined amount of $160,000. The leases have a term of twenty-two months with a stated interest rate of 0%, combined monthly installment payments of $6,645 and are cancellable at any time without penalty. The Company has the right to purchase the equipment at the expiration of the leases by applying the two-month deposit paid. The related assets and finance lease obligations associated with these lease agreements are included in the consolidated balance sheets within property, plant and equipment and long-term debt. The Company has two right-of-use operating leases acquired on April 29, 2022, as part of the Tri-State Paving, LLC transaction. The first operating lease, for the Hurricane, West Virginia facility, had a net present value of $236,000 at inception, and a carrying value of $148,000 at June 30, 2023. The second operating lease, for the Chattanooga, Tennessee facility, had a net present value of $144,000 at inception, and a carrying value of $72,000 at June 30, 2023. The 4.5% interest rate on the operating leases is based on the Company’s incremental borrowing rate at inception. The Company has a right-of-use operating lease with Enterprise Fleet Management, Inc. acquired on August 11, 2022, as part of the Ryan Environmental acquisition. This lease agreement was initially for thirty-one vehicles with a net present value of $1.2 million. The Company has subsequently added twenty-six leased vehicles with a net present value of $2.4 million. The right-of-use operating lease has a carrying value of $3.2 million at June 30, 2023. The 4.5% interest rate on the operating lease is based on the Company’s incremental borrowing rate at inception. The Company has a right-of-use operating lease with RICA Developers, LLC acquired on August 12, 2022, as part of the Ryan Environmental acquisition. This lease, for the Bridgeport, West Virginia facility, had a net present value of $140,000 at inception and a carrying value of $21,000 at June 30, 2023. The 4.5% interest rate on the operating lease is based on the Company’s incremental borrowing rate at inception. The Company has a right-of-use operating lease acquired on March 28, 2023. This lease, for the Winchester, Kentucky facility, had a net present value of $290,000 at inception and a carrying value of $247,000 at June 30, 2023. The 7.75% interest rate on the operating lease is based on the Company’s incremental borrowing rate at inception. Schedules related to the Company’s operating leases at June 30, 2023 can be found below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining liability ​ ​ ​ ​ ​ Years left June 30, 2023 September 30, 2022 Lease end Fiscal year end Operating lease 1 1.8 ​ $ 148,107 ​ $ 205,267 ​ 4/30/2025 ​ 2025 Operating lease 2 0.9 ​ 72,334 ​ 119,032 ​ 5/31/2024 2024 Operating lease 3 ​ 3.5 ​ ​ 3,156,145 ​ ​ 1,166,498 ​ 8/10/2026 ​ 2027 Operating lease 4 ​ 0.3 ​ ​ 21,214 ​ ​ 113,480 ​ 8/11/2023 ​ 2023 Operating lease 5 ​ 2.6 ​ ​ 247,476 ​ ​ — ​ 3/31/2026 ​ 2026 ​ ​ ​ ​ $ 3,645,276 ​ $ 1,604,277 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining term ​ ​ ​ 3.3 years ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Lease Maturity Schedule ​ ​ ​ July 2023 to June 2024 $ 1,234,784 July 2024 to June 2025 ​ 1,140,516 July 2025 to June 2026 ​ 1,016,679 July 2026 to June 2027 ​ ​ 545,026 ​ ​ ​ 3,937,005 Less amounts representing interest ​ (291,729) Present value of operating lease liabilities ​ $ 3,645,276 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ Three Months Ended ​ Nine Months Ended Operating Lease Expense June 30, 2023 June 30, 2023 June 30, 2022 June 30, 2022 Amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease 1 $ 19,267 ​ $ 57,160 ​ $ 12,305 ​ $ 12,305 Operating lease 2 ​ ​ 15,741 ​ ​ 46,698 ​ ​ 5,072 ​ ​ 5,072 Operating lease 3 ​ 160,836 ​ 338,521 ​ — ​ — Operating lease 4 ​ ​ 30,947 ​ ​ 92,266 ​ ​ — ​ ​ — Operating lease 5 ​ ​ 35,880 ​ ​ 42,886 ​ ​ — ​ ​ — Total amortization ​ ​ 262,671 ​ ​ 577,531 ​ ​ 17,377 ​ ​ 17,377 Interest ​ ​ ​ ​ ​ ​ ​ ​ Operating lease 1 ​ ​ 1,733 ​ ​ 5,840 ​ ​ 1,695 ​ ​ 1,695 Operating lease 2 ​ 870 ​ 3,135 ​ 465 ​ 465 Operating lease 3 ​ ​ 27,240 ​ ​ 59,452 ​ ​ — ​ ​ — Operating lease 4 ​ ​ 703 ​ ​ 2,684 ​ ​ — ​ ​ — Operating lease 5 ​ ​ 5,016 ​ ​ 6,776 ​ ​ — ​ ​ — Total interest ​ ​ 35,562 ​ ​ 77,887 ​ ​ 2,160 ​ ​ 2,160 Total amortization and interest ​ $ 298,233 ​ $ 655,418 ​ $ 19,537 ​ $ 19,537 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ Three Months Ended ​ Nine Months Ended Cash Paid for Operating Leases June 30, 2023 June 30, 2023 June 30, 2022 June 30, 2022 Operating lease 1 $ 21,000 ​ $ 63,000 ​ $ 14,000 ​ $ 14,000 Operating lease 2 ​ ​ 16,611 ​ ​ 49,833 ​ ​ 5,537 ​ ​ 5,537 Operating lease 3 ​ ​ 185,942 ​ ​ 397,973 ​ ​ — ​ ​ — Operating lease 4 ​ ​ 42,180 ​ ​ 94,950 ​ ​ — ​ ​ — Operating lease 5 ​ ​ 32,500 ​ ​ 49,662 ​ ​ — ​ ​ — ​ $ 298,233 ​ $ 655,418 ​ $ 19,537 ​ $ 19,537 ​ The Company rents equipment for use on construction projects with rental agreements being week to week or month to month. Rental expense can vary by reporting period due to equipment requirements on construction projects and the availability of Company owned equipment. Rental expense, which is included in cost of goods sold on the consolidated statements of income was $2.5 million and $1.7 million, respectively, for the three months ended June 30, 2023 and 2022 and $6.8 million and $5.3 million, respectively, for the nine months ended June 30, 2023 and 2022.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Jun. 30, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS Management has evaluated all subsequent events for accounting and disclosure. There have been no other material events during the period, other than noted above, that would either impact the results reflected in the report or the Company’s results going forward.

BUSINESS AND ORGANIZATION (Poli

BUSINESS AND ORGANIZATION (Policies)	9 Months Ended
	Jun. 30, 2023
BUSINESS AND ORGANIZATION
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, 2022, and 2021 included in the Company’s Amendment No. 1 to the Company’s Annual Report on Form 10-K/A filed with the SEC on May 31, 2023. 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 (“U.S. GAAP”) 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, 2023 and 2022 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, its wholly owned subsidiaries West Virginia Pipeline, SQP, Ryan Construction, Tri-State Paving and C.J. Hughes and its subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidation. Unless the context requires otherwise, references to Energy Services include Energy Services, West Virginia Pipeline, SQP, Ryan Construction, Tri-State Paving and C.J. Hughes and its subsidiaries.
Use of Estimates and Assumptions	Use of Estimates and Assumptions The preparation of financial statements, in conformity with U.S. GAAP, 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 income and loss during the reporting period. Actual results could differ materially from those estimates.

RESTATEMENT OF PREVIOUSLY ISS_2

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)	9 Months Ended
	Jun. 30, 2023
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Schedule of Interest expense and lines of credit and short-term borrowings	Tables for the income statement impact “As previously reported” and “restated” for Paycheck Protection Program loan forgiveness and interest expense for the three and nine months ended June 30, 2022 are below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2022 ​ ​ As Previously ​ ​ ​ ​ ​ ​ ​ Reported Restated Change Interest expense ​ $ 206,394 ​ $ 231,265 ​ $ 24,871 Net income ​ ​ 1,622,114 ​ 1,597,243 ​ (24,871) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, 2022 ​ ​ As Previously ​ ​ ​ ​ ​ ​ ​ Reported Restated Change Interest expense ​ $ 548,885 ​ $ 623,498 ​ $ 74,613 Net income ​ 2,207,291 ​ 2,132,678 ​ (74,613) ​ A table for the balance sheet impact “As previously reported” and “restated” for Paycheck Protection Program loan forgiveness and interest expense at September 30, 2022 is below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ ​ As Previously ​ ​ ​ ​ ​ ​ ​ Reported Restated Change Lines of credit and short-term borrowings ​ $ 13,080,320 ​ $ 23,164,851 ​ $ 10,084,531 Shareholders' equity ​ 38,325,075 ​ 28,240,544 ​ (10,084,531)

DISAGGREGATION OF REVENUE (Tabl

DISAGGREGATION OF REVENUE (Tables)	9 Months Ended
	Jun. 30, 2023
DISAGGREGATION OF REVENUE
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2023 ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ Gas & Water ​ Gas & Petroleum ​ Mechanical, and ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 29,132,537 ​ $ 29,132,537 Unit price contracts ​ 17,906,005 ​ 28,488,329 ​ 1,568,962 ​ 47,963,296 Cost plus and T&M contracts ​ — ​ — ​ 8,434,059 ​ 8,434,059 Total revenue from contracts ​ $ 17,906,005 ​ $ 28,488,329 ​ $ 39,135,558 ​ $ 85,529,892 ​ ​ ​ ​ ​ ​ ​ ​ ​ Earned over time ​ $ 7,738,419 ​ $ 28,488,329 ​ $ 35,991,934 ​ $ 72,218,682 Earned at point in time ​ 10,167,586 ​ — ​ 3,143,624 ​ 13,311,210 Total revenue from contracts ​ $ 17,906,005 ​ $ 28,488,329 ​ $ 39,135,558 ​ $ 85,529,892 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ ​ Gas &Water ​ Gas & Petroleum ​ Mechanical, and ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 13,033,786 ​ $ 13,033,786 Unit price contracts ​ 13,667,005 ​ 15,443,917 ​ — ​ 29,110,922 Cost plus and T&M contracts ​ — ​ — ​ 9,027,231 ​ 9,027,231 Total revenue from contracts ​ $ 13,667,005 ​ $ 15,443,917 ​ $ 22,061,017 ​ $ 51,171,939 ​ ​ ​ ​ ​ ​ Earned over time ​ $ 3,315,407 ​ $ 15,443,917 ​ $ 21,269,782 ​ $ 40,029,106 Earned at point in time ​ 10,351,598 ​ — ​ 791,235 ​ 11,142,833 Total revenue from contracts ​ $ 13,667,005 ​ $ 15,443,917 ​ $ 22,061,017 ​ $ 51,171,939 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ ​ Gas & Water ​ Gas & Petroleum ​ Mechanical, and ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 68,633,633 ​ $ 68,633,633 Unit price contracts ​ 43,825,957 ​ 50,718,004 ​ 4,368,041 ​ 98,912,002 Cost plus and T&M contracts ​ — ​ — ​ 31,700,285 ​ 31,700,285 Total revenue from contracts ​ $ 43,825,957 ​ $ 50,718,004 ​ $ 104,701,959 ​ $ 199,245,920 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earned over time ​ $ 21,328,177 ​ $ 50,718,004 ​ $ 97,618,445 ​ $ 169,664,626 Earned at point in time ​ 22,497,780 ​ — ​ 7,083,514 ​ 29,581,294 Total revenue from contracts ​ $ 43,825,957 ​ $ 50,718,004 ​ $ 104,701,959 ​ $ 199,245,920 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended June 30, 2022 ​ ​ ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ ​ Gas & Water ​ Gas & Petroleum ​ Mechanical, and ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 32,918,955 ​ $ 32,918,955 Unit price contracts ​ 36,282,234 ​ 35,217,113 ​ — ​ 71,499,347 Cost plus and T&M contracts ​ — ​ — ​ 24,805,340 ​ 24,805,340 Total revenue from contracts ​ $ 36,282,234 ​ $ 35,217,113 ​ $ 57,724,295 ​ $ 129,223,642 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earned over time ​ $ 17,263,257 ​ $ 35,217,113 ​ $ 55,768,374 ​ $ 108,248,744 Earned at point in time ​ 19,018,977 ​ — ​ 1,955,921 ​ 20,974,898 Total revenue from contracts ​ $ 36,282,234 ​ $ 35,217,113 ​ $ 57,724,295 ​ $ 129,223,642

CONTRACT BALANCES (Tables)

CONTRACT BALANCES (Tables)	9 Months Ended
	Jun. 30, 2023
CONTRACT BALANCES
Schedule of accounts receivable-trade, net of allowance for doubtful accounts, contract assets and contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 September 30, 2022 Change ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts receivable-trade, net of allowance for doubtful accounts ​ $ 47,824,529 ​ $ 38,454,913 ​ $ 9,369,616 ​ ​ ​ ​ Contract assets ​ ​ ​ Cost and estimated earnings in excess of billings ​ $ 12,198,918 ​ $ 16,109,593 ​ $ (3,910,675) ​ ​ ​ ​ ​ ​ Contract liabilities ​ ​ ​ ​ ​ Billings in excess of cost and estimated earnings ​ $ 16,576,181 ​ $ 6,027,578 ​ $ 10,548,603

UNCOMPLETED CONTRACTS (Tables)

UNCOMPLETED CONTRACTS (Tables)	9 Months Ended
	Jun. 30, 2023
UNCOMPLETED CONTRACTS
Schedule of costs, estimated earnings and billings on uncompleted contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2023 September 30, 2022 Costs incurred on contracts in progress ​ $ 165,370,815 ​ $ 192,957,145 Estimated earnings, net of estimated losses ​ 19,220,491 ​ 28,150,060 ​ ​ 184,591,306 ​ 221,107,205 Less billings to date ​ 188,968,569 ​ 211,025,190 ​ ​ $ (4,377,263) ​ $ 10,082,015 ​ ​ ​ ​ ​ ​ ​ Costs and estimated earnings in excess of billed on uncompleted contracts ​ $ 12,198,918 ​ $ 16,109,593 ​ ​ ​ ​ ​ ​ ​ Less billings in excess of costs and estimated earnings on uncompleted contracts ​ 16,576,181 ​ 6,027,578 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (4,377,263) ​ $ 10,082,015

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Jun. 30, 2023
EARNINGS PER SHARE
Schedule to compute the earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As Restated ​ ​ ​ As Restated ​ ​ Three Months Ended ​ Three Months Ended ​ Nine Months Ended ​ Nine Months Ended ​ ​ June 30, ​ June 30, ​ June 30, ​ June 30, ​ 2023 2022 2023 2022 Net income, as restated ​ $ 3,415,546 ​ $ 1,597,243 ​ $ 1,680,320 ​ $ 2,132,678 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding-basic ​ 16,602,556 ​ 16,449,829 ​ 16,659,169 ​ 16,270,499 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares-diluted ​ 16,602,556 ​ 16,449,829 ​ 16,659,169 ​ 16,270,499 ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share-basic ​ $ 0.21 ​ $ 0.10 ​ $ 0.10 ​ $ 0.13 ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share-diluted ​ $ 0.21 ​ $ 0.10 ​ $ 0.10 ​ $ 0.13

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Jun. 30, 2023
INCOME TAXES
Schedule of components of income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ June 30, 2023 June 30, 2022 Federal ​ ​ Current ​ $ 68,038 ​ $ 100,000 Deferred ​ 1,104,844 ​ 408,087 Total ​ ​ 1,172,882 ​ ​ 508,087 ​ ​ ​ ​ ​ State ​ ​ ​ ​ Current ​ ​ — ​ ​ — Deferred ​ 324,860 ​ 143,309 Total ​ ​ 324,860 ​ ​ 143,309 Total income tax expense ​ $ 1,497,742 ​ $ 651,396 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ June 30, 2023 June 30, 2022 Federal ​ ​ Current ​ $ 68,038 ​ $ 100,000 Deferred ​ 542,938 ​ 637,268 Total ​ 610,976 ​ 737,268 ​ ​ ​ ​ ​ ​ ​ State ​ ​ ​ ​ Current ​ ​ — ​ ​ — Deferred ​ 156,994 ​ 207,948 Total ​ 156,994 ​ 207,948 Total income tax expense ​ $ 767,970 ​ $ 945,216 ​
Schedule of income tax effects to deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ September 30, ​ 2023 2022 Deferred tax liabilities ​ ​ Property and equipment ​ $ 7,940,727 ​ $ 7,686,064 Other ​ 564,978 ​ 7,632 Total deferred tax liabilities ​ $ 8,505,705 ​ $ 7,693,696 ​ ​ ​ ​ ​ Deferred income tax assets ​ ​ ​ ​ Other ​ $ 879,717 ​ $ 404,093 Net operating loss carryforward ​ ​ 2,470,977 ​ ​ 2,834,524 Total deferred tax assets ​ $ 3,350,694 ​ $ 3,238,617 ​ ​ ​ ​ ​ Total net deferred tax liabilities ​ $ 5,155,011 ​ $ 4,455,079

SHORT-TERM AND LONG-TERM DEBT (

SHORT-TERM AND LONG-TERM DEBT (Tables)	9 Months Ended
	Jun. 30, 2023
SHORT-TERM AND LONG-TERM DEBT
Schedule of short-term and long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As Restated ​ ​ June 30, ​ September 30, ​ 2023 2022 Line of credit payable to bank, monthly interest at 9.25%, final payment due by June 28, 2024, guaranteed by certain directors of the Company. ​ $ 16,200,000 ​ $ 12,500,000 ​ ​ ​ ​ ​ Equipment line of credit payable to United Bank, $9.3 million available with no borrowings at June 30, 2023. All borrowings between June 1, 2023 and December 1, 2023 have a fixed interest rate of 7.25% . After December 1, 2023, the line of credit turns into a fifty-four-month term note with a fixed interest rate of 7.25% , final payment due June 1, 2028. ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ Paycheck Protection Program loans from Small Business Administration, 1.0% simple interest, initially forgiven in the fiscal year ended September 30, 2021. Final forgiveness decision has not been determined. ​ 10,159,144 ​ 10,084,531 ​ ​ ​ ​ ​ ​ ​ Term note payable to United Bank, WV Pipeline acquisition, due in monthly installments of $64,853, including interest at 4.25%, final payment due by March 25, 2026, secured by receivables and equipment, guaranteed by certain directors of the Company. ​ ​ 1,963,324 ​ ​ 2,529,421 ​ ​ ​ ​ ​ Notes payable to finance companies, due in monthly installments totaling ​ 1,324,858 ​ 889,165 ​ ​ ​ ​ ​ Note payable to finance company for insurance premiums financed, due in monthly installments totaling ​ 1,889,756 ​ 580,320 ​ ​ ​ ​ ​ Notes payable to bank, due in monthly installments totaling ​ 827,019 ​ 867,383 ​ ​ ​ ​ ​ Notes payable to bank, due in monthly installments totaling ​ 324,941 ​ 412,917 ​ ​ ​ ​ ​ Notes payable to bank, due in monthly installments totaling ​ 2,739,910 ​ — ​ ​ ​ ​ ​ Notes payable to David Bolton and Daniel Bolton, due in annual installments totaling $500,000, including interest at 3.25%, final payment due December 31, 2026, unsecured ​ 1,652,500 ​ 2,380,000 ​ ​ ​ ​ Notes payable to bank, interest at 4.25% of outstanding balance due in monthly installments between January 2021 and January 2022. Note payments due in monthly installments totaling $68,150, including interest at 9.25%, with final payment due September 2026, secured by equipment, guaranteed by certain directors of the Company. ​ ​ 2,030,636 ​ ​ 2,549,281 ​ ​ ​ ​ ​ ​ ​ Term note payable to United Bank, Tri-State Paving acquisition, due in monthly installments of $129,910, including interest at 4.25%, final payment due by June 1, 2027, secured by receivables and equipment, guaranteed by certain directors of the Company. ​ ​ 6,024,254 ​ ​ 6,982,097 ​ ​ ​ ​ ​ ​ ​ Notes payable to Corns Enterprises, $1,000,000 with fair value of $936,000, due in annual installments totaling $250,000, including interest at 3.50%, final payment due April 29, 2026, unsecured ​ ​ 702,536 ​ ​ 943,836 ​ ​ ​ ​ ​ ​ ​ Total debt ​ $ 45,838,878 ​ $ 40,718,951 Less current maturities ​ 33,107,695 ​ 27,224,867 Total long term debt ​ $ 12,731,183 ​ $ 13,494,084

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Jun. 30, 2023
GOODWILL AND INTANGIBLE ASSETS
Summary of changes in goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, September 30, ​ ​ 2023 ​ 2022 Beginning balance ​ $ 4,087,554 ​ $ 1,814,317 ​ ​ ​ ​ ​ ​ ​ Acquired ​ — ​ 2,273,237 Ending balance ​ $ 4,087,554 ​ $ 4,087,554
Schedule of intangible assets subject to amortization	A table of the Company’s intangible assets subject to amortization at June 30, 2023 and September 30, 2022 is below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortization ​ Amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Accumulated ​ and Impairment ​ and Impairment ​ ​ ​ ​ Remaining Life ​ ​ ​ Amortization and ​ Amortization and ​ Three Months ​ Nine Months ​ ​ ​ ​ (in months) at ​ ​ ​ Impairment at ​ Impairment at ​ Ended June 30, ​ Ended June 30, ​ Net Book Value Intangible assets: June 30, 2023 ​ Original Cost June 30, 2023 September 30, 2022 2023 ​ 2023 at June 30, 2023 West Virginia Pipeline: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer Relationships ​ 90 ​ $ 2,209,724 ​ $ 573,225 ​ $ 386,693 ​ $ 65,643 ​ $ 186,532 ​ $ 1,636,499 Tradename ​ 90 ​ ​ 263,584 ​ ​ 65,909 ​ ​ 46,136 ​ ​ 6,591 ​ ​ 19,773 ​ ​ 197,675 Non-competes — ​ 83,203 ​ 83,203 ​ 72,806 ​ — ​ ​ 10,397 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolt Energy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employment agreement/non-compete — ​ 100,000 ​ 100,000 ​ 77,779 ​ 13,887 ​ ​ 22,221 ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tri-State Paving: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer Relationships ​ 106 ​ ​ 1,649,159 ​ ​ 190,468 ​ ​ 66,781 ​ ​ 41,229 ​ ​ 123,687 ​ ​ 1,458,691 Tradename ​ 106 ​ ​ 203,213 ​ ​ 23,609 ​ ​ 8,368 ​ ​ 5,080 ​ ​ 15,241 ​ ​ 179,604 Non-competes ​ — ​ ​ 39,960 ​ ​ 39,960 ​ ​ 16,590 ​ ​ 3,390 ​ ​ 23,370 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total intangible assets ​ ​ ​ $ 4,548,843 ​ $ 1,076,374 ​ $ 675,153 ​ $ 135,820 ​ $ 401,221 ​ $ 3,472,469
Schedule of amortization on identifiable intangible assets	​ ​ ​ ​ ​ ​ Amortization Expense July 2023 to June 2024 $ 430,008 July 2024 to June 2025 ​ 430,008 July 2025 to June 2026 ​ 430,008 July 2026 to June 2027 ​ 430,008 July 2027 to June 2028 ​ 430,008 After ​ 1,322,429 Total ​ $ 3,472,469

LEASE OBLIGATIONS (Tables)

LEASE OBLIGATIONS (Tables)	9 Months Ended
	Jun. 30, 2023
LEASE OBLIGATIONS
Schedule of information about operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Remaining liability ​ ​ ​ ​ ​ Years left June 30, 2023 September 30, 2022 Lease end Fiscal year end Operating lease 1 1.8 ​ $ 148,107 ​ $ 205,267 ​ 4/30/2025 ​ 2025 Operating lease 2 0.9 ​ 72,334 ​ 119,032 ​ 5/31/2024 2024 Operating lease 3 ​ 3.5 ​ ​ 3,156,145 ​ ​ 1,166,498 ​ 8/10/2026 ​ 2027 Operating lease 4 ​ 0.3 ​ ​ 21,214 ​ ​ 113,480 ​ 8/11/2023 ​ 2023 Operating lease 5 ​ 2.6 ​ ​ 247,476 ​ ​ — ​ 3/31/2026 ​ 2026 ​ ​ ​ ​ $ 3,645,276 ​ $ 1,604,277 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining term ​ ​ ​ 3.3 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ Three Months Ended ​ Nine Months Ended Operating Lease Expense June 30, 2023 June 30, 2023 June 30, 2022 June 30, 2022 Amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease 1 $ 19,267 ​ $ 57,160 ​ $ 12,305 ​ $ 12,305 Operating lease 2 ​ ​ 15,741 ​ ​ 46,698 ​ ​ 5,072 ​ ​ 5,072 Operating lease 3 ​ 160,836 ​ 338,521 ​ — ​ — Operating lease 4 ​ ​ 30,947 ​ ​ 92,266 ​ ​ — ​ ​ — Operating lease 5 ​ ​ 35,880 ​ ​ 42,886 ​ ​ — ​ ​ — Total amortization ​ ​ 262,671 ​ ​ 577,531 ​ ​ 17,377 ​ ​ 17,377 Interest ​ ​ ​ ​ ​ ​ ​ ​ Operating lease 1 ​ ​ 1,733 ​ ​ 5,840 ​ ​ 1,695 ​ ​ 1,695 Operating lease 2 ​ 870 ​ 3,135 ​ 465 ​ 465 Operating lease 3 ​ ​ 27,240 ​ ​ 59,452 ​ ​ — ​ ​ — Operating lease 4 ​ ​ 703 ​ ​ 2,684 ​ ​ — ​ ​ — Operating lease 5 ​ ​ 5,016 ​ ​ 6,776 ​ ​ — ​ ​ — Total interest ​ ​ 35,562 ​ ​ 77,887 ​ ​ 2,160 ​ ​ 2,160 Total amortization and interest ​ $ 298,233 ​ $ 655,418 ​ $ 19,537 ​ $ 19,537 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ Three Months Ended ​ Nine Months Ended Cash Paid for Operating Leases June 30, 2023 June 30, 2023 June 30, 2022 June 30, 2022 Operating lease 1 $ 21,000 ​ $ 63,000 ​ $ 14,000 ​ $ 14,000 Operating lease 2 ​ ​ 16,611 ​ ​ 49,833 ​ ​ 5,537 ​ ​ 5,537 Operating lease 3 ​ ​ 185,942 ​ ​ 397,973 ​ ​ — ​ ​ — Operating lease 4 ​ ​ 42,180 ​ ​ 94,950 ​ ​ — ​ ​ — Operating lease 5 ​ ​ 32,500 ​ ​ 49,662 ​ ​ — ​ ​ — ​ $ 298,233 ​ $ 655,418 ​ $ 19,537 ​ $ 19,537
Schedule of operating lease maturity schedule	​ ​ ​ ​ ​ Operating Lease Maturity Schedule ​ ​ ​ July 2023 to June 2024 $ 1,234,784 July 2024 to June 2025 ​ 1,140,516 July 2025 to June 2026 ​ 1,016,679 July 2026 to June 2027 ​ ​ 545,026 ​ ​ ​ 3,937,005 Less amounts representing interest ​ (291,729) Present value of operating lease liabilities ​ $ 3,645,276

RESTATEMENT OF PREVIOUSLY ISS_3

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Details) - PPP Loans - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Apr. 27, 2020	Apr. 30, 2023	Sep. 30, 2021	Apr. 07, 2020
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Lender aggregate principal amount				$ 13.1
Unanimously voted to return loans	$ 3.3
Amount of PPP loans to fund operations	9.8
PPP loans received	$ 9.8		$ 9.8
Short-term borrowings due to accrued interest		$ 9.8

RESTATEMENT OF PREVIOUSLY ISS_4

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Payroll Protection Program loan forgiveness and interest expense (Details) - USD ($)	3 Months Ended						9 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2023	Jun. 30, 2022
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Interest expense	$ 639,888			$ 231,265			$ 1,713,862	$ 623,498
Net income (loss)	$ 3,415,546	$ (1,873,600)	$ 138,374	1,597,243	$ (610,401)	$ 1,145,836	$ 1,680,320	2,132,678
PPP Loans
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Interest expense				24,871				74,613
Net income (loss)				(24,871)				(74,613)
As Previously Reported | PPP Loans
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Interest expense				206,394				548,885
Net income (loss)				1,622,114				2,207,291
Restated | PPP Loans
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Interest expense				231,265				623,498
Net income (loss)				$ 1,597,243				$ 2,132,678

RESTATEMENT OF PREVIOUSLY ISS_5

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Lines of credit and short-term borrowings (Details) - USD ($)	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Lines of credit and short-term borrowings	$ 28,248,900			$ 23,164,851
Stockholders' equity	$ 28,867,889	$ 25,600,303	$ 28,378,918	28,240,544	$ 26,622,907	$ 23,977,446	$ 24,587,847	$ 24,652,273
PPP Loans
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Lines of credit and short-term borrowings				10,084,531
Stockholders' equity				(10,084,531)
As Previously Reported | PPP Loans
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Lines of credit and short-term borrowings				13,080,320
Stockholders' equity				38,325,075
Restated | PPP Loans
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS
Lines of credit and short-term borrowings				23,164,851
Stockholders' equity				$ 28,240,544

DISAGGREGATION OF REVENUE (Deta

DISAGGREGATION OF REVENUE (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
DISAGGREGATION OF REVENUE
Total revenue from contracts	$ 85,529,892	$ 51,171,939	$ 199,245,920	$ 129,223,642
Earned over time
DISAGGREGATION OF REVENUE
Total revenue from contracts	72,218,682	40,029,106	169,664,626	108,248,744
Earned at point in time
DISAGGREGATION OF REVENUE
Total revenue from contracts	13,311,210	11,142,833	29,581,294	20,974,898
Lump sum contracts
DISAGGREGATION OF REVENUE
Total revenue from contracts	29,132,537	13,033,786	68,633,633	32,918,955
Unit price contracts
DISAGGREGATION OF REVENUE
Total revenue from contracts	47,963,296	29,110,922	98,912,002	71,499,347
Cost plus and T&M contracts
DISAGGREGATION OF REVENUE
Total revenue from contracts	8,434,059	9,027,231	31,700,285	24,805,340
Gas & Water Distribution
DISAGGREGATION OF REVENUE
Total revenue from contracts	17,906,005	13,667,005	43,825,957	36,282,234
Gas & Water Distribution | Earned over time
DISAGGREGATION OF REVENUE
Total revenue from contracts	7,738,419	3,315,407	21,328,177	17,263,257
Gas & Water Distribution | Earned at point in time
DISAGGREGATION OF REVENUE
Total revenue from contracts	10,167,586	10,351,598	22,497,780	19,018,977
Gas & Water Distribution | Unit price contracts
DISAGGREGATION OF REVENUE
Total revenue from contracts	17,906,005	13,667,005	43,825,957	36,282,234
Gas & Petroleum Transmission
DISAGGREGATION OF REVENUE
Total revenue from contracts	28,488,329	15,443,917	50,718,004	35,217,113
Gas & Petroleum Transmission | Earned over time
DISAGGREGATION OF REVENUE
Total revenue from contracts	28,488,329	15,443,917	50,718,004	35,217,113
Gas & Petroleum Transmission | Unit price contracts
DISAGGREGATION OF REVENUE
Total revenue from contracts	28,488,329	15,443,917	50,718,004	35,217,113
Electrical, Mechanical, and General
DISAGGREGATION OF REVENUE
Total revenue from contracts	39,135,558	22,061,017	104,701,959	57,724,295
Electrical, Mechanical, and General | Earned over time
DISAGGREGATION OF REVENUE
Total revenue from contracts	35,991,934	21,269,782	97,618,445	55,768,374
Electrical, Mechanical, and General | Earned at point in time
DISAGGREGATION OF REVENUE
Total revenue from contracts	3,143,624	791,235	7,083,514	1,955,921
Electrical, Mechanical, and General | Lump sum contracts
DISAGGREGATION OF REVENUE
Total revenue from contracts	29,132,537	13,033,786	68,633,633	32,918,955
Electrical, Mechanical, and General | Unit price contracts
DISAGGREGATION OF REVENUE
Total revenue from contracts	1,568,962		4,368,041
Electrical, Mechanical, and General | Cost plus and T&M contracts
DISAGGREGATION OF REVENUE
Total revenue from contracts	$ 8,434,059	$ 9,027,231	$ 31,700,285	$ 24,805,340

CONTRACT BALANCES (Details)

CONTRACT BALANCES (Details) - USD ($)	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Sep. 30, 2022
CONTRACT BALANCES
Accounts receivable-trade, net of allowance for doubtful accounts	$ 47,824,529		$ 38,454,913
Change in accounts receivable-trade, net of allowance for doubtful accounts	9,369,616	$ 3,086,194
Contract assets
Cost and estimated earnings in excess of billings	12,198,918		16,109,593
Change in cost and estimated earnings in excess of billings	(3,910,675)	3,206,678
Contract liabilities
Billings in excess of cost and estimated earnings	16,576,181		$ 6,027,578
Change in billings in excess of cost and estimated earnings	$ 10,548,603	$ 2,961,585

CONTRACT BALANCES - Additional

CONTRACT BALANCES - Additional information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
CONTRACT BALANCES
Recognized revenue included in contract liability	$ 100,000	$ 5,700,000
Minimum
CONTRACT BALANCES
Payment term of contracts after invoices have been issued		30 days
Maximum
CONTRACT BALANCES
Payment term of contracts after invoices have been issued		45 days

PERFORMANCE OBLIGATIONS (Detail

PERFORMANCE OBLIGATIONS (Details)	3 Months Ended	9 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
PERFORMANCE OBLIGATIONS
Recognized revenue	$ 0	$ 0
Amount of remaining unsatisfied performance obligations	$ 157,000,000	$ 157,000,000

UNCOMPLETED CONTRACTS - Summary

UNCOMPLETED CONTRACTS - Summary of costs, estimated earnings, and billings on uncompleted contracts (Details) - USD ($)	Jun. 30, 2023	Sep. 30, 2022
UNCOMPLETED CONTRACTS
Costs incurred on contracts in progress	$ 165,370,815	$ 192,957,145
Estimated earnings, net of estimated losses	19,220,491	28,150,060
Costs of uncompleted contracts including net estimated earnings	184,591,306	221,107,205
Less billings to date	188,968,569	211,025,190
Unbilled contracts	(4,377,263)	10,082,015
Costs and estimated earnings in excess of billed on uncompleted contracts	12,198,918	16,109,593
Billings in excess of cost and estimated earnings	16,576,181	6,027,578
Unbilled contracts receivable	$ (4,377,263)	$ 10,082,015

UNCOMPLETED CONTRACTS - Backlog

UNCOMPLETED CONTRACTS - Backlog (Details) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
UNCOMPLETED CONTRACTS
Backlog	$ 185.9	$ 142.3

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Jun. 30, 2023	Sep. 30, 2022
FAIR VALUE MEASUREMENTS
Aggregate principal amount of fixed-rate debt	$ 27.2	$ 25.1
Fair value of debt	$ 25.3	$ 24.3

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended						9 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2023	Jun. 30, 2022
EARNINGS PER SHARE
Net income	$ 3,415,546	$ (1,873,600)	$ 138,374	$ 1,597,243	$ (610,401)	$ 1,145,836	$ 1,680,320	$ 2,132,678
Weighted average shares outstanding-basic	16,602,556			16,449,829			16,659,169	16,270,499
Weighted average shares-diluted	16,602,556			16,449,829			16,659,169	16,270,499
Earnings per share-basic	$ 0.21			$ 0.10			$ 0.10	$ 0.13
Earnings per share-diluted	$ 0.21			$ 0.10			$ 0.10	$ 0.13

INCOME TAXES - Additional infor

INCOME TAXES - Additional information (Details)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
INCOME TAXES
Effective income tax rate	30.50%	29%	31.40%	30.70%

INCOME TAXES - Components of in

INCOME TAXES - Components of income taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Federal
Current	$ 68,038	$ 100,000	$ 68,038	$ 100,000
Deferred	1,104,844	408,087	542,938	637,268
Total	1,172,882	508,087	610,976	737,268
State
Deferred	324,860	143,309	156,994	207,948
Total	324,860	143,309	156,994	207,948
Total income tax expense	$ 1,497,742	$ 651,396	$ 767,970	$ 945,216

INCOME TAXES - Summary of incom

INCOME TAXES - Summary of income tax effects of temporary differences giving rise to the deferred tax assets and liabilities (Details) - USD ($)	Jun. 30, 2023	Sep. 30, 2022
Deferred tax liabilities
Property and equipment	$ 7,940,727	$ 7,686,064
Other	564,978	7,632
Total deferred tax liabilities	8,505,705	7,693,696
Deferred income tax assets
Other	879,717	404,093
Net operating loss carryforward	2,470,977	2,834,524
Total deferred tax assets	3,350,694	3,238,617
Total net deferred tax liabilities	$ 5,155,011	$ 4,455,079

SHORT-TERM AND LONG-TERM DEBT -

SHORT-TERM AND LONG-TERM DEBT - Summary of short-term and long-term debt (Details) - USD ($)	Jun. 30, 2023	Sep. 30, 2022
SHORT-TERM AND LONG-TERM DEBT
Total debt	$ 45,838,878	$ 40,718,951
Less current maturities	33,107,695	27,224,867
Total long term debt	12,731,183	13,494,084
Line of credit payable to bank, final payment due by June 28, 2024
SHORT-TERM AND LONG-TERM DEBT
Total debt	16,200,000	12,500,000
Paycheck Protection Program loans from Small Business Administration, 1.0% simple interest, initially forgiven in the fiscal year ended September 30, 2021. Final forgiveness decision has not been determined.
SHORT-TERM AND LONG-TERM DEBT
Total debt	10,159,144	10,084,531
Term note payable to United Bank, WV Pipeline acquisition, final payment due by March 25, 2026
SHORT-TERM AND LONG-TERM DEBT
Total debt	1,963,324	2,529,421
Notes payable to finance companies due July 2023 through August 2026
SHORT-TERM AND LONG-TERM DEBT
Total debt	1,324,858	889,165
Note payable to finance company for insurance premiums financed final due November 2023 in monthly installments
SHORT-TERM AND LONG-TERM DEBT
Total debt	1,889,756	580,320
Notes payable to bank, final payment due November 2034
SHORT-TERM AND LONG-TERM DEBT
Total debt	827,019	867,383
Notes payable to bank, final payment due November 2025
SHORT-TERM AND LONG-TERM DEBT
Total debt	324,941	412,917
Notes payable to banks due October 2027
SHORT-TERM AND LONG-TERM DEBT
Total debt	2,739,910
Notes payable to David and Daniel Bolton due final payment December 31, 2026
SHORT-TERM AND LONG-TERM DEBT
Total debt	1,652,500	2,380,000
Notes payable to bank, monthly interest rate at 9.25%, final payment due September 2026
SHORT-TERM AND LONG-TERM DEBT
Total debt	2,030,636	2,549,281
Term notes payable to United Bank, Tri-State Paving acquisition, final payment due by June 1, 2027
SHORT-TERM AND LONG-TERM DEBT
Total debt	6,024,254	6,982,097
Notes payable to Corns Enterprises, final payment due April 29, 2026
SHORT-TERM AND LONG-TERM DEBT
Total debt	$ 702,536	$ 943,836

SHORT-TERM AND LONG-TERM DEBT_2

SHORT-TERM AND LONG-TERM DEBT - Summary of short-term and long-term debt - Parenthetical (Details) - USD ($)	9 Months Ended	12 Months Ended
	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
SHORT-TERM AND LONG-TERM DEBT
Fair value of debt	$ 25,300,000	$ 24,300,000
Line of credit payable to bank, final payment due by June 28, 2024
SHORT-TERM AND LONG-TERM DEBT
Interest rate	9.25%
Equipment line of credit payable to United Bank
SHORT-TERM AND LONG-TERM DEBT
Borrowings	$ 9,300,000
Fixed interest rate	7.25%
Term of debt	54 months
Paycheck Protection Program loans from Small Business Administration, 1.0% simple interest, initially forgiven in the fiscal year ended September 30, 2021. Final forgiveness decision has not been determined.
SHORT-TERM AND LONG-TERM DEBT
Interest rate			1%
Term note payable to United Bank, WV Pipeline acquisition, final payment due by March 25, 2026
SHORT-TERM AND LONG-TERM DEBT
Interest rate	4.25%
Note payable in monthly or annual installments	$ 64,853
Notes payable to finance companies due July 2023 through August 2026
SHORT-TERM AND LONG-TERM DEBT
Note payable in monthly or annual installments	$ 48,000	60,000
Notes payable to finance companies due July 2023 through August 2026 | Minimum
SHORT-TERM AND LONG-TERM DEBT
Interest rate	0%
Notes payable to finance companies due July 2023 through August 2026 | Maximum
SHORT-TERM AND LONG-TERM DEBT
Interest rate	5.50%
Note payable to finance company for insurance premiums financed final due November 2022 in monthly installments
SHORT-TERM AND LONG-TERM DEBT
Interest rate	3.27%
Note payable in monthly or annual installments	$ 327,000	$ 282,000
Notes payable to bank, final payment due November 2034
SHORT-TERM AND LONG-TERM DEBT
Interest rate	4.82%
Note payable in monthly or annual installments	$ 7,848
Notes payable to bank, final payment due November 2025
SHORT-TERM AND LONG-TERM DEBT
Interest rate	4.25%
Note payable in monthly or annual installments	$ 11,602
Notes payable to banks due October 2027
SHORT-TERM AND LONG-TERM DEBT
Interest rate	6%
Note payable in monthly or annual installments	$ 59,932
Notes payable to David and Daniel Bolton due final payment December 31, 2026
SHORT-TERM AND LONG-TERM DEBT
Interest rate	3.25%
Note payable in monthly or annual installments	$ 500,000
Notes payable to bank, monthly interest rate at 9.25%, final payment due September 2026
SHORT-TERM AND LONG-TERM DEBT
Interest rate	9.25%
Note payable in monthly or annual installments	$ 68,150
Debt instrument, Interest rate during period	4.25%
Term notes payable to United Bank, Tri-State Paving acquisition, final payment due by June 1, 2027
SHORT-TERM AND LONG-TERM DEBT
Interest rate	4.25%
Note payable in monthly or annual installments	$ 129,910
Notes payable to Corns Enterprises, final payment due April 29, 2026
SHORT-TERM AND LONG-TERM DEBT
Interest rate	3.50%
Note payable in monthly or annual installments	$ 1,000,000
Notes payable on annual installments	250,000
Fair value of debt	$ 936,000

SHORT-TERM AND LONG-TERM DEBT_3

SHORT-TERM AND LONG-TERM DEBT - Additional information (Details) - USD ($)		1 Months Ended	9 Months Ended	12 Months Ended
	Apr. 27, 2020	Apr. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2021	Jan. 19, 2023	Jul. 13, 2022	Apr. 07, 2020
SHORT-TERM AND LONG-TERM DEBT
Line of credit remaining borrowing capacity			$ 16,200,000
Amount available to borrowing			$ 16,200,000
Ratio to be Maintained by Borrower for Maximum Senior Funded Debt to EBDITA			3.5
Insurance policy premium outstanding			$ 1,900,000	$ 580,000
PPP Loans
SHORT-TERM AND LONG-TERM DEBT
Lender aggregate principal amount								$ 13,100,000
Unanimously voted to return loans	$ 3,300,000
Amount of PPP loans to fund operations	9,800,000
PPP loans received	$ 9,800,000				$ 9,800,000
Short-term borrowings due to accrued interest		$ 9,800,000
United Bank, Inc. | Revolving credit facility
SHORT-TERM AND LONG-TERM DEBT
Line of credit						$ 30,000,000	$ 15,000,000
Line of credit borrowing capacity			$ 24,400,000
Interest rate on the line of credit description				“Wall Street Journal” Prime Rate
Interest rate on line of credit			4.50%	4.99%
Interest rate			9.25%	5.50%
Minimum tangible net worth			$ 28,000,000
Minimum traditional debt service coverage ratio			1.50x
Minimum current ratio			1.20x
Maximum debt to tangible net worth ratio			2.75x
Amount of loan covenants			$ 24,400,000
United Bank, Inc. | Revolving credit facility | Revolving line of credit component one
SHORT-TERM AND LONG-TERM DEBT
Line of credit remaining borrowing capacity				$ 12,500,000
Amount available to borrowing				$ 12,500,000

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($)	9 Months Ended	12 Months Ended
	Jun. 30, 2023	Sep. 30, 2022
Goodwill
Beginning balance	$ 4,087,554	$ 1,814,317
Acquired	0	2,273,237
Ending balance	$ 4,087,554	$ 4,087,554

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Intangible assets subject to amortization (Details) - USD ($)		3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2022
GOODWILL AND INTANGIBLE ASSETS
Original Cost	$ 4,548,843	$ 4,548,843			$ 4,548,843
Accumulated Amortization and Impairment	1,076,374	135,820			401,221	$ 675,153
Net Book Value	$ 3,472,469	3,472,469			$ 3,472,469
Accumulated Amortization and impairment on identifiable intangible assets		$ 136,000	$ 112,000
Goodwill impairment				$ 0		0
Customer Relationships | West Virginia Pipeline
GOODWILL AND INTANGIBLE ASSETS
Remaining Life	90 months	90 months			90 months
Original Cost	$ 2,209,724	$ 2,209,724			$ 2,209,724
Accumulated Amortization and Impairment	573,225	65,643			186,532	386,693
Net Book Value	$ 1,636,499	$ 1,636,499			$ 1,636,499
Customer Relationships | Tri-State Paving
GOODWILL AND INTANGIBLE ASSETS
Remaining Life	106 months	106 months			106 months
Original Cost	$ 1,649,159	$ 1,649,159			$ 1,649,159
Accumulated Amortization and Impairment	190,468	41,229			123,687	66,781
Net Book Value	$ 1,458,691	$ 1,458,691			$ 1,458,691
Tradename | West Virginia Pipeline
GOODWILL AND INTANGIBLE ASSETS
Remaining Life	90 months	90 months			90 months
Original Cost	$ 263,584	$ 263,584			$ 263,584
Accumulated Amortization and Impairment	65,909	6,591			19,773	46,136
Net Book Value	$ 197,675	$ 197,675			$ 197,675
Tradename | Tri-State Paving
GOODWILL AND INTANGIBLE ASSETS
Remaining Life	106 months	106 months			106 months
Original Cost	$ 203,213	$ 203,213			$ 203,213
Accumulated Amortization and Impairment	23,609	5,080			15,241	8,368
Net Book Value	179,604	179,604			179,604
Non-competes | West Virginia Pipeline
GOODWILL AND INTANGIBLE ASSETS
Original Cost	83,203	83,203			83,203
Accumulated Amortization and Impairment	83,203				10,397	72,806
Non-competes | Tri-State Paving
GOODWILL AND INTANGIBLE ASSETS
Original Cost	39,960	39,960			39,960
Accumulated Amortization and Impairment	39,960	3,390			23,370	16,590
Employment agreement/non-compete | Revolt Energy
GOODWILL AND INTANGIBLE ASSETS
Original Cost	100,000	100,000			100,000
Accumulated Amortization and Impairment	$ 100,000	$ 13,887			$ 22,221	$ 77,779

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Identifiable intangible assets (Details)	Jun. 30, 2023 USD ($)
Amortization expense
July 2023 to June 2024	$ 430,008
July 2024 to June 2025	430,008
July 2025 to June 2026	430,008
July 2026 to June 2027	430,008
July 2027 to June 2028	430,008
After	1,322,429
Total	$ 3,472,469

LEASE OBLIGATIONS (Details)

LEASE OBLIGATIONS (Details)				3 Months Ended		9 Months Ended
	Aug. 11, 2022 USD ($) item	Apr. 29, 2022 USD ($) item	Mar. 25, 2021 item	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) agreement	Jun. 30, 2022 USD ($)	Mar. 28, 2023 USD ($)	Sep. 30, 2022 USD ($)	Aug. 12, 2022 USD ($)
LEASE OBLIGATIONS
Operating lease payments for office space per month						$ 1,500
Term of operating lease			2 years
Number of renewable options available | item			5
Operating lease, renewal term			1 year
Percentage of maximum increases in rent			5%
Number of financing leases entered | agreement						2
Finance lease, value				$ 160,000		$ 160,000
Term of finance leases				22 months		22 months
Finance lease, interest rate				0%		0%
Finance lease, monthly installment payments						$ 6,645
Option to cancel the finance lease						false
Number of right of use operating leases | item		2
Carrying value				$ 1,213,496		$ 1,213,496			$ 588,653
Rental expense				2,500,000	$ 1,700,000	6,800,000	$ 5,300,000
Operating Lease for Hurricane, WV Facility
LEASE OBLIGATIONS
Net present value		$ 236,000
Carrying value				148,000		148,000
Operating Lease for Chattanooga, Tennessee Facility
LEASE OBLIGATIONS
Net present value		$ 144,000
Carrying value				72,000		72,000
Interest rate on operating lease		4.50%
Operating Lease with Enterprise Fleet Management, Inc
LEASE OBLIGATIONS
Net present value	$ 1,200,000
Carrying value				3,200,000		3,200,000
Interest rate on operating lease	4.50%
Number of vehicles to be used | item	31
Operating Lease with RICA Developers, LLC
LEASE OBLIGATIONS
Net present value										$ 140,000
Carrying value				21,000		21,000
Interest rate on operating lease										4.50%
Operating Lease for Winchester, Kentucky Facility
LEASE OBLIGATIONS
Net present value								$ 290,000
Carrying value				$ 247,000		$ 247,000
Interest rate on operating lease								7.75%

LEASE OBLIGATIONS - Operating l

LEASE OBLIGATIONS - Operating lease-weighted average remaining term (Details) - USD ($)	Jun. 30, 2023	Sep. 30, 2022
LEASE OBLIGATIONS
Weighted average remaining term	3 years 3 months 18 days
Present value of operating lease liabilities	$ 3,645,276	$ 1,604,277
Operating lease 1
LEASE OBLIGATIONS
Weighted average remaining term	1 year 9 months 18 days
Present value of operating lease liabilities	$ 148,107	205,267
Operating lease 2
LEASE OBLIGATIONS
Weighted average remaining term	10 months 24 days
Present value of operating lease liabilities	$ 72,334	119,032
Operating lease 3
LEASE OBLIGATIONS
Weighted average remaining term	3 years 6 months
Present value of operating lease liabilities	$ 3,156,145	1,166,498
Operating lease 4
LEASE OBLIGATIONS
Weighted average remaining term	3 months 18 days
Present value of operating lease liabilities	$ 21,214	$ 113,480
Operating lease 5
LEASE OBLIGATIONS
Weighted average remaining term	2 years 7 months 6 days
Present value of operating lease liabilities	$ 247,476

LEASE OBLIGATIONS - Operating_2

LEASE OBLIGATIONS - Operating lease maturity schedule (Details) - USD ($)	Jun. 30, 2023	Sep. 30, 2022
LEASE OBLIGATIONS
July 2023 to June 2024	$ 1,234,784
July 2024 to June 2025	1,140,516
July 2025 to June 2026	1,016,679
July 2026 to June 2027	545,026
Operating lease liability	3,937,005
Less amounts representing interest	(291,729)
Present value of operating lease liabilities	$ 3,645,276	$ 1,604,277

LEASE OBLIGATIONS - Operating_3

LEASE OBLIGATIONS - Operating lease expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
LEASE OBLIGATIONS
Total amortization	$ 262,671	$ 17,377	$ 577,531	$ 17,377
Total interest	35,562	2,160	77,887	2,160
Total amortization and interest	298,233	19,537	655,418	19,537
Cash Paid for Operating Leases	298,233	19,537	655,418	19,537
Operating lease 1
LEASE OBLIGATIONS
Total amortization	19,267	12,305	57,160	12,305
Total interest	1,733	1,695	5,840	1,695
Cash Paid for Operating Leases	21,000	14,000	63,000	14,000
Operating lease 2
LEASE OBLIGATIONS
Total amortization	15,741	5,072	46,698	5,072
Total interest	870	465	3,135	465
Cash Paid for Operating Leases	16,611	$ 5,537	49,833	$ 5,537
Operating lease 3
LEASE OBLIGATIONS
Total amortization	160,836		338,521
Total interest	27,240		59,452
Cash Paid for Operating Leases	185,942		397,973
Operating lease 4
LEASE OBLIGATIONS
Total amortization	30,947		92,266
Total interest	703		2,684
Cash Paid for Operating Leases	42,180		94,950
Operating lease 5
LEASE OBLIGATIONS
Total amortization	35,880		42,886
Total interest	5,016		6,776
Cash Paid for Operating Leases	$ 32,500		$ 49,662

LEASE OBLIGATIONS - Cash Paid f

LEASE OBLIGATIONS - Cash Paid for Operating Leases (Details)	9 Months Ended
	Jun. 30, 2023 agreement
LEASE OBLIGATIONS
Lessee, Finance Lease, Number Of New Leases	2

LEASE OBLIGATIONS - Additional

LEASE OBLIGATIONS - Additional Information (Details)	3 Months Ended		9 Months Ended
	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) agreement	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Mar. 25, 2021
LEASE OBLIGATIONS
Number of financing leases entered | agreement			2
Finance lease, value	$ 160,000		$ 160,000
Term of finance leases	22 months		22 months
Finance lease, interest rate	0%		0%
Finance lease, monthly installment payments			$ 6,645
Option to cancel the finance lease			false
Net present value	$ 2,400,000		$ 2,400,000
Carrying value	3,645,276		3,645,276		$ 1,604,277
Maximum term of operating lease agreement						2 years
Rental expense	$ 2,500,000	$ 1,700,000	$ 6,800,000	$ 5,300,000