Energy Services of America (ESOA) 10-Q 8 May 24 2024 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2024	May 07, 2024
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	Mar. 31, 2024
Entity Registrant Name	Energy Services of America CORP
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		16,607,915
Entity Central Index Key	0001357971
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Current assets
Cash and cash equivalents	$ 12,091,466	$ 16,431,572
Accounts receivable-trade	46,373,286	51,219,958
Allowance for doubtful accounts	(51,063)	(51,063)
Retainages receivable	10,101,198	7,589,749
Other receivables	847,306	516,968
Contract assets	14,648,381	15,955,220
Prepaid expenses and other	5,106,870	3,520,178
Total current assets	89,117,444	95,182,582
Property, plant and equipment, at cost	87,681,355	84,329,349
less accumulated depreciation	(50,703,501)	(47,799,840)
Total property and equipment, net	36,977,854	36,529,509
Right-of-use assets-operating lease	2,766,749	3,326,405
Intangible assets, net	3,166,815	3,383,099
Goodwill	4,087,554	4,087,554
Total assets	136,116,416	142,509,149
Current liabilities
Current maturities of long-term debt	7,134,280	6,107,277
Lines of credit and short-term borrowings	22,492,890	19,847,470
Current maturities of operating lease liabilities	1,286,881	1,075,815
Accounts payable	18,669,362	22,026,639
Accrued expenses and other current liabilities	10,876,126	13,103,944
Contract liabilities	16,308,516	17,743,001
Total current liabilities	76,768,055	79,904,146
Long-term debt, less current maturities	16,087,973	18,870,529
Long-term operating lease liabilities, less current maturities	1,494,633	2,274,975
Deferred tax liability	7,201,874	6,870,510
Total liabilities	101,552,535	107,920,160
Shareholders' equity
Common stock, $.0001 par value Authorized 50,000,000 shares, 17,896,016 issued and 16,577,586 outstanding at March 31, 2024 and 17,885,615 issued and 16,567,185 outstanding at September 30, 2023	1,790	1,789
Treasury stock, 1,318,430 shares at March 31, 2024 and September 30, 2023	(132)	(132)
Additional paid in capital	60,324,300	60,288,745
Retained deficit	(25,762,077)	(25,701,413)
Total shareholders' equity Total shareholders' equity	34,563,881	34,588,989
Total liabilities and shareholders' equity	$ 136,116,416	$ 142,509,149

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2024	Sep. 30, 2023
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	17,896,016	17,885,615
Common stock, shares outstanding	16,577,586	16,567,185
Treasury stock, shares	1,318,430	1,318,430

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Consolidated Statements of Income
Revenue	$ 71,127,655	$ 53,673,443	$ 161,290,842	$ 113,716,028
Cost of revenues	64,888,101	49,772,790	144,212,327	103,829,113
Gross profit	6,239,554	3,900,653	17,078,515	9,886,915
Selling and administrative expenses	7,321,951	5,887,747	14,520,671	11,203,885
(Loss) income from operations	(1,082,397)	(1,987,094)	2,557,844	(1,316,970)
Other income (expense)
Interest income	0	124	0	196
Other nonoperating expense	(81,790)	(10,524)	(6,789)	(91,187)
Interest expense	(622,616)	(574,546)	(1,224,300)	(1,073,974)
Gain on sale of equipment	304,923	48,280	291,595	16,937
Other nonoperating income (expense), Total	(399,483)	(536,666)	(939,494)	(1,148,028)
(Loss) income before income taxes	(1,481,880)	(2,523,760)	1,618,350	(2,464,998)
Income tax (benefit) expense	(373,052)	(650,160)	684,983	(729,772)
Net (loss) income	$ (1,108,828)	$ (1,873,600)	$ 933,367	$ (1,735,226)
Weighted average shares outstanding-basic	16,569,871	16,666,683	16,567,853	16,667,062
Weighted average shares-diluted	16,569,871	16,666,683	16,606,075	16,667,062
(Loss) earnings per share-basic	$ (0.07)	$ (0.11)	$ 0.06	$ (0.10)
(Loss) earnings per share-diluted	$ (0.07)	$ (0.11)	$ 0.06	$ (0.10)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 933,367	$ (1,735,226)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Accreted interest on PPP loans	50,172	49,742
Depreciation expense	4,181,948	3,629,111
Gain on sale of equipment	(291,595)	(16,937)
Provision for deferred taxes	331,364	(729,772)
Amortization of intangible assets	216,284	265,401
Accreted interest on notes payable	30,186	21,198
Vested restricted stock award compensation expense	35,556
Decrease in accounts receivable	4,846,672	13,713,923
Increase in retainage receivable	(2,511,449)	(1,214,242)
Increase in other receivables	(330,338)	(309,085)
Decrease in contract assets	1,306,839	4,659,578
(Increase) decrease in prepaid expenses and other	(1,586,692)	1,791,134
Decrease in accounts payable	(3,357,277)	(6,155,465)
Decrease in accrued expenses and other current liabilities	(2,237,438)	(3,010,776)
(Decrease) increase in contract liabilities	(1,434,485)	1,016,632
Net cash provided by operating activities	183,114	11,975,216
Cash flows from investing activities:
Investment in property and equipment	(3,586,106)	(5,774,905)
Proceeds from sales of property and equipment	943,938	274,624
Net cash used in investing activities	(2,642,168)	(5,500,281)
Cash flows from financing activities:
Dividends on common stock	(994,031)	(833,360)
Treasury stock purchased		(71,655)
Borrowings on lines of credit and short-term debt, net of (repayments)	2,636,849	(1,618,718)
Proceeds from long-term debt		3,100,000
Principal payments on long-term debt	(3,523,870)	(2,883,118)
Net cash used in financing activities	(1,881,052)	(2,306,851)
(Decrease) increase in cash and cash equivalents	(4,340,106)	4,168,084
Cash and cash equivalents beginning of period	16,431,572	7,427,474
Cash and cash equivalents end of period	12,091,466	11,595,558
Supplemental schedule of noncash investing and financing activities:
Purchases of property & equipment under financing agreements	1,696,530	599,217
Prepaid insurance premiums financed		3,811,644
Operating lease right-of-use asset disposals, net of acquisitions in exchange for operating liabilities	(2,846)	962,417
Cash paid during the year for:
Interest	1,169,311	$ 1,022,089
Income taxes	$ 1,153,934

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, 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)					(1,735,226)
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
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			(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
Balance at the beginning at Sep. 30, 2023	$ 1,789	60,288,745	(25,701,413)	(132)	34,588,989
Balance at the beginning (in shares) at Sep. 30, 2023	16,567,185
Increase (Decrease) in Stockholders' Equity
Net income (loss)			2,042,195		2,042,195
Dividends on common stock			(994,031)		(994,031)
Balance at the end at Dec. 31, 2023	$ 1,789	60,288,745	(24,653,249)	(132)	35,637,153
Balance at the end (in shares) at Dec. 31, 2023	16,567,185
Balance at the beginning at Sep. 30, 2023	$ 1,789	60,288,745	(25,701,413)	(132)	34,588,989
Balance at the beginning (in shares) at Sep. 30, 2023	16,567,185
Increase (Decrease) in Stockholders' Equity
Net income (loss)					933,367
Balance at the end at Mar. 31, 2024	$ 1,790	60,324,300	(25,762,077)	(132)	34,563,881
Balance at the end (in shares) at Mar. 31, 2024	16,577,586
Balance at the beginning at Dec. 31, 2023	$ 1,789	60,288,745	(24,653,249)	(132)	35,637,153
Balance at the beginning (in shares) at Dec. 31, 2023	16,567,185
Increase (Decrease) in Stockholders' Equity
Net income (loss)			(1,108,828)		(1,108,828)
Vested restricted stock award	$ 1	35,555			35,556
Vested restricted stock award (in shares)	10,401
Balance at the end at Mar. 31, 2024	$ 1,790	$ 60,324,300	$ (25,762,077)	$ (132)	$ 34,563,881
Balance at the end (in shares) at Mar. 31, 2024	16,577,586

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares	3 Months Ended
	Dec. 31, 2023	Mar. 31, 2023
Consolidated Statements of Changes in Shareholders' Equity
Dividends on common stock (in dollars per share)	$ 0.06	$ 0.05
Number of common shares	16,567,185	16,667,185

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	6 Months Ended
	Mar. 31, 2024
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 pipeline services include corrosion protection services, horizontal drilling services, 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 broadband and solar electric 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 has 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, 2023, and 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on January 16, 2024. 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 six months ended March 31, 2024 and 2023 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	6 Months Ended
	Mar. 31, 2024
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

ACCOUNTING FOR PAYCHECK PROTECT

ACCOUNTING FOR PAYCHECK PROTECTION PROGRAM LOANS	6 Months Ended
	Mar. 31, 2024
ACCOUNTING FOR PAYCHECK PROTECTION PROGRAM LOANS
ACCOUNTING FOR PAYCHECK PROTECTION PROGRAM LOANS	3. ACCOUNTING FOR 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 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 its lender (the “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 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 audited financial statements of the Company for the fiscal years 2022 and 2021. 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. Borrowers must retain PPP documentation for at least six years after the date the loan is forgiven or paid in full, and the SBA and SBA Inspector General must be granted these files upon request. The SBA could revisit its forgiveness decision and determine that the Company does not qualify in whole or in part for loan forgiveness and demand repayment of the loans. In addition, it is unknown what type of penalties could be assessed against the Company if the SBA disagrees with the Company’s certification. Any penalties in addition to the potential repayment of the PPP Loans could negatively impact the Company’s business, financial condition and results of operations and prospects.

REVENUE RECOGNITION

REVENUE RECOGNITION	6 Months Ended
	Mar. 31, 2024
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 the amount of 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	6 Months Ended
	Mar. 31, 2024
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 six months ended March 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2024 ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ Gas & Water ​ Gas & Petroleum ​ Mechanical, & ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 26,943,941 ​ $ 26,943,941 Unit price contracts ​ 14,273,691 ​ 9,044,955 ​ 448,175 ​ 23,766,821 Cost plus and T&M contracts ​ — ​ 718,123 ​ 19,698,770 ​ 20,416,893 Total revenue from contracts ​ $ 14,273,691 ​ $ 9,763,078 ​ $ 47,090,886 ​ $ 71,127,655 ​ ​ ​ ​ ​ ​ ​ ​ ​ Earned over time ​ $ 5,768,688 ​ $ 9,044,955 ​ $ 32,913,922 ​ $ 47,727,565 Earned at point in time ​ 8,505,003 ​ 718,123 ​ 14,176,964 ​ 23,400,090 Total revenue from contracts ​ $ 14,273,691 ​ $ 9,763,078 ​ $ 47,090,886 ​ $ 71,127,655 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended March 31, 2024 ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ ​ Gas &Water ​ Gas & Petroleum ​ Mechanical, & ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 55,632,971 ​ $ 55,632,971 Unit price contracts ​ 31,356,586 ​ 36,893,140 ​ 2,710,870 ​ 70,960,596 Cost plus and T&M contracts ​ — ​ 1,433,181 ​ 33,264,094 ​ 34,697,275 Total revenue from contracts ​ $ 31,356,586 ​ $ 38,326,321 ​ $ 91,607,935 ​ $ 161,290,842 ​ ​ ​ ​ ​ ​ Earned over time ​ $ 10,141,271 ​ $ 36,893,140 ​ $ 63,141,836 ​ $ 110,176,247 Earned at point in time ​ 21,215,315 ​ 1,433,181 ​ 28,466,099 ​ 51,114,595 Total revenue from contracts ​ $ 31,356,586 ​ $ 38,326,321 ​ $ 91,607,935 ​ $ 161,290,842 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ ​ Gas & Water ​ Gas & Petroleum ​ Mechanical, & ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 22,467,890 ​ $ 22,467,890 Unit price contracts ​ 13,432,107 ​ 5,334,861 ​ 1,261,641 ​ 20,028,609 Cost plus and T&M contracts ​ — ​ — ​ 11,176,944 ​ 11,176,944 Total revenue from contracts ​ $ 13,432,107 ​ $ 5,334,861 ​ $ 34,906,475 ​ $ 53,673,443 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earned over time ​ $ 8,711,111 ​ $ 5,334,861 ​ $ 31,736,363 ​ $ 45,782,335 Earned at point in time ​ 4,720,996 ​ — ​ 3,170,112 ​ 7,891,108 Total revenue from contracts ​ $ 13,432,107 ​ $ 5,334,861 ​ $ 34,906,475 ​ $ 53,673,443 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ ​ Gas & Water ​ Gas & Petroleum ​ Mechanical, & ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 39,501,096 ​ $ 39,501,096 Unit price contracts ​ 25,919,952 ​ 22,229,675 ​ 2,799,079 ​ 50,948,706 Cost plus and T&M contracts ​ — ​ — ​ 23,266,226 ​ 23,266,226 Total revenue from contracts ​ $ 25,919,952 ​ $ 22,229,675 ​ $ 65,566,401 ​ $ 113,716,028 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earned over time ​ $ 13,589,758 ​ $ 22,229,675 ​ $ 61,626,511 ​ $ 97,445,944 Earned at point in time ​ 12,330,194 ​ — ​ 3,939,890 ​ 16,270,084 Total revenue from contracts ​ $ 25,919,952 ​ $ 22,229,675 ​ $ 65,566,401 ​ $ 113,716,028 ​

CONTRACT BALANCES

CONTRACT BALANCES	6 Months Ended
	Mar. 31, 2024
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 six months ended March 31, 2024, we recognized revenue of $4.1 million and $17.6 million, respectively, that was included in the contract liability balance at September 30, 2023. Accounts receivable-trade, net of allowance for doubtful accounts, contract assets and contract liabilities consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 September 30, 2023 Change Accounts receivable-trade, net of allowance for doubtful accounts ​ $ 46,322,223 ​ $ 51,168,895 ​ $ (4,846,672) ​ ​ ​ ​ Contract assets ​ ​ ​ Cost and estimated earnings in excess of billings ​ $ 14,648,381 ​ $ 15,955,220 ​ $ (1,306,839) ​ ​ ​ ​ ​ ​ Contract liabilities ​ ​ ​ ​ ​ Billings in excess of cost and estimated earnings ​ $ 16,308,516 ​ $ 17,743,001 ​ $ (1,434,485) ​

PERFORMANCE OBLIGATIONS

PERFORMANCE OBLIGATIONS	6 Months Ended
	Mar. 31, 2024
PERFORMANCE OBLIGATIONS
PERFORMANCE OBLIGATIONS	7. PERFORMANCE OBLIGATIONS For the three and six months ended March 31, 2024, there was no significant revenue recognized as a result of changes in contract transaction price related to performance obligations that were satisfied prior to September 30, 2023. Changes in contract transaction price can result from items such as executed or estimated change orders, and unresolved contract modifications and claims. At March 31, 2024, the Company had $145.3 million in remaining unsatisfied performance obligations, in which revenue is expected to be recognized over the next twelve months.

UNCOMPLETED CONTRACTS

UNCOMPLETED CONTRACTS	6 Months Ended
	Mar. 31, 2024
UNCOMPLETED CONTRACTS
UNCOMPLETED CONTRACTS	8. UNCOMPLETED CONTRACTS Costs, estimated earnings, and billings on uncompleted contracts as of March 31, 2024 and September 30, 2023, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 September 30, 2023 Costs incurred on contracts in progress ​ $ 403,385,426 ​ $ 287,347,650 Estimated earnings, net of estimated losses ​ 42,599,658 ​ 38,976,895 ​ ​ 445,985,084 ​ 326,324,545 Less billings to date ​ 447,645,219 ​ 328,112,326 ​ ​ $ (1,660,135) ​ $ (1,787,781) ​ ​ ​ ​ ​ ​ ​ Costs and estimated earnings in excess of billed on uncompleted contracts ​ $ 14,648,381 ​ $ 15,955,220 ​ ​ ​ ​ ​ ​ ​ Less billings in excess of costs and estimated earnings on uncompleted contracts ​ 16,308,516 ​ 17,743,001 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (1,660,135) ​ $ (1,787,781) ​ The Company’s unaudited backlog at March 31, 2024 and September 30, 2023 was $222.8 million and $229.8 million, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Mar. 31, 2024
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS	9. FAIR VALUE MEASUREMENTS The fair value measurement guidance of the Financial Accounting Standards Board (“FASB”) ASC defines fair value, establishes a framework for measuring fair value in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and specifies disclosures about fair value measurements. 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 $31.5 million at March 31, 2024 was $30.1 million. The fair value of the aggregate principal amount of the Company’s fixed-rate debt of $33.8 million at September 30, 2023 was $32.1 million. All other current assets and liabilities are carried at net realizable value which approximates fair value because of their short duration to maturity.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Mar. 31, 2024
EARNINGS PER SHARE
EARNINGS PER SHARE	10. EARNINGS PER SHARE The amounts used to compute the earnings per share for the three and six months ended March 31, 2024 and 2023 are summarized below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Net (loss) income ​ $ (1,108,828) ​ $ (1,873,600) ​ $ 933,367 ​ $ (1,735,226) ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding-basic ​ 16,569,871 ​ 16,666,683 ​ 16,567,853 ​ 16,667,062 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding-diluted ​ 16,569,871 ​ 16,666,683 ​ 16,606,075 ​ 16,667,062 ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) earnings per share available to common shareholders ​ $ (0.07) ​ $ (0.11) ​ $ 0.06 ​ $ (0.10) ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) earnings per share available to common shareholders-diluted ​ $ (0.07) ​ $ (0.11) ​ $ 0.06 ​ $ (0.10) ​

INCOME TAXES

INCOME TAXES	6 Months Ended
	Mar. 31, 2024
INCOME TAXES
INCOME TAXES	11. INCOME TAXES The components of income taxes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ March 31, 2024 March 31, 2023 ​ March 31, 2024 ​ March 31, 2023 Federal ​ ​ ​ ​ Current ​ $ — ​ $ — ​ $ 140,882 ​ $ — Deferred ​ (286,811) ​ (499,808) ​ 389,140 ​ (561,906) Total ​ ​ (286,811) ​ ​ (499,808) ​ 530,022 ​ (561,906) ​ ​ ​ ​ ​ ​ ​ State ​ ​ ​ ​ ​ ​ Current ​ ​ — ​ ​ — ​ ​ 45,203 ​ — Deferred ​ (86,241) ​ (150,352) ​ 109,758 ​ (167,866) Total ​ ​ (86,241) ​ ​ (150,352) ​ 154,961 ​ (167,866) Total income tax expense (benefit) ​ $ (373,052) ​ $ (650,160) ​ $ 684,983 ​ $ (729,772) ​ The Company’s income tax expense and deferred tax assets and liabilities reflect management’s best estimate of current and future taxes to be paid. Significant judgments and estimates are required in the determination of the consolidated income tax expense. The Company’s provision for income taxes is computed by applying a federal rate of 21.0% and a state rate of 6.0% to taxable income or loss after consideration of non-taxable and non-deductible items. The effective income tax rate for the three and six months ended March 31, 2024 was (25.2)% and 42.3%, respectively, as compared to (25.8)% and (29.6)%, respectively, for the same period in 2023. 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 amortization of goodwill and intangible assets and non-deductible amounts for per diem expenses. The income tax effects of temporary differences giving rise to the deferred tax assets and liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 September 30, 2023 Deferred tax liabilities ​ ​ Property and equipment ​ $ 7,775,925 ​ $ 8,141,025 Other ​ 617,218 ​ 588,632 Total deferred tax liabilities ​ $ 8,393,143 ​ $ 8,729,657 ​ ​ ​ ​ ​ Deferred income tax assets ​ ​ ​ ​ Accruals & Other ​ $ 1,005,361 ​ $ 948,704 Net operating loss carryforward ​ ​ 185,908 ​ ​ 910,443 Total deferred tax assets ​ ​ 1,191,269 ​ ​ 1,859,147 Total net deferred tax liabilities ​ $ 7,201,874 ​ $ 6,870,510 ​ 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. The Company had $186,000 and $3.0 million of federal net operating loss carryforwards at March 31, 2024 and September 30, 2023, respectively. The Company expects to exhaust the federal net operating loss carryforwards in the fiscal year ending September 30, 2025. The Company had state net operating loss carryforwards at March 31, 2024 and September 30, 2023, respectively that begin to expire in 2025, that were not significant. The Company does not believe that it has any unrecognized tax benefits included in its consolidated financial statements that require recognition. The Company has not had any settlements in the current period with taxing authorities, nor has it recognized tax benefits as a result of a lapse of the applicable statute of limitations. The Company recognizes interest and penalties accrued related to unrecognized tax benefits, if applicable, in general and administrative expenses.

SHORT-TERM AND LONG-TERM DEBT

SHORT-TERM AND LONG-TERM DEBT	6 Months Ended
	Mar. 31, 2024
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 The line of credit is limited to a borrowing base calculation as summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 September 30, 2023 Eligible borrowing base ​ $ 21,267,302 ​ $ 23,942,868 ​ ​ ​ ​ ​ ​ ​ ​ ​ Borrowed on line of credit ​ 12,300,000 ​ 8,712,915 ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of credit balance available ​ $ 8,967,302 ​ $ 15,229,953 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate ​ 8.5 % 8.5 % ​ 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’s lender has agreed to omit the effect of the PPP loan restatement from the Company’s covenant compliance calculations while a final decision on PPP loan forgiveness remains in question. Thus, the Company was in compliance with all covenants at March 31, 2024. The Company projects to meet all covenant requirements for the next twelve months. Insurance Premiums Financed The Company financed its captive insurance policy premiums on a short-term basis through a financing company for the calendar year ended December 31, 2023. These insurance policies include workers’ compensation, general liability, automobile, umbrella, and equipment policies. The Company made a down payment in January 2023 and financed the remaining premium amount over eleven monthly payments. At March 31, 2024 and September 30, 2023, the remaining balance of the insurance premiums was $0 and $950,000, respectively. For the calendar year beginning January 1, 2024, the Company’s insurance company is accepting quarterly payments on certain insurance policies and the Company has prepaid the balance of the remaining policies as of March 31, 2024. The Company has no insurance premiums financed as of March 31, 2024. 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 audited financial statements of the Company for the fiscal years 2022 and 2021. The Company has recorded a short-term borrowing due to the SBA inquiry for the full $9.8 million, plus accrued interest. 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. Borrowers must retain PPP documentation for at least six years after the date the loan is forgiven or paid in full, and the SBA and SBA Inspector General must be granted these files upon request. The SBA could revisit its forgiveness decision and determine that the Company does not qualify in whole or in part for loan forgiveness and demand repayment of the loans. In addition, it is unknown what type of penalties could be assessed against the Company if the SBA disagrees with the Company’s certification. Any penalties in addition to the potential repayment of the PPP Loans could negatively impact the Company’s business, financial condition and results of operations and prospects. A summary of short-term and long-term debt as of March 31, 2024 and September 30, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 September 30, 2023 Line of credit payable to bank, monthly interest with variable rate of 8.5% at March 31, 2024, final payment due by June 28, 2024, guaranteed by certain directors of the Company. ​ $ 12,300,000 ​ $ 8,712,915 ​ ​ ​ ​ ​ Note payable to bank, due in monthly installments totaling $202,000, including fixed interest at 7.25%, final payment due June 2028, secured by equipment, guaranteed by certain directors of the Company. ​ ​ 8,712,104 ​ ​ 8,487,085 ​ ​ ​ ​ ​ ​ ​ 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. ​ 10,234,492 ​ 10,184,320 ​ ​ ​ ​ ​ ​ ​ Term note payable to United Bank, WV Pipeline acquisition, due in monthly installments of $64,853 with fixed interest at 4.25%, final payment due by March 25, 2026, secured by receivables and equipment, guaranteed by certain directors of the Company. ​ ​ 1,494,290 ​ ​ 1,790,051 ​ ​ ​ ​ ​ Notes payable to finance companies, due in monthly installments totaling $76,600 at March 31, 2024 and $50,000 at September 30, 2023, including interest ranging from 0.00% to 6.0%, final payments due April 2024 through August 2026, secured by equipment. ​ 1,893,373 ​ 1,290,148 ​ ​ ​ ​ ​ Note payable to finance company for insurance premiums financed, due in monthly installments totaling $327,000 in calendar year 2023 and $282,000 in calendar year 2022, including interest rate at 6.70%, final payment due December 2023. ​ — ​ 950,235 ​ ​ ​ ​ ​ Notes payable to bank, due in monthly installments totaling $7,848, including interest at 4.82% , final payment due November 2034 secured by building and property. ​ 787,329 ​ 813,242 ​ ​ ​ ​ ​ Notes payable to bank, due in monthly installments totaling $12,580, including variable interest of 9.5% at March 31, 2024, final payment due November 2025 secured by building and property, guaranteed by certain directors of the Company. ​ 232,166 ​ 294,761 ​ ​ ​ ​ ​ Notes payable to bank, due in monthly installments totaling $59,932, including fixed interest at 6.0%, final payment due October 2027 secured by receivables and equipment, guaranteed by certain directors of the Company. ​ 2,317,125 ​ 2,601,404 ​ ​ ​ ​ ​ ​ ​ Notes payable to David Bolton and Daniel Bolton, due in annual installments totaling $500,000, including fixed interest at 3.25%, final payment due December 31, 2026, unsecured. ​ ​ 925,000 ​ ​ 1,660,000 ​ ​ ​ ​ ​ ​ ​ Notes payable to bank, due in monthly installments totaling $68,150, including variable interest of 9.5% at March 31, 2024, with final payment due September 2026, secured by equipment, guaranteed by certain directors of the Company. ​ ​ 1,548,929 ​ ​ 1,873,831 ​ ​ ​ ​ ​ ​ ​ Term note payable to United Bank, Tri-State Paving acquisition, due in monthly installments of $129,910, fixed interest at 4.50%, final payment due by June 1, 2027, secured by receivables and equipment, guaranteed by certain directors of the Company. ​ ​ 5,036,626 ​ ​ 5,698,761 ​ ​ ​ ​ ​ ​ ​ Notes payable to Corns Enterprises, $1,000,000 with fair value of $936,000, due in annual installments totaling $250,000, including fixed interest at 3.50%, final payment due April 29, 2026, unsecured. ​ ​ 233,709 ​ ​ 468,523 ​ ​ ​ ​ ​ ​ ​ Total debt ​ $ 45,715,143 ​ $ 44,825,276 ​ ​ ​ ​ ​ Less current maturities ​ 29,627,170 ​ 25,954,747 ​ ​ ​ ​ ​ Total long term debt, less current maturities ​ $ 16,087,973 ​ $ 18,870,529 ​

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Mar. 31, 2024
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 September 30, 2023 Beginning balance ​ $ 4,087,554 ​ $ 4,087,554 Acquired ​ — ​ — Ending balance ​ $ 4,087,554 ​ $ 4,087,554 ​ A table of the Company’s intangible assets subject to amortization is below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Accumulated ​ Amortization ​ Amortization ​ Amortization ​ Amortization ​ ​ ​ ​ ​ ​ ​ ​ Remaining Life ​ ​ ​ ​ Amortization and ​ Amortization and ​ and Impairment ​ and Impairment ​ and Impairment ​ and Impairment ​ ​ ​ ​ ​ ​ ​ (in months) at ​ ​ ​ Impairment at ​ Impairment at ​ Three Months ​ Six Months ​ Three Months ​ Six Months ​ Net Book Value Net Book Value ​ ​ March 31, ​ ​ ​ March 31, ​ September 30, ​ Ended March 31, ​ Ended March 31, ​ Ended March 31, ​ Ended March 31, ​ at March 31, ​ at September 30, Intangible assets: 2024 Original Cost 2024 2023 2024 2024 2023 2023 2024 2023 West Virginia Pipeline: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer Relationships ​ 81 ​ $ 2,209,724 ​ ​ 718,145 ​ $ 607,661 ​ ​ 55,242 ​ ​ 110,484 ​ ​ 65,647 ​ ​ 120,889 ​ $ 1,491,579 $ 1,602,063 Tradename ​ 81 ​ ​ 263,584 ​ ​ 85,682 ​ ​ 72,500 ​ ​ 6,591 ​ ​ 13,182 ​ ​ 6,587 ​ ​ 13,182 ​ ​ 177,902 ​ 191,084 Non-competes — ​ 83,203 ​ 83,203 ​ 83,203 ​ — ​ ​ — ​ ​ — ​ ​ 10,397 ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolt Energy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employment agreement/non-compete — ​ 100,000 ​ 100,000 ​ 100,000 ​ — ​ ​ — ​ ​ 4,167 ​ ​ 8,334 ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tri-State Paving: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer Relationships ​ 97 ​ ​ 1,649,159 ​ ​ 316,089 ​ ​ 233,631 ​ ​ 41,229 ​ ​ 82,458 ​ ​ 41,178 ​ ​ 82,458 ​ ​ 1,333,070 ​ ​ 1,415,528 Tradename ​ 97 ​ ​ 203,213 ​ ​ 38,949 ​ ​ 28,789 ​ ​ 5,080 ​ ​ 10,160 ​ ​ 5,079 ​ ​ 10,161 ​ ​ 164,264 ​ ​ 174,424 Non-competes ​ — ​ ​ 39,960 ​ ​ 39,960 ​ ​ 39,960 ​ ​ — ​ ​ — ​ ​ 9,963 ​ ​ 19,980 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total intangible assets ​ ​ ​ $ 4,548,843 ​ $ 1,382,028 ​ $ 1,165,744 ​ $ 108,142 ​ $ 216,284 ​ $ 132,621 ​ $ 265,401 ​ $ 3,166,815 ​ $ 3,383,099 ​ The amortization on identifiable intangible assets for the three months ended March 31, 2024 and 2023 was $108,142 and $132,621, respectively. The amortization on identifiable intangible assets for the six months ended March 31, 2024 and 2023 was $216,284 and $265,401, respectively. ​ Amortization expense associated with the identifiable intangible assets is expected to be as follows: ​ ​ ​ ​ ​ ​ Amortization Expense April 2024 to March 2025 $ 432,564 April 2025 to March 2026 ​ 432,564 April 2026 to March 2027 ​ 432,564 April 2027 to March 2028 ​ 432,564 April 2028 to March 2029 ​ 432,564 After ​ 1,003,995 Total ​ $ 3,166,815 ​

LEASE OBLIGATIONS

LEASE OBLIGATIONS	6 Months Ended
	Mar. 31, 2024
LEASE OBLIGATIONS
LEASE OBLIGATIONS	14. LEASE OBLIGATIONS The Company leases office space for SQP for $1,500 per month. The lease, which was originally 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. The Company has only committed to a one-year renewal and is evaluating the intent to renew for additional periods. The Company had two lease agreements for construction equipment with a combined amount of $160,000 that were paid in full as of March 31, 2024. The leases had a term of twenty-two months with a stated interest rate of 0%, combined monthly installment payments of $6,645 and were cancellable at any time without penalty. The Company exercised 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 had been 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 $86,000 at March 31, 2024. The second operating lease, for the Chattanooga, Tennessee facility, had a net present value of $144,000 at inception, and a carrying value of $24,000 at March 31, 2024. 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. (Enterprise) 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 had seventy-one vehicles on lease at March 31, 2024. The right-of-use operating lease has a carrying value of $2.4 million at March 31, 2024. Each vehicle leased under the master lease program has its own implicit rate ranging from 12.8% to 15.6%. The Company has a right-of-use operating lease with RICA Developers, LLC acquired on August 12, 2022 and renewed for one year effective October 1, 2023. This lease, for the Bridgeport, West Virginia facility, had a net present value of $125,000 at inception and a carrying value of $64,000 at March 31, 2024. The 8.5% interest rate on the operating lease was based on the Company’s incremental borrowing rate at renewal. 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 $209,000 at March 31, 2024. 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 March 31, 2024 can be found below: Operating Lease-Weighted Average Remaining Term ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of ​ ​ ​ ​ ​ ​ ​ ​ remaining ​ ​ ​ ​ ​ Years left liability Lease end Fiscal year end Operating lease 1 1.0 ​ $ 86,364 ​ 3/31/2025 ​ 2025 Operating lease 2 0.2 ​ ​ 23,636 ​ 5/31/2024 2024 Operating lease 3 ​ 3.8 ​ ​ 2,399,040 ​ 12/31/2027 ​ 2027 Operating lease 4 ​ 0.5 ​ ​ 63,671 ​ 9/30/2024 ​ 2024 Operating lease 5 ​ 2.0 ​ ​ 208,803 ​ 3/31/2026 ​ 2026 ​ ​ ​ ​ $ 2,781,514 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining term ​ ​ ​ ​ 3.4 years ​ ​ ​ ​ ​ ​ ​ Operating Lease Maturity Schedule ​ ​ ​ April 2024 to March 2025 $ 1,549,641 April 2025 to March 2026 ​ 1,267,823 April 2026 to March 2027 ​ 718,798 April 2027 to March 2028 ​ ​ 95,200 ​ ​ ​ 3,631,462 Less amounts representing interest ​ (849,948) Present value of operating lease liabilities ​ $ 2,781,514 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ Three Months Ended ​ Six Months Ended ​ ​ March 31, ​ March 31, ​ March 31, ​ March 31, Operating Lease Expense 2024 2024 2023 2023 Amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease 1 $ 19,931 ​ $ 46,636 ​ $ 19,052 ​ $ 37,893 Operating lease 2 ​ ​ 16,791 ​ ​ 33,396 ​ ​ 15,398 ​ ​ 30,957 Operating lease 3 ​ 168,674 ​ 330,398 ​ 109,157 ​ 177,685 Operating lease 4 ​ ​ 19,302 ​ ​ 61,030 ​ ​ 31,707 ​ ​ 61,319 Operating lease 5 ​ ​ 22,510 ​ ​ 53,368 ​ ​ 7,006 ​ ​ 7,006 Total amortization ​ ​ 247,208 ​ ​ 524,828 ​ ​ 182,320 ​ ​ 314,860 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ ​ ​ ​ ​ Operating lease 1 ​ ​ 1,069 ​ ​ 2,364 ​ ​ 1,947 ​ ​ 4,107 Operating lease 2 ​ 318 ​ 822 ​ 1,046 ​ 2,265 Operating lease 3 ​ ​ 49,828 ​ ​ 118,738 ​ ​ 19,642 ​ ​ 32,212 Operating lease 4 ​ ​ 2,298 ​ ​ 3,770 ​ ​ 819 ​ ​ 1,981 Operating lease 5 ​ ​ 3,788 ​ ​ 7,994 ​ ​ 1,760 ​ ​ 1,760 Total interest ​ ​ 57,301 ​ ​ 133,688 ​ ​ 25,214 ​ ​ 42,325 Total amortization and interest ​ $ 304,509 ​ $ 658,516 ​ $ 207,534 ​ $ 357,185 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ Three Months Ended ​ Six Months Ended ​ ​ March 31, ​ March 31, ​ March 31, ​ March 31, Cash Paid for Operating Leases 2024 2024 2023 2023 Operating lease 1 $ 21,000 ​ $ 49,000 ​ $ 20,999 ​ $ 42,000 Operating lease 2 ​ ​ 17,109 ​ ​ 34,218 ​ ​ 16,444 ​ ​ 33,222 Operating lease 3 ​ ​ 218,502 ​ ​ 449,136 ​ ​ 130,933 ​ ​ 212,031 Operating lease 4 ​ ​ 21,600 ​ ​ 64,800 ​ ​ 21,996 ​ ​ 52,770 Operating lease 5 ​ ​ 26,298 ​ ​ 61,362 ​ ​ 17,162 ​ ​ 17,162 ​ $ 304,509 ​ $ 658,516 ​ $ 207,534 ​ $ 357,185 ​ 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 $3.3 million and $1.5 million, respectively, for the three months ended March 31, 2024 and 2023. Rental expense was $8.7 million and $4.2 million, respectively, for the six months ended March 31, 2024 and 2023.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Mar. 31, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS On April 17, 2024, the United States Court of Appeals for the Third Circuit (the “Court”) affirmed the decision of the United States District Court for the Western District of Pennsylvania in a lawsuit filed by the Company against a former customer (“Defendant”) related to a dispute over work performed on a pipeline contract. On May 1, 2024, the Defendant filed a Petition for Rehearing or Rehearing En Banc with the Court. Please see Litigation on page 31 for further details. 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)	6 Months Ended
	Mar. 31, 2024
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, 2023, and 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on January 16, 2024. 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 six months ended March 31, 2024 and 2023 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.

DISAGGREGATION OF REVENUE (Tabl

DISAGGREGATION OF REVENUE (Tables)	6 Months Ended
	Mar. 31, 2024
DISAGGREGATION OF REVENUE
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2024 ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ Gas & Water ​ Gas & Petroleum ​ Mechanical, & ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 26,943,941 ​ $ 26,943,941 Unit price contracts ​ 14,273,691 ​ 9,044,955 ​ 448,175 ​ 23,766,821 Cost plus and T&M contracts ​ — ​ 718,123 ​ 19,698,770 ​ 20,416,893 Total revenue from contracts ​ $ 14,273,691 ​ $ 9,763,078 ​ $ 47,090,886 ​ $ 71,127,655 ​ ​ ​ ​ ​ ​ ​ ​ ​ Earned over time ​ $ 5,768,688 ​ $ 9,044,955 ​ $ 32,913,922 ​ $ 47,727,565 Earned at point in time ​ 8,505,003 ​ 718,123 ​ 14,176,964 ​ 23,400,090 Total revenue from contracts ​ $ 14,273,691 ​ $ 9,763,078 ​ $ 47,090,886 ​ $ 71,127,655 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended March 31, 2024 ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ ​ Gas &Water ​ Gas & Petroleum ​ Mechanical, & ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 55,632,971 ​ $ 55,632,971 Unit price contracts ​ 31,356,586 ​ 36,893,140 ​ 2,710,870 ​ 70,960,596 Cost plus and T&M contracts ​ — ​ 1,433,181 ​ 33,264,094 ​ 34,697,275 Total revenue from contracts ​ $ 31,356,586 ​ $ 38,326,321 ​ $ 91,607,935 ​ $ 161,290,842 ​ ​ ​ ​ ​ ​ Earned over time ​ $ 10,141,271 ​ $ 36,893,140 ​ $ 63,141,836 ​ $ 110,176,247 Earned at point in time ​ 21,215,315 ​ 1,433,181 ​ 28,466,099 ​ 51,114,595 Total revenue from contracts ​ $ 31,356,586 ​ $ 38,326,321 ​ $ 91,607,935 ​ $ 161,290,842 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ ​ Gas & Water ​ Gas & Petroleum ​ Mechanical, & ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 22,467,890 ​ $ 22,467,890 Unit price contracts ​ 13,432,107 ​ 5,334,861 ​ 1,261,641 ​ 20,028,609 Cost plus and T&M contracts ​ — ​ — ​ 11,176,944 ​ 11,176,944 Total revenue from contracts ​ $ 13,432,107 ​ $ 5,334,861 ​ $ 34,906,475 ​ $ 53,673,443 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earned over time ​ $ 8,711,111 ​ $ 5,334,861 ​ $ 31,736,363 ​ $ 45,782,335 Earned at point in time ​ 4,720,996 ​ — ​ 3,170,112 ​ 7,891,108 Total revenue from contracts ​ $ 13,432,107 ​ $ 5,334,861 ​ $ 34,906,475 ​ $ 53,673,443 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended March 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ ​ Gas & Water ​ Gas & Petroleum ​ Mechanical, & ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 39,501,096 ​ $ 39,501,096 Unit price contracts ​ 25,919,952 ​ 22,229,675 ​ 2,799,079 ​ 50,948,706 Cost plus and T&M contracts ​ — ​ — ​ 23,266,226 ​ 23,266,226 Total revenue from contracts ​ $ 25,919,952 ​ $ 22,229,675 ​ $ 65,566,401 ​ $ 113,716,028 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earned over time ​ $ 13,589,758 ​ $ 22,229,675 ​ $ 61,626,511 ​ $ 97,445,944 Earned at point in time ​ 12,330,194 ​ — ​ 3,939,890 ​ 16,270,084 Total revenue from contracts ​ $ 25,919,952 ​ $ 22,229,675 ​ $ 65,566,401 ​ $ 113,716,028 ​

CONTRACT BALANCES (Tables)

CONTRACT BALANCES (Tables)	6 Months Ended
	Mar. 31, 2024
CONTRACT BALANCES
Schedule of accounts receivable-trade, net of allowance for doubtful accounts, contract assets and contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 September 30, 2023 Change Accounts receivable-trade, net of allowance for doubtful accounts ​ $ 46,322,223 ​ $ 51,168,895 ​ $ (4,846,672) ​ ​ ​ ​ Contract assets ​ ​ ​ Cost and estimated earnings in excess of billings ​ $ 14,648,381 ​ $ 15,955,220 ​ $ (1,306,839) ​ ​ ​ ​ ​ ​ Contract liabilities ​ ​ ​ ​ ​ Billings in excess of cost and estimated earnings ​ $ 16,308,516 ​ $ 17,743,001 ​ $ (1,434,485) ​

UNCOMPLETED CONTRACTS (Tables)

UNCOMPLETED CONTRACTS (Tables)	6 Months Ended
	Mar. 31, 2024
UNCOMPLETED CONTRACTS
Schedule of costs, estimated earnings and billings on uncompleted contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 September 30, 2023 Costs incurred on contracts in progress ​ $ 403,385,426 ​ $ 287,347,650 Estimated earnings, net of estimated losses ​ 42,599,658 ​ 38,976,895 ​ ​ 445,985,084 ​ 326,324,545 Less billings to date ​ 447,645,219 ​ 328,112,326 ​ ​ $ (1,660,135) ​ $ (1,787,781) ​ ​ ​ ​ ​ ​ ​ Costs and estimated earnings in excess of billed on uncompleted contracts ​ $ 14,648,381 ​ $ 15,955,220 ​ ​ ​ ​ ​ ​ ​ Less billings in excess of costs and estimated earnings on uncompleted contracts ​ 16,308,516 ​ 17,743,001 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (1,660,135) ​ $ (1,787,781)

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Mar. 31, 2024
EARNINGS PER SHARE
Schedule of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 March 31, 2023 March 31, 2024 March 31, 2023 Net (loss) income ​ $ (1,108,828) ​ $ (1,873,600) ​ $ 933,367 ​ $ (1,735,226) ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding-basic ​ 16,569,871 ​ 16,666,683 ​ 16,567,853 ​ 16,667,062 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding-diluted ​ 16,569,871 ​ 16,666,683 ​ 16,606,075 ​ 16,667,062 ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) earnings per share available to common shareholders ​ $ (0.07) ​ $ (0.11) ​ $ 0.06 ​ $ (0.10) ​ ​ ​ ​ ​ ​ ​ ​ ​ (Loss) earnings per share available to common shareholders-diluted ​ $ (0.07) ​ $ (0.11) ​ $ 0.06 ​ $ (0.10) ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Mar. 31, 2024
INCOME TAXES
Schedule of components of income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ March 31, 2024 March 31, 2023 ​ March 31, 2024 ​ March 31, 2023 Federal ​ ​ ​ ​ Current ​ $ — ​ $ — ​ $ 140,882 ​ $ — Deferred ​ (286,811) ​ (499,808) ​ 389,140 ​ (561,906) Total ​ ​ (286,811) ​ ​ (499,808) ​ 530,022 ​ (561,906) ​ ​ ​ ​ ​ ​ ​ State ​ ​ ​ ​ ​ ​ Current ​ ​ — ​ ​ — ​ ​ 45,203 ​ — Deferred ​ (86,241) ​ (150,352) ​ 109,758 ​ (167,866) Total ​ ​ (86,241) ​ ​ (150,352) ​ 154,961 ​ (167,866) Total income tax expense (benefit) ​ $ (373,052) ​ $ (650,160) ​ $ 684,983 ​ $ (729,772)
Schedule of income tax effects to deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 September 30, 2023 Deferred tax liabilities ​ ​ Property and equipment ​ $ 7,775,925 ​ $ 8,141,025 Other ​ 617,218 ​ 588,632 Total deferred tax liabilities ​ $ 8,393,143 ​ $ 8,729,657 ​ ​ ​ ​ ​ Deferred income tax assets ​ ​ ​ ​ Accruals & Other ​ $ 1,005,361 ​ $ 948,704 Net operating loss carryforward ​ ​ 185,908 ​ ​ 910,443 Total deferred tax assets ​ ​ 1,191,269 ​ ​ 1,859,147 Total net deferred tax liabilities ​ $ 7,201,874 ​ $ 6,870,510

SHORT-TERM AND LONG-TERM DEBT (

SHORT-TERM AND LONG-TERM DEBT (Tables)	6 Months Ended
	Mar. 31, 2024
SHORT-TERM AND LONG-TERM DEBT
Schedule of line of credit is limited to a borrowing base	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 September 30, 2023 Eligible borrowing base ​ $ 21,267,302 ​ $ 23,942,868 ​ ​ ​ ​ ​ ​ ​ ​ ​ Borrowed on line of credit ​ 12,300,000 ​ 8,712,915 ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of credit balance available ​ $ 8,967,302 ​ $ 15,229,953 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate ​ 8.5 % 8.5 %
Schedule of short-term and long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 September 30, 2023 Line of credit payable to bank, monthly interest with variable rate of 8.5% at March 31, 2024, final payment due by June 28, 2024, guaranteed by certain directors of the Company. ​ $ 12,300,000 ​ $ 8,712,915 ​ ​ ​ ​ ​ Note payable to bank, due in monthly installments totaling $202,000, including fixed interest at 7.25%, final payment due June 2028, secured by equipment, guaranteed by certain directors of the Company. ​ ​ 8,712,104 ​ ​ 8,487,085 ​ ​ ​ ​ ​ ​ ​ 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. ​ 10,234,492 ​ 10,184,320 ​ ​ ​ ​ ​ ​ ​ Term note payable to United Bank, WV Pipeline acquisition, due in monthly installments of $64,853 with fixed interest at 4.25%, final payment due by March 25, 2026, secured by receivables and equipment, guaranteed by certain directors of the Company. ​ ​ 1,494,290 ​ ​ 1,790,051 ​ ​ ​ ​ ​ Notes payable to finance companies, due in monthly installments totaling $76,600 at March 31, 2024 and $50,000 at September 30, 2023, including interest ranging from 0.00% to 6.0%, final payments due April 2024 through August 2026, secured by equipment. ​ 1,893,373 ​ 1,290,148 ​ ​ ​ ​ ​ Note payable to finance company for insurance premiums financed, due in monthly installments totaling $327,000 in calendar year 2023 and $282,000 in calendar year 2022, including interest rate at 6.70%, final payment due December 2023. ​ — ​ 950,235 ​ ​ ​ ​ ​ Notes payable to bank, due in monthly installments totaling $7,848, including interest at 4.82% , final payment due November 2034 secured by building and property. ​ 787,329 ​ 813,242 ​ ​ ​ ​ ​ Notes payable to bank, due in monthly installments totaling $12,580, including variable interest of 9.5% at March 31, 2024, final payment due November 2025 secured by building and property, guaranteed by certain directors of the Company. ​ 232,166 ​ 294,761 ​ ​ ​ ​ ​ Notes payable to bank, due in monthly installments totaling $59,932, including fixed interest at 6.0%, final payment due October 2027 secured by receivables and equipment, guaranteed by certain directors of the Company. ​ 2,317,125 ​ 2,601,404 ​ ​ ​ ​ ​ ​ ​ Notes payable to David Bolton and Daniel Bolton, due in annual installments totaling $500,000, including fixed interest at 3.25%, final payment due December 31, 2026, unsecured. ​ ​ 925,000 ​ ​ 1,660,000 ​ ​ ​ ​ ​ ​ ​ Notes payable to bank, due in monthly installments totaling $68,150, including variable interest of 9.5% at March 31, 2024, with final payment due September 2026, secured by equipment, guaranteed by certain directors of the Company. ​ ​ 1,548,929 ​ ​ 1,873,831 ​ ​ ​ ​ ​ ​ ​ Term note payable to United Bank, Tri-State Paving acquisition, due in monthly installments of $129,910, fixed interest at 4.50%, final payment due by June 1, 2027, secured by receivables and equipment, guaranteed by certain directors of the Company. ​ ​ 5,036,626 ​ ​ 5,698,761 ​ ​ ​ ​ ​ ​ ​ Notes payable to Corns Enterprises, $1,000,000 with fair value of $936,000, due in annual installments totaling $250,000, including fixed interest at 3.50%, final payment due April 29, 2026, unsecured. ​ ​ 233,709 ​ ​ 468,523 ​ ​ ​ ​ ​ ​ ​ Total debt ​ $ 45,715,143 ​ $ 44,825,276 ​ ​ ​ ​ ​ Less current maturities ​ 29,627,170 ​ 25,954,747 ​ ​ ​ ​ ​ Total long term debt, less current maturities ​ $ 16,087,973 ​ $ 18,870,529 ​

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Mar. 31, 2024
GOODWILL AND INTANGIBLE ASSETS
Summary of changes in goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2024 September 30, 2023 Beginning balance ​ $ 4,087,554 ​ $ 4,087,554 Acquired ​ — ​ — Ending balance ​ $ 4,087,554 ​ $ 4,087,554
Schedule of intangible assets subject to amortization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Accumulated ​ Amortization ​ Amortization ​ Amortization ​ Amortization ​ ​ ​ ​ ​ ​ ​ ​ Remaining Life ​ ​ ​ ​ Amortization and ​ Amortization and ​ and Impairment ​ and Impairment ​ and Impairment ​ and Impairment ​ ​ ​ ​ ​ ​ ​ (in months) at ​ ​ ​ Impairment at ​ Impairment at ​ Three Months ​ Six Months ​ Three Months ​ Six Months ​ Net Book Value Net Book Value ​ ​ March 31, ​ ​ ​ March 31, ​ September 30, ​ Ended March 31, ​ Ended March 31, ​ Ended March 31, ​ Ended March 31, ​ at March 31, ​ at September 30, Intangible assets: 2024 Original Cost 2024 2023 2024 2024 2023 2023 2024 2023 West Virginia Pipeline: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer Relationships ​ 81 ​ $ 2,209,724 ​ ​ 718,145 ​ $ 607,661 ​ ​ 55,242 ​ ​ 110,484 ​ ​ 65,647 ​ ​ 120,889 ​ $ 1,491,579 $ 1,602,063 Tradename ​ 81 ​ ​ 263,584 ​ ​ 85,682 ​ ​ 72,500 ​ ​ 6,591 ​ ​ 13,182 ​ ​ 6,587 ​ ​ 13,182 ​ ​ 177,902 ​ 191,084 Non-competes — ​ 83,203 ​ 83,203 ​ 83,203 ​ — ​ ​ — ​ ​ — ​ ​ 10,397 ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolt Energy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employment agreement/non-compete — ​ 100,000 ​ 100,000 ​ 100,000 ​ — ​ ​ — ​ ​ 4,167 ​ ​ 8,334 ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tri-State Paving: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer Relationships ​ 97 ​ ​ 1,649,159 ​ ​ 316,089 ​ ​ 233,631 ​ ​ 41,229 ​ ​ 82,458 ​ ​ 41,178 ​ ​ 82,458 ​ ​ 1,333,070 ​ ​ 1,415,528 Tradename ​ 97 ​ ​ 203,213 ​ ​ 38,949 ​ ​ 28,789 ​ ​ 5,080 ​ ​ 10,160 ​ ​ 5,079 ​ ​ 10,161 ​ ​ 164,264 ​ ​ 174,424 Non-competes ​ — ​ ​ 39,960 ​ ​ 39,960 ​ ​ 39,960 ​ ​ — ​ ​ — ​ ​ 9,963 ​ ​ 19,980 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total intangible assets ​ ​ ​ $ 4,548,843 ​ $ 1,382,028 ​ $ 1,165,744 ​ $ 108,142 ​ $ 216,284 ​ $ 132,621 ​ $ 265,401 ​ $ 3,166,815 ​ $ 3,383,099
Schedule of amortization on identifiable intangible assets	​ ​ ​ ​ ​ ​ Amortization Expense April 2024 to March 2025 $ 432,564 April 2025 to March 2026 ​ 432,564 April 2026 to March 2027 ​ 432,564 April 2027 to March 2028 ​ 432,564 April 2028 to March 2029 ​ 432,564 After ​ 1,003,995 Total ​ $ 3,166,815 ​

LEASE OBLIGATIONS (Tables)

LEASE OBLIGATIONS (Tables)	6 Months Ended
	Mar. 31, 2024
LEASE OBLIGATIONS
Schedule of information about operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of ​ ​ ​ ​ ​ ​ ​ ​ remaining ​ ​ ​ ​ ​ Years left liability Lease end Fiscal year end Operating lease 1 1.0 ​ $ 86,364 ​ 3/31/2025 ​ 2025 Operating lease 2 0.2 ​ ​ 23,636 ​ 5/31/2024 2024 Operating lease 3 ​ 3.8 ​ ​ 2,399,040 ​ 12/31/2027 ​ 2027 Operating lease 4 ​ 0.5 ​ ​ 63,671 ​ 9/30/2024 ​ 2024 Operating lease 5 ​ 2.0 ​ ​ 208,803 ​ 3/31/2026 ​ 2026 ​ ​ ​ ​ $ 2,781,514 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining term ​ ​ ​ ​ 3.4 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ Three Months Ended ​ Six Months Ended ​ ​ March 31, ​ March 31, ​ March 31, ​ March 31, Operating Lease Expense 2024 2024 2023 2023 Amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating lease 1 $ 19,931 ​ $ 46,636 ​ $ 19,052 ​ $ 37,893 Operating lease 2 ​ ​ 16,791 ​ ​ 33,396 ​ ​ 15,398 ​ ​ 30,957 Operating lease 3 ​ 168,674 ​ 330,398 ​ 109,157 ​ 177,685 Operating lease 4 ​ ​ 19,302 ​ ​ 61,030 ​ ​ 31,707 ​ ​ 61,319 Operating lease 5 ​ ​ 22,510 ​ ​ 53,368 ​ ​ 7,006 ​ ​ 7,006 Total amortization ​ ​ 247,208 ​ ​ 524,828 ​ ​ 182,320 ​ ​ 314,860 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ ​ ​ ​ ​ Operating lease 1 ​ ​ 1,069 ​ ​ 2,364 ​ ​ 1,947 ​ ​ 4,107 Operating lease 2 ​ 318 ​ 822 ​ 1,046 ​ 2,265 Operating lease 3 ​ ​ 49,828 ​ ​ 118,738 ​ ​ 19,642 ​ ​ 32,212 Operating lease 4 ​ ​ 2,298 ​ ​ 3,770 ​ ​ 819 ​ ​ 1,981 Operating lease 5 ​ ​ 3,788 ​ ​ 7,994 ​ ​ 1,760 ​ ​ 1,760 Total interest ​ ​ 57,301 ​ ​ 133,688 ​ ​ 25,214 ​ ​ 42,325 Total amortization and interest ​ $ 304,509 ​ $ 658,516 ​ $ 207,534 ​ $ 357,185 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Six Months Ended ​ Three Months Ended ​ Six Months Ended ​ ​ March 31, ​ March 31, ​ March 31, ​ March 31, Cash Paid for Operating Leases 2024 2024 2023 2023 Operating lease 1 $ 21,000 ​ $ 49,000 ​ $ 20,999 ​ $ 42,000 Operating lease 2 ​ ​ 17,109 ​ ​ 34,218 ​ ​ 16,444 ​ ​ 33,222 Operating lease 3 ​ ​ 218,502 ​ ​ 449,136 ​ ​ 130,933 ​ ​ 212,031 Operating lease 4 ​ ​ 21,600 ​ ​ 64,800 ​ ​ 21,996 ​ ​ 52,770 Operating lease 5 ​ ​ 26,298 ​ ​ 61,362 ​ ​ 17,162 ​ ​ 17,162 ​ $ 304,509 ​ $ 658,516 ​ $ 207,534 ​ $ 357,185
Schedule of operating lease maturity schedule	​ ​ ​ ​ ​ Operating Lease Maturity Schedule ​ ​ ​ April 2024 to March 2025 $ 1,549,641 April 2025 to March 2026 ​ 1,267,823 April 2026 to March 2027 ​ 718,798 April 2027 to March 2028 ​ ​ 95,200 ​ ​ ​ 3,631,462 Less amounts representing interest ​ (849,948) Present value of operating lease liabilities ​ $ 2,781,514

ACCOUNTING FOR PAYCHECK PROTE_2

ACCOUNTING FOR PAYCHECK PROTECTION PROGRAM LOANS (Details) - PPP Loans - USD ($) $ in Millions		1 Months Ended	12 Months Ended
	Apr. 27, 2020	Apr. 30, 2023	Sep. 30, 2021	Apr. 07, 2020
ACCOUNTING FOR PPP LOANS
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
Short-term borrowings due to accrued interest		$ 9.8

DISAGGREGATION OF REVENUE (Deta

DISAGGREGATION OF REVENUE (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
DISAGGREGATION OF REVENUE
Operating revenue	$ 71,127,655	$ 53,673,443	$ 161,290,842	$ 113,716,028
Earned over time
DISAGGREGATION OF REVENUE
Operating revenue	47,727,565	45,782,335	110,176,247	97,445,944
Earned at point in time
DISAGGREGATION OF REVENUE
Operating revenue	23,400,090	7,891,108	51,114,595	16,270,084
Lump sum contracts
DISAGGREGATION OF REVENUE
Operating revenue	26,943,941	22,467,890	55,632,971	39,501,096
Unit price contracts
DISAGGREGATION OF REVENUE
Operating revenue	23,766,821	20,028,609	70,960,596	50,948,706
Cost plus and T&M contracts
DISAGGREGATION OF REVENUE
Operating revenue	20,416,893	11,176,944	34,697,275	23,266,226
Gas & Water Distribution
DISAGGREGATION OF REVENUE
Operating revenue	14,273,691	13,432,107	31,356,586	25,919,952
Gas & Water Distribution | Earned over time
DISAGGREGATION OF REVENUE
Operating revenue	5,768,688	8,711,111	10,141,271	13,589,758
Gas & Water Distribution | Earned at point in time
DISAGGREGATION OF REVENUE
Operating revenue	8,505,003	4,720,996	21,215,315	12,330,194
Gas & Water Distribution | Lump sum contracts
DISAGGREGATION OF REVENUE
Operating revenue	0		0
Gas & Water Distribution | Unit price contracts
DISAGGREGATION OF REVENUE
Operating revenue	14,273,691	13,432,107	31,356,586	25,919,952
Gas & Water Distribution | Cost plus and T&M contracts
DISAGGREGATION OF REVENUE
Operating revenue	0		0
Gas & Petroleum Transmission
DISAGGREGATION OF REVENUE
Operating revenue	9,763,078	5,334,861	38,326,321	22,229,675
Gas & Petroleum Transmission | Earned over time
DISAGGREGATION OF REVENUE
Operating revenue	9,044,955	5,334,861	36,893,140	22,229,675
Gas & Petroleum Transmission | Earned at point in time
DISAGGREGATION OF REVENUE
Operating revenue	718,123		1,433,181
Gas & Petroleum Transmission | Lump sum contracts
DISAGGREGATION OF REVENUE
Operating revenue	0		0
Gas & Petroleum Transmission | Unit price contracts
DISAGGREGATION OF REVENUE
Operating revenue	9,044,955	5,334,861	36,893,140	22,229,675
Gas & Petroleum Transmission | Cost plus and T&M contracts
DISAGGREGATION OF REVENUE
Operating revenue	718,123		1,433,181
Electrical, Mechanical, and General
DISAGGREGATION OF REVENUE
Operating revenue	47,090,886	34,906,475	91,607,935	65,566,401
Electrical, Mechanical, and General | Earned over time
DISAGGREGATION OF REVENUE
Operating revenue	32,913,922	31,736,363	63,141,836	61,626,511
Electrical, Mechanical, and General | Earned at point in time
DISAGGREGATION OF REVENUE
Operating revenue	14,176,964	3,170,112	28,466,099	3,939,890
Electrical, Mechanical, and General | Lump sum contracts
DISAGGREGATION OF REVENUE
Operating revenue	26,943,941	22,467,890	55,632,971	39,501,096
Electrical, Mechanical, and General | Unit price contracts
DISAGGREGATION OF REVENUE
Operating revenue	448,175	1,261,641	2,710,870	2,799,079
Electrical, Mechanical, and General | Cost plus and T&M contracts
DISAGGREGATION OF REVENUE
Operating revenue	$ 19,698,770	$ 11,176,944	$ 33,264,094	$ 23,266,226

CONTRACT BALANCES - Accounts re

CONTRACT BALANCES - Accounts receivable-trade, net of allowance for doubtful accounts (Details) - USD ($)	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
CONTRACT BALANCES
Accounts receivable-trade, net of allowance for doubtful accounts	$ 46,322,223		$ 51,168,895
Change in accounts receivable-trade, net of allowance for doubtful accounts	(4,846,672)	$ (13,713,923)
Contract assets
Cost and estimated earnings in excess of billings	14,648,381		15,955,220
Change in cost and estimated earnings in excess of billings	(1,306,839)	(4,659,578)
Contract liabilities
Billings in excess of cost and estimated earnings	16,308,516		$ 17,743,001
Change in billings in excess of cost and estimated earnings	$ (1,434,485)	$ 1,016,632

CONTRACT BALANCES - Additional

CONTRACT BALANCES - Additional information (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2024	Mar. 31, 2024
CONTRACT BALANCES
Recognized revenue included in contract liability	$ 4.1	$ 17.6
Minimum
CONTRACT BALANCES
Billing and payment term		30 days
Maximum
CONTRACT BALANCES
Billing and payment term		45 days

PERFORMANCE OBLIGATIONS (Detail

PERFORMANCE OBLIGATIONS (Details)	3 Months Ended	6 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)
PERFORMANCE OBLIGATIONS
Recognized revenue	$ 0	$ 0
Amount of remaining unsatisfied performance obligations	$ 145,300,000	$ 145,300,000

UNCOMPLETED CONTRACTS - Summary

UNCOMPLETED CONTRACTS - Summary of costs, estimated earnings, and billings on uncompleted contracts (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
UNCOMPLETED CONTRACTS
Costs incurred on contracts in progress	$ 403,385,426	$ 287,347,650
Estimated earnings, net of estimated losses	42,599,658	38,976,895
Costs of uncompleted contracts including net estimated earnings	445,985,084	326,324,545
Less billings to date	447,645,219	328,112,326
Unbilled contracts	(1,660,135)	(1,787,781)
Costs and estimated earnings in excess of billed on uncompleted contracts	14,648,381	15,955,220
Billings in excess of cost and estimated earnings	16,308,516	17,743,001
Unbilled contracts receivable	$ (1,660,135)	$ (1,787,781)

UNCOMPLETED CONTRACTS - Backlog

UNCOMPLETED CONTRACTS - Backlog (Details) - USD ($) $ in Millions	Mar. 31, 2024	Sep. 30, 2023
UNCOMPLETED CONTRACTS
Backlog	$ 222.8	$ 229.8

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Mar. 31, 2024	Sep. 30, 2023
FAIR VALUE MEASUREMENTS
Aggregate principal amount of fixed-rate debt	$ 31.5	$ 33.8
Fair value of debt	$ 30.1	$ 32.1

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended				6 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2024	Mar. 31, 2023
EARNINGS PER SHARE
Net (loss) income	$ (1,108,828)	$ 2,042,195	$ (1,873,600)	$ 138,374	$ 933,367	$ (1,735,226)
Weighted average shares outstanding-basic	16,569,871		16,666,683		16,567,853	16,667,062
Weighted average shares outstanding-diluted	16,569,871		16,666,683		16,606,075	16,667,062
(Loss) earnings per share available to common shareholders	$ (0.07)		$ (0.11)		$ 0.06	$ (0.10)
(Loss) earnings per share available to common shareholders-diluted	$ (0.07)		$ (0.11)		$ 0.06	$ (0.10)

INCOME TAXES - Components of in

INCOME TAXES - Components of income taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Federal
Current			$ 140,882
Deferred	$ (286,811)	$ (499,808)	389,140	$ (561,906)
Total	(286,811)	(499,808)	530,022	(561,906)
State
Current			45,203
Deferred	(86,241)	(150,352)	109,758	(167,866)
Total	(86,241)	(150,352)	154,961	(167,866)
Total income tax expense (benefit)	$ (373,052)	$ (650,160)	$ 684,983	$ (729,772)

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Jun. 30, 2023	Sep. 30, 2023
INCOME TAXES
Federal rate			21%
State rate			6%
Effective tax rate	(25.20%)	(25.80%)	42.30%	(29.60%)
Federal
INCOME TAXES
Net operating loss carryforwards	$ 186,000		$ 186,000		$ 3,000,000

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 ($)	Mar. 31, 2024	Sep. 30, 2023
Deferred tax liabilities
Property and equipment	$ 7,775,925	$ 8,141,025
Other	617,218	588,632
Total deferred tax liabilities	8,393,143	8,729,657
Deferred income tax assets
Accruals & other	1,005,361	948,704
Net operating loss carryforward	185,908	910,443
Total deferred tax assets	1,191,269	1,859,147
Total net deferred tax liabilities	$ 7,201,874	$ 6,870,510

SHORT-TERM AND LONG-TERM DEBT -

SHORT-TERM AND LONG-TERM DEBT - Operating line of credit (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
SHORT-TERM AND LONG-TERM DEBT
Eligible borrowing base	$ 21,267,302	$ 23,942,868
Borrowed on line of credit	12,300,000	8,712,915
Line of credit balance available	$ 8,967,302	$ 15,229,953
Interest rate	8.50%	8.50%

SHORT-TERM AND LONG-TERM DEBT_2

SHORT-TERM AND LONG-TERM DEBT - Summary of short-term and long-term debt (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
SHORT-TERM AND LONG-TERM DEBT
Total debt	$ 45,715,143	$ 44,825,276
Less current maturities	29,627,170	25,954,747
Total long term debt	16,087,973	18,870,529
Line of credit payable to bank, final payment due by June 28, 2024
SHORT-TERM AND LONG-TERM DEBT
Total debt	12,300,000	8,712,915
Note payable to bank, final payment due June 2028
SHORT-TERM AND LONG-TERM DEBT
Total debt	8,712,104	8,487,085
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	10,234,492	10,184,320
Term note payable to United Bank, WV Pipeline acquisition, final payment due by March 25, 2026
SHORT-TERM AND LONG-TERM DEBT
Total debt	1,494,290	1,790,051
Notes payable to finance companies due April 2022 through August 2026
SHORT-TERM AND LONG-TERM DEBT
Total debt	1,893,373	1,290,148
Notes payable to finance companies, final payment, due December 2023
SHORT-TERM AND LONG-TERM DEBT
Total debt		950,235
Notes payable to bank, final payment due November 2034
SHORT-TERM AND LONG-TERM DEBT
Total debt	787,329	813,242
Notes payable to banks due October 2027
SHORT-TERM AND LONG-TERM DEBT
Total debt	2,317,125	2,601,404
Notes payable to David and Daniel Bolton due final payment December 31, 2026
SHORT-TERM AND LONG-TERM DEBT
Total debt	925,000	1,660,000
Notes payable to bank, monthly interest rate at 9.50, final payment due September 2026
SHORT-TERM AND LONG-TERM DEBT
Total debt	1,548,929	1,873,831
Notes payable to bank, monthly interest rate at 9.5, final payment due September 2026
SHORT-TERM AND LONG-TERM DEBT
Total debt	232,166	294,761
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	5,036,626	5,698,761
Notes payable to Corns Enterprises, final payment due April 29, 2026
SHORT-TERM AND LONG-TERM DEBT
Total debt	$ 233,709	$ 468,523

SHORT-TERM AND LONG-TERM DEBT_3

SHORT-TERM AND LONG-TERM DEBT - Summary of short-term and long-term debt - Parenthetical (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Dec. 31, 2023	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2021
SHORT-TERM AND LONG-TERM DEBT
Fair value of debt		$ 30,100,000	$ 32,100,000
Line of credit payable to bank, final payment due by June 28, 2024
SHORT-TERM AND LONG-TERM DEBT
Interest rate		8.50%
Note payable to bank, final payment due June 2028
SHORT-TERM AND LONG-TERM DEBT
Interest rate		7.25%
Note payable in monthly or annual installments		$ 202,000
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
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, final payment, due December 2023
SHORT-TERM AND LONG-TERM DEBT
Interest rate			6.70%
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		9.50%
Note payable in monthly or annual installments		$ 12,580
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 finance companies due April 2022 through August 2026
SHORT-TERM AND LONG-TERM DEBT
Note payable in monthly or annual installments		$ 76,600	$ 50,000
Notes payable to finance companies due April 2022 through August 2026 | Minimum
SHORT-TERM AND LONG-TERM DEBT
Interest rate		0%
Notes payable to finance companies due April 2022 through August 2026 | Maximum
SHORT-TERM AND LONG-TERM DEBT
Interest rate		6%
Notes payable to bank, monthly interest rate at 9.5, final payment due September 2026
SHORT-TERM AND LONG-TERM DEBT
Interest rate		9.50%
Note payable in monthly or annual installments		$ 68,150
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		4.50%
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_4

SHORT-TERM AND LONG-TERM DEBT - Additional information (Details) - USD ($)		1 Months Ended	6 Months Ended	12 Months Ended
	Apr. 27, 2020	Apr. 30, 2023	Mar. 31, 2024	Sep. 30, 2021	Sep. 30, 2023	Jan. 19, 2023	Jul. 13, 2022	Apr. 07, 2020
SHORT-TERM AND LONG-TERM DEBT
Line of credit			$ 21,267,302		$ 23,942,868
Line of credit remaining borrowing capacity			$ 8,967,302		$ 15,229,953
Interest rate			8.50%		8.50%
Line of credit balance available			$ 8,967,302		$ 15,229,953
Ratio to be maintained by borrower for maximum senior funded debt to EBDITA			3.5
Insurance policy premium outstanding			$ 0		$ 950,000
Policy premium outstanding and premium amount			$ 0
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
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
Interest rate on the line of credit description			“Wall Street Journal” Prime Rate
Interest rate on line of credit			4.99%
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

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($)	6 Months Ended	12 Months Ended
	Mar. 31, 2024	Sep. 30, 2023
Goodwill
Beginning balance	$ 4,087,554	$ 4,087,554
Acquired	0	0
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		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Sep. 30, 2023
GOODWILL AND INTANGIBLE ASSETS
Original Cost	$ 4,548,843	$ 4,548,843		$ 4,548,843
Accumulated Amortization and Impairment	1,382,028	108,142	$ 132,621	216,284	$ 265,401	$ 1,165,744
Net Book Value	$ 3,166,815	3,166,815		3,166,815		3,383,099
Accumulated Amortization and impairment on identifiable intangible assets		$ 108,142	132,621	216,284	265,401
Goodwill impairment				$ 0		0
Customer Relationships | West Virginia Pipeline
GOODWILL AND INTANGIBLE ASSETS
Remaining Life	81 months	81 months		81 months
Original Cost	$ 2,209,724	$ 2,209,724		$ 2,209,724
Accumulated Amortization and Impairment	718,145	55,242	65,647	110,484	120,889	607,661
Net Book Value	$ 1,491,579	$ 1,491,579		$ 1,491,579		1,602,063
Customer Relationships | Tri-State Paving
GOODWILL AND INTANGIBLE ASSETS
Remaining Life	97 months	97 months		97 months
Original Cost	$ 1,649,159	$ 1,649,159		$ 1,649,159
Accumulated Amortization and Impairment	316,089	41,229	41,178	82,458	82,458	233,631
Net Book Value	$ 1,333,070	$ 1,333,070		$ 1,333,070		1,415,528
Tradename | West Virginia Pipeline
GOODWILL AND INTANGIBLE ASSETS
Remaining Life	81 months	81 months		81 months
Original Cost	$ 263,584	$ 263,584		$ 263,584
Accumulated Amortization and Impairment	85,682	6,591	6,587	13,182	13,182	72,500
Net Book Value	$ 177,902	$ 177,902		$ 177,902		191,084
Tradename | Tri-State Paving
GOODWILL AND INTANGIBLE ASSETS
Remaining Life	97 months	97 months		97 months
Original Cost	$ 203,213	$ 203,213		$ 203,213
Accumulated Amortization and Impairment	38,949	5,080	5,079	10,160	10,161	28,789
Net Book Value	164,264	164,264		164,264		174,424
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	83,203
Non-competes | Tri-State Paving
GOODWILL AND INTANGIBLE ASSETS
Original Cost	39,960	39,960		39,960
Accumulated Amortization and Impairment	39,960		9,963		19,980	39,960
Employment agreement/non-compete | Revolt Energy
GOODWILL AND INTANGIBLE ASSETS
Original Cost	100,000	$ 100,000		$ 100,000
Accumulated Amortization and Impairment	$ 100,000		$ 4,167		$ 8,334	$ 100,000

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Identifiable intangible assets (Details) - USD ($)	Mar. 31, 2024	Sep. 30, 2023
Amortization expense
April 2024 to March 2025	$ 432,564
April 2025 to March 2026	432,564
April 2026 to March 2027	432,564
April 2027 to March 2028	432,564
April 2028 to March 2029	432,564
After	1,003,995
Total	$ 3,166,815	$ 3,383,099

LEASE OBLIGATIONS (Details)

LEASE OBLIGATIONS (Details)				3 Months Ended		6 Months Ended
	Aug. 11, 2022 USD ($) item	Apr. 29, 2022 USD ($) item	Mar. 25, 2021 Y	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($) item agreement	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Mar. 28, 2023 USD ($)	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 | Y			5
Operating lease, renewal term			1 year
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				$ 1,286,881		$ 1,286,881		$ 1,075,815
Rental expense				3,300,000	$ 1,500,000	8,700,000	$ 4,200,000
Operating Lease for Hurricane, WV Facility
LEASE OBLIGATIONS
Net present value		$ 236,000
Carrying value				86,000		86,000
Operating Lease for Chattanooga, Tennessee Facility
LEASE OBLIGATIONS
Net present value		$ 144,000
Carrying value				24,000		24,000
Interest rate on operating lease		4.50%
Operating Lease with Enterprise Fleet Management, Inc
LEASE OBLIGATIONS
Net present value	$ 1,200,000
Carrying value				$ 2,400,000		$ 2,400,000
Number of vehicles to be used | item	31					71
Operating Lease with Enterprise Fleet Management, Inc | Minimum
LEASE OBLIGATIONS
Vehicle lease program rate on operating lease				12.80%		12.80%
Operating Lease with Enterprise Fleet Management, Inc | Maximum
LEASE OBLIGATIONS
Vehicle lease program rate on operating lease				15.60%		15.60%
Operating Lease with RICA Developers, LLC
LEASE OBLIGATIONS
Net present value										$ 125,000
Carrying value				$ 64,000		$ 64,000
Interest rate on operating lease				8.50%		8.50%
Operating Lease for Winchester, Kentucky Facility
LEASE OBLIGATIONS
Net present value									$ 290,000
Carrying value				$ 209,000		$ 209,000
Interest rate on operating lease									7.75%

LEASE OBLIGATIONS - Operating l

LEASE OBLIGATIONS - Operating lease-weighted average remaining term (Details)	Mar. 31, 2024 USD ($)
LEASE OBLIGATIONS
Weighted average remaining term	3 years 4 months 24 days
Present value of remaining liability	$ 2,781,514
Operating lease 1
LEASE OBLIGATIONS
Weighted average remaining term	1 year
Present value of remaining liability	$ 86,364
Operating lease 2
LEASE OBLIGATIONS
Weighted average remaining term	2 months 12 days
Present value of remaining liability	$ 23,636
Operating lease 3
LEASE OBLIGATIONS
Weighted average remaining term	3 years 9 months 18 days
Present value of remaining liability	$ 2,399,040
Operating lease 4
LEASE OBLIGATIONS
Weighted average remaining term	6 months
Present value of remaining liability	$ 63,671
Operating lease 5
LEASE OBLIGATIONS
Weighted average remaining term	2 years
Present value of remaining liability	$ 208,803

LEASE OBLIGATIONS - Operating_2

LEASE OBLIGATIONS - Operating lease maturity schedule (Details)	Mar. 31, 2024 USD ($)
LEASE OBLIGATIONS
April 2024 to March 2025	$ 1,549,641
April 2025 to March 2026	1,267,823
April 2026 to March 2027	718,798
April 2027 to March 2028	95,200
Operating lease liability	3,631,462
Less amounts representing interest	(849,948)
Present value of operating lease liabilities	$ 2,781,514

LEASE OBLIGATIONS - Operating_3

LEASE OBLIGATIONS - Operating lease expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
LEASE OBLIGATIONS
Total amortization	$ 247,208	$ 182,320	$ 524,828	$ 314,860
Total interest	57,301	25,214	133,688	42,325
Total amortization and interest	304,509	207,534	658,516	357,185
Cash Paid for Operating Leases	304,509	207,534	658,516	357,185
Operating lease 1
LEASE OBLIGATIONS
Total amortization	19,931	19,052	46,636	37,893
Total interest	1,069	1,947	2,364	4,107
Cash Paid for Operating Leases	21,000	20,999	49,000	42,000
Operating lease 2
LEASE OBLIGATIONS
Total amortization	16,791	15,398	33,396	30,957
Total interest	318	1,046	822	2,265
Cash Paid for Operating Leases	17,109	16,444	34,218	33,222
Operating lease 3
LEASE OBLIGATIONS
Total amortization	168,674	109,157	330,398	177,685
Total interest	49,828	19,642	118,738	32,212
Cash Paid for Operating Leases	218,502	130,933	449,136	212,031
Operating lease 4
LEASE OBLIGATIONS
Total amortization	19,302	31,707	61,030	61,319
Total interest	2,298	819	3,770	1,981
Cash Paid for Operating Leases	21,600	21,996	64,800	52,770
Operating lease 5
LEASE OBLIGATIONS
Total amortization	22,510	7,006	53,368	7,006
Total interest	3,788	1,760	7,994	1,760
Cash Paid for Operating Leases	$ 26,298	$ 17,162	$ 61,362	$ 17,162

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false