Energy Services of America (ESOA) 10-Q 10 Feb 25 2025 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2024	Feb. 08, 2025
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	001-32998
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, State or Province	WV
Entity Address, Postal Zip Code	25701
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	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,756,684
Entity Central Index Key	0001357971
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2024	Sep. 30, 2024
Current assets
Cash and cash equivalents	$ 20,348,422	$ 12,926,036
Accounts receivable-trade	64,644,803	56,802,844
Allowance for doubtful accounts	(716,276)	(738,526)
Retainage receivable	15,207,302	11,704,281
Other receivables	2,766,219	1,047,952
Contract assets	19,499,892	24,595,792
Prepaid expenses and other	3,102,649	4,088,550
Total current assets	124,853,011	110,426,929
Property, plant and equipment, at cost	107,811,372	91,885,621
less accumulated depreciation	(54,541,566)	(53,749,907)
Total fixed assets	53,269,806	38,135,714
Right-of-use assets-operating leases	2,616,335	2,531,227
Intangible assets, net	3,934,713	3,065,576
Goodwill	7,428,761	4,087,554
Total assets	192,102,626	158,247,000
Current liabilities
Current maturities of long-term debt	10,074,218	6,372,915
Current maturities of lines of credit and short term borrowings	10,317,818	10,292,676
Current maturities of operating lease liabilities	1,102,801	907,503
Accounts payable	26,827,002	23,673,659
Accrued expenses and other current liabilities	10,301,722	13,855,533
Contract liabilities	22,529,946	16,950,988
Income tax payable	2,293,580	2,195,278
Total current liabilities	83,447,087	74,248,552
Long-term debt, less current maturities	39,224,530	17,187,992
Long-term operating lease liabilities, less current maturities	1,515,236	1,625,424
Deferred tax liability	6,869,060	6,490,888
Total liabilities	131,055,913	99,552,856
Shareholders' equity
Common stock, $.0001 par value Authorized 50,000,000 shares, 17,995,185 issued and 16,705,457 outstanding at December 31, 2024 and 17,860,413 issued and 16,570,685 outstanding at September 30, 2024	1,803	1,790
Treasury stock, 1,289,728 shares at December 31, 2024 and September 30, 2024	(133)	(133)
Additional paid in capital	62,282,908	60,282,921
Retained deficit	(1,237,865)	(1,590,434)
Total shareholders' equity	61,046,713	58,694,144
Total liabilities and shareholders' equity	$ 192,102,626	$ 158,247,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2024	Sep. 30, 2024
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	17,995,185	17,860,413
Common stock, shares outstanding	16,705,457	16,570,685
Treasury stock, shares	1,289,728	1,289,728

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Consolidated Statements of Income
Revenue	$ 100,646,114	$ 90,163,187
Cost of revenue	90,382,532	79,324,226
Gross profit	10,263,582	10,838,961
Selling and administrative expenses	8,618,188	7,198,720
Income from operations	1,645,394	3,640,241
Other income (expense)
Other nonoperating (expense) income	(48,262)	75,001
Interest expense	(483,718)	(601,684)
Gain (loss) on sale of equipment	195,782	(13,328)
Other nonoperating income (expense), Total	(336,198)	(540,011)
Income before income taxes	1,309,196	3,100,230
Income tax expense	455,463	1,058,035
Net income	$ 853,733	$ 2,042,195
Weighted average shares outstanding-basic (in shares)	16,585,334	16,567,185
Weighted average shares-diluted (in shares)	16,636,561	16,607,185
Earnings per share available to common shareholders (in dollar per share)	$ 0.05	$ 0.12
Earnings per share-diluted available to common shareholders (in dollar per share)	$ 0.05	$ 0.12

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 853,733	$ 2,042,195
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	2,567,965	2,068,479
Accreted interest on PPP loans	25,142	25,144
(Gain) loss on sale of equipment	(195,782)	13,328
Provision for deferred taxes	378,172	781,868
Amortization of intangible assets	130,863	108,142
Accreted interest on note payable	15,000	23,239
(Increase) decrease in accounts receivable-trade		8,002,890
Increase in retainage receivable	(731,991)	(2,101,964)
Increase in other receivables	(305,287)	(704,362)
Decrease (increase) in contract assets		(5,840,372)
Decrease in prepaid expenses and other	985,901	832,892
(Decrease) increase in accounts payable	(323,528)	214,863
Decrease in accrued expenses and other current liabilities	(3,956,671)	(2,522,882)
Increase (decrease) in contract liabilities		(79,287)
Net cash provided by operating activities	8,878,480	2,864,173
Cash flows from investing activities:
Investment in property and equipment	(2,890,223)	(1,385,883)
Acquistion of Tribute Contracting & Consultants	(20,783,224)
Proceeds from sales of property and equipment	486,012	365,234
Net cash used in investing activities	(23,187,435)	(1,020,649)
Cash flows from financing activities:
Proceeds from long-term debt	16,000,000
Borrowings on lines of credit and short term debt, net of (repayments)	7,500,000	(4,963,150)
Principal payments on long-term debt	(1,768,659)	(2,056,926)
Net cash provided by (used in) financing activities	21,731,341	(7,020,076)
Increase (decrease) in cash and cash equivalents	7,422,386	(5,176,552)
Cash and cash equivalents beginning of period	12,926,036	16,431,572
Cash and cash equivalents end of period	20,348,422	11,255,020
Supplemental schedule of noncash investing and financing activities:
Purchases of property & equipment under financing agreements	201,538	812,915
Net operating lease right-of-use assets received in exchange for operating lease liabilities	342,606	252,259
Common dividends declared but not paid	501,164	994,031
Common stock issued in Tribute Contracting & Consultants acquisition	2,000,000
Cash paid during the year for:
Interest	$ 441,424	$ 574,067

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, 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			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, 2024	$ 1,790	60,282,921	(1,590,434)	(133)	58,694,144
Balance at the beginning (in shares) at Sep. 30, 2024	16,570,685
Increase (Decrease) in Stockholders' Equity
Net income			853,733		853,733
Dividends on common stock			(501,164)		(501,164)
Common shares issued as part of acquisition	$ 13	1,999,987			2,000,000
Common shares issued as part of acquisition (in shares)	134,772
Balance at the end at Dec. 31, 2024	$ 1,803	$ 62,282,908	$ (1,237,865)	$ (133)	$ 61,046,713
Balance at the end (in shares) at Dec. 31, 2024	16,705,457

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Consolidated Statements of Changes in Shareholders' Equity
Dividends on common stock (in dollars per share)	$ 0.03	$ 0.06
Number of common shares	16,705,457	16,567,185

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	3 Months Ended
	Dec. 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, 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, Tennessee, and Pennsylvania. The employees of RCS are non-union and are managed independently of the Company’s union subsidiaries. Tribute Contracting & Consultants, Inc. (“Tribute” or “TCC”), a wholly owned subsidiary of Energy Services, was formed in October 2024 in connection with the acquisition of substantially all the assets of Tribute Contracting & Consultants, LLC (“Tribute LLC”). The acquisition of Tribute LLC closed on December 2, 2024. Tribute constructs water distribution and wastewater systems primarily for public municipalities in West Virginia, Ohio, and Kentucky. The employees of TCC 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, 2024, and 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on December 19, 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 months ended December 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, Tribute 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, Tribute, 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	3 Months Ended
	Dec. 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	3 Months Ended
	Dec. 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 as a 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	3 Months Ended
	Dec. 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	3 Months Ended
	Dec. 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 months ended December 31, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, 2024 ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ Gas & Water ​ Gas & Petroleum ​ Mechanical, & ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 37,733,823 ​ $ 37,733,823 Unit price contracts ​ 31,300,009 ​ 18,418,317 ​ 993,395 ​ 50,711,721 Cost plus and T&M contracts ​ — ​ 37,900 ​ 12,162,670 ​ 12,200,570 Total revenue from contracts ​ $ 31,300,009 ​ $ 18,456,217 ​ $ 50,889,888 ​ $ 100,646,114 ​ ​ ​ ​ ​ ​ ​ ​ ​ Earned over time ​ $ 19,487,205 ​ $ 18,418,317 ​ $ 38,682,101 ​ $ 76,587,623 Earned at point in time ​ 11,812,804 ​ 37,900 ​ 12,207,787 ​ 24,058,491 Total revenue from contracts ​ $ 31,300,009 ​ $ 18,456,217 ​ $ 50,889,888 ​ $ 100,646,114 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, 2023 ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ ​ Gas &Water ​ Gas & Petroleum ​ Mechanical, & ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 28,689,030 ​ $ 28,689,030 Unit price contracts ​ 17,082,895 ​ 27,848,185 ​ 2,262,695 ​ 47,193,775 Cost plus and T&M contracts ​ — ​ 715,058 ​ 13,565,324 ​ 14,280,382 Total revenue from contracts ​ $ 17,082,895 ​ $ 28,563,243 ​ $ 44,517,049 ​ $ 90,163,187 ​ ​ ​ ​ ​ ​ Earned over time ​ $ 4,372,583 ​ $ 27,848,185 ​ $ 30,227,914 ​ $ 62,448,682 Earned at point in time ​ 12,710,312 ​ 715,058 ​ 14,289,135 ​ 27,714,505 Total revenue from contracts ​ $ 17,082,895 ​ $ 28,563,243 ​ $ 44,517,049 ​ $ 90,163,187 ​

CONTRACT BALANCES

CONTRACT BALANCES	3 Months Ended
	Dec. 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 months ended December 31, 2024, we recognized revenue of $13.1 million that was included in the contract liability balance at September 30, 2024. Accounts receivable-trade, net of allowance for doubtful accounts, contract assets and contract liabilities consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 September 30, 2024 Change Accounts receivable-trade, net of allowance for doubtful accounts ​ $ 63,928,527 ​ $ 56,064,318 ​ $ 7,864,209 ​ ​ ​ ​ Contract assets ​ ​ ​ Cost and estimated earnings in excess of billings ​ $ 19,499,892 ​ $ 24,595,792 ​ $ (5,095,900) ​ ​ ​ ​ ​ ​ Contract liabilities ​ ​ ​ ​ ​ Billings in excess of cost and estimated earnings ​ $ 22,529,946 ​ $ 16,950,988 ​ $ 5,578,958 ​

PERFORMANCE OBLIGATIONS

PERFORMANCE OBLIGATIONS	3 Months Ended
	Dec. 31, 2024
PERFORMANCE OBLIGATIONS
PERFORMANCE OBLIGATIONS	7. PERFORMANCE OBLIGATIONS For the three months ended December 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, 2024. Changes in contract transaction price can result from items such as executed or estimated change orders, and unresolved contract modifications and claims. At December 31, 2024, the Company had $197.8 million in remaining unsatisfied performance obligations, in which revenue is expected to be recognized over the next twelve months.

UNCOMPLETED CONTRACTS

UNCOMPLETED CONTRACTS	3 Months Ended
	Dec. 31, 2024
UNCOMPLETED CONTRACTS
UNCOMPLETED CONTRACTS	8. UNCOMPLETED CONTRACTS Costs, estimated earnings, and billings on uncompleted contracts as of December 31, 2024 and September 30, 2024, are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 September 30, 2024 Costs incurred on contracts in progress ​ $ 405,966,162 ​ $ 347,180,901 Estimated earnings, net of estimated losses ​ 64,498,114 ​ 59,349,378 ​ ​ 470,464,276 ​ 406,530,279 Less billings to date ​ 473,494,330 ​ 398,885,475 ​ ​ $ (3,030,054) ​ $ 7,644,804 ​ ​ ​ ​ ​ ​ ​ Costs and estimated earnings in excess of billed on uncompleted contracts ​ $ 19,499,892 ​ $ 24,595,792 ​ ​ ​ ​ ​ ​ ​ Less billings in excess of costs and estimated earnings on uncompleted contracts ​ 22,529,946 ​ 16,950,988 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (3,030,054) ​ $ 7,644,804 ​ The Company’s unaudited backlog at December 31, 2024 and September 30, 2024 was $260.2 million and $243.2 million, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Dec. 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 820, Fair Measurement 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 $43.9 million at December 31, 2024 was $42.5 million. The fair value of the aggregate principal amount of the Company’s fixed-rate debt of $25.6 million at September 30, 2024 was $24.7 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	3 Months Ended
	Dec. 31, 2024
EARNINGS PER SHARE
EARNINGS PER SHARE	10. EARNINGS PER SHARE The amounts used to compute the earnings per share for the three months ended December 31, 2024 and 2023 are summarized below. ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Three Months Ended ​ ​ December 31, 2024 ​ December 31, 2023 Net income ​ $ 853,733 ​ $ 2,042,195 ​ ​ ​ ​ ​ Weighted average shares outstanding-basic ​ 16,585,334 ​ 16,567,185 ​ ​ ​ ​ ​ Weighted average shares outstanding-diluted ​ 16,636,561 ​ 16,607,185 ​ ​ ​ ​ ​ Earnings per share available to common shareholders ​ $ 0.05 ​ $ 0.12 ​ ​ ​ ​ ​ Earnings per share available to common shareholders-diluted ​ $ 0.05 ​ $ 0.12 ​

INCOME TAXES

INCOME TAXES	3 Months Ended
	Dec. 31, 2024
INCOME TAXES
INCOME TAXES	11. INCOME TAXES The components of income taxes are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ December 31, 2024 December 31, 2023 Federal ​ ​ Current ​ $ — ​ $ 214,795 Deferred ​ 294,974 ​ 602,038 Total ​ ​ 294,974 ​ ​ 816,833 ​ ​ ​ ​ ​ State ​ ​ ​ ​ Current ​ ​ 77,291 ​ ​ 61,370 Deferred ​ 83,198 ​ 179,832 Total ​ ​ 160,489 ​ ​ 241,202 Total income tax expense ​ $ 455,463 ​ $ 1,058,035 ​ 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 blended state rate of approximately 5.0% to 6.0% to taxable income or loss after consideration of non-taxable and non-deductible items. The effective income tax rate for the three months ended December 31, 2024 was 34.8%, as compared to 34.1%, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 September 30, 2024 Deferred tax liabilities ​ ​ Property and equipment ​ $ 9,375,157 ​ $ 7,437,645 Other ​ 1,529,800 ​ 1,509,487 Total deferred tax liabilities ​ $ 10,904,957 ​ $ 8,947,132 ​ ​ ​ ​ ​ Deferred income tax assets ​ ​ ​ ​ Accruals & Other ​ $ 2,377,374 ​ $ 2,325,671 Net operating loss carry forward-Federal ​ ​ 1,361,554 ​ ​ — Net operating loss carryforward-States ​ ​ 829,944 ​ ​ 663,548 Net operating loss valuation allowance-States ​ ​ (532,975) ​ ​ (532,975) Total deferred tax assets ​ $ 4,035,897 ​ $ 2,456,244 ​ ​ ​ ​ ​ Total net deferred tax liabilities ​ $ 6,869,060 ​ $ 6,490,888 ​ 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 $6.5 million and $0 million of federal net operating loss carryforwards at December 31, 2024 and September 30, 2024, respectively. The Company had $30.4 million and $20.5 million of state net operating loss carryforwards at December 31, 2024 and September 30, 2024, respectively. The state net operating loss carryforwards begin to expire in 2025. The increases in federal and state NOL carryforwards were primarily due to a temporary difference resulting from bonus depreciation on equipment obtained as part of the Tribute acquisition. 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	3 Months Ended
	Dec. 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 August 8, 2024, the Company renewed its $30.0 million line of credit with a maturity date of June 28, 2026. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 September 30, 2024 Eligible borrowing base ​ $ 27,210,911 ​ $ 25,089,446 ​ ​ ​ ​ ​ ​ ​ ​ ​ Borrowed on line of credit ​ 12,000,000 ​ 4,500,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of credit balance available ​ $ 15,210,910 ​ $ 20,589,446 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate ​ 7.5 % 8.0 % ​ The Company’s $12.0 million and $4.5 million line of credit borrowings are recorded as a long-term debt as of December 31, 2024 and September 30, 2024, respectively. The financial covenants required by the Company’s lender 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. The Company was in compliance with all covenants at December 31, 2024. The Company projects to meet all covenant requirements for the next twelve months. 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 as a 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 December 31, 2024 and September 30, 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 September 30, 2024 Line of credit payable to bank, monthly interest at 7.5%, final payment due by June 28, 2026, guaranteed by certain directors of the Company. ​ $ 12,000,000 ​ $ 4,500,000 ​ ​ ​ ​ ​ Equipment line of credit with a total of $9.3 million with payments of $202,809 due in monthly installments, including fixed interest at 7.25% and final payment due February 2028, secured by equipment, guaranteed by certain directors of the Company. ​ ​ 7,491,695 ​ $ 7,802,313 ​ ​ ​ ​ ​ ​ ​ 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. ​ 10,317,818 ​ 10,292,676 ​ ​ ​ ​ ​ ​ ​ Term note payable to United Bank, WV Pipeline acquisition, due in monthly installments of $64,853, including fixed interest at 4.25%, final payment due by March 25, 2026, secured by receivables and equipment, guaranteed by certain directors of the Company. ​ ​ 1,012,424 ​ ​ 1,134,185 ​ ​ ​ ​ ​ ​ ​ Notes payable to finance companies, due in monthly installments totaling $191,000 at December 31, 2024 and $76,000 at September 30, 2024, including interest ranging from 0.00% to 6.0%, final payments due January 2025 through August 2026, secured by equipment. ​ 5,448,999 ​ 1,787,009 ​ ​ ​ ​ ​ Notes payable to United Bank, Tribute acquisition finance, due in monthly installments totaling $272,016, including fixed interest at 6.9% , final payment due December 2030 secured by receivables and equipment, guaranteed by certain directors of the Company. ​ 16,000,000 ​ — ​ ​ ​ ​ ​ 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. ​ 749,973 ​ 762,670 ​ ​ ​ ​ ​ 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. ​ 1,874,991 ​ 2,024,847 ​ ​ ​ ​ ​ Notes payable to David Bolton and Daniel Bolton, due in annual installments totaling $500,000, including interest at 3.25%, final payment due December 31, 2026, unsecured. ​ ​ 455,000 ​ ​ 940,000 ​ ​ ​ ​ ​ ​ ​ Note payable to United Bank, Tri-State Paving acquisition, due in monthly installments of $129,910, including fixed interest at 4.50%, final payment due by June 1, 2027, secured by receivables and equipment, guaranteed by certain directors of the Company. ​ ​ 4,015,666 ​ ​ 4,359,883 ​ ​ ​ ​ ​ ​ ​ Notes payable to Corns Enterprises, $1,000,000 with fair value of $936,000, due in annual installments totaling $250,000, including interest at 3.50%, final payment due April 29, 2026, unsecured. ​ ​ 250,000 ​ ​ 250,000 ​ ​ ​ ​ ​ ​ ​ Total debt ​ $ 59,616,566 ​ $ 33,853,583 ​ ​ ​ ​ ​ Less current maturities ​ 20,392,036 ​ 16,665,591 ​ ​ ​ ​ ​ Total long term debt ​ $ 39,224,530 ​ $ 17,187,992 ​

ACQUISITIONS

ACQUISITIONS	3 Months Ended
	Dec. 31, 2024
ACQUISITIONS
ACQUISITIONS	13. ACQUISITIONS On December 2, 2024, the Company completed the acquisition of Tribute Contracting & Consultants, LLC (“Tribute LLC”), located in South Point, Ohio. Pursuant to the Asset Purchase Agreement (“Agreement”) signed on October 31, 2024, the Company acquired substantially all the assets (including but not limited to customer contracts, employees, account receivable and equipment) of Tribute LLC for $22.0 million in cash at closing, less an initial $1.2 million working capital adjustment, and $2.0 million in Energy Services Common Stock (“Stock”). Of the $20.8 million paid in cash, $16.0 million was funded by a loan from United Bank, Inc., Huntington, West Virginia. The final working capital adjustment was reduced by $296,000 , which was deducted from the approximately $2.0 million receivable for cash due to the Company. Todd Harrah and Tom Enyart (the “Sellers”) continued their employment with the Company’s new subsidiary, Tribute Contracting & Consultants, Inc. (“Tribute”). The Sellers each received $1.0 million in Stock pursuant to an exemption under The Securities Act of 1933. Based on the market value calculation in the Agreement, the Sellers each received 67,386 shares of Stock. Tribute earned revenues of $1.6 million between December 2, 2024 and December 31, 2024. Energy Services accounts for business combinations under the acquisition method in accordance with ASC Topic 805, Business Combinations . Accordingly, for the transaction, the purchase price is allocated to the fair value of the assets acquired and liabilities assumed as of the date of the acquisition. In conjunction with ASC 805, upon receipt of final fair value estimates during the measurement period, which must be within one year of the acquisition date, Energy Services records any adjustments to the preliminary fair value estimates in the reporting period in which the adjustments are determined. The Company is continuing to finalize the purchase price allocations related to the Tribute LLC acquisition. The purchase price for the Tribute LLC acquisition is allocated in the table below: ​ ​ ​ ​ ​ Accounts Receivable and Retainages acquired from seller $ 8,360,373 Receivable for cash due to buyer ​ 1,708,847 Contract assets acquired from seller ​ 1,715,984 Equipment ​ 14,250,526 Land and Building ​ 650,000 Goodwill ​ 3,341,207 Intangible assets ​ 1,000,000 Accounts payable assumed ​ (3,476,871) Long-term debt assumed ​ (3,789,962) Contract liabilities assumed ​ (681,013) ​ ​ $ 23,079,091 ​ ASC 805-10-50-2 requires public companies that present comparative financial statements to present pro forma financial statements as though the business combination that occurred during the current fiscal year had occurred as of the beginning of the comparable prior annual reporting period. As allowed under ASC 805-10-50-2, the Company finds this information impracticable to provide for the interim periods presented due to the lack of availability of meaningful financial statements of the acquired company that comply with U.S. GAAP.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Dec. 31, 2024
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS	14. GOODWILL AND INTANGIBLE ASSETS The Company follows the guidance of ASC Topic 350, Intangibles-Goodwill and Other A table of the Company’s goodwill as of December 31, 2024 and September 30, 2024 is below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 September 30, 2024 Beginning balance ​ $ 4,087,554 ​ $ 4,087,554 Acquired ​ 3,341,207 ​ — Ending balance ​ $ 7,428,761 ​ $ 4,087,554 ​ A table of the Company’s intangible assets subject to amortization is below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Accumulated ​ Amortization ​ Amortization ​ ​ ​ ​ ​ ​ ​ ​ Remaining Life ​ ​ ​ ​ Amortization and ​ Amortization and ​ and Impairment ​ and Impairment ​ ​ ​ ​ ​ ​ ​ (in months) at ​ ​ ​ Impairment at ​ Impairment at ​ Three Months ​ Three Months ​ Net Book Value Net Book Value ​ ​ December 31, ​ ​ ​ December 31, ​ September 30, ​ Ended December 31, ​ Ended December 31, ​ at December 31, ​ at September 30, ​ 2024 Original Cost 2024 2024 2024 2023 2024 2024 Intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West Virginia Pipeline: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ 72 ​ $ 2,209,724 ​ ​ 883,875 ​ $ 828,630 ​ ​ 55,245 ​ ​ 55,242 ​ $ 1,325,849 $ 1,381,094 Tradename ​ 72 ​ ​ 263,584 ​ ​ 105,451 ​ ​ 98,863 ​ ​ 6,588 ​ ​ 6,591 ​ ​ 158,133 ​ 164,721 Non-competes — ​ 83,203 ​ 83,203 ​ 83,203 ​ — ​ ​ — ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolt Energy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employment agreement/non-compete — ​ 100,000 ​ 100,000 ​ 100,000 ​ — ​ ​ — ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Heritage Painting ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ 54 ​ ​ 121,100 ​ ​ 12,108 ​ ​ 6,054 ​ ​ 6,054 ​ ​ — ​ ​ 108,992 ​ ​ 115,046 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tri-State Paving: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ 88 ​ ​ 1,649,159 ​ ​ 439,776 ​ ​ 398,547 ​ ​ 41,229 ​ ​ 41,229 ​ ​ 1,209,383 ​ ​ 1,250,612 Tradename ​ 88 ​ ​ 203,213 ​ ​ 54,190 ​ ​ 49,110 ​ ​ 5,080 ​ ​ 5,080 ​ ​ 149,023 ​ ​ 154,103 Non-competes ​ — ​ ​ 39,960 ​ ​ 39,960 ​ ​ 39,960 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tribute Contracting & Consultants ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ 59 ​ ​ 500,000 ​ ​ 8,333 ​ ​ — ​ ​ 8,333 ​ ​ — ​ ​ 491,667 ​ ​ — Tradename ​ 59 ​ ​ 250,000 ​ ​ 4,167 ​ ​ — ​ ​ 4,167 ​ ​ — ​ ​ 245,833 ​ ​ — Non-competes ​ 59 ​ ​ 250,000 ​ ​ 4,167 ​ ​ — ​ ​ 4,167 ​ ​ — ​ ​ 245,833 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total intangible assets ​ ​ ​ $ 5,669,943 ​ $ 1,735,230 ​ $ 1,604,367 ​ $ 130,863 ​ $ 108,142 ​ $ 3,934,713 ​ $ 3,065,576 ​ The amortization on identifiable intangible assets for the three months ended December 31, 2024 and 2023 was $130,863 and $108,142, respectively. ​ Amortization expense associated with the identifiable intangible assets is expected to be as follows: ​ ​ ​ ​ ​ ​ Amortization Expense January 2025 to December 2025 $ 656,784 January 2026 to December 2026 ​ 656,784 January 2027 to December 2027 ​ 656,784 January 2028 to December 2028 ​ 656,784 January 2029 to December 2029 ​ 628,009 After ​ 679,568 Total ​ $ 3,934,713 ​

LEASE OBLIGATIONS

LEASE OBLIGATIONS	3 Months Ended
	Dec. 31, 2024
LEASE OBLIGATIONS
LEASE OBLIGATIONS	15. 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 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 $25,000 at December 31, 2024. The 4.5% interest rate on the operating leases is based on the Company’s incremental borrowing rate at inception. The second operating lease, for the Chattanooga, Tennessee facility, had a net present value of $144,000 at inception, and expired on August 31, 2024. The lease was renewed for a two - year The Company has a right-of-use operating lease with Enterprise Fleet Management, Inc. The Company had eighty vehicles on lease at December 31, 2024. The right-of-use operating lease has a carrying value of $2.4 million at December 31, 2024. Each vehicle leased under the master lease program has its own implicit rate ranging from 12.8% to 15.6%. The Company leases office and shop space for Ryan Construction’s headquarters in Bridgeport, West Virginia. The Company renewed the lease for one year effective October 1, 2024 through September 30, 2025. The Company has only committed to a one-year renewal and is evaluating the intent to renew for additional periods. 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 $136,000 at December 31, 2024. The 7.75% interest rate on the operating lease is based on the Company’s incremental borrowing rate at inception. 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 $5.0 million and $5.4 million, respectively, for the three months ended December 31, 2024 and 2023. Schedules related to the Company’s operating leases at December 31, 2024 can be found below: Operating Lease-Weighted Average Remaining Term ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of ​ ​ ​ ​ ​ ​ remaining ​ ​ ​ Years left liability Months Operating lease 1 0.5 ​ $ 25,222 ​ 6 Operating lease 2 1.3 ​ ​ 105,488 ​ 15 Operating lease 3 ​ 4.0 ​ ​ 2,350,901 ​ 48 Operating lease 4 ​ 0.0 ​ ​ — ​ 0 Operating lease 5 ​ 1.5 ​ ​ 136,426 ​ 18 ​ ​ ​ ​ $ 2,618,037 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining term ​ ​ ​ ​ 3.7 years ​ ​ ​ ​ ​ Operating Lease Maturity Schedule ​ ​ ​ January 2025 to December 2025 $ 1,334,535 January 2026 to December 2026 ​ 1,160,902 January 2027 to December 2027 ​ 530,100 January 2028 to December 2028 ​ ​ 161,839 ​ ​ ​ 3,187,376 Less amounts representing interest ​ (569,339) Present value of operating lease liabilities ​ $ 2,618,037 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Three Months Ended ​ ​ December 31, ​ December 31, Operating Lease Expense 2024 2023 Amortization ​ ​ ​ ​ ​ ​ Operating lease 1 $ 20,691 ​ $ 26,705 Operating lease 2 ​ ​ 17,213 ​ ​ 16,605 Operating lease 3 ​ 195,170 ​ 161,724 Operating lease 4 ​ ​ — ​ ​ 41,728 Operating lease 5 ​ ​ 24,502 ​ ​ 30,858 Total amortization ​ ​ 257,576 ​ ​ 277,620 ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ Operating lease 1 ​ ​ 309 ​ ​ 1,295 Operating lease 2 ​ 2,587 ​ 504 Operating lease 3 ​ ​ 63,722 ​ ​ 68,910 Operating lease 4 ​ ​ — ​ ​ 1,472 Operating lease 5 ​ ​ 2,453 ​ ​ 4,206 Total interest ​ ​ 69,071 ​ ​ 76,387 Total amortization and interest ​ $ 326,647 ​ $ 354,007 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Three Months Ended ​ ​ December 31, ​ December 31, Cash Paid for Operating Leases 2024 2023 Operating lease 1 $ 21,000 ​ $ 28,000 Operating lease 2 ​ ​ 19,800 ​ ​ 17,109 Operating lease 3 ​ ​ 258,892 ​ ​ 230,634 Operating lease 4 ​ ​ — ​ ​ 43,200 Operating lease 5 ​ ​ 26,955 ​ ​ 35,064 ​ $ 326,647 ​ $ 354,007 ​

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Dec. 31, 2024
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS On January 2, 2025, the Company paid a quarterly dividend of $0.03 per common share totaling $501,164. 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.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 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

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Dec. 31, 2024
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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, 2024, and 2023 included in the Company’s Annual Report on Form 10-K filed with the SEC on December 19, 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 months ended December 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, Tribute 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, Tribute, 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)	3 Months Ended
	Dec. 31, 2024
DISAGGREGATION OF REVENUE
Schedule of disaggregation of revenue	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, 2024 ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ Gas & Water ​ Gas & Petroleum ​ Mechanical, & ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 37,733,823 ​ $ 37,733,823 Unit price contracts ​ 31,300,009 ​ 18,418,317 ​ 993,395 ​ 50,711,721 Cost plus and T&M contracts ​ — ​ 37,900 ​ 12,162,670 ​ 12,200,570 Total revenue from contracts ​ $ 31,300,009 ​ $ 18,456,217 ​ $ 50,889,888 ​ $ 100,646,114 ​ ​ ​ ​ ​ ​ ​ ​ ​ Earned over time ​ $ 19,487,205 ​ $ 18,418,317 ​ $ 38,682,101 ​ $ 76,587,623 Earned at point in time ​ 11,812,804 ​ 37,900 ​ 12,207,787 ​ 24,058,491 Total revenue from contracts ​ $ 31,300,009 ​ $ 18,456,217 ​ $ 50,889,888 ​ $ 100,646,114 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended December 31, 2023 ​ ​ ​ ​ ​ ​ Electrical, ​ ​ ​ ​ ​ Gas &Water ​ Gas & Petroleum ​ Mechanical, & ​ Total revenue ​ Distribution Transmission General from contracts Lump sum contracts ​ $ — ​ $ — ​ $ 28,689,030 ​ $ 28,689,030 Unit price contracts ​ 17,082,895 ​ 27,848,185 ​ 2,262,695 ​ 47,193,775 Cost plus and T&M contracts ​ — ​ 715,058 ​ 13,565,324 ​ 14,280,382 Total revenue from contracts ​ $ 17,082,895 ​ $ 28,563,243 ​ $ 44,517,049 ​ $ 90,163,187 ​ ​ ​ ​ ​ ​ Earned over time ​ $ 4,372,583 ​ $ 27,848,185 ​ $ 30,227,914 ​ $ 62,448,682 Earned at point in time ​ 12,710,312 ​ 715,058 ​ 14,289,135 ​ 27,714,505 Total revenue from contracts ​ $ 17,082,895 ​ $ 28,563,243 ​ $ 44,517,049 ​ $ 90,163,187 ​

CONTRACT BALANCES (Tables)

CONTRACT BALANCES (Tables)	3 Months Ended
	Dec. 31, 2024
CONTRACT BALANCES
Schedule of accounts receivable-trade, net of allowance for doubtful accounts, contract assets and contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 September 30, 2024 Change Accounts receivable-trade, net of allowance for doubtful accounts ​ $ 63,928,527 ​ $ 56,064,318 ​ $ 7,864,209 ​ ​ ​ ​ Contract assets ​ ​ ​ Cost and estimated earnings in excess of billings ​ $ 19,499,892 ​ $ 24,595,792 ​ $ (5,095,900) ​ ​ ​ ​ ​ ​ Contract liabilities ​ ​ ​ ​ ​ Billings in excess of cost and estimated earnings ​ $ 22,529,946 ​ $ 16,950,988 ​ $ 5,578,958 ​

UNCOMPLETED CONTRACTS (Tables)

UNCOMPLETED CONTRACTS (Tables)	3 Months Ended
	Dec. 31, 2024
UNCOMPLETED CONTRACTS
Schedule of costs, estimated earnings and billings on uncompleted contracts	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 September 30, 2024 Costs incurred on contracts in progress ​ $ 405,966,162 ​ $ 347,180,901 Estimated earnings, net of estimated losses ​ 64,498,114 ​ 59,349,378 ​ ​ 470,464,276 ​ 406,530,279 Less billings to date ​ 473,494,330 ​ 398,885,475 ​ ​ $ (3,030,054) ​ $ 7,644,804 ​ ​ ​ ​ ​ ​ ​ Costs and estimated earnings in excess of billed on uncompleted contracts ​ $ 19,499,892 ​ $ 24,595,792 ​ ​ ​ ​ ​ ​ ​ Less billings in excess of costs and estimated earnings on uncompleted contracts ​ 22,529,946 ​ 16,950,988 ​ ​ ​ ​ ​ ​ ​ ​ ​ $ (3,030,054) ​ $ 7,644,804

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Dec. 31, 2024
EARNINGS PER SHARE
Schedule of earnings per share	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended Three Months Ended ​ ​ December 31, 2024 ​ December 31, 2023 Net income ​ $ 853,733 ​ $ 2,042,195 ​ ​ ​ ​ ​ Weighted average shares outstanding-basic ​ 16,585,334 ​ 16,567,185 ​ ​ ​ ​ ​ Weighted average shares outstanding-diluted ​ 16,636,561 ​ 16,607,185 ​ ​ ​ ​ ​ Earnings per share available to common shareholders ​ $ 0.05 ​ $ 0.12 ​ ​ ​ ​ ​ Earnings per share available to common shareholders-diluted ​ $ 0.05 ​ $ 0.12 ​

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Dec. 31, 2024
INCOME TAXES
Schedule of components of income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ December 31, 2024 December 31, 2023 Federal ​ ​ Current ​ $ — ​ $ 214,795 Deferred ​ 294,974 ​ 602,038 Total ​ ​ 294,974 ​ ​ 816,833 ​ ​ ​ ​ ​ State ​ ​ ​ ​ Current ​ ​ 77,291 ​ ​ 61,370 Deferred ​ 83,198 ​ 179,832 Total ​ ​ 160,489 ​ ​ 241,202 Total income tax expense ​ $ 455,463 ​ $ 1,058,035
Schedule of income tax effects to deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 September 30, 2024 Deferred tax liabilities ​ ​ Property and equipment ​ $ 9,375,157 ​ $ 7,437,645 Other ​ 1,529,800 ​ 1,509,487 Total deferred tax liabilities ​ $ 10,904,957 ​ $ 8,947,132 ​ ​ ​ ​ ​ Deferred income tax assets ​ ​ ​ ​ Accruals & Other ​ $ 2,377,374 ​ $ 2,325,671 Net operating loss carry forward-Federal ​ ​ 1,361,554 ​ ​ — Net operating loss carryforward-States ​ ​ 829,944 ​ ​ 663,548 Net operating loss valuation allowance-States ​ ​ (532,975) ​ ​ (532,975) Total deferred tax assets ​ $ 4,035,897 ​ $ 2,456,244 ​ ​ ​ ​ ​ Total net deferred tax liabilities ​ $ 6,869,060 ​ $ 6,490,888

SHORT-TERM AND LONG-TERM DEBT (

SHORT-TERM AND LONG-TERM DEBT (Tables)	3 Months Ended
	Dec. 31, 2024
SHORT-TERM AND LONG-TERM DEBT
Schedule of line of credit is limited to a borrowing base	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 September 30, 2024 Eligible borrowing base ​ $ 27,210,911 ​ $ 25,089,446 ​ ​ ​ ​ ​ ​ ​ ​ ​ Borrowed on line of credit ​ 12,000,000 ​ 4,500,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ Line of credit balance available ​ $ 15,210,910 ​ $ 20,589,446 ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate ​ 7.5 % 8.0 %
Schedule of short-term and long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 September 30, 2024 Line of credit payable to bank, monthly interest at 7.5%, final payment due by June 28, 2026, guaranteed by certain directors of the Company. ​ $ 12,000,000 ​ $ 4,500,000 ​ ​ ​ ​ ​ Equipment line of credit with a total of $9.3 million with payments of $202,809 due in monthly installments, including fixed interest at 7.25% and final payment due February 2028, secured by equipment, guaranteed by certain directors of the Company. ​ ​ 7,491,695 ​ $ 7,802,313 ​ ​ ​ ​ ​ ​ ​ 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. ​ 10,317,818 ​ 10,292,676 ​ ​ ​ ​ ​ ​ ​ Term note payable to United Bank, WV Pipeline acquisition, due in monthly installments of $64,853, including fixed interest at 4.25%, final payment due by March 25, 2026, secured by receivables and equipment, guaranteed by certain directors of the Company. ​ ​ 1,012,424 ​ ​ 1,134,185 ​ ​ ​ ​ ​ ​ ​ Notes payable to finance companies, due in monthly installments totaling $191,000 at December 31, 2024 and $76,000 at September 30, 2024, including interest ranging from 0.00% to 6.0%, final payments due January 2025 through August 2026, secured by equipment. ​ 5,448,999 ​ 1,787,009 ​ ​ ​ ​ ​ Notes payable to United Bank, Tribute acquisition finance, due in monthly installments totaling $272,016, including fixed interest at 6.9% , final payment due December 2030 secured by receivables and equipment, guaranteed by certain directors of the Company. ​ 16,000,000 ​ — ​ ​ ​ ​ ​ 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. ​ 749,973 ​ 762,670 ​ ​ ​ ​ ​ 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. ​ 1,874,991 ​ 2,024,847 ​ ​ ​ ​ ​ Notes payable to David Bolton and Daniel Bolton, due in annual installments totaling $500,000, including interest at 3.25%, final payment due December 31, 2026, unsecured. ​ ​ 455,000 ​ ​ 940,000 ​ ​ ​ ​ ​ ​ ​ Note payable to United Bank, Tri-State Paving acquisition, due in monthly installments of $129,910, including fixed interest at 4.50%, final payment due by June 1, 2027, secured by receivables and equipment, guaranteed by certain directors of the Company. ​ ​ 4,015,666 ​ ​ 4,359,883 ​ ​ ​ ​ ​ ​ ​ Notes payable to Corns Enterprises, $1,000,000 with fair value of $936,000, due in annual installments totaling $250,000, including interest at 3.50%, final payment due April 29, 2026, unsecured. ​ ​ 250,000 ​ ​ 250,000 ​ ​ ​ ​ ​ ​ ​ Total debt ​ $ 59,616,566 ​ $ 33,853,583 ​ ​ ​ ​ ​ Less current maturities ​ 20,392,036 ​ 16,665,591 ​ ​ ​ ​ ​ Total long term debt ​ $ 39,224,530 ​ $ 17,187,992 ​

ACQUISITIONS (Tables)

ACQUISITIONS (Tables)	3 Months Ended
	Dec. 31, 2024
Tribute Contracting And Consultants, LLC
Business Acquisition
Schedule of acquisition purchase price	​ ​ ​ ​ ​ Accounts Receivable and Retainages acquired from seller $ 8,360,373 Receivable for cash due to buyer ​ 1,708,847 Contract assets acquired from seller ​ 1,715,984 Equipment ​ 14,250,526 Land and Building ​ 650,000 Goodwill ​ 3,341,207 Intangible assets ​ 1,000,000 Accounts payable assumed ​ (3,476,871) Long-term debt assumed ​ (3,789,962) Contract liabilities assumed ​ (681,013) ​ ​ $ 23,079,091

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Dec. 31, 2024
GOODWILL AND INTANGIBLE ASSETS
Summary of changes in goodwill	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 September 30, 2024 Beginning balance ​ $ 4,087,554 ​ $ 4,087,554 Acquired ​ 3,341,207 ​ — Ending balance ​ $ 7,428,761 ​ $ 4,087,554
Schedule of intangible assets subject to amortization	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ Accumulated ​ Amortization ​ Amortization ​ ​ ​ ​ ​ ​ ​ ​ Remaining Life ​ ​ ​ ​ Amortization and ​ Amortization and ​ and Impairment ​ and Impairment ​ ​ ​ ​ ​ ​ ​ (in months) at ​ ​ ​ Impairment at ​ Impairment at ​ Three Months ​ Three Months ​ Net Book Value Net Book Value ​ ​ December 31, ​ ​ ​ December 31, ​ September 30, ​ Ended December 31, ​ Ended December 31, ​ at December 31, ​ at September 30, ​ 2024 Original Cost 2024 2024 2024 2023 2024 2024 Intangible assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ West Virginia Pipeline: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ 72 ​ $ 2,209,724 ​ ​ 883,875 ​ $ 828,630 ​ ​ 55,245 ​ ​ 55,242 ​ $ 1,325,849 $ 1,381,094 Tradename ​ 72 ​ ​ 263,584 ​ ​ 105,451 ​ ​ 98,863 ​ ​ 6,588 ​ ​ 6,591 ​ ​ 158,133 ​ 164,721 Non-competes — ​ 83,203 ​ 83,203 ​ 83,203 ​ — ​ ​ — ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revolt Energy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Employment agreement/non-compete — ​ 100,000 ​ 100,000 ​ 100,000 ​ — ​ ​ — ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Heritage Painting ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ 54 ​ ​ 121,100 ​ ​ 12,108 ​ ​ 6,054 ​ ​ 6,054 ​ ​ — ​ ​ 108,992 ​ ​ 115,046 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tri-State Paving: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ 88 ​ ​ 1,649,159 ​ ​ 439,776 ​ ​ 398,547 ​ ​ 41,229 ​ ​ 41,229 ​ ​ 1,209,383 ​ ​ 1,250,612 Tradename ​ 88 ​ ​ 203,213 ​ ​ 54,190 ​ ​ 49,110 ​ ​ 5,080 ​ ​ 5,080 ​ ​ 149,023 ​ ​ 154,103 Non-competes ​ — ​ ​ 39,960 ​ ​ 39,960 ​ ​ 39,960 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Tribute Contracting & Consultants ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Customer relationships ​ 59 ​ ​ 500,000 ​ ​ 8,333 ​ ​ — ​ ​ 8,333 ​ ​ — ​ ​ 491,667 ​ ​ — Tradename ​ 59 ​ ​ 250,000 ​ ​ 4,167 ​ ​ — ​ ​ 4,167 ​ ​ — ​ ​ 245,833 ​ ​ — Non-competes ​ 59 ​ ​ 250,000 ​ ​ 4,167 ​ ​ — ​ ​ 4,167 ​ ​ — ​ ​ 245,833 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total intangible assets ​ ​ ​ $ 5,669,943 ​ $ 1,735,230 ​ $ 1,604,367 ​ $ 130,863 ​ $ 108,142 ​ $ 3,934,713 ​ $ 3,065,576
Schedule of amortization on identifiable intangible assets	​ ​ ​ ​ ​ ​ Amortization Expense January 2025 to December 2025 $ 656,784 January 2026 to December 2026 ​ 656,784 January 2027 to December 2027 ​ 656,784 January 2028 to December 2028 ​ 656,784 January 2029 to December 2029 ​ 628,009 After ​ 679,568 Total ​ $ 3,934,713 ​

LEASE OBLIGATIONS (Tables)

LEASE OBLIGATIONS (Tables)	3 Months Ended
	Dec. 31, 2024
LEASE OBLIGATIONS
Schedule of information about operating leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of ​ ​ ​ ​ ​ ​ remaining ​ ​ ​ Years left liability Months Operating lease 1 0.5 ​ $ 25,222 ​ 6 Operating lease 2 1.3 ​ ​ 105,488 ​ 15 Operating lease 3 ​ 4.0 ​ ​ 2,350,901 ​ 48 Operating lease 4 ​ 0.0 ​ ​ — ​ 0 Operating lease 5 ​ 1.5 ​ ​ 136,426 ​ 18 ​ ​ ​ ​ $ 2,618,037 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average remaining term ​ ​ ​ ​ 3.7 years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Three Months Ended ​ ​ December 31, ​ December 31, Operating Lease Expense 2024 2023 Amortization ​ ​ ​ ​ ​ ​ Operating lease 1 $ 20,691 ​ $ 26,705 Operating lease 2 ​ ​ 17,213 ​ ​ 16,605 Operating lease 3 ​ 195,170 ​ 161,724 Operating lease 4 ​ ​ — ​ ​ 41,728 Operating lease 5 ​ ​ 24,502 ​ ​ 30,858 Total amortization ​ ​ 257,576 ​ ​ 277,620 ​ ​ ​ ​ ​ ​ ​ Interest ​ ​ ​ ​ Operating lease 1 ​ ​ 309 ​ ​ 1,295 Operating lease 2 ​ 2,587 ​ 504 Operating lease 3 ​ ​ 63,722 ​ ​ 68,910 Operating lease 4 ​ ​ — ​ ​ 1,472 Operating lease 5 ​ ​ 2,453 ​ ​ 4,206 Total interest ​ ​ 69,071 ​ ​ 76,387 Total amortization and interest ​ $ 326,647 ​ $ 354,007 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Three Months Ended ​ ​ December 31, ​ December 31, Cash Paid for Operating Leases 2024 2023 Operating lease 1 $ 21,000 ​ $ 28,000 Operating lease 2 ​ ​ 19,800 ​ ​ 17,109 Operating lease 3 ​ ​ 258,892 ​ ​ 230,634 Operating lease 4 ​ ​ — ​ ​ 43,200 Operating lease 5 ​ ​ 26,955 ​ ​ 35,064 ​ $ 326,647 ​ $ 354,007 ​
Schedule of operating lease maturity schedule	​ ​ ​ ​ ​ Operating Lease Maturity Schedule ​ ​ ​ January 2025 to December 2025 $ 1,334,535 January 2026 to December 2026 ​ 1,160,902 January 2027 to December 2027 ​ 530,100 January 2028 to December 2028 ​ ​ 161,839 ​ ​ ​ 3,187,376 Less amounts representing interest ​ (569,339) Present value of operating lease liabilities ​ $ 2,618,037

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 PAYCHECK PROTECTION PROGRAM 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
	Dec. 31, 2024	Dec. 31, 2023
DISAGGREGATION OF REVENUE
Operating revenue	$ 100,646,114	$ 90,163,187
Earned over time
DISAGGREGATION OF REVENUE
Operating revenue	76,587,623	62,448,682
Earned at point in time
DISAGGREGATION OF REVENUE
Operating revenue	24,058,491	27,714,505
Lump sum contracts
DISAGGREGATION OF REVENUE
Operating revenue	37,733,823	28,689,030
Unit price contracts
DISAGGREGATION OF REVENUE
Operating revenue	50,711,721	47,193,775
Cost plus and T&M contracts
DISAGGREGATION OF REVENUE
Operating revenue	12,200,570	14,280,382
Gas & Water Distribution
DISAGGREGATION OF REVENUE
Operating revenue	31,300,009	17,082,895
Gas & Water Distribution | Earned over time
DISAGGREGATION OF REVENUE
Operating revenue	19,487,205	4,372,583
Gas & Water Distribution | Earned at point in time
DISAGGREGATION OF REVENUE
Operating revenue	11,812,804	12,710,312
Gas & Water Distribution | Lump sum contracts
DISAGGREGATION OF REVENUE
Operating revenue	0	0
Gas & Water Distribution | Unit price contracts
DISAGGREGATION OF REVENUE
Operating revenue	31,300,009	17,082,895
Gas & Water Distribution | Cost plus and T&M contracts
DISAGGREGATION OF REVENUE
Operating revenue	0	0
Gas & Petroleum Transmission
DISAGGREGATION OF REVENUE
Operating revenue	18,456,217	28,563,243
Gas & Petroleum Transmission | Earned over time
DISAGGREGATION OF REVENUE
Operating revenue	18,418,317	27,848,185
Gas & Petroleum Transmission | Earned at point in time
DISAGGREGATION OF REVENUE
Operating revenue	37,900	715,058
Gas & Petroleum Transmission | Lump sum contracts
DISAGGREGATION OF REVENUE
Operating revenue	0	0
Gas & Petroleum Transmission | Unit price contracts
DISAGGREGATION OF REVENUE
Operating revenue	18,418,317	27,848,185
Gas & Petroleum Transmission | Cost plus and T&M contracts
DISAGGREGATION OF REVENUE
Operating revenue	37,900	715,058
Electrical, Mechanical, and General
DISAGGREGATION OF REVENUE
Operating revenue	50,889,888	44,517,049
Electrical, Mechanical, and General | Earned over time
DISAGGREGATION OF REVENUE
Operating revenue	38,682,101	30,227,914
Electrical, Mechanical, and General | Earned at point in time
DISAGGREGATION OF REVENUE
Operating revenue	12,207,787	14,289,135
Electrical, Mechanical, and General | Lump sum contracts
DISAGGREGATION OF REVENUE
Operating revenue	37,733,823	28,689,030
Electrical, Mechanical, and General | Unit price contracts
DISAGGREGATION OF REVENUE
Operating revenue	993,395	2,262,695
Electrical, Mechanical, and General | Cost plus and T&M contracts
DISAGGREGATION OF REVENUE
Operating revenue	$ 12,162,670	$ 13,565,324

CONTRACT BALANCES - Accounts re

CONTRACT BALANCES - Accounts receivable-trade, net of allowance for doubtful accounts (Details) - USD ($)	3 Months Ended
	Dec. 31, 2023	Dec. 31, 2024	Sep. 30, 2024
CONTRACT BALANCES
Accounts receivable-trade, net of allowance for doubtful accounts		$ 63,928,527	$ 56,064,318
Change in accounts receivable-trade, net of allowance for doubtful accounts	$ (8,002,890)
Contract assets
Cost and estimated earnings in excess of billings		19,499,892	24,595,792
Increase Decrease In Contract With Customer Asset Increase In Costs And Estimated Earnings In Excess Of Billings On Uncompleted Projects	5,840,372
Change in cost and estimated earnings in excess of billings	5,840,372
Contract liabilities
Billings in excess of costs and estimated earnings on uncompleted contracts		$ 22,529,946	$ 16,950,988
Increase Decrease In Contract With Customer Liability Decrease In Billings In Excess Of Costs And Estimated Earnings On Uncompleted Projects	(79,287)
Change in billings in excess of cost and estimated earnings	$ (79,287)

CONTRACT BALANCES - Additional

CONTRACT BALANCES - Additional information (Details) $ in Millions	3 Months Ended
	Dec. 31, 2024 USD ($)
CONTRACT BALANCES
Recognized revenue included in contract liability	$ 13.1
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
	Dec. 31, 2024 USD ($)
PERFORMANCE OBLIGATIONS
Recognized revenue	$ 0
Amount of remaining unsatisfied performance obligations	$ 197,800,000

UNCOMPLETED CONTRACTS - Summary

UNCOMPLETED CONTRACTS - Summary of costs, estimated earnings, and billings on uncompleted contracts (Details) - USD ($)	Dec. 31, 2024	Sep. 30, 2024
UNCOMPLETED CONTRACTS
Costs incurred on contracts in progress	$ 405,966,162	$ 347,180,901
Estimated earnings, net of estimated losses	64,498,114	59,349,378
Costs of uncompleted contracts including net estimated earnings	470,464,276	406,530,279
Less billings to date	473,494,330	398,885,475
Unbilled contracts	(3,030,054)	7,644,804
Costs and estimated earnings in excess of billed on uncompleted contracts	19,499,892	24,595,792
Less billings in excess of costs and estimated earnings on uncompleted contracts	22,529,946	16,950,988
Unbilled contracts receivable	$ (3,030,054)	$ 7,644,804

UNCOMPLETED CONTRACTS - Backlog

UNCOMPLETED CONTRACTS - Backlog (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
UNCOMPLETED CONTRACTS
Backlog	$ 260.2	$ 243.2

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Dec. 31, 2024	Sep. 30, 2024
FAIR VALUE MEASUREMENTS
Aggregate principal amount of fixed-rate debt	$ 43.9	$ 25.6
Fair value of debt	$ 42.5	$ 24.7

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
EARNINGS PER SHARE
Net income	$ 853,733	$ 2,042,195
Weighted average shares outstanding-basic	16,585,334	16,567,185
Weighted average shares outstanding-diluted	16,636,561	16,607,185
Earnings per share available to common shareholders	$ 0.05	$ 0.12
Earnings per share available to common shareholders-diluted	$ 0.05	$ 0.12

INCOME TAXES - Components of in

INCOME TAXES - Components of income taxes (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Federal
Current		$ 214,795
Deferred	$ 294,974	602,038
Total	294,974	816,833
State
Current	77,291	61,370
Deferred	83,198	179,832
Total	160,489	241,202
Total income tax expense	$ 455,463	$ 1,058,035

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 ($)	Dec. 31, 2024	Sep. 30, 2024
Deferred tax liabilities
Property and equipment	$ 9,375,157	$ 7,437,645
Other	1,529,800	1,509,487
Total deferred tax liabilities	10,904,957	8,947,132
Deferred income tax assets
Accruals & Other	2,377,374	2,325,671
Net operating loss carry forward-Federal	1,361,554
Net operating loss carryforward-States	829,944	663,548
Net operating loss valuation allowance-States	(532,975)	(532,975)
Total deferred tax assets	4,035,897	2,456,244
Total net deferred tax liabilities	$ 6,869,060	$ 6,490,888

INCOME TAXES - Additional Infor

INCOME TAXES - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
INCOME TAXES
Federal rate	21%
Effective tax rate	34.80%	34.10%
Minimum
INCOME TAXES
State rate	5%
Maximum
INCOME TAXES
State rate	6%
Federal
INCOME TAXES
Net operating loss carryforwards	$ 6.5		$ 0
State
INCOME TAXES
Net operating loss carryforwards	$ 30.4		$ 20.5

SHORT-TERM AND LONG-TERM DEBT -

SHORT-TERM AND LONG-TERM DEBT - Operating Line of Credit (Details) - USD ($)	Dec. 31, 2024	Sep. 30, 2024
SHORT-TERM DEBT
Eligible borrowing base	$ 27,210,911	$ 25,089,446
Borrowed on line of credit	12,000,000	4,500,000
Line of credit balance available	$ 15,210,910	$ 20,589,446
Interest rate	7.50%	8%

SHORT-TERM AND LONG-TERM DEBT_2

SHORT-TERM AND LONG-TERM DEBT - Additional information (Details) - USD ($)		1 Months Ended	3 Months Ended	12 Months Ended
	Apr. 27, 2020	Apr. 30, 2023	Dec. 31, 2024	Sep. 30, 2021	Sep. 30, 2024	Aug. 08, 2024	Apr. 07, 2020
SHORT-TERM DEBT
Line of credit			$ 27,210,911		$ 25,089,446
Credit borrowings			$ 12,000,000		$ 4,500,000
Ratio to be maintained by borrower for maximum senior funded debt to EBDITA			3.5
PPP Loans
SHORT-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 DEBT
Line of credit						$ 30,000,000
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

SHORT-TERM AND LONG-TERM DEBT_3

SHORT-TERM AND LONG-TERM DEBT - Summary of short-term and long-term debt (Details) - USD ($)	Dec. 31, 2024	Sep. 30, 2024
SHORT-TERM AND LONG-TERM DEBT
Total debt	$ 59,616,566	$ 33,853,583
Less current maturities	20,392,036	16,665,591
Total long-term debt	39,224,530	17,187,992
Line of credit payable to bank, final payment due by June 28, 2026
SHORT-TERM AND LONG-TERM DEBT
Total debt	12,000,000	4,500,000
Equipment line of credit, Final payment due February 2028
SHORT-TERM AND LONG-TERM DEBT
Total debt	7,491,695	7,802,313
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	10,317,818	10,292,676
Term note payable to United Bank, WV Pipeline acquisition, final payment due by March 25, 2026
SHORT-TERM AND LONG-TERM DEBT
Total debt	1,012,424	1,134,185
Notes payable to finance companies, final payments due January 2025 through August 2026, secured by equipment.
SHORT-TERM AND LONG-TERM DEBT
Total debt	5,448,999	1,787,009
Notes payable to United Bank, Tribute acquisition finance, final payments due December 2030 secured by receivables and equipment, guaranteed by certain directors of the Company.
SHORT-TERM AND LONG-TERM DEBT
Total debt	16,000,000
Notes payable to bank, final payment due November 2034
SHORT-TERM AND LONG-TERM DEBT
Total debt	749,973	762,670
Notes payable to bank, final payment due by October 2027
SHORT-TERM AND LONG-TERM DEBT
Total debt	1,874,991	2,024,847
Notes payable to David and Daniel Bolton due final payment December 31, 2026
SHORT-TERM AND LONG-TERM DEBT
Total debt	455,000	940,000
Notes payable to Corns Enterprises, final payment due April 29, 2026
SHORT-TERM AND LONG-TERM DEBT
Total debt	250,000	250,000
Notes payable to Corns Enterprises, final payment due April 29, 2026
SHORT-TERM AND LONG-TERM DEBT
Total debt	$ 4,015,666	$ 4,359,883

SHORT-TERM AND LONG-TERM DEBT_4

SHORT-TERM AND LONG-TERM DEBT - Summary of short-term and long-term debt - Parenthetical (Details) - USD ($)	3 Months Ended	12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Sep. 30, 2021
SHORT-TERM AND LONG-TERM DEBT
Borrowed on line of credit	$ 12,000,000	$ 4,500,000
Line of credit	27,210,911	25,089,446
Fair value of debt	$ 42,500,000	24,700,000
Line of credit payable to bank, final payment due by June 28, 2026
SHORT-TERM AND LONG-TERM DEBT
Interest rate	7.50%
Equipment line of credit, Final payment due February 2028
SHORT-TERM AND LONG-TERM DEBT
Borrowed on line of credit	$ 9,300,000
Interest rate	7.25%
Note payable in monthly or annual installments		202,809
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 payments due January 2025 through August 2026, secured by equipment.
SHORT-TERM AND LONG-TERM DEBT
Note payable in monthly or annual installments	$ 191,000	$ 76,000
Notes payable to finance companies, final payments due January 2025 through August 2026, secured by equipment. | Minimum
SHORT-TERM AND LONG-TERM DEBT
Interest rate	0%
Notes payable to finance companies, final payments due January 2025 through August 2026, secured by equipment. | Maximum
SHORT-TERM AND LONG-TERM DEBT
Interest rate	6%
Notes payable to United Bank, Tribute acquisition finance, final payments due December 2030 secured by receivables and equipment, guaranteed by certain directors of the Company.
SHORT-TERM AND LONG-TERM DEBT
Interest rate	6.90%
Note payable in monthly or annual installments	$ 272,016
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 by 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
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

ACQUISITIONS (Details)

ACQUISITIONS (Details) - USD ($)			3 Months Ended
	Dec. 02, 2024	Oct. 31, 2024	Dec. 31, 2024	Dec. 31, 2023
Business Acquisition
Consideration paid in cash			$ 20,783,224
Tribute Contracting And Consultants, LLC
Business Acquisition
Purchase price of asset acquisition		$ 22,000,000
Initial working capital adjustment		1,200,000
Energy Services Common stock		$ 2,000,000
Tribute Contracting And Consultants, LLC
Business Acquisition
Consideration paid in cash	$ 20,800,000
Loan taken	16,000,000
Decrease in working capital adjustment	296,000
Cash due to the company	2
Stock value received by acquiree	$ 1,000,000
Shares received by acquiree	67,386
Earned revenues			$ 1,600,000	$ 1,600,000

ACQUISITIONS - Allocation of pu

ACQUISITIONS - Allocation of purchase price (Details) - USD ($)	Dec. 31, 2024	Dec. 02, 2024	Sep. 30, 2024	Sep. 30, 2023
Business Acquisition
Goodwill	$ 7,428,761		$ 4,087,554	$ 4,087,554
Tribute Contracting And Consultants, LLC
Business Acquisition
Accounts Receivable and Retainages acquired from seller		$ 8,360,373
Receivable for cash due to buyer		1,708,847
Contract assets acquired from seller		1,715,984
Equipment		14,250,526
Land and Building		650,000
Goodwill		3,341,207
Intangible assets		1,000,000
Accounts payable assumed		(3,476,871)
Long-term debt assumed		(3,789,962)
Contract liabilities assumed		(681,013)
Total		$ 23,079,091

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details)	3 Months Ended
	Dec. 31, 2024 USD ($)
Goodwill
Beginning balance	$ 4,087,554
Acquired	3,341,207
Ending balance	$ 7,428,761

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Intangible assets subject to amortization (Details) - USD ($)			3 Months Ended		12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Dec. 31, 2024	Dec. 31, 2023	Sep. 30, 2024
GOODWILL AND INTANGIBLE ASSETS
Original Cost	$ 5,669,943		$ 5,669,943
Accumulated Amortization and Impairment	1,735,230	$ 1,604,367	130,863	$ 108,142
Net Book Value	$ 3,934,713	3,065,576	3,934,713		$ 3,065,576
Accumulated Amortization and impairment on identifiable intangible assets			130,863	108,142
Goodwill impairment			$ 0		0
Customer relationships | Tribute Contracting And Consultants
GOODWILL AND INTANGIBLE ASSETS
Remaining Life	59 months		59 months
Original Cost	$ 500,000		$ 500,000
Accumulated Amortization and Impairment	8,333		8,333
Net Book Value	$ 491,667		$ 491,667
Customer relationships | West Virginia Pipeline
GOODWILL AND INTANGIBLE ASSETS
Remaining Life	72 months		72 months
Original Cost	$ 2,209,724		$ 2,209,724
Accumulated Amortization and Impairment	883,875	828,630	55,245	55,242
Net Book Value	$ 1,325,849	1,381,094	$ 1,325,849		1,381,094
Customer relationships | Tri-State Paving
GOODWILL AND INTANGIBLE ASSETS
Remaining Life	88 months		88 months
Original Cost	$ 1,649,159		$ 1,649,159
Accumulated Amortization and Impairment	439,776	398,547	41,229	41,229
Net Book Value	$ 1,209,383	1,250,612	$ 1,209,383		1,250,612
Tradename | Tribute Contracting And Consultants
GOODWILL AND INTANGIBLE ASSETS
Remaining Life	59 months		59 months
Original Cost	$ 250,000		$ 250,000
Accumulated Amortization and Impairment	4,167		4,167
Net Book Value	$ 245,833		$ 245,833
Tradename | West Virginia Pipeline
GOODWILL AND INTANGIBLE ASSETS
Remaining Life	72 months		72 months
Original Cost	$ 263,584		$ 263,584
Accumulated Amortization and Impairment	105,451	98,863	6,588	6,591
Net Book Value	$ 158,133	164,721	$ 158,133		164,721
Tradename | Tri-State Paving
GOODWILL AND INTANGIBLE ASSETS
Remaining Life	88 months		88 months
Original Cost	$ 203,213		$ 203,213
Accumulated Amortization and Impairment	54,190	49,110	5,080	$ 5,080
Net Book Value	$ 149,023	154,103	$ 149,023		154,103
Non-competes | Tribute Contracting And Consultants
GOODWILL AND INTANGIBLE ASSETS
Remaining Life	59 months		59 months
Original Cost	$ 250,000		$ 250,000
Accumulated Amortization and Impairment	4,167		4,167
Net Book Value	245,833		245,833
Non-competes | West Virginia Pipeline
GOODWILL AND INTANGIBLE ASSETS
Original Cost	83,203		83,203
Accumulated Amortization and Impairment	83,203	83,203
Non-competes | Tri-State Paving
GOODWILL AND INTANGIBLE ASSETS
Original Cost	39,960		39,960
Accumulated Amortization and Impairment	39,960	39,960
Employment agreement/non-compete | Revolt Energy
GOODWILL AND INTANGIBLE ASSETS
Original Cost	100,000		$ 100,000
Accumulated Amortization and Impairment	$ 100,000	100,000
Heritage Painting Customer relationships | Revolt Energy
GOODWILL AND INTANGIBLE ASSETS
Remaining Life	54 months		54 months
Original Cost	$ 121,100		$ 121,100
Accumulated Amortization and Impairment	12,108	6,054	6,054
Net Book Value	$ 108,992	$ 115,046	$ 108,992		$ 115,046

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Identifiable intangible assets (Details) - USD ($)	Dec. 31, 2024	Sep. 30, 2024
Amortization expense
January 2025 to December 2025	$ 656,784
January 2026 to December 2026	656,784
January 2027 to December 2027	656,784
January 2028 to December 2028	656,784
January 2029 to December 2029	628,009
After	679,568
Total	$ 3,934,713	$ 3,065,576

LEASE OBLIGATIONS (Details)

LEASE OBLIGATIONS (Details)			3 Months Ended
	Apr. 29, 2022 USD ($) item	Mar. 25, 2021 Y	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Sep. 30, 2024 USD ($)	Mar. 28, 2023 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 right of use operating leases | item	2
Present value of operating lease liabilities			2,618,037
Carrying value			1,102,801		$ 907,503
Rental expense			5,000,000	$ 5,400,000
Operating Lease for Hurricane, WV Facility
LEASE OBLIGATIONS
Present value of operating lease liabilities	$ 236,000
Carrying value			$ 25,000
Interest rate on operating lease			4.50%
Operating Lease for Chattanooga, Tennessee Facility
LEASE OBLIGATIONS
Operating lease, renewal term			2 years
Present value of operating lease liabilities	$ 144,000		$ 140,000
Carrying value			105,000
Interest rate on operating lease	8.50%
Operating Lease with Enterprise Fleet Management, Inc
LEASE OBLIGATIONS
Carrying value			$ 2,400,000
Number of vehicles to be used | item			80
Operating Lease with Enterprise Fleet Management, Inc | Minimum
LEASE OBLIGATIONS
Vehicle lease program rate on operating lease			12.80%
Operating Lease with Enterprise Fleet Management, Inc | Maximum
LEASE OBLIGATIONS
Vehicle lease program rate on operating lease			15.60%
Operating Lease with RICA Developers, LLC
LEASE OBLIGATIONS
Operating lease, renewal term			1 year
Operating Lease for Winchester, Kentucky Facility
LEASE OBLIGATIONS
Present value of operating lease liabilities						$ 290,000
Carrying value			$ 136,000
Interest rate on operating lease						7.75%

LEASE OBLIGATIONS - Operating l

LEASE OBLIGATIONS - Operating lease-weighted average remaining term (Details)	Dec. 31, 2024 USD ($)
LEASE OBLIGATIONS
Weighted average remaining term	3 years 8 months 12 days
Present value of remaining liability	$ 2,618,037
Operating lease 1
LEASE OBLIGATIONS
Weighted average remaining term	6 months
Present value of remaining liability	$ 25,222
Operating lease 2
LEASE OBLIGATIONS
Weighted average remaining term	1 year 3 months 18 days
Present value of remaining liability	$ 105,488
Operating lease 3
LEASE OBLIGATIONS
Weighted average remaining term	4 years
Present value of remaining liability	$ 2,350,901
Operating lease 4
LEASE OBLIGATIONS
Weighted average remaining term	0 years
Operating lease 5
LEASE OBLIGATIONS
Weighted average remaining term	1 year 6 months
Present value of remaining liability	$ 136,426

LEASE OBLIGATIONS - Operating_2

LEASE OBLIGATIONS - Operating lease maturity schedule (Details)	Dec. 31, 2024 USD ($)
LEASE OBLIGATIONS
January 2025 to December 2025	$ 1,334,535
January 2026 to December 2026	1,160,902
January 2027 to December 2027	530,100
January 2028 to December 2028	161,839
Operating lease liability	3,187,376
Less amounts representing interest	(569,339)
Present value of operating lease liabilities	$ 2,618,037

LEASE OBLIGATIONS - Operating_3

LEASE OBLIGATIONS - Operating lease expense (Details) - USD ($)	3 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
LEASE OBLIGATIONS
Total amortization	$ 257,576	$ 277,620
Total interest	69,071	76,387
Total amortization and interest	326,647	354,007
Cash Paid for Operating Leases	326,647	354,007
Operating lease 1
LEASE OBLIGATIONS
Total amortization	20,691	26,705
Total interest	309	1,295
Cash Paid for Operating Leases	21,000	28,000
Operating lease 2
LEASE OBLIGATIONS
Total amortization	17,213	16,605
Total interest	2,587	504
Cash Paid for Operating Leases	19,800	17,109
Operating lease 3
LEASE OBLIGATIONS
Total amortization	195,170	161,724
Total interest	63,722	68,910
Cash Paid for Operating Leases	258,892	230,634
Operating lease 4
LEASE OBLIGATIONS
Total amortization		41,728
Total interest		1,472
Cash Paid for Operating Leases		43,200
Operating lease 5
LEASE OBLIGATIONS
Total amortization	24,502	30,858
Total interest	2,453	4,206
Cash Paid for Operating Leases	$ 26,955	$ 35,064

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)		3 Months Ended
	Jan. 02, 2025	Dec. 31, 2024	Dec. 31, 2023
SUBSEQUENT EVENTS
Dividends on common stock (in dollars per share)		$ 0.03	$ 0.06
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
Dividends on common stock (in dollars per share)	$ 0.03
Quarterly dividend paid	$ 501,164