Energy Services of America (ESOA) 10-Q 11 Feb 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2015	Jan. 01, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Energy Services of America CORP
Entity Central Index Key	1,357,971
Trading Symbol	esoa
Current Fiscal Year End Date	--09-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		14,239,836
Document Type	10-Q
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2015	Sep. 30, 2015
Current assets
Cash and cash equivalents	$ 3,384,608	$ 1,493,040
Accounts receivable-trade	19,624,017	21,338,455
Allowance for doubtful accounts	(147,922)	(147,922)
Retainages receivable	1,817,576	3,313,995
Other receivables	265,833	265,695
Costs and estimated earnings in excess of billings on uncompleted contracts	7,475,891	6,745,377
Deferred tax asset	487,570	1,126,697
Prepaid expenses and other	2,134,635	2,372,968
Assets of discontinued operations	1,727,428	1,739,324
Total current assets	36,769,636	38,247,629
Property, plant and equipment, at cost	36,681,526	33,494,845
less accumulated depreciation	$ (25,634,379)	$ (25,075,178)
Assets of discontinued operations, net
Total Property, plant and equipment	$ 11,047,147	$ 8,419,667
Long-term notes receivable	137,281	137,281
Total assets	47,954,064	46,804,577
Current liabilities
Current maturities of long-term debt	2,488,917	2,376,577
Lines of credit and short term borrowings	4,250,000	4,516,235
Accounts payable	3,201,182	3,671,847
Accrued expenses and other current liabilities	4,645,073	4,301,439
Billings in excess of costs and estimated earnings on uncompleted contracts	2,462,094	2,672,294
Income tax payable	95,890	171,782
Liabilities of discontinued operations	24,513	101,409
Total current liabilities	17,167,669	17,811,583
Long-term debt, less current maturities	8,065,984	6,802,451
Deferred income taxes payable	$ 1,812,169	$ 1,903,907
Liabilities of discontinued operations
Total liabilities	$ 27,045,822	$ 26,517,941
Shareholders' equity
Preferred stock, $.0001 par value Authorized 1,000,000 shares, 206 issued at December 31, 2015 and September 30, 2015
Common stock, $.0001 par value Authorized 50,000,000 shares 14,839,836 issued and 14,239,836 outstanding December 31, 2015 and September 30, 2015	$ 1,484	$ 1,484
Treasury stock, 600,000 shares at December 31, 2015 and September 30, 2015	(60)	(60)
Additional paid in capital	61,289,260	61,289,260
Retained earnings (deficit)	(40,382,442)	(41,004,048)
Total shareholders' equity	20,908,242	20,286,636
Total liabilities and shareholders' equity	$ 47,954,064	$ 46,804,577

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Dec. 31, 2015	Sep. 30, 2015
Statement Of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	206	206
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	14,839,836	14,839,836
Common stock, shares outstanding	14,239,836	14,239,836
Treasury stock, shares	600,000	600,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME Unaudited - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Statement [Abstract]
Revenue	$ 34,374,091	$ 23,145,595
Cost of revenues	30,734,450	21,095,232
Gross profit	3,639,641	2,050,363
Selling and administrative expenses	2,184,626	1,838,202
Income from operations	1,455,015	212,161
Other income (expense)
Other nonoperating expense	(11,310)	(9,279)
Interest expense	(233,418)	(186,156)
Gain on sale of equipment	31,400	11,903
Other income (expense), total	(213,328)	(183,532)
Income from continuing operations before income taxes	1,241,687	28,629
Income tax expense	542,831	200,662
Income (loss) from continuing operations	698,856	(172,033)
Dividends on preferred stock	77,250	77,250
Income (loss) from continuing operations available to common shareholders	621,606	(249,283)
Income from discontinued operations net of tax benefit		36,842
Net income (loss) available to common shareholders	$ 621,606	$ (212,441)
Weighted average shares outstanding-basic (in shares)	14,239,836	14,239,836
Weighted average shares-diluted (in shares)	17,673,169	14,239,836
Earnings (loss) per share from continuing operations available to common shareholders (in dollars per share)	$ 0.044	$ (0.018)
Earnings (loss) per share from continuing operations-diluted available to common shareholders (in dollars per share)	0.035	(0.018)
Earnings (loss) per share available to common shareholders (in dollars per share)	0.044	(0.015)
Earnings (loss) per share-diluted available to common shareholders (in dollars per share)	$ 0.035	$ (0.015)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income (loss) available to common shareholders	$ 621,606	$ (212,441)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	595,677	864,155
Gain on sale/disposal of equipment	(31,400)	(11,903)
Provision for deferred taxes	551,583	109,587
Decrease in contracts receivable	1,714,438	60,933
(Increase) decrease in retainage receivable	1,496,419	(416,429)
(Increase) decrease in other receivables	(138)	170,232
(Increase) decrease in cost and estimated earnings in excess of billings on uncompleted contracts	(730,514)	5,228,041
Decrease in prepaid expenses	238,333	369,830
Decrease in accounts payable	(551,010)	(3,504,747)
Increase (decrease) in accrued expenses	351,277	(661,687)
Increase (decrease) in billings in excess of cost and estimated earnings on uncompleted contracts	(210,200)	1,439,319
Decrease in income taxes payable	(80,086)
Net cash provided by operating activities	3,965,985	3,434,890
Cash flows from investing activities:
Investment in property & equipment	(1,247,673)	(370,602)
Proceeds from sales of property and equipment	34,200	11,903
Net cash used in investing activities	(1,213,473)	(358,699)
Cash flows from financing activities:
Borrowings on lines of credit and short term debt, net of (repayments)	(266,235)	(760,132)
Principal payments on long term debt	(602,411)	(823,361)
Net cash used in financing activities	(868,646)	(1,583,493)
Increase in cash and cash equivalents	1,883,866	1,492,698
Cash beginning of period	1,511,581	2,672,268
Cash end of period	3,395,447	4,164,966
Supplemental schedule of noncash investing and financing activities:
Purchases of property & equipment under financing agreements	1,978,284	1,200,000
Cash paid during the year for:
Interest	233,418	186,156
Income taxes	61,334	94,235
Insurance premiums	16,235	15,586
Dividends paid on preferred stock	$ 154,500	$ 154,500

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid in Capital	Retained Earnings (deficit)	Treasury Stock	Total
Balance at Sep. 30, 2014	$ 1,484	$ 61,289,260	$ (42,835,578)	$ (60)	$ 18,455,106
Balance (in shares) at Sep. 30, 2014	14,239,836
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) available to common shareholders			(212,441)		(212,441)
Balance at Dec. 31, 2014	$ 1,484	61,289,260	(43,048,019)	(60)	18,242,665
Balance (in shares) at Dec. 31, 2014	14,239,836
Balance at Sep. 30, 2015	$ 1,484	61,289,260	(41,004,048)	(60)	20,286,636
Balance (in shares) at Sep. 30, 2015	14,239,836
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss) available to common shareholders			621,606		621,606
Balance at Dec. 31, 2015	$ 1,484	$ 61,289,260	$ (40,382,442)	$ (60)	$ 20,908,242
Balance (in shares) at Dec. 31, 2015	14,239,836

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	3 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
BUSINESS AND ORGANIZATION	1. BUSINESS AND ORGANIZATION: Energy Services of America Corporation (the Company or Energy Services) was incorporated in Delaware on March 31, 2006 as a blank check company whose objective was to acquire an operating business or businesses. The Company operated as a blank check company until August 15, 2008. On that date, the Company acquired S.T. Pipeline, Inc. (S.T.) and C.J. Hughes Construction Company, Inc. (C.J. Hughes) with proceeds from the Company’s Initial Public Offering. C. J. Hughes currently operates as the Company’s sole wholly owned direct subsidiary. S.T. was incorporated in May 1990 under the laws of the State of West Virginia and engaged in the construction of natural gas pipelines for utility companies in various states, mostly in the mid-Atlantic area of the country. On May 14, 2013, the Company liquidated the operation of S.T. and realized $1.9 million from the sale. The financial position and results of operations of S.T. have been presented as discontinued operations in the accompanying financial statements for all presented periods. C.J. Hughes is a general contractor primarily engaged in pipeline construction for utility companies operating primarily in the mid-Atlantic region of the United States. Nitro Electric Inc. (Nitro Electric), a wholly owned subsidiary of C. J. Hughes, is an electrical and mechanical contractor that provides its services to the power, chemical and automotive industries. Nitro Electric operates primarily in the mid-Atlantic region of the United States. Contractors Rental Corporation (Contractors Rental), a wholly owned subsidiary of C.J. Hughes, provides union building trade employees for projects managed by C.J. Hughes. All of the C.J. Hughes, Nitro Electric, and Contractors Rental production personnel are union members of various related construction trade unions and are subject to collective bargaining agreements that expire at varying time intervals. The Company’s stock trades under the symbol “ESOA” on the OTC QB market place operated by the OTC Markets Group. Interim Financial Statements The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and should be read in conjunction with the Company’s audited financial statements and footnotes thereto for the years ended September 30, 2015 and 2014 included in the Company’s Annual Report on Form 10-K filed with the SEC on December 17, 2015. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to the interim financial reporting rules and regulations of the SEC. The financial statements reflect all adjustments (consisting primarily of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position and results of operations. The operating results for the three months ended December 31, 2015, are not necessarily indicative of the results to be expected for the full year or any other interim period Principles of Consolidation The consolidated financial statements of Energy Services include the accounts of Energy Services and its wholly owned subsidiary, C.J. Hughes and its subsidiaries, Nitro Electric and Contractors Rental. S.T. has been shown as discontinued operations for the three months ended December 31, 2015 and 2014. All significant intercompany accounts and transactions have been eliminated in consolidation. Unless the context requires otherwise, references to Energy Services include Energy Services and C.J. Hughes and C.J. Hughes’ subsidiaries. Reclassifications Certain reclassifications have been made in prior years’ financial statements to conform to classifications used in the current year.

UNCOMPLETED CONTRACTS

UNCOMPLETED CONTRACTS	3 Months Ended
	Dec. 31, 2015
Contractors [Abstract]
UNCOMPLETED CONTRACTS	2. UNCOMPLETED CONTRACTS Costs, estimated earnings, and billings on uncompleted contracts as of December 31, 2015 and September 30, 2015 are summarized as follows: December 31, 2015 September 30, 2015 Costs incurred on uncompleted contracts $ 118,538,080 $ 124,388,637 Estimated earnings, net of estimated losses 14,954,930 17,475,207 133,493,010 141,863,844 Less billing to date 128,479,213 137,790,761 $ 5,013,797 $ 4,073,083 Costs and estimated earnings in excess of billings on uncompleted contracts $ 7,475,891 $ 6,745,377 Less billings in excess of costs and estimated earnings on uncompleted contracts 2,462,094 2,672,294 $ 5,013,797 $ 4,073,083 Backlog at December 31, 2015 and September 30, 2015 was $91.1 million and $71.3 million, respectively.

CLAIMS

CLAIMS	3 Months Ended
	Dec. 31, 2015
Claims [Abstract]
CLAIMS	3. CLAIMS The Company does not have any claims recorded as of December 31, 2015. Claims receivable is a component of cost and estimated earnings in excess of billing.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Dec. 31, 2015
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	4. FAIR VALUE MEASUREMENTS The Fair Value Measurements and Disclosures Topic Under the FASB’s authoritative guidance on fair value measurements, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Fair Value Measurements Topic of the FASB Accounting Standards Codification establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. As noted above, there is a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: Level 1 Level 2 Level 3 A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amount for borrowings under the Company’s revolving credit facility approximates fair value because of the variable market interest rate charged to the Company for these borrowings. The fair value of the Company’s long term fixed-rate debt to unrelated parties was estimated using a discounted cash flow analysis and a yield rate that was estimated based on the borrowing rates for bank loans with similar terms and maturities. The fair value of the aggregate principal amount of the Company’s fixed-rate debt of $14.8 million at December 31, 2015 was $14.6 million. The Company uses fair value measurements on a non-recurring basis in its assessment of goodwill and long-lived assets held and used. In accordance with its annual impairment test during the quarter ended September 30, 2012, the Company recorded a goodwill impairment charge of $36.9 million, which represented the entire amount of goodwill carried on the Company’s balance sheet. Refer to Note 4, Goodwill and Intangible Assets, of the Company’s Annual Report on Form 10-K for the year ended September 30, 2015 for further information.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	5. DISCONTINUED OPERATIONS Due to organizational changes and operating losses incurred in fiscal year 2012, the Company decided to discontinue the operations of its wholly owned subsidiary S.T. On May 14, 2013, the Company liquidated the operations of S.T. and realized $1.9 million from the sale. The operating results for S.T. for the three months ended December 31, 2015 and 2014 are as follows: Three Months Ended Three Months Ended December 31, December 31, 2015 2014 Revenue $ - $ - Cost of revenues - - Gross profit - - Selling and administrative expenses - - Income from discontinued operations - - Other income (expense) Other nonoperating income (expense) - - Gain (loss) on sale of equipment - - - - Income before income taxes - - Income tax benefit - (36,842 ) Net income from discontinued operations $ - $ 36,842 The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company’s consolidated balance sheets at December 31, 2015 and at September 30, 2015. December 31, September 30, 2015 2015 Cash $ 10,839 $ 18,541 Deferred tax asset 1,716,589 1,720,783 Assets of discontinued operations-current 1,727,428 1,739,324 Property, plant, and equipment, net - - Total assets of discontinued operations 1,727,428 1,739,324 Accounts payable - 80,345 Accrued expenses and other current liabilities 24,513 21,064 Liabilities of discontinued operations-current 24,513 101,409 Liabilities of discontinued operations-long term - - Total liabilities of discontinued operations 24,513 101,409 Net assets $ 1,702,915 $ 1,637,915

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	3 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	6. EARNINGS (LOSS) PER SHARE The amounts used to compute the earnings (loss) per share for the three months ended December 31, 2015 and 2014 are summarized below. Three Months Ended Three Months Ended December 31, December 31, 2015 2014 Income (loss) from continuing operations $ 698,856 $ (172,033 ) Dividends on preferred stock 77,250 77,250 Income (loss) available to common shareholders-continuing operations $ 621,606 $ (249,283 ) Weighted average shares outstanding 14,239,836 14,239,836 Weighted average shares outstanding-diluted 17,673,169 14,239,836 Earnings (loss) per share from continuing operations available to common shareholders $ 0.044 $ (0.018 ) Earnings (loss) per share from continuing operations available to common shareholders-diluted $ 0.035 $ (0.018 ) Income from discontinued operations $ - $ 36,842 Weighted average shares outstanding 14,239,836 14,239,836 Weighted average shares outstanding-diluted 17,673,169 14,239,836 Earnings per share from discontinued operations $ - $ 0.003 Earnings per share from discontinued operations-diluted $ - $ 0.003 Net income (loss) $ 698,856 $ (135,191 ) Dividends on preferred stock 77,250 77,250 Net income (loss) available to common shareholders $ 621,606 $ (212,441 ) Earnings (loss) per share available to common shareholders $ 0.044 $ (0.015 ) Earnings (loss) per share available to common shareholders-diluted $ 0.035 $ (0.015 )

UNCOMPLETED CONTRACTS (Tables)

UNCOMPLETED CONTRACTS (Tables)	3 Months Ended
	Dec. 31, 2015
Contractors [Abstract]
Schedule of costs, estimated earnings and billings on uncompleted contracts	December 31, 2015 September 30, 2015 Costs incurred on uncompleted contracts $ 118,538,080 $ 124,388,637 Estimated earnings, net of estimated losses 14,954,930 17,475,207 133,493,010 141,863,844 Less billing to date 128,479,213 137,790,761 $ 5,013,797 $ 4,073,083 Costs and estimated earnings in excess of billings on uncompleted contracts $ 7,475,891 $ 6,745,377 Less billings in excess of costs and estimated earnings on uncompleted contracts 2,462,094 2,672,294 $ 5,013,797 $ 4,073,083

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Schedule of operating results and components of assets and liabilities classified as discontinued operations	December 31, September 30, 2015 2015 Cash $ 10,839 $ 18,541 Deferred tax asset 1,716,589 1,720,783 Assets of discontinued operations-current 1,727,428 1,739,324 Property, plant, and equipment, net - - Total assets of discontinued operations 1,727,428 1,739,324 Accounts payable - 80,345 Accrued expenses and other current liabilities 24,513 21,064 Liabilities of discontinued operations-current 24,513 101,409 Liabilities of discontinued operations-long term - - Total liabilities of discontinued operations 24,513 101,409 Net assets $ 1,702,915 $ 1,637,915
S.T. Pipeline, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Schedule of operating results and components of assets and liabilities classified as discontinued operations	Three Months Ended Three Months Ended December 31, December 31, 2015 2014 Revenue $ - $ - Cost of revenues - - Gross profit - - Selling and administrative expenses - - Income from discontinued operations - - Other income (expense) Other nonoperating income (expense) - - Gain (loss) on sale of equipment - - - - Income before income taxes - - Income tax benefit - (36,842 ) Net income from discontinued operations $ - $ 36,842

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	3 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Schedule of basic and diluted earnings per share	Three Months Ended Three Months Ended December 31, December 31, 2015 2014 Income (loss) from continuing operations $ 698,856 $ (172,033 ) Dividends on preferred stock 77,250 77,250 Income (loss) available to common shareholders-continuing operations $ 621,606 $ (249,283 ) Weighted average shares outstanding 14,239,836 14,239,836 Weighted average shares outstanding-diluted 17,673,169 14,239,836 Earnings (loss) per share from continuing operations available to common shareholders $ 0.044 $ (0.018 ) Earnings (loss) per share from continuing operations available to common shareholders-diluted $ 0.035 $ (0.018 ) Income from discontinued operations $ - $ 36,842 Weighted average shares outstanding 14,239,836 14,239,836 Weighted average shares outstanding-diluted 17,673,169 14,239,836 Earnings per share from discontinued operations $ - $ 0.003 Earnings per share from discontinued operations-diluted $ - $ 0.003 Net income (loss) $ 698,856 $ (135,191 ) Dividends on preferred stock 77,250 77,250 Net income (loss) available to common shareholders $ 621,606 $ (212,441 ) Earnings (loss) per share available to common shareholders $ 0.044 $ (0.015 ) Earnings (loss) per share available to common shareholders-diluted $ 0.035 $ (0.015 )

BUSINESS AND ORGANIZATION (Deta

BUSINESS AND ORGANIZATION (Detail Textuals) $ in Millions	May. 14, 2013USD ($)
S.T. Pipeline, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income (loss)	$ 1.9

UNCOMPLETED CONTRACTS - Costs,

UNCOMPLETED CONTRACTS - Costs, estimated earnings, and billings on uncompleted contracts (Details) - USD ($)	Dec. 31, 2015	Sep. 30, 2015
Contractors [Abstract]
Costs incurred on uncompleted contracts	$ 118,538,080	$ 124,388,637
Estimated earnings, net of estimated losses	14,954,930	17,475,207
Costs of uncompleted contracts including net estimated earnings	133,493,010	141,863,844
Less billing to date	128,479,213	137,790,761
Unbilled contracts receivable	5,013,797	4,073,083
Costs and estimated earnings in excess of billings on uncompleted contracts	7,475,891	6,745,377
Less billings in excess of costs and estimated earnings on uncompleted contracts	2,462,094	2,672,294
Unbilled contracts receivable	$ 5,013,797	$ 4,073,083

UNCOMPLETED CONTRACTS (Detail T

UNCOMPLETED CONTRACTS (Detail Textuals) - USD ($) $ in Millions	Dec. 31, 2015	Sep. 30, 2015
Contractors [Abstract]
Backlog of uncompleted contracts	$ 91.1	$ 71.3

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Detail Textuals) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2012	Dec. 31, 2015
Fair Value Disclosures [Abstract]
Aggregate principal amount of fixed-rate debt		$ 14.8
Fair value of company's fixed rate debt		$ 14.6
Goodwill impairment charge	$ 36.9

DISCONTINUED OPERATIONS - Opera

DISCONTINUED OPERATIONS - Operating results for S.T. Pipeline, Inc. (Details) - S.T. Pipeline, Inc. - USD ($)	May. 14, 2013	Dec. 31, 2015	Dec. 31, 2014
Other income (expense)
Net income from discontinued operations	$ 1,900,000
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenue
Cost of revenues
Gross profit
Selling and administrative expenses
Income from discontinued operations
Other income (expense)
Other nonoperating income (expense)
Gain (loss) on sale of equipment
Other income (expense), before income tax
Income before income taxes
Income tax benefit			$ (36,842)
Net income from discontinued operations			$ 36,842

DISCONTINUED OPERATIONS - Compo

DISCONTINUED OPERATIONS - Components of asset and liabilities that are classified as discontinued operations (Details 1) - USD ($)	Dec. 31, 2015	Sep. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets of discontinued operations-current	$ 1,727,428	$ 1,739,324
Liabilities of discontinued operations-current	$ 24,513	$ 101,409
Liabilities of discontinued operations-long term
S.T. Pipeline, Inc. | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash	$ 10,839	$ 18,541
Deferred tax asset	1,716,589	1,720,783
Assets of discontinued operations-current	$ 1,727,428	$ 1,739,324
Property, plant, and equipment, net
Total assets of discontinued operations	$ 1,727,428	$ 1,739,324
Accounts payable		80,345
Accrued expenses and other current liabilities	24,513	21,064
Liabilities of discontinued operations-current	$ 24,513	$ 101,409
Liabilities of discontinued operations-long term
Total liabilities of discontinued operations	$ 24,513	$ 101,409
Net assets	$ 1,702,915	$ 1,637,915

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Detail Textuals) $ in Millions	May. 14, 2013USD ($)
S.T. Pipeline, Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income (loss)	$ 1.9

EARNINGS (LOSS) PER SHARE - Amo

EARNINGS (LOSS) PER SHARE - Amounts used to compute earnings per share (Details) - USD ($)	3 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ 698,856	$ (172,033)
Dividends on preferred stock	77,250	77,250
Income (loss) available to common shareholders-continuing operations	$ 621,606	$ (249,283)
Weighted average shares outstanding (in shares)	14,239,836	14,239,836
Weighted average shares outstanding-diluted (in shares)	17,673,169	14,239,836
Earnings (loss) per share from continuing operations available to common shareholders (in dollars per share)	$ 0.044	$ (0.018)
Earnings (loss) per share from continuing operations available to common shareholders-diluted (in dollars per share)	$ 0.035	$ (0.018)
Income from discontinued operations		$ 36,842
Weighted average shares outstanding (in shares)	14,239,836	14,239,836
Weighted average shares outstanding-diluted (in shares)	17,673,169	14,239,836
Earnings per share from discontinued operations (in dollars per share)		$ 0.003
Earnings per share from discontinued operations-diluted (in dollars per share)		$ 0.003
Net income (loss)	$ 698,856	$ (135,191)
Dividends on preferred stock	77,250	77,250
Net income (loss) available to common shareholders	$ 621,606	$ (212,441)
Earnings (loss) per share available to common shareholders (in dollars per share)	$ 0.044	$ (0.015)
Earnings (loss) per share available to common shareholders-diluted (in dollars per share)	$ 0.035	$ (0.015)