Energy Services of America (ESOA) 10-Q 12 May 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Mar. 31, 2016	May. 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	Mar. 31, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2016	Sep. 30, 2015
Current assets
Cash and cash equivalents	$ 1,948,115	$ 1,493,040
Accounts receivable-trade	17,571,045	21,338,455
Allowance for doubtful accounts	(147,922)	(147,922)
Retainages receivable	1,152,106	3,313,995
Other receivables	261,633	265,695
Costs and estimated earnings in excess of billings on uncompleted contracts	9,574,515	6,745,377
Deferred tax asset	2,200,604	1,126,697
Prepaid expenses and other	4,034,511	2,372,968
Assets of discontinued operations	12,303	1,739,324
Total Current Assets	36,606,910	38,247,629
Property, plant and equipment, at cost	38,314,700	33,494,845
less accumulated depreciation	$ (25,908,955)	$ (25,075,178)
Assets of discontinued operations, net
Total fixed assets	$ 12,405,745	$ 8,419,667
Long-term notes receivable	137,281	137,281
Total assets	49,149,936	46,804,577
Current liabilities
Current maturities of long-term debt	2,636,800	2,376,577
Lines of credit and short term borrowings	1,630,602	4,516,235
Accounts payable	6,375,313	3,671,847
Accrued expenses and other current liabilities	5,261,158	4,301,439
Billings in excess of costs and estimated earnings on uncompleted contracts	2,052,923	2,672,294
Income tax payable		171,782
Liabilities of discontinued operations	28,671	101,409
Total current liabilities	17,985,467	17,811,583
Long-term debt, less current maturities	8,832,414	6,802,451
Deferred income taxes payable	$ 1,711,298	$ 1,903,907
Liabilities of discontinued operations
Total liabilities	$ 28,529,179	$ 26,517,941
Shareholders' equity
Preferred stock, $.0001 par value Authorized 1,000,000 shares, 206 issued for March 31, 2016 and September 30, 2015
Common stock, $.0001 par value Authorized 50,000,000 shares 14,839,836 issued and 14,239,836 outstanding for March 31, 2016 shares and September 30, 2015	$ 1,484	$ 1,484
Treasury stock, 600,000 shares at March 31, 2016 and September 30, 2015	(60)	(60)
Additional paid in capital	61,289,260	61,289,260
Retained earnings (deficit)	(40,669,927)	(41,004,048)
Total shareholders' equity	20,620,757	20,286,636
Total liabilities and shareholders' equity	$ 49,149,936	$ 46,804,577

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Mar. 31, 2016	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		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Revenue	$ 28,005,021	$ 20,871,013	$ 62,379,112	$ 44,016,608
Cost of revenues	26,310,312	19,571,371	57,044,762	40,666,603
Gross profit	1,694,709	1,299,642	5,334,350	3,350,005
Selling and administrative expenses	1,873,550	1,708,396	4,058,176	3,546,598
Income (loss) from operations	(178,841)	(408,754)	1,276,174	(196,593)
Other income (expense)
Other nonoperating income (expense)	(12,752)	15,092	(24,062)	5,813
Interest expense	(198,503)	(155,977)	(431,921)	(342,133)
Gain on sale of equipment	82,121	83,490	113,521	95,393
Other income (expense), total	(129,134)	(57,395)	(342,462)	(240,927)
Income (loss) from continuing operations before income taxes	(307,975)	(466,149)	933,712	(437,520)
Income tax expense (benefit)	(97,740)	(298,754)	445,091	(98,092)
Income (loss) from continuing operations	(210,235)	(167,395)	488,621	(339,428)
Dividends on preferred stock	77,250	77,250	154,500	154,500
Income (loss) from continuing operations available to common shareholders	(287,485)	(244,645)	334,121	(493,928)
Income (loss) from discontinued operations net of tax expense		(27,848)		8,994
Net income (loss) available to common shareholders	$ (287,485)	$ (272,493)	$ 334,121	$ (484,934)
Weighted average shares outstanding-basic (in shares)	14,239,836	14,239,836	14,239,836	14,239,836
Weighted average shares-diluted (in shares)	14,239,836	14,239,836	17,673,169	14,239,836
Earnings (loss) per share from continuing operations available to common shareholders	$ (0.020)	$ (0.017)	$ 0.023	$ (0.035)
Earnings (loss) per share from continuing operations-diluted available to common shareholders (in dollars per share)	(0.020)	(0.017)	0.019	(0.035)
Earnings (loss) per share available to common shareholders (in dollars per share)	(0.020)	(0.019)	0.023	(0.034)
Earnings (loss) per share-diluted available to common shareholders (in dollars per share)	$ (0.020)	$ (0.019)	$ 0.019	$ (0.034)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited - USD ($)	6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net Income (loss) available to common shareholders	$ 334,121	$ (484,934)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation expense	1,225,612	1,740,122
Gain on sale/disposal of equipment	(113,521)	(95,393)
Provision for deferred taxes	454,267	(245,747)
Decrease in contracts receivable	3,767,410	4,832,206
(Increase) decrease in retainage receivable	2,161,889	(179,995)
Decrease in other receivables	4,062	169,982
(Increase) decrease in cost and estimated earnings in excess of billings on uncompleted contracts	(2,829,138)	3,460,239
Increase in prepaid expenses	(1,661,543)	(1,361,411)
Increase (decrease) in accounts payable	2,623,121	(3,250,459)
Increase (decrease) in accrued expenses	967,326	(142,290)
Decrease in billings in excess of cost and estimated earnings on uncompleted contracts	(619,371)	(281,794)
Decrease in income taxes payable	(171,782)
Net cash provided by operating activities	6,142,453	4,160,526
Cash flows from investing activities:
Investment in property & equipment	(1,763,873)	(1,180,260)
Proceeds from sales of property and equipment	185,875	131,203
Net cash used in investing activities	(1,577,998)	(1,049,057)
Cash flows from financing activities:
Borrowings on lines of credit and short term debt, net of (repayments)	$ (2,885,633)	$ 530,931
Proceeds from long term debt
Principal payments on long term debt	$ (1,229,985)	$ (1,494,296)
Net cash used in financing activities	(4,115,618)	(963,365)
Increase in cash and cash equivalents	448,837	2,148,104
Cash beginning of period	1,511,581	2,672,268
Cash end of period	1,960,418	4,820,372
Supplemental schedule of noncash investing and financing activities:
Purchases of property & equipment under financing agreements	3,520,171	1,308,869
Insurance premiums financed	2,565,020	2,349,760
Cash paid during the year for:
Interest	431,921	342,133
Income taxes	191,610	138,868
Insurance premiums	950,653	1,068,829
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			(484,934)		(484,934)
Balance at Mar. 31, 2015	$ 1,484	61,289,260	(43,320,512)	(60)	17,970,172
Balance (in shares) at Mar. 31, 2015	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			334,121		334,121
Balance at Mar. 31, 2016	$ 1,484	$ 61,289,260	$ (40,669,927)	$ (60)	$ 20,620,757
Balance (in shares) at Mar. 31, 2016	14,239,836

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	6 Months Ended
	Mar. 31, 2016
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 is quoted 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 and six months ended March 31, 2016 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 and six months ended March 31, 2016 . 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	6 Months Ended
	Mar. 31, 2016
Contractors [Abstract]
UNCOMPLETED CONTRACTS	2. UNCOMPLETED CONTRACTS Costs, estimated earnings, and billings on uncompleted contracts as of March 31, 2016 and September 30, 2015 are summarized as follows: March 31, 2016 September 30, 2015 Costs incurred on uncompleted contracts $ 120,079,520 $ 124,388,637 Estimated earnings, net of estimated losses 14,534,053 17,475,207 134,613,573 141,863,844 Less billing to date 127,091,981 137,790,761 $ 7,521,592 $ 4,073,083 Costs and estimated earnings in excess of billings on uncompleted contracts $ 9,574,515 $ 6,745,377 Less billings in excess of costs and estimated earnings on uncompleted contracts 2,052,923 2,672,294 $ 7,521,592 $ 4,073,083 Backlog at March 31, 2016 and September 30, 2015 was $98.1 million and $71.3 million, respectively.

CLAIMS

CLAIMS	6 Months Ended
	Mar. 31, 2016
Claims [Abstract]
CLAIMS	3. CLAIMS The Company does not have any claims recorded as of March 31, 2016. Claims receivable is a component of cost and estimated earnings in excess of billing.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	4. FAIR VALUE MEASUREMENTS The Fair Value Measurements and Disclosures Topic Under the FASB’s authoritative guidance on fair value measurements, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Fair Value Measurements Topic of the FASB Accounting Standards Codification establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. As noted above, there is a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: Level 1 Level 2 Level 3 A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amount for borrowings under the Company’s revolving credit facility approximates fair value because of the variable market interest rate charged to the Company for these borrowings. The fair value of the Company’s long term fixed-rate debt to unrelated parties was estimated using a discounted cash flow analysis and a yield rate that was estimated based on the borrowing rates for bank loans with similar terms and maturities. The fair value of the aggregate principal amount of the Company’s fixed-rate debt of $13.1 million at March 31, 2016 was $12.8 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	6 Months Ended
	Mar. 31, 2016
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 and six months ended March 31, 2016 and 2015 are as follows: Three Months Ended Three Months Ended Six Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2016 2015 2016 2015 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 expense (benefit) - 27,848 - (8,994 ) Net income (loss) from discontinued operations $ - $ (27,848 ) $ - $ 8,994 The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company’s consolidated balance sheets at March 31, 2016 and at September 30, 2015. March 31, September 30, 2016 2015 Cash $ 12,303 $ 18,541 Deferred tax asset - 1,720,783 Assets of discontinued operations-current 12,303 1,739,324 Property, plant, and equipment, net - - Total assets of discontinued operations 12,303 1,739,324 Accounts payable - 80,345 Accrued expenses and other current liabilities 28,671 21,064 Liabilities of discontinued operations-current 28,671 101,409 Liabilities of discontinued operations-long term - - Total liabilities of discontinued operations 28,671 101,409 Net assets (liabilities) $ (16,368 ) $ 1,637,915 At September 30, 2015, the Company had $1.7 million in deferred tax assets related to the discontinued operation. Of that amount, $1.0 million related to federal net operating loss carry forwards and $691,000 related to the amortization of impaired goodwill. At March 31, 2016, the Company reclassed the deferred tax asset from the discontinued operation to continuing operations as the Company files a consolidated federal income tax return and expects to exhaust all federal net operating loss carry forwards by the end of fiscal year 2016. The amount of deferred tax assets reclassed to continuing operations at March 31, 2016 was $1.7 million. That included $1.1 million for federal net operating loss carry forwards and $636,000 for the amortization of impaired goodwill. The $29,000 in accrued expenses and other current liabilities at March 31, 2016 represents a reserve for any unexpected expenses that may be incurred by the discontinued operation. As of March 31, 2016, the Company had paid all debts known to exist to the unsecured creditors of the discontinued operation.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	6 Months Ended
	Mar. 31, 2016
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 and six months ended March 31, 2016 and 2015 are summarized below. Three Months Ended Three Months Ended Six Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2016 2015 2016 2015 Income (loss) from continuing operations $ (210,235 ) $ (167,395 ) $ 488,621 $ (339,428 ) Dividends on preferred stock 77,250 77,250 154,500 154,500 Income (loss) available to common shareholders-continuing operations $ (287,485 ) $ (244,645 ) $ 334,121 $ (493,928 ) Weighted average shares outstanding 14,239,836 14,239,836 14,239,836 14,239,836 Weighted average shares outstanding-diluted 14,239,836 14,239,836 17,673,169 14,239,836 Earnings (loss) per share from continuing operations available to common shareholders $ (0.020 ) $ (0.017 ) $ 0.023 $ (0.035 ) Earnings (loss) per share from continuing operations available to common shareholders-diluted $ (0.020 ) $ (0.017 ) $ 0.019 $ (0.035 ) Income (loss) from discontinued operations $ - $ (27,848 ) $ - $ 8,994 Weighted average shares outstanding 14,239,836 14,239,836 14,239,836 14,239,836 Weighted average shares outstanding-diluted 14,239,836 14,239,836 17,673,169 14,239,836 Earnings (loss) per share from discontinued operations $ - $ (0.002 ) $ - $ 0.001 Earnings (loss) per share from discontinued operations-diluted $ - $ (0.002 ) $ - $ 0.001 Net (loss) income $ (210,235 ) $ (195,243 ) $ 488,621 $ (330,434 ) Dividends on preferred stock 77,250 77,250 154,500 154,500 Net (loss) income available to common shareholders $ (287,485 ) $ (272,493 ) $ 334,121 $ (484,934 ) Earnings (loss) per share available to common shareholders $ (0.020 ) $ (0.019 ) $ 0.023 $ (0.034 ) Earnings (loss) per share available to common shareholders-diluted $ (0.020 ) $ (0.019 ) $ 0.019 $ (0.034 )

UNCOMPLETED CONTRACTS (Tables)

UNCOMPLETED CONTRACTS (Tables)	6 Months Ended
	Mar. 31, 2016
Contractors [Abstract]
Schedule of costs, estimated earnings and billings on uncompleted contracts	March 31, 2016 September 30, 2015 Costs incurred on uncompleted contracts $ 120,079,520 $ 124,388,637 Estimated earnings, net of estimated losses 14,534,053 17,475,207 134,613,573 141,863,844 Less billing to date 127,091,981 137,790,761 $ 7,521,592 $ 4,073,083 Costs and estimated earnings in excess of billings on uncompleted contracts $ 9,574,515 $ 6,745,377 Less billings in excess of costs and estimated earnings on uncompleted contracts 2,052,923 2,672,294 $ 7,521,592 $ 4,073,083

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Mar. 31, 2016
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	March 31, September 30, 2016 2015 Cash $ 12,303 $ 18,541 Deferred tax asset - 1,720,783 Assets of discontinued operations-current 12,303 1,739,324 Property, plant, and equipment, net - - Total assets of discontinued operations 12,303 1,739,324 Accounts payable - 80,345 Accrued expenses and other current liabilities 28,671 21,064 Liabilities of discontinued operations-current 28,671 101,409 Liabilities of discontinued operations-long term - - Total liabilities of discontinued operations 28,671 101,409 Net assets (liabilities) $ (16,368 ) $ 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 Six Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2016 2015 2016 2015 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 expense (benefit) - 27,848 - (8,994 ) Net income (loss) from discontinued operations $ - $ (27,848 ) $ - $ 8,994

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	6 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of basic and diluted earnings per share	Three Months Ended Three Months Ended Six Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2016 2015 2016 2015 Income (loss) from continuing operations $ (210,235 ) $ (167,395 ) $ 488,621 $ (339,428 ) Dividends on preferred stock 77,250 77,250 154,500 154,500 Income (loss) available to common shareholders-continuing operations $ (287,485 ) $ (244,645 ) $ 334,121 $ (493,928 ) Weighted average shares outstanding 14,239,836 14,239,836 14,239,836 14,239,836 Weighted average shares outstanding-diluted 14,239,836 14,239,836 17,673,169 14,239,836 Earnings (loss) per share from continuing operations available to common shareholders $ (0.020 ) $ (0.017 ) $ 0.023 $ (0.035 ) Earnings (loss) per share from continuing operations available to common shareholders-diluted $ (0.020 ) $ (0.017 ) $ 0.019 $ (0.035 ) Income (loss) from discontinued operations $ - $ (27,848 ) $ - $ 8,994 Weighted average shares outstanding 14,239,836 14,239,836 14,239,836 14,239,836 Weighted average shares outstanding-diluted 14,239,836 14,239,836 17,673,169 14,239,836 Earnings (loss) per share from discontinued operations $ - $ (0.002 ) $ - $ 0.001 Earnings (loss) per share from discontinued operations-diluted $ - $ (0.002 ) $ - $ 0.001 Net (loss) income $ (210,235 ) $ (195,243 ) $ 488,621 $ (330,434 ) Dividends on preferred stock 77,250 77,250 154,500 154,500 Net (loss) income available to common shareholders $ (287,485 ) $ (272,493 ) $ 334,121 $ (484,934 ) Earnings (loss) per share available to common shareholders $ (0.020 ) $ (0.019 ) $ 0.023 $ (0.034 ) Earnings (loss) per share available to common shareholders-diluted $ (0.020 ) $ (0.019 ) $ 0.019 $ (0.034 )

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 ($)	Mar. 31, 2016	Sep. 30, 2015
Contractors [Abstract]
Costs incurred on uncompleted contracts	$ 120,079,520	$ 124,388,637
Estimated earnings, net of estimated losses	14,534,053	17,475,207
Costs of uncompleted contracts including net estimated earnings	134,613,573	141,863,844
Less billing to date	127,091,981	137,790,761
Unbilled contracts receivable	7,521,592	4,073,083
Costs and estimated earnings in excess of billings on uncompleted contracts	9,574,515	6,745,377
Less billings in excess of costs and estimated earnings on uncompleted contracts	2,052,923	2,672,294
Unbilled contracts receivable	$ 7,521,592	$ 4,073,083

UNCOMPLETED CONTRACTS (Detail T

UNCOMPLETED CONTRACTS (Detail Textuals) - USD ($) $ in Millions	Mar. 31, 2016	Sep. 30, 2015
Contractors [Abstract]
Backlog of uncompleted contracts	$ 98.1	$ 71.3

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Detail Textuals) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2012	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Aggregate principal amount of fixed-rate debt		$ 13.1
Fair value of company's fixed rate debt		$ 12.8
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	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Other income (expense)
Net income (loss) 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 expense (benefit)			$ 27,848		$ (8,994)
Net income (loss) from discontinued operations			$ (27,848)		$ 8,994

DISCONTINUED OPERATIONS - Compo

DISCONTINUED OPERATIONS - Components of asset and liabilities that are classified as discontinued operations (Details 1) - USD ($)	Mar. 31, 2016	Sep. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets of discontinued operations-current	$ 12,303	$ 1,739,324
Liabilities of discontinued operations-current	$ 28,671	$ 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	$ 12,303	$ 18,541
Deferred tax asset		1,720,783
Assets of discontinued operations-current	$ 12,303	$ 1,739,324
Property, plant, and equipment, net
Total assets of discontinued operations	$ 12,303	$ 1,739,324
Accounts payable		80,345
Accrued expenses and other current liabilities	$ 28,671	21,064
Liabilities of discontinued operations-current	$ 28,671	$ 101,409
Liabilities of discontinued operations-long term
Total liabilities of discontinued operations	$ 28,671	$ 101,409
Net assets (liabilities)	$ (16,368)	$ 1,637,915

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Detail Textuals) - S.T. Pipeline, Inc. - USD ($)	May. 14, 2013	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015	Sep. 30, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income (loss)	$ 1,900,000
Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income (loss)			$ (27,848)		$ 8,994
Deferred tax asset						$ 1,720,783
Operating loss carry forwards		$ 1,100,000		$ 1,100,000
Amortization of impaired goodwill		636,000		636,000		691,000
Accrued expenses and other current liabilities		28,671		28,671		21,064
Discontinued Operations | Federal
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Operating loss carry forwards						$ 1,000,000
Continuing Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Deferred tax asset		$ 1,700,000		$ 1,700,000

EARNINGS (LOSS) PER SHARE - Amo

EARNINGS (LOSS) PER SHARE - Amounts used to compute earnings per share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ (210,235)	$ (167,395)	$ 488,621	$ (339,428)
Dividends on preferred stock	77,250	77,250	154,500	154,500
Income (loss) available to common shareholders-continuing operations	$ (287,485)	$ (244,645)	$ 334,121	$ (493,928)
Weighted average shares outstanding (in shares)	14,239,836	14,239,836	14,239,836	14,239,836
Weighted average shares outstanding-diluted (in shares)	14,239,836	14,239,836	17,673,169	14,239,836
Earnings (loss) per share from continuing operations available to common shareholders (in dollars per share)	$ (0.020)	$ (0.017)	$ 0.023	$ (0.035)
Earnings (loss) per share from continuing operations available to common shareholders-diluted (in dollars per share)	$ (0.020)	$ (0.017)	$ 0.019	$ (0.035)
Income (loss) from discontinued operations		$ (27,848)		$ 8,994
Weighted average shares outstanding (in shares)	14,239,836	14,239,836	14,239,836	14,239,836
Weighted average shares outstanding-diluted (in shares)	14,239,836	14,239,836	17,673,169	14,239,836
Earnings (loss) per share from discontinued operations (in dollars per share)		$ (0.002)		$ 0.001
Earnings (loss) per share from discontinued operations-diluted (in dollars per share)		$ (0.002)		$ 0.001
Net (loss) income	$ (210,235)	$ (195,243)	$ 488,621	$ (330,434)
Dividends on preferred stock	77,250	77,250	154,500	154,500
Net (loss) income available to common shareholders	$ (287,485)	$ (272,493)	$ 334,121	$ (484,934)
Earnings (loss) per share available to common shareholders (in dollars per share)	$ (0.020)	$ (0.019)	$ 0.023	$ (0.034)
Earnings (loss) per share available to common shareholders-diluted (in dollars per share)	$ (0.020)	$ (0.019)	$ 0.019	$ (0.034)