Energy Services of America (ESOA) 10-Q 13 Feb 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2016	Feb. 01, 2017
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, 2016
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Sep. 30, 2016
Current assets
Cash and cash equivalents	$ 7,002,857	$ 3,815,790
Accounts receivable-trade	15,125,260	24,059,432
Allowance for doubtful accounts	(108,211)	(133,500)
Retainages receivable	6,151,411	5,810,474
Other receivables	99,433	106,837
Costs and estimated earnings in excess of billings on uncompleted contracts	4,726,981	5,953,818
Deferred tax asset	1,399,152	1,399,152
Prepaid expenses and other	2,107,276	2,485,101
Assets of discontinued operations	12,303	12,303
Total current assets	36,516,462	43,509,407
Property, plant and equipment, at cost	40,431,556	39,375,505
less accumulated depreciation	(27,126,939)	(26,625,827)
Total fixed assets	13,304,617	12,749,678
Long-term notes receivable	137,281	137,281
Total assets	49,958,360	56,396,366
Current liabilities
Current maturities of long-term debt	2,930,193	2,867,898
Lines of credit and short term borrowings	1,500,000	6,232,943
Accounts payable	4,517,786	5,006,427
Accrued expenses and other current liabilities	3,736,520	5,933,571
Billings in excess of costs and estimated earnings on uncompleted contracts	3,991,731	3,410,548
Income tax payable	1,026,436	1,076,440
Liabilities of discontinued operations	28,671	28,671
Total current liabilities	17,731,337	24,556,498
Long-term debt, less current maturities	6,615,847	7,390,099
Deferred income taxes payable	1,926,077	1,926,077
Total liabilities	26,273,261	33,872,674
Shareholders' equity
Preferred stock, $.0001 par value Authorized 1,000,000 shares, 206 issued at December 31, 2016 and September 30, 2016
Common stock, $.0001 par value Authorized 50,000,000 shares 14,839,836 issued and 14,239,836 outstanding December 31, 2016 shares and September 30, 2016	1,484	1,484
Treasury stock, 600,000 shares at December 31, 2016 and September 30, 2016	(60)	(60)
Additional paid in capital	61,289,260	61,289,260
Retained earnings (deficit)	(37,605,585)	(38,766,992)
Total shareholders' equity	23,685,099	22,523,692
Total liabilities and shareholders' equity	$ 49,958,360	$ 56,396,366

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Dec. 31, 2016	Sep. 30, 2016
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, 2016	Dec. 31, 2015
Income Statement [Abstract]
Revenue	$ 37,496,872	$ 34,374,091
Cost of revenues	32,812,085	30,734,450
Gross profit	4,684,787	3,639,641
Selling and administrative expenses	2,195,610	2,184,626
Income from operations	2,489,177	1,455,015
Other income (expense)
Other nonoperating expense	(71,429)	(11,310)
Interest expense	(230,969)	(233,418)
Gain on sale of equipment	26,990	31,400
Other income (expense), Total	(275,408)	(213,328)
Income from continuing operations before income taxes	2,213,769	1,241,687
Income tax expense	975,112	542,831
Income from continuing operations	1,238,657	698,856
Dividends on preferred stock	77,250	77,250
Income from continuing operations available to common shareholders	1,161,407	621,606
Income from discontinued operations net of tax expense
Net income available to common shareholders	$ 1,161,407	$ 621,606
Weighted average shares outstanding-basic (in shares)	14,239,836	14,239,836
Weighted average shares-diluted (in shares)	17,673,169	17,673,169
Earnings per share from continuing operations available to common shareholders (in dollars per share)	$ 0.082	$ 0.044
Earnings per share from continuing operations-diluted available to common shareholders (in dollars per share)	0.066	0.035
Earnings per share available to common shareholders (in dollars per share)	0.082	0.044
Earnings per share-diluted available to common shareholders (in dollars per share)	$ 0.066	$ 0.035

Consolidated Statements of Cash

Consolidated Statements of Cash Flows Unaudited - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Cash flows from operating activities:
Net income available to common shareholders	$ 1,161,407	$ 621,606
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	678,331	595,677
Gain on sale/disposal of equipment	(26,990)	(31,400)
Provision for deferred taxes		551,583
Decrease in contracts receivable	8,908,883	1,714,438
(Increase) decrease in retainage receivable	(340,937)	1,496,419
(Increase) decrease in other receivables	7,404	(138)
(Increase) decrease in cost and estimated earnings in excess of billings on uncompleted contracts	1,226,837	(730,514)
Decrease in prepaid expenses	377,825	238,333
Decrease in accounts payable	(488,641)	(551,010)
Increase (decrease) in accrued expenses	(2,197,051)	351,277
Increase (decrease) in billings in excess of cost and estimated earnings on uncompleted contracts	581,183	(210,200)
Decrease in income taxes payable	(50,004)	(80,086)
Net cash provided by operating activities	9,838,247	3,965,985
Cash flows from investing activities:
Investment in property & equipment	(1,309,852)	(1,247,673)
Proceeds from sales of property and equipment	103,572	34,200
Net cash used in investing activities	(1,206,280)	(1,213,473)
Cash flows from financing activities:
Borrowings on lines of credit and short term debt, net of (repayments)	(4,732,943)	(266,235)
Principal payments on long term debt	(711,957)	(602,411)
Net cash used in financing activities	(5,444,900)	(868,646)
Increase in cash and cash equivalents	3,187,067	1,883,866
Cash beginning of period	3,828,093	1,511,581
Cash end of period	7,015,160	3,395,447
Supplemental schedule of noncash investing and financing activities:
Purchases of property & equipment under financing agreements		1,978,284
Cash paid during the year for:
Interest	230,969	233,418
Income taxes	903,116	61,334
Insurance premiums	232,943	16,235
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, 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 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
Balance at Sep. 30, 2016	$ 1,484	61,289,260	(38,766,992)	(60)	22,523,692
Balance (in shares) at Sep. 30, 2016	14,239,836
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income available to common shareholders			1,161,407		1,161,407
Balance at Dec. 31, 2016	$ 1,484	$ 61,289,260	$ (37,605,585)	$ (60)	$ 23,685,099
Balance (in shares) at Dec. 31, 2016	14,239,836

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	3 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
BUSINESS AND ORGANIZATION	1. BUSINESS AND ORGANIZATION: Energy Services of America Corporation (“Energy Services” or the “Company”) was formed in 2006 as a special purpose acquisition corporation, or blank check company. On August 15, 2008, Energy Services completed the acquisitions of S.T. Pipeline, Inc. (“S.T. Pipeline”) and C.J. Hughes Construction Company, Inc. (“C.J. Hughes”). Wholly owned subsidiary C.J. Hughes is a general contractor primarily engaged in pipeline construction for utility companies. C.J. Hughes operates primarily in the mid-Atlantic region of the United States. Nitro Electric Company, 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. S.T. Pipeline 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. Pipeline and realized $1.9 million from the sale of assets. The financial position and results of operations of S.T. Pipeline have been presented as discontinued operations in the accompanying financial statements for all presented periods. 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, 2016 and 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC on December 15, 2016. 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, 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. Pipeline has been shown as discontinued operations for the three months ended December 31, 2016 and 2015. All significant intercompany accounts and transactions have been eliminated in the 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, 2016
Contractors [Abstract]
UNCOMPLETED CONTRACTS	2. UNCOMPLETED CONTRACTS Costs, estimated earnings, and billings on uncompleted contracts as of December 31, 2016, and September 30, 2016 are summarized as follows: December 31, 2016 September 30, 2016 Costs incurred on uncompleted contracts $ 143,946,711 $ 134,163,585 Estimated earnings, net of estimated losses 18,495,020 16,592,644 162,441,731 150,756,229 Less billing to date 161,706,481 148,212,959 $ 735,250 $ 2,543,270 Costs and estimated earnings in excess of billings on uncompleted contracts $ 4,726,981 $ 5,953,818 Less billings in excess of costs and estimated earnings on uncompleted contracts 3,991,731 3,410,548 $ 735,250 $ 2,543,270 Backlog at December 31, 2016 and September 30, 2016 was $81.2 million and $78.5 million, respectively.

CLAIMS

CLAIMS	3 Months Ended
	Dec. 31, 2016
Claims [Abstract]
CLAIMS	3. CLAIMS The Company does not have any claims recorded as of December 31, 2016. 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, 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 $11.0 million at December 31, 2016 was $10.8 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, 2016 for further information.

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Dec. 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 Pipeline. On May 14, 2013, the Company liquidated the operations of S.T. Pipeline and realized $1.9 million from the sale. The Company did not have income from discontinued operations for the three months ended December 31, 2016 and 2015. 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, 2016 and at September 30, 2016. December 31, September 30, 2016 2016 Cash $ 12,303 $ 12,303 Deferred tax asset - - Assets of discontinued operations-current 12,303 12,303 Property, plant, and equipment, net - - Total assets of discontinued operations 12,303 12,303 Accounts payable - - Accrued expenses and other current liabilities 28,671 28,671 Liabilities of discontinued operations-current 28,671 28,671 Liabilities of discontinued operations-long term - - Total liabilities of discontinued operations 28,671 28,671 Net liabilities $ (16,368 ) $ (16,368 ) The $29,000 in accrued expenses and other current liabilities at December 31, 2016 represents a reserve for any unexpected expenses that may be incurred by the discontinued operation. As of December 31, 2016, the Company had paid all debts known to exist to the unsecured creditors of the discontinued operation.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
EARNINGS PER SHARE	6. EARNINGS PER SHARE The amounts used to compute the earnings per share for the three months ended December 31, 2016 and 2015 are summarized below. Three Months Ended Three Months Ended December 31, December 31, 2016 2015 Income from continuing operations $ 1,238,657 $ 698,856 Dividends on preferred stock 77,250 77,250 Income available to common shareholders-continuing operations $ 1,161,407 $ 621,606 Weighted average shares outstanding 14,239,836 14,239,836 Weighted average shares outstanding-diluted 17,673,169 17,673,169 Earnings per share from continuing operations available to common shareholders $ 0.082 $ 0.044 Earnings per share from continuing operations available to common shareholders-diluted $ 0.066 $ 0.035 Income from discontinued operations $ - $ - Weighted average shares outstanding 14,239,836 14,239,836 Weighted average shares outstanding-diluted 17,673,169 17,673,169 Earnings per share from discontinued operations $ - $ - Earnings per share from discontinued operations-diluted $ - $ - Net income $ 1,238,657 $ 698,856 Dividends on preferred stock 77,250 77,250 Net income available to common shareholders $ 1,161,407 $ 621,606 Earnings per share available to common shareholders $ 0.082 $ 0.044 Earnings per share available to common shareholders-diluted $ 0.066 $ 0.035

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	3 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Interim Financial Statements	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, 2016 and 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC on December 15, 2016. 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, 2016 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 and its wholly owned subsidiary, C.J. Hughes and its subsidiaries, Nitro Electric and Contractors Rental. S.T. Pipeline has been shown as discontinued operations for the three months ended December 31, 2016 and 2015. All significant intercompany accounts and transactions have been eliminated in the consolidation. Unless the context requires otherwise, references to Energy Services include Energy Services and C.J. Hughes and C.J. Hughes’ subsidiaries.
Reclassifications	Reclassifications Certain reclassifications have been made in prior years’ financial statements to conform to classifications used in the current year.

UNCOMPLETED CONTRACTS (Tables)

UNCOMPLETED CONTRACTS (Tables)	3 Months Ended
	Dec. 31, 2016
Contractors [Abstract]
Schedule of costs, estimated earnings and billings on uncompleted contracts	December 31, 2016 September 30, 2016 Costs incurred on uncompleted contracts $ 143,946,711 $ 134,163,585 Estimated earnings, net of estimated losses 18,495,020 16,592,644 162,441,731 150,756,229 Less billing to date 161,706,481 148,212,959 $ 735,250 $ 2,543,270 Costs and estimated earnings in excess of billings on uncompleted contracts $ 4,726,981 $ 5,953,818 Less billings in excess of costs and estimated earnings on uncompleted contracts 3,991,731 3,410,548 $ 735,250 $ 2,543,270

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	3 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
Schedule of the components of asset and liabilities that are classified as discontinued operations	December 31, September 30, 2016 2016 Cash $ 12,303 $ 12,303 Deferred tax asset - - Assets of discontinued operations-current 12,303 12,303 Property, plant, and equipment, net - - Total assets of discontinued operations 12,303 12,303 Accounts payable - - Accrued expenses and other current liabilities 28,671 28,671 Liabilities of discontinued operations-current 28,671 28,671 Liabilities of discontinued operations-long term - - Total liabilities of discontinued operations 28,671 28,671 Net liabilities $ (16,368 ) $ (16,368 )

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Schedule of basic and diluted earnings per share	Three Months Ended Three Months Ended December 31, December 31, 2016 2015 Income from continuing operations $ 1,238,657 $ 698,856 Dividends on preferred stock 77,250 77,250 Income available to common shareholders-continuing operations $ 1,161,407 $ 621,606 Weighted average shares outstanding 14,239,836 14,239,836 Weighted average shares outstanding-diluted 17,673,169 17,673,169 Earnings per share from continuing operations available to common shareholders $ 0.082 $ 0.044 Earnings per share from continuing operations available to common shareholders-diluted $ 0.066 $ 0.035 Income from discontinued operations $ - $ - Weighted average shares outstanding 14,239,836 14,239,836 Weighted average shares outstanding-diluted 17,673,169 17,673,169 Earnings per share from discontinued operations $ - $ - Earnings per share from discontinued operations-diluted $ - $ - Net income $ 1,238,657 $ 698,856 Dividends on preferred stock 77,250 77,250 Net income available to common shareholders $ 1,161,407 $ 621,606 Earnings per share available to common shareholders $ 0.082 $ 0.044 Earnings per share available to common shareholders-diluted $ 0.066 $ 0.035

BUSINESS AND ORGANIZATION (Deta

BUSINESS AND ORGANIZATION (Detail Textuals) $ in Millions	May 14, 2013USD ($)
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Amount received from sale of assets of subsidiary	$ 1.9

UNCOMPLETED CONTRACTS - Summary

UNCOMPLETED CONTRACTS - Summary of costs, estimated earnings, and billings on uncompleted contracts (Details) - USD ($)	Dec. 31, 2016	Sep. 30, 2016
Contractors [Abstract]
Costs incurred on uncompleted contracts	$ 143,946,711	$ 134,163,585
Estimated earnings, net of estimated losses	18,495,020	16,592,644
Costs of uncomplete contracts including net estimated earnings	162,441,731	150,756,229
Less billing to date	161,706,481	148,212,959
Unbilled contracts receivable	735,250	2,543,270
Costs and estimated earnings in excess of billings on uncompleted contracts	4,726,981	5,953,818
Less billings in excess of costs and estimated earnings on uncompleted contracts	3,991,731	3,410,548
Unbilled contracts receivable	$ 735,250	$ 2,543,270

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) $ in Millions	3 Months Ended
	Dec. 31, 2016USD ($)
Fair Value Disclosures [Abstract]
Aggregate principal amount of fixed-rate debt	$ 11
Fair value of company's fixed rate debt	10.8
Goodwill impairment charge	$ 36.9

DISCONTINUED OPERATIONS - Compo

DISCONTINUED OPERATIONS - Components of asset and liabilities classified as discontinued operations (Details) - USD ($)	Dec. 31, 2016	Sep. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets of discontinued operations-current	$ 12,303	$ 12,303
Liabilities of discontinued operations-current	28,671	28,671
S.T. Pipeline, Inc | Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash	12,303	12,303
Deferred tax asset
Assets of discontinued operations-current	12,303	12,303
Property, plant, and equipment, net
Total assets of discontinued operations	12,303	12,303
Accounts payable
Accrued expenses and other current liabilities	28,671	28,671
Liabilities of discontinued operations-current	28,671	28,671
Liabilities of discontinued operations-long term
Total liabilities of discontinued operations	28,671	28,671
Net liabilities	$ (16,368)	$ (16,368)

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Detail Textuals) - S.T. Pipeline, Inc - Discontinued Operations - USD ($)	May 14, 2013	Dec. 31, 2016	Sep. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of discontinued operations	$ 1,900,000
Accrued expenses and other current liabilities		$ 28,671	$ 28,671

EARNINGS PER SHARE - Summary of

EARNINGS PER SHARE - Summary of amounts used to compute earnings per share (Detail Textuals) - USD ($)	3 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Earnings Per Share [Abstract]
Income from continuing operations	$ 1,238,657	$ 698,856
Dividends on preferred stock	77,250	77,250
Income available to common shareholders-continuing operations	$ 1,161,407	$ 621,606
Weighted average shares outstanding (in shares)	14,239,836	14,239,836
Weighted average shares outstanding-diluted (in shares)	17,673,169	17,673,169
Earnings per share from continuing operations available to common shareholders (in dollars per share)	$ 0.082	$ 0.044
Earnings per share from continuing operations available to common shareholders-diluted (in dollars per share)	$ 0.066	$ 0.035
Income from discontinued operations
Weighted average shares outstanding (in shares)	14,239,836	14,239,836
Weighted average shares outstanding-diluted (in shares)	17,673,169	17,673,169
Earnings per share from discontinued operations (in dollars per share)
Earnings per share from discontinued operations-diluted (in dollars per share)
Net income	$ 1,238,657	$ 698,856
Dividends on preferred stock	77,250	77,250
Net income available to common shareholders	$ 1,161,407	$ 621,606
Earnings per share available to common shareholders (in dollars per share)	$ 0.082	$ 0.044
Earnings per share available to common shareholders-diluted (in dollars per share)	$ 0.066	$ 0.035