Corning Natural Gas Holding (CNIG) 10-K 21 Dec 20 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2020	Dec. 20, 2020	Mar. 31, 2020
Document And Entity Information [Abstract]
Entity Registrant Name	Corning Natural Gas Holding Corp
Entity Central Index Key	0001582244
Document Type	10-K
Document Period End Date	Sep. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--09-30
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Public Float			$ 19,133,727
Entity Common Stock, Shares Outstanding		3,088,071
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020
Trading Symbol	CNIG
Title of 12(b) Security	Common Stock, par value $0.01 per share
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	NY
Entity File Number	000-00643

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Plant:
Utility property, plant and equipment	$ 139,743,289	$ 121,041,738
Less: accumulated depreciation	(30,853,644)	(29,263,612)
Total plant, net	108,889,645	91,778,126
Investments:
Marketable securities at fair value	2,193,112	2,184,170
Investment in joint ventures	264,640	2,597,919
Total investments	2,457,752	4,782,089
Current assets:
Cash and cash equivalents	411,700	314,341
Customer accounts receivable (net of allowance for uncollectible accounts of $42,263 and $66,470, respectively)	2,330,342	2,436,221
Other accounts receivable	527,280	335,481
Related party receivables	9,032	5,818
Gas stored underground	995,341	1,238,826
Materials and supplies inventories	3,156,345	2,747,194
Prepaid expenses	1,801,883	1,726,353
Total current assets	9,231,923	8,804,234
Regulatory assets:
Unrecovered electric and gas costs	1,966,184	1,122,459
Deferred regulatory costs	4,894,434	4,264,396
Deferred pension	7,352,839	7,294,641
Goodwill	918,121
Other	748,408	562,703
Total regulatory and other assets	15,879,986	13,244,199
Total assets	136,459,306	118,608,648
Liabilities and capitalization
Long-term debt, less current installments	44,291,626	37,939,785
Less: debt issuance costs	(241,057)	(276,885)
Total long-term debt	44,050,569	37,662,900
Redeemable preferred stock - Series A (Authorized 261,500 shares. Issued and outstanding: 260,600 shares at September 30, 2020 and 210,600 shares at September 30, 2019, less issuance costs of $30,455 and $78,188, respectively)	6,484,545	5,186,812
Redeemable preferred stock - Series C (Authorized 180,000 shares. Issued and outstanding: 180,000 shares at September 30, 2020 and -0- shares at September 30, 2019, less issuance costs of $1,524 and $0, respectively)	4,498,476
Current liabilities:
Current portion of long-term debt	6,271,068	4,260,846
Borrowings under lines-of-credit and short-term debt	7,698,269	6,875,752
Accounts payable	2,293,980	1,826,604
Accrued expenses	339,809	422,557
Customer deposits and accrued interest	1,617,976	1,403,139
Dividends declared	529,301	502,559
Total current liabilities	18,750,403	15,291,457
Deferred credits and other liabilities:
Deferred income taxes	7,575,832	6,209,336
Regulatory liabilities	3,243,054	3,557,481
Deferred compensation	1,366,256	1,391,924
Pension costs and post-retirement benefits	9,407,774	9,683,393
Other	193,945	240,747
Total deferred credits and other liabilities	21,786,861	21,082,881
Commitments and contingencies (see Note 14)
Temporary equity:
Redeemable convertible preferred stock - Series B Authorized 244,500 shares. Issued and outstanding: (244,263 shares at September 30, 2020 and 2019)	4,954,937	4,966,893
Common stockholders' equity:
Common stock ($.01 par value per share ($.01 par value per share. Authorized 4,500,000 shares. Issued and outstanding: 3,072,547 shares at September 30, 2020 and 3,047,060 at September 30, 2019)	30,725	30,470
Additional paid-in capital	28,144,702	27,745,837
Retained earnings	7,747,197	6,634,085
Accumulated other comprehensive income	10,891	7,313
Total common stockholders' equity	35,933,515	34,417,705
Total liabilities and capitalization	$ 136,459,306	$ 118,608,648

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Current assets:
Allowance for uncollectible accounts	$ 42,263	$ 66,470
Stockholders' equity
Redeemable preferred stock - Series A, authorized shares	261,500	261,500
Redeemable preferred stock - Series A, shares issued	260,600	210,600
Redeemable preferred stock - Series A, shares outstanding	260,600	210,600
Less debt issuance costs	$ 30,455	$ 78,188
Redeemable preferred stock - Series C, authorized shares	180,000	180,000
Redeemable preferred stock - Series C, shares issued	180,000	0
Redeemable preferred stock - Series C, shares outstanding	180,000	0
Redeemable less debt issuance costs	$ 1,524	$ 0
Redeemable preferred stock - Series B, authorized shares	244,500	244,500
Redeemable preferred stock - Series B, shares issued	244,263	244,263
Redeemable preferred stock - Series B, shares outstanding	244,263	244,263
Common stock, par value	$ 0.01	$ 0.01
Common stock, authorized shares	4,500,000	4,500,000
Common stock, shares issued	3,072,547	3,047,060
Common stock, shares outstanding	3,072,547	3,047,060

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Utility operating revenues:
Total utility operating revenues	$ 32,385,885	$ 35,539,979
Cost of Sales:
Total cost of sales	7,110,551	10,549,635
Gross margin	25,275,334	24,990,344
Costs and expense:
Operating and maintenance expense	11,277,571	10,969,038
Taxes other than income taxes	3,643,828	3,617,169
Depreciation	2,621,385	2,499,558
Other deductions, net	507,633	460,104
Total costs and expenses	18,050,417	17,545,869
Utility operating income	7,224,917	7,444,475
Other income and (expense):
Interest expense	(2,567,064)	(2,325,642)
Other expense	(656,892)	(616,403)
Investment income	182,111	52,095
Loss from joint ventures	(51,928)	(142,656)
Rental income	30,552	35,052
Income from utility operations before income taxes	4,161,696	4,446,921
Income tax expense	(960,338)	(1,322,689)
Net income	3,201,358	3,124,232
Less Series B Preferred Stock Dividends	244,263	244,263
Net income attributable to common stockholders	$ 2,957,095	$ 2,879,969
Weighted average earnings per share-
basic	$ 0.97	$ 0.95
diluted	$ 0.95	$ 0.94
Average shares outstanding - basic	3,060,233	3,035,479
Average shares outstanding - diluted	3,353,349	3,328,595
Gas Operating Revenues [Member]
Utility operating revenues:
Total utility operating revenues	$ 25,385,218	$ 27,300,195
Cost of Sales:
Total cost of sales	5,501,237	7,742,728
Electric Operating Revenues [Member]
Utility operating revenues:
Total utility operating revenues	7,000,667	8,239,784
Cost of Sales:
Total cost of sales	$ 1,609,314	$ 2,806,907

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Net Income	$ 3,201,358	$ 3,124,232
Other comprehensive income:
Net unrealized gain on securities available for sale net of tax of $1,212 and $11,693, respectively	3,578	16,851
Total comprehensive income	$ 3,204,936	$ 3,141,083

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Statement of Comprehensive Income [Abstract]
Income taxes for change in unrealized gain on securities available for sale	$ 1,212	$ 11,693

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Total
Balances at Sep. 30, 2018	$ 30,218	$ 27,320,162	$ 5,399,751	$ 90,593	$ 32,840,724
Balances, shares at Sep. 30, 2018	3,021,851
Adoption of accounting standard			100,131	(100,131)
Issuance of common stock	$ 252	425,675			$ 425,927
Issuance of common stock, shares	25,209				25,209
Dividends declared on common			(1,745,766)		$ (1,745,766)
Dividends declared on Series B Preferred Stock			(244,263)		(244,263)
Comprehensive income:
Change in unrealized gain on securities available for sale, net of income taxes				16,851	16,851
Net income			3,124,232		3,124,232
Balances at Sep. 30, 2019	$ 30,470	27,745,837	6,634,085	7,313	$ 34,417,705
Balances, shares at Sep. 30, 2019	3,047,060				3,047,060
Issuance of common stock	$ 255	379,360			$ 379,615
Issuance of common stock, shares	25,487				25,487
Stock option expense		19,505			$ 19,505
Dividends declared on common			(1,843,983)		(1,843,983)
Dividends declared on Series B Preferred Stock			(244,263)		(244,263)
Comprehensive income:
Change in unrealized gain on securities available for sale, net of income taxes				3,578	3,578
Net income			3,201,358		3,201,358
Balances at Sep. 30, 2020	$ 30,725	$ 28,144,702	$ 7,747,197	$ 10,891	$ 35,933,515
Balances, shares at Sep. 30, 2020	3,072,547				3,072,547

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared on common	$ 0.603	$ 0.575
Dividends declared on Preferred B shares	$ 1	$ 1

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income	$ 3,201,358	$ 3,124,232
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,621,385	2,499,558
Amortization of debt issuance costs	109,512	109,977
Non-cash pension expenses	933,454	941,428
Regulatory asset amortizations	621,679	677,139
Stock issued for services and stock option expense	197,180	239,481
(Gain) loss on sale of marketable securities	(49,823)	3,994
Unrealized gain	(139,865)	(69,021)
Deferred income taxes	1,232,417	1,308,524
Bad debt expense	103,000	162,170
Loss from joint ventures	51,928	142,656
(Increase) decrease in:
Accounts receivable	(113,216)	802,815
Gas stored underground	243,485	382,090
Materials and supplies inventories	(129,402)	(928,220)
Prepaid expenses	(63,856)	(258,323)
Unrecovered gas and electric costs	(843,725)	250,568
Deferred regulatory costs	(1,243,599)	(830,758)
Other	(185,705)	20,734
Increase (decrease) in:
Accounts payable	370,452	(1,420,772)
Accrued expenses	(76,839)	14,865
Customer deposits and accrued interest	214,837	175,741
Deferred compensation	(25,668)	(20,421)
Deferred pension costs & post-retirement benefits	(1,267,271)	(525,844)
Other liabilities and deferred credits	(223,361)	(195,174)
Net cash provided by operating activities	5,538,357	6,607,439
Cash flows from investing activities:
Sale of securities, net	184,324	91,286
Amount received from (paid to) related parties	(3,214)	200,513
Acquisition of business, net of cash acquired	(1,893,081)
Capital expenditures	(8,672,162)	(6,628,162)
Net cash used in investing activities	(10,384,133)	(6,336,363)
Cash flows from financing activities:
Net proceeds under lines-of-credit	(72,126)	213,395
Debt issuance costs paid		(36,411)
Cash received from sale of Series C preferred stock Net	4,498,394
Dividends paid	(1,859,564)	(1,784,830)
Proceeds under long-term debt	6,929,922	5,179,146
Repayment of long-term debt	(4,553,491)	(3,747,997)
Net cash provided by (used in) financing activities	4,943,135	(176,697)
Net increase in cash and cash equivalents	97,359	94,379
Cash and cash equivalents at beginning of year	314,341	219,962
Cash and cash equivalents at end of year	411,700	314,341
Cash paid during the year for:
Interest	2,829,244	1,973,206
Income taxes (refunded) paid	(341,777)	14,165
Non-cash financing activities:
Dividends paid with shares	$ 201,940	$ 186,446
Number of shares issued as dividends	12,287	10,009
Supplemental disclosures of non-cash investing and financing activities:
Assumption of liabilities in business acquisition	$ 6,971,290
Issuance of Series A preferred stock as consideration for business acquisition	$ 1,250,000

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	(1) Summary of Significant Accounting Policies Corning Natural Gas Holding Corporation’s (the “Holding Company”) primary business, through its subsidiaries, Corning Natural Gas Corporation (“Corning Gas” or “Gas Company”), Pike County Light & Power Company (“Pike”), Leatherstocking Gas Company, LLC (“Leatherstocking Gas”) and Leatherstocking Pipeline, LLC (“Leatherstocking Pipeline”), is natural gas and electric distribution. Corning Gas provides gas on a commodity and transportation basis to its customers in the Southern Tier of New York State. Pike provides electric and gas service to customers in Pike County, Pennsylvania. As used in these notes, the term “the Company” refers to the consolidated operations of the Holding Company, the Gas Company and its dormant subsidiary Corning Natural Gas Appliance Corporation (the “Appliance Company’), Pike, and (from July 1, 2020) Leatherstocking Gas and Leatherstocking Pipeline. The Company follows the Uniform System of Accounts prescribed by the Public Service Commission of the State of New York (“NYPSC”) which has jurisdiction over and sets rates for New York State gas distribution companies and the Pennsylvania Public Utility Commission (“PAPUC”) which has jurisdiction over and sets rates for Pennsylvania gas and electric distribution companies. The Company’s regulated operations meet the criteria to and, accordingly, follow the accounting and reporting of the Financial Accounting Standard Board (“FASB”) ASC No. 980 “Regulated Operations” . (a) Principles of Consolidation and Presentation The consolidated financial statements include the Holding Company and its wholly owned subsidiaries, Corning Gas, Pike, the Appliance Company and (from July 1, 2020) Leatherstocking Gas and Leatherstocking Pipeline. All intercompany accounts and balances have been eliminated. It is the Company’s policy to reclassify amounts in the prior year financial statements to conform to the current year presentation. (b) Utility Property, Plant and Equipment Utility property, plant and equipment are stated at the historical cost of construction or acquisition. These costs include payroll, fringe benefits, materials and supplies and transportation costs. The Company charges normal repairs to maintenance expense. (c) Depreciation The Company provides for depreciation for accounting purposes using a straight-line method based on the estimated economic lives of property and equipment as determined by the current rate plan based on the latest depreciation study. At the time utility properties are retired, costs of removal less any salvage are charged to accumulated depreciation. The depreciation rate used for Corning Gas utility plant, expressed as an annual percentage of depreciable property, was 1.9% for the fiscal year ended September 30, 2020 (“FY 2020”) and 2.0% for the fiscal year ended September 30, 2019 (“FY 2019”). The NYPSC allows the Gas Company recovery in revenues to offset costs of building certain projects. The depreciation rate used for Pike, expressed as an annual percentage of depreciable property, was 2.5% for FY 2020 and 2.1% FY 2019. The depreciation rate used for the Leatherstocking Companies, expressed as an annual percentage of depreciable property, was 3.4% for FY 2020. The PAPUC allows Leatherstocking Gas to collect revenues from customers to offset cost of gas distribution system build out. (d) Accounting for Impairment FASB ASC No. 360-10-15, “Accounting for the Impairment or Disposal of Long-Lived Assets” establishes accounting standards to account for the impairment of long-lived assets, and certain identifiable intangibles. Under FASB ASC No. 360-10-15, the Company reviews assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. FASB ASC No. 360-10-15 also requires that a rate regulated enterprise recognize an impairment when regulatory assets are no longer probable of recovery. No impairment losses were incurred for the years ended September 30, 2020 and 2019. (e) Marketable Securities Marketable securities are intended to fund the Gas Company’s deferred compensation plan obligations. Such securities are reported at fair value based on quoted market prices. Unrealized gains and losses on debt securities classified as available for sale, net of the related income tax effect, are excluded from income, and reported as a component of accumulated other comprehensive income in stockholders’ equity until realized. Unrealized gains and losses on equity securities are included as a component of investment income in the consolidated statement of income. The cost of securities sold was determined using the specific identification method. For all investments in the unrealized loss position, none have been in an unrealized loss position for more than 12 months. None are other than temporary impairments based on management’s analysis of available market research. In FY 2020 and FY 2019, the Gas Company sold equity securities for realized gains (losses) included in earnings of $49,823 and ($3,994), respectively. (f) Fair Value of Financial Instruments The Company has determined the fair value of debt and other financial instruments using a valuation hierarchy. The hierarchy, which prioritizes the inputs used in measuring fair value, consists of three levels. Level 1 uses observable inputs such as quoted prices in active markets; Level 2 uses inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, which is defined as unobservable inputs in which little or no market data exists, requires the Company to develop its own assumptions. The carrying amount of debt on the Consolidated Balance Sheets approximates fair value as a result of instruments bearing interest rates that approximate current market rates for similar instruments, and the carrying amounts for cash, accounts receivable and accounts payable approximate fair value due to their short-term nature. The assets used to fund the pension plan and marketable securities, which fund the Gas Company’s deferred compensation plan, are valued based on Level 1 inputs. The Company has determined the fair value of certain assets through application of FASB ASC 820 “Fair Value Measurements and Disclosures”. Fair value of assets and liabilities measured on a recurring basis at September 30, 2020 and 2019 are as follows: Fair Value Measurements at Reporting Date Using: Fair Value Quoted Prices in Active Markets for Level 2 Level 3 September 30, 2020 Marketable securities $ 2,193,112 $ 2,193,112 $ — $ — September 30, 2019 Marketable securities $ 2,184,170 $ 2,184,170 $ — $ — Financial assets and liabilities valued using level 1 inputs are based on unadjusted quoted market prices within active markets. The pension assets in Note 12 are valued using level 1 inputs. (g) Cash and Cash Equivalents Cash and cash equivalents include time deposits, certificates of deposit, and all highly liquid debt instruments with original maturities of three months or less. Cash and cash equivalents at financial institutions may periodically exceed federally insured limits. (h) Accounts Receivable Accounts receivable are stated net of an allowance for doubtful accounts. The Company estimates the allowance based on its analysis of specific balances, taking into consideration the age of past due accounts and relying on rules and guidelines established by the NYPSC and PAPUC regarding customer disconnects. (i) Gas Stored Underground Gas stored underground is carried at an average unit cost method as prescribed by the NYPSC. Pike and Leatherstocking Gas do not have any gas storage. (j) Materials and Supplies Inventories Materials and supplies inventories are stated at the lower of cost or net realizable value, cost being determined on an average unit price basis. (k) Debt Issuance Costs Debt issuance costs are presented as a direct deduction from the associated debt. Costs associated with the issuance of debt by the Company are amortized over the lives of the related debt. (l) Regulatory Matters Certain costs of the Company are deferred and recognized as expenses when they are reflected in rates and recovered from customers as permitted by FASB ASC No. 980. These costs are shown as regulatory assets. Such costs arise from the traditional cost-of-service rate setting approach whereby all prudently incurred costs are generally recoverable through rates. Deferral of these costs is appropriate while the Company’s rates are regulated under a cost-of-service approach of the NYPSC and PAPUC for utilities (see Note 5 - Regulatory Matters). As regulated utilities, the Company defers certain costs for future recovery. In a purely competitive environment, such costs might have been currently expensed. Accordingly, if the Company’s rate settings were changed from a cost-of-service approach and the Gas Company, Pike and Leatherstocking Gas were no longer allowed to defer these costs under FASB ASC No. 980, certain of these assets might not be fully recoverable. However, the Company cannot predict the impact, if any, of competition and continues to operate in a cost-of-service based regulatory environment. Accordingly, the Company believes that accounting under FASB ASC No. 980 is appropriate . (m) Revenue Recognition The Company has the obligation to deliver gas and electricity to its customers. As gas and electricity are immediately available for use upon delivery to the customer, the gas or electricity and its delivery are identifiable as a single performance obligation. The Company recognizes revenues as this performance obligation is satisfied over time as the Company delivers, and its customers simultaneously receive and consume, the gas or electricity. The amount of revenues recognized reflects the consideration the Company expects to receive in exchange for delivering the gas or electricity. Under their tariffs, the transaction price for full-service customers includes the Company’s energy cost and for all customers includes delivery charges determined based on customer class and in accordance with established tariffs and guidelines of the NYPSC or the PAPUC, as applicable. Accordingly, there is no unsatisfied performance obligation associated with these customers. The transaction price is applied to the Company’s revenue generating activities through the customer billing process. Because gas and electricity are delivered over time, the Company uses output methods that recognize revenue based on direct measurement of the value transferred, such as units delivered, which provides an accurate measure of value for the gas or electricity delivered. The Gas Company records revenues from residential and commercial customers based on meters read on a cyclical basis throughout each month, while certain large industrial and utility customers’ meters are read at the end of each month. Several meters are read at the end of each month to calculate local production revenues. The Gas Company does not accrue revenue for gas delivered but not yet billed, as the NYPSC requires that such accounting must be adopted during a rate proceeding which the Gas Company has not done. The Gas Company, as part of its currently effective rate plan, has a weather normalization clause as protection against severe weather fluctuations. This affects space heating customers and is activated when degree days are 2.2% greater or less than the 30-year average. As a result, the effect on revenue fluctuations of weather related gas sales is somewhat moderated. Pike recognizes revenues for electric and gas service on a monthly billing cycle basis. Pike does not record unbilled revenues. Pike does not have a weather normalization clause as protection against severe weather. Leatherstocking Gas recognizes revenues for gas service on a monthly billing cycle basis. Leatherstocking Gas does not record unbilled revenues. Leatherstocking Gas does not have a weather normalization clause as protection against severe weather. In addition to weather normalization, the Gas Company has implemented a revenue decoupling mechanism (“RDM”). The RDM reconciles actual delivery service revenues to allowed delivery service revenues (which are based on the annual customer and volume forecasts in the last rate case) for certain residential customers. The Gas Company will refund or surcharge customers for differences between actual and allowed revenues. The shortfall or excess after the annual reconciliation will be surcharged or refunded to customers over a twelve-month period starting September 1 st Revenues are recorded as energy is delivered, generated, or services are provided and billed to customers. Amounts billed are recorded in customer accounts receivable, with payment generally due the following month. For additional disclosures required by ASC 606, see Note 2. ( n) Cost of Sales Cost of sales consists only of the costs of purchasing gas and electricity sold during the period presented. Gas purchases are recorded on readings of suppliers’ meters as of the end of each month. The Company’s rate tariffs include a Gas Adjustment Clause (“GAC”) or Gas Rate Clause (“GRC”) which adjusts rates to reflect changes in gas costs from levels established in the rate setting process. In order to match such costs and revenue, the NYPSC and PAPUC have provided for an annual reconciliation of recoverable GAC and GRC costs with applicable revenue billed. Any excess or deficiency in GAC and GRC revenue billed is deferred and the balance at the reconciliation date is either refunded to or recovered from customers over a subsequent twelve-month period. As part of its rate structure for electric sales, Pike is required to file quarterly a Statement of Default Services Charges. The Default Service Charges are separated into two components: (1) the Market Price of Electric Supply which is based on the forecast of electric supply costs applied to service classification-specific factors to reflect each service classification’s load characteristics, forecast sales and applicable losses, and (2) an Electric Supply Adjustment Charge to reconcile differences between default service revenues and costs. The new electric rates go into effect on the first day of the month after the filing is accepted. (o) Operating and Maintenance Expense Operating and maintenance expense includes all personnel, administrative, and marketing expenses of the Company, as well as expenses incurred in the maintenance of the Company’s utility property, plant and equipment. (p) Federal Income Tax The Company uses the asset and liability method to establish deferred tax assets and liabilities for the temporary differences between the financial reporting basis and the tax basis of the Holding Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. In addition, such deferred tax assets and liabilities will be adjusted for the effects of enacted changes in tax laws and rates. (q) Revenue Taxes The Gas Company collects state revenue taxes on residential delivery rates. The amount included in Revenue and Taxes other than Income Taxes was $300,286 and $300,876 in FY 2020 and FY 2019, respectively. Pike collects state taxes on total revenue. The amounts collected were $409,266 and $535,984 in FY 2020 and FY 2019, respectively. (r) Stock Based Compensation The Holding Company accounts for stock based awards in accordance with FASB ASC No. 718. The Holding Company awards restricted shares as compensation to our directors. The shares awarded become unrestricted upon a director leaving the board. Directors who also serve as officers of Corning Gas are not compensated for their service as directors. Since these shares are restricted, in recording compensation expense, the expense incurred is recorded at 25% less than the closing price of the stock on the day the stock was awarded. The fair value of stock options is determined using the Black Scholes option pricing model and expense recognition is based on the vesting provisions of the options granted. (s) Earnings Per Share Basic earnings per share are computed by dividing income available for common stock (net income less dividends declared on Series B Preferred Stock) by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For FY 2020, the impact of 10,000 stock options outstanding as of September 30, 2020 was determined to be anti-dilutive and were not included in diluted shares. There were no outstanding stock options as of September 30, 2019. The net income and average shares outstanding used to compute basic and diluted earnings per share for the years ended September 30, 2020 and September 30, 2019 are as follows: FY 2020 FY 2019 Net income attributable to common stockholders $ 2,957,095 $ 2,879,969 Add Preferred B Dividends 244,263 244,263 Net income $ 3,201,358 $ 3,124,232 Average shares outstanding - basic 3,060,233 3,035,479 Effect of Preferred B Shares 293,116 293,116 Average shares outstanding - diluted 3,353,349 3,328,595 (t) Collective Bargaining Agreement The Company had 72 employees as of September 30, 2020, and 64 employees as of September 30, 2019. Of this total, approximately one third are members of the International Brotherhood of Electrical Workers Local 139 labor union working under an agreement effective until April 5, 2021. (u) Joint Ventures Through June 30, 2020, the Holding Company had a 50% investment in Leatherstocking Gas Company, LLC and Leatherstocking Pipeline Company, LLC. The investment and equity in both companies (collectively, “Joint Ventures”) has been recognized in the consolidated financial statements. On July 1, 2020, Leatherstocking Gas Company, LLC distributed it’s New York assets into a new joint venture of which the Holding Company owns 50% and the Holding Company acquired the remaining 50% interests in Leatherstocking Gas, LLC’s Pennsylvania assets and the remaining 50% interests in Leatherstocking Pipeline Company, LLC. See Note 16. The Holding Company has accounted for its equity investments using the equity method of accounting based on the guidelines established in FASB ASC No. 323. In applying the guidance of FASB ASC 323, the Holding Company recognized the investment in the Joint Ventures as an asset at cost. The investment will fluctuate in future periods based on the Holding Company’s allocable share of earnings or losses from the remaining Joint Venture which is recognized through earnings. (v) Preferred Stock and Temporary Equity The Holding Company classifies conditionally redeemable convertible preferred shares, which includes preferred shares subject to redemption upon the occurrence of uncertain events not solely within control of the Holding Company, as temporary equity in the mezzanine section of the consolidated balance sheets, in accordance with the guidance enumerated in FASB ASC No. 480-10 "Distinguishing Liabilities from Equity". The Company also analyzes the embedded conversion feature for bifurcation, based on whether the host instrument has more equity-like or debt-like characteristics. Dividends are recorded as a reduction to retained earnings and issuance costs reduce the initial proceeds and are then accreted over the life of the instrument to the redemption amount. The Holding Company records mandatorily redeemable stock as a liability in accordance with FASB ASC No. 480. Dividends are recorded as interest expense and issuance costs are treated the same way as debt issuance costs. (w) Adoption of New Accounting Guidance On October 1, 2019, we adopted Accounting Standards Update (“ASU”) 2016-02 “Leases” (Accounting Standards Codification (“ASC”) Topic 842), including the amendments thereto, using a modified retrospective transition method of adoption that required no prior period adjustments or charges to retained earnings for cumulative impact. From a lessee standpoint, on December 13, 2019 the Company purchased the only material item for $280,000, which had been previously leased, a section of 10” gas main. Prior to purchase, the Company paid a nominal fee annually for the use of this 10“ gas main. The Company did not change how this lease was accounted for prior to purchase. From a lessor standpoint, the only material lease is the lease of space in the Company’s headquarters to a local appliance company. This lease is an operating lease for which the Company receives less than $50,000 annually. The accounting for the lease did not change upon adoption of the new standard and there was no significant impact on these consolidated financial statements as a result of adoption of the new standard. On October 1, 2018, we adopted ASU 2016-01 “Financial Instruments—Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”), ASC 606 – “Revenues from Contracts with Customers” (“ASC 606”) and ASU 2017-07 “Compensation – Retirement Benefits”. With respect to ASU 2016-01, we reclassified net after-tax unrealized gains on equity securities of $100,131 as of October 1, 2018 from accumulated other comprehensive income (loss) to retained earnings. We continue to carry our investments in equity securities at fair value and there is no change to the asset values or total stockholders’ equity that we would have otherwise recorded. Beginning in fiscal 2019, we are including unrealized gains and losses arising from the changes in the fair values of our equity securities as a component of investment income in the Consolidated Statements of Income. On October 1, 2018 we adopted ASC 606 using the modified retrospective method, whereby the cumulative effect of the adoption is required to be recorded as an adjustment to retained earnings. For FY 2019, the Company recognized revenues from contracts with customers in accordance with ASC 606. The revenues recognized were equivalent to the revenues that would have been recognized had the Company not adopted ASC 606 and had recognized all revenues in accordance with ASC 605 – Revenue Recognition (“ASC 605”). No prior period adjustment or charge to retained earnings for cumulative impact was required as a result of the Company’s adoption of ASC 606. ASC 606 also provides for certain other disclosures which are included in Note 2. In March 2017, the FASB issued ASU 2017-07 “Compensation – Retirement Benefits” which amends the guidance related to the presentation of net periodic pension cost and net periodic postretirement benefit cost. The new guidance requires segregation of the service cost component from the other components of net periodic pension cost and net periodic postretirement benefit cost for financial reporting purposes. The service cost component is to be presented on the income statement in the same line items as other compensation costs included within Operating and maintenance expenses and the other components of net periodic pension cost and net periodic postretirement benefit cost are to be presented on the income statement below the subtotal labeled Utility operating income. Under this guidance, the service cost component is eligible to be capitalized as part of the cost of inventory or property, plant and equipment while the other components of net periodic pension cost and net periodic postretirement benefit cost are generally not eligible for capitalization, unless allowed by a regulator. The Company adopted this guidance effective October 1, 2018. (x) New Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), which provides a model, known as the current expected credit loss model, to estimate the expected lifetime credit loss on financial assets, including trade and other receivables, rather than incurred losses over the remaining life of most financial assets measured at amortized cost. The guidance also requires use of an allowance to record estimated credit losses on available-for-sale debt securities. The new standard is effective for annual and interim periods beginning after December 15, 2022. The Company is currently evaluating the impact of the guidance on their consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, which amends the existing guidance relating to the disclosure requirements for Defined Benefit Plans. The new standard is effective for fiscal years ending after December 15, 2020. The Company is currently evaluating the impact of the guidance on their consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Revenue From Contracts With Cus

Revenue From Contracts With Customers	12 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue From Contracts With Customers	(2) Revenue from Contracts with Customers The following tables present revenue from contracts with customers as defined in ASC 606, as well as additional revenue from sources other than contracts with customers, disaggregated by major source. For the year ended September 30, 2020 Revenues from Other Total utility Corning Gas: Residential gas $ 14,627,661 $ 134,775 $ 14,762,436 Commercial gas 2,081,125 — 2,081,124 Transportation 4,359,621 177,991 4,537,612 Street lights gas 390 — 390 Wholesale 1,731,433 — 1,731,433 Local production 694,237 — 694,237 Total Corning Gas 23,494,467 312,766 23,807,233 Pike: Residential gas 1,139,761 2,932 1,142,693 Commercial gas 303,961 — 303,961 Total Pike retail gas 1,443,722 2,932 1,446,654 Residential electric 3,449,852 139,178 3,589,030 Commercial electric 3,288,582 — 3,288,582 Electric – street lights 123,055 — 123,055 Total Pike retail electric 6,861,489 139,178 7,000,667 Total Pike 8,305,211 142,110 8,447,321 Leatherstocking Companies (from July 1, 2020): Residential gas 47,117 — 47,117 Commercial gas 31,031 — 31,031 Industrial Sales 53,183 — 53,183 Total Leatherstocking Companies 131,331 — 131,331 Total consolidated utility operating revenue $ 31,931,009 $ 454,876 $ 32,385,885 For the year ended September 30, 2019 Revenues from Other Total utility Corning Gas: Residential gas $ 15,405,942 $ 583,941 $ 15,989,883 Commercial gas 2,453,170 (148,718 ) 2,304,452 Transportation 4,378,121 — 4,378,121 Street lights gas 468 — 468 Wholesale 2,236,053 — 2,236,053 Local production 698,203 — 698,203 Total Corning Gas 25,171,957 435,223 25,607,180 Pike: Residential gas 1,321,742 16,718 1,338,460 Commercial gas 354,555 — 354,555 Total Pike retail gas 1,676,297 16,718 1,693,015 Residential electric 3,882,291 121,963 4,004,254 Commercial electric 4,108,681 — 4,108,681 Electric – street lights 126,849 — 126,849 Total Pike retail electric 8,117,821 121,963 8,239,784 Total Pike 9,794,118 138,681 9,932,799 Total consolidated utility operating revenue $ 34,966,075 $ 573,904 $ 35,539,979 (a) Other revenues include revenue from alternative revenue programs, such as revenue decoupling mechanisms under New York gas rate plans and weather normalization clauses. This also reflects reductions in revenues resulting from the deferral as regulatory liabilities of the net benefits of the federal Tax Act of 2017. The Gas Company has three major customers, Corning Incorporated, New York State Electric & Gas, and Bath Electric, Gas & Water Systems. Although no customer represents at least 10% of our total revenue, the loss of any of these customers could have a significant impact on the Company’s financial results.

Utility Property, Plant and Equ

Utility Property, Plant and Equipment	12 Months Ended
	Sep. 30, 2020
Plant:
Utility Property, Plant and Equipment	(3) Utility Property, Plant and Equipment The following table summarizes fixed assets included in utility property, plant and equipment on the Holding Company’s Consolidated Balance Sheets at September 30, 2020 and 2019: 2020 2019 Utility Plant $ 5,071,273 $ 5,037,937 Poles & Line 16,747,567 14,980,190 Pipeline 62,778,752 53,846,773 Structures 40,492,351 33,436,173 Land 1,825,453 1,787,034 Construction Work in Progress 5,208,487 3,892,686 All Other 7,619,406 8,060,945 $ 139,743,289 $ 121,041,738 Useful lives for the above assets range from 35 to 55 years for utility plant, 30 to 65 years for poles and line, 66 years for pipeline, from 45 to 47 years for structures, 50 to 65 years for land rights and 5 to 25 years for all other and corporate fixed assets. Utility plant includes station equipment, services, meters, regulators including all costs to install those assets. Poles and line include poles, line and conductors. Total mains installed are represented in pipeline. Structures include both regulator station buildings and office and operations buildings. All other plant includes all general plant except for buildings and land and land rights. Accumulated depreciation as of September 30, 2020 and 2019 was $30,853,644 and $29,263,612 respectively. Depreciation expense for FY 2020 and FY 2019 was $2,621,385 and $2,499,558 respectively.

Marketable Securities

Marketable Securities	12 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	(4) Marketable Securities A summary of the marketable securities at September 30, 2020 and 2019 is as follows: Cost Basis Unrealized Gain Unrealized Loss Market Value September 30, 2020: Cash and equivalents $ 120,559 $ — $ — $ 120,559 Metlife stock value 30,701 — — 30,701 Government and agency bonds 143,960 9,312 — 153,272 Corporate bonds 143,196 3,951 — 147,147 Mutual funds 42,664 2,414 — 45,078 Corning Preferred A Stock 572,875 45,830 — 618,705 Equity securities 788,793 265,654 1,054,447 Commodities 21,881 1,322 — 23,203 Total securities $ 1,864,629 $ 328,483 $ — $ 2,193,122 September 30, 2019: Cash and equivalents $ 64,457 $ — $ — $ 64,457 Metlife stock value 39,810 — — 39,810 Government and agency bonds 229,850 8,024 — 237,874 Corporate bonds 190,113 2,477 — 192,590 Mutual funds 22,359 486 — 22,845 Corning Preferred A Stock 572,875 41,247 — 614,122 Equity securities 866,600 145,872 — 1,012,472 Total securities $ 1,986,064 $ 198,106 $ — $ 2,184,170 The government and agency bonds have contractual maturity dates between January 5, 2022 and March 15, 2027. The contractual maturity dates for the corporate bonds are from August 15, 2021 to April 17, 2028.

Regulatory Matters

Regulatory Matters	12 Months Ended
	Sep. 30, 2020
Regulated Operations [Abstract]
Regulatory Matters	(5) Regulatory Matters Below is a summary of the Gas Company’s deferred regulatory assets as of September 30, 2020 and 2019: 2020 2019 Unrecovered gas and electric costs $ 1,966,184 $ 1,122,459 Deferred regulatory costs 4,894,434 4,264,396 Deferred pension costs 7,352,839 7,294,641 Total regulatory assets $ 14,213,457 $ 12,681,496 Unrecovered gas costs arise from an annual reconciliation of certain gas revenue and costs (as described in Note 1) and are recoverable in customer rates in the year following the reconciliation. The following table summarizes deferred regulatory costs at September 30, 2020 and 2019: 2020 2019 2016 rate case costs $ 158,353 $ 253,353 2020 rate case costs 443,597 — Deferred interest costs 740,612 478,433 Income tax assets and reconciliation 1,467,419 1,211,017 Storm costs 1,086,215 1,228,854 Leak repair costs 349,547 349,547 Delivery rate deferral 513,605 548,049 All other regulatory costs, net 135,086 195,143 Total $ 4,894,434 $ 4,264,396 Deferred rate case costs are costs that were incurred to litigate prior base rate cases. These costs are recovered in rates over a period determined by the NYPSC or PAPUC. All other deferred costs result from reconciliations approved by the regulators in the last base rate case or by specific Commission directives. Recovery of these costs will be determined by the NYPSC and PAPUC either through Delivery Rate Adjustment or the next rate case. In fiscal year 2015 the Gas Company determined that it met the criteria to record the minimum pension liability as a regulatory asset in accordance with FASB ASC 980-715-25-5. As a result of this change in estimate, amounts previously recorded as Accumulated OCI, net of tax has been recorded as regulatory assets in the current year in accordance with ASC 980-715-25-8, as well as a related deferred tax liability. The amount of the regulatory asset was $6,307,265 as of September 30, 2020 and $6,520,833 as of September 30, 2019. For periods after the fiscal year ended September 30, 2015, there will be no change to OCI because of the change in estimate. Factors considered included: (1) consistent recovery of the pension costs on an accrual basis historically and in the current rate case, (2) no indication of expected changes to recovery, and (3) the existence of a reconciliation process to track the recovery of these costs. For these reasons management determined the Gas Company met the criteria as set forth in ASC 980-725-25-5. Also included in pension costs and post-retirement benefits is approximately $1,045,574 and $773,807 for fiscal years 2020 and 2019, respectively, for regulatory assets and (liabilities) related to pension and post-retirement costs. These amounts include both amounts approved to be amortized in the previous rate case and amounts being accumulated for the next rate case. The Company expects to recover the cost of its regulatory assets. The Company expects that regulatory assets other than deferred unrecovered gas costs and deferred pension costs related to minimum pension liability will be fully recoverable from customers by the end of its next rate case. Total Regulatory Assets on the Consolidated Balance Sheets as of September 30, 2020 amount to $14,213,457 compared to $12,681,496 at September 30, 2019. The Regulatory Assets include $1,435,762 at September 30, 2020 and $1,544,347 at September 30, 2019 that is subject to Deferred Accounting Petitions and $2,463,304 at September 30, 2020 and $1,545,857 at September 30, 2019 that that will be considered in the Company’s next base rate case. The remaining items in regulatory assets are either approved in rates, part of annual reconciliations approved by the NYSPSC and PAPUC or approved through various commission directives.

Long-term Debt

Long-term Debt	12 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Long-term Debt	(6) Long-term Debt Long-term debt, including the current portion, was as follows at September 30, 2020 and 2019: 2020 2019 Note Payable - fixed interest rate of 4.16% with monthly installments through November 2027 $ 21,978,316 $ 24,549,520 Note Payable - fixed interest rate of 4.92% with monthly installments through May 2028 9,064,012 10,010,035 Multiple Disbursement Note – variable interest rate through October 2018, fixed at 4.92% thereafter, with monthly installments through November 2028 3,035,067 3,335,974 Multiple Disbursement Note – variable interest rate through October 2019, fixed at 3.51% thereafter, with monthly installments through November 2029 2,887,401 1,836,662 Multiple Disbursement Note – variable interest rate through October 2019, fixed at 3.51% thereafter, with monthly installments through November 2029 1,955,778 1,643,043 Multiple Disbursement Note – variable interest rate through October 2020, fixed at 3.50% thereafter, with monthly installments through November 2030 3,687,741 — Note Payable – fixed interest rate of 4.89% with monthly installments through February 2029 431,485 479,627 Note Payable – fixed interest rate of 4.75% with monthly installments through February 2029 5,223,833 — Note Payable – fixed interest rate of 4.75% with monthly installments through February 2029 560,752 Payroll Protection Program loans – fixed interest rate of 1.00% due November 2021 if not forgiven 1,173,591 — Vehicle loans - variable interest rate ranging from 4.81% to 5.83% 564,718 345,770 Total long-term debt 50,562,694 42,200,631 Less current installments 6,271,068 4,260,846 Long-term debt less current installments $ 44,291,626 $ 37,939,785 The aggregate maturities of long-term debt for each of the five years subsequent to September 30, 2020 are as follows: 2021 $ 6,271,068 2022 $ 6,178,252 2023 $ 5,687,656 2024 $ 6,007,762 2025 $ 6,210,093 On August 31, 2020, the Gas Company entered into a fourth amended replacement and restated credit agreement (“the August 2020 Credit Agreement”) with M&T Bank (“M&T”). The August 2020 Credit Agreement governs the Gas Company’s term note from November 2017 with an original principal of $29,000,000, the Gas Company’s multiple disbursement notes, and the Gas Company’s $8.0 million line of credit loan is subject to customary debt covenants. On November 30, 2017, the Gas Company entered into a long-term debt agreement with M&T for $29 million at a fixed rate of 4.16% with a ten year maturity. Principal and interest payments on this term note commenced on December 30, 2017, with 120 consecutive monthly payments of $296,651 due on the last day of each month, with the unpaid principal and any unpaid interest due and payable in full on November 30, 2027. This term note may be prepaid upon payment of a prepayment premium equal to the greater of 1% of the amount prepaid or the present value of the spread between the 4.16% fixed interest rate and the then current “market rate” based on the most recent U.S. Treasury Obligations with a term corresponding to the remaining period to the maturity date. This term note is subject to the terms of the August 2020 Credit Agreement. On May 23, 2018, Pike entered into a credit agreement (the “May 2018 Credit Agreement”) with M&T and refinanced its outstanding loan with M&T, issuing an $11.2 million term note pursuant to the May 2018 Credit Agreement. The note bears interest at 4.92%. The note is payable in 119 consecutive monthly payments of $118,763 plus accrued interest, beginning on June 23, 2018 with a final payment of unpaid principal and interest on the maturity date of May 23, 2028. The note is secured by all personal property of Pike. Pike will owe a pre-payment penalty of 1% on any pre-paid principal made in advance of the maturity date. Loan is subject to customary debt covenants. On August 15, 2018, the Gas Company entered into a $3.6 million multiple disbursement term note with M&T which permitted draws from time to time in accordance with its terms until October 31, 2018 at which time amounts outstanding under the note totaling $3.6 million converted to a ten year term loan to be payable in 119 equal monthly installments with an additional final installment of unpaid principal and interest due on November 30, 2028. Before converting to a term loan, the note bore interest at the one-month LIBOR rate plus 3%. After October 31, 2018, the interest rate was fixed at 4.92%. Additional terms of this note are substantially the same as those in the November 2017 Credit Agreement. This term note is subject to the terms of the August 2020 Credit Agreement. On June 27, 2019, the Gas Company entered into a $3.127 million multiple disbursement term note with Manufactures and Traders Trust Company Bank (“M&T”) which permitted draws from time to time for capital expenditures in accordance with its terms until October 31, 2019 at which time amounts outstanding under the note totaling $3.127 million converted to a ten year term loan, payable in 119 equal monthly installments with an additional final installment of unpaid principal and interest due on November 30, 2029. Before converting to a term loan, borrowings on the note had a variable interest rate of the one-month LIBOR rate plus 3%. After October 31, 2019, the interest rate was fixed at 3.51%. This term note is subject to the terms of the August 2020 Credit Agreement. On June 27, 2019, Pike entered into a $2.072 million multiple disbursement term note with M&T which permitted draws from time to time for capital expenditures in accordance with its terms until October 31, 2019 at which time amounts outstanding under the note totaling $2.072 million converted to a ten year term loan, payable in 119 equal monthly installments with an additional final installment of unpaid principal and interest due on November 30, 2029. Before converting to a term loan, borrowings on the note had a variable interest rate of the one-month LIBOR rate plus 3%. After October 31, 2019, the interest rate was fixed at 3.51%. This term note is subject to the terms of the August 2020 Credit Agreement. On August 31, 2020, Corning Gas entered into a $3.718 million multiple disbursement term note with M&T which permitted draws from time to time to pay down $250,000 of existing M&T debt and for capital expenditures in accordance with its terms until October 31, 2020 at which time amounts outstanding under the note totaling $3.718 million converted to a ten year term loan, payable in 119 equal monthly installments with an additional final installment of unpaid principal and interest due on November 30, 2030. Before converting to a term loan, borrowings on the note had a variable interest rate of 3.0% plus the greater of one-month LIBOR or 0.5%. After October 31, 2020, the interest rate was fixed at 3.5%. This term note is subject to the terms of the August 2020 Credit Agreement. On December 4, 2018, Pike entered into a demand note with M&T for $510,000, payable in 364 days unless otherwise converted into a term note. On February 1, 2019 Pike converted the $510,000 demand note to a 10 year term loan with a fixed interest rate of 4.89% and monthly principal and interest payments of $5,397. On March 11, 2019, Leatherstocking Gas received a $6,000,000 ten year term loan from Wayne Bank. Most of the borrowed funds were used to retire debt from a predecessor lender. The interest rate for the first five years of the loan is a fixed rate of 4.75%. For years six through ten, the rate will be equal to the five year U.S. Treasury rate plus 2.25%. Prepayment penalties apply. The loan is secured by Leatherstocking Gas and Leatherstocking Pipeline assets, and is guaranteed by Leatherstocking Pipeline. The monthly principal and interest payment for this loan is $ 63,108. The term loan is subject to the terms of a March 2019 Credit Agreement. On August 30, 2019, Leatherstocking gas received a $615,000 9.5 year term loan from Wayne Bank. This loan was designed to mirror the $6 million term loan described above. The interest rate for the first 4.5 years of the loan is a fixed rate of 4.75%. For years six through ten, the rate will be equal to the five year U.S. Treasury rate plus 2.25%. Prepayment penalties apply. The loan is secured by Leatherstocking Gas and Leatherstocking Pipeline assets and is guaranteed by Leatherstocking Pipeline. The monthly principal and interest payment for this loan is $ 6,745. The term loan is subject to the term of an August 2019 credit agreement. On May 6, 2020, Corning Gas received a $970,900 loan under the U.S. Small Business Administration’s Payroll Protection Program. All or a portion of this loan may be forgiven as part of the program. Payments on any amount not forgiven are expected to be deferred for six months, then paid back over an eighteen month amortization period. Interest accrues at 1.0%. The proceeds from this loan are restricted as to use and cannot be used to retire existing debt. On April 28, 2020, Pike received a $137,200 loan under the U.S. Small Business Administration’s Payroll Protection Program. All or a portion of this loan may be forgiven as part of the program. Payments on any amount not forgiven are expected to be deferred for six months, then paid back over an eighteen month amortization period. Interest accrues at 1.0%. The proceeds from this loan are restricted as to use and cannot be used to retire existing debt. On July 7, 2020, Leatherstocking received a $65,491 loan under the U.S. Small Business Administration’s Payroll Protection Program. All or a portion of this loan may be forgiven as part of the program. Payments on any amount not forgiven are expected to be deferred for six months, then paid back over a 54 month amortization period. Interest accrues at 1.0% The proceeds from this loan are restricted as to use and cannot be used to retire existing debt. The Company was in compliance with all of its loan covenants as of September 30, 2020.

Lines of Credit

Lines of Credit	12 Months Ended
	Sep. 30, 2020
Line of Credit Facility [Abstract]
Lines of Credit	(7) Lines of Credit The Gas Company has a revolving line of credit of $8.0 million with M&T subject to the August 2020 Credit Agreement. Outstanding amounts bear interest at a variable rate determined by the Gas Company’s funded debt to EBITDA ratio calculated ninety days after the end of each quarter added to the daily LIBOR rate. This line was renewed under the same terms with no expiration date. The amount outstanding under this line on September 30, 2020 was approximately $5.1 million with an interest rate of 4.66%. The maximum amount outstanding during FY 2020 was $6,803,816. On August 31, 2016, Pike entered into an agreement with M&T for a $2.0 million revolving line of credit at an interest rate equal to LIBOR plus 2.75% with principal repayable on demand by the lender. This line was renewed under the same terms with no expiration date. The amount outstanding under this line on September 30, 2020 was approximately $1.5 million with an interest rate of 2.94%. The maximum amount outstanding during FY 2020 was $1,964,824. The agreement contains various affirmative and negative covenants of Pike including, (i) a total funded debt to tangible net worth ratio of not greater than 1.4 to 1.0, (ii) a total funded debt to EBITDA ratio of not greater than 3.75 to 1.0, and (iii) a minimum cash flow overage of not less than 1.1 to 1.0, with each of the financial covenants measured quarterly based on Pike’s trailing twelve month operating performance and fiscal quarterly financial statements commencing with the period ended September 30, 2017; compliance, accounting, and financial statement requirements, and prohibitions on changes in management or control, any sale of all or substantially all of its assets, acquisitions of substantially all the asset of any other entity, or other material changes to its business, purposes, structure or operations which could materially adversely affect Pike. On March 11, 2019, Leatherstocking Gas extended an existing $1 million line of credit from Wayne Bank to a maximum amount of $1,500,000. The line of credit is for an indefinite period, is guaranteed by Leatherstocking Pipeline, and is secured by Leatherstocking Gas and Leatherstocking Pipeline assets. The interest rate on funds borrowed under the line of credit is the prime rate (3.25% at September 30, 2020). The amount outstanding under this line on September 30, 2020 was approximately $1.1 million. The line of credit is subject to a March 2019 credit agreement.

Preferred Stock

Preferred Stock	12 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Preferred Stock	(8) Preferred Stock Series A Cumulative Preferred Stock accrues cumulative dividends at a rate of 6.0% of the liquidation preference per share ($25.00) and are expected to be paid on or about the 14th day of April, July, October and January of each year starting October 14, 2016. The dates of record for the dividends, if any, will be March 31, June 30, September 30 and December 31, immediately preceding the relevant dividend payment date. On September 30, 2023, outstanding shares of Series A Cumulative Preferred Stock will mature and be redeemed solely in cash at a redemption price equal to the liquidation preference per share plus an amount equal to all accrued but unpaid dividends subject to our having funds legally available for redemption under New York law. In the event of a fundamental change as defined on the Certificate of Amendment to the Certificate of Incorporation, holders of Series A Cumulative Preferred Stock have the right to redeem their shares at a redemption price equal to the liquidation preference per share plus an amount equal to all accrued but unpaid dividends prior to the effective date of the fundamental change subject to our having funds legally available for such redemption under New York law. A fundamental change is generally defined as a change of control of the Holding Company. The holders of Series A Cumulative Preferred Stock will have no voting rights except as specifically required by New York laws or by the Charter, as amended by the Certificate of Amendment, which allows voting rights under specific circumstances. If dividends on shares of Series A Cumulative Preferred Stock have not been declared and paid for eight or more consecutive dividend periods, the holders of Series A Cumulative Preferred Stock and Series B Convertible Preferred Stock, voting together as a single class with holders of all other preferred stock of equal rank having similar voting rights, will be entitled at our next special or annual meeting of shareholders to vote for the election of a total of one additional member of our Board of Directors, subject to certain limitations. On July 1, 2020, 50,000 shares of the Company’s 6% Series A Cumulative Preferred Stock valued at $1.25 million were issued in conjunction with the Company’s acquisition of the previously unowned interests in the Leatherstocking Companies. The Series A Cumulative Preferred Stock will, with respect to both dividend rights and rights upon liquidation, winding-up or dissolution of the Corporation, rank: (i) senior to all classes or series of the Corporation’s Common Stock; (ii) senior to any other class or series of the Corporation’s capital stock issued in the future, unless the terms of that capital stock expressly provide that it ranks senior to, or on parity with, the Series A Cumulative Preferred Stock; (iii) on parity with any class or series of the Corporation’s capital stock, the terms of which expressly provide that it will rank on parity with the Series A Cumulative Preferred Stock, including without limitation, the Series B Convertible Preferred Stock and the Series C Cumulative Preferred Stock; and (iv) junior to any other class of series of the Corporation’s capital stock, the terms of which expressly provide that it will rank senior to the Series A Cumulative Preferred Stock, none of which exists on the date hereof, and the issue of which would be subject to the approval of a majority of the outstanding shares of Preferred Stock voting as a class; and (v) subject to funds legally available and payment of or provision for the Corporation’s debts and other liabilities. In accordance with FASB ASC No. 480, because of the mandatory redemption feature, Series A Cumulative Preferred Stock is treated as a liability. The issuance costs are treated as debt issuance costs and will be amortized over the life of the instrument and a direct reduction of the Preferred A shares on the balance sheet. Unamortized debt issuance costs were $30,455 and $78,188 at September 30, 2020 and 2019, respectively. Dividends are recorded as interest expense. As of September 30, 2020, $97,725 was accrued for the dividend paid on October 15, 2020. As of September 30, 2019, $78,975 was accrued for the dividend paid on October 15, 2019. Preferred A dividends recorded as interest expense for FY 2020 and FY 2019 were $334,650 and $315,000, respectively. Series B Convertible Preferred Stock accrues cumulative dividends at a rate of 4.8% of the liquidation preference per share ($20.75) and are expected to be paid on or about the 14th day of April, July, October and January of each year commencing October 14, 2016. The dates of record for the dividends, if any, will be March 31, June 30, September 30 and December 31, immediately preceding the relevant dividend payment date. At any time and from time to time after issuance, the shares of Series B Convertible Preferred Stock are convertible, in whole or in part, at the option of the holder into shares of common stock at the rate of one-and-two-tenths (1.2) shares of our common stock for each one (1) share of Series B Convertible Preferred Stock, subject to adjustment for standard anti-dilution adjustments such as stock dividends or stock distributions; subdivisions or combinations of our common stock; and certain tender or exchange offers by us or one of our subsidiaries for our common stock, in each case subject to certain exceptions. In the event a holder of shares of the Series B Convertible Preferred Stock elects to convert any shares of Series B Convertible Preferred Stock that would result in such shareholder owning more than 10% of the capital stock of the Gas Company under the provisions of Section 70 of the New York Public Service Law, that holder would be unable to exercise the conversion right without prior consent of the NYPSC. The Holding Company will not pay any cash to a holder in respect of such conversion or otherwise settle any such conversion in cash, other than the right of the holder to receive payment in lieu of any fraction of a share in exchange therefor. The NYPSC approved the exercise of conversion rights on any Series B Convertible Preferred Stock by our three existing shareholders of 10% or more of our common stock. On September 30, 2026, outstanding shares of Series B Cumulative Preferred Stock will mature and be redeemed solely in cash at a redemption price equal to the liquidation preference per share plus an amount equal to all accrued but unpaid dividends subject to our having funds legally available under New York law. In the event of a fundamental change as defined on the Certificate of Amendment to the Certificate of Incorporation, holders of Series B Convertible Preferred Stock have the right to redeem their shares at a redemption price equal to the liquidation preference per share plus an amount equal to all accrued but unpaid dividends prior to the effective date of the fundamental change subject to our having funds legally available for such redemption under New York law. A fundamental change is generally defined as a change of control of the Holding Company. The holders of Series B Convertible Preferred Stock will have no voting rights except as specifically required by New York laws or by the Holding Company’s Charter, as amended by the Certificate of Amendment, which allows voting rights under specific circumstances as described in the Certificate of Amendment. If dividends on shares of Series B Convertible Preferred Stock have not been declared and paid for eight or more consecutive dividend periods, the holders of Series B Convertible Preferred Stock and the Series A Cumulative Preferred Stock, voting together as a single class with holders of all other preferred stock of equal rank having similar voting rights, will be entitled at our next special or annual meeting of shareholders to vote for the election of a total of one additional member of our Board of Directors, subject to certain limitations. The Series B Convertible Preferred Stock will, with respect to both dividend rights and rights upon liquidation, winding-up or dissolution of the Corporation, rank: (i) senior to all classes or series of the Corporation’s Common Stock; (ii) senior to any other class or series of the Corporation’s capital stock issued in the future, unless the terms of that capital stock expressly provide that it ranks senior to, or on parity with, the Series B Convertible Preferred Stock; (iii) on parity with any class or series of the Corporation’s capital stock, the terms of which expressly provide that it will rank on parity with the Series B Convertible Preferred Stock, including without limitation, the Series A Cumulative Preferred Stock and the Series C Cumulative Preferred Stock; and (iv) junior to any other class of series of the Corporation’s capital stock, the terms of which expressly provide that it will rank senior to the Series B Convertible Preferred Stock, none of which exists on the date hereof, and the issue of which would be subject to the approval of a majority of the outstanding shares of Preferred Stock voting as a class; and (v) subject to funds legally available and payment of or provision for the Corporation’s debts and other liabilities. In accordance with FASB ASC No. 480, Series B Cumulative Preferred Stock is not considered mandatorily redeemable as a result of the conversion feature presenting a contingency related to the redemption dates. Accordingly, this is not considered a liability. However, as a result of the decision related to conversion and not reaching redemption resting with the holder, this instrument has been classified as temporary equity in accordance with ASC 480. The Company determined that bifurcation of the embedded conversion option feature was not required. Upon conversion, the instrument would be reclassified as permanent equity. Dividends will be recorded each period in the consolidated statement of changes in stockholders’ equity and began to accrue July 1, 2016. As of September 30, 2020, $61,066 was accrued for dividends paid on October 15, 2020. As of September 30, 2019, $61,065 was accrued for dividends paid on October 15, 2019. The issuance costs of approximately $150,000 reduce the initial proceeds and will be accreted until redemption or conversion. Effective March 27, 2020, the Holding Company issued 180,000 shares of newly authorized 6% Series C Cumulative Preferred Stock at $25.00 per share, for gross proceeds of $4,500,000. Series C Cumulative Preferred Stock accrues cumulative dividends at a rate of 6.0% of the liquidation preference per share ($25.00) and are expected to be paid on or about the 14th day of April, July, October and January of each year starting July 14, 2020. The dates of record for the dividends, if any, will be March 31, June 30, September 30 and December 31, immediately preceding the relevant dividend payment date. On September 30, 2026, outstanding shares of Series C Cumulative Preferred Stock will mature and be redeemed solely in cash at a redemption price equal to the liquidation preference per share plus an amount equal to all accrued but unpaid dividends subject to our having funds legally available for redemption under New York law. In the event of a fundamental change as defined on the Certificate of Amendment to the Certificate of Incorporation, holders of Series C Cumulative Preferred Stock have the right to redeem their shares at a redemption price equal to the liquidation preference per share plus an amount equal to all accrued but unpaid dividends prior to the effective date of the fundamental change subject to our having funds legally available for such redemption under New York law. A fundamental change is generally defined as a change of control of the Holding Company. The holders of Series C Cumulative Preferred Stock will have no voting rights except as specifically required by New York laws or by the Charter, as amended by the Certificate of Amendment, which allows voting rights under specific circumstances. The proceeds of this issuance were used to buy the previously unowned interests in the Leatherstocking Companies and to finance capital improvement projects at Pike and Corning. The Series C Cumulative Preferred Stock will, with respect to both dividend rights and rights upon liquidation, winding-up or dissolution of the Corporation, rank: (i) senior to all classes or series of the Corporation’s Common Stock; (ii) senior to any other class or series of the Corporation’s capital stock issued in the future, unless the terms of that capital stock expressly provide that it ranks senior to, or on parity with, the Series C Cumulative Preferred Stock; (iii) on parity with any class or series of the Corporation’s capital stock, the terms of which expressly provide that it will rank on parity with the Series C Cumulative Preferred Stock, including without limitation, the Series A Cumulative Preferred Stock and the Series B Convertible Preferred Stock; and (iv) junior to any other class of series of the Corporation’s capital stock, the terms of which expressly provide that it will rank senior to the Series C Cumulative Preferred Stock, none of which exists on the date hereof, and the issue of which would be subject to the approval of a majority of the outstanding shares of Preferred Stock voting as a class; and (v) subject to funds legally available and payment of or provision for the Corporation’s debts and other liabilities. In accordance with FASB ASC No. 480, because of the mandatory redemption feature, Series C Cumulative Preferred Stock is treated as a liability. The issuance costs are treated as debt issuance costs and will be amortized over the life of the instrument and a direct reduction of the Preferred C shares on the balance sheet. Unamortized debt issuance costs were $1,524 and $0 at September 30, 2020 and 2019, respectively. Dividends are recorded as interest expense. As of September 30, 2020, $67,500 was accrued for the dividend paid on October 15, 2020. There were no dividends accrued as of September 30, 2019 as no shares of Preferred C Cumulative Preferred Stock were issued and outstanding. Preferred C dividends recorded as interest expense for FY 2020 and FY 2019 were $141,750 and $0, respectively.

Stockholders' Equity and Stock-

Stockholders' Equity and Stock-based Compensation	12 Months Ended
	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Stockholders' Equity and Stock-based Compensation	(9) Stockholders’ Equity and Stock-based Compensation For FY 2020, there were a total of 25,487 shares of common stock issued for $177,675 of services and $201,940 in connection with the DRIP (dividend reinvestment program). For FY 2019, there were a total of 25,209 shares of common stock issued for $239,481 of services and $186,446 in connection with the DRIP (dividend reinvestment program). Shares issued were as follows: Year ended September 30, 2020 Year ended September 30, 2019 Shares Amount Shares Amount Dividend reinvestment program (DRIP) 12,287 $ 201,940 10,009 $ 186,446 Directors 12,600 167,041 12,600 189,782 Leatherstocking Gas Company 600 10,634 600 11,699 Officers — — 2,000 38,000 Total 25,487 $ 379,615 25,209 $ 425,927 Stock Options: On August 31, 2020, immediately vested options to purchase 10,000 shares of the Company’s common stock were issued to the Company’s new CFO. There were no stock options outstanding as of October 1, 2018 and no options were issued during FY 2019. The following table summarizes this activity: Number of Weighted Weighted Outstanding at September 30, 2019 — — — Granted 10,000 $ 16.50 9.92 Exercised — — — Expired or Forfeited — — — Outstanding at September 30, 2020 10,000 $ 16.50 9.92 The Black-Scholes-Merton option pricing model was used to estimate the fair value of share-based awards under FASB ASC Topic 718. The Black-Scholes-Merton option pricing model incorporates various and highly subjective assumptions, including expected term and share price volatility. The expected term of options granted was estimated to be the average of the vesting term, historical exercise and forfeiture rates, and the contractual life of the option. The share price volatility at the grant date is estimated using historical stock prices based upon the expected term of the options granted. The risk-free interest rate assumption is determined using the rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. The following table summarizes the assumptions used to compute the fair value of the stock options granted: Year ended Assumptions for Black-Scholes: Expected term in years 5.0 Volatility 22.55% Risk-free interest rate 0.28% Dividend yield 3.52% Value of options granted: Weighted average fair value per option $ 1.95 Fair value of options granted $ 19,505 Dividends: Dividends on shares of common stock are accrued when declared by the board of directors. As of September 30, 2020, $468,235 was accrued for dividends paid on October 15, 2020 to stockholders of record on September 30, 2020. As of September 30, 2019, $441,494 was accrued for dividends paid on October 15, 2019 to stockholders of record on September 30, 2019. Total dividends for FY 2020 and FY 2019 were $1,843,983 and $1,745,766, respectively.

Investment in Joint Ventures

Investment in Joint Ventures	12 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Ventures	(10) Investment in Joint Ventures The Holding Company had an interest in Leatherstocking Gas and Leatherstocking Pipeline, each of which was a joint venture with Mirabito Regulated Industries, LLC (“Mirabito”), accounted for by the equity method. On July 1, 2020, Leatherstocking Gas Company, LLC distributed to its members franchises, engineering and gas pipeline assets located in New York having a book value of $0.532 million. These assets were then contributed to the equity of Leatherstocking Gas Company of New York, Inc. The Company owns 50% of the common shares of the newly formed Leatherstocking Gas Company of New York, Inc. and accounts for this investment using the equity method of accounting . The following table represents the Holding Company’s investment activity in the Joint Ventures at September 30, 2020 and September 30, 2019: 2020 2019 Beginning balance in investment in joint ventures $ 2,597,919 $ 2,740,575 Acquisition of previously unowned 50% interest in the Leatherstocking Companies (2,281,351 ) — Loss in joint ventures during year (51,928 ) (142,656 ) Ending balance in joint ventures $ 264,640 $ 2,597,919 As of and for the year ended September 30, 2020, the Joint Ventures had assets of $.527 million, liabilities of $0 million and combined net losses of approximately ($104,000). As of and for the year ended September 30, 2019, the Joint Ventures had combined assets of $12.7 million, combined liabilities of $7.5 million and combined net losses of approximately ($286,000).

Income Taxes

Income Taxes	12 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	(11) Income Taxes Income tax expense for the years ended September 30 is as follows: 2020 2019 Current $ (272,079 ) $ 14,165 Deferred 1,232,417 1,308,524 Total $ 960,338 $ 1,322,689 Actual income tax expense differs from the expected tax expense computed at the statuary rate of 21.00% for the years ended September 30, 2020 and September 30, 2019 as follows: 2020 2019 Expected federal tax expense $ 873,956 $ 933,853 Prior year tax recorded 7,433 80,160 AMT credit refund (272,079 ) — Federal income sur credit amortization 54,873 54,992 State tax expense (net of federal) 291,388 255,899 Other, net 4,767 (2,215 ) Actual tax expense $ 960,338 $ 1,322,689 The tax effects of temporary differences that result in deferred income tax assets and liabilities at September 30 are as follows: 2020 2019 Deferred income tax assets: Post-retirement benefit obligations $ 2,592,958 $ 2,762,794 NOL carryforwards 2,116,346 1,463,913 Customer Contribution 1,290,631 1,241,931 Regulatory reconciliation tax assets 434,833 350,320 Deferred compensation reserve 375,720 382,779 Other — 539,389 Total deferred income tax assets 6,810,488 6,741,126 Deferred income tax liabilities: Property, plant and equipment, principally due to differences in depreciation 9,653,332 8,668,093 Pension benefit obligations 2,119,400 2,099,588 Regulatory reconciliation tax liabilities 1,120,246 769,335 Bargain purchase 665,456 665,456 Storm costs 336,618 370,269 Recoverable fuel costs 428,093 306,471 Unbilled revenue 63,175 71,250 Total deferred income tax liabilities 14,386,320 12,950,462 Net deferred income tax liabilities $ 7,575,832 $ 6,209,336 The Company has a federal net operating loss carryforward of $3.8 million and New York and Pennsylvania state tax net operating loss carry forwards of approximately $7.9 million as of September 30, 2020 that begin to expire in 2025. As of September 30, 2019, the net operating loss carry forwards were $3.7 million for federal and $6.2 million for state. The alternate minimum tax (“AMT”) credit carryover of $0.3 million along with estimated tax payments of $69,698, were refunded in the third quarter of fiscal 2020. The Company paid no income taxes during fiscal 2020. The NYSPSC issued an order in Case 17-M-0815 that required the Company to quantify the amount of the deferred taxes that are due customers as a result of the 2017 Tax Act. The PAPUC issued a similar order in Case M-2018-2641242. The estimated amount due customers has been recorded as regulatory liability in the amount of $3,243,054 and $3,557,481, at September 30, 2020 and 2019, respectively. The accounting rules for uncertain taxes provide for the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recognized in the financial statements. The Holding Company has evaluated its tax positions and has not identified any significant uncertain tax positions. The Holding Company’s policy is to classify interest associated with uncertain tax positions as interest expense in the financial statements. Penalties are classified under other expense. The Holding Company files a consolidated federal income tax return and a consolidated New York State tax return. The Holding Company and Pike file separate company Pennsylvania state income tax returns.

Pension and Other Post-retireme

Pension and Other Post-retirement Benefit Plans	12 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Pension and Other Post-retirement Benefit Plans	(12) Pension and Other Post-Retirement Benefit Plans There are currently three covered participants related to the deferred compensation obligation that are all former officers. The liability on the consolidated balance sheets represents the present value of the future obligation. In 1997, the Gas Company established a trust (the Rabbi Trust) to fund a deferred compensation plan for certain officers. The fair market value of assets in the trust was $2,162,421 (plus $30,700 in additional stock) and $2,144,360 (plus $39,810 in additional stock) at September 30, 2020 and 2019, respectively, and the plan liability, which is labeled as deferred compensation on the consolidated balance sheets, was $1,366,266 and $1,391,924 at September 30, 2020 and 2019, respectively. The assets of the trust are available to general creditors in the event of insolvency. In 2020, the mortality assumption was based on the 2008 VBT Primary Male Smoker tables with generational improvements using scale MP-2019 for two of the covered participants which resulted in a decrease in the liabilities of $25,668. The Gas Company has defined benefit pension plans covering substantially all of its employees. The benefits are based on years of service and the employee’s highest average compensation during a specified period. The Gas Company makes annual contributions to the plans equal to amounts determined in accordance with the funding requirements of the Employee Retirement Security Act of 1974. Contributions are intended to provide for benefits attributed for service to date, and those expected to be earned in the future. In addition to the Gas Company’s defined benefit pension plans, the Gas Company offers post-retirement benefits comprised of medical and life coverage to its employees who meet certain age and service criteria. For union participants who retire on or after September 2, 1992, the Gas Company cost for post-retirement benefits is contractually limited and will not exceed $150 per month. This contract is in effect until April 5, 2021. The monthly benefit for all non-union employees, who retire between the ages of 62 and 65, will be the lesser of 40% of the retiree’s plan premium or $150. After age 65, the Gas Company pays up to $150 a month for the cost of the retiree’s supplemental plan. In addition, the Gas Company offers limited life insurance coverage to active employees and retirees. The post-retirement benefit plan is not funded. The Gas Company accrues the cost of providing post-retirement benefits during the active service period of the employee. The following table shows reconciliations of the Gas Company’s pension and post-retirement plan benefits as of September 30: Pension Benefits Post-retirement Benefits 2020 2019 2020 2019 Change in benefit obligations: Benefit obligation at beginning of year $ 25,599,774 $ 21,830,528 $ 1,334,577 $ 1,235,289 Service cost (excluding expected expenses) 649,444 458,813 18,533 16,492 Interest cost 985,296 1,035,097 37,021 47,755 Participant contributions — — 101,339 123,014 Actuarial gain (loss) 1,265,309 3,490,391 (10,472 ) 123,846 Benefits paid (1,263,895 ) (1,215,055 ) (181,632 ) (211,819 ) Curtailments — — — — Benefit obligation at end of year 27,235,928 25,599,774 1,299,366 1,334,577 Change in plan assets: Fair value of plan assets at beginning of year 17,540,516 17,322,720 — — Actual return on plan assets 1,859,129 763,132 — — Company contributions 1,423,285 764,594 80,293 88,805 Participant contributions — — 101,339 123,014 Benefits paid (1,362,505 ) (1,309,930 ) (181,632 ) (211,819 ) Fair value of plan assets at end of year 19,460,425 17,540,516 — — Funded status (7,775,503 ) (8,059,258 ) (1,299,366 ) (1,334,577 ) Unrecognized net actuarial loss/(gain) 6,161,807 6,348,307 23,547 36,636 Unrecognized prior service cost — — 121,911 135,890 (Accrued) prepaid benefit cost (1,613,696 ) (1,710,951 ) (1,153,908 ) (1,162,051 ) Accrued contribution — — — — Amounts recognized in the consolidated balance sheets consists of: accrued benefit liability (7,775,503 ) (8,059,258 ) (1,299,366 ) (1,334,577 ) Amounts recognized in the balance sheets consist of: Accrued pension cost as of beginning of fiscal year (1,710,951 ) (1,403,838 ) (1,162,051 ) (1,189,766 ) Pension (cost) (1,289,292 ) (1,326,030 ) (72,150 ) (61,090 ) Contributions 1,423,285 764,594 — — Change in receivable contribution (36,738 ) 254,323 — — Net benefits paid — — 80,293 88,805 Accrued pension cost as of end of fiscal year (1,613,696 ) (1,710,951 ) (1,153,908 ) (1,162,051 ) Fair value of plan assets at end of year Cash and equivalents $ 1,958,521 $ 633,981 — — Government and agency issues 2,610,037 3,552,866 — — Corporate bonds 3,241,935 3,261,451 — — Fixed index funds 764,720 1,029,307 — — Fixed income 1,625,944 993,911 — — Equity securities 9,259,268 8,069,000 — — $ 19,460,425 $ 17,540,516 — — The funded status of both plans totaling a deficiency of approximately $9.1 million and $9.4 million at September 30, 2020 and 2019, respectively, are included in pension costs and post-retirement benefits on the consolidated balance sheets along with an additional pension regulatory liability of approximately $333,000 and $290,000 as of September 30, 2020 and September 30, 2019, respectively for amounts owed to customers. In the fourth quarter of fiscal 2015 the Gas Company determined that it meets the criteria to record these items as a regulatory asset in accordance with FASB ASC No. 980-715-25-5. Amortization of unrecognized net loss for the Retirement Plan for the fiscal year ending September 30, 2020: 1 Projected benefit obligation as of September 30, 2020 $ 27,235,928 2 Plan assets at September 30, 2020 $ 19,460,425 3 Unrecognized loss as of September 30, 2020 $ 6,161,807 4 Ten percent of greater of (1) or (2) $ 2,723,593 5 Unamortized loss subject to amortization - (3) minus (4) $ 3,438,214 6 Active future service of active plan participants expected to receive benefits 12.80 7 Minimum amortization of unamortized net loss - (5)/(6) $ 268,631 8 Amortization of loss for 2020-2021 $ 976,625 Amortization of unrecognized net loss for the Post-Retirement Plan for the fiscal year ended September 30, 2020: Unrecognized net loss at October 1, 2019 subject to amortization $ 121,911 Amortization period 13 years Amortization for 2020 - 2021 (loss divided by period) $ 9,378 The service cost component of our pension and other postretirement plans, net of amounts capitalized, are reflected in “Operating and maintenance expense” on the Consolidated Statements of Income. The non-service cost components, net of amounts capitalized as a regulatory asset, are reflected in “Other expense” on the Consolidated Statements of Income. Net periodic benefit cost includes the following components: Pension Benefits Post-retirement Benefits FY 2020 FY 2019 FY 2020 FY 2019 Components of net period benefit cost: Service cost $ 744,444 $ 465,813 $ 18,533 $ 16,492 Interest cost 985,296 1,035,097 37,021 47,755 Expected return on plan assets (1,300,997 ) (1,279,864 ) — — Amortization of prior service — — 13,979 3,552 Amortization of unrecognized actuarial loss 897,287 850,661 2,617 (6,709 ) Net periodic benefit cost $ 1,326,030 $ 1,071,707 $ 72,150 $ 61,090 For ratemaking and financial statement purposes, pension and post-retirement represents the amount approved by the NYPSC in the Gas Company’s most recently approved rate case. Pension and post retirement expense (benefit) for ratemaking and financial statement purposes was $933,454 and $941,427 for FY 2020 and FY 2019, respectively. The difference between the pension expense (benefit) for ratemaking and financial statement purposes, and the amount computed above has been deferred as regulatory assets and are not included in the prepaid pension cost noted above. The cumulative amounts deferred equal $1,045,574 and $750,902 as of September 30, 2020 and 2019, respectively. Pension Benefits Post-retirement Benefits 2020 2019 2020 2019 Weighted average assumptions used to determine net period cost at September 30: Discount rate 3.64% 3.96% 2.21% 2.86% Salary increases 3.50% 3.50% N/A N/A Expected return on assets 7.50% 7.50% N/A N/A For FY 2020 and FY 2019, the discount rate was prepared by utilizing an analysis of the plan’s expected future cash flows and high-quality fixed-income investments currently available and expected to be available during the period to maturity of the pension benefits. The discount rate used is an estimate of the rate at which a defined benefit pension plan could settle its obligations. Rather than using a rate and curve developed using a bond portfolio, this method selects individual bonds to match to the expected cash flows of the Plan. Management feels this provides a more accurate depiction of the true cost to the Plan to settle the obligations as the Plan could theoretically go into the marketplace and purchase the specific bonds used in the analysis in order to settle the obligations of the Plan. The expected returns on plan assets of the Retirement Plan and Post-Retirement Plan are applied to the market-related value of plan assets of the respective plans. For the Retirement Plan, the market-related value of assets recognizes the performance of its portfolio over five years and reduces the effects of short-term market fluctuations. The Gas Company’s Retirement Plan assets are invested by a manager that reports at least annually to the Gas Company’s Investment Committee for review and evaluation. The manager has been given the objective to achieve modest capital appreciation with a secondary objective of achieving a relatively high level of current income using a mix of cash equivalents, fixed income securities and equities to structure a balanced investment portfolio. The Investment Committee does not reserve control over investment decisions, with the exception of certain limitations, and holds the manager responsible and accountable to achieve the stated objectives. The market-related value of Post-Retirement Plan assets is set equal to market value. For measurement purposes, a 6.50% annual rate of increase in the per capita cost of covered benefits (health care cost trend rate) was assumed for 2020. A 1% increase in the actual health care cost trend would result in approximately a 3.06% increase in the service and interest cost components of the annual net periodic post-retirement benefit cost and a 4.59% increase in the accumulated post-retirement benefit obligation. A 1% decrease in the actual health care cost trend would result in approximately a 2.25% decrease in the service and interest cost components of the annual net periodic post-retirement benefit cost and a 3.80% decrease in the accumulated post-retirement benefit obligation. The Gas Company contributed $1,423,285 and $764,594 to the Retirement Plan during FY 2020 and FY 2019, respectively. The estimated pension plan benefit payments are as follows: 2021 $ 1,513,952 2022 $ 1,508,365 2023 $ 1,518,476 2024 $ 1,552,685 2025 $ 1,614,898 2026+ $ 7,827,397 The Gas Company also maintains the Corning Natural Gas Corporation Employee Savings Plan (the “Savings Plan”). All employees of the Gas Company who work for more than 1,000 hours per year and who have completed one year of service may enroll in the Savings Plan at the beginning of each calendar quarter. Under the Savings Plan, participants may contribute up to 50% of their wages subject to limits imposed by ERISA and federal tax law. For all employees, the Gas Company matches one-half of the participant’s contribution up to a total of 6% of the participant’s wages. The plan is subject to the federal limitation. The Gas Company contribution to the plan were $105,225 in FY 2020 and $95,203 in FY 2019.

Segment Reporting

Segment Reporting	12 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Segment Reporting	(13) Segment Reporting The Company’s reportable segments have been determined based upon the nature of the products and services offered, customer base, availability of discrete internal financial information, homogeneity of products, delivery channel and other factors. The Corning Natural Gas Corporation (the “Gas Company”) is a gas distribution company providing gas on a commodity and transportation basis to its customers in the Southern Tier of New York State. Pike County Light & Power Company (“Pike”) provides electricity and natural gas to Pike County, Pennsylvania. The Holding Company is the parent company of all subsidiaries and has a 50% ownership in the Leatherstocking joint ventures. Leatherstocking Gas and Leatherstocking Pipeline are presented together as the Leatherstocking Companies in the table below. Leatherstocking Gas provided natural gas service to customers in northeast Pennsylvania. Leatherstocking pipeline has had no revenues since 2018. Corning Natural Gas Appliance Corporation’s (the “Appliance Company”) information is presented with the Holding Company as it is has little activity. The following table reflects the results of the segments consistent with the Holding Company’s internal financial reporting process. The following results are used in part, by management, both in evaluating the performance of, and in allocating resources to, each of the segments. For the year ended September 30, 2020 Gas Company Pike Leatherstocking Holding Total Total electric utility revenue $ 0 $ 7,000,667 $ 0 $ 0 $ 7,000,667 Total gas utility revenue $ 23,807,233 $ 1,446,654 $ 131,331 $ 0 $ 25,385,218 Investment income $ 181,978 $ 0 $ 0 $ 133 $ 182,111 Equity investment (loss) $ 0 $ 0 $ 0 $ (51,928 ) $ (51,928 ) Net income (loss) $ 3,198,642 $ 295,258 $ (124,639 ) $ (167,903 ) $ 3,201,358 Income tax expense (benefit) $ 1,236,697 $ 156,769 $ (54,597 ) $ (378,531 ) $ 960,338 Interest expense $ 1,284,074 $ 669,002 $ 89,729 $ 524,259 $ 2,567,064 Depreciation expense $ 1,880,619 $ 658,667 $ 78,439 $ 3,660 $ 2,621,385 Amortization expense $ 278,408 $ 401,882 $ 3,042 $ 47,859 $ 731,191 Total assets $ 94,147,736 $ 29,165,796 $ 12,326,387 $ 819,387 $ 136,459,306 Capital expenditures $ 6,686,081 $ 1,986,081 $ 0 $ 0 $ 8,672,162 * from July 1, 2020 For the year ended September 30, 2019 Gas Company Pike Leatherstocking Holding Total Total electric utility revenue $ 0 $ 8,239,784 $ 0 $ 0 $ 8,239,784 Total gas utility revenue $ 25,607,180 $ 1,693,015 $ 0 $ 0 $ 27,300,195 Investment income $ 52,095 $ 0 $ 0 $ 0 $ 52,095 Equity investment (loss) $ 0 $ 0 $ 0 $ (142,656 ) $ (142,656 ) Net income (loss) $ 2,780,092 $ 806,675 $ 0 $ (462,535 ) $ 3,124,232 Income tax expense (benefit) $ 1,122,170 $ 218,989 $ 0 $ (18,470 ) $ 1,322,689 Interest expense $ 1,382,394 $ 654,136 $ 0 $ 289,112 $ 2,325,642 Depreciation expense $ 1,836,873 $ 659,025 $ 0 $ 3,660 $ 2,499,558 Amortization expense $ 336,562 $ 402,778 $ 0 $ 47,776 $ 787,116 Total assets $ 88,098,228 $ 27,415,639 $ 0 $ 3,094,781 $ 118,608,648 Capital expenditures $ 4,442,609 $ 2,185,553 $ 0 $ 0 $ 6,628,162 *Not consolidated in fiscal 2019

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(14) Commitments and Contingencies The Gas Company is a local distribution company and has contracted for gas supply from various sources to provide the commodity to the city gates. The city gate is the transfer point at which we take ownership of the gas supply from local producers and interstate pipelines and billing metering starts. The Gas Company maintains storage capacity of approximately 736,000 dekatherms. The Gas Company is responsible for managing its gas supply assets. At September 30, 2020, the Gas Company had 573,609 dekatherms at a cost of $995,341 in storage. As the result of these actions, we anticipate that the Gas Company will have sufficient gas to supply our customers for the 2020-2021 winter heating season. At September 30, 2019, the Gas Company had 596,454 dekatherms at a cost of $1,238,826 in storage. The contract with O&R should provide sufficient electricity and natural gas to supply Pike for the 2020-2021 winter heating and summer cooling. The Gas Company has secured the NYPSC required fixed price and storage gas supply for the winter season and is managing its gas storage and gas contracts to assure that the Gas Company follows its gas supply and acquisition plan. The gas supply plan is a formal document that defines how we acquire natural gas to supply our customers. The plan is submitted to the NYPSC every year and adherence to the plan is a regulatory mandate. Assuming no extraordinary conditions for the winter season, gas supply, both flowing and storage, will be adequate to serve our approximately 15,000 customers. Environmental Considerations: The Company is subject to various federal, state and local environments laws and regulations. The Company has established procedures for the ongoing evaluation of its operations to identify potential environmental exposures and assure compliance with regulatory policies and procedures. Management believes the Company is in compliance with all applicable regulations.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	(15) Related Party Transactions Related party receivables are expenditures paid on behalf of the Holding Company’s joint venture investments. The outstanding receivable as of September 30, 2020 and September 30, 2019 was $9,032 and $5,818 respectively.

Business Acquisition

Business Acquisition	12 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Business Acquisition	(16) Business Acquisition On July 1, 2020, the Company completed the acquisition of its partner’s 50% interests in Leatherstocking Gas Company, LLC, and Leatherstocking Pipeline Company, LLC. Immediately before the acquisition, on July 1, 2020, Leatherstocking Gas Company, LLC distributed to its members franchises, engineering and gas pipeline assets located in New York having a book value of $0.532 million. These assets were then contributed to the equity of Leatherstocking Gas Company of New York, Inc. The Company owns 50% of the common shares of the newly formed Leatherstocking Gas Company of New York, Inc. and will account for this investment using the equity method of accounting . The Company applies the acquisition method of accounting for business acquisitions. Under the acquisition method, the purchase price of an acquisition is assigned to the underlying tangible and intangible assets acquired and liabilities assumed based on their respective fair values at the date of acquisition. The book value of the assets acquires was determined to approximate their fair value on the acquisition date. Amortization of goodwill related to the Leatherstocking Companies acquisition is deductible for tax purposes. Goodwill is included in the total assets of the Leatherstocking Companies segment for segment reporting. The goodwill is primarily attributable to expected synergies and the assembled workforce. Total consideration paid for the acquisition of the interests in the Leatherstocking Companies was $3.2 million, consisting of cash of $1.95 million and 50,000 shares of the Company’s 6% Series A Cumulative Preferred Stock valued at $1.25 million. The Company’s equity in the Leatherstocking Companies prior to the acquisition transaction approximated the fair value of that investment. There were no significant acquisition costs. The following is a summary of the purchase price allocation to the fair value of the Leatherstocking Companies assets and liabilities acquired. Consideration paid: Cash $ 1,950,000 Series A Cumulative Preferred Stock 1,250,000 3,200,000 Fair value of previously held interest 2,281,351 Total 5,481,351 Assets: Goodwill 918,121 Utility property, plant and equipment 11,060,742 Deferred debits 49,732 Cash 56,919 Other current assets 367,127 Total assets acquired 12,452,641 Liabilities: Long term debt 5,985,631 Short term notes 894,644 Current liabilities 91,015 Total liabilities assumed 6,971,290 Total $ 5,481,351 The results of the Leatherstocking Companies are included in the Company’s consolidated operating results as of the date the acquisition was completed. The following unaudited pro forma information presents the Company’s consolidated operating results as if the Leatherstocking Companies had occurred at the beginning of fiscal year 2019. The pro forma results do not purport to represent what the Company’s consolidated operating results actually would have been if the transaction had occurred at the beginning of fiscal 2019 or what the Company’s consolidated operating results will be in the future. Fiscal Year Ended September 30, 2020 2019 Total Revenue $ 33,516,435 $ 36,761,240 Net Income $ 3,161,114 $ 2,963,516

Subsequent Events

Subsequent Events	12 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	(17) Subsequent Events On November 18, 2020, the Internal Revenue Service issued Revenue Ruling 2020-27, related to the income tax treatment of expenses paid with proceeds of Paycheck Protection Program (“PPP”) loans. This ruling provides that expenses paid with PPP funds are not tax deductible, even if the borrower has not received forgiveness of their PPP loans, if the borrower reasonably believes that loan forgiveness will occur. This ruling supplements the IRS position on PPP loans that was announced in Notice 2020-32, issued in April of 2020. The notice disallowed deductions for expenses on PPP loans that are forgiven under the PPP program. The Company’s PPP loans totaling approximately $1.2 million have not yet been forgiven. The November Revenue Ruling would accelerate the non-deductibility of the Company’s PPP funded expenses to its September 30, 2020 tax year end. The Company has treated this ruling as a change in tax law subsequent to its year end, and will account for its impact (an increase in income tax expense of approximately $300,000) in the first quarter of fiscal 2021. Assuming that the Company’s PPP loans will be forgiven, this increase in tax expense will offset the expected recognition of income in fiscal 2021 from the forgiveness of PPP loans of approximately $1.2 million. The regulatory treatment of these matters is uncertain. Restricted Stock: In October 2020, the Company issued to its new CFO, who became CFO on July 1, 2020, 4,500 shares of restricted stock. Restrictions are based on continued employment with the Company and the restrictions lapse over a period beginning on June 1, 2021, and ending on December 1, 2022. The value of the restricted stock is $74,250.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Principles of Consolidation and Presentation	(a) Principles of Consolidation and Presentation The consolidated financial statements include the Holding Company and its wholly owned subsidiaries, Corning Gas, Pike, the Appliance Company and (from July 1, 2020) Leatherstocking Gas and Leatherstocking Pipeline. All intercompany accounts and balances have been eliminated. It is the Company’s policy to reclassify amounts in the prior year financial statements to conform to the current year presentation.
Utility Property, Plant and Equipment	(b) Utility Property, Plant and Equipment Utility property, plant and equipment are stated at the historical cost of construction or acquisition. These costs include payroll, fringe benefits, materials and supplies and transportation costs. The Company charges normal repairs to maintenance expense.
Depreciation	(c) Depreciation The Company provides for depreciation for accounting purposes using a straight-line method based on the estimated economic lives of property and equipment as determined by the current rate plan based on the latest depreciation study. At the time utility properties are retired, costs of removal less any salvage are charged to accumulated depreciation. The depreciation rate used for Corning Gas utility plant, expressed as an annual percentage of depreciable property, was 1.9% for the fiscal year ended September 30, 2020 (“FY 2020”) and 2.0% for the fiscal year ended September 30, 2019 (“FY 2019”). The NYPSC allows the Gas Company recovery in revenues to offset costs of building certain projects. The depreciation rate used for Pike, expressed as an annual percentage of depreciable property, was 2.5% for FY 2020 and 2.1% FY 2019. The depreciation rate used for the Leatherstocking Companies, expressed as an annual percentage of depreciable property, was 3.4% for FY 2020. The PAPUC allows Leatherstocking Gas to collect revenues from customers to offset cost of gas distribution system build out.
Accounting for Impairment	(d) Accounting for Impairment FASB ASC No. 360-10-15, “Accounting for the Impairment or Disposal of Long-Lived Assets” establishes accounting standards to account for the impairment of long-lived assets, and certain identifiable intangibles. Under FASB ASC No. 360-10-15, the Company reviews assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. FASB ASC No. 360-10-15 also requires that a rate regulated enterprise recognize an impairment when regulatory assets are no longer probable of recovery. No impairment losses were incurred for the years ended September 30, 2020 and 2019.
Marketable Securities	(e) Marketable Securities Marketable securities are intended to fund the Gas Company’s deferred compensation plan obligations. Such securities are reported at fair value based on quoted market prices. Unrealized gains and losses on debt securities classified as available for sale, net of the related income tax effect, are excluded from income, and reported as a component of accumulated other comprehensive income in stockholders’ equity until realized. Unrealized gains and losses on equity securities are included as a component of investment income in the consolidated statement of income. The cost of securities sold was determined using the specific identification method. For all investments in the unrealized loss position, none have been in an unrealized loss position for more than 12 months. None are other than temporary impairments based on management’s analysis of available market research. In FY 2020 and FY 2019, the Gas Company sold equity securities for realized gains (losses) included in earnings of $49,823 and ($3,994), respectively.
Fair Value of Financial Instruments	(f) Fair Value of Financial Instruments The Company has determined the fair value of debt and other financial instruments using a valuation hierarchy. The hierarchy, which prioritizes the inputs used in measuring fair value, consists of three levels. Level 1 uses observable inputs such as quoted prices in active markets; Level 2 uses inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, which is defined as unobservable inputs in which little or no market data exists, requires the Company to develop its own assumptions. The carrying amount of debt on the Consolidated Balance Sheets approximates fair value as a result of instruments bearing interest rates that approximate current market rates for similar instruments, and the carrying amounts for cash, accounts receivable and accounts payable approximate fair value due to their short-term nature. The assets used to fund the pension plan and marketable securities, which fund the Gas Company’s deferred compensation plan, are valued based on Level 1 inputs. The Company has determined the fair value of certain assets through application of FASB ASC 820 “Fair Value Measurements and Disclosures”. Fair value of assets and liabilities measured on a recurring basis at September 30, 2020 and 2019 are as follows: Fair Value Measurements at Reporting Date Using: Fair Value Quoted Prices in Active Markets for Level 2 Level 3 September 30, 2020 Marketable securities $ 2,193,112 $ 2,193,112 $ — $ — September 30, 2019 Marketable securities $ 2,184,170 $ 2,184,170 $ — $ — Financial assets and liabilities valued using level 1 inputs are based on unadjusted quoted market prices within active markets. The pension assets in Note 12 are valued using level 1 inputs.
Cash and Cash Equivalents	(g) Cash and Cash Equivalents Cash and cash equivalents include time deposits, certificates of deposit, and all highly liquid debt instruments with original maturities of three months or less. Cash and cash equivalents at financial institutions may periodically exceed federally insured limits.
Accounts Receivable	(h) Accounts Receivable Accounts receivable are stated net of an allowance for doubtful accounts. The Company estimates the allowance based on its analysis of specific balances, taking into consideration the age of past due accounts and relying on rules and guidelines established by the NYPSC and PAPUC regarding customer disconnects.
Gas Stored Underground	(i) Gas Stored Underground Gas stored underground is carried at an average unit cost method as prescribed by the NYPSC. Pike and Leatherstocking Gas do not have any gas storage.
Materials and Supplies Inventories	(j) Materials and Supplies Inventories Materials and supplies inventories are stated at the lower of cost or net realizable value, cost being determined on an average unit price basis.
Debt Issuance Costs	(k) Debt Issuance Costs Debt issuance costs are presented as a direct deduction from the associated debt. Costs associated with the issuance of debt by the Company are amortized over the lives of the related debt.
Regulatory Matters	(l) Regulatory Matters Certain costs of the Company are deferred and recognized as expenses when they are reflected in rates and recovered from customers as permitted by FASB ASC No. 980. These costs are shown as regulatory assets. Such costs arise from the traditional cost-of-service rate setting approach whereby all prudently incurred costs are generally recoverable through rates. Deferral of these costs is appropriate while the Company’s rates are regulated under a cost-of-service approach of the NYPSC and PAPUC for utilities (see Note 5 - Regulatory Matters). As regulated utilities, the Company defers certain costs for future recovery. In a purely competitive environment, such costs might have been currently expensed. Accordingly, if the Company’s rate settings were changed from a cost-of-service approach and the Gas Company, Pike and Leatherstocking Gas were no longer allowed to defer these costs under FASB ASC No. 980, certain of these assets might not be fully recoverable. However, the Company cannot predict the impact, if any, of competition and continues to operate in a cost-of-service based regulatory environment. Accordingly, the Company believes that accounting under FASB ASC No. 980 is appropriate .
Revenue Recognition	(m) Revenue Recognition The Company has the obligation to deliver gas and electricity to its customers. As gas and electricity are immediately available for use upon delivery to the customer, the gas or electricity and its delivery are identifiable as a single performance obligation. The Company recognizes revenues as this performance obligation is satisfied over time as the Company delivers, and its customers simultaneously receive and consume, the gas or electricity. The amount of revenues recognized reflects the consideration the Company expects to receive in exchange for delivering the gas or electricity. Under their tariffs, the transaction price for full-service customers includes the Company’s energy cost and for all customers includes delivery charges determined based on customer class and in accordance with established tariffs and guidelines of the NYPSC or the PAPUC, as applicable. Accordingly, there is no unsatisfied performance obligation associated with these customers. The transaction price is applied to the Company’s revenue generating activities through the customer billing process. Because gas and electricity are delivered over time, the Company uses output methods that recognize revenue based on direct measurement of the value transferred, such as units delivered, which provides an accurate measure of value for the gas or electricity delivered. The Gas Company records revenues from residential and commercial customers based on meters read on a cyclical basis throughout each month, while certain large industrial and utility customers’ meters are read at the end of each month. Several meters are read at the end of each month to calculate local production revenues. The Gas Company does not accrue revenue for gas delivered but not yet billed, as the NYPSC requires that such accounting must be adopted during a rate proceeding which the Gas Company has not done. The Gas Company, as part of its currently effective rate plan, has a weather normalization clause as protection against severe weather fluctuations. This affects space heating customers and is activated when degree days are 2.2% greater or less than the 30-year average. As a result, the effect on revenue fluctuations of weather related gas sales is somewhat moderated. Pike recognizes revenues for electric and gas service on a monthly billing cycle basis. Pike does not record unbilled revenues. Pike does not have a weather normalization clause as protection against severe weather. Leatherstocking Gas recognizes revenues for gas service on a monthly billing cycle basis. Leatherstocking Gas does not record unbilled revenues. Leatherstocking Gas does not have a weather normalization clause as protection against severe weather. In addition to weather normalization, the Gas Company has implemented a revenue decoupling mechanism (“RDM”). The RDM reconciles actual delivery service revenues to allowed delivery service revenues (which are based on the annual customer and volume forecasts in the last rate case) for certain residential customers. The Gas Company will refund or surcharge customers for differences between actual and allowed revenues. The shortfall or excess after the annual reconciliation will be surcharged or refunded to customers over a twelve-month period starting September 1 st Revenues are recorded as energy is delivered, generated, or services are provided and billed to customers. Amounts billed are recorded in customer accounts receivable, with payment generally due the following month. For additional disclosures required by ASC 606, see Note 2.
Cost of Sales	( n) Cost of Sales Cost of sales consists only of the costs of purchasing gas and electricity sold during the period presented. Gas purchases are recorded on readings of suppliers’ meters as of the end of each month. The Company’s rate tariffs include a Gas Adjustment Clause (“GAC”) or Gas Rate Clause (“GRC”) which adjusts rates to reflect changes in gas costs from levels established in the rate setting process. In order to match such costs and revenue, the NYPSC and PAPUC have provided for an annual reconciliation of recoverable GAC and GRC costs with applicable revenue billed. Any excess or deficiency in GAC and GRC revenue billed is deferred and the balance at the reconciliation date is either refunded to or recovered from customers over a subsequent twelve-month period. As part of its rate structure for electric sales, Pike is required to file quarterly a Statement of Default Services Charges. The Default Service Charges are separated into two components: (1) the Market Price of Electric Supply which is based on the forecast of electric supply costs applied to service classification-specific factors to reflect each service classification’s load characteristics, forecast sales and applicable losses, and (2) an Electric Supply Adjustment Charge to reconcile differences between default service revenues and costs. The new electric rates go into effect on the first day of the month after the filing is accepted.
Operating and Maintenance Expense	(o) Operating and Maintenance Expense Operating and maintenance expense includes all personnel, administrative, and marketing expenses of the Company, as well as expenses incurred in the maintenance of the Company’s utility property, plant and equipment.
Federal Income Tax	(p) Federal Income Tax The Company uses the asset and liability method to establish deferred tax assets and liabilities for the temporary differences between the financial reporting basis and the tax basis of the Holding Company’s assets and liabilities at enacted tax rates expected to be in effect when such amounts are realized or settled. In addition, such deferred tax assets and liabilities will be adjusted for the effects of enacted changes in tax laws and rates.
Revenue Taxes	(q) Revenue Taxes The Gas Company collects state revenue taxes on residential delivery rates. The amount included in Revenue and Taxes other than Income Taxes was $300,286 and $300,876 in FY 2020 and FY 2019, respectively. Pike collects state taxes on total revenue. The amounts collected were $409,266 and $535,984 in FY 2020 and FY 2019, respectively.
Stock Based Compensation	(r) Stock Based Compensation The Holding Company accounts for stock based awards in accordance with FASB ASC No. 718. The Holding Company awards restricted shares as compensation to our directors. The shares awarded become unrestricted upon a director leaving the board. Directors who also serve as officers of Corning Gas are not compensated for their service as directors. Since these shares are restricted, in recording compensation expense, the expense incurred is recorded at 25% less than the closing price of the stock on the day the stock was awarded. The fair value of stock options is determined using the Black Scholes option pricing model and expense recognition is based on the vesting provisions of the options granted.
Earnings Per Share	(s) Earnings Per Share Basic earnings per share are computed by dividing income available for common stock (net income less dividends declared on Series B Preferred Stock) by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For FY 2020, the impact of 10,000 stock options outstanding as of September 30, 2020 was determined to be anti-dilutive and were not included in diluted shares. There were no outstanding stock options as of September 30, 2019. The net income and average shares outstanding used to compute basic and diluted earnings per share for the years ended September 30, 2020 and September 30, 2019 are as follows: FY 2020 FY 2019 Net income attributable to common stockholders $ 2,957,095 $ 2,879,969 Add Preferred B Dividends 244,263 244,263 Net income $ 3,201,358 $ 3,124,232 Average shares outstanding - basic 3,060,233 3,035,479 Effect of Preferred B Shares 293,116 293,116 Average shares outstanding - diluted 3,353,349 3,328,595
Collective Bargaining Agreement	(t) Collective Bargaining Agreement The Company had 72 employees as of September 30, 2020, and 64 employees as of September 30, 2019. Of this total, approximately one third are members of the International Brotherhood of Electrical Workers Local 139 labor union working under an agreement effective until April 5, 2021.
Joint Ventures	(u) Joint Ventures Through June 30, 2020, the Holding Company had a 50% investment in Leatherstocking Gas Company, LLC and Leatherstocking Pipeline Company, LLC. The investment and equity in both companies (collectively, “Joint Ventures”) has been recognized in the consolidated financial statements. On July 1, 2020, Leatherstocking Gas Company, LLC distributed it’s New York assets into a new joint venture of which the Holding Company owns 50% and the Holding Company acquired the remaining 50% interests in Leatherstocking Gas, LLC’s Pennsylvania assets and the remaining 50% interests in Leatherstocking Pipeline Company, LLC. See Note 16. The Holding Company has accounted for its equity investments using the equity method of accounting based on the guidelines established in FASB ASC No. 323. In applying the guidance of FASB ASC 323, the Holding Company recognized the investment in the Joint Ventures as an asset at cost. The investment will fluctuate in future periods based on the Holding Company’s allocable share of earnings or losses from the remaining Joint Venture which is recognized through earnings.
Preferred Stock and Temporary Equity	(v) Preferred Stock and Temporary Equity The Holding Company classifies conditionally redeemable convertible preferred shares, which includes preferred shares subject to redemption upon the occurrence of uncertain events not solely within control of the Holding Company, as temporary equity in the mezzanine section of the consolidated balance sheets, in accordance with the guidance enumerated in FASB ASC No. 480-10 "Distinguishing Liabilities from Equity". The Company also analyzes the embedded conversion feature for bifurcation, based on whether the host instrument has more equity-like or debt-like characteristics. Dividends are recorded as a reduction to retained earnings and issuance costs reduce the initial proceeds and are then accreted over the life of the instrument to the redemption amount. The Holding Company records mandatorily redeemable stock as a liability in accordance with FASB ASC No. 480. Dividends are recorded as interest expense and issuance costs are treated the same way as debt issuance costs.
Adoption of New Accounting Guidance	(w) Adoption of New Accounting Guidance On October 1, 2019, we adopted Accounting Standards Update (“ASU”) 2016-02 “Leases” (Accounting Standards Codification (“ASC”) Topic 842), including the amendments thereto, using a modified retrospective transition method of adoption that required no prior period adjustments or charges to retained earnings for cumulative impact. From a lessee standpoint, on December 13, 2019 the Company purchased the only material item for $280,000, which had been previously leased, a section of 10” gas main. Prior to purchase, the Company paid a nominal fee annually for the use of this 10“ gas main. The Company did not change how this lease was accounted for prior to purchase. From a lessor standpoint, the only material lease is the lease of space in the Company’s headquarters to a local appliance company. This lease is an operating lease for which the Company receives less than $50,000 annually. The accounting for the lease did not change upon adoption of the new standard and there was no significant impact on these consolidated financial statements as a result of adoption of the new standard. On October 1, 2018, we adopted ASU 2016-01 “Financial Instruments—Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”), ASC 606 – “Revenues from Contracts with Customers” (“ASC 606”) and ASU 2017-07 “Compensation – Retirement Benefits”. With respect to ASU 2016-01, we reclassified net after-tax unrealized gains on equity securities of $100,131 as of October 1, 2018 from accumulated other comprehensive income (loss) to retained earnings. We continue to carry our investments in equity securities at fair value and there is no change to the asset values or total stockholders’ equity that we would have otherwise recorded. Beginning in fiscal 2019, we are including unrealized gains and losses arising from the changes in the fair values of our equity securities as a component of investment income in the Consolidated Statements of Income. On October 1, 2018 we adopted ASC 606 using the modified retrospective method, whereby the cumulative effect of the adoption is required to be recorded as an adjustment to retained earnings. For FY 2019, the Company recognized revenues from contracts with customers in accordance with ASC 606. The revenues recognized were equivalent to the revenues that would have been recognized had the Company not adopted ASC 606 and had recognized all revenues in accordance with ASC 605 – Revenue Recognition (“ASC 605”). No prior period adjustment or charge to retained earnings for cumulative impact was required as a result of the Company’s adoption of ASC 606. ASC 606 also provides for certain other disclosures which are included in Note 2. In March 2017, the FASB issued ASU 2017-07 “Compensation – Retirement Benefits” which amends the guidance related to the presentation of net periodic pension cost and net periodic postretirement benefit cost. The new guidance requires segregation of the service cost component from the other components of net periodic pension cost and net periodic postretirement benefit cost for financial reporting purposes. The service cost component is to be presented on the income statement in the same line items as other compensation costs included within Operating and maintenance expenses and the other components of net periodic pension cost and net periodic postretirement benefit cost are to be presented on the income statement below the subtotal labeled Utility operating income. Under this guidance, the service cost component is eligible to be capitalized as part of the cost of inventory or property, plant and equipment while the other components of net periodic pension cost and net periodic postretirement benefit cost are generally not eligible for capitalization, unless allowed by a regulator. The Company adopted this guidance effective October 1, 2018.
New Accounting Pronouncements Not Yet Adopted	(x) New Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326), which provides a model, known as the current expected credit loss model, to estimate the expected lifetime credit loss on financial assets, including trade and other receivables, rather than incurred losses over the remaining life of most financial assets measured at amortized cost. The guidance also requires use of an allowance to record estimated credit losses on available-for-sale debt securities. The new standard is effective for annual and interim periods beginning after December 15, 2022. The Company is currently evaluating the impact of the guidance on their consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans, which amends the existing guidance relating to the disclosure requirements for Defined Benefit Plans. The new standard is effective for fiscal years ending after December 15, 2020. The Company is currently evaluating the impact of the guidance on their consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis	Fair value of assets and liabilities measured on a recurring basis at September 30, 2020 and 2019 are as follows: Fair Value Measurements at Reporting Date Using: Fair Value Quoted Prices in Active Markets for Level 2 Level 3 September 30, 2020 Marketable securities $ 2,193,112 $ 2,193,112 $ — $ — September 30, 2019 Marketable securities $ 2,184,170 $ 2,184,170 $ — $ —
Schedule of Basic and Diluted Earnings Per Share	The net income and average shares outstanding used to compute basic and diluted earnings per share for the years ended September 30, 2020 and September 30, 2019 are as follows: FY 2020 FY 2019 Net income attributable to common stockholders $ 2,957,095 $ 2,879,969 Add Preferred B Dividends 244,263 244,263 Net income $ 3,201,358 $ 3,124,232 Average shares outstanding - basic 3,060,233 3,035,479 Effect of Preferred B Shares 293,116 293,116 Average shares outstanding - diluted 3,353,349 3,328,595

Revenue From Contracts With C_2

Revenue From Contracts With Customers (Tables)	12 Months Ended
	Sep. 30, 2020
Revenue from Contract with Customer [Abstract]
Schedule of contracts with customers	The following tables present revenue from contracts with customers as defined in ASC 606, as well as additional revenue from sources other than contracts with customers, disaggregated by major source. For the year ended September 30, 2020 Revenues from Other Total utility Corning Gas: Residential gas $ 14,627,661 $ 134,775 $ 14,762,436 Commercial gas 2,081,125 — 2,081,124 Transportation 4,359,621 177,991 4,537,612 Street lights gas 390 — 390 Wholesale 1,731,433 — 1,731,433 Local production 694,237 — 694,237 Total Corning Gas 23,494,467 312,766 23,807,233 Pike: Residential gas 1,139,761 2,932 1,142,693 Commercial gas 303,961 — 303,961 Total Pike retail gas 1,443,722 2,932 1,446,654 Residential electric 3,449,852 139,178 3,589,030 Commercial electric 3,288,582 — 3,288,582 Electric – street lights 123,055 — 123,055 Total Pike retail electric 6,861,489 139,178 7,000,667 Total Pike 8,305,211 142,110 8,447,321 Leatherstocking Companies (from July 1, 2020): Residential gas 47,117 — 47,117 Commercial gas 31,031 — 31,031 Industrial Sales 53,183 — 53,183 Total Leatherstocking Companies 131,331 — 131,331 Total consolidated utility operating revenue $ 31,931,009 $ 454,876 $ 32,385,885 For the year ended September 30, 2019 Revenues from Other Total utility Corning Gas: Residential gas $ 15,405,942 $ 583,941 $ 15,989,883 Commercial gas 2,453,170 (148,718 ) 2,304,452 Transportation 4,378,121 — 4,378,121 Street lights gas 468 — 468 Wholesale 2,236,053 — 2,236,053 Local production 698,203 — 698,203 Total Corning Gas 25,171,957 435,223 25,607,180 Pike: Residential gas 1,321,742 16,718 1,338,460 Commercial gas 354,555 — 354,555 Total Pike retail gas 1,676,297 16,718 1,693,015 Residential electric 3,882,291 121,963 4,004,254 Commercial electric 4,108,681 — 4,108,681 Electric – street lights 126,849 — 126,849 Total Pike retail electric 8,117,821 121,963 8,239,784 Total Pike 9,794,118 138,681 9,932,799 Total consolidated utility operating revenue $ 34,966,075 $ 573,904 $ 35,539,979 (a) Other revenues include revenue from alternative revenue programs, such as revenue decoupling mechanisms under New York gas rate plans and weather normalization clauses. This also reflects reductions in revenues resulting from the deferral as regulatory liabilities of the net benefits of the federal Tax Act of 2017.

Utility Property, Plant and E_2

Utility Property, Plant and Equipment (Tables)	12 Months Ended
	Sep. 30, 2020
Plant:
Schedule of Fixed Assets Included in Utility Property, plant and equipment	The following table summarizes fixed assets included in utility property, plant and equipment on the Holding Company’s Consolidated Balance Sheets at September 30, 2020 and 2019: 2020 2019 Utility Plant $ 5,071,273 $ 5,037,937 Poles & Line 16,747,567 14,980,190 Pipeline 62,778,752 53,846,773 Structures 40,492,351 33,436,173 Land 1,825,453 1,787,034 Construction Work in Progress 5,208,487 3,892,686 All Other 7,619,406 8,060,945 $ 139,743,289 $ 121,041,738

Marketable Securities (Tables)

Marketable Securities (Tables)	12 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Summary of Marketable Securities	A summary of the marketable securities at September 30, 2020 and 2019 is as follows: Cost Basis Unrealized Gain Unrealized Loss Market Value September 30, 2020: Cash and equivalents $ 120,559 $ — $ — $ 120,559 Metlife stock value 30,701 — — 30,701 Government and agency bonds 143,960 9,312 — 153,272 Corporate bonds 143,196 3,951 — 147,147 Mutual funds 42,664 2,414 — 45,078 Corning Preferred A Stock 572,875 45,830 — 618,705 Equity securities 788,793 265,654 1,054,447 Commodities 21,881 1,322 — 23,203 Total securities $ 1,864,629 $ 328,483 $ — $ 2,193,122 September 30, 2019: Cash and equivalents $ 64,457 $ — $ — $ 64,457 Metlife stock value 39,810 — — 39,810 Government and agency bonds 229,850 8,024 — 237,874 Corporate bonds 190,113 2,477 — 192,590 Mutual funds 22,359 486 — 22,845 Corning Preferred A Stock 572,875 41,247 — 614,122 Equity securities 866,600 145,872 — 1,012,472 Total securities $ 1,986,064 $ 198,106 $ — $ 2,184,170

Regulatory Matters (Tables)

Regulatory Matters (Tables)	12 Months Ended
	Sep. 30, 2020
Regulated Operations [Abstract]
Schedule of Regulatory Assets	Below is a summary of the Gas Company’s deferred regulatory assets as of September 30, 2020 and 2019: 2020 2019 Unrecovered gas and electric costs $ 1,966,184 $ 1,122,459 Deferred regulatory costs 4,894,434 4,264,396 Deferred pension costs 7,352,839 7,294,641 Total regulatory assets $ 14,213,457 $ 12,681,496
Schedule of Regulatory Costs	The following table summarizes deferred regulatory costs at September 30, 2020 and 2019: 2020 2019 2016 rate case costs $ 158,353 $ 253,353 2020 rate case costs 443,597 — Deferred interest costs 740,612 478,433 Income tax assets and reconciliation 1,467,419 1,211,017 Storm costs 1,086,215 1,228,854 Leak repair costs 349,547 349,547 Delivery rate deferral 513,605 548,049 All other regulatory costs, net 135,086 195,143 Total $ 4,894,434 $ 4,264,396

Long-term Debt (Tables)

Long-term Debt (Tables)	12 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Long Term Debt	Long-term debt, including the current portion, was as follows at September 30, 2020 and 2019: 2020 2019 Note Payable - fixed interest rate of 4.16% with monthly installments through November 2027 $ 21,978,316 $ 24,549,520 Note Payable - fixed interest rate of 4.92% with monthly installments through May 2028 9,064,012 10,010,035 Multiple Disbursement Note – variable interest rate through October 2018, fixed at 4.92% thereafter, with monthly installments through November 2028 3,035,067 3,335,974 Multiple Disbursement Note – variable interest rate through October 2019, fixed at 3.51% thereafter, with monthly installments through November 2029 2,887,401 1,836,662 Multiple Disbursement Note – variable interest rate through October 2019, fixed at 3.51% thereafter, with monthly installments through November 2029 1,955,778 1,643,043 Multiple Disbursement Note – variable interest rate through October 2020, fixed at 3.50% thereafter, with monthly installments through November 2030 3,687,741 — Note Payable – fixed interest rate of 4.89% with monthly installments through February 2029 431,485 479,627 Note Payable – fixed interest rate of 4.75% with monthly installments through February 2029 5,223,833 — Note Payable – fixed interest rate of 4.75% with monthly installments through February 2029 560,752 Payroll Protection Program loans – fixed interest rate of 1.00% due November 2021 if not forgiven 1,173,591 — Vehicle loans - variable interest rate ranging from 4.81% to 5.83% 564,718 345,770 Total long-term debt 50,562,694 42,200,631 Less current installments 6,271,068 4,260,846 Long-term debt less current installments $ 44,291,626 $ 37,939,785
Schedule of Long-Term Debt Maturities	The aggregate maturities of long-term debt for each of the five years subsequent to September 30, 2020 are as follows: 2021 $ 6,271,068 2022 $ 6,178,252 2023 $ 5,687,656 2024 $ 6,007,762 2025 $ 6,210,093

Stockholders' Equity and Stoc_2

Stockholders' Equity and Stock-based Compensation (Tables)	12 Months Ended
	Sep. 30, 2020
Stockholders' Equity Note [Abstract]
Schedule of Common Stock Issued	Shares issued were as follows: Year ended September 30, 2020 Year ended September 30, 2019 Shares Amount Shares Amount Dividend reinvestment program (DRIP) 12,287 $ 201,940 10,009 $ 186,446 Directors 12,600 167,041 12,600 189,782 Leatherstocking Gas Company 600 10,634 600 11,699 Officers — — 2,000 38,000 Total 25,487 $ 379,615 25,209 $ 425,927
Schedule of Stock Option Activity	The following table summarizes this activity: Number of Weighted Weighted Outstanding at September 30, 2019 — — — Granted 10,000 $ 16.50 9.92 Exercised — — — Expired or Forfeited — — — Outstanding at September 30, 2020 10,000 $ 16.50 9.92
Schedule of Assumptions Fair value of options granted	The following table summarizes the assumptions used to compute the fair value of the stock options granted: Year ended Assumptions for Black-Scholes: Expected term in years 5.0 Volatility 22.55% Risk-free interest rate 0.28% Dividend yield 3.52% Value of options granted: Weighted average fair value per option $ 1.95 Fair value of options granted $ 19,505

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	12 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of investment in joint ventures	The following table represents the Holding Company’s investment activity in the Joint Ventures at September 30, 2020 and September 30, 2019: 2020 2019 Beginning balance in investment in joint ventures $ 2,597,919 $ 2,740,575 Acquisition of previously unowned 50% interest in the Leatherstocking Companies (2,281,351 ) — Loss in joint ventures during year (51,928 ) (142,656 ) Ending balance in joint ventures $ 264,640 $ 2,597,919

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense	Income tax expense for the years ended September 30 is as follows: 2020 2019 Current $ (272,079 ) $ 14,165 Deferred 1,232,417 1,308,524 Total $ 960,338 $ 1,322,689
Schedule of Reconciliation of Income Tax	Actual income tax expense differs from the expected tax expense computed at the statuary rate of 21.00% for the years ended September 30, 2020 and September 30, 2019 as follows: 2020 2019 Expected federal tax expense $ 873,956 $ 933,853 Prior year tax recorded 7,433 80,160 AMT credit refund (272,079 ) — Federal income sur credit amortization 54,873 54,992 State tax expense (net of federal) 291,388 255,899 Other, net 4,767 (2,215 ) Actual tax expense $ 960,338 $ 1,322,689
Schedule of Deferred Income Tax Assets and Liabilities	The tax effects of temporary differences that result in deferred income tax assets and liabilities at September 30 are as follows: 2020 2019 Deferred income tax assets: Post-retirement benefit obligations $ 2,592,958 $ 2,762,794 NOL carryforwards 2,116,346 1,463,913 Customer Contribution 1,290,631 1,241,931 Regulatory reconciliation tax assets 434,833 350,320 Deferred compensation reserve 375,720 382,779 Other — 539,389 Total deferred income tax assets 6,810,488 6,741,126 Deferred income tax liabilities: Property, plant and equipment, principally due to differences in depreciation 9,653,332 8,668,093 Pension benefit obligations 2,119,400 2,099,588 Regulatory reconciliation tax liabilities 1,120,246 769,335 Bargain purchase 665,456 665,456 Storm costs 336,618 370,269 Recoverable fuel costs 428,093 306,471 Unbilled revenue 63,175 71,250 Total deferred income tax liabilities 14,386,320 12,950,462 Net deferred income tax liabilities $ 7,575,832 $ 6,209,336

Pension and Other Post-retire_2

Pension and Other Post-retirement Benefit Plans (Tables)	12 Months Ended
	Sep. 30, 2020
Retirement Benefits [Abstract]
Schedule of reconciliation of pension and post-retirement benefit plans	The following table shows reconciliations of the Gas Company’s pension and post-retirement plan benefits as of September 30: Pension Benefits Post-retirement Benefits 2020 2019 2020 2019 Change in benefit obligations: Benefit obligation at beginning of year $ 25,599,774 $ 21,830,528 $ 1,334,577 $ 1,235,289 Service cost (excluding expected expenses) 649,444 458,813 18,533 16,492 Interest cost 985,296 1,035,097 37,021 47,755 Participant contributions — — 101,339 123,014 Actuarial gain (loss) 1,265,309 3,490,391 (10,472 ) 123,846 Benefits paid (1,263,895 ) (1,215,055 ) (181,632 ) (211,819 ) Curtailments — — — — Benefit obligation at end of year 27,235,928 25,599,774 1,299,366 1,334,577 Change in plan assets: Fair value of plan assets at beginning of year 17,540,516 17,322,720 — — Actual return on plan assets 1,859,129 763,132 — — Company contributions 1,423,285 764,594 80,293 88,805 Participant contributions — — 101,339 123,014 Benefits paid (1,362,505 ) (1,309,930 ) (181,632 ) (211,819 ) Fair value of plan assets at end of year 19,460,425 17,540,516 — — Funded status (7,775,503 ) (8,059,258 ) (1,299,366 ) (1,334,577 ) Unrecognized net actuarial loss/(gain) 6,161,807 6,348,307 23,547 36,636 Unrecognized prior service cost — — 121,911 135,890 (Accrued) prepaid benefit cost (1,613,696 ) (1,710,951 ) (1,153,908 ) (1,162,051 ) Accrued contribution — — — — Amounts recognized in the consolidated balance sheets consists of: accrued benefit liability (7,775,503 ) (8,059,258 ) (1,299,366 ) (1,334,577 ) Amounts recognized in the balance sheets consist of: Accrued pension cost as of beginning of fiscal year (1,710,951 ) (1,403,838 ) (1,162,051 ) (1,189,766 ) Pension (cost) (1,289,292 ) (1,326,030 ) (72,150 ) (61,090 ) Contributions 1,423,285 764,594 — — Change in receivable contribution (36,738 ) 254,323 — — Net benefits paid — — 80,293 88,805 Accrued pension cost as of end of fiscal year (1,613,696 ) (1,710,951 ) (1,153,908 ) (1,162,051 ) Fair value of plan assets at end of year Cash and equivalents $ 1,958,521 $ 633,981 — — Government and agency issues 2,610,037 3,552,866 — — Corporate bonds 3,241,935 3,261,451 — — Fixed index funds 764,720 1,029,307 — — Fixed income 1,625,944 993,911 — — Equity securities 9,259,268 8,069,000 — — $ 19,460,425 $ 17,540,516 — —
Schedule of amortization of unrecognized net (gain)/loss	Amortization of unrecognized net loss for the Retirement Plan for the fiscal year ending September 30, 2020: 1 Projected benefit obligation as of September 30, 2020 $ 27,235,928 2 Plan assets at September 30, 2020 $ 19,460,425 3 Unrecognized loss as of September 30, 2020 $ 6,161,807 4 Ten percent of greater of (1) or (2) $ 2,723,593 5 Unamortized loss subject to amortization - (3) minus (4) $ 3,438,214 6 Active future service of active plan participants expected to receive benefits 12.80 7 Minimum amortization of unamortized net loss - (5)/(6) $ 268,631 8 Amortization of loss for 2020-2021 $ 976,625 Amortization of unrecognized net loss for the Post-Retirement Plan for the fiscal year ended September 30, 2020: Unrecognized net loss at October 1, 2019 subject to amortization $ 121,911 Amortization period 13 years Amortization for 2020 - 2021 (loss divided by period) $ 9,378
Schedule of components of net periodic benefit cost	Net periodic benefit cost includes the following components: Pension Benefits Post-retirement Benefits FY 2020 FY 2019 FY 2020 FY 2019 Components of net period benefit cost: Service cost $ 744,444 $ 465,813 $ 18,533 $ 16,492 Interest cost 985,296 1,035,097 37,021 47,755 Expected return on plan assets (1,300,997 ) (1,279,864 ) — — Amortization of prior service — — 13,979 3,552 Amortization of unrecognized actuarial loss 897,287 850,661 2,617 (6,709 ) Net periodic benefit cost $ 1,326,030 $ 1,071,707 $ 72,150 $ 61,090
Schedule of weighted average assumptions used to determine net period cost	The cumulative amounts deferred equal $1,045,574 and $750,902 as of September 30, 2020 and 2019, respectively. Pension Benefits Post-retirement Benefits 2020 2019 2020 2019 Weighted average assumptions used to determine net period cost at September 30: Discount rate 3.64% 3.96% 2.21% 2.86% Salary increases 3.50% 3.50% N/A N/A Expected return on assets 7.50% 7.50% N/A N/A
Schedule of estimated pension plan payments	The estimated pension plan benefit payments are as follows: 2021 $ 1,513,952 2022 $ 1,508,365 2023 $ 1,518,476 2024 $ 1,552,685 2025 $ 1,614,898 2026+ $ 7,827,397

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of results of the segments consistent with the Holding Company's internal financial reporting process	The following table reflects the results of the segments consistent with the Holding Company’s internal financial reporting process. The following results are used in part, by management, both in evaluating the performance of, and in allocating resources to, each of the segments. For the year ended September 30, 2020 Gas Company Pike Leatherstocking Holding Total Total electric utility revenue $ 0 $ 7,000,667 $ 0 $ 0 $ 7,000,667 Total gas utility revenue $ 23,807,233 $ 1,446,654 $ 131,331 $ 0 $ 25,385,218 Investment income $ 181,978 $ 0 $ 0 $ 133 $ 182,111 Equity investment (loss) $ 0 $ 0 $ 0 $ (51,928 ) $ (51,928 ) Net income (loss) $ 3,198,642 $ 295,258 $ (124,639 ) $ (167,903 ) $ 3,201,358 Income tax expense (benefit) $ 1,236,697 $ 156,769 $ (54,597 ) $ (378,531 ) $ 960,338 Interest expense $ 1,284,074 $ 669,002 $ 89,729 $ 524,259 $ 2,567,064 Depreciation expense $ 1,880,619 $ 658,667 $ 78,439 $ 3,660 $ 2,621,385 Amortization expense $ 278,408 $ 401,882 $ 3,042 $ 47,859 $ 731,191 Total assets $ 94,147,736 $ 29,165,796 $ 12,326,387 $ 819,387 $ 136,459,306 Capital expenditures $ 6,686,081 $ 1,986,081 $ 0 $ 0 $ 8,672,162 * from July 1, 2020 For the year ended September 30, 2019 Gas Company Pike Leatherstocking Holding Total Total electric utility revenue $ 0 $ 8,239,784 $ 0 $ 0 $ 8,239,784 Total gas utility revenue $ 25,607,180 $ 1,693,015 $ 0 $ 0 $ 27,300,195 Investment income $ 52,095 $ 0 $ 0 $ 0 $ 52,095 Equity investment (loss) $ 0 $ 0 $ 0 $ (142,656 ) $ (142,656 ) Net income (loss) $ 2,780,092 $ 806,675 $ 0 $ (462,535 ) $ 3,124,232 Income tax expense (benefit) $ 1,122,170 $ 218,989 $ 0 $ (18,470 ) $ 1,322,689 Interest expense $ 1,382,394 $ 654,136 $ 0 $ 289,112 $ 2,325,642 Depreciation expense $ 1,836,873 $ 659,025 $ 0 $ 3,660 $ 2,499,558 Amortization expense $ 336,562 $ 402,778 $ 0 $ 47,776 $ 787,116 Total assets $ 88,098,228 $ 27,415,639 $ 0 $ 3,094,781 $ 118,608,648 Capital expenditures $ 4,442,609 $ 2,185,553 $ 0 $ 0 $ 6,628,162 *Not consolidated in fiscal 2019

Business Acquisition (Tables)

Business Acquisition (Tables)	12 Months Ended
	Sep. 30, 2020
Business Combinations [Abstract]
Schedule of fair value of assets acquired and liabilities assumed	The following is a summary of the purchase price allocation to the fair value of the Leatherstocking Companies assets and liabilities acquired. Consideration paid: Cash $ 1,950,000 Series A Cumulative Preferred Stock 1,250,000 3,200,000 Fair value of previously held interest 2,281,351 Total 5,481,351 Assets: Goodwill 918,121 Utility property, plant and equipment 11,060,742 Deferred debits 49,732 Cash 56,919 Other current assets 367,127 Total assets acquired 12,452,641 Liabilities: Long term debt 5,985,631 Short term notes 894,644 Current liabilities 91,015 Total liabilities assumed 6,971,290 Total $ 5,481,351
Schedule of Pro forma unaudited condensed consolidated financial information	The pro forma results do not purport to represent what the Company’s consolidated operating results actually would have been if the transaction had occurred at the beginning of fiscal 2019 or what the Company’s consolidated operating results will be in the future. Fiscal Year Ended September 30, 2020 2019 Total Revenue $ 33,516,435 $ 36,761,240 Net Income $ 3,161,114 $ 2,963,516

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details)	12 Months Ended
	Sep. 30, 2020USD ($)itemshares	Sep. 30, 2019USD ($)itemshares	Jul. 02, 2020	Jun. 30, 2020
Significant Accounting Policies [Line Items]
Depreciation rate, annual percentage of depreciable property	1.90%	2.00%
Marketable securities, realized gains (losses)	$ 49,823	$ (3,994)
State revenue taxes collected	$ 300,286	$ 300,876
Shares issued for services, shares | shares	25,487	25,209
Number of Employees | item	72	64
Unrealized gains on equity securities		$ 100,131
Material purchased	$ 280,000
Antidilutive securities excluded from computation earning per share | shares	10,000
Leatherstocking Gas Company LLC And Leatherstocking Pipeline Company LLC [Member]
Significant Accounting Policies [Line Items]
Ownership interest			50.00%	50.00%
Pike [Member]
Significant Accounting Policies [Line Items]
Depreciation rate, annual percentage of depreciable property	2.50%	2.10%
State revenue taxes collected	$ 409,266	$ 535,984
Leatherstocking [Member]
Significant Accounting Policies [Line Items]
Depreciation rate, annual percentage of depreciable property	3.40%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Schedule of Fair Value of Assets and Liabilities) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 2,193,112	$ 2,184,170
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	2,193,112	2,184,170
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities

Summary of Significant Accoun_6

Summary of Significant Accounting Policies (Net income and average shares outstanding earnings per share) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Summary Of Significant Accounting Policies Net Income And Average Shares Outstanding Earnings Per Share
Net income attributable to common stockholders	$ 2,957,095	$ 2,879,969
Add Preferred B Dividends	244,263	244,263
Net income	$ 3,201,358	$ 3,124,232
Average shares outstanding - basic	3,060,233	3,035,479
Effect of Preferred B Shares	293,116	293,116
Average shares outstanding - diluted	3,353,349	3,328,595

Revenue From Contracts With C_3

Revenue From Contracts With Customers (Details) - USD ($)		3 Months Ended	12 Months Ended
		Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			$ 31,931,009	$ 34,966,075
Other revenues	[1]		454,876	573,904
Total utility operating revenues			32,385,885	35,539,979
Corning Residential Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			14,627,661	15,405,942
Other revenues	[1]		134,775	583,941
Total utility operating revenues			14,762,436	15,989,883
Corning Commercial Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			2,081,125	2,453,170
Other revenues	[1]			(148,718)
Total utility operating revenues			2,081,124	2,304,452
Corning Transportation [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			4,359,621	4,378,121
Other revenues	[1]		177,991
Total utility operating revenues			4,537,612	4,378,121
Corning Street Lights Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			390	468
Other revenues	[1]
Total utility operating revenues			390	468
Corning Wholesale [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			1,731,433	2,236,053
Other revenues	[1]
Total utility operating revenues			1,731,433	2,236,053
Corning Local Production [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			694,237	698,203
Other revenues	[1]
Total utility operating revenues			694,237	698,203
Total Corning Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			23,494,467	25,171,957
Other revenues	[1]		312,766	435,223
Total utility operating revenues			23,807,233	25,607,180
Pike Residential Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			1,139,761	1,321,742
Other revenues	[1]		2,932	16,718
Total utility operating revenues			1,142,693	1,338,460
Pike Commercial Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			303,961	354,555
Other revenues	[1]
Total utility operating revenues			303,961	354,555
Total Pike Retail Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			1,443,722	1,676,297
Other revenues	[1]		2,932	16,718
Total utility operating revenues			1,446,654	1,693,015
Pike Residential Electric [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			3,449,852	3,882,291
Other revenues	[1]		139,178	121,963
Total utility operating revenues			3,589,030	4,004,254
Pike Commercial Electric [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			3,288,582	4,108,681
Other revenues	[1]
Total utility operating revenues			3,288,582	4,108,681
Pike Electric - Street Lights [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			123,055	126,849
Other revenues	[1]
Total utility operating revenues			123,055	126,849
Pike Retail Electric [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			6,861,489	8,117,821
Other revenues	[1]		139,178	121,963
Total utility operating revenues			7,000,667	8,239,784
Total Pike [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers			8,305,211	9,794,118
Other revenues	[1]		142,110	138,681
Total utility operating revenues			$ 8,447,321	$ 9,932,799
Leatherstocking Residential Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		$ 47,117
Other revenues	[1]
Total utility operating revenues		47,117
Leatherstocking Commercial Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		31,031
Other revenues	[1]
Total utility operating revenues		31,031
Leatherstocking Industrial Sales [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		53,183
Other revenues	[1]
Total utility operating revenues		53,183
Leatherstocking [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		131,331
Other revenues	[1]
Total utility operating revenues		$ 131,331
[1]	Other revenues include revenue from alternative revenue programs, such as revenue decoupling mechanisms under New York gas rate plans and weather normalization clauses. This also reflects reductions in revenues resulting from the deferral as regulatory liabilities of the net benefits of the federal Tax Act of 2017.

Utillity Property, Plant and Eq

Utillity Property, Plant and Equipment (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Property, Plant and Equipment [Line Items]
Utility property, plant and equipment	$ 139,743,289	$ 121,041,738
Accumulated depreciation	30,853,644	29,263,612
Depreciation expense	2,621,385	2,499,558
Utility Plant [Member]
Property, Plant and Equipment [Line Items]
Utility property, plant and equipment	$ 5,071,273	5,037,937
Utility Plant [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	35 years
Utility Plant [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	55 years
Poles & Line [Member]
Property, Plant and Equipment [Line Items]
Utility property, plant and equipment	$ 16,747,567	14,980,190
Poles & Line [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	30 years
Poles & Line [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	65 years
Pipelines [Member]
Property, Plant and Equipment [Line Items]
Utility property, plant and equipment	$ 62,778,752	53,846,773
Useful life	66 years
Structures [Member]
Property, Plant and Equipment [Line Items]
Utility property, plant and equipment	$ 40,492,351	33,436,173
Structures [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	45 years
Structures [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	47 years
Land and Land Rights [Member]
Property, Plant and Equipment [Line Items]
Utility property, plant and equipment	$ 1,825,453	1,787,034
Land and Land Rights [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	50 years
Land and Land Rights [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	65 years
Construction Work in Progress [Member]
Property, Plant and Equipment [Line Items]
Utility property, plant and equipment	$ 5,208,487	3,892,686
All Other and Corporate [Member]
Property, Plant and Equipment [Line Items]
Utility property, plant and equipment	$ 7,619,406	$ 8,060,945
All Other and Corporate [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful life	5 years
All Other and Corporate [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful life	25 years

Marketable Securites (Details)

Marketable Securites (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Marketable Securities
Cost Basis	$ 1,864,629	$ 1,986,064
Unrealized Gain	328,483	198,106
Unrealized Loss
Market Value	2,193,112	2,184,170
Cash and Cash Equivalents [Member]
Marketable Securities
Cost Basis	120,559	64,457
Unrealized Gain
Unrealized Loss
Market Value	120,559	64,457
Metlife Stock Value [Member]
Marketable Securities
Cost Basis	30,701	39,810
Unrealized Gain
Unrealized Loss
Market Value	30,701	39,810
Government and agency bonds [Member]
Marketable Securities
Cost Basis	143,960	229,850
Unrealized Gain	9,312	8,024
Unrealized Loss
Market Value	153,272	237,874
Corporate bonds [ Member]
Marketable Securities
Cost Basis	143,196	190,113
Unrealized Gain	3,951	2,477
Unrealized Loss
Market Value	147,147	192,590
Mutual Funds [Member]
Marketable Securities
Cost Basis	42,664	22,359
Unrealized Gain	2,414	486
Unrealized Loss
Market Value	45,078	22,845
Equity securities [Member]
Marketable Securities
Cost Basis	788,793	866,600
Unrealized Gain	265,654	145,872
Unrealized Loss
Market Value	1,054,447	1,012,472
Commodities [Member]
Marketable Securities
Cost Basis	21,881
Unrealized Gain	1,322
Unrealized Loss
Market Value	23,203
Corning Preferred A Stock [Memer]
Marketable Securities
Cost Basis	572,875	572,875
Unrealized Gain	45,830	41,247
Unrealized Loss
Market Value	$ 618,705	$ 614,122

Regulatory Matters (Narrative)

Regulatory Matters (Narrative) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Regulatory Assets [Line Items]
Regulatory assets	$ 14,213,457	$ 12,681,496
Regulatory asset amortizations	621,679	677,139
Pension and Other Postretirement Plans Costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	7,352,839	7,294,641
Regulatory asset amortizations	1,045,574	773,807
Regulatory assets	14,213,457	12,681,496
Regulatory assets under deferred accounting petitions	1,435,762	1,544,347
Regulatory assets under regulatory audit	$ 2,463,304	$ 1,545,857

Regulatory Matters (Schedule of

Regulatory Matters (Schedule of Regulatory Assets) (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Regulatory Assets [Line Items]
Regulatory assets	$ 14,213,457	$ 12,681,496
Unrecovered Gas Costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	1,966,184	1,122,459
Deferred Regulatory Costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	4,894,434	4,264,396
Pension and Other Postretirement Plans Costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	$ 7,352,839	$ 7,294,641

Regulatory Matters (Schedule _2

Regulatory Matters (Schedule of Regulatory Costs) (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Regulatory Assets [Line Items]
Regulatory assets	$ 14,213,457	$ 12,681,496
2016 rate case costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	158,353	253,353
2020 rate case costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	443,597
Deferred interest costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	740,612	478,433
Income tax assets and reconciliation [Member]
Regulatory Assets [Line Items]
Regulatory assets	1,467,419	1,211,017
Storm costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	1,086,215	1,228,854
Leak repair costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	349,547	349,547
Delivery rate deferral [Member]
Regulatory Assets [Line Items]
Regulatory assets	513,605	548,049
All other regulatory costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	135,086	195,143
Deferred Regulatory Costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	$ 4,894,434	$ 4,264,396

Long-term Debt (Narrative) (Det

Long-term Debt (Narrative) (Details) - USD ($)

Jul. 07, 2020

May 06, 2020

Mar. 11, 2019

Feb. 01, 2019

Oct. 31, 2020

Apr. 28, 2020

Jun. 27, 2019

Oct. 31, 2018

May 23, 2018

Nov. 30, 2017

Sep. 30, 2018

Sep. 30, 2020

Aug. 31, 2020

Oct. 31, 2019

Sep. 30, 2019

Dec. 04, 2018

Debt Instrument [Line Items]

Short term borrowings

$ 7,698,269

$ 6,875,752

Term Note and Agreement [Member]

Debt Instrument [Line Items]

Debt, face amount

$ 29,000,000

Multiple Disbursement Note [Member]

Debt Instrument [Line Items]

Line of credit

8,000,000

Agreement with M&T [Member]

Debt Instrument [Line Items]

Debt, face amount

$ 3,127,000

$ 11,200,000

$ 29,000,000

$ 3,718,000

$ 510,000

Issuance date

Jun. 27, 2019

May 23, 2018

Nov. 30, 2017

Maturity date

Nov. 30, 2029

May 23, 2028

Nov. 30, 2027

Amortization period

10 years

10 years

Interest rate, variable rate basis

one-month LIBOR rate plus 3%

Interest rate, spread on basis

4.92%

4.16%

Periodic payment amount, interest and principal

$ 118,763

$ 296,651

Percentage of pre-payment penalty

1.00%

Agreement with M&T [Member] | Transaction One [Member]

Debt Instrument [Line Items]

Debt, face amount

$ 2,072,000

Issuance date

Jun. 27, 2019

Maturity date

Nov. 30, 2029

Amortization period

10 years

Interest rate, variable rate basis

one-month LIBOR rate plus 3%

Agreement with M&T [Member] | Term Loan [Member]

Debt Instrument [Line Items]

Debt, face amount

$ 510,000

$ 3,718,000

$ 3,127,000

Issuance date

Dec. 4, 2018

Aug. 31, 2020

Maturity date

Nov. 30, 2030

Amortization period

10 years

10 years

Interest rate, variable rate basis

variable interest rate of 3.0% plus the greater of one-month LIBOR or 0.5%.

Interest rate, spread on basis

4.89%

Effective interest rate

3.50%

3.51%

Periodic payment amount, interest and principal

$ 5,397

$ 250,000

Agreement with M&T [Member] | Term Loan [Member] | Transaction One [Member]

Debt Instrument [Line Items]

Debt, face amount

$ 2,072,000

Effective interest rate

3.51%

Multiple Disbursement Note November 2028 [Member]

Debt Instrument [Line Items]

Debt, face amount

$ 3,600,000

Issuance date

Aug. 15, 2018

Maturity date

Nov. 30, 2028

Amortization period

10 years

Interest rate, variable rate basis

one-month LIBOR rate plus 3%

Interest rate, spread on basis

4.92%

Wayne Bank [Member] | Term Loan [Member]

Debt Instrument [Line Items]

Debt, face amount

$ 6,000,000

Amortization period

10 years

Periodic payment amount, interest and principal

$ 63,108

Wayne Bank [Member] | Term Loan [Member] | First Five Year Interest Rate [Member]

Debt Instrument [Line Items]

Interest rate, spread on basis

4.75%

Wayne Bank [Member] | Term Loan [Member] | Six year to ten year Interest Rate [Member]

Debt Instrument [Line Items]

Interest rate, spread on basis

2.25%

U S Small Business Administration Payroll Protection Program [Member] | Gas Company [Member]

Debt Instrument [Line Items]

Proceeds from Issuance of Debt

$ 970,900

Interest rate

1.00%

U S Small Business Administration Payroll Protection Program [Member] | Pike [Member]

Debt Instrument [Line Items]

Proceeds from Issuance of Debt

$ 137,200

Interest rate

1.00%

U S Small Business Administration Payroll Protection Program [Member] | Leatherstocking [Member]

Debt Instrument [Line Items]

Proceeds from Issuance of Debt

$ 65,491

Interest rate

1.00%

Long-term Debt (Schedule of Lon

Long-term Debt (Schedule of Long-term Debt) (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Debt Instrument [Line Items]
Total long-term debt	$ 50,562,694	$ 42,200,631
Less current installments	6,271,068	4,260,846
Long-term debt less current installments	44,291,626	37,939,785
Note Payable November 2027 [Member]
Debt Instrument [Line Items]
Total long-term debt	21,978,316	24,549,520
Note Payable May 2028 [Member]
Debt Instrument [Line Items]
Total long-term debt	9,064,012	10,010,035
Multiple Disbursement Note November 2028 [Member]
Debt Instrument [Line Items]
Total long-term debt	3,035,067	3,335,974
Multiple Disbursement Note November 2029 [Member]
Debt Instrument [Line Items]
Total long-term debt	2,887,401	1,836,662
Multiple Disbursement Note November 2029 [Member]
Debt Instrument [Line Items]
Total long-term debt	1,955,778	1,643,043
Multiple Disbursement Note November 2030 [Member]
Debt Instrument [Line Items]
Total long-term debt	3,687,741
Note Payable February 2029 [Member]
Debt Instrument [Line Items]
Total long-term debt	431,485	479,627
Note Payable February 2029 [Member]
Debt Instrument [Line Items]
Total long-term debt	5,223,833
Note Payable February 2029 [Member]
Debt Instrument [Line Items]
Total long-term debt	560,752
Payroll Protection Program loans [Member]
Debt Instrument [Line Items]
Total long-term debt	1,173,591
Vehicle loans [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 564,718	$ 345,770

Long-term Debt (Schedule of Agg

Long-term Debt (Schedule of Aggregates of Long-term Debt) (Details)	Sep. 30, 2020USD ($)
Aggregate maturity of debt in fiscal year:
2021	$ 6,271,068
2022	6,178,252
2023	5,687,656
2024	6,007,762
2025	$ 6,210,093

Lines of Credit (Details)

Lines of Credit (Details) - USD ($)	Mar. 11, 2019	Sep. 30, 2020	Aug. 30, 2020	Sep. 30, 2019
Wayne Bank [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 1,000,000
Line of credit outstanding				$ 1,100,000
Line of credit, maximum amount outstanding	$ 1,500,000
Effective interest rate				3.25%
Agreement with M&T [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity			$ 8,000,000
Line of credit outstanding		$ 5,100,000
Line of credit, maximum amount outstanding		$ 6,803,816
Effective interest rate		4.66%
Pike Agreement with M&T [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity		$ 2,000,000
Line of credit outstanding		1,500,000
Line of credit, maximum amount outstanding		$ 1,964,824
Interest rate, spread on basis		2.75%
Debt to tangible net worth ratio that must be maintained		140.00%
Debt service coverage ratio that must be retained		375.00%
Cash flow coverage ratio		110.00%
Effective interest rate		2.94%

Preferred Stock (Details)

Preferred Stock (Details) - USD ($)	Jul. 02, 2020	Mar. 27, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2016
Class of Stock [Line Items]
Net proceeds					$ 4,498,394
Preferred stock shares outstanding			260,600	210,600	260,600	210,600
Interest expense					$ 2,567,064	$ 2,325,642
Series A cumulative preferred stock	$ 1,250,000
4.8% Series B Cumulative Preferred Stock [Memebr]
Class of Stock [Line Items]
Percentage of dividend rate on preferred shares					4.80%
Liquidation preference per share			$ 20.75		$ 20.75
Shareholder owning percentage							10.00%
Exercise of conversion rights							10.00%
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Issuance costs					$ 30,455	78,188
Dividends paid			$ 97,725	$ 78,975
Interest expense					334,650	315,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Issuance costs					150,000
Dividends paid					$ 61,066	61,065
Series C Cumulative Preferred Stock [Member]
Class of Stock [Line Items]
Percentage of dividend rate on preferred shares		6.00%			6.00%
Preferred shares par value		$ 25
Unamortized issuance costs			$ 1,524	$ 0	$ 1,524	0
Net proceeds		$ 4,500,000
Liquidation preference per share			$ 25		$ 25
Preferred stock shares outstanding		180,000
Dividends paid					$ 67,500
Interest expense					$ 141,750	$ 0
6% Series A Cumulative Preferred Stock [Member]
Class of Stock [Line Items]
Percentage of dividend rate on preferred shares	6.00%				6.00%
Liquidation preference per share			$ 25		$ 25
Number of shares acquired	50,000
Series A cumulative preferred stock	$ 1,250,000

Stockholders' Equity and Stoc_3

Stockholders' Equity and Stock-based Compensation (Details) - USD ($)	1 Months Ended	12 Months Ended
	Aug. 31, 2020	Sep. 30, 2020	Sep. 30, 2019
Class of Stock [Line Items]
Issuance of common stock, shares		25,487	25,209
Value of shares issued under DRIP		$ 201,940	$ 186,446
Shares issued for services		379,615	425,927
Dividends payable		468,235	441,494
Dividends for the year		$ 1,843,983	$ 1,745,766
CFO [Member]
Class of Stock [Line Items]
Immediate options vested to purchase	10,000

Stockholders' Equity and Stoc_4

Stockholders' Equity and Stock-based Compensation (Schedule of Common Stock Issued) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Class of Stock [Line Items]
Total, shares	25,487	25,209
Total	$ 379,615	$ 425,927
Directors [Member]
Class of Stock [Line Items]
Total, shares	12,600	12,600
Total	$ 167,041	$ 189,782
Leatherstocking Gas Company [Member]
Class of Stock [Line Items]
Total, shares	600	600
Total	$ 10,634	$ 11,699
Officers [Member]
Class of Stock [Line Items]
Total, shares		2,000
Total		$ 38,000
Dividend reinvestment program (DRIP) [Member]
Class of Stock [Line Items]
Total, shares	12,287	10,009
Total	$ 201,940	$ 186,446

Stockholders' Equity and Stoc_5

Stockholders' Equity and Stock-based Compensation (Schedule of Stock Option Activity) (Details)	12 Months Ended
	Sep. 30, 2020$ / sharesshares
Number of Options
Outstanding at September 30, 2019 | shares
Granted | shares	10,000
Exercised | shares
Expired or Forfeited | shares
Outstanding at September 30, 2020 | shares	10,000
Weighted-Average Exercise Price
Outstanding at September 30, 2019 | $ / shares
Granted | $ / shares	16.50
Exercised | $ / shares
Expired or Forfeited | $ / shares
Outstanding at September 30, 2020 | $ / shares	$ 16.50
Granted	9 years 11 months 1 day
Outstanding at September 30, 2020	9 years 11 months 1 day

Stockholders' Equity and Stoc_6

Stockholders' Equity and Stock-based Compensation (Schedule of Assumptions Fair value of options granted (Details)	12 Months Ended
	Sep. 30, 2020USD ($)$ / shares
Assumptions for Black-Scholes:
Expected term in years	5 years
Volatility	22.55%
Risk-free interest rate	0.28%
Dividend yield	3.52%
Value of options granted:
Weighted average fair value per option | $ / shares	$ 1.95
Fair value of options granted | $	$ 19,505

Investment in Joint Ventures (N

Investment in Joint Ventures (Narrative) (Details) - USD ($)	Jul. 02, 2020	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]
Assets acquired book value	$ 12,452,641
Purchase Price	$ 1,950,000
Combined assets		$ 136,459,306	$ 118,608,648
Net income (loss)		3,201,358	3,124,232
Leatherstocking Gas Company LLC And Leatherstocking Pipeline Company LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%			50.00%
Assets acquired book value	$ 532,000
Purchase Price		100,000
Combined assets		527,000	12,700,000
Combined liabilties		0	7,500,000
Net income (loss)		$ (104,000)	$ (286,000)
Leatherstocking Gas Company LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%

Investment in Joint Ventures (S

Investment in Joint Ventures (Schedule of Investment Activity) (Details) - USD ($)	Jul. 02, 2020	Sep. 30, 2020	Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Beginning balance in investment in joint ventures		$ 2,597,919	$ 2,740,575
Acquisition of previously unowned 50% interest in the Leatherstocking Companies	$ (2,281,351)	(2,281,351)
Loss in joint ventures during year		(51,928)	(142,656)
Ending balance in joint ventures		$ 264,640	$ 2,597,919

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating Loss Carryforwards [Line Items]
Operating loss carry forwards, expiration	Sep. 30, 2025
Alternate minimum tax	$ 3,000,000
Estimated tax payments	69,698
Regulatory liability	3,243,054	$ 3,557,481
Foreign [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carry forwards	3,800,000	3,700,000
State [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carry forwards	$ 7,900,000	$ 6,200,000

Income Taxes (Schedule of Defer

Income Taxes (Schedule of Deferred and Current Income Tax Expense) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Current	$ (272,079)	$ 14,165
Deferred	1,232,417	1,308,524
Total	$ 960,338	$ 1,322,689

Income Taxes (Schedule of Incom

Income Taxes (Schedule of Income Tax Reconciliation) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Expected federal tax expense	$ 873,956	$ 933,853
Prior year tax recorded	7,433	80,160
AMT credit refund	(272,079)
Federal income sur credit amortization	54,873	54,992
State tax expense (net of federal)	291,388	255,899
Other, net	4,767	(2,215)
Actual tax expense	$ 960,338	$ 1,322,689
Federal corporate tax rate	21.00%	21.00%

Income Taxes (Schedule of Inc_2

Income Taxes (Schedule of Income Tax Assets and Liabilities) (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Deferred income tax assets:
Post-retirement benefit obligations	$ 2,592,958	$ 2,762,794
NOL carryforwards	2,116,346	1,463,913
Customer Contribution	1,290,631	1,241,931
Regulatory reconciliation tax assets	434,833	350,320
Deferred compensation reserve	375,720	382,779
Other		539,389
Total deferred income tax assets	6,810,488	6,741,126
Deferred income tax liabilities:
Property, plant and equipment, principally due to differences in depreciation	9,653,332	8,668,093
Pension benefit obligations	2,119,400	2,099,588
Regulatory reconciliation tax liabilities	1,120,246	769,335
Bargain purchase	665,456	665,456
Storm costs	336,618	370,269
Recoverable fuel costs	428,093	306,471
Unbilled revenue	63,175	71,250
Total deferred income tax liabilities	14,386,320	12,950,462
Net deferred income tax liabilities	$ 7,575,832	$ 6,209,336

Pension and Other Post-retire_3

Pension and Other Post-retirement Benefit Plans (Narrative) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation	$ 1,366,256	$ 1,391,924
Funded status	9,100,000	9,400,000
Regulatory liabilities	3,243,054	3,557,481
Pension expense	933,454	941,427
Amounts not included in prepaid pension cost	$ 1,045,574	750,902
Annual rate increase of health care costs assumed	6.50%
Percentage change in health care costs (positive or negative)	1.00%
Change in service and interest costs with increase in health care costs	3.06%
Change in accumulated benefit obligations with increase in health care costs	4.59%
Change in service and interest costs with decrease in health care costs	2.25%
Change in accumulated benefit obligations with decrease in health care costs	3.80%
Post-retirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year
Monthly post-retirement benefit payout maximum	$ 150
Monthly post-retirement benefit payout minimum, percentage	40.00%
Funded status	$ 1,299,366	1,334,577
Company contributions	80,293	88,805
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	19,460,425	17,540,516	$ 17,322,720
Funded status	7,775,503	8,059,258
Regulatory liabilities	333,000	290,000
Expected contribution in 2020	1,423,285	764,594
Company contributions	$ 1,423,285	764,594
Corning Gas Employee Savings Plan [Member]
Defined Benefit Plan Disclosure [Line Items]
Maximum annual contribution per employee, percentage of wages	50.00%
Company matching contribution, percentage limit of employee pay	6.00%
Company contributions	$ 105,225	95,203
Rabbi Trust [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	2,162,421	2,144,360
Stock included in deferred compensation plan	30,700	$ 39,810
Increase in pension benefit obligation due to change in Mortality Table assumption	$ 25,668

Pension and Other Post-retire_4

Pension and Other Post-retirement Benefit Plans (Schedule of Pension and Post-retirement Plan Benefits Reconciliation) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Change in plan assets:
Funded status	$ (9,100,000)	$ (9,400,000)
Pension Benefits [Member]
Change in benefit obligations:
Benefit obligation at beginning of year	25,599,774	21,830,528
Service cost (excluding expected expenses)	649,444	458,813
Interest cost	985,296	1,035,097
Participant contributions
Actuarial gain (loss)	1,265,309	3,490,391
Benefits paid	(1,263,895)	(1,215,055)
Curtailments
Benefit obligation at end of year	27,235,928	25,599,774
Change in plan assets:
Fair value of plan assets at beginning of year	17,540,516	17,322,720
Actual return on plan assets	1,859,129	763,132
Company contributions	1,423,285	764,594
Participant contributions
Benefits paid	(1,362,505)	(1,309,930)
Fair value of plan assets at end of year	19,460,425	17,540,516
Funded status	(7,775,503)	(8,059,258)
Unrecognized net actuarial loss/(gain)	6,161,807	6,348,307
Unrecognized prior service cost
(Accrued) prepaid benefit cost	(1,613,696)	(1,710,951)
Accrued contribution
Amounts recognized in the consolidated balance sheets consists of:
Accrued benefit liability	(7,775,503)	(8,059,258)
Accrued pension cost as of beginning of fiscal year	(1,710,951)	(1,403,838)
Pension (cost)	(1,289,292)	(1,326,030)
Contributions	1,423,285	764,594
Change in receivable contribution	(36,738)	254,323
Net benefits paid
Accrued pension cost as of end of fiscal year	(1,613,696)	(1,710,951)
Post-retirement Benefits [Member]
Change in benefit obligations:
Benefit obligation at beginning of year	1,334,577	1,235,289
Service cost (excluding expected expenses)	18,533	16,492
Interest cost	37,021	47,755
Participant contributions	101,339	123,014
Actuarial gain (loss)	(10,472)	123,846
Benefits paid	(181,632)	(211,819)
Curtailments
Benefit obligation at end of year	1,299,366	1,334,577
Change in plan assets:
Fair value of plan assets at beginning of year
Actual return on plan assets
Company contributions	80,293	88,805
Participant contributions	101,339	123,014
Benefits paid	(181,632)	(211,819)
Fair value of plan assets at end of year
Funded status	(1,299,366)	(1,334,577)
Unrecognized net actuarial loss/(gain)	23,547	36,636
Unrecognized prior service cost	121,911	135,890
(Accrued) prepaid benefit cost	(1,153,908)	(1,162,051)
Accrued contribution
Amounts recognized in the consolidated balance sheets consists of:
Accrued benefit liability	(1,299,366)	(1,334,577)
Accrued pension cost as of beginning of fiscal year	(1,162,051)	(1,189,766)
Pension (cost)	(72,150)	(61,090)
Contributions
Change in receivable contribution
Net benefits paid	80,293	88,805
Accrued pension cost as of end of fiscal year	$ (1,153,908)	$ (1,162,051)

Pension and Other Post-retire_5

Pension and Other Post-retirement Benefit Plans (Schedule of Fair Value of Plan Assets) (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	$ 19,460,425	$ 17,540,516	$ 17,322,720
Pension Benefits [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	1,958,521	633,981
Pension Benefits [Member] | Government and agency bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	2,610,037	3,552,866
Pension Benefits [Member] | Corporate bonds [ Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	3,241,935	3,261,451
Pension Benefits [Member] | Fixed index funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	764,720	1,029,307
Pension Benefits [Member] | Fixed income [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	1,625,944	993,911
Pension Benefits [Member] | Equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	9,259,268	8,069,000
Post-retirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year
Post-retirement Benefits [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year
Post-retirement Benefits [Member] | Government and agency bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year
Post-retirement Benefits [Member] | Corporate bonds [ Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year
Post-retirement Benefits [Member] | Fixed index funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year
Post-retirement Benefits [Member] | Fixed income [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year
Post-retirement Benefits [Member] | Equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year

Pension and Other Post-retire_6

Pension and Other Post-retirement Benefit Plans (Schedule of Amortization of Unrecognized Net (Gain)/Loss for Retirement Plan) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018
Pension Benefits [Member]
Amortization of unrecognized net loss for the Retirement Plan for fiscal year ending September 30, 2018:
Projected benefit obligation as of September 30, 2020	$ 27,235,928	$ 25,599,774	$ 21,830,528
Plan assets at September 30, 2020	19,460,425	17,540,516	17,322,720
Unrecognized loss as of September 30, 2020	6,161,807	6,348,307
Unrecognized prior service cost
Ten percent of greater of (1) or (2)	2,723,593
Unamortized loss subject to amortization - (3) minus (4)	$ 3,438,214
Active future service of active plan participants expected to receive benefits	12 years 9 months 18 days
Minimum amortization of unamortized net loss - (5)/(6)	$ 268,631
Amortization of loss for 2020-2021	976,625
Post-retirement Benefits [Member]
Amortization of unrecognized net loss for the Retirement Plan for fiscal year ending September 30, 2018:
Projected benefit obligation as of September 30, 2020	1,299,366	1,334,577	1,235,289
Plan assets at September 30, 2020
Unrecognized loss as of September 30, 2020	23,547	36,636
Unrecognized prior service cost	$ 121,911	$ 135,890
Amortization period	13 years
Amortization of loss for 2020-2021	$ 9,378

Pension and Other Post-retire_7

Pension and Other Post-retirement Benefit Plans (Schedule of Net Period Benefit Cost (Benefit)) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Pension Benefits [Member]
Components of net period benefit cost
Service cost	$ 744,444	$ 465,813
Interest cost	985,296	1,035,097
Expected return on plan assets	(1,300,997)	(1,279,864)
Amortization of prior service
Amortization of unrecognized actuarial loss	897,287	850,661
Net periodic benefit cost	1,326,030	1,071,707
Post-retirement Benefits [Member]
Components of net period benefit cost
Service cost	18,533	16,492
Interest cost	37,021	47,755
Expected return on plan assets
Amortization of prior service	13,979	3,552
Amortization of unrecognized actuarial loss	2,617	(6,709)
Net periodic benefit cost	$ 72,150	$ 61,090

Pension and Other Post-retire_8

Pension and Other Post-retirement Benefit Plans (Schedule of Weighted Average Assumptions) (Details)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Pension Benefits [Member]
Weighted average assumptions used to determine net period cost at September 30:
Discount rate	3.64%	3.96%
Salary increases	3.50%	3.50%
Expected return on assets	7.50%	7.50%
Post-retirement Benefits [Member]
Weighted average assumptions used to determine net period cost at September 30:
Discount rate	2.21%	2.86%

Pension and Other Post-retire_9

Pension and Other Post-retirement Benefit Plans (Schedule of Estimated Plan Benefit Payments) (Details)	Sep. 30, 2020USD ($)
Estimated pension plan benefit payments in fiscal year;
2021	$ 1,513,952
2022	1,508,365
2023	1,518,476
2024	1,552,685
2025	1,614,898
2026+	$ 7,827,397

Segment Reporting (Details)

Segment Reporting (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020		Sep. 30, 2019
Segment Reporting Information [Line Items]
Total electric utility revenue	$ 7,000,667		$ 8,239,784
Total gas utility revenue	25,385,218		27,300,195
Investment income	182,111		52,095
Equity investment (loss)	(51,928)		(142,656)
Net income (loss)	3,201,358		3,124,232
Income tax expense (benefit)	960,338		1,322,689
Interest expense	2,567,064		2,325,642
Depreciation expense	2,621,385		2,499,558
Amortization expense	731,191		787,116
Total assets	136,459,306		118,608,648
Capital expenditures	8,672,162		6,628,162
Gas Company [Member]
Segment Reporting Information [Line Items]
Total electric utility revenue	0		0
Total gas utility revenue	23,807,233		25,607,180
Investment income	181,978		52,095
Equity investment (loss)	0		0
Net income (loss)	3,198,642		2,780,092
Income tax expense (benefit)	1,236,697		1,122,170
Interest expense	1,284,074		1,382,394
Depreciation expense	1,880,619		1,836,873
Amortization expense	278,408		336,562
Total assets	94,147,736		88,098,228
Capital expenditures	6,686,081		4,442,609
Pike [Member]
Segment Reporting Information [Line Items]
Total electric utility revenue	7,000,667		8,239,784
Total gas utility revenue	1,446,654		1,693,015
Investment income	0		0
Equity investment (loss)	0		0
Net income (loss)	295,258		806,675
Income tax expense (benefit)	156,769		218,989
Interest expense	669,002		654,136
Depreciation expense	658,667		659,025
Amortization expense	401,882		402,778
Total assets	29,165,796		27,415,639
Capital expenditures	1,986,081		2,185,553
Leatherstocking Companies [Member]
Segment Reporting Information [Line Items]
Total electric utility revenue	0	[1]	0	[2]
Total gas utility revenue	131,331	[1]	0	[2]
Investment income	0	[1]	0	[2]
Equity investment (loss)	0	[1]	0	[2]
Net income (loss)	(124,639)	[1]	0	[2]
Income tax expense (benefit)	(54,597)	[1]	0	[2]
Interest expense	89,729	[1]	0	[2]
Depreciation expense	78,439	[1]	0	[2]
Amortization expense	3,042	[1]	0	[2]
Total assets	12,326,387	[1]	0	[2]
Capital expenditures	0	[1]	0	[2]
Holding Company [Member]
Segment Reporting Information [Line Items]
Total electric utility revenue	0		0
Total gas utility revenue	0		0
Investment income	133		0
Equity investment (loss)	(51,928)		(142,656)
Net income (loss)	(167,903)		(462,535)
Income tax expense (benefit)	(378,531)		(18,470)
Interest expense	524,259		289,112
Depreciation expense	3,660		3,660
Amortization expense	47,859		47,776
Total assets	819,387		3,094,781
Capital expenditures	$ 0		$ 0
[1]	from July 1, 2020
[2]	Not consolidated in fiscal 2019

Commitments and Contingencies (

Commitments and Contingencies (Details)	Sep. 30, 2020USD ($)Dekatherms	Sep. 30, 2019USD ($)Dekatherms
Commitments and Contingencies Disclosure [Abstract]
Storage Capacity Maintained	736,000
Energy in storage	573,609	596,454
Gas stored underground | $	$ 995,341	$ 1,238,826
Customers	15,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Related Party Transactions [Abstract]
Related party receivables	$ 9,032	$ 5,818

Business Acquisition (Narrative

Business Acquisition (Narrative) (Details) - USD ($)	Jul. 02, 2020	Jun. 30, 2020
Business Acquisition [Line Items]
Assets acquired book value	$ 12,452,641
6% Series A Cumulative Preferred Stock [Member]
Business Acquisition [Line Items]
Number of shares acquired	50,000
Leatherstocking Gas Company LLC And Leatherstocking Pipeline Company LLC [Member]
Business Acquisition [Line Items]
Ownership percentage	50.00%	50.00%
Assets acquired book value	$ 532,000
Leatherstocking Gas Company LLC And Leatherstocking Pipeline Company LLC [Member] | 6% Series A Cumulative Preferred Stock [Member]
Business Acquisition [Line Items]
Number of shares acquired	50,000
Leatherstocking Gas Company LLC [Member]
Business Acquisition [Line Items]
Ownership percentage	50.00%

Business Acquisition (Schedule

Business Acquisition (Schedule of fair value of assets acquired and liabilities assumed) (Details) - USD ($)	Jul. 02, 2020	Sep. 30, 2020	Sep. 30, 2019
Consideration paid:
Cash	$ 1,950,000
Series A Cumulative Preferred Stock	1,250,000
Gross consideration	3,200,000
Fair value of previously held interest	2,281,351	$ 2,281,351
Total	5,481,351
Assets:
Goodwill	918,121	$ 918,121
Utility property, plant and equipment	11,060,742
Deferred debits	49,732
Cash	56,919
Other current assets	367,127
Total assets acquired	12,452,641
Liabilities:
Long term debt	5,985,631
Short term notes	894,644
Current liabilities	91,015
Total liabilities assumed	6,971,290
Total	$ 5,481,351

Business Acquisition (Schedul_2

Business Acquisition (Schedule of Pro forma unaudited condensed consolidated financial information) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Business Combinations [Abstract]
Total Revenue	$ 33,516,435	$ 36,761,240
Net Income	$ 3,161,114	$ 2,963,516

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2020	Dec. 16, 2020	Sep. 30, 2020	Sep. 30, 2019	Nov. 18, 2020
Subsequent Event [Line Items]
Amount of loan			$ 50,562,694	$ 42,200,631
Stock issued			25,487	25,209
Stock issued, value			$ 379,615	$ 425,927
Payroll Protection Program loans [Member]
Subsequent Event [Line Items]
Amount of loan			$ 1,173,591
Subsequent Event [Member] | CFO [Member] | Restricted Stock [Member]
Subsequent Event [Line Items]
Stock issued	4,500
Stock issued, value	$ 74,250
Subsequent Event [Member] | Payroll Protection Program loans [Member]
Subsequent Event [Line Items]
Amount of loan					$ 1,200,000
Expected tax expense to be recognized on Paycheck Protection loans		$ 300,000
Paycheck Protection Loans expected to be forgiven in future		$ 1,200,000