Corning Natural Gas Holding (CNIG) 10-Q 11 Feb 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Dec. 31, 2021	Feb. 11, 2022
Cover [Abstract]
Entity Central Index Key	0001582244
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Dec. 31, 2021
Document Transition Report	false
Entity File Number	000-00643
Entity Registrant Name	Corning Natural Gas Holding Corp
Entity Incorporation State or Country Code	NY
Entity Tax Identification Number	46-3235589
Entity Address, Address Line One	330 West William Street
Entity Address, City or Town	Corning
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	14830
City Area Code	607
Local Phone Number	936-3755
Title of 12(b) Security	None
Trading Symbol	N/A
Name of Exchange on which Security is Registered	NONE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		3,083,577

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Sep. 30, 2021
Plant:
Utility property, plant and equipment	$ 153,072,858	$ 150,540,525
Less: accumulated depreciation	(34,450,939)	(34,001,558)
Total plant, net	118,621,919	116,538,967
Investments:
Marketable securities at fair value	2,445,654	2,337,330
Investment in joint ventures		261,180
Total investments	2,445,654	2,598,510
Current assets:
Cash and cash equivalents	205,650	333,846
Customer accounts receivable, (net of allowance for uncollectible accounts of $137,337 and $82,040, respectively)	4,732,265	2,481,456
Other accounts receivable	601,154	748,655
Gas stored underground	1,384,810	1,366,341
Materials and supplies inventories	3,901,594	3,605,300
Prepaid expenses	1,209,294	1,746,336
Total current assets	12,034,767	10,281,934
Regulatory assets:
Unrecovered gas and electric costs	2,714,323	1,986,198
Deferred regulatory costs	5,757,087	6,112,370
Deferred pension	4,889,585	4,902,666
Goodwill	918,121	918,121
Other	708,543	715,981
Total regulatory and other assets	14,987,659	14,635,336
Total assets	148,089,999	144,054,747
Liabilities and capitalization
Long-term debt, less current installments	45,186,961	46,145,319
Less: debt issuance costs	(231,911)	(237,162)
Total long-term debt	44,955,050	45,908,157
Redeemable preferred stock - Series A (Authorized 261,500 shares. Issued and outstanding: 260,600 shares at December 31, 2021 and September 30, 2021, less issuance costs of $17,766 and $20,303, respectively)	6,497,234	6,494,697
Redeemable preferred stock - Series C (Authorized 180,000 shares. Issued and outstanding: 180,000 shares at December 31, 2021 and September 30, 2021, less issuance costs of $1,215 and $1,277, respectively)	4,498,785	4,498,723
Redeemable preferred stock - Series D (Authorized 5,000 shares. Issued and outstanding: 5,000 shares at December 31, 2021) less issuance costs of $0	5,000,000
Current liabilities:
Current portion of long-term debt	6,171,645	6,407,545
Demand notes payable	4,900,000	5,397,294
Borrowings under lines-of-credit	6,971,173	7,668,557
Accounts payable	5,058,476	3,844,210
Accrued expenses	241,705	271,461
Customer deposits and accrued interest	1,667,637	1,519,576
Dividends declared	530,296	530,296
Total current liabilities	25,540,932	25,638,939
Deferred credits and other liabilities:
Deferred income taxes	8,326,467	8,149,853
Regulatory liabilities	2,890,452	2,969,076
Deferred compensation	1,462,974	1,417,686
Pension costs and post-retirement benefits	7,495,648	7,180,088
Other	1,029,679	1,344,416
Total deferred credits and other liabilities	21,205,220	21,061,119
Commitments and contingencies
Temporary equity:
Redeemable convertible preferred stock - Series B (Authorized 244,500 shares. Issued and outstanding: 244,263 shares at December 31, 2021 and September 30, 2021)	4,986,968	4,980,562
Common stockholders' equity:
Common stock ($.01 par value per share. Authorized 4,500,000 shares. Issued and outstanding: 3,083,577 shares at December 31, 2021 and 3,083,577 at September 30, 2021)	30,836	30,836
Additional paid-in capital	28,292,551	28,292,551
Retained earnings	7,081,575	7,148,246
Accumulated other comprehensive income	848	917
Total common stockholders' equity	35,405,810	35,472,550
Total liabilities and capitalization	$ 148,089,999	$ 144,054,747

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2021	Sep. 30, 2021
Current assets:
Allowance for uncollectible accounts	$ 137,337	$ 82,040
Stockholders' equity
Redeemable preferred stock - Series A, authorized shares	261,500	261,500
Redeemable preferred stock - Series A, shares issued	260,600	260,600
Redeemable preferred stock - Series A, shares outstanding	260,600	260,600
Less debt issuance costs	$ 17,766	$ 20,303
Redeemable preferred stock - Series C, authorized shares	180,000	180,000
Redeemable preferred stock - Series C, shares issued	180,000	180,000
Redeemable preferred stock - Series C, shares outstanding	180,000	180,000
Redeemable less debt issuance costs	$ 1,215	$ 1,277
Redeemable preferred stock - Series D, authorized shares	5,000
Redeemable preferred stock - Series D, shares issued	5,000
Redeemable preferred stock - Series D, shares outstanding	5,000
Redeemable less debt issuance costs	$ 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	3,083,577	3,083,577
Common stock, shares outstanding	3,083,577	3,083,577

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Utility operating revenues:
Total utility operating revenues	$ 10,478,273	$ 8,319,398
Costs of sales:
Total cost of sales	3,638,502	2,062,763
Gross margin	6,839,771	6,256,635
Cost and expense:
Operating and maintenance expense	3,234,481	3,356,754
Taxes other than income taxes	977,647	892,745
Depreciation	845,840	869,440
Other deductions, net	64,778	68,044
Total costs and expenses	5,122,746	5,186,983
Utility operating income	1,717,025	1,069,652
Other income and (expense):
Interest expense	(857,055)	(745,445)
Other expense	(95,501)	(135,009)
Investment income	108,499	143,726
Loss associated with joint venture	(164,003)	(1,701)
Rental income	7,638	7,638
Income from utility operations before income taxes	716,603	338,861
Income tax expense	(252,310)	(155,687)
Net income	464,293	183,174
Less Series B Preferred Stock Dividends	61,066	61,066
Net income attributable to common stockholders	$ 403,227	$ 122,108
Weighted average earnings per share:
Basic	$ 0.13	$ 0.04
Diluted	$ 0.13	$ 0.04
Average shares outstanding - basic	3,083,577	3,080,107
Average shares outstanding - diluted	3,087,315	3,080,107
Gas Operating Revenues [Member]
Utility operating revenues:
Total utility operating revenues	$ 7,712,650	$ 6,422,149
Costs of sales:
Total cost of sales	2,584,750	1,269,682
Electric Service [Member]
Utility operating revenues:
Total utility operating revenues	2,765,623	1,897,249
Costs of sales:
Total cost of sales	$ 1,053,752	$ 793,081

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net income	$ 464,293	$ 183,174
Other comprehensive income (loss):
Net unrealized (loss) on debt securities available for sale net of (benefit) of ($26) and ($1,056), respectively	(69)	(3,475)
Total comprehensive income	$ 464,224	$ 179,699

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net unrealized gain (loss) on securities available for sale, tax	$ (26)	$ (1,056)

Consolidated Statements of Chan

Consolidated Statements of Changes in Common Stockholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid In Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Total
Beginning Balance at Sep. 30, 2020	$ 30,725	$ 28,144,702	$ 7,747,197	$ 10,891	$ 35,933,515
Beginning Balance shares at Sep. 30, 2020	3,072,547
Issuance of common stock	$ 111	96,918			97,029
Issuance of common stock, shares	11,030
Dividends declared on common			(469,897)		(469,897)
Dividends declared on Preferred B shares			(61,066)		(61,066)
Comprehensive income:
Change in unrealized loss on debt securities available for sale, net of income taxes				(3,475)	(3,475)
Net income			183,174		183,174
Ending Balance at Dec. 31, 2020	$ 30,836	28,241,620	7,399,408	7,416	35,679,280
Ending Balance, shares at Dec. 31, 2020	3,083,577
Beginning Balance at Sep. 30, 2021	$ 30,836	28,292,551	7,148,246	917	$ 35,472,550
Beginning Balance shares at Sep. 30, 2021	3,083,577				3,083,577
Dividends declared on common			(469,898)		$ (469,898)
Dividends declared on Preferred B shares			(61,066)		(61,066)
Comprehensive income:
Change in unrealized loss on debt securities available for sale, net of income taxes				(69)	(69)
Net income			464,293		464,293
Ending Balance at Dec. 31, 2021	$ 30,836	$ 28,292,551	$ 7,081,575	$ 848	$ 35,405,810
Ending Balance, shares at Dec. 31, 2021	3,083,577				3,083,577

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Common Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Dividends declared on common	$ 0.1525	$ 0.1525
Dividends declared on Preferred B shares	$ 0.25	$ 0.25

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 464,293	$ 183,174
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	845,840	869,440
Amortization of debt issuance cost	24,460	27,290
Non-cash pension expenses	235,357	235,357
Regulatory asset amortizations	87,728	155,446
Stock issued for services and stock option expense		45,280
Gain on sale of marketable securities	(21,764)	(26,464)
Unrealized gain on marketable securities	(72,152)	(114,258)
Deferred income taxes	252,310	155,687
Bad debt expense	52,308	85,185
Loss associated with joint venture	164,003	1,701
(Increase) decrease in:
Accounts receivable	(2,155,616)	(1,611,464)
Gas stored underground	(18,469)	40,662
Materials and supplies inventories	(296,294)	(121,701)
Prepaid expenses	537,042	418,121
Unrecovered gas and electric costs	(728,125)	(33,888)
Deferred regulatory costs	257,353	(245,867)
Other	10,142	10,017
Increase (decrease) in:
Accounts payable	1,211,443	554,268
Accrued expenses	(29,756)	(13,463)
Customer deposits and accrued interest	148,061	280,474
Deferred compensation	45,288	46,277
Deferred pension costs & post-retirement benefits	93,284	(190,638)
Other liabilities and deferred credits	(469,057)	(64,755)
Net cash provided by operating activities	637,679	685,881
Cash flows from investing activities:
Purchases of securities, net of sales	(14,477)	(6,303)
Proceeds from sale of interest in joint venture	100,000
Amount received from related parties		9,032
Capital expenditures	(2,928,792)	(2,378,506)
Net cash used in investing activities	(2,843,269)	(2,375,777)
Cash flows from financing activities:
Net (repayments on) proceeds from lines-of-credit	(697,384)	2,162,565
Debt issuance costs paid		(6,602)
Dividends paid	(530,964)	(478,219)
Repayment of demand loan	(500,000)
Proceeds from issuance of Series D preferred stock	5,000,000
Proceeds under long-term debt	237,517	1,259,990
Repayment of long-term debt	(1,431,775)	(1,229,225)
Net cash provided by financing activities	2,077,394	1,708,509
Net (decrease) increase in cash and cash equivalents	(128,196)	18,613
Cash and cash equivalents at beginning of period	333,846	411,700
Cash and cash equivalents at end of period	205,650	430,313
Cash paid during the period for:
Interest	633,526	813,263
Income taxes
Non-cash financing activities:
Dividends paid with shares		$ 51,749
Number of shares issued for dividends		3,380

Basis of Presentation

Basis of Presentation	3 Months Ended
	Dec. 31, 2021
Basis of Presentation [Abstract]
Basis of Presentation	Note 1 – Basis of Presentation Corning Natural Gas Holding Corporation (“Holding Company”) was incorporated in New York in July 2013 to serve as a holding company for Corning Natural Gas Corporation (“Corning Gas” or the “Gas Company”) and its dormant subsidiary Corning Natural Gas Appliance Corporation (the “Appliance Company”), Pike County Light & Power Company (“Pike”), Leatherstocking Gas Company, LLC (“Leatherstocking Gas”), and Leatherstocking Pipeline Company, LLC (“Leatherstocking Pipeline”). Until December 31, 2021, the Holding Company also owned 50% of Leatherstocking Gas of New York, Inc. (“Leatherstocking NY”). As used in this document, the term “the Company” refers to the consolidated operations of the Holding Company, Gas Company, Pike, and Leatherstocking Gas and Leatherstocking Pipeline. The Holding Company’s primary business, through its subsidiaries, is natural gas and electric distribution. Corning Gas serves approximately 15,000 residential, commercial, industrial and municipal customers in the Corning, Hammondsport and Virgil, New York, areas and two other gas utilities which serve the Elmira and Bath, New York, areas. It is franchised to supply gas service in all of the political subdivisions in which it operates. The Gas Company is under the jurisdiction of the New York Public Service Commission (“NYPSC”) which oversees and sets rates for New York gas distribution companies. In addition, the Gas Company has contracts with Corning Incorporated and Woodhull Municipal Gas Company, a small local utility, to provide maintenance service on their gas lines. Pike is an electric and gas utility regulated by the Pennsylvania Public Utility Commission (“PAPUC”). Pike provides electric service to approximately 4,900 customers in the Townships of Westfall, Milford, the northern part of Dingman, and in the Boroughs of Milford and Matamoras. Pike provides natural gas service to 1,300 customers in Westfall Township and the Borough of Matamoras. All of these communities are located in Pike County, Pennsylvania. Additionally, Leatherstocking Gas is also regulated by the PAPUC and distributes gas in Susquehanna and Bradford Counties, Pennsylvania. Leatherstocking Pipeline, an unregulated company, has served one customer in Lawton, Pennsylvania and has had no revenues since 2018. On January 12, 2021, Holding Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among Holding Company, ACP Crotona Corp. (“Parent”), and ACP Crotona Merger Sub Corp. (“Merger Sub”), pursuant to which Merger Sub will merge with and into Holding Company, and Holding Company will continue as the surviving corporation and a wholly owned subsidiary of Parent (the “Merger”). As a result of the Merger, shareholders of Holding Company will receive consideration for their shares in the following amounts: (i) $24.75 in cash, per share of common stock (the “Merger Consideration”); (ii) $25 per share of Series A preferred stock; (iii) $29.70 per share of Series B preferred stock; and (iv) $25 per share of Series C preferred stock. Amounts payable to all shareholders will include cash for any unpaid dividends. Parent and Merger Sub are affiliates of Argo Infrastructure Partners LP (“Argo”) and were formed by Argo in order to complete the Merger. The Merger is subject to, among other customary closing conditions, the approvals of the NYPSC and the PAPUC. On February 3, the PAPUC approved the Merger. In addition, the Merger requires the approval of the Company’s shareholders, which occurred at the Company’s annual shareholders meeting in May of 2021, and the expiration of any applicable waiting period under the Hart-Scott-Rodino Antitrust Improvement Act. The Merger Agreement also includes certain termination rights for both the Company and Parent and provides that, in connection with the termination of the Merger Agreement under specified circumstances, termination fees may be owed by the Company to Parent, depending on the circumstances surrounding a termination. The Merger Agreement provided for a 45-day “Go Shop” period which expired on February 26, 2021. During the “Go Shop” period, the Company received no competing offers or alternative acquisition proposals. The Company is now subject to a customary “No Shop” provision that restricts the Company’s ability to solicit acquisition proposals from third parties and to provide non-public information and to negotiate with third parties regarding unsolicited acquisition proposals that is reasonably expected to lead to a superior proposal. On April 30, 2021, the Company and Argo filed with the NYPSC and PAPUC joint petitions requesting approval to conclude the merger. Decisions from the commissions on the merger petitions are not expected until the first half of 2022. The Merger was voted on and approved by the Company’s shareholders at its annual shareholder meeting on May 27, 2021. 10 Table of Contents In connection with the execution of the Merger Agreement, the Company has suspended its dividend reinvestment plan. Upon consummation of the Merger, the Company’s common stock will be delisted from the OTCQX and deregistered under the Exchange Act as soon as practicable. The information furnished herewith reflects all adjustments which are, in the opinion of management, necessary for a fair presentation of the results for the period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted pursuant to SEC rules and regulations, although the Holding Company believes the disclosures which are made are adequate to make the information presented not misleading. The consolidated financial statements contained herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Holding Company’s latest annual report on Form 10-K for the fiscal year ended September 30, 2021 (“Annual Report”), filed on December 17, 2021. These interim consolidated financial statements are unaudited. Our significant accounting policies are described in the notes to the Consolidated Financial Statements in the Holding Company’s Annual Report. It is important to understand that the application of generally accepted accounting principles in the United States of America involves certain assumptions, judgments and estimates that affect reported amounts of assets, liabilities, revenues and expenses. Thus, the application of these principles can have varying results from company to company. Because our business is highly seasonal in nature, sales for each quarter of the year vary and are not comparable. Sales vary depending on seasonal variations in temperature, although the Gas Company’s weather normalization and revenue decoupling clauses approved by the NYPSC serve to stabilize net revenue, by insulating the Gas Company, to an extent, from the effects of unusual temperature variations and conservation. Certain larger customer classes are not covered by weather normalization or revenue decoupling and weather will impact revenue from these classes. Neither Pike nor Leatherstocking Gas have weather normalization or revenue decoupling clauses. It is the Holding Company’s policy to reclassify amounts in the prior year financial statements to conform to the current year presentation. New Accounting Pronouncements Not Yet Adopted In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326) 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	3 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Revenue From Contracts With Customers	Note 2 – Revenue From Contracts With Customers The following tables present, for the three months ended December 31, 2021 and 2020 (“Q1 FY 2022” and “Q1 FY 2021”, respectively), revenue from contracts with customers as defined in Accounting Standards Codification (“ASC”) 606 (Revenue from Contracts with Customers), as well as additional revenue from sources other than contracts with customers, disaggregated by major source. 11 Table of Contents For the three months ended December 31, 2021 Revenues from Other Total utility contracts with revenues operating customers (a) revenues Corning Gas: Residential gas $ 4,114,124 $ 59,983 $ 4,174,107 Commercial gas 607,543 - 607,543 Transportation 1,180,393 23,140 1,203,533 Street lights gas 136 - 136 Wholesale 704,200 - 704,200 Local production 69,065 - 69,065 Total Corning Gas $ 6,675,461 $ 83,123 $ 6,758,584 Pike: Residential gas $ 454,488 $ 4 $ 454,492 Commercial gas 126,622 - 126,622 Total Pike retail gas 581,110 4 581,114 Residential electric 1,274,768 118,826 1,393,594 Commercial electric 1,331,176 - 1,331,176 Electric – street lights 40,853 - 40,853 Total Pike retail electric 2,646,797 118,826 2,765,623 Total Pike $ 3,227,907 $ 118,830 $ 3,346,737 Leatherstocking Gas Residential gas $ 119,143 $ - $ 119,143 Commercial gas 115,993 - 115,993 Industrial sales 137,816 - 137,816 Total Leatherstocking Companies 372,952 - 372,952 Total consolidated utility operating revenue $ 10,276,320 $ 201,953 $ 10,478,273 (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 Cuts and Jobs Act of 2017. See “Regulatory Matters” in Note 9. 12 Table of Contents For the three months ended December 31, 2020 Revenues from Other Total utility contracts with revenues operating customers (a) revenues Corning Gas: Residential gas $ 3,393,723 $ (113,032 ) $ 3,280,691 Commercial gas 378,967 - 378,967 Transportation 1,127,974 51,428 1,179,402 Street lights gas 93 - 93 Wholesale 482,869 - 482,869 Local production 175,605 - 175,605 Total Corning Gas $ 5,559,231 $ (61,604 ) $ 5,497,627 Pike: Residential gas $ 413,874 $ (5,146 ) $ 408,728 Commercial gas 111,450 - 111,450 Total Pike retail gas 525,324 (5,146 ) 520,178 Residential electric 977,919 (1,210 ) 976,709 Commercial electric 887,934 - 887,934 Electric – street lights 32,606 - 32,606 Total Pike retail electric 1,898,459 (1,210 ) 1,897,249 Total Pike $ 2,423,783 $ (6,356 ) $ 2,417,427 Leatherstocking Gas Residential gas $ 138,832 - $ 138,832 Commercial gas 117,028 - 117,028 Industrial sales 148,484 - 148,484 Total Leatherstocking Companies 404,344 - 404,344 Total consolidated utility operating revenue $ 8,387,358 $ (67,960 ) $ 8,319,398 (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 Cuts and Jobs Act of 2017. See “Regulatory Matters” in Note 9. 13 Table of Contents 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 accrue for gas and electricity delivered. 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 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 1st each year. Pike and Leatherstocking Gas do not have a revenue decoupling mechanism as part of their rate structures. 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.

Pension and Other Post-retireme

Pension and Other Post-retirement Benefit Plans	3 Months Ended
	Dec. 31, 2021
Pension and Other Post-retirement Benefit Plans [Abstract]
Pension and Other Post-retirement Benefit Plans	Note 3 – Pension and Other Post-Retirement Benefit Plans Pension Benefits Other Benefits Three Months Ended December 31, Three Months Ended December 31, 2021 2020 2021 2020 Service Cost $ 220,073 $ 198,623 $ 5,807 $ 4,739 Interest Cost 241,251 240,959 8,012 6,973 Expected return on plan assets (339,249 ) (361,414 ) - - Amortization of prior service cost - - 3,810 3,810 Amortization of net (gain) loss 174,863 244,156 993 421 Net periodic benefit cost $ 296,938 $ 322,324 $ 18,622 $ 15,943 14 Table of Contents For ratemaking and financial statement purposes, pension expense represents the amount approved by the NYPSC in the Gas Company’s most recently approved rate case. Pension expense for ratemaking and financial statement purposes was $235,357 for Q1 FY 2022 and $235,357 for Q1 FY 2021. Total pension costs are recorded in accordance with accounting prescribed by the NYPSC in 1993. The cumulative net difference between the pension expense for ratemaking and financial statement purposes, since 1993, has been deferred as a regulatory asset and amounted to $550,495 and $1,358,763 at December 31, 2021 and December 31, 2020, respectively. The NYPSC has allowed the Gas Company to recover incremental costs associated with other post-retirement benefits through rates on a current basis. Other post-retirement benefit expense (benefit) (OPEB) for ratemaking and financial statement purposes was $13,175 for the Q1 FY 2022 and $13,209 for the Q1 FY 2021. Total OPEB costs are recorded in accordance with accounting prescribed by the NYPSC. The difference between the other post-retirement benefit expense (benefit) for ratemaking and financial statement purposes, and the amount computed above has been deferred as a regulatory asset. Contributions The Gas Company expects to contribute $607,211 to its Pension Plan during the fiscal year ending September 30, 2022. A total of $296,938 was paid to the Pension Plan during Q1 FY 2022 and $255,633 was paid to the Pension Plan during Q1 FY 2021.

Financing Activities

Financing Activities	3 Months Ended
	Dec. 31, 2021
Financing Activities [Abstract]
Financing Activities	Note 4 – Financing Activities On December 17, 2021, Corning Gas increased from $8.0 million to $8.5 million its revolving line of credit from M&T Bank. Corning Gas will use its increased line of credit for working capital purposes. The line of credit bears interest at a variable rate equal to (a) the applicable daily simple secured overnight financing rate (“SOFR”) or (b) 0.50% plus an interest rate spread ranging from 1.7% to 2.6% depending on the Company’s funded debt to leveraged EBITDA ratio. The line of credit is due and payable upon demand by M&T Bank. On October 5, 2021, Leatherstocking Gas renegotiated two long term loans with Wayne Bank that were issued in 2019 in the amount of $6 million and $650,000 respectively. The original loans had a fixed interest rate of 4.75% with an interest rate redetermination to occur on March 11, 2014. The new interest rate was scheduled to be equal to 2.25% in excess of the 5-year Treasury Yield Curve Rate. The renegotiated loans have a fixed interest rate of 4.75% for the remaining terms of the loans. The principal balances of the loans on the date of renegotiation were $4,751,146, and $501,565 respectively. The Holding Company guarantees these loans. On December 13, 2021, Leatherstocking Gas converted its multiple draw construction loan with Wayne Bank into a ten year 15 Table of Contents On June 25, 2021, Corning Gas entered into a $4.665 million multiple disbursement term note with M&T Bank to retire $850,000 of existing short term debt and which permitted draws from time to time for capital expenditures in accordance with its terms until October 31, 2021 at which time amounts outstanding under the note converted to a ten year term loan, with the final installment of unpaid principal and interest due on October 31, 2031. Interest on the note is a variable rate of 2.9% plus the one-month LIBOR rate. . In connection with the loan, Corning Gas entered into a fifth amended replacement and restated credit agreement with M&T Bank. On August 19, 2021, Pike entered into a $2.21 million multiple disbursement term loan with M&T Bank for capital expenditures and pipeline repairs which permitted draws from time to time until October 31, 2021, at which time amounts outstanding under the loan converted to a ten-year Credit Agreement We are in compliance with our financial covenant calculations as of December 31, 2021.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Dec. 31, 2021
Fair Value of Financial Instruments [Abstract]
Fair Value of Financial Instruments	Note 5 – Fair Value of Financial Instruments The Holding 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 Holding 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. Investment assets, which fund the Holding Company’s deferred compensation plan, are valued based on Level 1 inputs. 16 Table of Contents The Holding 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 December 31, 2021 and September 30, 2021 are as follows: Fair Value Measurements at Reporting Date Using: Fair Value Quoted Prices In Active Markets for Identical Assets/Liabilities (Level 1) Level 2 Level 3 December 31, 2021 Available-for-sale securities $ 2,445,654 $ 2,445,654 $ - $ - September 30, 2021 Available-for-sale securities $ 2,337,330 $ 2,337,330 $ - $ - A summary of the marketable securities at December 31, 2021 and September 30, 2021 is as follows: Cost Basis Unrealized Gain Unrealized Loss Market Value December 31, 2021 Cash and equivalents $ 479,083 $ - $ - $ 479,083 Metlife stock value 51,359 1,032 - 52,391 Government and agency bonds 15,069 1,031 - 16,100 Holding Company Preferred A Stock 197,875 400,207 - 598,082 Equity securities 810,099 438,782 - 1,248,881 Commodities 50,346 771 - 51,117 Total securities $ 1,603,831 $ 841,823 $ - $ 2,445,654 September 30, 2021 Cash and equivalents $ 148,327 $ - $ - $ 148,327 Metlife stock value 53,855 - 2,496 51,359 Government and agency bonds 15,072 1,243 - 16,315 Holding Company Preferred A Stock 197,875 400,207 - 598,082 Equity securities 1,122,826 367,741 - 1,490,567 Commodities 33,420 - 740 32,680 Total securities $ 1,571,375 $ 769,191 $ 3,236 $ 2,337,330 Realized gains included in earnings for the periods reported in investment income are as follows: Investment Income Three Months Ended December 31, 2021 2020 Net realized gains recognized during the period on investments $ 21,764 $ 26,464 Unrealized gains on equity securities included in investment income for Q1 FY 2022 and 2021 were $72,152 and $114,258, respectively. 17 Table of Contents Financial assets and liabilities valued using level 1 inputs are based on unadjusted quoted market prices as of the close of business on the days noted within active markets.

Stockholders' Equity and Prefer

Stockholders' Equity and Preferred Stock	3 Months Ended
	Dec. 31, 2021
Shareholders' Equity Note [Abstract]
Stockholders' Equity and Preferred Stock	Note 6 – Stockholders’ Equity and Preferred Stock Shares issued during the three months ended December 31, 2021 and 2020 were for the following: Q1 FY 2022 Q1 FY 2021 Shares Amount Shares Amount Dividend reinvestment program (DRIP) - $ - 3,380 $ 51,749 Directors - - 3,150 40,163 Officers - - 4,500 5,117 Total - $ - 11,030 $ 97,029 For the three months ended September 30, 2021, dividends were paid on October 15, 2021 to stockholders of record on September 30, 2021 in the amount of $469,898. For Q1 FY 2022, $469,898 was accrued for dividends paid on January 14, 2022 to stockholders of record on December 31, 2021. There was no stock option activity during Q1 FY 2022. The following table details options outstanding as of December 31, 2021. Weighted Weighted Average Number of Average Remaining Life Options Exercise Price (years) Outstanding at September 30, 2021 20,000 $ 19.75 9.45 Granted - - - Exercised - - - Expired or forfeited - - - Outstanding at December 31, 2021 20,000 $ 19.75 9.19 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. The dividends for Q1 FY 2022 and 2021 were $97,725 and $97,725, respectively, and these are recorded as interest expense. The amortization of the Series A Preferred Stock debt issuance costs was $2,537 in Q1 FY 2022 and $2,538 in Q1 FY 2021. 18 Table of Contents 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 and began October 14, 2016. At September 30, 2021 there was $61,066 accrued for Series B dividends paid on October 15, 2021. For Q1 FY 2022, $61,066 was accrued for dividends paid on January 14, 2022. 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. The dividends for Q1 FY 2022 and 2021 were $67,500 and $67,500, respectively, and these are recorded as interest expense. The amortization of the Series C Preferred Stock debt issuance costs was $62 in Q1 FY 2022 and $62 in Q1 FY 2021. On December 3, 2021, the Holding Company amended its certificate of incorporation (“Certificate of Amendment”) to authorize the issuance of 5,000 shares of 1.5% Series D Cumulative redeemable Preferred Stock ,par value of $0.01 per share (“Series D Preferred Stock”). The Certificate of Amendment provides for certain redemption requirements and rights. On December 8, 2026, Holding Company must redeem all of the outstanding shares of Series D Preferred Stock at a redemption price equal to $1,000 per share, plus an amount equal to all accrued but unpaid dividends, if any, whether or not declared. Upon the earlier to occur of (i) the termination of the Company’s merger agreement with Argo, and December 31, 2022, for one year thereafter, any holder of Series D Preferred Stock may elect to require the Holding Company to redeem all of the Series D Preferred Shares held by that holder for an amount equal to $1,000 per share, plus an amount equal to all accrued but unpaid dividends, if any, whether or not declared. On December 8, 2021, Holding Company issued 5,000 shares of its newly authorized Series D Preferred Stock to ACP Crotona Corp., for $1,000 per share, or $5 million. For Q1 FY 2022, $4,891 was accrued for dividends paid on January 15, 2022. As previously disclosed, on January 12, 2021, the Company entered into an agreement and plan or merger by and among the Company and, among others, ACP Crotona Corp., an Argo affiliate. The Company intends to use the funds raised for general working capital and to fund service expansion projects and capital replacement projects at each of its utilities over the next several years. In the short term, the Company used the funds to pay down short term borrowings at Corning Gas and at Leatherstocking Gas. The issuance of the Series D Preferred Stock was a private placement to an accredited investor exempt from registration under Section 4(a)(2) of the Securities Act of 1933. Basic earnings (loss) per share are computed by dividing income (loss) 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. 293,116 shares of common stock issuable upon conversion of Series B Convertible Preferred Stock were excluded from the calculation of diluted earnings per share for Q1 FY 2022 and Q1 FY 2021 because their inclusion would have been anti-dilutive. For Q1 FY 2022, the impact of 20,000 stock options outstanding was determined to be 3,738 incremental shares. For Q1 FY 2021, the impact of 10,000 stock options outstanding were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Investment in Joint Venture

Investment in Joint Venture	3 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Venture	Note 7 – Investment in Joint Venture 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 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. (“Leatherstocking NY”). The Company owned 50% of the common shares of the newly formed Leatherstocking NY and accounted for this investment using the equity method of accounting . The following table represents the Holding Company’s investment activity in the Leatherstocking joint ventures for the three months ended December 31, 2021 and 2020: 2021 2020 Beginning balance in investment in joint ventures $ 261,180 $ 264,640 Proceeds from sale of interest in joint ventures (100,000 ) - Loss on sales of interest in joint ventures (164,003 ) - Accounts payable due 2,823 - Loss associated with joint ventures - (1,701 ) Ending balance in joint ventures $ - $ 262,939 As of and for the three months ended December 31, 2021 and 2020, the joint ventures financial summary is as follows: 2021 2020 Total assets $ - $ 524,579 Total liabilities - $ 315 Net income (loss) - $ (3,400 )

Income Taxes

Income Taxes	3 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Note 8 – Income Taxes Income tax expense for the periods ended December 31, 2021, and December 31, 2020, are as follows: Three Months Ended Three Months Ended December 31, 2021 December 31, 2020 Current $ - $ - Deferred 252,310 155,687 Total $ 252,310 $ 155,687 Actual income tax expense for Q1 FY 2022 and Q1 FY 2021 is greater than tax calculated at the statutory rate (21%) due to state income taxes and non-tax deductible dividends on Class A, Class C, and in FY 2022, Class D preferred stock that are recorded as interest expense and included in pre-tax income.

Regulatory Matters

Regulatory Matters	3 Months Ended
	Dec. 31, 2021
Regulated Operations [Abstract]
Regulatory Matters	Note 9 – Regulatory Matters Holding Company The Holding Company’s primary business, through its subsidiaries Corning Gas, Pike, and Leatherstocking Gas, is regulated by the NYPSC and PAPUC, among other agencies. On April 30, 2021, the Company and Argo filed with the NYPSC a Verified Joint Petition seeking approval, pursuant to Section 70 of the New York Public Service Law for its merger. This case is pending approval by the Commission and there is no statutory timeline for the NYPSC to decide this matter. Also on April 30, 2021, the Company and Argo filed with the PAPUC a Joint Application requesting certificates of public convenience from the PAPUC and seeking all other PAPUC approvals necessary for the merger. On December 20, 2021, the administrative law judge assigned to the merger case approved a settlement reached by the Company and all intervenors in this case. The PAPUC approved the merger on February 3, 2022. 20 Table of Contents Gas Company On May 19, 2021, the NYPSC issued a rate order in Case 20-G-0101, establishing rates and a rate plan for the Gas Company for a one-year period ending on January 31,2022 (“Rate Year”). The rate order disallowed the Company’s request for an increase in required revenue of $6,223,603, and instead ordered a reduction of $766,000 from current rates. In the current rate order, the existing $1.3 million tax sur-credit (an adjustment to rates to refund to customers an amount owing them due to income tax rate reductions in the 2017 Tax Cuts and Jobs Act) expired, along with a $30,000 reduction to the annual Delivery Rate Adjustment. In addition, the NYPSC denied recovery of the Gas Company’s approximately $350,000 leak repair and survey cost reserve established in FY 2016. The denial of recovery of this reserve resulted in a FY 2021 charge of approximately $180,000 (pre-tax), as the Company had previously established a reserve for this matter in the amount of $170,000 (pre-tax). The net impact on the Gas Company’s customers was an increase of $505,000 for the Rate Year, retroactive to February 1, 2021. The Gas Company, on July 15, 2021, filed a petition with the State of New York Supreme Court in Albany County pursuant to Article 78 of the Civil Practice Law and Rules to review and set aside the NYPSC May 19, 2021 order that was issued in PSC cases 20-G-0101 and 16-G-0204 involving the Gas Company’s rates for gas service. The Gas Company’s petition claims that the NYPSC’s decision was arbitrary and capricious and an abuse of discretion, affected by errors of law, and in violation of established regulatory procedure. The Gas Company’s petition requests a judgment: (1) annulling and setting aside the Order as arbitrary and capricious and an abuse of discretion, affected by errors of law, in violation of lawful regulatory procedure, and unsupported by substantial evidence in the record, insofar as the Order implements four areas of “austerity” adjustments and denies recovery of leak survey and repair costs; (2) remanding this matter to the NYPSC for further proceedings consistent with the Court’s judgment; and (3) granting such other and further relief as may be just and proper. The resolution of this matter is pending judicial review. On July 16, 2021, the Gas Company filed a three-year rate plan (Case 20-G-0394) with the NYPSC for rate years ending on June 30, 2023, 2024, and 2025. The rate increases requested for the three- year rate plan (as amended) are $6,555,000, $1,030,000, and $843,000, respectively. In its filing, the Gas Company proposes a rate plan with levelized increases over three years in the amount of $3,761,000 per year. These rates, if implemented, would impact customer bills by 11.14% in each year. The resolution of this matter is under review by the NYPSC. In March of 2021, the NYPSC issued a “Show Cause” order instructing Corning Gas to show cause why its Paycheck Protection Program loan in the amount of $970,000 should not be refunded to its customers if and when the loan is forgiven. On May 13, 2021, the Gas Company responded to the “Show Cause” order supporting its position that it will use the PPP loan proceeds to fund COVID operating costs, lost commercial revenues, and customer bad debt increases. On May 21, 2021, the Corning Gas PPP loan was forgiven. This matter is pending with the NYPSC. The NYPSC staff has filed testimony on November 12, 2021 in Case 20-G-0394 on how to resolve the issues raised in the NYPSC “Show Cause” order. The Company expects that the issue will be resolved in the pending rate case. By petition dated September 3, 2020 in Case 20-G-0442, Corning Gas requested authority under Public Service Law Section 69 to issue approximately $29.5 million of long term debt through December 31, 2024. The proceeds are to be used principally to fund NYPSC mandated system safety and reliability measures, including replacement of older pipe and regulator stations; and purchase equipment, computer software and other supplies as necessary to maintain the distribution system. The NYPSC issued a financing order in April of 2021 permitting the Gas Company to issue long term debt in the amount of $19.1 million, along with certain reporting requirements.

Segment Reporting

Segment Reporting	3 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
Segment Reporting	Note 10 – 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. 21 Table of Contents 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 provides electricity and natural gas services to Pike County, Pennsylvania. 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. The Holding Company is the parent company of all subsidiaries and, until December 31, 2021, had a 50% ownership in Leatherstocking NY. The Appliance Company’s information is presented with the Holding Company as it 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. As of and for the three months ended December 31, 2021 Leatherstocking Holding Total Gas Company Pike Companies Company Consolidated Total electric utility revenue $ - $ 2,765,623 $ - $ - $ 2,765,623 Total gas utility revenue $ 6,758,584 $ 581,114 $ 372,952 $ - $ 7,712,650 Investment income $ 108,499 $ - $ - $ - $ 108,499 Loss associated with joint ventures $ - $ - $ - $ (164,003 ) $ (164,003 ) Net income (loss) $ 556,606 $ 419,013 $ (67,436 ) $ (443,890 ) $ 464,293 Income tax expense (benefit) $ 192,093 $ 175,747 $ (21,994 ) $ (93,536 ) $ 252,310 Interest expense $ 424,502 $ 166,181 $ 84,250 $ 182,122 $ 857,055 Depreciation expense $ 500,951 $ 214,112 $ 129,862 $ 915 $ 845,840 Amortization expense $ 58,800 $ 108,781 $ 3,042 $ 12,006 $ 182,629 Total assets $ 101,498,133 $ 33,214,131 $ 12,861,614 $ 516,121 $ 148,089,999 Capital expenditures $ 2,198,758 $ 570,899 $ 159,135 $ - $ 2,928,792 As of and for the three months ended December 31, 2020 Leatherstocking Holding Total Gas Company Pike Companies Company Consolidated Total electric utility revenue $ - $ 1,897,249 $ - $ - $ 1,897,249 Total gas utility revenue $ 5,497,627 $ 520,178 $ 404,344 $ - $ 6,422,149 Investment income $ 143,709 $ - $ - $ 17 $ 143,726 Loss associated with joint venture $ - $ - $ - $ (1,701 ) $ (1,701 ) Net income (loss) $ 558,640 $ (106,590 ) $ (37,640) $ (231,236 ) $ 183,174 Income tax expense (benefit) $ 242,895 $ (41,138 ) $ (24,098) $ (21,972 ) $ 155,687 Interest expense $ 335,785 $ 157,519 $ 74,910 $ 177,231 $ 745,445 Depreciation expense $ 492,562 $ 228,777 $ 147,186 $ 915 $ 869,440 Amortization expense $ 58,800 $ 108,781 $ 3,042 $ 12,006 $ 182,629 Total assets $ 96,304,144 $ 29,699,773 $ 12,630,848 $ 824,836 $ 139,459,601 Capital expenditures $ 1,347,839 $ 929,859 $ 100,808 $ - $ 2,378,506

Subsequent Events

Subsequent Events	3 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 11 – Subsequent Events On January 14, 2022, the Company extended until May 1, 2025 change in control agreements with Matthew Cook (Senior Vice President and Chief Operating Officer) and Russell Miller (Senior Vice President and Chief Information Officer). The agreements were due to expire on May 1, 2022. Also on January 14, 2022, the Company entered into a change in control agreement with Julie A. Lewis, the Company’s corporate secretary. Ms. Lewis’s change in control agreement expires on May 1, 2025. Under each change in control agreement, upon termination of the executive’s employment with the Company within twelve months following a “change in control” as defined in the agreements, unless termination is due to the executive’s death , or by the Company for “cause” or “disability”, as defined in the agreements, or by the executive other than for “good reason” as defined in the agreements, the Company will be required to pay to the executive the following: (i) the executive’s full salary through the date of termination and all other unpaid amounts to which the executive is entitled under any plan or other arrangement, and (ii) an amount equal to the executive’s annualized includable compensation for the base period (within the meaning of Code Sec 280G of the Internal Revenue Code) which payments must be made within 90 days after the executive’s separation from service. On February 3, 2022, the PAPUC approved the Company’s Merger transaction with Argo. The Merger transaction remains under review by the NYPSC.

Revenue From Contracts With C_2

Revenue From Contracts With Customers (Tables)	3 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Schedule of contracts with customers	The following tables present, for the three months ended December 31, 2021 and 2020 (“Q1 FY 2022” and “Q1 FY 2021”, respectively), revenue from contracts with customers as defined in Accounting Standards Codification (“ASC”) 606 (Revenue from Contracts with Customers), as well as additional revenue from sources other than contracts with customers, disaggregated by major source. 11 Table of Contents For the three months ended December 31, 2021 Revenues from Other Total utility contracts with revenues operating customers (a) revenues Corning Gas: Residential gas $ 4,114,124 $ 59,983 $ 4,174,107 Commercial gas 607,543 - 607,543 Transportation 1,180,393 23,140 1,203,533 Street lights gas 136 - 136 Wholesale 704,200 - 704,200 Local production 69,065 - 69,065 Total Corning Gas $ 6,675,461 $ 83,123 $ 6,758,584 Pike: Residential gas $ 454,488 $ 4 $ 454,492 Commercial gas 126,622 - 126,622 Total Pike retail gas 581,110 4 581,114 Residential electric 1,274,768 118,826 1,393,594 Commercial electric 1,331,176 - 1,331,176 Electric – street lights 40,853 - 40,853 Total Pike retail electric 2,646,797 118,826 2,765,623 Total Pike $ 3,227,907 $ 118,830 $ 3,346,737 Leatherstocking Gas Residential gas $ 119,143 $ - $ 119,143 Commercial gas 115,993 - 115,993 Industrial sales 137,816 - 137,816 Total Leatherstocking Companies 372,952 - 372,952 Total consolidated utility operating revenue $ 10,276,320 $ 201,953 $ 10,478,273 (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 Cuts and Jobs Act of 2017. See “Regulatory Matters” in Note 9. 12 Table of Contents For the three months ended December 31, 2020 Revenues from Other Total utility contracts with revenues operating customers (a) revenues Corning Gas: Residential gas $ 3,393,723 $ (113,032 ) $ 3,280,691 Commercial gas 378,967 - 378,967 Transportation 1,127,974 51,428 1,179,402 Street lights gas 93 - 93 Wholesale 482,869 - 482,869 Local production 175,605 - 175,605 Total Corning Gas $ 5,559,231 $ (61,604 ) $ 5,497,627 Pike: Residential gas $ 413,874 $ (5,146 ) $ 408,728 Commercial gas 111,450 - 111,450 Total Pike retail gas 525,324 (5,146 ) 520,178 Residential electric 977,919 (1,210 ) 976,709 Commercial electric 887,934 - 887,934 Electric – street lights 32,606 - 32,606 Total Pike retail electric 1,898,459 (1,210 ) 1,897,249 Total Pike $ 2,423,783 $ (6,356 ) $ 2,417,427 Leatherstocking Gas Residential gas $ 138,832 - $ 138,832 Commercial gas 117,028 - 117,028 Industrial sales 148,484 - 148,484 Total Leatherstocking Companies 404,344 - 404,344 Total consolidated utility operating revenue $ 8,387,358 $ (67,960 ) $ 8,319,398 (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 Cuts and Jobs Act of 2017. See “Regulatory Matters” in Note 9.

Pension and Other Post-retire_2

Pension and Other Post-retirement Benefit Plans (Tables)	3 Months Ended
	Dec. 31, 2021
Pension and Other Post-retirement Benefit Plans [Abstract]
Schedule of components of net periodic benefit cost	Pension Benefits Other Benefits Three Months Ended December 31, Three Months Ended December 31, 2021 2020 2021 2020 Service Cost $ 220,073 $ 198,623 $ 5,807 $ 4,739 Interest Cost 241,251 240,959 8,012 6,973 Expected return on plan assets (339,249 ) (361,414 ) - - Amortization of prior service cost - - 3,810 3,810 Amortization of net (gain) loss 174,863 244,156 993 421 Net periodic benefit cost $ 296,938 $ 322,324 $ 18,622 $ 15,943

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Dec. 31, 2021
Fair Value of Financial Instruments [Abstract]
Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis	Fair value of assets and liabilities measured on a recurring basis at December 31, 2021 and September 30, 2021 are as follows: Fair Value Measurements at Reporting Date Using: Fair Value Quoted Prices In Active Markets for Identical Assets/Liabilities (Level 1) Level 2 Level 3 December 31, 2021 Available-for-sale securities $ 2,445,654 $ 2,445,654 $ - $ - September 30, 2021 Available-for-sale securities $ 2,337,330 $ 2,337,330 $ - $ -
Summary of Marketable Securities	A summary of the marketable securities at December 31, 2021 and September 30, 2021 is as follows: Cost Basis Unrealized Gain Unrealized Loss Market Value December 31, 2021 Cash and equivalents $ 479,083 $ - $ - $ 479,083 Metlife stock value 51,359 1,032 - 52,391 Government and agency bonds 15,069 1,031 - 16,100 Holding Company Preferred A Stock 197,875 400,207 - 598,082 Equity securities 810,099 438,782 - 1,248,881 Commodities 50,346 771 - 51,117 Total securities $ 1,603,831 $ 841,823 $ - $ 2,445,654 September 30, 2021 Cash and equivalents $ 148,327 $ - $ - $ 148,327 Metlife stock value 53,855 - 2,496 51,359 Government and agency bonds 15,072 1,243 - 16,315 Holding Company Preferred A Stock 197,875 400,207 - 598,082 Equity securities 1,122,826 367,741 - 1,490,567 Commodities 33,420 - 740 32,680 Total securities $ 1,571,375 $ 769,191 $ 3,236 $ 2,337,330
Schedule of Gains Included in Earnings	Realized gains included in earnings for the periods reported in investment income are as follows: Investment Income Three Months Ended December 31, 2021 2020 Net realized gains recognized during the period on investments $ 21,764 $ 26,464

Stockholders' Equity and Pref_2

Stockholders' Equity and Preferred Stock (Tables)	3 Months Ended
	Dec. 31, 2021
Shareholders' Equity Note [Abstract]
Schedule of Common Stock Issued	Shares issued during the three months ended December 31, 2021 and 2020 were for the following: Q1 FY 2022 Q1 FY 2021 Shares Amount Shares Amount Dividend reinvestment program (DRIP) - $ - 3,380 $ 51,749 Directors - - 3,150 40,163 Officers - - 4,500 5,117 Total - $ - 11,030 $ 97,029
Schedule of Stock Option Activity	There was no stock option activity during Q1 FY 2022. The following table details options outstanding as of December 31, 2021. Weighted Weighted Average Number of Average Remaining Life Options Exercise Price (years) Outstanding at September 30, 2021 20,000 $ 19.75 9.45 Granted - - - Exercised - - - Expired or forfeited - - - Outstanding at December 31, 2021 20,000 $ 19.75 9.19

Investment in Joint Venture (Ta

Investment in Joint Venture (Tables)	3 Months Ended
	Dec. 31, 2021
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 Leatherstocking joint ventures for the three months ended December 31, 2021 and 2020: 2021 2020 Beginning balance in investment in joint ventures $ 261,180 $ 264,640 Proceeds from sale of interest in joint ventures (100,000 ) - Loss on sales of interest in joint ventures (164,003 ) - Accounts payable due 2,823 - Loss associated with joint ventures - (1,701 ) Ending balance in joint ventures $ - $ 262,939
Schedule of Joint Ventures Financial Summary	As of and for the three months ended December 31, 2021 and 2020, the joint ventures financial summary is as follows: 2021 2020 Total assets $ - $ 524,579 Total liabilities - $ 315 Net income (loss) - $ (3,400 )

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense	Income tax expense for the periods ended December 31, 2021, and December 31, 2020, are as follows: Three Months Ended Three Months Ended December 31, 2021 December 31, 2020 Current $ - $ - Deferred 252,310 155,687 Total $ 252,310 $ 155,687

Segment Reporting (Tables)

Segment Reporting (Tables)	3 Months Ended
	Dec. 31, 2021
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. As of and for the three months ended December 31, 2021 Leatherstocking Holding Total Gas Company Pike Companies Company Consolidated Total electric utility revenue $ - $ 2,765,623 $ - $ - $ 2,765,623 Total gas utility revenue $ 6,758,584 $ 581,114 $ 372,952 $ - $ 7,712,650 Investment income $ 108,499 $ - $ - $ - $ 108,499 Loss associated with joint ventures $ - $ - $ - $ (164,003 ) $ (164,003 ) Net income (loss) $ 556,606 $ 419,013 $ (67,436 ) $ (443,890 ) $ 464,293 Income tax expense (benefit) $ 192,093 $ 175,747 $ (21,994 ) $ (93,536 ) $ 252,310 Interest expense $ 424,502 $ 166,181 $ 84,250 $ 182,122 $ 857,055 Depreciation expense $ 500,951 $ 214,112 $ 129,862 $ 915 $ 845,840 Amortization expense $ 58,800 $ 108,781 $ 3,042 $ 12,006 $ 182,629 Total assets $ 101,498,133 $ 33,214,131 $ 12,861,614 $ 516,121 $ 148,089,999 Capital expenditures $ 2,198,758 $ 570,899 $ 159,135 $ - $ 2,928,792 As of and for the three months ended December 31, 2020 Leatherstocking Holding Total Gas Company Pike Companies Company Consolidated Total electric utility revenue $ - $ 1,897,249 $ - $ - $ 1,897,249 Total gas utility revenue $ 5,497,627 $ 520,178 $ 404,344 $ - $ 6,422,149 Investment income $ 143,709 $ - $ - $ 17 $ 143,726 Loss associated with joint venture $ - $ - $ - $ (1,701 ) $ (1,701 ) Net income (loss) $ 558,640 $ (106,590 ) $ (37,640) $ (231,236 ) $ 183,174 Income tax expense (benefit) $ 242,895 $ (41,138 ) $ (24,098) $ (21,972 ) $ 155,687 Interest expense $ 335,785 $ 157,519 $ 74,910 $ 177,231 $ 745,445 Depreciation expense $ 492,562 $ 228,777 $ 147,186 $ 915 $ 869,440 Amortization expense $ 58,800 $ 108,781 $ 3,042 $ 12,006 $ 182,629 Total assets $ 96,304,144 $ 29,699,773 $ 12,630,848 $ 824,836 $ 139,459,601 Capital expenditures $ 1,347,839 $ 929,859 $ 100,808 $ - $ 2,378,506

Basis of Presentation (Details)

Basis of Presentation (Details)	3 Months Ended
	Dec. 31, 2021	Jan. 12, 2021$ / shares
Merger Agreement [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Consideration per share		$ 24.75
Merger Agreement [Member] | Series A Preferred Stock [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Consideration per share		25
Merger Agreement [Member] | Series B Preferred Stock [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Consideration per share		29.70
Merger Agreement [Member] | Series C Preferred Stock [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Consideration per share		$ 25
New York Area [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of customers	15,000
Townships of Westfall, Milford and the northern part of Dingman [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of customers	4,900
Westfall Township and Borough of Matamoras [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of customers	1,300

Revenue From Contracts With C_3

Revenue From Contracts With Customers (Details) - USD ($)		3 Months Ended
		Dec. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		$ 10,276,320	$ 8,387,358
Other revenues	[1]	201,953	(67,960)
Total utility operating revenues		10,478,273	8,319,398
Corning Residential Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		4,114,124	3,393,723
Other revenues	[1]	59,983	(113,032)
Total utility operating revenues		4,174,107	3,280,691
Corning Commercial Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		607,543	378,967
Other revenues	[1]
Total utility operating revenues		607,543	378,967
Corning Transportation [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		1,180,393	1,127,974
Other revenues	[1]	23,140	51,428
Total utility operating revenues		1,203,533	1,179,402
Corning Street Lights Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		136	93
Other revenues	[1]
Total utility operating revenues		136	93
Corning Wholesale [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		704,200	482,869
Other revenues	[1]
Total utility operating revenues		704,200	482,869
Corning Local Production [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		69,065	175,605
Other revenues	[1]
Total utility operating revenues		69,065	175,605
Total Corning Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		6,675,461	5,559,231
Other revenues	[1]	83,123	(61,604)
Total utility operating revenues		6,758,584	5,497,627
Pike Residential Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		454,488	413,874
Other revenues	[1]	4	(5,146)
Total utility operating revenues		454,492	408,728
Pike Commercial Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		126,622	111,450
Other revenues	[1]
Total utility operating revenues		126,622	111,450
Total Pike Retail Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		581,110	525,324
Other revenues	[1]	4	(5,146)
Total utility operating revenues		581,114	520,178
Pike Residential Electric [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		1,274,768	977,919
Other revenues	[1]	118,826	(1,210)
Total utility operating revenues		1,393,594	976,709
Pike Commercial Electric [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		1,331,176	887,934
Other revenues	[1]
Total utility operating revenues		1,331,176	887,934
Pike Electric - Street Lights [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		40,853	32,606
Other revenues	[1]
Total utility operating revenues		40,853	32,606
Pike Retail Electric [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		2,646,797	1,898,459
Other revenues	[1]	118,826	(1,210)
Total utility operating revenues		2,765,623	1,897,249
Total Pike [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		3,227,907	2,423,783
Other revenues	[1]	118,830	(6,356)
Total utility operating revenues		3,346,737	2,417,427
Leatherstocking Residential Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		119,143	138,832
Other revenues	[1]
Total utility operating revenues		119,143	138,832
Leatherstocking Commercial Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		115,993	117,028
Other revenues	[1]
Total utility operating revenues		115,993	117,028
Leatherstocking Industrial Sales [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		137,816	148,484
Other revenues	[1]
Total utility operating revenues		137,816	148,484
Leatherstocking [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		372,952	404,344
Other revenues	[1]
Total utility operating revenues		$ 372,952	$ 404,344
[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 Cuts and Jobs Act of 2017. See “Regulatory Matters” in Note 9.

Pension and Other Post-retire_3

Pension and Other Post-retirement Benefit Plans (Narrative) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Defined Benefit Plan Disclosure [Line Items]
Pension expense	$ 235,357	$ 235,357
Ratemaking and financial statement purposes [Member]
Defined Benefit Plan Disclosure [Line Items]
Pension expense	550,495	1,358,763
Post-retirement Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Other post-retirement benefit expense (benefit)	13,175	13,209
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Expected contributions, 2022	607,211
Company contributions	$ 296,938	$ 255,633

Pension and Other Post-retire_4

Pension and Other Post-retirement Benefit Plans (Schedule of Net Period Benefit Cost (Benefit)) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Pension Benefits [Member]
Components of Net Periodic Benefit Cost:
Service Cost	$ 220,073	$ 198,623
Interest Cost	241,251	240,959
Expected return on plan assets	(339,249)	(361,414)
Amortization of prior service cost
Amortization of net (gain) loss	174,863	244,156
Net periodic benefit cost	296,938	322,324
Other Benefits [Member]
Components of Net Periodic Benefit Cost:
Service Cost	5,807	4,739
Interest Cost	8,012	6,973
Expected return on plan assets
Amortization of prior service cost	3,810	3,810
Amortization of net (gain) loss	993	421
Net periodic benefit cost	$ 18,622	$ 15,943

Financing Activities (Details)

Financing Activities (Details) - USD ($)	Dec. 13, 2021	Oct. 05, 2021	Oct. 31, 2021	Jun. 25, 2021	Dec. 31, 2021	Dec. 17, 2021	Sep. 30, 2021	Aug. 19, 2021	Apr. 30, 2021	Sep. 03, 2020
Debt Instrument [Line Items]
Long term loans					$ 45,186,961		$ 46,145,319
Principal balances long term debt									$ 19,100,000	$ 29,500,000
Agreement with M&T [Member]
Debt Instrument [Line Items]
Debt, face amount								$ 2,210,000
Leatherstocking Gas [Member] | One Long Term Loans With Wayne Bank [Member]
Debt Instrument [Line Items]
Long term loans		$ 6,000,000
Principal balances long term debt		4,751,146
Leatherstocking Gas [Member] | Two Long Term Loans With Wayne Bank [Member]
Debt Instrument [Line Items]
Long term loans		650,000
Principal balances long term debt		$ 501,565
Leatherstocking Gas [Member] | Long Term Loans With Wayne Bank [Member]
Debt Instrument [Line Items]
Long term debt fixed interest rate		4.75%
Long term debt interest rate renewal date		Mar. 11, 2014
Long term debt new fixed interest rate		2.25%
Long term debt term		5 years
Interest rate, spread on basis		4.75%
M&T Bank [Member]
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity					$ 8,500,000	$ 8,000,000
Line of credit facility interest rate description					The line of credit bears interest at a variable rate equal to (a) the applicable daily simple secured overnight financing rate (“SOFR”) or (b) 0.50% plus an interest rate spread ranging from 1.7% to 2.6% depending on the Company’s funded debt to leveraged EBITDA ratio.
Agreement with Wayne Bank [Member] | Multiple Draw Construction Loan [Member]
Debt Instrument [Line Items]
Long term debt fixed interest rate	4.75%
Debt, face amount	$ 800,000
Maturity date	Dec. 13, 2031
Converted Term	10 years
Agreement with M&T [Member] | Corning Gas [Member]
Debt Instrument [Line Items]
Debt, face amount				$ 4,665,000
Short term borrowings				$ 850,000
Interest rate, spread on basis				2.90%
Maturity date				Oct. 31, 2031
Converted Term				10 years
Term Loan [Member] | Agreement with M&T [Member]
Debt Instrument [Line Items]
Issuance date			Aug. 19, 2021
Maturity date			Oct. 31, 2031
Amortization period			10 years
Effective interest rate			2.90%
Interest rate, variable rate basis					variable rate equal to 2.9% plus the one-month LIBOR rate.

Fair Value of Financial Instr_3

Fair Value of Financial Instruments (Schedule of Fair Value of Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($)	Dec. 31, 2021	Sep. 30, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 2,445,654	$ 2,337,330
Recurring [Member] | Quoted Prices In Active Markets for Identical Assets/Liabilities (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	2,445,654	2,337,330
Recurring [Member] | Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Recurring [Member] | Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Recurring [Member] | Fair Value [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 2,445,654	$ 2,337,330

Fair Value of Financial Instr_4

Fair Value of Financial Instruments (Summary of Marketable Securities) (Details) - USD ($)	Dec. 31, 2021	Sep. 30, 2021
Marketable Securities
Market Value	$ 2,445,654	$ 2,337,330
Unrealized Gain	841,823	769,191
Unrealized Loss		3,236
Cost Basis	1,603,831	1,571,375
Cash and equivalents [Member]
Marketable Securities
Market Value	479,083	148,327
Unrealized Gain
Unrealized Loss
Cost Basis	479,083	148,327
MetLife stock value [Member]
Marketable Securities
Market Value	52,391	51,359
Unrealized Gain	1,032
Unrealized Loss		2,496
Cost Basis	51,359	53,855
Government and agency bonds [Member]
Marketable Securities
Market Value	16,100	16,315
Unrealized Gain	1,031	1,243
Unrealized Loss
Cost Basis	15,069	15,072
Holding Company Preferred A Stock [Member]
Marketable Securities
Market Value	598,082	598,082
Unrealized Gain	400,207	400,207
Unrealized Loss
Cost Basis	197,875	197,875
Equity securities [Member]
Marketable Securities
Market Value	1,248,881	1,490,567
Unrealized Gain	438,782	367,741
Unrealized Loss
Cost Basis	810,099	1,122,826
Commodities [Member]
Marketable Securities
Market Value	51,117	32,680
Unrealized Gain	771
Unrealized Loss		740
Cost Basis	$ 50,346	$ 33,420

Fair Value of Financial Instr_5

Fair Value of Financial Instruments (Schedule of Gains Included in Earnings) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unrealized gains on investments	$ (72,152)	$ (114,258)
Gas Company [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Net realized gains recognized during the period on investments	21,764	26,464
Unrealized gains on investments	$ 72,152	$ 114,258

Stockholders' Equity and Pref_3

Stockholders' Equity and Preferred Stock (Narrative) (Details) - USD ($)	Dec. 08, 2021	Dec. 03, 2021	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020	Dec. 08, 2026	Oct. 31, 2020
Class of Stock [Line Items]
Dividends declared on common			$ 469,898	$ 469,898	$ 469,897
Dividends declared on Preferred shares			61,066		61,066
Debt issuance costs			$ 24,460		27,290
Preferred shares issued			260,600	260,600
Preferred Stock, Shares Outstanding			260,600	260,600
Purchase price			$ 5,000,000
Series A Cumulative Preferred Stock [Member]
Class of Stock [Line Items]
Dividends declared on Preferred shares			$ 97,725		97,725
Liquidation preference per share			$ 25
Percentage of dividend rate on preferred shares			6.00%
Debt issuance costs			$ 2,537		2,538
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Dividends accrued			$ 61,066	$ 61,066
Liquidation preference per share			$ 20.75
Percentage of dividend rate on preferred shares			4.80%
Preferred Stock, Shares Outstanding			20,000				10,000
Number of stock units were incremental dilutive shares			3,738
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Dividends declared on Preferred shares			$ 67,500		67,500
Liquidation preference per share			$ 25
Percentage of dividend rate on preferred shares			6.00%
Debt issuance costs			$ 62		$ 62
1.5% Series D Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Percentage of dividend rate on preferred shares		1.50%
Preferred shares issued		5,000
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Dividends paid			$ 4,891
Liquidation preference per share			$ 0.01
Series D Preferred Stock [Member] | ACP Crotona Corp [Member]
Class of Stock [Line Items]
Preferred shares issued	5,000
Preferred Stock, Value Per Share	$ 1,000
Purchase price	$ 5
Series D Preferred Stock [Member] | Forecast [Member]
Class of Stock [Line Items]
Redemption Price Per Share						$ 1,000
Series B Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Common stock issuable upon conversion of convertible securities			293,116		293,116

Stockholders' Equity and Pref_4

Stockholders' Equity and Preferred Stock (Schedule of Stockholders' Equity) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Total, shares		11,030
Total		$ 97,029
Directors [Member]
Class of Stock [Line Items]
Total, shares		3,150
Total		$ 40,163
Officers [Member]
Class of Stock [Line Items]
Total, shares		4,500
Total		$ 5,117
Dividend reinvestment program (DRIP) [Member]
Class of Stock [Line Items]
Total, shares		3,380
Total		$ 51,749

Stockholders' Equity and Pref_5

Stockholders' Equity and Preferred Stock (Schedule of Stock Option Activity) (Details) - $ / shares	3 Months Ended	12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021
Number of Options
Outstanding at September 30, 2021	20,000
Granted
Exercised
Expired or forfeited
Outstanding at December 31, 2021	20,000	20,000
Weighted-Average Exercise Price
Outstanding at September 30, 2021	$ 19.75
Granted
Exercised
Expired or forfeited
Outstanding at December 31, 2021	$ 19.75	$ 19.75
Outstanding at December 31, 2021	9 years 2 months 8 days	9 years 5 months 12 days

Investment in Joint Venture (Na

Investment in Joint Venture (Narrative) (Details) - Leatherstocking Gas Company LLC And Leatherstocking Pipeline Company LLC [Member] - USD ($)	3 Months Ended
	Dec. 31, 2021	Jul. 02, 2020
Schedule of Equity Method Investments [Line Items]
Ownership percentage		50.00%
Assets acquired book value		$ 532,000
Purchase Price	$ 100,000

Investment in Joint Venture (Sc

Investment in Joint Venture (Schedule of Investment Activity) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]
Beginning balance in investment in joint ventures	$ 261,180	$ 264,640
Proceeds from sale of interest in joint ventures	(100,000)
Loss on sales of interest in joint ventures	(164,003)
Accounts payable due	2,823
Loss associated with joint ventures	(164,003)	(1,701)
Ending balance in joint ventures		$ 262,939

Investment in Joint Venture (Su

Investment in Joint Venture (Summary of Joint Ventures financial) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Schedule of Equity Method Investments [Line Items]
Total assets	$ 148,089,999	$ 139,459,601	$ 144,054,747
Equity Method Investment [Member]
Schedule of Equity Method Investments [Line Items]
Total assets		524,579
Total liabilities		315
Net income (loss)		$ (3,400)

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Federal corporate tax rate	21.00%	21.00%

Income Taxes (Schedule of Defer

Income Taxes (Schedule of Deferred and Current Income Tax Expense) (Details) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Current
Deferred	252,310	155,687
Total	$ 252,310	$ 155,687

Regulatory Matters (Details)

Regulatory Matters (Details) - USD ($)	3 Months Ended
	Dec. 31, 2021	Jul. 16, 2021	Apr. 30, 2021	Sep. 03, 2020
Public Utilities, General Disclosures [Line Items]
Description of rate order	The rate order disallowed the Company’s request for an increase in required revenue of $6,223,603, and instead ordered a reduction of $766,000 from current rates. In the current rate order, the existing $1.3 million tax sur-credit (an adjustment to rates to refund to customers an amount owing them due to income tax rate reductions in the 2017 Tax Cuts and Jobs Act) expired, along with a $30,000 reduction to the annual Delivery Rate Adjustment. In addition, the NYPSC denied recovery of the Gas Company’s approximately $350,000 leak repair and survey cost reserve established in FY 2016. The denial of recovery of this reserve resulted in a FY 2021 charge of approximately $180,000 (pre-tax), as the Company had previously established a reserve for this matter in the amount of $170,000 (pre-tax). The net impact on the Gas Company’s customers was an increase of $505,000 for the Rate Year, retroactive to February 1, 2021.
Amount of levelized increases over three years by gas company		$ 3,761,000
Percentage of impact customer bills		11.14%
Forgiveness of loan	$ 970,000
Long term debt			$ 19,100,000	$ 29,500,000
June 30, 2023 [Member]
Public Utilities, General Disclosures [Line Items]
Amount of rate increases in gas company		$ 6,555,000
June 30, 2024 [Member]
Public Utilities, General Disclosures [Line Items]
Amount of rate increases in gas company		1,030,000
June 30, 2025 [Member]
Public Utilities, General Disclosures [Line Items]
Amount of rate increases in gas company		$ 843,000

Segment Reporting (Details)

Segment Reporting (Details) - USD ($)	3 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Segment Reporting Information [Line Items]
Total electric utility revenue	$ 2,765,623	$ 1,897,249
Total gas utility revenue	7,712,650	6,422,149
Investment income	108,499	143,726
Loss associated with joint venture	(164,003)	(1,701)
Net income (loss)	464,293	183,174
Income tax expense (benefit)	252,310	155,687
Interest expense	857,055	745,445
Depreciation expense	845,840	869,440
Amortization expense	182,629	182,629
Total assets	148,089,999	139,459,601	$ 144,054,747
Capital expenditures	2,928,792	2,378,506
Gas Company [Member]
Segment Reporting Information [Line Items]
Total electric utility revenue
Total gas utility revenue	6,758,584	5,497,627
Investment income	108,499	143,709
Loss associated with joint venture
Net income (loss)	556,606	558,640
Income tax expense (benefit)	192,093	242,895
Interest expense	424,502	335,785
Depreciation expense	500,951	492,562
Amortization expense	58,800	58,800
Total assets	101,498,133	96,304,144
Capital expenditures	2,198,758	1,347,839
Pike [Member]
Segment Reporting Information [Line Items]
Total electric utility revenue	2,765,623	1,897,249
Total gas utility revenue	581,114	520,178
Investment income
Loss associated with joint venture
Net income (loss)	419,013	(106,590)
Income tax expense (benefit)	175,747	(41,138)
Interest expense	166,181	157,519
Depreciation expense	214,112	228,777
Amortization expense	108,781	108,781
Total assets	33,214,131	29,699,773
Capital expenditures	570,899	929,859
Leatherstocking Companies [Member]
Segment Reporting Information [Line Items]
Total electric utility revenue
Total gas utility revenue	372,952	404,344
Investment income
Loss associated with joint venture
Net income (loss)	(67,436)	(37,640)
Income tax expense (benefit)	(21,994)	(24,098)
Interest expense	84,250	74,910
Depreciation expense	129,862	147,186
Amortization expense	3,042	3,042
Total assets	12,861,614	12,630,848
Capital expenditures	159,135	100,808
Holding Company [Member]
Segment Reporting Information [Line Items]
Total electric utility revenue
Total gas utility revenue
Investment income		17
Loss associated with joint venture	(164,003)	(1,701)
Net income (loss)	(443,890)	(231,236)
Income tax expense (benefit)	(93,536)	(21,972)
Interest expense	182,122	177,231
Depreciation expense	915	915
Amortization expense	12,006	12,006
Total assets	516,121	824,836
Capital expenditures