Corning Natural Gas Holding (CNIG) 10-K 23 Dec 19 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Sep. 30, 2019	Dec. 23, 2019	Mar. 31, 2019
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, 2019
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			$ 35,730,000
Entity Common Stock, Shares Outstanding		3,078,409
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019
Trading Symbol	CNIG
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, 2019	Sep. 30, 2018
Plant:
Utility property, plant and equipment	$ 121,041,738	$ 114,559,199
Less: accumulated depreciation	(29,263,612)	(26,966,064)
Total plant, net	91,778,126	87,593,135
Investments:
Marketable securities at fair value	2,184,170	2,193,578
Investment in joint ventures	2,597,919	2,740,575
Total investments	4,782,089	4,934,153
Current assets:
Cash and cash equivalents	314,341	219,962
Customer accounts receivable (net of allowance for uncollectible accounts of $66,470 and $228,666, respectively)	2,436,221	3,350,700
Other accounts receivable	335,481	385,987
Related party receivables	5,818	206,331
Gas stored underground	1,238,826	1,620,916
Materials and supplies inventories	2,747,194	1,818,974
Prepaid expenses	1,726,353	1,468,030
Total current assets	8,804,234	9,070,900
Regulatory assets:
Unrecovered electric and gas costs	985,556	1,236,124
Deferred regulatory costs	4,401,299	4,279,839
Deferred pension	7,294,641	4,043,072
Other	562,703	583,437
Total regulatory and other assets	13,244,199	10,142,472
Total assets	118,608,648	111,740,660
Liabilities and capitalization
Long-term debt, less current installments	37,939,785	36,975,484
Less: debt issuance costs	(276,885)	(338,903)
Total long-term debt	37,662,900	36,636,581
Redeemable preferred stock - Series A (Authorized 255,500 shares. Issued and outstanding: 210,600 shares at September 30, 2019 and 210,600 shares at September 30, 2018, less debt issuance costs of $78,188 and $98,918, respectively)	5,186,812	5,166,082
Current liabilities:
Current portion of long-term debt	4,260,846	3,793,998
Borrowings under lines-of-credit and short-term debt	6,875,752	6,662,357
Accounts payable	1,826,604	3,247,376
Accrued expenses	422,557	407,692
Customer deposits and accrued interest	1,403,139	1,227,398
Dividends declared	502,559	483,806
Total current liabilities	15,291,457	15,822,627
Deferred credits and other liabilities:
Deferred income taxes	6,209,336	4,896,771
Regulatory liabilities	3,557,481	3,777,495
Deferred compensation	1,391,924	1,412,345
Pension costs and post-retirement benefits	9,683,393	6,016,240
Other	240,747	219,948
Total deferred credits and other liabilities	21,082,881	16,322,799
Commitments and contingencies (see Note 14)
Temporary equity:
Redeemable convertible preferred stock - Series B (Authorized 244,500 shares. Issued and outstanding: 244,263 shares at September 30, 2019 and 2018)	4,966,893	4,951,847
Common stockholders' equity:
Common stock ($.01 par value per share ($.01 par value per share. Authorized 4,500,000 shares. Issued and outstanding: 3,047,060 shares at September 30, 2019 and 3,021,851 at September 30, 2018)	30,470	30,218
Additional paid-in capital	27,745,837	27,320,162
Retained earnings	6,634,085	5,399,751
Accumulated other comprehensive income	7,313	90,593
Total common stockholders' equity	34,417,705	32,840,724
Total liabilities and capitalization	$ 118,608,648	$ 111,740,660

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Current assets:
Allowance for uncollectible accounts	$ 66,470	$ 228,666
Stockholders' equity
Redeemable preferred stock - Series A, authorized shares	255,500	255,500
Redeemable preferred stock - Series A, shares issued	210,600	210,600
Redeemable preferred stock - Series A, shares outstanding	210,600	210,600
Less debt issuance costs	$ 78,188	$ 98,918
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	3,047,060	3,021,851
Common stock, shares outstanding	3,047,060	3,021,851

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Utility operating revenues:
Total utility operating revenues	$ 35,539,979	$ 34,277,161
Cost of Sales:
Total cost of sales	10,549,635	9,708,065
Gross margin	24,990,344	24,569,096
Costs and expense:
Operating and maintenance expense	10,969,038	11,476,766
Taxes other than income taxes	3,617,169	3,590,036
Depreciation	2,499,558	2,375,500
Other deductions, net	460,104	411,848
Total costs and expenses	17,545,869	17,854,150
Utility operating income	7,444,475	6,714,946
Other income and (expense):
Interest expense	(2,325,642)	(2,096,626)
Other expense	(616,403)	(751,803)
Investment income	52,095	44,289
Loss from joint ventures	(142,656)	(131,831)
Rental income	35,052	48,552
Income from utility operations before income taxes	4,446,921	3,827,527
Income tax expense	(1,322,689)	(1,683,259)
Net income	3,124,232	2,144,268
Less Series B Preferred Stock Dividends	244,263	244,263
Net income attributable to common stockholders	$ 2,879,969	$ 1,900,005
Weighted average earnings per share-
basic	$ 0.95	$ 0.63
diluted	$ 0.94	$ 0.63
Average shares outstanding - basic	3,035,479	3,010,465
Average shares outstanding - diluted	3,328,595	3,010,465
Gas Operating Revenues [Member]
Utility operating revenues:
Total utility operating revenues	$ 27,300,195	$ 25,676,780
Cost of Sales:
Total cost of sales	7,742,728	7,048,801
Electric Operating Revenues [Member]
Utility operating revenues:
Total utility operating revenues	8,239,784	8,600,381
Cost of Sales:
Total cost of sales	$ 2,806,907	$ 2,659,264

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Net Income	$ 3,124,232	$ 2,144,268
Other comprehensive income:
Net unrealized gain on securities available for sale net of tax of $11,693 and $1,076, respectively	16,851	33,075
Total comprehensive income	$ 3,141,083	$ 2,177,343

Consolidated Statements of Co_2

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Statement of Comprehensive Income [Abstract]
Income taxes for change in unrealized gain on securities available for sale	$ 11,693	$ 1,076

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income [Member]	Total
Balances at Sep. 30, 2017	$ 29,948	$ 27,084,738	$ 5,170,855	$ 57,518	$ 32,343,059
Balances, shares at Sep. 30, 2017	2,994,797
Issuance of common stock	$ 270	388,588			$ 388,858
Issuance of common stock, shares	27,054				27,054
Dividends declared on common			(1,671,109)		$ (1,671,109)
Dividends declared on Series B Preferred Stock			(244,263)		(244,263)
Stock issuance costs		(153,164)			(153,164)
Comprehensive income:
Change in unrealized gain on securities available for sale, net of income taxes				33,075	33,075
Net income			2,144,268		2,144,268
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				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

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 3,124,232	$ 2,144,268
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	2,499,558	2,375,500
Amortization of debt issuance cost	109,977	80,258
Non-cash pension expenses	941,428	933,452
Regulatory asset amortizations	677,139	428,925
Stock issued for services	239,481	223,783
Loss (gain) on sale of marketable securities	3,994	(68,062)
Unrealized gain	(69,021)
Deferred income taxes	1,308,524	1,640,887
Bad debt expense	162,170	267,189
Loss from joint ventures	142,656	131,831
(Increase) decrease in:
Accounts receivable	802,815	(690,825)
Gas stored underground	382,090	(238,720)
Materials and supplies inventories	(928,220)	(482,117)
Prepaid expenses	(258,323)	23,930
Unrecovered gas and electric costs	250,568	(129,847)
Deferred regulatory costs	(830,758)	(578,767)
Other	20,734	21,379
Increase (decrease) in:
Accounts payable	(1,420,772)	1,107,318
Accrued expenses	14,865	(335,410)
Customer deposits and accrued interest	175,741	(50,130)
Deferred compensation	(20,421)	(31,384)
Deferred pension costs & post-retirement benefits	(525,844)	(713,813)
Other liabilities and deferred credits	(195,174)	(173,661)
Net cash provided by operating activities	6,607,439	5,885,984
Cash flows from investing activities:
Sale of securities net	91,286	120,107
Amount received from (paid to) related parties	200,513	(115,798)
Investment in joint ventures		(165,000)
Capital expenditures	(6,628,162)	(7,832,707)
Net cash used in investing activities	(6,336,363)	(7,993,398)
Cash flows from financing activities:
Net proceeds under lines-of-credit	213,395	1,092,939
Debt issuance costs paid	(36,411)	(174,475)
Dividends paid	(1,784,830)	(1,729,966)
Proceeds under long-term debt	5,179,146	43,034,390
Repayment of long-term debt	(3,747,997)	(40,338,442)
Net cash (used in) provided by financing activities	(176,697)	1,884,446
Net increase (decrease) in cash and cash equivalents	94,379	(222,968)
Cash and cash equivalents at beginning of year	219,962	442,930
Cash and cash equivalents at end of year	314,341	219,962
Supplemental disclosures of cash flow information:
Interest	1,973,206	1,694,384
Income taxes	14,165	42,372
Non-cash financing activities:
Dividends paid with shares	$ 186,446	$ 165,075
Number of shares issued as dividends	10,009	9,579

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Sep. 30, 2019
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”) and Pike County Light & Power Company (“Pike”), 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’), and Pike. 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 and the Appliance Company. 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. The depreciation rate used for Corning Gas utility plant, expressed as an annual percentage of depreciable property, was 2.0% for each of the years ended September 30, 2019 and 2018. The NYPSC allows the Gas Company recovery in revenues to offset costs of building certain projects. At the time utility properties are retired, costs of removal less any salvage are charged to accumulated depreciation. The depreciation rate used for Pike, expressed as an annual percentage of depreciable property, was 2.1% for each of the years ended September 30, 2019 and 2018. Pike also charges cost of removal less any salvage to accumulated depreciation. (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, 2019 and 2018. (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 2019 and 2018, the Gas Company sold equity securities for realized (losses) gains included in earnings of ($3,994) and $68,062, 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, 2019 and 2018 are as follows: Fair Value Measurements at Reporting Date Using: Fair Value Quoted Prices in Active Markets for Level 2 Level 3 September 30, 2019 Available-for-sale securities $2,184,170 $2,184,170 $— $— September 30, 2018 Available-for-sale securities $2,193,578 $2,193,578 $— $— 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. Under the terms of the Transitional Service Agreement (“TSA”) signed as part of the Pike acquisition from Orange & Rockland Utilities, Inc. (“O&R”), O&R billed Pike customers for twelve months after closing. (i) Gas Stored Underground Gas stored underground is carried at an average unit cost method as prescribed by the NYPSC. Pike does 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 Gas Company and Pike defer 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 and Pike 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 NYSPSC 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. 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 Gas Company’s and Pike’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. The Gas Company collects state revenue taxes on residential delivery rates. The amount included in Revenue and Taxes other than Federal Income Taxes was $300,876 and $287,109 in fiscal years 2019 and 2018, respectively. Pike collects state taxes on total revenue. The amounts collected were $535,984 and $514,177 in 2019 and 2018, 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. During the years ending September 30, 2019 and 2018 the Company issued 15,200 and 17,475 shares, respectively, as stock based compensation and recorded related expense of $239,481 and $223,783, respectively. (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 the fiscal years 2019 and 2018, the impact of Preferred B shares on earnings per share was determined to be anti-dilutive. The net income and average shares outstanding used to compute basic and diluted earnings per share for the years ended September 30, 2019 and September 30, 2018 are as follows: 2019 2018 Net income attributable to common stockholders $2,879,969 $1,900,005 Add Preferred B Dividends 244,263 244,263 Net income $3,124,232 $2,144,268 Average shares outstanding - basic 3,035,479 3,010,465 Effect of Preferred B Shares 293,116 — Average shares outstanding - diluted 3,328,595 3,010,465 (t) 311 Transportation Agreement /Compressor Station On January 11, 2010, the Gas Company entered into a contract (“311 Transportation Agreement”) with a local gas producer that provided for the building of a compressor station as well as the transfer of a 6” pipeline owned by the gas producer to the Company for nominal consideration. The contract also sets forth the terms, rates and condition of the transport of the local producer gas to the interstate pipeline system. On May 21, 2010, the 311 Transportation Agreement was revised to reflect a change in the projected gas delivery schedule and delivery volumes. The previously agreed to transportation rates did not change. The contract’s maximum daily delivery quantity remained the same. The schedule for attaining the maximum daily delivery quantity was altered to accommodate the project’s construction schedule. The Gas Company bought the $11 million compressor station and $2.1 million pipeline from the local producer for two dollars. The local producer had the right to repurchase these facilities for two dollars in ten years. This transaction became effective on May 12, 2011, when the station began operations. Although the Gas Company has plant available for use that had an original cost of $13.1 million, only two dollars was recognized in accordance with the Uniform System of Accounts (313.2) which states that in the case of gas plant contributed to the utility, gas plant accounts shall be charged only with such expenses, if any, incurred by the utility. On May 23, 2018 the Gas Company modified its contract with the gas producer eliminating the producer’s right to repurchase the compressor station. (u) Collective Bargaining Agreement The Company had 64 employees as of September 30, 2019, and 63 as of September 30, 2018. Of this total, approximately one quarter are members of the International Brotherhood of Electrical Workers Local 139 labor union working under an agreement effective until April 5, 2021. (v) Leatherstocking Companies The Holding Company has a 50% investment in Leatherstocking Gas Company, LLC (“Leatherstocking Gas”) and Leatherstocking Pipeline Company, LLC (“Leatherstocking Pipeline”). The investment and equity in both companies (collectively, “Joint Ventures”) has been recognized in the consolidated financial statements. The Holding Company has accounted for its equity investment 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 Joint Ventures which is recognized through earnings. (w) 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. (x) Adoption of New Accounting Guidance On October 1, 2018, we adopted Accounting Standards Update (“ASU”) 2016-01 “Financial Instruments—Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”), Accounting Standards Codification (“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. ASU 2016-01 prohibited the restatement of prior year financial statements and for periods ending prior to October 1, 2018, unrealized gains and losses from the changes in fair value of available-for-sale equity securities were recorded in other comprehensive income. 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 the year ended September 30, 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”). For the year ended September 30, 2018, the Company recognized revenues, including revenues from contracts with customers, in accordance with 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 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 Operating Income (Loss). 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. The Company applied the guidance retrospectively for the pension and postretirement benefit costs using amounts disclosed in prior period financial statement notes as estimates for the reclassifications in accordance with a practical expedient allowed under the guidance. Operation and maintenance expenses decreased $650,492 and Other Income (expense) increased by the same amount for the year ended September 30, 2019 as a result of the reclassifications. Operation and maintenance expenses decreased $787,652 and Other Income (expense) increased by the same amount for the year ended September 30, 2018 as a result of the reclassifications. (y) New Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC Topic 842), which requires lessees to recognize substantially all leases on-balance sheet and disclose key information about leasing arrangements. The new standard establishes a right of use (“ROU”) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard is effective for annual and interim periods beginning after December 15, 2018. ASU 2016-02 requires entities to adopt a modified retrospective transition method for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements. The Company continues to evaluate the impact that adopting ASU 2016-02 will have on its consolidated financial statements, but does not believe it will have a material impact at this time. 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, 2019. The Company is currently evaluating the impact of the guidance on their consolidated financial statements and related disclosures.

Revenue From Contracts With Cus

Revenue From Contracts With Customers	12 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Revenue From Contracts With Customers	(2) Revenue from Contracts with Customers The following tables present, the year ended September 30, 2019, 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, 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, 2019
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 Sheet at September 30, 2019 and 2018: 2019 2018 Utility Plant $5,037,937 $4,936,788 Poles & Line 14,980,190 12,813,450 Pipeline 53,846,773 51,090,474 Structures 33,436,173 32,474,188 Land 1,787,034 1,787,034 Construction Work in Progress 3,892,686 3,187,796 All Other 8,060,945 8,269,469 $121,041,738 $114,559,199 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, 2019 and 2018 was $29,263,612 and $26,966,064 respectively. Depreciation expense for the years ended as of September 30, 2019 and 2018 was $2,499,558 and $2,375,500 respectively.

Marketable Securities

Marketable Securities	12 Months Ended
	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	(4) Marketable Securities A summary of the marketable securities at September 30, 2019 and 2018 is as follows: Cost Basis Unrealized Gain Unrealized Loss Market Value 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 2018 Cash and equivalents $158,210 $— $— $158,210 Metlife stock value 38,197 — — 38,197 Government and agency bonds 264,376 — 9,246 255,130 Corporate bonds 193,526 — 3,716 189,810 Mutual funds 22,359 — 292 22,067 Corning Preferred A Stock 572,875 — 23,144 549,731 Equity securities 813,215 167,218 — 980,433 Total securities $2,062,758 $167,218 $36,398 $2,193,578 The government and agency bonds have contractual maturity dates between January 5, 2022 and September 24, 2026. The contractual maturity dates for the corporate bonds are from June 15, 2020 to April 17, 2028.

Regulatory Matters

Regulatory Matters	12 Months Ended
	Sep. 30, 2019
Regulated Operations [Abstract]
Regulatory Matters	(5) Regulatory Matters Below is a summary of the Gas Company’s deferred regulatory assets as of September 30, 2019 and 2018: 2019 2018 Unrecovered gas and electric costs 985,556 1,236,124 Deferred regulatory costs 4,401,299 4,279,839 Deferred pension costs 7,294,641 4,043,072 Total regulatory assets $12,681,496 $9,559,035 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. 2019 2018 2016 rate case costs $  253,353 $  348,475 Deferred interest costs 478,433 206,623 Income tax assets and reconciliation 801,489 883,604 Storm costs 1,228,854 1,373,634 Leak repair costs 349,547 349,547 Delivery rate deferral 548,049 587,373 All other regulatory costs, net 741,574 530,583 Total $4,401,299 $4,279,839 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 $6,520,833 as of September 30, 2019 and $3,149,493 as of September 30, 2018. 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. 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 Balance Sheet as of September 30, 2019 amounts to $12,681,496 compared to $9,559,035 at September 30, 2018. The Regulatory Assets include $1,544,347 at September 30, 2019 and $1,544,347 at September 30, 2018 that is subject to Deferred Accounting Petitions and $750,902 at September 30, 2019 and $845,707 at September 30, 2018 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, 2019
Debt Disclosure [Abstract]
Long-term Debt	(6) Long-term Debt Long-term debt, including the current portion, was as follows at September 30, 2019 and 2018: 2019 2018 Note Payable - fixed interest rate of 4.16% with monthly installments through November 2027 $24,549,520 $27,017,405 Note Payable - fixed interest rate of 4.92% with monthly installments through May 2028 10,010,035 10,911,401 Multiple Disbursement Note – variable interest rate through October 2018, fixed at 5.31% thereafter, with monthly installments through November 2028 3,335,974 2,534,424 Multiple Disbursement Note – variable interest rate through October 2019, fixed at 3.51% thereafter, with monthly installments through November 2029 1,836,662 — Multiple Disbursement Note – variable interest rate through October 2019, fixed at 3.51% thereafter, with monthly installments through November 2029 1,643,043 — Note Payable – fixed interest rate of 4.89% with monthly installments through February 2029 479,627 — Vehicle loans - variable interest rate ranging from 4.81% to 5.83% 345,770 306,252 Total long-term debt 42,200,631 40,769,482 Less current installments 4,260,846 3,793,998 Long-term debt less current installments $37,939,785 $36,975,484 The aggregate maturities of long-term debt for each of the five years subsequent to September 30, 2019 are as follows: 2020 $4,260,846 2021 $4,644,917 2022 $4,803,253 2023 $5,005,454 2024 $4,917,114 On November 30, 2017, the Gas Company entered into a long-term debt agreement with M&T Bank for $29 million at a fixed rate of 4.16% with a ten year maturity (the “November 2017 Credit Agreement”). Principal and interest payments on the 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 debt is secured by all personal property of the Gas Company including, among other things, accounts, deposit accounts, general intangibles, inventory, and all fixtures, including, among other things, pipelines, easements, rights of way and compressors in the Gas Company’s distribution system pursuant to the November 2017 Credit Agreement. The November 2017 Credit Agreement contains various affirmative and negative covenants of the Gas Company including, among others: (i) a “Total Funded Debt to Tangible Net Worth” (as such terms are defined in the November 2017 Credit Agreement) ratio of not greater than 1.40 to 1.0; and (ii) a “Total Funded Debt to EBITDA” (as such terms are defined in the November 2017 Credit Agreement) ratio of not greater than 3.75 to 1.0; and (iii) a minimum Cash Flow Coverage (as defined in the November 2017 Credit Agreement) of not less than 1.10 to 1.0; in each case measured quarterly based on the Gas Company’s trailing twelve month operating performance and fiscal quarterly financial statements; delivery of compliance and financial statement requirements, and prohibitions on any sale of all or substantially all of its assets, acquisitions of substantially all the assets of any other entity, doing business under any assumed name, material changes to its business, purposes, structure or operations which could materially adversely affect the Gas Company, or any merger, consolidation or other similar transaction. Events of default under the November 2017 Credit Agreement and the term note which permit the lender to exercise its remedies, including immediate acceleration of the principal and interest on any loans outstanding to the Gas Company, include, among others: (i) default in the payment of principal or interest on the loans under the November 2017 Credit Agreement, (ii) default by the Gas Company on any other obligation under the November 2017 Credit Agreement and related documents, (iii) failure to pay when due any other obligations of the Gas Company which could result in the acceleration of that obligation, (iv) various failures by any pension plan maintained by the Gas Company to comply with applicable law or any underfunding which the Lender determines may have an material adverse effect on the Gas Company’s ability to repay its debts, (v) entry of any judgments or order of any court or governmental entity against the Gas Company, and (vi) various bankruptcy and insolvency events. In addition, additional events of default under the November 2017 Credit Agreement include: any adverse change in the Gas Company, its business, assets, operations, affairs or condition which the lender determines will have a material adverse effect on the Gas Company, its business, assets, operation or condition (financial or otherwise) or on its ability to repay its debts, and at any time the lender in good faith deems itself insecure with respect to payment of the Gas Company’s obligations to it or other performance of such obligations. The November 2017 Security Agreement contains various representations, warranties, covenants and agreements customary in security agreements and various events of default substantially similar to those in the November 2017 Credit Agreement with remedies under the New York Uniform Commercial Code and the November 2017 Security Agreement. This refinancing is consistent with our June 2017 NYSPSC rate order. The 2017 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 of the 2017 Term Note 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. On May 23, 2018, Pike entered into a credit agreement (the “May 2018 Credit Agreement”) with Manufacturers and Traders Trust Company (“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 Pike Credit Agreement contains various affirmative and negative covenants of Pike including: a total funded debt to EBITDA ratio of not greater than 3.75 to 1.0, measured quarterly based on Pike’s trailing twelve month operating performance and fiscal quarterly financial statements; a minimum cash flow coverage of not less than 1.10 to 1.0, measured quarterly based on Pike’s trailing twelve month operating performance and fiscal quarterly financial statements; compliance 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 assets of any other entity, or other material changes to its business, purposes, structure or operations which could materially adversely affect Pike. 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. 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. 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 June 27, 2019, the Gas Company entered into a $3.127 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 $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% (4.875% as of September 30, 2019). After October 31, 2019, the interest rate was fixed at 3.51%. Additional terms of this note are substantially the same as those in the Gas Company’s November 2017 Credit Agreement with M&T. 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% (5.06% as of September 30, 2019). After October 31, 2019, the interest rate was fixed at 3.51%. Additional terms of this note are substantially the same as those in Pike’s November 2017 Credit Agreement with M&T. The Gas Company and Pike were in compliance with all of their loan covenants as of September 30, 2019.

Lines of Credit

Lines of Credit	12 Months Ended
	Sep. 30, 2019
Line of Credit Facility [Abstract]
Lines of Credit	(7) Lines of Credit On May 8, 2017 the Gas Company entered into an agreement with M&T for a revolving line of credit of $8.0 million at a variable interest 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 last expired on April 1, 2019, was renewed under the same terms, and expires on April 1, 2020. The amount outstanding under this line on September 30, 2019 was approximately $5.7 million with an interest rate of 4.66%. The maximum amount outstanding during the year ended September 30, 2019 was $5,782,876. Our lender has a purchase money security interest in all our natural gas purchases utilizing funds advanced by the bank under the credit agreement and all proceeds of sale and accounts receivable from the sale of that gas. 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 last expired on April 26, 2019, was renewed under the same terms, and expires on April 26, 2020. The amount outstanding under this line on September 30, 2019 was approximately $1.1 million with an interest rate of 4.81%. The maximum amount outstanding during the year ended September 30, 2019 was $1,092,876. 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.

Preferred Stock

Preferred Stock	12 Months Ended
	Sep. 30, 2019
Equity [Abstract]
Preferred Stock	(8) Preferred Stock The Holding Company filed a Registration Statement on Form S-1 with the Securities and Exchange Commission with respect to a subscription rights offering to its stockholders to issue up to approximately $11.0 million in preferred stock. The subscription rights were distributed on a one-for-one basis to stockholders of record as of April 14, 2016 and expired on June 20, 2016. The Form S-1 covered 2,468,961 subscription rights for the purchase of up to 140,000 shares of 6% Series A Cumulative Preferred Stock and up to 360,000 shares of 4.8% Series B Convertible Preferred Stock. Each subscription right entitled the holder to purchase either: (i) one-eighth share of the 6% Series A Cumulative Preferred Stock, par value $0.01 per share, for $25.00 per share, or (ii) one-sixth share of the 4.8% Series B Convertible Preferred Stock, par value $0.01 per share, for $20.75 per share, which is convertible in accordance with its terms into one share of common stock, subject to adjustment. Of the 140,000 shares of Series A Cumulative Preferred Stock available, 105,303 shares were subscribed and of the 360,000 shares of Series B Convertible Preferred Stock available, 244,263 shares were subscribed. Each shareholder exercising over-subscription rights was able to purchase all of the additional shares of Preferred Stock for which the shareholder subscribed. During the year ended September 30, 2016 the Holding Company received approximately $7.7 million less issuance costs of approximately $225,000 for net proceeds of approximately $7.5 million, of which approximately $197,000 of the Series A Preferred Stock proceeds was received from the Company’s Rabbi Trust investment. During the year ended September 30, 2017 the Holding Company received approximately $2.6 million less issuance costs of approximately $112,800 for net proceeds of approximately $2.5 million, of which approximately $375,000 of the Series A Preferred Stock proceeds was received from the Company’s Rabbi Trust investment. 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. The Series A Cumulative Preferred Stock will rank, with respect to priority of dividend payments and rights upon liquidation, dissolution or winding up, senior to all classes or series of our common stock, and to any other class or series of our 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 Preferred Stock; on parity with any class or series of our capital stock, the terms of which expressly provide that it will rank on parity with the Series A Cumulative Preferred Stock, including the Series A Preferred Stock; and junior to any other class or series of our 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 hereto, and the issue of which would be subject to the approval of a majority of the outstanding shares of Series A Cumulative Preferred Stock and all other preferred stock of equal rank having similar rights voting as a single class; and subject to funds legally available and payment of or provision for our 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 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 $78,188 and $98,918 at September 30, 2019 and 2018, respectively. Dividends are recorded as interest expense. For the quarter ended September 30, 2018, $78,975 was accrued for the dividend paid on October 12, 2018. For the quarter ended September 30, 2019, $78,975 was accrued for the dividend paid on October 15, 2019. Preferred A dividends recorded as interest expense for the years ended September 30, 2019 and 2018 were approximately $315,000 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 rank, with respect to priority of dividend payments and rights upon liquidation, dissolution or winding up senior to all classes or series of our common stock, and to any other class or series of our 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; on parity with any class or series of our capital stock, the terms of which expressly provide that it will rank on parity with the Series B Convertible Preferred Stock, including the Series A Cumulative Preferred Stock; and junior to any other class or series of our 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 of this report, and the issue of which would be subject to the approval of a majority of the outstanding shares of Series B Convertible Preferred Stock and all other stock of equal rank having similar rights voting as a single class; and subject to funds legally available and payment of or provision for our 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. For the quarter ended September 30, 2018, $61,066 was accrued for dividends paid on October 12, 2018. For the quarter ended 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.

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Sep. 30, 2019
Stockholders' Equity Note [Abstract]
Stockholders' Equity	(9) Stockholders’ Equity For the fiscal year ended September 30, 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). There were 14,600 shares issued to officers and directors, 600 shares sold to Leatherstocking Gas, which used the shares to compensate its independent director, Carl Hayden, and 10,009 shares issued to various investors under the DRIP. For the fiscal year ended September 30, 2018, there were a total of 27,054 shares of common stock issued for $223,783 of services and $165,075 in connection with the DRIP (dividend reinvestment program). There were 16,725 shares issued to officers and directors, 750 shares sold to Leatherstocking Gas, which used the shares to compensate its independent director, Carl Hayden, and 9,579 shares issued to various investors under the DRIP. Dividends on shares of common stock are accrued when declared by the board of directors. For the quarter ended December 31, 2017, $405,328 was accrued for dividends paid on January 15, 2018 to stockholders of record on December 31, 2017. For the quarter ended March 31, 2018, $421,110 was accrued for dividends paid on April 16, 2018 to stockholders of record on March 31, 2018. For the quarter ended June 30, 2018, $421,932 was accrued for dividends paid on July 16, 2018 to stockholders of record on June 30, 2018. For the quarter ended September 30, 2018, $422,739 was accrued for dividends paid on October 12, 2018 to stockholders of record on September 30, 2018. For the quarter ended December 31, 2018, $423,836 was accrued for dividends paid on January 14, 2019 to stockholders of record on December 31, 2018. For the quarter ended March 31, 2019, $439,814 was accrued for dividends paid on April 15, 2019 to stockholders of record on March 31, 2019. For the quarter ended June 30, 2019, $440,622 was accrued for dividends paid on July 15, 2019 to stockholders of record on June 30, 2019. For the quarter ended 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 the years ended September 30, 2019 and 2018 were $1,745,766 and $1,671,109, respectively.

Investment in Joint Ventures

Investment in Joint Ventures	12 Months Ended
	Sep. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investment in Joint Ventures	(10) Investment in Joint Ventures The Holding Company has an interest in Leatherstocking Gas and Leatherstocking Pipeline, each of which is a joint venture with Mirabito Regulated Industries, LLC, accounted for by the equity method. Leatherstocking Gas is currently moving forward on expansions to several areas in the northeast. The Holding Company and Mirabito Industries each own 50% of the joint venture and each appoints three managers to operate Leatherstocking Gas. The seventh manager is a neutral manager agreed to by the Holding Company and Mirabito Industries who is not an officer, director, or employee of either company, currently Carl T. Hayden. The current managers are Joseph P. Mirabito, John J. Mirabito and William Mirabito from Mirabito Industries; Matthew J. Cook, Michael I. German and Russell S. Miller from the Holding Company; and Carl T. Hayden as the neutral manager. Michael I. German is the Chief Executive Officer and President of the Holding Company and is also a stockholder and current board member of the Holding Company. Joseph P. Mirabito and William Mirabito are stockholders and current board members of the Holding Company. Leatherstocking Gas has received franchises from the Village and Town of Sidney, Village and Town of Bainbridge, Village and Town of Windsor, Village and Town of Unadilla, and Village and Town of Delhi in New York. Leatherstocking Gas’ petitions for authority to exercise its franchises in the Town and Village of Windsor are currently pending before the NYPSC. In addition, Leatherstocking Gas has acquired sixteen franchises in Susquehanna and Bradford Counties, Pennsylvania. The interests in Leatherstocking Pipeline, which was formed with the same structure and managers as Leatherstocking Gas, are also held by the Holding Company. Leatherstocking Pipeline is an unregulated company whose purpose is to serve one customer in Lawton, Pennsylvania. In the spring and summer of 2012, Leatherstocking Pipeline built and placed in service facilities to serve that customer. The investment and equity in both Leatherstocking companies (collectively, the “Joint Ventures”) has been recognized in the consolidated financial statements. The Holding Company has accounted for its equity investment using the equity method of accounting based on the guidelines established in FASB ASC No. 323. In applying the guidance of FASB ASC No. 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 Joint Ventures which is recognized through earnings. The following table represents the Holding Company’s investment activity in the Joint Ventures at September 30, 2019 and September 30, 2018: 2019 2018 Beginning balance in investment in joint ventures $2,740,575 $2,707,406 Investment in joint ventures during year — 165,000 Loss in joint ventures during year (142,656 ) (131,831 ) Ending balance in joint ventures $2,597,919 $2,740,575 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). As of and for the year ended September 30, 2018, the Joint Ventures had combined assets of $13.3 million, combined liabilities of $7.9 million and combined net losses of approximately ($264,000).

Income Taxes

Income Taxes	12 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	( Income tax expense for the years ended September 30 is as follows: 2019 2018 Current $14,165 $42,372 Deferred 1,308,524 1,640,887 Total $1,322,689 $1,683,259 Actual income tax expense differs from the expected tax expense computed at the statuary rate of 21.00 % for the year ended September 30, 2019 and 24.25% for the year ended September 30, 2018 as follows: 2019 2018 Expected federal tax expense $933,853 $928,175 Regulatory deferral for tax rate difference — 411,421 Prior Year Tax Recorded 80,160 168,591 Adjustment of non-regulatory tax reserves for tax rate difference — (83,998 ) Federal income sur credit amortization 54,992 — State tax expense (net of federal) 255,899 273,199 Other, net (2,215 ) (14,129 ) Actual tax expense $1,322,689 $1,683,259 The tax effects of temporary differences that result in deferred income tax assets and liabilities at September 30 are as follows: 2019 2018 Deferred income tax assets: Post-retirement benefit obligations $2,762,794 $1,242,647 NOL carryforwards 1,463,913 1,783,281 Customer Contribution 938,342 953,347 Regulatory reconciliation tax assets 350,320 228,532 Deferred compensation reserve 382,779 386,348 Unbilled revenue 71,250 61,910 Deferred tax asset resulting from 2017 Tax Act 877,356 1,075,299 Other 0 633,590 Total deferred income tax assets 6,846,754 6,364,954 Deferred income tax liabilities: Property, plant and equipment, principally due to differences in depreciation 8,668,093 9,015,898 Pension benefit obligations 2,099,588 661,394 Regulatory reconciliation tax liabilities 763,999 172,505 Bargain purchase 665,456 665,456 Storm costs 370,269 370,269 Recoverable fuel costs 306,471 376,203 Other 182,214 0 Total deferred income tax liabilities 13,056,090 11,261,725 Net deferred income tax liabilities $6,209,336 $4,896,771 The Holding Company has federal, New York and Pennsylvania State tax net operating loss carry forwards available of approximately $3.7 million for federal and $6.2 million for state as of September 30, 2019 that begin to expire at the end of the Holding Company’s fiscal 2025 tax year. For the fiscal year ended September 30, 2018 the net operating loss carry forwards were $5.7 million for federal and $9.0 million for state. The alternate minimum tax (“AMT”) is a credit of $0.3 million for fiscal year ended September 30, 2019 and 2018. On August 9, 2018 The NYSPSC issued an order in Case 17-M-0815 that required the Company to quantify the amount of the deferred taxes that will be 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 $3,557,481 and $3,777,495, at September 30, 2019 and 2018, 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 accordingly 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 the Gas Company and Pike file separate state income tax returns in New York and Pennsylvania.

Pension and Other Post-retireme

Pension and Other Post-retirement Benefit Plans	12 Months Ended
	Sep. 30, 2019
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 sheet 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 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 2019 2018 2019 2018 Change in benefit obligations: Benefit obligation at beginning of year $21,830,528 $22,011,497 $1,235,289 $1,409,521 Service cost (excluding expected expenses) 458,813 421,642 16,492 17,781 Interest cost 1,035,097 961,202 47,755 48,240 Participant contributions — — 123,014 107,254 Actuarial gain (loss) 3,490,391 (398,494 ) 123,846 (154,349 ) Benefits paid (1,215,055 ) (1,165,319 ) (211,819 ) (193,158 ) Curtailments — — — — Benefit obligation at end of year 25,599,774 21,830,528 1,334,577 1,235,289 Change in plan assets: Fair value of plan assets at beginning of year 17,322,720 16,149,671 — — Actual return on plan assets 763,132 1,371,493 — — Company contributions 764,594 974,364 88,805 85,904 Participant contributions — — 123,014 107,254 Benefits paid (1,309,930 ) (1,172,808 ) (211,819 ) (193,158 ) Fair value of plan assets at end of year 17,540,516 17,322,720 — — Funded status (8,059,258 ) (4,507,808 ) (1,334,577 ) (1,235,289 ) Unrecognized net actuarial loss/(gain) 6,348,307 3,103,970 36,636 (93,919 ) Unrecognized prior service cost — — 135,890 139,442 (Accrued) prepaid benefit cost (1,710,951 ) (1,403,838 ) (1,162,051 ) (1,189,766 ) Accrued contribution — — — — Amounts recognized in the balance sheets consists of: accrued benefit liability (8,059,258 ) (4,507,808 ) (1,334,577 ) (1,235,289 ) Amounts recognized in the balance sheets consist of: Accrued pension cost as of beginning of fiscal year (1,403,838 ) (1,219,189 ) (1,189,766 ) (1,200,608 ) Pension (cost) (1,326,030 ) (1,071,707 ) (61,090 ) (75,062 ) Contributions 764,594 974,364 — — Change in receivable contribution 254,323 (87,306 ) — — Net benefits paid — — 88,805 85,904 Change in additional minimum liability — — — — Accrued pension cost as of end of fiscal year (1,710,951 ) (1,403,838 ) (1,162,051 ) (1,189,766 ) Fair value of plan assets at end of year Cash and equivalents $633,981 $323,755 — — Government and agency issues $3,552,866 $4,076,999 — — Corporate bonds $3,261,451 $2,997,197 — — Fixed index funds $1,029,307 $843,799 — — Fixed income 993,911 594,130 — — Equity securities 8,069,000 8,486,840 — — $17,540,516 $17,322,720 — — The funded status of both plans totaling a deficiency of approximately $9.4 million and $5.7 million at September 30, 2019 and 2018, respectively, are included in deferred pension & post-retirement benefits on the consolidated balance sheets along with an additional pension regulatory liability of approximately $290,000 and $273,000 as of September 30, 2019 and September 30, 2018, 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. See Note 1(i) to the Notes of the Consolidated Financial Statements for additional information. Amortization of unrecognized net loss for the Retirement Plan for fiscal year ending September 30, 2019: 1 Projected benefit obligation as of September 30, 2019 $25,599,774 2 Plan assets at September 30, 2019 $(17,540,516 ) 3 Unrecognized loss as of September 30, 2019 $6,348,307 4 Ten percent of greater of (1) or (2) $2,559,977 5 Unamortized loss subject to amortization - (3) minus (4) $3,788,330 6 Active future service of active plan participants expected to receive benefits $12.034 7 Minimum amortization of unamortized net loss - (5)/(6) $314,802 8 Amortization of loss for 2018-2019 $897,287 Amortization of unrecognized net loss for the Post-Retirement Plan for the fiscal year ended September 30, 2019: Unrecognized net loss at October 1, 2018 subject to amortization $135,890 Amount to be amortized 2019 - 2020 Amortization period 13 years Amortization for 2019 - 2020 (loss divided by period) $10,453 Pension Benefits Post-retirement Benefits September 30, September 30, September 30, September 30, 2019 2018 2019 2018 Components of net period benefit cost: Service cost $465,813 $428,642 $16,492 $17,781 Interest cost 1,035,097 961,202 47,755 48,240 Expected return on plan assets (1,279,864 ) (1,200,819 ) — — Amortization of prior service — — 3,552 3,547 Amortization of unrecognized actuarial loss 850,661 969,988 (6,709 ) 5,494 Net periodic benefit cost $1,071,707 $1,159,013 $61,090 $75,062 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 $941,427 and $941,427 for the years ended September 30, 2019 and 2018, 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 $750,902 and $893,579 as of September 30, 2019 and 2018, respectively. Pension Benefits Post-retirement Benefits 2019 2018 2019 2018 Weighted average assumptions used to determine net period cost at September 30: Discount rate 3.96 % 4.89 % 2.86 % 4.01 % Salary increases 3.50 % 3.00 % N/A N/A Expected return on assets 7.50 % 7.50 % N/A N/A For the year ended September 30, 2019 and September 30, 2018, 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 6.75% annual rate of increase in the per capita cost of covered benefits (health care cost trend rate) was assumed for 2019. A 1% increase in the actual health care cost trend would result in approximately a 3.47% increase in the service and interest cost components of the annual net periodic post-retirement benefit cost and a 4.68% increase in the accumulated post-retirement benefit obligation. A 1% decrease in the actual health care cost trend would result in approximately a 3.97% decrease in the service and interest cost components of the annual net periodic post-retirement benefit cost and a 2.94% decrease in the accumulated post-retirement benefit obligation. The Gas Company expects to contribute $1,424,157 to the Retirement Plan during the year ended September 30, 2020. The estimated pension plan benefit payments are as follows: 2020 $1,437,116 2021 $1,484,569 2022 $1,478,038 2023 $1,487,713 2024 $1,522,441 2025+ $7,817,672 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. For all employees, the Gas Company will match one-half of the participant’s contribution up to a total of 50% 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 was $93,538 in 2019 and $93,538 in 2018.

Segment Reporting

Segment Reporting	12 Months Ended
	Sep. 30, 2019
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. 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, 2019 Gas Pike Holding Total Total electric utility revenue $0 $8,239,784 $0 $8,239,784 Total gas utility revenue $25,607,180 $1,693,015 $0 $27,300,195 Investment income $52,095 $0 $0 $52,095 Equity investment (loss) $0 $0 $(142,656 ) $(142,656 ) Net income (loss) $2,780,092 $806,675 $(462,535 ) $3,124,232 Income tax expense (benefit) $1,122,170 $218,989 $(18,470 ) $1,322,689 Interest expense $1,382,394 $654,136 $289,112 $2,325,642 Depreciation expense $1,836,873 $659,025 $3,660 $2,499,558 Amortization expense $336,562 $402,778 $47,776 $787,116 Total assets $88,098,228 $27,415,639 $3,094,781 $118,608,648 Capital expenditures $4,442,609 $2,185,553 $0 $6,628,162 For the year ended September 30, 2018 Total electric utility revenue $0 $8,600,381 $0 $8,600,381 Total gas utility revenue $24,050,606 $1,626,174 $0 $25,676,780 Investment income $44,289 $0 $0 $44,289 Equity investment (loss) $0 $0 $(131,831 ) $(131,831 ) Net income (loss) $1,705,445 $878,690 $(439,867 ) $2,144,268 Income tax expense (benefit) $1,359,655 $337,623 $(14,019 ) $1,683,259 Interest expense $1,281,675 $533,588 $281,363 $2,096,626 Depreciation expense $1,781,933 $589,907 $3,660 $2,375,500 Amortization expense $206,863 $281,868 $20,452 $509,183 Total assets $81,703,516 $26,686,811 $3,350,333 $111,740,660 Capital expenditures $6,359,565 $1,473,142 $0 $7,832,707

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Sep. 30, 2019
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, 2019, the Gas Company had 596,454 dekatherms at a cost of $1,238,826 in storage. As the result of these actions, we anticipate that the Gas Company will have sufficient gas to supply our customers for the 2019-2020 winter heating season. At September 30, 2018, the Gas Company had 657,293 dekatherms at a cost of $1,620,916 in storage. The contract with O&R should provide sufficient electricity and natural gas to supply Pike for the 2019-2020 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 Gas Company and Pike are subject to various federal, state and local environments laws and regulations. Both the Gas Company and Pike have 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 Gas Company and Pike are in compliance with all applicable regulations.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Sep. 30, 2019
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, 2019 and September 30, 2018 was $5,818 and $206,331 respectively.

Subsequent Events

Subsequent Events	12 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	(16) Subsequent Events On December 18, 2019, Corning Natural Gas Corporation purchased approximately 7.4 miles of 2" - 10" steel and plastic pipe connected on the north end in the Town of Corning to Millennium Transmission pipeline and at the south in the City of Corning to two locations on the "Gas Company" distribution system. This system supplies gas to Corning Incorporated facilities within the City of Corning. Corning Natural Gas Corporation will also assume operation of the ten metering points (stations) in the City that provides natural gas to Corning Incorporated facilities. In addition, on December 18, 2019 Corning Natural Gas Corporation purchased approximately 1.0 miles of 2" - 8" steel and plastic pipe connected to and supplied by the Corning Natural Gas system in the Town of Erwin. This system supplies gas to Corning Incorporated facilities within Corning Incorporated's Research Center campus. The total acquisition cost of all Corning facilities at the time of purchase was $250,000. As result of this acquisition, the Company will acquire approximately 10 new customers, which is expected to increase delivery retail revenues by approximately $140,000 annually. On November 25, 2019 Corning Natural Gas Corporation and The Bath Electric Gas and Water System entered into an agreement effective December 1, 2019 that fixed the transportation rate at $.99/Mcf for gas transported over Bath's system to serve Corning Natural Gas Corporation's Hammondsport /Urbana franchise area, as well as a commercial customer, A.L. Blades. The agreement is for a term of ten years. The agreement will continue in force thereafter from year to year until canceled by either party by three month's written notice. On November 25, 2019 Corning Natural Gas Corporation and The Bath Electric Gas and Water System updated the Memorandum of Understanding executed in September of 2014 to reflect the current status and future obligations of the parties. On December 17, 2019 Corning Natural Gas Holding Company ("Hold Co") signed a term sheet to purchase the 50% of Leatherstocking Gas Company ("LGC") and Leatherstocking Pipeline Company from Mirabito Regulated Industries for $3.2 million. When this purchase will be completed Hold Co will own 100% of LGC's Pennsylvania assets. A new joint venture will own LGC's New York State assets. Closing is contingent on regulatory approvals.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Sep. 30, 2019
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 and the Appliance Company. 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. The depreciation rate used for Corning Gas utility plant, expressed as an annual percentage of depreciable property, was 2.0% for each of the years ended September 30, 2019 and 2018. The NYPSC allows the Gas Company recovery in revenues to offset costs of building certain projects. At the time utility properties are retired, costs of removal less any salvage are charged to accumulated depreciation. The depreciation rate used for Pike, expressed as an annual percentage of depreciable property, was 2.1% for each of the years ended September 30, 2019 and 2018. Pike also charges cost of removal less any salvage to accumulated depreciation.
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, 2019 and 2018.
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 2019 and 2018, the Gas Company sold equity securities for realized (losses) gains included in earnings of ($3,994) and $68,062, 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, 2019 and 2018 are as follows: Fair Value Measurements at Reporting Date Using: Fair Value Quoted Prices in Active Markets for Level 2 Level 3 September 30, 2019 Available-for-sale securities $2,184,170 $2,184,170 $— $— September 30, 2018 Available-for-sale securities $2,193,578 $2,193,578 $— $— 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. Under the terms of the Transitional Service Agreement (“TSA”) signed as part of the Pike acquisition from Orange & Rockland Utilities, Inc. (“O&R”), O&R billed Pike customers for twelve months after closing.
Gas Stored Underground	(i) Gas Stored Underground Gas stored underground is carried at an average unit cost method as prescribed by the NYPSC. Pike does 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 Gas Company and Pike defer 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 and Pike 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 NYSPSC 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. 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 Gas Company’s and Pike’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	The Gas Company collects state revenue taxes on residential delivery rates. The amount included in Revenue and Taxes other than Federal Income Taxes was $300,876 and $287,109 in fiscal years 2019 and 2018, respectively. Pike collects state taxes on total revenue. The amounts collected were $535,984 and $514,177 in 2019 and 2018, 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. During the years ending September 30, 2019 and 2018 the Company issued 15,200 and 17,475 shares, respectively, as stock based compensation and recorded related expense of $239,481 and $223,783, respectively.
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 the fiscal years 2019 and 2018, the impact of Preferred B shares on earnings per share was determined to be anti-dilutive. The net income and average shares outstanding used to compute basic and diluted earnings per share for the years ended September 30, 2019 and September 30, 2018 are as follows: 2019 2018 Net income attributable to common stockholders $2,879,969 $1,900,005 Add Preferred B Dividends 244,263 244,263 Net income $3,124,232 $2,144,268 Average shares outstanding - basic 3,035,479 3,010,465 Effect of Preferred B Shares 293,116 — Average shares outstanding - diluted 3,328,595 3,010,465
311 Transportation Agreement/Compressor Station	(t) 311 Transportation Agreement /Compressor Station On January 11, 2010, the Gas Company entered into a contract (“311 Transportation Agreement”) with a local gas producer that provided for the building of a compressor station as well as the transfer of a 6” pipeline owned by the gas producer to the Company for nominal consideration. The contract also sets forth the terms, rates and condition of the transport of the local producer gas to the interstate pipeline system. On May 21, 2010, the 311 Transportation Agreement was revised to reflect a change in the projected gas delivery schedule and delivery volumes. The previously agreed to transportation rates did not change. The contract’s maximum daily delivery quantity remained the same. The schedule for attaining the maximum daily delivery quantity was altered to accommodate the project’s construction schedule. The Gas Company bought the $11 million compressor station and $2.1 million pipeline from the local producer for two dollars. The local producer had the right to repurchase these facilities for two dollars in ten years. This transaction became effective on May 12, 2011, when the station began operations. Although the Gas Company has plant available for use that had an original cost of $13.1 million, only two dollars was recognized in accordance with the Uniform System of Accounts (313.2) which states that in the case of gas plant contributed to the utility, gas plant accounts shall be charged only with such expenses, if any, incurred by the utility. On May 23, 2018 the Gas Company modified its contract with the gas producer eliminating the producer’s right to repurchase the compressor station.
Collective Bargaining Agreement	(u) Collective Bargaining Agreement The Company had 64 employees as of September 30, 2019, and 63 as of September 30, 2018. Of this total, approximately one quarter are members of the International Brotherhood of Electrical Workers Local 139 labor union working under an agreement effective until April 5, 2021.
Leatherstocking Companies	(v) Leatherstocking Companies The Holding Company has a 50% investment in Leatherstocking Gas Company, LLC (“Leatherstocking Gas”) and Leatherstocking Pipeline Company, LLC (“Leatherstocking Pipeline”). The investment and equity in both companies (collectively, “Joint Ventures”) has been recognized in the consolidated financial statements. The Holding Company has accounted for its equity investment 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 Joint Ventures which is recognized through earnings.
Preferred Stock and Temporary Equity	(w) 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	(x) Adoption of New Accounting Guidance On October 1, 2018, we adopted Accounting Standards Update (“ASU”) 2016-01 “Financial Instruments—Recognition and Measurement of Financial Assets and Financial Liabilities” (“ASU 2016-01”), Accounting Standards Codification (“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. ASU 2016-01 prohibited the restatement of prior year financial statements and for periods ending prior to October 1, 2018, unrealized gains and losses from the changes in fair value of available-for-sale equity securities were recorded in other comprehensive income. 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 the year ended September 30, 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”). For the year ended September 30, 2018, the Company recognized revenues, including revenues from contracts with customers, in accordance with 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 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 Operating Income (Loss). 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. The Company applied the guidance retrospectively for the pension and postretirement benefit costs using amounts disclosed in prior period financial statement notes as estimates for the reclassifications in accordance with a practical expedient allowed under the guidance. Operation and maintenance expenses decreased $650,492 and Other Income (expense) increased by the same amount for the year ended September 30, 2019 as a result of the reclassifications. Operation and maintenance expenses decreased $787,652 and Other Income (expense) increased by the same amount for the year ended September 30, 2018 as a result of the reclassifications.
New Accounting Pronouncements Not Yet Adopted	(y) New Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC Topic 842), which requires lessees to recognize substantially all leases on-balance sheet and disclose key information about leasing arrangements. The new standard establishes a right of use (“ROU”) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the income statement. The new standard is effective for annual and interim periods beginning after December 15, 2018. ASU 2016-02 requires entities to adopt a modified retrospective transition method for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the consolidated financial statements. The Company continues to evaluate the impact that adopting ASU 2016-02 will have on its consolidated financial statements, but does not believe it will have a material impact at this time. 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, 2019. The Company is currently evaluating the impact of the guidance on their consolidated financial statements and related disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Sep. 30, 2019
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, 2019 and 2018 are as follows: Fair Value Measurements at Reporting Date Using: Fair Value Quoted Prices in Active Markets for Level 2 Level 3 September 30, 2019 Available-for-sale securities $2,184,170 $2,184,170 $— $— September 30, 2018 Available-for-sale securities $2,193,578 $2,193,578 $— $—
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, 2019 and September 30, 2018 are as follows: 2019 2018 Net income attributable to common stockholders $2,879,969 $1,900,005 Add Preferred B Dividends 244,263 244,263 Net income $3,124,232 $2,144,268 Average shares outstanding - basic 3,035,479 3,010,465 Effect of Preferred B Shares 293,116 — Average shares outstanding - diluted 3,328,595 3,010,465

Revenue From Contracts With C_2

Revenue From Contracts With Customers (Tables)	12 Months Ended
	Sep. 30, 2019
Revenue from Contract with Customer [Abstract]
Schedule of contracts with customers	The following tables present, the year ended September 30, 2019, 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, 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, 2019
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 Sheet at September 30, 2019 and 2018: 2019 2018 Utility Plant $5,037,937 $4,936,788 Poles & Line 14,980,190 12,813,450 Pipeline 53,846,773 51,090,474 Structures 33,436,173 32,474,188 Land 1,787,034 1,787,034 Construction Work in Progress 3,892,686 3,187,796 All Other 8,060,945 8,269,469 $121,041,738 $114,559,199

Marketable Securities (Tables)

Marketable Securities (Tables)	12 Months Ended
	Sep. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Summary of Marketable Securities	A summary of the marketable securities at September 30, 2019 and 2018 is as follows: Cost Basis Unrealized Gain Unrealized Loss Market Value 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 2018 Cash and equivalents $158,210 $— $— $158,210 Metlife stock value 38,197 — — 38,197 Government and agency bonds 264,376 — 9,246 255,130 Corporate bonds 193,526 — 3,716 189,810 Mutual funds 22,359 — 292 22,067 Corning Preferred A Stock 572,875 — 23,144 549,731 Equity securities 813,215 167,218 — 980,433 Total securities $2,062,758 $167,218 $36,398 $2,193,578

Regulatory Matters (Tables)

Regulatory Matters (Tables)	12 Months Ended
	Sep. 30, 2019
Regulated Operations [Abstract]
Schedule of Regulatory Assets	Below is a summary of the Gas Company’s deferred regulatory assets as of September 30, 2019 and 2018: 2019 2018 Unrecovered gas and electric costs 985,556 1,236,124 Deferred regulatory costs 4,401,299 4,279,839 Deferred pension costs 7,294,641 4,043,072 Total regulatory assets $12,681,496 $9,559,035
Schedule of Regulatory Costs	The following table summarizes deferred regulatory costs at September 30, 2019 and 2018: 2019 2018 2016 rate case costs $  253,353 $  348,475 Deferred interest costs 478,433 206,623 Income tax assets and reconciliation 801,489 883,604 Storm costs 1,228,854 1,373,634 Leak repair costs 349,547 349,547 Delivery rate deferral 548,049 587,373 All other regulatory costs, net 741,574 530,583 Total $4,401,299 $4,279,839

Long-term Debt (Tables)

Long-term Debt (Tables)	12 Months Ended
	Sep. 30, 2019
Debt Disclosure [Abstract]
Schedule of Long Term Debt	Long-term debt, including the current portion, was as follows at September 30, 2019 and 2018: 2019 2018 Note Payable - fixed interest rate of 4.16% with monthly installments through November 2027 $24,549,520 $27,017,405 Note Payable - fixed interest rate of 4.92% with monthly installments through May 2028 10,010,035 10,911,401 Multiple Disbursement Note – variable interest rate through October 2018, fixed at 5.31% thereafter, with monthly installments through November 2028 3,335,974 2,534,424 Multiple Disbursement Note – variable interest rate through October 2019, fixed at 3.51% thereafter, with monthly installments through November 2029 1,836,662 — Multiple Disbursement Note – variable interest rate through October 2019, fixed at 3.51% thereafter, with monthly installments through November 2029 1,643,043 — Note Payable – fixed interest rate of 4.89% with monthly installments through February 2029 479,627 — Vehicle loans - variable interest rate ranging from 4.81% to 5.83% 345,770 306,252 Total long-term debt 42,200,631 40,769,482 Less current installments 4,260,846 3,793,998 Long-term debt less current installments $37,939,785 $36,975,484
Schedule of Long-Term Debt Maturities	The aggregate maturities of long-term debt for each of the five years subsequent to September 30, 2019 are as follows: 2020 $4,260,846 2021 $4,644,917 2022 $4,803,253 2023 $5,005,454 2024 $4,917,114

Investment in Joint Ventures (T

Investment in Joint Ventures (Tables)	12 Months Ended
	Sep. 30, 2019
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, 2019 and September 30, 2018: 2019 2018 Beginning balance in investment in joint ventures $2,740,575 $2,707,406 Investment in joint ventures during year — 165,000 Loss in joint ventures during year (142,656 ) (131,831 ) Ending balance in joint ventures $2,597,919 $2,740,575

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense	Income tax expense for the years ended September 30 is as follows: 2019 2018 Current $14,165 $42,372 Deferred 1,308,524 1,640,887 Total $1,322,689 $1,683,259
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 year ended September 30, 2019 and 24.25% for the year ended September 30, 2018 as follows: 2019 2018 Expected federal tax expense $933,853 $928,175 Regulatory deferral for tax rate difference — 411,421 Prior Year Tax Recorded 80,160 168,591 Adjustment of non-regulatory tax reserves for tax rate difference — (83,998 ) Federal income sur credit amortization 54,992 — State tax expense (net of federal) 255,899 273,199 Other, net (2,215 ) (14,129 ) Actual tax expense $1,322,689 $1,683,259
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: 2019 2018 Deferred income tax assets: Post-retirement benefit obligations $2,762,794 $1,242,647 NOL carryforwards 1,463,913 1,783,281 Customer Contribution 938,342 953,347 Regulatory reconciliation tax assets 350,320 228,532 Deferred compensation reserve 382,779 386,348 Unbilled revenue 71,250 61,910 Deferred tax asset resulting from 2017 Tax Act 877,356 1,075,299 Other 0 633,590 Total deferred income tax assets 6,846,754 6,364,954 Deferred income tax liabilities: Property, plant and equipment, principally due to differences in depreciation 8,668,093 9,015,898 Pension benefit obligations 2,099,588 661,394 Regulatory reconciliation tax liabilities 763,999 172,505 Bargain purchase 665,456 665,456 Storm costs 370,269 370,269 Recoverable fuel costs 306,471 376,203 Other 182,214 0 Total deferred income tax liabilities 13,056,090 11,261,725 Net deferred income tax liabilities $6,209,336 $4,896,771

Pension and Other Post-retire_2

Pension and Other Post-retirement Benefit Plans (Tables)	12 Months Ended
	Sep. 30, 2019
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 2019 2018 2019 2018 Change in benefit obligations: Benefit obligation at beginning of year $21,830,528 $22,011,497 $1,235,289 $1,409,521 Service cost (excluding expected expenses) 458,813 421,642 16,492 17,781 Interest cost 1,035,097 961,202 47,755 48,240 Participant contributions — — 123,014 107,254 Actuarial gain (loss) 3,490,391 (398,494 ) 123,846 (154,349 ) Benefits paid (1,215,055 ) (1,165,319 ) (211,819 ) (193,158 ) Curtailments — — — — Benefit obligation at end of year 25,599,774 21,830,528 1,334,577 1,235,289 Change in plan assets: Fair value of plan assets at beginning of year 17,322,720 16,149,671 — — Actual return on plan assets 763,132 1,371,493 — — Company contributions 764,594 974,364 88,805 85,904 Participant contributions — — 123,014 107,254 Benefits paid (1,309,930 ) (1,172,808 ) (211,819 ) (193,158 ) Fair value of plan assets at end of year 17,540,516 17,322,720 — — Funded status (8,059,258 ) (4,507,808 ) (1,334,577 ) (1,235,289 ) Unrecognized net actuarial loss/(gain) 6,348,307 3,103,970 36,636 (93,919 ) Unrecognized prior service cost — — 135,890 139,442 (Accrued) prepaid benefit cost (1,710,951 ) (1,403,838 ) (1,162,051 ) (1,189,766 ) Accrued contribution — — — — Amounts recognized in the balance sheets consists of: accrued benefit liability (8,059,258 ) (4,507,808 ) (1,334,577 ) (1,235,289 ) Amounts recognized in the balance sheets consist of: Accrued pension cost as of beginning of fiscal year (1,403,838 ) (1,219,189 ) (1,189,766 ) (1,200,608 ) Pension (cost) (1,326,030 ) (1,071,707 ) (61,090 ) (75,062 ) Contributions 764,594 974,364 — — Change in receivable contribution 254,323 (87,306 ) — — Net benefits paid — — 88,805 85,904 Change in additional minimum liability — — — — Accrued pension cost as of end of fiscal year (1,710,951 ) (1,403,838 ) (1,162,051 ) (1,189,766 ) Fair value of plan assets at end of year Cash and equivalents $633,981 $323,755 — — Government and agency issues $3,552,866 $4,076,999 — — Corporate bonds $3,261,451 $2,997,197 — — Fixed index funds $1,029,307 $843,799 — — Fixed income 993,911 594,130 — — Equity securities 8,069,000 8,486,840 — — $17,540,516 $17,322,720 — —
Schedule of amortization of unrecognized net (gain)/loss	Amortization of unrecognized net loss for the Retirement Plan for fiscal year ending September 30, 2019: 1 Projected benefit obligation as of September 30, 2019 $25,599,774 2 Plan assets at September 30, 2019 $(17,540,516 ) 3 Unrecognized loss as of September 30, 2019 $6,348,307 4 Ten percent of greater of (1) or (2) $2,559,977 5 Unamortized loss subject to amortization - (3) minus (4) $3,788,330 6 Active future service of active plan participants expected to receive benefits $12.034 7 Minimum amortization of unamortized net loss - (5)/(6) $314,802 8 Amortization of loss for 2018-2019 $897,287 Amortization of unrecognized net loss for the Post-Retirement Plan for the fiscal year ended September 30, 2019: Unrecognized net loss at October 1, 2018 subject to amortization $135,890 Amount to be amortized 2019 - 2020 Amortization period 13 years Amortization for 2019 - 2020 (loss divided by period) $10,453
Schedule of components of net periodic benefit cost	Pension Benefits Post-retirement Benefits September 30, September 30, September 30, September 30, 2019 2018 2019 2018 Components of net period benefit cost: Service cost $465,813 $428,642 $16,492 $17,781 Interest cost 1,035,097 961,202 47,755 48,240 Expected return on plan assets (1,279,864 ) (1,200,819 ) — — Amortization of prior service — — 3,552 3,547 Amortization of unrecognized actuarial loss 850,661 969,988 (6,709 ) 5,494 Net periodic benefit cost $1,071,707 $1,159,013 $61,090 $75,062
Schedule of weighted average assumptions used to determine net period cost	The cumulative amounts deferred equal $750,902 and $893,579 as of September 30, 2019 and 2018, respectively. Pension Benefits Post-retirement Benefits 2019 2018 2019 2018 Weighted average assumptions used to determine net period cost at September 30: Discount rate 3.96 % 4.89 % 2.86 % 4.01 % Salary increases 3.50 % 3.00 % 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: 2020 $1,437,116 2021 $1,484,569 2022 $1,478,038 2023 $1,487,713 2024 $1,522,441 2025+ $7,817,672

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Sep. 30, 2019
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, 2019 Gas Pike Holding Total Total electric utility revenue $0 $8,239,784 $0 $8,239,784 Total gas utility revenue $25,607,180 $1,693,015 $0 $27,300,195 Investment income $52,095 $0 $0 $52,095 Equity investment (loss) $0 $0 $(142,656 ) $(142,656 ) Net income (loss) $2,780,092 $806,675 $(462,535 ) $3,124,232 Income tax expense (benefit) $1,122,170 $218,989 $(18,470 ) $1,322,689 Interest expense $1,382,394 $654,136 $289,112 $2,325,642 Depreciation expense $1,836,873 $659,025 $3,660 $2,499,558 Amortization expense $336,562 $402,778 $47,776 $787,116 Total assets $88,098,228 $27,415,639 $3,094,781 $118,608,648 Capital expenditures $4,442,609 $2,185,553 $0 $6,628,162 For the year ended September 30, 2018 Total electric utility revenue $0 $8,600,381 $0 $8,600,381 Total gas utility revenue $24,050,606 $1,626,174 $0 $25,676,780 Investment income $44,289 $0 $0 $44,289 Equity investment (loss) $0 $0 $(131,831 ) $(131,831 ) Net income (loss) $1,705,445 $878,690 $(439,867 ) $2,144,268 Income tax expense (benefit) $1,359,655 $337,623 $(14,019 ) $1,683,259 Interest expense $1,281,675 $533,588 $281,363 $2,096,626 Depreciation expense $1,781,933 $589,907 $3,660 $2,375,500 Amortization expense $206,863 $281,868 $20,452 $509,183 Total assets $81,703,516 $26,686,811 $3,350,333 $111,740,660 Capital expenditures $6,359,565 $1,473,142 $0 $7,832,707

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Narrative) (Details)	May 12, 2011USD ($)	Sep. 30, 2019USD ($)itemshares	Sep. 30, 2018USD ($)itemshares
Significant Accounting Policies [Line Items]
Depreciation rate, annual percentage of depreciable property		2.00%	2.00%
Marketable securities, realized gains (losses)		$ (3,994)	$ 68,062
State revenue taxes collected		$ 300,876	$ 287,109
Shares issued for stock-based director compensation | shares		15,200	17,475
Stock related expense		$ 239,481	$ 223,783
Compressor station, value	$ 11,000,000
Pipeline, value	2,100,000
Purchase/repurchase price per agreement	2
Total value of new plant	$ 13,100,000
Number of Employees | item		64	63
Unrealized gains on equity securities		$ 100,131
Operation and maintenance expenses decreased		$ 650,492	$ 787,652
Pike [Member]
Significant Accounting Policies [Line Items]
Depreciation rate, annual percentage of depreciable property		2.10%	2.10%
State revenue taxes collected		$ 535,984	$ 514,177

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Schedule of Fair Value of Assets and Liabilities) (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	$ 2,184,170	$ 2,193,578
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	2,184,170	2,193,578
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities	2,184,170	2,193,578
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale 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, 2019	Sep. 30, 2018
Summary Of Significant Accounting Policies Net Income And Average Shares Outstanding Earnings Per Share
Net income attributable to common stockholders	$ 2,879,969	$ 1,900,005
Add Preferred B Dividends	244,263	244,263
Net income	$ 3,124,232	$ 2,144,268
Average shares outstanding - basic	3,035,479	3,010,465
Effect of Preferred B Shares	293,116
Average shares outstanding - diluted	3,328,595	3,010,465

Revenue From Contracts With C_3

Revenue From Contracts With Customers (Details) - USD ($)		12 Months Ended
		Sep. 30, 2019	Sep. 30, 2018
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		$ 34,966,075
Other revenues	[1]	573,904
Total utility operating revenues		35,539,979	$ 34,277,161
Corning Residential Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		15,405,942
Other revenues	[1]	583,941
Total utility operating revenues		15,989,883
Corning Commercial Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		2,453,170
Other revenues	[1]	(148,718)
Total utility operating revenues		2,304,452
Corning Transportation [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		4,378,121
Other revenues	[1]
Total utility operating revenues		4,378,121
Corning Street Lights Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		468
Other revenues	[1]
Total utility operating revenues		468
Corning Wholesale [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		2,236,053
Other revenues	[1]
Total utility operating revenues		2,236,053
Corning Local Production [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		698,203
Other revenues	[1]
Total utility operating revenues		698,203
Total Corning Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		25,171,957
Other revenues	[1]	435,223
Total utility operating revenues		25,607,180
Pike Residential Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		1,321,742
Other revenues	[1]	16,718
Total utility operating revenues		1,338,460
Pike Commercial Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		354,555
Other revenues	[1]
Total utility operating revenues		354,555
Total Pike Retail Gas [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		1,676,297
Other revenues	[1]	16,718
Total utility operating revenues		1,693,015
Pike Residential Electric [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		3,882,291
Other revenues	[1]	121,963
Total utility operating revenues		4,004,254
Pike Commercial Electric [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		4,108,681
Other revenues	[1]
Total utility operating revenues		4,108,681
Pike Electric - Street Lights [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		126,849
Other revenues	[1]
Total utility operating revenues		126,849
Pike Retail Electric [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		8,117,821
Other revenues	[1]	121,963
Total utility operating revenues		8,239,784
Total Pike [Member]
Disaggregation of Revenue [Line Items]
Revenues from contracts with customers		9,794,118
Other revenues	[1]	138,681
Total utility operating revenues		$ 9,932,799
[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, 2019	Sep. 30, 2018
Property, Plant and Equipment [Line Items]
Utility property, plant and equipment	$ 121,041,738	$ 114,559,199
Accumulated depreciation	29,263,612	26,966,064
Depreciation expense	2,499,558	2,375,500
Utility Plant [Member]
Property, Plant and Equipment [Line Items]
Utility property, plant and equipment	$ 5,037,937	4,936,788
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	$ 14,980,190	12,813,450
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	$ 53,846,773	51,090,474
Useful life	66 years
Structures [Member]
Property, Plant and Equipment [Line Items]
Utility property, plant and equipment	$ 33,436,173	32,474,188
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	$ 1,787,034	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	$ 3,892,686	3,187,796
All Other and Corporate [Member]
Property, Plant and Equipment [Line Items]
Utility property, plant and equipment	$ 8,060,945	$ 8,269,469
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, 2019	Sep. 30, 2018
Marketable Securities
Cost Basis	$ 1,986,064	$ 2,062,758
Unrealized Gain	198,106	167,218
Unrealized Loss		36,398
Market Value	2,184,170	2,193,578
Cash and Cash Equivalents [Member]
Marketable Securities
Cost Basis	64,457	158,210
Unrealized Gain
Unrealized Loss
Market Value	64,457	158,210
Metlife Stock Value [Member]
Marketable Securities
Cost Basis	39,810	38,197
Unrealized Gain
Unrealized Loss
Market Value	39,810	38,197
Government and agency bonds [Member]
Marketable Securities
Cost Basis	229,850	264,376
Unrealized Gain	8,024
Unrealized Loss		9,246
Market Value	237,874	255,130
Corporate bonds [ Member]
Marketable Securities
Cost Basis	190,113	193,526
Unrealized Gain	2,477
Unrealized Loss		3,716
Market Value	192,590	189,810
Mutual Funds [Member]
Marketable Securities
Cost Basis	22,359	22,359
Unrealized Gain	486
Unrealized Loss		292
Market Value	22,845	22,067
Equity securities [Member]
Marketable Securities
Cost Basis	866,600	813,215
Unrealized Gain	145,872	167,218
Unrealized Loss
Market Value	1,012,472	980,433
Corning Preferred A Stock [Memer]
Marketable Securities
Cost Basis	572,875	572,875
Unrealized Gain	41,247
Unrealized Loss		23,144
Market Value	$ 614,122	$ 549,731

Regulatory Matters (Narrative)

Regulatory Matters (Narrative) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Regulatory Assets [Line Items]
Regulatory assets	$ 12,681,496	$ 9,559,035
Regulatory asset amortizations	677,139	428,925
Pension and Other Postretirement Plans Costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	7,294,641	4,043,072
Regulatory asset amortizations	773,808	893,579
Regulatory assets	12,681,496	9,559,035
Regulatory assets under deferred accounting petitions	1,544,347	1,544,347
Regulatory assets under regulatory audit	$ 750,902	$ 845,707

Regulatory Matters (Schedule of

Regulatory Matters (Schedule of Regulatory Assets) (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Regulatory Assets [Line Items]
Regulatory assets	$ 12,681,496	$ 9,559,035
Unrecovered Gas Costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	985,556	1,236,124
Deferred Regulatory Costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	4,401,299	4,279,839
Pension and Other Postretirement Plans Costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	$ 7,294,641	$ 4,043,072

Regulatory Matters (Schedule _2

Regulatory Matters (Schedule of Regulatory Costs) (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Regulatory Assets [Line Items]
Regulatory assets	$ 12,681,496	$ 9,559,035
2016 rate case costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	253,353	348,475
Deferred interest costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	478,433	206,623
Income tax assets and reconciliation [Member]
Regulatory Assets [Line Items]
Regulatory assets	801,489	883,604
Storm costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	1,228,854	1,373,634
Leak repair costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	349,547	349,547
Delivery rate deferral [Member]
Regulatory Assets [Line Items]
Regulatory assets	548,049	587,373
All other regulatory costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	741,574	530,583
Deferred Regulatory Costs [Member]
Regulatory Assets [Line Items]
Regulatory assets	$ 4,401,299	$ 4,279,839

Long-term Debt (Narrative) (Det

Long-term Debt (Narrative) (Details) - USD ($)	Feb. 01, 2019	Jun. 27, 2019	Oct. 31, 2018	May 23, 2018	Nov. 30, 2017	Sep. 30, 2018	Oct. 31, 2019	Sep. 30, 2019	Dec. 04, 2018
Debt Instrument [Line Items]
Short term borrowings						$ 6,662,357		$ 6,875,752
Agreement with M&T [Member]
Debt Instrument [Line Items]
Debt, face amount		$ 3,127,000		$ 11,200,000	$ 29,000,000				$ 510,000
Issuance date		Jun. 27, 2019		May 23, 2018	Nov. 30, 2017
Maturity date		Nov. 30, 2029		May 23, 2028	Nov. 30, 2027
Debt to tangible net worth ratio that must be maintained					140.00%
Debt service coverage ratio that must be retained				375.00%	375.00%
Cash flow coverage ratio				110.00%	110.00%
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%
Effective interest rate								4.875%
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%
Effective interest rate								5.06%
Agreement with M&T [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt, face amount	$ 510,000
Issuance date	Dec. 4, 2018
Amortization period	10 years
Interest rate, spread on basis	4.89%
Periodic payment amount, interest and principal	$ 5,397
Agreement with M&T [Member] | Subsequent Event [Member] | Term Loan [Member]
Debt Instrument [Line Items]
Debt, face amount							$ 3,127,000
Effective interest rate							3.51%
Agreement with M&T [Member] | Subsequent Event [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%

Long-term Debt (Schedule of Lon

Long-term Debt (Schedule of Long-term Debt) (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Debt Instrument [Line Items]
Total long-term debt	$ 42,200,631	$ 40,769,482
Less current installments	4,260,846	3,793,998
Long-term debt less current installments	37,939,785	36,975,484
Note Payable November 2027 [Member]
Debt Instrument [Line Items]
Total long-term debt	24,549,520	27,017,405
Note Payable May 2028 [Member]
Debt Instrument [Line Items]
Total long-term debt	10,010,035	10,911,401
Multiple Disbursement Note November 2028 [Member]
Debt Instrument [Line Items]
Total long-term debt	3,335,974	2,534,424
Multiple Disbursement Note November 2029 [Member]
Debt Instrument [Line Items]
Total long-term debt	1,836,662
Multiple Disbursement Note November 2029 [Member]
Debt Instrument [Line Items]
Total long-term debt	1,643,043
Vehicle loans [Member]
Debt Instrument [Line Items]
Total long-term debt	345,770	306,252
Note Payable February 2029 [Member]
Debt Instrument [Line Items]
Total long-term debt	$ 479,627

Long-term Debt (Schedule of Agg

Long-term Debt (Schedule of Aggregates of Long-term Debt) (Details)	Sep. 30, 2019USD ($)
Aggregate maturity of debt in fiscal year:
2020	$ 4,260,846
2021	4,644,917
2022	4,803,253
2023	5,005,454
2024	$ 4,917,114

Lines of Credit (Details)

Lines of Credit (Details)	12 Months Ended
	Sep. 30, 2019USD ($)
Agreement with M&T [Member]
Line of Credit Facility [Line Items]
Line of credit, maximum borrowing capacity	$ 8,000,000
Line of credit outstanding	5,700,000
Line of credit, maximum amount outstanding	$ 5,782,876
Line of credit expiration date	Apr. 1, 2020
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	1,100,000
Line of credit, maximum amount outstanding	$ 1,092,876
Line of credit expiration date	Apr. 26, 2020
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	4.81%

Preferred Stock (Details)

Preferred Stock (Details) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2016	Apr. 14, 2016
Class of Stock [Line Items]
Preferred stock shares authorized	255,500	255,500	255,500	255,500			11,000,000
Preferred shares subscribed							2,468,961
Preferred stock shares outstanding	210,600	210,600	210,600	210,600
Interest expense			$ 2,325,642	$ 2,096,626
6% Series A Cumulative Preferred Stock [Memebr]
Class of Stock [Line Items]
Purchase of preferred shares						140,000
Percentage of dividend rate on preferred shares						6.00%
Preferred shares par value						$ 0.01
Conversion price per share						$ 25
Preferred shares available						140,000
Preferred shares subscribed						105,303
Liquidation preference per share						$ 25
4.8% Series B Cumulative Preferred Stock [Memebr]
Class of Stock [Line Items]
Purchase of preferred shares						360,000
Percentage of dividend rate on preferred shares						4.80%
Preferred shares par value						$ 0.01
Conversion price per share						$ 20.75
Preferred shares available						360,000
Preferred shares subscribed						244,263
Liquidation preference per share						$ 20.75
Shareholder owning percentage						10.00%
Exercise of conversion rights						10.00%
Preferred Stock [Member]
Class of Stock [Line Items]
Unamortized issuance costs					$ 2,600,000	$ 7,700,000
Issuance costs					112,800	225,000
Net proceeds					2,500,000	7,500,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
Issuance costs			78,188	98,918
Net proceeds					$ 375,000	$ 197,000
Dividends paid	$ 78,975	$ 78,975
Interest expense			315,000	315,000
Series B Preferred Stock [Member]
Class of Stock [Line Items]
Issuance costs			150,000
Dividends paid			$ 61,065	$ 61,066

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Issuance of common stock, shares	25,209	27,054
Shares issued under dividend reinvestment program	10,009	9,579
Value of shares issued under DRIP	$ 186,446	$ 165,075
Shares issued for services	$ 239,481	$ 223,783
Shares issued for stock-based director compensation	15,200	17,475
Dividends payable	$ 441,494	$ 422,739	$ 440,622	$ 439,814	$ 423,836	$ 421,932	$ 421,110	$ 405,328
Dividends for the year	$ 1,745,766	$ 1,671,109
Officers and Directors [Member]
Class of Stock [Line Items]
Shares issued for stock-based director compensation	14,600	16,725
Leatherstocking Gas Company LLC And Leatherstocking Pipeline Company LLC [Member]
Class of Stock [Line Items]
Issuance of common stock, shares	600	750

Investment in Joint Ventures (N

Investment in Joint Ventures (Narrative) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Schedule of Equity Method Investments [Line Items]
Combined assets	$ 118,608,648	$ 111,740,660
Combined liabilties	21,082,881	16,322,799
Net income (loss)	$ 3,124,232	2,144,268
Leatherstocking Gas Company LLC And Leatherstocking Pipeline Company LLC [Member]
Schedule of Equity Method Investments [Line Items]
Ownership percentage of joint venture	50.00%
Combined assets	$ 12,700,000	13,300,000
Combined liabilties	7,500,000	7,900,000
Net income (loss)	$ (286,000)	$ (264,000)

Investment in Joint Ventures (S

Investment in Joint Ventures (Schedule of Investment Activity) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Beginning balance in investment in joint ventures	$ 2,740,575	$ 2,707,406
Investment in joint ventures during year		165,000
Loss in joint ventures during year	(142,656)	(131,831)
Ending balance in joint ventures	$ 2,597,919	$ 2,740,575

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Operating Loss Carryforwards [Line Items]
Operating loss carry forwards, expiration	Sep. 30, 2025
Alternate minimum tax	$ 3,000,000	$ 3,000,000
Regulatory liability	3,557,481	3,777,495
Foreign [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carry forwards	3,700,000	5,700,000
State [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carry forwards	$ 6,200,000	$ 9,000,000

Income Taxes (Schedule of Defer

Income Taxes (Schedule of Deferred and Current Income Tax Expense) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Current	$ 14,165	$ 42,372
Deferred	1,308,524	1,640,887
Total	$ 1,322,689	$ 1,683,259

Income Taxes (Schedule of Incom

Income Taxes (Schedule of Income Tax Reconciliation) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Expected federal tax expense	$ 933,853	$ 928,175
Regulatory deferral for tax rate difference		411,421
Prior Year Tax Recorded	80,160	168,591
Adjustment of non-regulatory tax reserves for tax rate difference		(83,998)
Federal income sur credit amortization	54,992
State tax expense (net of federal)	255,899	273,199
Other, net	(2,215)	(14,129)
Actual tax expense	$ 1,322,689	$ 1,683,259
Federal corporate tax rate	21.00%	24.25%

Income Taxes (Schedule of Inc_2

Income Taxes (Schedule of Income Tax Assets and Liabilities) (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Deferred income tax assets:
Post-retirement benefit obligations	$ 2,762,794	$ 1,242,647
NOL carryforwards	1,463,913	1,783,281
Customer Contribution	938,342	953,347
Regulatory reconciliation tax assets	350,320	228,532
Deferred compensation reserve	382,779	386,348
Unbilled revenue	71,250	61,910
Deferred tax asset resulting from 2017 Tax Act	877,356	1,075,299
Other	0	633,590
Total deferred income tax assets	6,846,754	6,364,954
Deferred income tax liabilities:
Property, plant and equipment, principally due to differences in depreciation	8,668,093	9,015,898
Pension benefit obligations	2,099,588	661,394
Regulatory reconciliation tax liabilities	763,999	172,505
Bargain purchase	665,456	665,456
Storm costs	370,269	370,269
Recoverable fuel costs	306,471	376,203
Other	182,214	0
Total deferred income tax liabilities	13,056,090	11,261,725
Net deferred income tax liabilities	$ 6,209,336	$ 4,896,771

Pension and Other Post-retire_3

Pension and Other Post-retirement Benefit Plans (Narrative) (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Defined Benefit Plan Disclosure [Line Items]
Deferred compensation	$ 1,391,924	$ 1,412,345
Funded status	9,400,000	5,700,000
Regulatory liabilities	3,557,481	3,777,495
Pension expense	941,427	941,427
Amounts not included in prepaid pension cost	$ 750,902	893,579
Annual rate increase of health care costs assumed	6.75%
Percentage change in health care costs (positive or negative)	1.00%
Change in service and interest costs with increase in health care costs	3.47%
Change in accumulated benefit obligations with increase in health care costs	4.68%
Change in service and interest costs with decrease in health care costs	3.97%
Change in accumulated benefit obligations with decrease in health care costs	2.94%
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	$ 1,334,577	1,235,289
Company contributions	88,805	85,904
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	17,540,516	17,322,720	$ 16,149,671
Funded status	8,059,258	4,507,808
Regulatory liabilities	290,000	273,000
Expected contribution in 2020	1,424,157
Company contributions	$ 764,594	974,364
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 matching contribution percentage	50.00%
Company contributions	$ 93,538	93,538
Rabbi Trust [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	2,144,360	2,155,281
Stock included in deferred compensation plan	39,810	$ 38,197
Increase in pension benefit obligation due to change in Mortality Table assumption	$ 20,421

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, 2019	Sep. 30, 2018
Change in plan assets:
Funded status	$ (9,400,000)	$ (5,700,000)
Pension Benefits [Member]
Change in benefit obligations:
Benefit obligation at beginning of year	21,830,528	22,011,497
Service cost (excluding expected expenses)	458,813	421,642
Interest cost	1,035,097	961,202
Participant contributions
Actuarial gain (loss)	3,490,391	(398,494)
Benefits paid	(1,215,055)	(1,165,319)
Curtailments
Benefit obligation at end of year	25,599,774	21,830,528
Change in plan assets:
Fair value of plan assets at beginning of year	17,322,720	16,149,671
Actual return on plan assets	763,132	1,371,493
Company contributions	764,594	974,364
Participant contributions
Benefits paid	(1,309,930)	(1,172,808)
Fair value of plan assets at end of year	17,540,516	17,322,720
Funded status	(8,059,258)	(4,507,808)
Unrecognized net actuarial loss/(gain)	6,348,307	3,103,970
Unrecognized prior service cost
(Accrued) prepaid benefit cost	(1,710,951)	(1,403,838)
Accrued contribution
Amounts recognized in the balance sheets consists of:
Accrued benefit liability	(8,059,258)	(4,507,808)
Accrued pension cost as of beginning of fiscal year	(1,403,838)	(1,219,189)
Pension (cost)	(1,326,030)	(1,071,707)
Contributions	764,594	974,364
Change in receivable contribution	254,323	(87,306)
Net benefits paid
Change in additional minimum liability
Accrued pension cost as of end of fiscal year	(1,710,951)	(1,403,838)
Post-retirement Benefits [Member]
Change in benefit obligations:
Benefit obligation at beginning of year	1,235,289	1,409,521
Service cost (excluding expected expenses)	16,492	17,781
Interest cost	47,755	48,240
Participant contributions	123,014	107,254
Actuarial gain (loss)	123,846	(154,349)
Benefits paid	(211,819)	(193,158)
Curtailments
Benefit obligation at end of year	1,334,577	1,235,289
Change in plan assets:
Fair value of plan assets at beginning of year
Actual return on plan assets
Company contributions	88,805	85,904
Participant contributions	123,014	107,254
Benefits paid	(211,819)	(193,158)
Fair value of plan assets at end of year
Funded status	(1,334,577)	(1,235,289)
Unrecognized net actuarial loss/(gain)	36,636	(93,919)
Unrecognized prior service cost	135,890	139,442
(Accrued) prepaid benefit cost	(1,162,051)	(1,189,766)
Accrued contribution
Amounts recognized in the balance sheets consists of:
Accrued benefit liability	(1,334,577)	(1,235,289)
Accrued pension cost as of beginning of fiscal year	(1,189,766)	(1,200,608)
Pension (cost)	(61,090)	(75,062)
Contributions
Change in receivable contribution
Net benefits paid	88,805	85,904
Change in additional minimum liability
Accrued pension cost as of end of fiscal year	$ (1,162,051)	$ (1,189,766)

Pension and Other Post-retire_5

Pension and Other Post-retirement Benefit Plans (Schedule of Fair Value of Plan Assets) (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2017
Pension Benefits [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	$ 17,540,516	$ 17,322,720	$ 16,149,671
Pension Benefits [Member] | Cash and Cash Equivalents [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	633,981	323,755
Pension Benefits [Member] | Government and agency bonds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	3,552,866	4,076,999
Pension Benefits [Member] | Corporate bonds [ Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	3,261,451	2,997,197
Pension Benefits [Member] | Fixed index funds [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	1,029,307	843,799
Pension Benefits [Member] | Fixed income [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	993,911	594,130
Pension Benefits [Member] | Equity securities [Member]
Defined Benefit Plan Disclosure [Line Items]
Fair value of plan assets at end of year	8,069,000	8,486,840
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, 2019	Sep. 30, 2018	Sep. 30, 2017
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, 2019	$ 25,599,774	$ 21,830,528	$ 22,011,497
Plan assets at September 30, 2019	(17,540,516)	(17,322,720)	(16,149,671)
Unrecognized loss as of September 30, 2019	6,348,307	3,103,970
Unrecognized prior service cost
Ten percent of greater of (1) or (2)	2,559,977
Unamortized loss subject to amortization - (3) minus (4)	$ 3,788,330
Active future service of active plan participants expected to receive benefits	12 years 11 days
Minimum amortization of unamortized net loss - (5)/(6)	$ 314,802
Amortization of loss for 2018-2019	897,287
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, 2019	1,334,577	1,235,289	1,409,521
Plan assets at September 30, 2019
Unrecognized loss as of September 30, 2019	36,636	(93,919)
Unrecognized prior service cost	$ 135,890	$ 139,442
Amortization period	13 years
Amortization of loss for 2018-2019	$ 10,453

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, 2019	Sep. 30, 2018
Pension Benefits [Member]
Components of net period benefit cost
Service cost	$ 465,813	$ 428,642
Interest cost	1,035,097	961,202
Expected return on plan assets	(1,279,864)	(1,200,819)
Amortization of prior service
Amortization of unrecognized actuarial loss	850,661	969,988
Net periodic benefit cost	1,071,707	1,159,013
Post-retirement Benefits [Member]
Components of net period benefit cost
Service cost	16,492	17,781
Interest cost	47,755	48,240
Expected return on plan assets
Amortization of prior service	3,552	3,547
Amortization of unrecognized actuarial loss	(6,709)	5,494
Net periodic benefit cost	$ 61,090	$ 75,062

Pension and Other Post-retire_8

Pension and Other Post-retirement Benefit Plans (Schedule of Weighted Average Assumptions) (Details)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Pension Benefits [Member]
Weighted average assumptions used to determine net period cost at September 30:
Discount rate	3.96%	4.89%
Salary increases	3.50%	3.00%
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	2.86%	4.01%

Pension and Other Post-retire_9

Pension and Other Post-retirement Benefit Plans (Schedule of Estimated Plan Benefit Payments) (Details)	Sep. 30, 2019USD ($)
Estimated pension plan benefit payments in fiscal year;
2020	$ 1,437,116
2021	1,484,569
2022	1,478,038
2023	1,487,713
2024	1,522,441
2025+	$ 7,817,672

Segment Reporting (Details)

Segment Reporting (Details) - USD ($)	12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Segment Reporting Information [Line Items]
Total electric utility revenue	$ 8,239,784	$ 8,600,381
Total gas utility revenue	27,300,195	25,676,780
Investment income	52,095	44,289
Equity investment (loss)	(142,656)	(131,831)
Net income (loss)	3,124,232	2,144,268
Income tax expense (benefit)	1,322,689	1,683,259
Interest expense	2,325,642	2,096,626
Depreciation expense	2,499,558	2,375,500
Amortization expense	787,116	509,183
Total assets	118,608,648	111,740,660
Capital expenditures	6,628,162	7,832,707
Gas Company [Member]
Segment Reporting Information [Line Items]
Total electric utility revenue	0	0
Total gas utility revenue	25,607,180	24,050,606
Investment income	52,095	44,289
Equity investment (loss)	0	0
Net income (loss)	2,780,092	1,705,445
Income tax expense (benefit)	1,122,170	1,359,655
Interest expense	1,382,394	1,281,675
Depreciation expense	1,836,873	1,781,933
Amortization expense	336,562	206,863
Total assets	88,098,228	81,703,516
Capital expenditures	4,442,609	6,359,565
Pike [Member]
Segment Reporting Information [Line Items]
Total electric utility revenue	8,239,784	8,600,381
Total gas utility revenue	1,693,015	1,626,174
Investment income	0	0
Equity investment (loss)	0	0
Net income (loss)	806,675	878,690
Income tax expense (benefit)	218,989	337,623
Interest expense	654,136	533,588
Depreciation expense	659,025	589,907
Amortization expense	402,778	281,868
Total assets	27,415,639	26,686,811
Capital expenditures	2,185,553	1,473,142
Holding Company [Member]
Segment Reporting Information [Line Items]
Total electric utility revenue	0	0
Total gas utility revenue	0	0
Investment income	0	0
Equity investment (loss)	(142,656)	(131,831)
Net income (loss)	(462,535)	(439,867)
Income tax expense (benefit)	(18,470)	(14,019)
Interest expense	289,112	281,363
Depreciation expense	3,660	3,660
Amortization expense	47,776	20,452
Total assets	3,094,781	3,350,333
Capital expenditures	$ 0	$ 0

Commitments and Contingencies (

Commitments and Contingencies (Details)	Sep. 30, 2019USD ($)Dekatherms	Sep. 30, 2018USD ($)Dekatherms
Commitments and Contingencies Disclosure [Abstract]
Storage Capacity Maintained	736,000
Energy in storage	596,454	657,293
Gas stored underground | $	$ 1,238,826	$ 1,620,916
Customers	15,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Related Party Transactions [Abstract]
Related party receivables	$ 5,818	$ 206,331

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member]	1 Months Ended
	Dec. 18, 2019USD ($)	Dec. 17, 2019USD ($)
Subsequent Event [Line Items]
Purchase price	$ 250,000
Number of new customers acquired	10
Increase in retail revenues	$ 140,000
Share of Hold Comapny in LGC Pennsylvania Assets [Member]
Subsequent Event [Line Items]
Ownership percentage		100.00%
Leatherstocking Gas Company ("LGC") and Leatherstocking Pipeline Company from Mirabito Regulated Industries [Member]
Subsequent Event [Line Items]
Purchase price		$ 3,200,000
Membership interest acquired		50.00%