Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Sep. 30, 2022 | Nov. 30, 2022 | Mar. 31, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001069533 | ||
Entity Registrant Name | RGC Resources, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --09-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2022 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Sep. 30, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 000-26591 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 54-1909697 | ||
Entity Address, Address Line One | 519 Kimball Ave., N.E. | ||
Entity Address, City or Town | Roanoke | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 24016 | ||
City Area Code | 540 | ||
Local Phone Number | 777-4427 | ||
Title of 12(b) Security | Common Stock, $5 Par Value | ||
Trading Symbol | RGCO | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 169,677,888 | ||
Entity Common Stock, Shares Outstanding | 9,832,210 | ||
Auditor Firm ID | 423 | ||
Auditor Name | Brown Edwards & Company, L.L.P | ||
Auditor Location | Roanoke, Virginia |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 4,898,914 | $ 1,518,317 |
Accounts receivable, net | 5,353,270 | 4,949,900 |
Materials and supplies | 1,228,554 | 1,031,666 |
Gas in storage | 16,916,651 | 7,867,470 |
Prepaid income taxes | 3,087,755 | 3,104,950 |
Regulatory assets | 1,877,468 | 5,656,453 |
Interest rate swaps | 1,218,211 | 0 |
Other | 967,496 | 1,015,099 |
Total current assets | 35,548,319 | 25,143,855 |
UTILITY PROPERTY: | ||
In service | 290,940,683 | 272,382,539 |
Accumulated depreciation and amortization | (80,242,946) | (76,038,433) |
In service, net | 210,697,737 | 196,344,106 |
Construction work in progress | 19,163,337 | 15,305,578 |
Utility property, net | 229,861,074 | 211,649,684 |
OTHER NON-CURRENT ASSETS: | ||
Regulatory assets | 5,446,547 | 6,769,759 |
Investment in unconsolidated affiliates | 13,773,075 | 64,867,319 |
Benefit plan assets | 749,341 | 1,259,639 |
Deferred Income Tax Assets, Net | 1,057,079 | 0 |
Interest rate swaps | 3,580,256 | 0 |
Other | 293,552 | 418,937 |
Total other non-current assets | 24,899,850 | 73,315,654 |
TOTAL ASSETS | 290,309,243 | 310,109,193 |
CURRENT LIABILITIES: | ||
Current maturities of long-term debt | 1,300,000 | 7,000,000 |
Dividends payable | 1,915,317 | 1,549,841 |
Accounts payable | 8,600,919 | 7,729,707 |
Capital contributions payable | 804,506 | 2,140,637 |
Customer credit balances | 1,400,770 | 1,539,680 |
Customer deposits | 1,457,610 | 1,571,342 |
Accrued expenses | 3,668,122 | 3,819,977 |
Interest rate swaps | 0 | 332,389 |
Regulatory liabilities | 3,168,066 | 329,959 |
Total current liabilities | 22,315,310 | 26,013,532 |
LONG-TERM DEBT: | ||
Notes payable | 135,971,200 | 116,110,200 |
Line-of-credit | 0 | 17,628,897 |
Less unamortized debt issuance costs | (275,911) | (267,670) |
Long-term debt, net | 135,695,289 | 133,471,427 |
DEFERRED CREDITS AND OTHER NON-CURRENT LIABILITIES: | ||
Interest rate swaps | 0 | 863,694 |
Asset retirement obligations | 10,204,079 | 7,628,958 |
Regulatory cost of retirement obligations | 12,277,796 | 13,640,567 |
Benefit plan liabilities | 337,535 | 949,851 |
Deferred Income Tax Liabilities, Net | 3,165,454 | 14,948,213 |
Regulatory liabilities | 13,223,124 | 12,891,242 |
Total deferred credits and other non-current liabilities | 39,207,988 | 50,922,525 |
COMMITMENTS AND CONTINGENCIES (Note 12) | ||
Stockholders’ Equity: | ||
Common Stock, $5 par value; authorized 20,000,000 shares; issued and outstanding 9,820,535 and 8,375,092 shares in 2022 and 2021, respectively | 49,102,675 | 41,875,460 |
Preferred stock, no par; authorized 5,000,000 shares; no shares issued and outstanding in 2022 and 2021 | 0 | 0 |
Capital in excess of par value | 41,479,459 | 19,705,387 |
Retained earnings | 544,158 | 39,656,296 |
Accumulated other comprehensive income (loss) | 1,964,364 | (1,535,434) |
Total stockholders’ equity | 93,090,656 | 99,701,709 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 290,309,243 | $ 310,109,193 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2022 | Sep. 30, 2021 |
Common stock, par value (in dollars per share) | $ 5 | $ 5 |
Common stock, shares authorized (in shares) | 20,000,000 | 20,000,000 |
Common stock, shares issued (in shares) | 9,820,535 | 8,375,092 |
Common stock, shares outstanding (in shares) | 9,820,535 | 8,375,092 |
Preferred stock, par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
OPERATING REVENUES: | ||
Revenues | $ 84,165,222 | $ 75,174,779 |
OPERATING EXPENSES: | ||
Operations and maintenance | 15,489,240 | 14,476,355 |
General taxes | 2,285,203 | 2,290,096 |
Depreciation and amortization | 8,948,923 | 8,424,620 |
Total operating expenses | 69,248,547 | 60,396,470 |
OPERATING INCOME | 14,916,675 | 14,778,309 |
Equity in earnings of unconsolidated affiliate | 73,327 | 1,667,554 |
Impairment of unconsolidated affiliates | (55,092,303) | 0 |
Other income, net | 1,456,983 | 912,146 |
Interest expense | 4,497,929 | 4,051,885 |
INCOME (LOSS) BEFORE INCOME TAXES | (43,143,247) | 13,306,124 |
INCOME TAX EXPENSE (BENEFIT) | (11,410,645) | 3,204,062 |
NET INCOME (LOSS) | $ (31,732,602) | $ 10,102,062 |
EARNINGS (LOSS) PER COMMON SHARE: | ||
Basic (in dollars per share) | $ (3.48) | $ 1.22 |
Diluted (in dollars per share) | $ (3.48) | $ 1.22 |
WEIGHTED AVERAGE SHARES OUTSTANDING: | ||
Basic (in shares) | 9,122,678 | 8,251,802 |
Diluted (in shares) | 9,122,678 | 8,264,904 |
Gas Utility [Member] | ||
OPERATING REVENUES: | ||
Revenues | $ 84,035,644 | $ 75,045,103 |
OPERATING EXPENSES: | ||
Cost of gas and sale | 42,496,055 | 35,179,842 |
Non-utility [Member] | ||
OPERATING REVENUES: | ||
Revenues | 129,578 | 129,676 |
OPERATING EXPENSES: | ||
Cost of gas and sale | $ 29,126 | $ 25,557 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
NET INCOME (LOSS) | $ (31,732,602) | $ 10,102,062 |
Other comprehensive income (loss), net of tax: | ||
Defined benefit plans | (951,753) | 1,149,507 |
OTHER COMPREHENSIVE INCOME, NET OF TAX | 3,499,798 | 1,912,510 |
COMPREHENSIVE INCOME (LOSS) | (28,232,804) | 12,014,572 |
Interest Rate Swap [Member] | ||
Other comprehensive income (loss), net of tax: | ||
Interest rate swaps | $ 4,451,551 | $ 763,003 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance at Sep. 30, 2020 | $ 40,800,290 | $ 15,847,121 | $ 35,688,510 | $ (3,447,944) | $ 88,887,977 |
Net income (loss) | 0 | 0 | 10,102,062 | 0 | 10,102,062 |
Other comprehensive income | 0 | 0 | 0 | 1,912,510 | 1,912,510 |
Exercise of stock options | 46,250 | 91,551 | 0 | 0 | 137,801 |
Stock option grants | 0 | 11,100 | 0 | 0 | 11,100 |
Cash dividends declared | 0 | 0 | (6,134,276) | 0 | (6,134,276) |
Issuance costs | 0 | (116,926) | 0 | 0 | (116,926) |
Issuance of common stock | 1,028,920 | 3,872,541 | 0 | 0 | 4,901,461 |
Stock option grants | 0 | 11,100 | 0 | 0 | 11,100 |
Balance at Sep. 30, 2021 | 41,875,460 | 19,705,387 | 39,656,296 | (1,535,434) | 99,701,709 |
Net income (loss) | 0 | 0 | (31,732,602) | 0 | (31,732,602) |
Other comprehensive income | 0 | 0 | 0 | 3,499,798 | 3,499,798 |
Exercise of stock options | 43,750 | 83,064 | 0 | 0 | 126,814 |
Stock option grants | 0 | 16,330 | 0 | 0 | 16,330 |
Cash dividends declared | 0 | 0 | (7,379,536) | 0 | (7,379,536) |
Issuance costs | 0 | (54,175) | 0 | 0 | (54,175) |
Issuance of common stock | 7,183,465 | 21,728,853 | 0 | 0 | 28,912,318 |
Stock option grants | 0 | 16,330 | 0 | 0 | 16,330 |
Balance at Sep. 30, 2022 | $ 49,102,675 | $ 41,479,459 | $ 544,158 | $ 1,964,364 | $ 93,090,656 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Stock options exercised (in shares) | 8,750 | 9,250 |
Dividends declared per share (in dollars per share) | $ 0.78 | $ 0.74 |
Common stock issued (in shares) | 1,436,693 | 205,784 |
Dividends declared per share (in dollars per share) | $ 0.78 | $ 0.74 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income (loss) | $ (31,732,602) | $ 10,102,062 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation and amortization | 9,182,751 | 8,669,977 |
Cost of retirement of utility property, net | (630,262) | (545,443) |
Stock option grants | 16,330 | 11,100 |
Equity in earnings of unconsolidated affiliate | (73,327) | (1,667,554) |
Impairment of unconsolidated affiliates | 55,092,303 | 0 |
Allowance for funds used during construction | (75,154) | (55,981) |
Deferred income taxes | (14,258,294) | 106,188 |
Other noncash items, net | 317,169 | (243,496) |
Changes in assets and liabilities which provided (used) cash: | ||
Accounts receivable and customer deposits, net | (646,362) | (1,124,860) |
Inventories and gas in storage | (9,246,069) | (2,163,184) |
Regulatory and other assets | 3,949,270 | (6,190,720) |
Accounts payable, customer credit balances and accrued expenses, net | 310,700 | 2,862,861 |
Regulatory liabilities | 3,345,223 | 1,807,158 |
Total adjustments | 47,284,278 | 1,466,046 |
Net cash provided by operating activities | 15,551,676 | 11,568,108 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Expenditures for utility property | (25,461,000) | (19,967,567) |
Investment in unconsolidated affiliates | (5,260,863) | (6,028,760) |
Proceeds from disposal of utility property | 105,985 | 147,090 |
Net cash used in investing activities | (30,615,878) | (25,849,237) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Borrowings under line-of-credit | 36,871,007 | 47,043,566 |
Repayments under line-of-credit | (54,499,904) | (38,558,275) |
Proceeds from issuance of unsecured notes | 39,286,000 | 8,135,000 |
Retirement of notes payable | (25,125,000) | 0 |
Debt issuance expenses | (58,201) | (21,545) |
Proceeds from issuance of stock | (28,984,957) | (4,922,337) |
Cash dividends paid | (7,014,060) | (6,012,703) |
Net cash provided by financing activities | 18,444,799 | 15,508,380 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 3,380,597 | 1,227,251 |
BEGINNING CASH AND CASH EQUIVALENTS | 1,518,317 | 291,066 |
ENDING CASH AND CASH EQUIVALENTS | 4,898,914 | 1,518,317 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest | 4,269,900 | 3,886,747 |
Income taxes | $ 2,290,000 | $ 3,063,083 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The Company follows accounting and reporting standards established by the FASB and the SEC, including certain provisions allowed under the smaller reporting company exceptions. Rate Regulated Basis of Accounting 980, Regulated Operations 980 no 980 no Regulatory assets and liabilities included in the Company’s consolidated balance sheets as of September 30, 2022 2021 September 30 2022 2021 Assets: Current Assets: Regulatory assets: Accrued WNA revenues $ 193,518 $ 8,104 Under-recovery of gas costs 1,316,580 5,048,164 Under-recovery of SAVE Plan revenues — 305,502 Accrued pension and postretirement medical 237,911 206,679 Other deferred expenses 129,459 88,004 Total current 1,877,468 5,656,453 Utility Property: In service: Other 11,945 11,945 Construction work in progress: AFUDC 461,342 386,189 Other Non-Current Assets: Regulatory assets: Premium on early retirement of debt 1,370,246 1,484,433 Accrued pension and postretirement medical 3,894,561 5,154,713 Other deferred expenses 181,740 130,613 Total non-current 5,446,547 6,769,759 Total regulatory assets $ 7,797,302 $ 12,824,346 Liabilities and Stockholders' Equity: Current Liabilities: Regulatory liabilities: Over-recovery of SAVE Plan revenues $ 158,847 $ — Deferred income taxes 363,297 329,959 Supplier refunds 2,484,992 — Other deferred liabilities 160,930 — Total current 3,168,066 329,959 Deferred Credits and Non-Current Other Liabilities: Asset retirement obligations 10,204,079 7,628,958 Regulatory cost of retirement obligations 12,277,796 13,640,567 Regulatory liabilities: Deferred income taxes 13,193,006 12,891,242 Other 30,118 — Total non-current $ 35,704,999 $ 34,160,767 Total regulatory liabilities $ 38,873,065 $ 34,490,726 Amortization of $156,467 and $84,315 of regulatory assets for the years ended September 30, 2022 2021 September 30, 2022 2021, As of September 30, 2022 not Utility Property and Depreciation one Utility property is composed of the following major classes of assets: September 30 2022 2021 Distribution and transmission $ 259,253,559 $ 241,493,911 LNG storage 15,383,276 14,966,584 General and miscellaneous 16,303,848 15,922,044 Total utility property in service $ 290,940,683 $ 272,382,539 Provisions for depreciation are computed principally at composite straight-line rates over a range of periods. Rates are determined by depreciation studies which are required to be performed at least every 5 years on the regulated utility assets of Roanoke Gas. The last depreciation study was completed and approved by the SCC staff in fiscal 2019. 2024. September 30, 2022 2021 The composite rates are composed of two one one not 980. The Company reviews long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not 5 In fiscal 2020, two 2022, 2021, September 30, 2022 2021, 3 Asset Retirement Obligations 410, Asset Retirement and Environmental Obligations The Company’s composite depreciation rates include a component to provide for the cost of retirement of assets. As a result, the Company accrues the estimated cost of retirement of its utility plant through depreciation expense and creates a corresponding regulatory liability. The costs of retirement considered in the development of the depreciation component include those costs associated with the legal liability. Therefore, the ARO is reclassified from the regulatory cost of retirement obligation. If the legal obligations were to exceed the regulatory liability provided for in the depreciation rates, the Company would establish a regulatory asset for such difference with the anticipation of future recovery through rates charged to customers. In 2022, The following is a summary of the AROs: Years Ended September 30 2022 2021 Beginning balance $ 7,628,958 $ 7,180,982 Liabilities incurred 236,926 214,533 Liabilities settled (131,763 ) (160,064 ) Accretion 397,692 393,507 Revisions to estimated cash flows 2,072,266 — Ending balance $ 10,204,079 $ 7,628,958 Cash, Cash Equivalents and Short-Term Investments not not September 30, 2022 not three Customer Receivables and Allowance for Credit Losses Due to the impact of COVID- 19 2021. 2022. September 30, 2021. A reconciliation of changes in the allowance for credit losses is as follows: Years Ended September 30 2022 2021 Beginning balance $ 242,010 $ 703,140 Provision for credit losses 492,875 (400,614 ) Recoveries of accounts written off 135,143 88,893 Accounts written off (498,757 ) (149,409 ) Ending balance $ 371,271 $ 242,010 Lease Accounting one not Financing Receivables Inventories Unbilled Revenues not not September 30, 2022 2021 Income Taxes not not Debt Expenses Over/Under-Recovery of Natural Gas Costs may Fair Value one three • Level 1 • Level 2 1 not • Level 3 The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets (Level 1 3 one three 9 13. Use of Estimates Excise and Sales Taxes not Earnings Per Share Years Ended September 30 2022 2021 Net Income (Loss) $ (31,732,602 ) $ 10,102,062 Weighted-average common shares 9,122,678 8,251,802 Effect of dilutive securities: Options to purchase common stock — 13,102 Diluted average common shares 9,122,678 8,264,904 Earnings Per Share of Common Stock: Basic $ (3.48 ) $ 1.22 Diluted $ (3.48 ) $ 1.22 Business and Credit Concentrations No sales to individual customers accounted for more than 5% of total revenue in any period. One September 30, 2022 2021. Roanoke Gas currently holds the only franchises and CPCNs to distribute natural gas in its service area. These franchises expire December 31, 2035. Roanoke Gas is served directly by two one Derivative and Hedging Activities 815, Derivatives and Hedging The Company’s hedging and derivatives policy allows management to enter into derivatives for the purpose of managing the commodity and financial market risks of its business operations. The Company’s hedging and derivatives policy specifically prohibits the use of derivatives for speculative purposes. The key market risks that the Company may The Company historically has entered into collars, swaps and caps for the purpose of hedging the price of natural gas in order to provide price stability during the winter months. The fair value of these instruments is recorded in the consolidated balance sheets with the offsetting entry to either under- or over-recovery of gas costs. Net income and other comprehensive income are not September 30, 2022 2021 no The Company has five 2021, two two November 1, 2021, No See Notes 7 13 Non-Cash Activity September 30, 2022 2021 Other Comprehensive Income (Loss) Tax Before Tax (Expense) Net of Tax Amount or Benefit Amount Year Ended September 30, 2022: Interest rate swaps: Unrealized gains $ 5,617,251 $ (1,445,878 ) $ 4,171,373 Transfer of realized losses to interest expense 377,299 (97,121 ) 280,178 Net interest rate swaps 5,994,550 (1,542,999 ) 4,451,551 Defined benefit plans: Net losses arising during period $ (1,221,368 ) $ 314,379 $ (906,989 ) Amortization of actuarial gains (60,280 ) 15,516 (44,764 ) Net defined benefit plans (1,281,648 ) 329,895 (951,753 ) Other comprehensive income $ 4,712,902 $ (1,213,104 ) $ 3,499,798 Year Ended September 30, 2021: Interest rate swaps: Unrealized gains $ 473,880 $ (121,978 ) $ 351,902 Transfer of realized losses to interest expense 553,593 (142,492 ) 411,101 Net interest rate swaps 1,027,473 (264,470 ) 763,003 Defined benefit plans: Net gains arising during period $ 1,467,879 $ (377,832 ) $ 1,090,047 Amortization of actuarial losses 80,069 (20,609 ) 59,460 Net defined benefit plans 1,547,948 (398,441 ) 1,149,507 Other comprehensive income $ 2,575,421 $ (662,911 ) $ 1,912,510 The amortization of actuarial gains or losses are included as a component of net periodic pension and postretirement benefit costs under other income, net in the consolidated statements of income. Composition of AOCI: Interest Rate Swaps Defined Benefit Plans Accumulated Other Comprehensive Income (Loss) Balance September 30, 2020 $ (1,651,213 ) $ (1,796,731 ) $ (3,447,944 ) Other comprehensive income 763,003 1,149,507 1,912,510 Balance September 30, 2021 (888,210 ) (647,224 ) (1,535,434 ) Other comprehensive income (loss) 4,451,551 (951,753 ) 3,499,798 Balance September 30, 2022 $ 3,563,341 $ (1,598,977 ) $ 1,964,364 Recently Adopted Accounting Standards In January 2018, 2018 01, Leases (Topic 842 842 not September 30, 2022 not In August 2018, 2018 14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715 20 October 1, 2020. not Recently Issued Accounting Standards In March 2020, 2020 04, Reference Rate Reform (Topic 848 2021 01, December 31, 2022. one one six one June 2023 no may December 31, 2021. one None not 2023. Other accounting standards that have been issued or proposed by the FASB or other standard–setting bodies are not not Reclassification Certain prior year amounts have been reclassified to conform to current year presentations. |
Note 2 - Revenue
Note 2 - Revenue | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. REVENUE The Company assesses new contracts and identifies related performance obligations for promises to transfer distinct goods or services to the customer. Revenue is recognized when performance obligations have been satisfied. In the case of Roanoke Gas, the Company contracts with its customers for the sale and/or delivery of natural gas. The following tables summarize revenue by customer, product and income statement classification for the years ended September 30: 2022 Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 46,915,892 $ — $ 46,915,892 Commercial 28,874,522 — 28,874,522 Industrial and Transportation 5,671,884 — 5,671,884 Other 822,140 129,578 951,718 Total contracts with customers 82,284,438 129,578 82,414,016 Alternative Revenue Programs 1,751,206 — 1,751,206 Total operating revenues $ 84,035,644 $ 129,578 $ 84,165,222 2021 Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 43,108,790 $ — $ 43,108,790 Commercial 25,217,030 — 25,217,030 Industrial and Transportation 4,973,885 — 4,973,885 Other 429,397 129,676 559,073 Total contracts with customers 73,729,102 129,676 73,858,778 Alternative Revenue Programs 1,316,001 — 1,316,001 Total operating revenues $ 75,045,103 $ 129,676 $ 75,174,779 Gas utility revenues Substantially all of Roanoke Gas’ revenues are derived from rates authorized by the SCC through its tariffs. Based on its evaluation, the Company has concluded that these tariff-based revenues fall within the scope of ASC 606. All customers are billed monthly based on consumption as measured by metered usage with payments due 20 no Unbilled revenue is included in residential and commercial revenues in the preceding table. Natural gas consumption is estimated for the period subsequent to the last billed date and up through the last day of the month. Estimated volumes and approved tariff rates are utilized to calculate unbilled revenue. The following month, the unbilled estimate is reversed, the actual usage is billed and a new unbilled estimate is calculated. The Company obtains metered usage for industrial customers at the end of each month, thereby eliminating any unbilled consideration for these rate classes. Other revenues Other revenues primarily consist of miscellaneous fees and charges, utility-related revenues not no Alternative Revenue Program revenues ARPs, which fall outside the scope of ASC 606, 30 Customer Accounts Receivable Accounts receivable, as reflected in the condensed consolidated balance sheets, includes both billed and unbilled customer revenues, as well as amounts that are not Current Assets Current Liabilities Trade accounts receivable (1) Unbilled revenue (1) Customer credit balances Customer deposits September 30, 2021 $ 3,722,916 $ 1,191,227 $ 1,539,680 $ 1,571,342 September 30, 2022 3,697,431 1,585,062 1,400,770 1,457,610 Increase (decrease) $ (25,485 ) $ 393,835 $ (138,910 ) $ (113,732 ) ( 1 The Company had no not |
Note 3 - Regulatory Matters
Note 3 - Regulatory Matters | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Public Utilities Disclosure [Text Block] | 3. REGULATORY MATTERS The SCC exercises regulatory authority over the natural gas operations of Roanoke Gas. Such regulation encompasses terms, conditions and rates to be charged to customers for natural gas service, safety standards, service extension and depreciation. In April 2020, 19 September 30, 2022 2021, 19 19 fourth Roanoke Gas continues to recover the costs of its infrastructure replacement program through its SAVE Rider. In May 2022, October 2022 September 2023. August 23, 2022 On May 16, 2022, August 2022, 30 56 January 2023. On June 2, 2022, On July 19, 2022, August 4, 2022, fourth one 2023. two two On September 30, 2022, December January 1, 2023 In the final order from the last non-gas base rate increase, the SCC allowed Roanoke Gas to defer the related financing costs of two second 2020 January 2021, September 30, 2021, 2022 September 30, 2022, |
Note 4 - Segment Information
Note 4 - Segment Information | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 4. SEGMENT INFORMATION Operating segments are defined as components of an enterprise for which separate financial information is available and is evaluated regularly by the Company's executive management in deciding how to allocate resources and assess performance. The Company uses operating income and equity in earnings to assess segment performance. Intersegment transactions are recorded at cost. The reportable segments disclosed herein are defined as follows: Gas Utility Investment in Affiliates Parent and Other Information related to the segments of the Company are provided below: Gas Utility Investment in Affiliates Parent and Other Consolidated Total For the Year Ended September 30, 2022: Operating revenues $ 84,035,644 $ — $ 129,578 $ 84,165,222 Depreciation 8,948,923 — — 8,948,923 Operating income (loss) 15,104,946 (281,843 ) 93,572 14,916,675 Equity in earnings — 73,327 — 73,327 Impairment of investments in affiliates — (55,092,303 ) — (55,092,303 ) Interest expense 3,001,926 1,496,003 — 4,497,929 Income (loss) before income taxes 13,547,601 (56,784,957 ) 94,109 (43,143,247 ) As of September 30, 2022: Total assets $ 258,519,230 $ 13,838,108 $ 17,951,905 $ 290,309,243 Gross additions to utility property 25,461,000 — — 25,461,000 Gross investment in affiliates — 5,260,863 — 5,260,863 Gas Utility Investment in Affiliates Parent and Other Consolidated Total For the Year Ended September 30, 2021: Operating revenues $ 75,045,103 $ — $ 129,676 $ 75,174,779 Depreciation 8,424,620 — — 8,424,620 Operating income (loss) 14,955,375 (267,391 ) 90,325 14,778,309 Equity in earnings — 1,667,554 — 1,667,554 Interest expense 2,812,107 1,239,778 — 4,051,885 Income before income taxes 13,043,470 171,861 90,793 13,306,124 As of September 30, 2021: Total assets $ 231,737,427 $ 65,686,376 $ 12,685,390 $ 310,109,193 Gross additions to utility property 19,967,567 — — 19,967,567 Gross investment in affiliates — 6,028,760 — 6,028,760 |
Note 5 - Other Investments
Note 5 - Other Investments | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 5. OTHER INVESTMENTS Midstream is an approximately 1% equity investment owner of the LLC constructing the MVP, a 303 The LLC temporarily suspended accruing AFUDC on the project beginning January 1, 2021 March 31, 2021 April 2021 November 2021 Roanoke Gas will continue to suspend accruing AFUDC on its two gate stations that will interconnect with the MVP until such time as construction activities resume on the respective gate stations. Midstream is a less than 1% investor in Southgate, which is being accounted for under the cost method. On January 25, 2022, February 3, 2022, February 22, 2022 Midstream estimated the fair value of its investment in the LLC, with the assistance of a valuation specialist, using an income-based approach that primarily considered probability-weighted scenarios of discounted future cash flows based on the estimated project costs at completion and projected revenues. These scenarios reflected assumptions and judgments regarding the ultimate outcome of further matters relating to, or resulting from, the January February 2022 second 2022. Midstream reassesses the value of its investment in the LLC on at least a quarterly basis. With the assistance of a valuation specialist, Midstream conducted the quarterly evaluation of its investment in the LLC as of September 30, 2022. fourth 2022, 3 September 30, 2022, There is risk that Midstream’s equity investment in the LLC may may not may Funding for Midstream's investments in the LLC for both MVP and Southgate is being provided through two December 2023, three 7, The Company will participate in the earnings generated from the transportation of natural gas through both pipelines proportionate to its level of investment once the pipelines are placed in service. The investments in the LLC are included in the consolidated financial statements as follows: September 30 Balance Sheet location: 2022 2021 Other Assets: MVP $ 13,689,370 $ 64,462,194 Southgate 83,705 405,125 Investment in unconsolidated affiliates $ 13,773,075 $ 64,867,319 Current Liabilities: MVP $ 804,404 $ 2,139,696 Southgate 102 941 Capital contributions payable $ 804,506 $ 2,140,637 Years Ended September 30 Income Statement location: 2022 2021 Equity in earnings of unconsolidated affiliate $ 73,327 $ 1,667,554 September 30 2022 2021 Undistributed earnings, net of income taxes, of MVP in retained earnings, excluding impairment $ 8,135,482 $ 8,081,027 The change in the investment in unconsolidated affiliates is provided below: September 30 2022 2021 Cash investment $ 5,260,863 $ 6,028,760 Change in accrued capital calls (1,336,131 ) (371,800 ) Pre-tax impairment (55,092,303 ) — Equity in earnings of unconsolidated affiliate 73,327 1,667,554 Change in investment in unconsolidated affiliates $ (51,094,244 ) $ 7,324,514 Summary unaudited financial statements of MVP are presented below. Southgate financial statements, which are accounted for under the cost method, are not Income Statements Years Ended September 30 2022 2021 AFUDC $ 6,883,069 $ 165,048,237 Net other income (expense) 147,154 (388,436 ) Net income $ 7,030,223 $ 164,659,801 Balance Sheets September 30 2022 2021 Assets: Current assets $ 76,474,981 $ 208,961,113 Construction work in progress 6,667,146,408 6,281,991,035 Other assets 8,021,877 980,410 Total assets $ 6,751,643,266 $ 6,491,932,558 Liabilities and Equity: Current liabilities $ 115,061,723 $ 200,441,027 Noncurrent liabilities — 13,000 Capital 6,636,581,543 6,291,478,531 Total liabilities and equity $ 6,751,643,266 $ 6,491,932,558 |
Note 6 - Line-of-credit
Note 6 - Line-of-credit | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 6. LINE-OF-CREDIT On March 31, 2022, March 25, 2021. March 31, 2023. September 30, 2022, In connection with the line-of-credit, the Company also entered into the Seventh Amendment to Credit Agreement as of March 31, 2022, March 31, 2016 The Company's total available borrowing limits for the remaining term are as follows: Available As of Line-of-Credit September 30, 2022 $ 28,000,000 October 19, 2022 33,000,000 March 1, 2023 30,000,000 A summary of the line-of-credit follows: September 30 2022 2021 Available line-of-credit at year-end $ 28,000,000 $ 32,000,000 Outstanding balance at year-end — 17,628,897 Highest month-end balance outstanding 19,636,179 17,628,897 Average daily balance 6,233,620 10,042,073 Average rate of interest during year on outstanding balances 1.15 % 1.12 % Interest rate at year-end 4.08 % 1.08 % Interest rate on unused line-of-credit 0.15 % 0.15 % Associated with the line-of-credit is a credit agreement that contains various representations, warranties and covenants including a requirement that the Company maintain an interest coverage ratio of not 1 |
Note 7 - Long-term Debt
Note 7 - Long-term Debt | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 7. LONG-TERM DEBT On November 1, 2021 30 January 1, 2028. 2023. March 31, 2022, June 30, 2022 30 December 31, 2023. On September 24, 2021, first April 1, 2022 September 30, 2022. 30 October 1, 2028. September 24, 2021, On August 20, 2021, 30 August 20, 2026. March 31, 2016 August 20, 2021, October 1, 2021. Roanoke Gas also has other unsecured notes at varying fixed interest rates. Midstream has two Long-term debt consists of the following: September 30 2022 2021 Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Roanoke Gas: Unsecured senior notes payable, at 4.26 $ 30,500,000 $ 115,849 $ 30,500,000 $ 125,502 Unsecured term note payable, at 30-day LIBOR plus 0.90 — — 7,000,000 278 Unsecured term notes payable, at 3.58 8,000,000 24,080 8,000,000 28,896 Unsecured term notes payable at 4.41 10,000,000 26,627 10,000,000 29,760 Unsecured term notes payable at 3.60 10,000,000 25,539 10,000,000 29,062 Unsecured term note payable, a 30-day SOFR plus 1.20 15,000,000 — — — Unsecured term note payable, at 30-day LIBOR plus 1.00 10,000,000 28,674 — 21,545 Midstream: Unsecured term notes payable, at TERM SOFR plus 1.50 21,896,200 18,553 33,610,200 14,904 Unsecured term note payable, at 30-day LIBOR plus 1.15 14,000,000 9,029 14,000,000 11,437 Unsecured term note payable, at 30-day LIBOR plus 1.20 9,875,000 3,929 10,000,000 6,286 Unsecured term note payable, at 30-day LIBOR plus 1.15 8,000,000 23,631 — — Total notes payable, current and noncurrent $ 137,271,200 $ 275,911 $ 123,110,200 $ 267,670 Line-of-credit, at 30-day LIBOR plus 1.00 — — 17,628,897 — Total long-term debt $ 137,271,200 $ 275,911 $ 140,739,097 $ 267,670 Less: current maturities of long-term debt (1,300,000 ) — (7,000,000 ) — Total long-term debt, net current maturities $ 135,971,200 $ 275,911 $ 133,739,097 $ 267,670 The line-of-credit referenced in the table above was replaced in March 2022 6 Debt issuance costs are amortized over the life of the related debt. As of September 30, 2022 2021 All of the debt agreements set forth certain representations, warranties and covenants to which the Company is subject, including financial covenants that limit consolidated long-term indebtedness to not not December 31, 2021 September 30, 2022 2021. The aggregate annual maturities of long-term debt for the next five September 30, 2022 Year Ending September 30 Maturities 2023 $ 1,300,000 2024 32,871,200 2025 1,600,000 2026 30,600,000 2027 1,600,000 Thereafter 69,300,000 Total $ 137,271,200 |
Note 8 - Income Taxes
Note 8 - Income Taxes | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 8. INCOME TAXES The Company accounts for income taxes pursuant to the provisions of ASC 740, Income Taxes Under the provisions of ASC 740, 2018 five During fiscal 2022 2021, 26 41 - Credit for increasing research activities 2021 2017, 2018 2019 2020 2017, 2018 2019 2022, 2021 2021 2022 2021. During fiscal 2022 2021, 2021 2020 2021 2021 2022 not not 2022 2021. The details of income tax expense (benefit) are as follows: Years Ended September 30 2022 2021 Current income taxes: Federal $ 2,494,942 $ 2,527,997 State 523,571 569,877 Total current income taxes 3,018,513 3,097,874 Deferred income taxes: Federal (11,160,425 ) (137,159 ) State (3,097,869 ) 243,347 Total deferred income taxes (14,258,294 ) 106,188 Amortization of R&D tax credits: Federal (165,652 ) — State (5,212 ) — Total amortization of R&D tax credits (170,864 ) — Total income tax expense (benefit) $ (11,410,645 ) $ 3,204,062 Income tax expense for the years ended September 30, 2022 2021 Years Ended September 30 2022 2021 Income (loss) before income taxes $ (43,143,247 ) $ 13,306,124 Corporate federal income tax rate 21 % 21 % Income tax expense (benefit) computed at the federal statutory rate $ (9,060,082 ) $ 2,794,286 State income taxes, net of federal income tax benefit (2,033,695 ) 642,447 Net amortization of excess deferred taxes on regulated operations (162,228 ) (162,228 ) Tax on other permanent differences 32,914 13,321 Tax benefit recognized on stock compensation (27,191 ) (4,099 ) Amortization of R&D tax credits (170,864 ) — Tax credits — (86,839 ) Other, net 10,501 7,174 Total income tax expense (benefit) $ (11,410,645 ) $ 3,204,062 The tax effects of temporary differences that give rise to the deferred tax assets and deferred tax liabilities are as follows: September 30 2022 2021 Deferred tax assets: Allowance for credit losses $ 95,564 $ 62,292 Accrued pension and postretirement medical benefits 486,745 195,044 Regulatory effect of change in federal income tax rate 2,708,809 2,761,667 Accrued paid time off 150,075 137,175 Cost of gas held in storage 702,040 753,344 Deferred compensation 993,079 915,749 Interest rate swaps — 307,873 Accrued gas cost 125,888 289,801 MVP impairment 14,180,759 — Other 124,034 98,642 Total gross deferred tax assets 19,566,993 5,521,587 Deferred tax liabilities: Utility property 19,074,085 18,643,863 MVP investment 1,366,157 1,825,937 Interest rate swaps 1,235,126 — Total gross deferred tax liabilities 21,675,368 20,469,800 Net deferred tax asset 1,057,079 — Net deferred tax liability $ 3,165,454 $ 14,948,213 Deferred tax assets and liabilities are recorded on the consolidated balance sheets on a net basis by taxing jurisdictions. As of September 30, 2022 2021, ASC 740 not The Company files a consolidated federal income tax return and state income tax returns in Virginia and West Virginia, and thus subject to examinations by federal and state tax authorities. The IRS is currently examining the Company's 2018 2019 not September 30, 2022 2021, 2017, 2018 2019, two September 30, 2017 no September 30, 2019 no |
Note 9 - Employee Benefit Plans
Note 9 - Employee Benefit Plans | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | 9. EMPLOYEE BENEFIT PLANS The Company sponsors both a noncontributory pension plan and a postretirement plan. The pension plan covers all employees hired prior to January 2017 January 1, 2017, no 401 401 January 1, 2017. 401 The postretirement plan provides certain health care, supplemental retirement and life insurance benefits to retired employees who meet specific age and service requirements. Employees hired prior to January 1, 2000 Employers who sponsor defined benefit plans must recognize the funded status of defined benefit pension and other postretirement plans as an asset or liability in their statements of financial position and recognize changes in that funded status in the year in which the changes occur through comprehensive income. For pension plans, the benefit obligation is the projected benefit obligation, and for other postretirement plans, the benefit obligation is the accumulated benefit obligation. The Company established a regulatory asset for the portion of the obligation expected to be recovered through rates in future periods. The regulatory asset is adjusted for the recognition of actuarial gains and losses. The portion of the obligation attributable to the unregulated operations of the holding company is recognized in other comprehensive income, with actuarial gains and losses recognized using the corridor method. The following table sets forth the benefit obligation, fair value of plan assets, the funded status of the plans, and amounts recognized in the Company’s consolidated financial statements: Pension Plan Postretirement Plan 2022 2021 2022 2021 Accumulated benefit obligation $ 24,776,968 $ 33,341,841 $ 12,416,546 $ 16,796,849 Change in benefit obligation: Benefit obligation at beginning of year $ 37,654,468 $ 39,998,002 $ 16,796,849 $ 17,925,409 Service cost 648,289 734,282 97,802 140,691 Interest cost 1,013,115 975,139 443,721 430,490 Actuarial gain (10,862,957 ) (2,237,486 ) (4,330,387 ) (1,109,181 ) Benefit payments, net of retiree contributions (1,184,459 ) (1,815,469 ) (591,439 ) (590,560 ) Benefit obligation at end of year $ 27,268,456 $ 37,654,468 $ 12,416,546 $ 16,796,849 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ 38,914,107 $ 37,657,631 $ 15,882,342 $ 14,116,253 Actual return on plan assets, net of taxes (9,711,851 ) 2,571,945 (3,152,784 ) 1,956,649 Employer contributions — 500,000 — 400,000 Benefit payments, net of retiree contributions (1,184,459 ) (1,815,469 ) (591,439 ) (590,560 ) Fair value of plan assets at end of year $ 28,017,797 $ 38,914,107 $ 12,138,119 $ 15,882,342 Funded status $ 749,341 $ 1,259,639 $ (278,427 ) $ (914,507 ) Amounts recognized in the consolidated balance sheet consist of: Noncurrent assets $ 749,341 $ 1,259,639 $ — $ — Noncurrent liabilities — — (278,427 ) (914,507 ) Amounts recognized in accumulated other comprehensive loss: Net actuarial loss, net of tax $ 1,243,889 $ 527,720 $ 355,088 $ 119,504 Total amounts included in accumulated other comprehensive loss, net of tax $ 1,243,889 $ 527,720 $ 355,088 $ 119,504 Amounts deferred to a regulatory asset: Net actuarial loss (gain) $ 4,132,472 $ 4,562,834 $ (30,118 ) $ 798,558 Amounts recognized as regulatory assets (liabilities) $ 4,132,472 $ 4,562,834 $ (30,118 ) $ 798,558 During fiscal 2021, one not The Company expects that approximately $79,000, before tax, of AOCI will be recognized in net periodic benefit costs in fiscal 2023 2023. The reduction in the benefit obligations for both the pension plan and postretirement plan was primarily attributed to actuarial gains resulting from the increase in the discount rate used to calculate the benefit obligations. The following table details the actuarial assumptions used in determining the projected benefit obligations and net benefit cost of the pension plan and the accumulated benefit obligations and net benefit cost of the postretirement plan: Pension Plan Postretirement Plan 2022 2021 2022 2021 Assumptions used to determine benefit obligations: Discount rate 5.15 % 2.73 % 5.16 % 2.70 % Expected rate of compensation increase 4.00 % 4.00 % N/A N/A Assumptions used to determine benefit costs: Discount rate 2.73 % 2.47 % 2.70 % 2.44 % Expected long-term rate of return on plan assets 4.75 % 5.40 % 4.24 % 4.25 % Expected rate of compensation increase 4.00 % 4.00 % N/A N/A To develop the expected long-term rate of return on assets assumption, the Company, with input from the Plans' actuaries and investment advisors, considered the historical returns and the future expectations for returns for each asset class, as well as the target asset allocation of each plan’s portfolio. Components of net periodic benefit cost are as follows: Pension Plan Postretirement Plan 2022 2021 2022 2021 Service cost $ 648,289 $ 734,282 $ 97,802 $ 140,691 Interest cost 1,013,115 975,139 443,721 430,490 Expected return on plan assets (1,831,550 ) (2,015,743 ) (666,167 ) (596,488 ) Recognized loss 146,402 502,141 — 154,659 Net periodic benefit cost $ (23,744 ) $ 195,819 $ (124,644 ) $ 129,352 Service cost is included in operations and maintenance expense in the consolidated statements of income. All other components of net periodic benefit costs are included in other income, net in the consolidated statements of income. The assumed health care cost trend rates used in measuring the accumulated benefit obligation for the postretirement plan are presented below: Pre 65 Post 65 2022 2021 2022 2021 Health care cost trend rate assumed for next year 6.00 % 6.50 % 5.20 % 5.20 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 5.20 % 5.50 % 5.20 % 5.20 % Year that the rate reaches the ultimate trend rate 2025 2023 2022 2021 The health care cost trend rate assumptions could have a significant effect on the amounts reported. A change of 1% 1% Increase 1% Decrease Effect on total service and interest cost components $ 93,000 $ (75,000 ) Effect on accumulated postretirement benefit obligation 1,536,000 (1,293,000 ) The primary objectives of both plans' investment policies are to maintain investment portfolios that diversify risk through prudent asset allocation parameters, achieve asset returns that meet or exceed the corresponding actuarial assumptions and meet expected future benefits in both the short-term and long-term. The Company's pension plan allocation approach seeks to match the duration of the fixed income portion of the portfolio with the duration of the plan's liabilities. Such a match is designed to reduce the overall volatility in the pension plan relative to the funded status. The 30% equity allocation in the pension plan provides for potential returns to offset growth in the liabilities as eligible participants continue to accrue benefits. Based on its most recent evaluation of returns for the asset classes within each plan's investment portfolio, the Company set the expected long-term rate of return for the pension plan and the postretirement plan for fiscal 2023 The Company’s target and actual asset allocation in the pension and postretirement plans as of September 30, 2022 2021 Pension Plan Postretirement Plan Target 2022 2021 Target 2022 2021 Asset category: Equity securities 30 % 13 % 30 % 50 % 48 % 49 % Debt securities 70 % — % 69 % 50 % 51 % 50 % Cash — % 87 % 1 % — % 1 % 1 % Other — % — % — % — % — % — % The plans assets are invested in mutual funds and common and collective investment trust ("CIT") funds that function like mutual funds. On September 30, 2022, September 30, 2022 October 3, 2022. September 30, 2022. The Company uses the fair value hierarchy described in Note 1 1 2 2 not Pension Plan Fair Value Measurements - September 30, 2022 Fair Value Level 1 Level 2 Level 3 Asset Class: Cash $ 24,312,969 $ 24,312,969 $ — $ — Common and Collective Trust and Pooled Funds: Bonds Liability Driven Investment — — — — Equities Domestic Large Cap Growth — — — — Domestic Large Cap Value — — — — Domestic Small/Mid Cap Core — — — — Foreign Large Cap Value — — — — Mutual Funds: Equities Domestic Large Cap Growth 1,172,296 1,172,296 — — Domestic Large Cap Value 1,172,714 1,172,714 — — Foreign Large Cap Growth 486,184 486,184 — — Foreign Large Cap Core 873,634 873,634 — — Foreign Large Cap Value — — — — Total $ 28,017,797 $ 28,017,797 $ — $ — Pension Plan Fair Value Measurements - September 30, 2021 Fair Value Level 1 Level 2 Level 3 Asset Class: Cash $ 429,764 $ 429,764 $ — $ — Common and Collective Trust and Pooled Funds: Bonds Liability Driven Investment 26,898,651 — 26,898,651 — Equities Domestic Large Cap Growth 3,430,962 — 3,430,962 — Domestic Large Cap Value 3,480,915 — 3,480,915 — Domestic Small/Mid Cap Core 1,752,186 — 1,752,186 — Foreign Large Cap Value 1,561,512 — 1,561,512 — Mutual Funds: Equities Foreign Large Cap Growth 1,071,719 1,071,719 — — Foreign Large Cap Value 288,398 288,398 — — Total $ 38,914,107 $ 1,789,881 $ 37,124,226 $ — Postretirement Plan Fair Value Measurements - September 30, 2022 Fair Value Level 1 Level 2 Level 3 Asset Class: Cash $ 75,219 $ 75,219 $ — $ — Mutual Funds: Bonds Domestic Fixed Income 5,644,954 5,644,954 — — Foreign Fixed Income 589,284 589,284 — — Equities Domestic Large Cap Growth 1,698,421 1,698,421 — — Domestic Large Cap Value 1,793,746 1,793,746 — — Domestic Small/Mid Cap Growth 182,823 182,823 — — Domestic Small/Mid Cap Value 202,921 202,921 — — Domestic Small/Mid Cap Core 443,900 443,900 — — Foreign Large Cap Growth 469,659 469,659 — — Foreign Large Cap Value 462,196 462,196 — — Foreign Large Cap Core 574,996 574,996 — — Total $ 12,138,119 $ 12,138,119 $ — $ — Postretirement Plan Fair Value Measurements - September 30, 2021 Fair Value Level 1 Level 2 Level 3 Asset Class: Cash $ 157,957 $ 157,957 $ — $ — Mutual Funds: Bonds Domestic Fixed Income 7,109,967 7,109,967 — — Foreign Fixed Income 757,422 757,422 — — Equities Domestic Large Cap Growth 2,346,401 2,346,401 — — Domestic Large Cap Value 2,361,583 2,361,583 — — Domestic Small/Mid Cap Growth 295,628 295,628 — — Domestic Small/Mid Cap Value 248,317 248,317 — — Domestic Small/Mid Cap Core 557,739 557,739 — — Foreign Large Cap Growth 594,573 594,573 — — Foreign Large Cap Value 1,352,329 1,352,329 — — Foreign Large Cap Core 85,871 85,871 — — Other 14,555 — 14,555 — Total $ 15,882,342 $ 15,867,787 $ 14,555 $ — Each mutual fund or common collective trust fund has been categorized based on its primary investment strategy. Annual funding contributions to the pension plan and postretirement plan are made under advisement from the Company's actuaries and investment advisors based upon ERISA funding requirements. For the year ended September 30, 2022, not 2023. The following table reflects expected future benefit payments: Pension Postretirement Fiscal year ending September 30 Plan Plan 2023 $ 1,267,465 $ 787,890 2024 1,327,549 748,788 2025 1,391,818 738,855 2026 1,474,728 734,466 2027 1,583,033 746,631 2028 - 2032 8,891,378 3,969,225 The Company established an NQDC Plan in fiscal 2021. not 2022 2021 Beginning deferred compensation balance $ 35,344 $ — Employer contributions 33,280 48,100 Participant contributions — — Earnings (loss) (9,516 ) 2,297 Distributions — (15,053 ) Ending deferred compensation balance $ 59,108 $ 35,344 The Company sponsors a 401k may 401k first 401k January 1, 2017. Years Ended September 30 2022 2021 Matching contribution $ 357,293 $ 383,340 Discretionary contribution 47,429 43,093 |
Note 10 - Common Stock Options
Note 10 - Common Stock Options | 12 Months Ended |
Sep. 30, 2022 | |
Stock Option Plans [Member] | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 10. COMMON STOCK OPTIONS The KESOP provides for the issuance of common stock options to officers and certain other full-time salaried employees to acquire shares of the Company’s common stock. As of September 30, 2022 ASC 718, Compensation Stock Compensation, 2022 six ten As the Company's stock options are not Years Ended September 30 2022 2021 Expected volatility 31.79 % 32.05 % Expected dividends 2.77 % 2.75 % Expected exercise term (years) 7 7 Risk-free interest rate 2.89 % 1.24 % The underlying methods regarding each assumption are as follows: Expected volatility Expected dividend rate Expected exercise term Risk-free interest rate 7 Forfeitures Stock option transactions under the Company's plans are summarized below. Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Terms (years) Aggregate Intrinsic Value 1 Options outstanding, September 30, 2020 51,500 $ 18.34 6.4 $ 320,797 Options granted 3,000 22.93 Options exercised (9,250 ) 14.90 Options expired — — Options forfeited — — Options outstanding, September 30, 2021 45,250 $ 19.34 6.0 $ 213,898 Options granted 6,000 19.90 Options exercised (8,750 ) 14.49 Options expired — — Options forfeited (8,000 ) 27.87 Options outstanding, September 30, 2022 34,500 $ 18.69 5.7 $ 121,278 Vested and exercisable at September 30, 2022 28,500 $ 18.44 4.8 $ 114,318 1 Years Ended September 30 2022 2021 Weighted-average grant date option fair value $ 5.39 $ 5.55 Stock option expense 16,330 11,100 Intrinsic value of options exercised 58,944 70,297 Proceeds from exercise of stock options 126,814 137,801 |
Note 11 - Other Stock Plans
Note 11 - Other Stock Plans | 12 Months Ended |
Sep. 30, 2022 | |
Stock Plans, Excluding Stock Options [Member] | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 11. OTHER STOCK PLANS Dividend Reinvestment and Stock Purchase Plan The Company offers a DRIP Plan to shareholders of record for the reinvestment of dividends and the purchase of up to $100,000 per year in additional shares of common stock of the Company. Under the DRIP, the Company issued 34,290 and 29,604 shares in 2022 2021 September 30, 2022 Restricted Stock Plan for Outside Directors The Board of Directors of the Company implemented the RSPD in 1997. may first may not The Company assumes all directors will complete their term and there will be no no The following table reflects the director compensation activity pursuant to the Plan: 2022 2021 Shares Weighted-Average Fair Value on Date of Grant Shares Weighted-Average Fair Value on Date of Grant Beginning of year balance 110,444 $ 15.05 99,070 $ 14.06 Granted 13,538 21.55 11,374 23.67 Vested (15,855 ) 12.33 — — Forfeited — — — — End of year balance 108,127 $ 16.27 110,444 $ 15.05 The fair market value of the Director Restricted Stock included in compensation during fiscal 2022 2021 2022 2021 As of September 30, 2022 RGC Resources, Inc. Restricted Stock Plan The Board of Directors of the Company implemented the RSPO in 2017 may may The Company assumes all officers will complete their requirements and there will be no The following table reflects the officer compensation activity pursuant to the RSPO: 2022 2021 Shares Weighted-Average Fair Value on Date of Grant Shares Weighted-Average Fair Value on Date of Grant Beginning of year balance 11,836 $ 25.17 6,815 $ 28.55 Granted 26,897 23.19 16,656 24.21 Vested (16,194 ) 24.29 (11,635 ) 25.77 Forfeited — — — — End of year balance 22,539 $ 23.44 11,836 $ 25.17 The fair market value of the Officer Restricted Stock included as compensation during fiscal 2022 2021 September 30, 2022 Stock Bonus Plan Shares from the Stock Bonus Plan may 2022 2021 September 30, 2022 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. COMMITMENTS AND CONTINGENCIES Long-Term Contracts Due to the nature of the natural gas distribution business, Roanoke Gas enters into agreements with suppliers and pipelines to contract for natural gas commodity purchases, storage capacity and pipeline delivery capacity. Roanoke Gas obtains most of its natural gas supply through a third September 30, 2022 September 2022 two March 2025. Natural Gas Contracts Year (In DTHs) 2022-2023 2,081,134 2023-2024 2,071,061 2024-2025 295,866 Total 4,448,061 In addition to the volumetric commitment above, the Company also has fixed price agreements to purchase approximately 2.1 million DTH, from October 2022 March 2023, Roanoke Gas also has contracts for pipeline and storage capacity which extend for various periods. These capacity costs and related fees are valued at tariff rates in place as of September 30, 2022 may 2022 2021 September 30, 2022 Pipeline and Year Storage Capacity 2022 - 2023 $ 13,688,591 2023 - 2024 12,289,440 2024 - 2025 8,749,618 2025 - 2026 5,018,163 2026 - 2027 3,839,631 Thereafter 581,542 Total $ 44,166,985 Roanoke Gas maintains franchise agreements granted by the local cities and towns served by the Company. Roanoke Gas renewed its franchise agreements with the City of Roanoke, the City of Salem and the Town of Vinton in 2016 December 2035. September 30, 2022 Other Contracts The Company maintains other agreements in the ordinary course of business covering various lease, maintenance, equipment and service contracts. These agreements currently extend through December 2031 not Legal From time to time, the Company may not Environmental Matters Roanoke Gas operated an MGP as a source of fuel for lighting and heating until the early 1950’s. not |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. FAIR VALUE MEASUREMENTS The following table summarizes the Company’s financial assets and liabilities that are measured at fair value on a recurring basis and the fair value measurements by level within the fair value hierarchy as defined in Note 1 September 30, 2022 2021 Fair Value Measurements - September 30, 2022 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Level 1 Level 2 Level 3 Assets: Interest rate swaps $ 4,798,467 $ — $ 4,798,467 $ — Total $ 4,798,467 $ — $ 4,798,467 $ — Liabilities: Natural gas purchases $ 1,295,225 $ — $ 1,295,225 $ — Total $ 1,295,225 $ — $ 1,295,225 $ — Fair Value Measurements - September 30, 2021 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Level 1 Level 2 Level 3 Liabilities: Natural gas purchases $ 2,728,935 $ — $ 2,728,935 $ — Interest rate swaps 1,196,083 — 1,196,083 — Total $ 3,925,018 $ — $ 3,925,018 $ — The fair value of the interest rate swaps are determined by using the counterparty's proprietary models that include observable quoted market interest rates and interest rate futures as well as certain assumptions regarding past, present and future market conditions. Under the asset management contract, a timing difference can exist between the payment for natural gas purchases and the actual receipt of such purchases. Payments are made based on a predetermined monthly volume with the price based on the weighted average first September 30, 2022 2021 first The Company’s non-financial assets and liabilities that are measured at fair value on a nonrecurring basis consist of its asset retirement obligations. The asset retirement obligations are measured at fair value at initial recognition based on expected future cash flows to settle the obligation. The carrying value of cash and cash equivalents, accounts receivable, borrowings under line-of-credit, accounts payable (with the exception of the timing difference under the asset management contract), customer credit balances and customer deposits is a reasonable estimate of fair value due to the shorter-term nature of these financial instruments. The following table summarizes the fair value of the Company’s financial assets and liabilities that are not September 30, 2022 2021 Fair Value Measurements - September 30, 2022 Carrying Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Amount Level 1 Level 2 Level 3 Liabilities: Current maturities of long-term debt $ 1,300,000 $ — $ — $ 1,300,000 Notes payable 135,971,200 — — 130,266,252 Total $ 137,271,200 $ — $ — $ 131,566,252 Fair Value Measurements - September 30, 2021 Carrying Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Amount Level 1 Level 2 Level 3 Liabilities: Current maturities of long-term debt $ 7,000,000 $ — $ — $ 7,000,000 Notes payable 116,110,200 — — 124,691,896 Total $ 123,110,200 $ — $ — $ 131,691,896 The fair value of long-term debt is estimated by discounting the future cash flows of the fixed rate debt based on the underlying 20 ASC 825, Financial Instruments, three |
Note 14 - Quarterly Financial I
Note 14 - Quarterly Financial Information (Unaudited) | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 14. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Quarterly financial data for the years ended September 30, 2022 2021 First Second Third Fourth 2022 Quarter Quarter Quarter Quarter Operating revenues $ 23,263,080 $ 29,529,683 $ 17,259,899 $ 14,112,560 Operating income $ 5,378,423 $ 7,443,388 $ 1,640,172 $ 454,692 Net income (loss) $ 3,584,529 $ (24,494,429 ) $ 592,527 $ (11,415,229 ) Earnings (loss) per share of common stock: Basic $ 0.43 $ (2.89 ) $ 0.06 $ (1.16 ) Diluted $ 0.43 $ (2.89 ) $ 0.06 $ (1.16 ) First Second Third Fourth 2021 Quarter Quarter Quarter Quarter Operating revenues $ 19,517,017 $ 28,253,662 $ 14,048,846 $ 13,355,254 Operating income $ 5,581,387 $ 7,099,426 $ 1,542,333 $ 555,163 Net income $ 4,723,263 $ 4,767,478 $ 610,840 $ 481 Earnings per share of common stock: Basic $ 0.58 $ 0.58 $ 0.07 $ — Diluted $ 0.58 $ 0.58 $ 0.07 $ — |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 12 Months Ended |
Sep. 30, 2022 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. SUBSEQUENT EVENTS On November 1, 2022, September 30, 2022 fourth 2022. The Company has evaluated subsequent events through the date the financial statements were issued. There were no not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The Company follows accounting and reporting standards established by the FASB and the SEC, including certain provisions allowed under the smaller reporting company exceptions. |
Public Utilities, Policy [Policy Text Block] | Rate Regulated Basis of Accounting 980, Regulated Operations 980 no 980 no Regulatory assets and liabilities included in the Company’s consolidated balance sheets as of September 30, 2022 2021 September 30 2022 2021 Assets: Current Assets: Regulatory assets: Accrued WNA revenues $ 193,518 $ 8,104 Under-recovery of gas costs 1,316,580 5,048,164 Under-recovery of SAVE Plan revenues — 305,502 Accrued pension and postretirement medical 237,911 206,679 Other deferred expenses 129,459 88,004 Total current 1,877,468 5,656,453 Utility Property: In service: Other 11,945 11,945 Construction work in progress: AFUDC 461,342 386,189 Other Non-Current Assets: Regulatory assets: Premium on early retirement of debt 1,370,246 1,484,433 Accrued pension and postretirement medical 3,894,561 5,154,713 Other deferred expenses 181,740 130,613 Total non-current 5,446,547 6,769,759 Total regulatory assets $ 7,797,302 $ 12,824,346 Liabilities and Stockholders' Equity: Current Liabilities: Regulatory liabilities: Over-recovery of SAVE Plan revenues $ 158,847 $ — Deferred income taxes 363,297 329,959 Supplier refunds 2,484,992 — Other deferred liabilities 160,930 — Total current 3,168,066 329,959 Deferred Credits and Non-Current Other Liabilities: Asset retirement obligations 10,204,079 7,628,958 Regulatory cost of retirement obligations 12,277,796 13,640,567 Regulatory liabilities: Deferred income taxes 13,193,006 12,891,242 Other 30,118 — Total non-current $ 35,704,999 $ 34,160,767 Total regulatory liabilities $ 38,873,065 $ 34,490,726 Amortization of $156,467 and $84,315 of regulatory assets for the years ended September 30, 2022 2021 September 30, 2022 2021, As of September 30, 2022 not |
Regulatory Depreciation and Amortization, Policy [Policy Text Block] | Utility Property and Depreciation one Utility property is composed of the following major classes of assets: September 30 2022 2021 Distribution and transmission $ 259,253,559 $ 241,493,911 LNG storage 15,383,276 14,966,584 General and miscellaneous 16,303,848 15,922,044 Total utility property in service $ 290,940,683 $ 272,382,539 Provisions for depreciation are computed principally at composite straight-line rates over a range of periods. Rates are determined by depreciation studies which are required to be performed at least every 5 years on the regulated utility assets of Roanoke Gas. The last depreciation study was completed and approved by the SCC staff in fiscal 2019. 2024. September 30, 2022 2021 The composite rates are composed of two one one not 980. The Company reviews long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not not 5 In fiscal 2020, two 2022, 2021, September 30, 2022 2021, 3 |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations 410, Asset Retirement and Environmental Obligations The Company’s composite depreciation rates include a component to provide for the cost of retirement of assets. As a result, the Company accrues the estimated cost of retirement of its utility plant through depreciation expense and creates a corresponding regulatory liability. The costs of retirement considered in the development of the depreciation component include those costs associated with the legal liability. Therefore, the ARO is reclassified from the regulatory cost of retirement obligation. If the legal obligations were to exceed the regulatory liability provided for in the depreciation rates, the Company would establish a regulatory asset for such difference with the anticipation of future recovery through rates charged to customers. In 2022, The following is a summary of the AROs: Years Ended September 30 2022 2021 Beginning balance $ 7,628,958 $ 7,180,982 Liabilities incurred 236,926 214,533 Liabilities settled (131,763 ) (160,064 ) Accretion 397,692 393,507 Revisions to estimated cash flows 2,072,266 — Ending balance $ 10,204,079 $ 7,628,958 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash, Cash Equivalents and Short-Term Investments not not September 30, 2022 not three |
Accounts Receivable [Policy Text Block] | Customer Receivables and Allowance for Credit Losses Due to the impact of COVID- 19 2021. 2022. September 30, 2021. A reconciliation of changes in the allowance for credit losses is as follows: Years Ended September 30 2022 2021 Beginning balance $ 242,010 $ 703,140 Provision for credit losses 492,875 (400,614 ) Recoveries of accounts written off 135,143 88,893 Accounts written off (498,757 ) (149,409 ) Ending balance $ 371,271 $ 242,010 |
Lessor, Leases [Policy Text Block] | Lease Accounting one not |
Receivable [Policy Text Block] | Financing Receivables |
Inventory, Policy [Policy Text Block] | Inventories |
Revenue [Policy Text Block] | Unbilled Revenues not not September 30, 2022 2021 |
Regulatory Income Taxes, Policy [Policy Text Block] | Income Taxes not not |
Debt, Policy [Policy Text Block] | Debt Expenses |
Over/Under Recovery of Natural Gas Costs [Policy Text Block] | Over/Under-Recovery of Natural Gas Costs may |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value one three • Level 1 • Level 2 1 not • Level 3 The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets (Level 1 3 one three 9 13. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Excise and Sales Taxes [Policy Text Block] | Excise and Sales Taxes not |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share Years Ended September 30 2022 2021 Net Income (Loss) $ (31,732,602 ) $ 10,102,062 Weighted-average common shares 9,122,678 8,251,802 Effect of dilutive securities: Options to purchase common stock — 13,102 Diluted average common shares 9,122,678 8,264,904 Earnings Per Share of Common Stock: Basic $ (3.48 ) $ 1.22 Diluted $ (3.48 ) $ 1.22 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Business and Credit Concentrations No sales to individual customers accounted for more than 5% of total revenue in any period. One September 30, 2022 2021. Roanoke Gas currently holds the only franchises and CPCNs to distribute natural gas in its service area. These franchises expire December 31, 2035. Roanoke Gas is served directly by two one |
Derivatives, Policy [Policy Text Block] | Derivative and Hedging Activities 815, Derivatives and Hedging The Company’s hedging and derivatives policy allows management to enter into derivatives for the purpose of managing the commodity and financial market risks of its business operations. The Company’s hedging and derivatives policy specifically prohibits the use of derivatives for speculative purposes. The key market risks that the Company may The Company historically has entered into collars, swaps and caps for the purpose of hedging the price of natural gas in order to provide price stability during the winter months. The fair value of these instruments is recorded in the consolidated balance sheets with the offsetting entry to either under- or over-recovery of gas costs. Net income and other comprehensive income are not September 30, 2022 2021 no The Company has five 2021, two two November 1, 2021, No See Notes 7 13 |
Non-cash Activity [Policy Text Block] | Non-Cash Activity September 30, 2022 2021 |
Comprehensive Income, Policy [Policy Text Block] | Other Comprehensive Income (Loss) Tax Before Tax (Expense) Net of Tax Amount or Benefit Amount Year Ended September 30, 2022: Interest rate swaps: Unrealized gains $ 5,617,251 $ (1,445,878 ) $ 4,171,373 Transfer of realized losses to interest expense 377,299 (97,121 ) 280,178 Net interest rate swaps 5,994,550 (1,542,999 ) 4,451,551 Defined benefit plans: Net losses arising during period $ (1,221,368 ) $ 314,379 $ (906,989 ) Amortization of actuarial gains (60,280 ) 15,516 (44,764 ) Net defined benefit plans (1,281,648 ) 329,895 (951,753 ) Other comprehensive income $ 4,712,902 $ (1,213,104 ) $ 3,499,798 Year Ended September 30, 2021: Interest rate swaps: Unrealized gains $ 473,880 $ (121,978 ) $ 351,902 Transfer of realized losses to interest expense 553,593 (142,492 ) 411,101 Net interest rate swaps 1,027,473 (264,470 ) 763,003 Defined benefit plans: Net gains arising during period $ 1,467,879 $ (377,832 ) $ 1,090,047 Amortization of actuarial losses 80,069 (20,609 ) 59,460 Net defined benefit plans 1,547,948 (398,441 ) 1,149,507 Other comprehensive income $ 2,575,421 $ (662,911 ) $ 1,912,510 The amortization of actuarial gains or losses are included as a component of net periodic pension and postretirement benefit costs under other income, net in the consolidated statements of income. Composition of AOCI: Interest Rate Swaps Defined Benefit Plans Accumulated Other Comprehensive Income (Loss) Balance September 30, 2020 $ (1,651,213 ) $ (1,796,731 ) $ (3,447,944 ) Other comprehensive income 763,003 1,149,507 1,912,510 Balance September 30, 2021 (888,210 ) (647,224 ) (1,535,434 ) Other comprehensive income (loss) 4,451,551 (951,753 ) 3,499,798 Balance September 30, 2022 $ 3,563,341 $ (1,598,977 ) $ 1,964,364 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In January 2018, 2018 01, Leases (Topic 842 842 not September 30, 2022 not In August 2018, 2018 14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715 20 October 1, 2020. not Recently Issued Accounting Standards In March 2020, 2020 04, Reference Rate Reform (Topic 848 2021 01, December 31, 2022. one one six one June 2023 no may December 31, 2021. one None not 2023. Other accounting standards that have been issued or proposed by the FASB or other standard–setting bodies are not not |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassification Certain prior year amounts have been reclassified to conform to current year presentations. |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Regulatory Assets and Liabilities [Table Text Block] | September 30 2022 2021 Assets: Current Assets: Regulatory assets: Accrued WNA revenues $ 193,518 $ 8,104 Under-recovery of gas costs 1,316,580 5,048,164 Under-recovery of SAVE Plan revenues — 305,502 Accrued pension and postretirement medical 237,911 206,679 Other deferred expenses 129,459 88,004 Total current 1,877,468 5,656,453 Utility Property: In service: Other 11,945 11,945 Construction work in progress: AFUDC 461,342 386,189 Other Non-Current Assets: Regulatory assets: Premium on early retirement of debt 1,370,246 1,484,433 Accrued pension and postretirement medical 3,894,561 5,154,713 Other deferred expenses 181,740 130,613 Total non-current 5,446,547 6,769,759 Total regulatory assets $ 7,797,302 $ 12,824,346 Liabilities and Stockholders' Equity: Current Liabilities: Regulatory liabilities: Over-recovery of SAVE Plan revenues $ 158,847 $ — Deferred income taxes 363,297 329,959 Supplier refunds 2,484,992 — Other deferred liabilities 160,930 — Total current 3,168,066 329,959 Deferred Credits and Non-Current Other Liabilities: Asset retirement obligations 10,204,079 7,628,958 Regulatory cost of retirement obligations 12,277,796 13,640,567 Regulatory liabilities: Deferred income taxes 13,193,006 12,891,242 Other 30,118 — Total non-current $ 35,704,999 $ 34,160,767 Total regulatory liabilities $ 38,873,065 $ 34,490,726 |
Public Utility Property, Plant, and Equipment [Table Text Block] | September 30 2022 2021 Distribution and transmission $ 259,253,559 $ 241,493,911 LNG storage 15,383,276 14,966,584 General and miscellaneous 16,303,848 15,922,044 Total utility property in service $ 290,940,683 $ 272,382,539 |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | Years Ended September 30 2022 2021 Beginning balance $ 7,628,958 $ 7,180,982 Liabilities incurred 236,926 214,533 Liabilities settled (131,763 ) (160,064 ) Accretion 397,692 393,507 Revisions to estimated cash flows 2,072,266 — Ending balance $ 10,204,079 $ 7,628,958 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | Years Ended September 30 2022 2021 Beginning balance $ 242,010 $ 703,140 Provision for credit losses 492,875 (400,614 ) Recoveries of accounts written off 135,143 88,893 Accounts written off (498,757 ) (149,409 ) Ending balance $ 371,271 $ 242,010 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended September 30 2022 2021 Net Income (Loss) $ (31,732,602 ) $ 10,102,062 Weighted-average common shares 9,122,678 8,251,802 Effect of dilutive securities: Options to purchase common stock — 13,102 Diluted average common shares 9,122,678 8,264,904 Earnings Per Share of Common Stock: Basic $ (3.48 ) $ 1.22 Diluted $ (3.48 ) $ 1.22 |
Comprehensive Income (Loss) [Table Text Block] | Tax Before Tax (Expense) Net of Tax Amount or Benefit Amount Year Ended September 30, 2022: Interest rate swaps: Unrealized gains $ 5,617,251 $ (1,445,878 ) $ 4,171,373 Transfer of realized losses to interest expense 377,299 (97,121 ) 280,178 Net interest rate swaps 5,994,550 (1,542,999 ) 4,451,551 Defined benefit plans: Net losses arising during period $ (1,221,368 ) $ 314,379 $ (906,989 ) Amortization of actuarial gains (60,280 ) 15,516 (44,764 ) Net defined benefit plans (1,281,648 ) 329,895 (951,753 ) Other comprehensive income $ 4,712,902 $ (1,213,104 ) $ 3,499,798 Year Ended September 30, 2021: Interest rate swaps: Unrealized gains $ 473,880 $ (121,978 ) $ 351,902 Transfer of realized losses to interest expense 553,593 (142,492 ) 411,101 Net interest rate swaps 1,027,473 (264,470 ) 763,003 Defined benefit plans: Net gains arising during period $ 1,467,879 $ (377,832 ) $ 1,090,047 Amortization of actuarial losses 80,069 (20,609 ) 59,460 Net defined benefit plans 1,547,948 (398,441 ) 1,149,507 Other comprehensive income $ 2,575,421 $ (662,911 ) $ 1,912,510 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Interest Rate Swaps Defined Benefit Plans Accumulated Other Comprehensive Income (Loss) Balance September 30, 2020 $ (1,651,213 ) $ (1,796,731 ) $ (3,447,944 ) Other comprehensive income 763,003 1,149,507 1,912,510 Balance September 30, 2021 (888,210 ) (647,224 ) (1,535,434 ) Other comprehensive income (loss) 4,451,551 (951,753 ) 3,499,798 Balance September 30, 2022 $ 3,563,341 $ (1,598,977 ) $ 1,964,364 |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | 2022 Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 46,915,892 $ — $ 46,915,892 Commercial 28,874,522 — 28,874,522 Industrial and Transportation 5,671,884 — 5,671,884 Other 822,140 129,578 951,718 Total contracts with customers 82,284,438 129,578 82,414,016 Alternative Revenue Programs 1,751,206 — 1,751,206 Total operating revenues $ 84,035,644 $ 129,578 $ 84,165,222 2021 Gas utility Non utility Total operating revenues Natural Gas (Billed and Unbilled): Residential $ 43,108,790 $ — $ 43,108,790 Commercial 25,217,030 — 25,217,030 Industrial and Transportation 4,973,885 — 4,973,885 Other 429,397 129,676 559,073 Total contracts with customers 73,729,102 129,676 73,858,778 Alternative Revenue Programs 1,316,001 — 1,316,001 Total operating revenues $ 75,045,103 $ 129,676 $ 75,174,779 |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Current Assets Current Liabilities Trade accounts receivable (1) Unbilled revenue (1) Customer credit balances Customer deposits September 30, 2021 $ 3,722,916 $ 1,191,227 $ 1,539,680 $ 1,571,342 September 30, 2022 3,697,431 1,585,062 1,400,770 1,457,610 Increase (decrease) $ (25,485 ) $ 393,835 $ (138,910 ) $ (113,732 ) |
Note 4 - Segment Information (T
Note 4 - Segment Information (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Gas Utility Investment in Affiliates Parent and Other Consolidated Total For the Year Ended September 30, 2022: Operating revenues $ 84,035,644 $ — $ 129,578 $ 84,165,222 Depreciation 8,948,923 — — 8,948,923 Operating income (loss) 15,104,946 (281,843 ) 93,572 14,916,675 Equity in earnings — 73,327 — 73,327 Impairment of investments in affiliates — (55,092,303 ) — (55,092,303 ) Interest expense 3,001,926 1,496,003 — 4,497,929 Income (loss) before income taxes 13,547,601 (56,784,957 ) 94,109 (43,143,247 ) As of September 30, 2022: Total assets $ 258,519,230 $ 13,838,108 $ 17,951,905 $ 290,309,243 Gross additions to utility property 25,461,000 — — 25,461,000 Gross investment in affiliates — 5,260,863 — 5,260,863 Gas Utility Investment in Affiliates Parent and Other Consolidated Total For the Year Ended September 30, 2021: Operating revenues $ 75,045,103 $ — $ 129,676 $ 75,174,779 Depreciation 8,424,620 — — 8,424,620 Operating income (loss) 14,955,375 (267,391 ) 90,325 14,778,309 Equity in earnings — 1,667,554 — 1,667,554 Interest expense 2,812,107 1,239,778 — 4,051,885 Income before income taxes 13,043,470 171,861 90,793 13,306,124 As of September 30, 2021: Total assets $ 231,737,427 $ 65,686,376 $ 12,685,390 $ 310,109,193 Gross additions to utility property 19,967,567 — — 19,967,567 Gross investment in affiliates — 6,028,760 — 6,028,760 |
Note 5 - Other Investments (Tab
Note 5 - Other Investments (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Investment [Table Text Block] | September 30 Balance Sheet location: 2022 2021 Other Assets: MVP $ 13,689,370 $ 64,462,194 Southgate 83,705 405,125 Investment in unconsolidated affiliates $ 13,773,075 $ 64,867,319 Current Liabilities: MVP $ 804,404 $ 2,139,696 Southgate 102 941 Capital contributions payable $ 804,506 $ 2,140,637 Years Ended September 30 Income Statement location: 2022 2021 Equity in earnings of unconsolidated affiliate $ 73,327 $ 1,667,554 September 30 2022 2021 Undistributed earnings, net of income taxes, of MVP in retained earnings, excluding impairment $ 8,135,482 $ 8,081,027 September 30 2022 2021 Cash investment $ 5,260,863 $ 6,028,760 Change in accrued capital calls (1,336,131 ) (371,800 ) Pre-tax impairment (55,092,303 ) — Equity in earnings of unconsolidated affiliate 73,327 1,667,554 Change in investment in unconsolidated affiliates $ (51,094,244 ) $ 7,324,514 |
Equity Method Investments [Table Text Block] | Income Statements Years Ended September 30 2022 2021 AFUDC $ 6,883,069 $ 165,048,237 Net other income (expense) 147,154 (388,436 ) Net income $ 7,030,223 $ 164,659,801 Balance Sheets September 30 2022 2021 Assets: Current assets $ 76,474,981 $ 208,961,113 Construction work in progress 6,667,146,408 6,281,991,035 Other assets 8,021,877 980,410 Total assets $ 6,751,643,266 $ 6,491,932,558 Liabilities and Equity: Current liabilities $ 115,061,723 $ 200,441,027 Noncurrent liabilities — 13,000 Capital 6,636,581,543 6,291,478,531 Total liabilities and equity $ 6,751,643,266 $ 6,491,932,558 |
Note 6 - Line-of-credit (Tables
Note 6 - Line-of-credit (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Line of Credit Available Credit Limit [Table Text Block] | Available As of Line-of-Credit September 30, 2022 $ 28,000,000 October 19, 2022 33,000,000 March 1, 2023 30,000,000 |
Schedule of Line of Credit Facilities [Table Text Block] | September 30 2022 2021 Available line-of-credit at year-end $ 28,000,000 $ 32,000,000 Outstanding balance at year-end — 17,628,897 Highest month-end balance outstanding 19,636,179 17,628,897 Average daily balance 6,233,620 10,042,073 Average rate of interest during year on outstanding balances 1.15 % 1.12 % Interest rate at year-end 4.08 % 1.08 % Interest rate on unused line-of-credit 0.15 % 0.15 % |
Note 7 - Long-term Debt (Tables
Note 7 - Long-term Debt (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | September 30 2022 2021 Principal Unamortized Debt Issuance Costs Principal Unamortized Debt Issuance Costs Roanoke Gas: Unsecured senior notes payable, at 4.26 $ 30,500,000 $ 115,849 $ 30,500,000 $ 125,502 Unsecured term note payable, at 30-day LIBOR plus 0.90 — — 7,000,000 278 Unsecured term notes payable, at 3.58 8,000,000 24,080 8,000,000 28,896 Unsecured term notes payable at 4.41 10,000,000 26,627 10,000,000 29,760 Unsecured term notes payable at 3.60 10,000,000 25,539 10,000,000 29,062 Unsecured term note payable, a 30-day SOFR plus 1.20 15,000,000 — — — Unsecured term note payable, at 30-day LIBOR plus 1.00 10,000,000 28,674 — 21,545 Midstream: Unsecured term notes payable, at TERM SOFR plus 1.50 21,896,200 18,553 33,610,200 14,904 Unsecured term note payable, at 30-day LIBOR plus 1.15 14,000,000 9,029 14,000,000 11,437 Unsecured term note payable, at 30-day LIBOR plus 1.20 9,875,000 3,929 10,000,000 6,286 Unsecured term note payable, at 30-day LIBOR plus 1.15 8,000,000 23,631 — — Total notes payable, current and noncurrent $ 137,271,200 $ 275,911 $ 123,110,200 $ 267,670 Line-of-credit, at 30-day LIBOR plus 1.00 — — 17,628,897 — Total long-term debt $ 137,271,200 $ 275,911 $ 140,739,097 $ 267,670 Less: current maturities of long-term debt (1,300,000 ) — (7,000,000 ) — Total long-term debt, net current maturities $ 135,971,200 $ 275,911 $ 133,739,097 $ 267,670 |
Schedule of Maturities of Long-Term Debt [Table Text Block] | Year Ending September 30 Maturities 2023 $ 1,300,000 2024 32,871,200 2025 1,600,000 2026 30,600,000 2027 1,600,000 Thereafter 69,300,000 Total $ 137,271,200 |
Note 8 - Income Taxes (Tables)
Note 8 - Income Taxes (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years Ended September 30 2022 2021 Current income taxes: Federal $ 2,494,942 $ 2,527,997 State 523,571 569,877 Total current income taxes 3,018,513 3,097,874 Deferred income taxes: Federal (11,160,425 ) (137,159 ) State (3,097,869 ) 243,347 Total deferred income taxes (14,258,294 ) 106,188 Amortization of R&D tax credits: Federal (165,652 ) — State (5,212 ) — Total amortization of R&D tax credits (170,864 ) — Total income tax expense (benefit) $ (11,410,645 ) $ 3,204,062 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years Ended September 30 2022 2021 Income (loss) before income taxes $ (43,143,247 ) $ 13,306,124 Corporate federal income tax rate 21 % 21 % Income tax expense (benefit) computed at the federal statutory rate $ (9,060,082 ) $ 2,794,286 State income taxes, net of federal income tax benefit (2,033,695 ) 642,447 Net amortization of excess deferred taxes on regulated operations (162,228 ) (162,228 ) Tax on other permanent differences 32,914 13,321 Tax benefit recognized on stock compensation (27,191 ) (4,099 ) Amortization of R&D tax credits (170,864 ) — Tax credits — (86,839 ) Other, net 10,501 7,174 Total income tax expense (benefit) $ (11,410,645 ) $ 3,204,062 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | September 30 2022 2021 Deferred tax assets: Allowance for credit losses $ 95,564 $ 62,292 Accrued pension and postretirement medical benefits 486,745 195,044 Regulatory effect of change in federal income tax rate 2,708,809 2,761,667 Accrued paid time off 150,075 137,175 Cost of gas held in storage 702,040 753,344 Deferred compensation 993,079 915,749 Interest rate swaps — 307,873 Accrued gas cost 125,888 289,801 MVP impairment 14,180,759 — Other 124,034 98,642 Total gross deferred tax assets 19,566,993 5,521,587 Deferred tax liabilities: Utility property 19,074,085 18,643,863 MVP investment 1,366,157 1,825,937 Interest rate swaps 1,235,126 — Total gross deferred tax liabilities 21,675,368 20,469,800 Net deferred tax asset 1,057,079 — Net deferred tax liability $ 3,165,454 $ 14,948,213 |
Note 9 - Employee Benefit Pla_2
Note 9 - Employee Benefit Plans (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Changes in Projected Benefit Obligations, Fair Value of Plan Assets, and Funded Status of Plan [Table Text Block] | Pension Plan Postretirement Plan 2022 2021 2022 2021 Accumulated benefit obligation $ 24,776,968 $ 33,341,841 $ 12,416,546 $ 16,796,849 Change in benefit obligation: Benefit obligation at beginning of year $ 37,654,468 $ 39,998,002 $ 16,796,849 $ 17,925,409 Service cost 648,289 734,282 97,802 140,691 Interest cost 1,013,115 975,139 443,721 430,490 Actuarial gain (10,862,957 ) (2,237,486 ) (4,330,387 ) (1,109,181 ) Benefit payments, net of retiree contributions (1,184,459 ) (1,815,469 ) (591,439 ) (590,560 ) Benefit obligation at end of year $ 27,268,456 $ 37,654,468 $ 12,416,546 $ 16,796,849 Change in fair value of plan assets: Fair value of plan assets at beginning of year $ 38,914,107 $ 37,657,631 $ 15,882,342 $ 14,116,253 Actual return on plan assets, net of taxes (9,711,851 ) 2,571,945 (3,152,784 ) 1,956,649 Employer contributions — 500,000 — 400,000 Benefit payments, net of retiree contributions (1,184,459 ) (1,815,469 ) (591,439 ) (590,560 ) Fair value of plan assets at end of year $ 28,017,797 $ 38,914,107 $ 12,138,119 $ 15,882,342 Funded status $ 749,341 $ 1,259,639 $ (278,427 ) $ (914,507 ) Amounts recognized in the consolidated balance sheet consist of: Noncurrent assets $ 749,341 $ 1,259,639 $ — $ — Noncurrent liabilities — — (278,427 ) (914,507 ) Amounts recognized in accumulated other comprehensive loss: Net actuarial loss, net of tax $ 1,243,889 $ 527,720 $ 355,088 $ 119,504 Total amounts included in accumulated other comprehensive loss, net of tax $ 1,243,889 $ 527,720 $ 355,088 $ 119,504 Amounts deferred to a regulatory asset: Net actuarial loss (gain) $ 4,132,472 $ 4,562,834 $ (30,118 ) $ 798,558 Amounts recognized as regulatory assets (liabilities) $ 4,132,472 $ 4,562,834 $ (30,118 ) $ 798,558 |
Defined Benefit Plan, Assumptions [Table Text Block] | Pension Plan Postretirement Plan 2022 2021 2022 2021 Assumptions used to determine benefit obligations: Discount rate 5.15 % 2.73 % 5.16 % 2.70 % Expected rate of compensation increase 4.00 % 4.00 % N/A N/A Assumptions used to determine benefit costs: Discount rate 2.73 % 2.47 % 2.70 % 2.44 % Expected long-term rate of return on plan assets 4.75 % 5.40 % 4.24 % 4.25 % Expected rate of compensation increase 4.00 % 4.00 % N/A N/A |
Schedule of Net Benefit Costs [Table Text Block] | Pension Plan Postretirement Plan 2022 2021 2022 2021 Service cost $ 648,289 $ 734,282 $ 97,802 $ 140,691 Interest cost 1,013,115 975,139 443,721 430,490 Expected return on plan assets (1,831,550 ) (2,015,743 ) (666,167 ) (596,488 ) Recognized loss 146,402 502,141 — 154,659 Net periodic benefit cost $ (23,744 ) $ 195,819 $ (124,644 ) $ 129,352 |
Schedule of Health Care Cost Trend Rates [Table Text Block] | Pre 65 Post 65 2022 2021 2022 2021 Health care cost trend rate assumed for next year 6.00 % 6.50 % 5.20 % 5.20 % Rate to which the cost trend is assumed to decline (the ultimate trend rate) 5.20 % 5.50 % 5.20 % 5.20 % Year that the rate reaches the ultimate trend rate 2025 2023 2022 2021 |
Schedule of Effect of One-Percentage-Point Change in Assumed Health Care Cost Trend Rates [Table Text Block] | 1% Increase 1% Decrease Effect on total service and interest cost components $ 93,000 $ (75,000 ) Effect on accumulated postretirement benefit obligation 1,536,000 (1,293,000 ) |
Schedule of Allocation of Plan Assets [Table Text Block] | Pension Plan Postretirement Plan Target 2022 2021 Target 2022 2021 Asset category: Equity securities 30 % 13 % 30 % 50 % 48 % 49 % Debt securities 70 % — % 69 % 50 % 51 % 50 % Cash — % 87 % 1 % — % 1 % 1 % Other — % — % — % — % — % — % Pension Plan Fair Value Measurements - September 30, 2022 Fair Value Level 1 Level 2 Level 3 Asset Class: Cash $ 24,312,969 $ 24,312,969 $ — $ — Common and Collective Trust and Pooled Funds: Bonds Liability Driven Investment — — — — Equities Domestic Large Cap Growth — — — — Domestic Large Cap Value — — — — Domestic Small/Mid Cap Core — — — — Foreign Large Cap Value — — — — Mutual Funds: Equities Domestic Large Cap Growth 1,172,296 1,172,296 — — Domestic Large Cap Value 1,172,714 1,172,714 — — Foreign Large Cap Growth 486,184 486,184 — — Foreign Large Cap Core 873,634 873,634 — — Foreign Large Cap Value — — — — Total $ 28,017,797 $ 28,017,797 $ — $ — Pension Plan Fair Value Measurements - September 30, 2021 Fair Value Level 1 Level 2 Level 3 Asset Class: Cash $ 429,764 $ 429,764 $ — $ — Common and Collective Trust and Pooled Funds: Bonds Liability Driven Investment 26,898,651 — 26,898,651 — Equities Domestic Large Cap Growth 3,430,962 — 3,430,962 — Domestic Large Cap Value 3,480,915 — 3,480,915 — Domestic Small/Mid Cap Core 1,752,186 — 1,752,186 — Foreign Large Cap Value 1,561,512 — 1,561,512 — Mutual Funds: Equities Foreign Large Cap Growth 1,071,719 1,071,719 — — Foreign Large Cap Value 288,398 288,398 — — Total $ 38,914,107 $ 1,789,881 $ 37,124,226 $ — Postretirement Plan Fair Value Measurements - September 30, 2022 Fair Value Level 1 Level 2 Level 3 Asset Class: Cash $ 75,219 $ 75,219 $ — $ — Mutual Funds: Bonds Domestic Fixed Income 5,644,954 5,644,954 — — Foreign Fixed Income 589,284 589,284 — — Equities Domestic Large Cap Growth 1,698,421 1,698,421 — — Domestic Large Cap Value 1,793,746 1,793,746 — — Domestic Small/Mid Cap Growth 182,823 182,823 — — Domestic Small/Mid Cap Value 202,921 202,921 — — Domestic Small/Mid Cap Core 443,900 443,900 — — Foreign Large Cap Growth 469,659 469,659 — — Foreign Large Cap Value 462,196 462,196 — — Foreign Large Cap Core 574,996 574,996 — — Total $ 12,138,119 $ 12,138,119 $ — $ — Postretirement Plan Fair Value Measurements - September 30, 2021 Fair Value Level 1 Level 2 Level 3 Asset Class: Cash $ 157,957 $ 157,957 $ — $ — Mutual Funds: Bonds Domestic Fixed Income 7,109,967 7,109,967 — — Foreign Fixed Income 757,422 757,422 — — Equities Domestic Large Cap Growth 2,346,401 2,346,401 — — Domestic Large Cap Value 2,361,583 2,361,583 — — Domestic Small/Mid Cap Growth 295,628 295,628 — — Domestic Small/Mid Cap Value 248,317 248,317 — — Domestic Small/Mid Cap Core 557,739 557,739 — — Foreign Large Cap Growth 594,573 594,573 — — Foreign Large Cap Value 1,352,329 1,352,329 — — Foreign Large Cap Core 85,871 85,871 — — Other 14,555 — 14,555 — Total $ 15,882,342 $ 15,867,787 $ 14,555 $ — |
Schedule of Expected Benefit Payments [Table Text Block] | Pension Postretirement Fiscal year ending September 30 Plan Plan 2023 $ 1,267,465 $ 787,890 2024 1,327,549 748,788 2025 1,391,818 738,855 2026 1,474,728 734,466 2027 1,583,033 746,631 2028 - 2032 8,891,378 3,969,225 |
NQDC Plan [Member] | |
Notes Tables | |
Defined Contribution Plan Disclosures [Table Text Block] | 2022 2021 Beginning deferred compensation balance $ 35,344 $ — Employer contributions 33,280 48,100 Participant contributions — — Earnings (loss) (9,516 ) 2,297 Distributions — (15,053 ) Ending deferred compensation balance $ 59,108 $ 35,344 |
The 401K Plan [Member] | |
Notes Tables | |
Defined Contribution Plan Disclosures [Table Text Block] | Years Ended September 30 2022 2021 Matching contribution $ 357,293 $ 383,340 Discretionary contribution 47,429 43,093 |
Note 10 - Common Stock Options
Note 10 - Common Stock Options (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Years Ended September 30 2022 2021 Expected volatility 31.79 % 32.05 % Expected dividends 2.77 % 2.75 % Expected exercise term (years) 7 7 Risk-free interest rate 2.89 % 1.24 % |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Terms (years) Aggregate Intrinsic Value 1 Options outstanding, September 30, 2020 51,500 $ 18.34 6.4 $ 320,797 Options granted 3,000 22.93 Options exercised (9,250 ) 14.90 Options expired — — Options forfeited — — Options outstanding, September 30, 2021 45,250 $ 19.34 6.0 $ 213,898 Options granted 6,000 19.90 Options exercised (8,750 ) 14.49 Options expired — — Options forfeited (8,000 ) 27.87 Options outstanding, September 30, 2022 34,500 $ 18.69 5.7 $ 121,278 Vested and exercisable at September 30, 2022 28,500 $ 18.44 4.8 $ 114,318 Years Ended September 30 2022 2021 Weighted-average grant date option fair value $ 5.39 $ 5.55 Stock option expense 16,330 11,100 Intrinsic value of options exercised 58,944 70,297 Proceeds from exercise of stock options 126,814 137,801 |
Note 11 - Other Stock Plans (Ta
Note 11 - Other Stock Plans (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Nonemployee Director Award Plan, Activity [Table Text Block] | 2022 2021 Shares Weighted-Average Fair Value on Date of Grant Shares Weighted-Average Fair Value on Date of Grant Beginning of year balance 110,444 $ 15.05 99,070 $ 14.06 Granted 13,538 21.55 11,374 23.67 Vested (15,855 ) 12.33 — — Forfeited — — — — End of year balance 108,127 $ 16.27 110,444 $ 15.05 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | 2022 2021 Shares Weighted-Average Fair Value on Date of Grant Shares Weighted-Average Fair Value on Date of Grant Beginning of year balance 11,836 $ 25.17 6,815 $ 28.55 Granted 26,897 23.19 16,656 24.21 Vested (16,194 ) 24.29 (11,635 ) 25.77 Forfeited — — — — End of year balance 22,539 $ 23.44 11,836 $ 25.17 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Pipeline and Storage [Member] | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Pipeline and Year Storage Capacity 2022 - 2023 $ 13,688,591 2023 - 2024 12,289,440 2024 - 2025 8,749,618 2025 - 2026 5,018,163 2026 - 2027 3,839,631 Thereafter 581,542 Total $ 44,166,985 |
Volumetric Obligations [Member] | |
Notes Tables | |
Contractual Obligation, Fiscal Year Maturity [Table Text Block] | Natural Gas Contracts Year (In DTHs) 2022-2023 2,081,134 2023-2024 2,071,061 2024-2025 295,866 Total 4,448,061 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value Measurements - September 30, 2022 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Level 1 Level 2 Level 3 Assets: Interest rate swaps $ 4,798,467 $ — $ 4,798,467 $ — Total $ 4,798,467 $ — $ 4,798,467 $ — Liabilities: Natural gas purchases $ 1,295,225 $ — $ 1,295,225 $ — Total $ 1,295,225 $ — $ 1,295,225 $ — Fair Value Measurements - September 30, 2021 Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Fair Value Level 1 Level 2 Level 3 Liabilities: Natural gas purchases $ 2,728,935 $ — $ 2,728,935 $ — Interest rate swaps 1,196,083 — 1,196,083 — Total $ 3,925,018 $ — $ 3,925,018 $ — |
Fair Value, by Balance Sheet Grouping [Table Text Block] | Fair Value Measurements - September 30, 2022 Carrying Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Amount Level 1 Level 2 Level 3 Liabilities: Current maturities of long-term debt $ 1,300,000 $ — $ — $ 1,300,000 Notes payable 135,971,200 — — 130,266,252 Total $ 137,271,200 $ — $ — $ 131,566,252 Fair Value Measurements - September 30, 2021 Carrying Quoted Prices in Active Markets Significant Other Observable Inputs Significant Unobservable Inputs Amount Level 1 Level 2 Level 3 Liabilities: Current maturities of long-term debt $ 7,000,000 $ — $ — $ 7,000,000 Notes payable 116,110,200 — — 124,691,896 Total $ 123,110,200 $ — $ — $ 131,691,896 |
Note 14 - Quarterly Financial_2
Note 14 - Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Sep. 30, 2022 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | First Second Third Fourth 2022 Quarter Quarter Quarter Quarter Operating revenues $ 23,263,080 $ 29,529,683 $ 17,259,899 $ 14,112,560 Operating income $ 5,378,423 $ 7,443,388 $ 1,640,172 $ 454,692 Net income (loss) $ 3,584,529 $ (24,494,429 ) $ 592,527 $ (11,415,229 ) Earnings (loss) per share of common stock: Basic $ 0.43 $ (2.89 ) $ 0.06 $ (1.16 ) Diluted $ 0.43 $ (2.89 ) $ 0.06 $ (1.16 ) First Second Third Fourth 2021 Quarter Quarter Quarter Quarter Operating revenues $ 19,517,017 $ 28,253,662 $ 14,048,846 $ 13,355,254 Operating income $ 5,581,387 $ 7,099,426 $ 1,542,333 $ 555,163 Net income $ 4,723,263 $ 4,767,478 $ 610,840 $ 481 Earnings per share of common stock: Basic $ 0.58 $ 0.58 $ 0.07 $ — Diluted $ 0.58 $ 0.58 $ 0.07 $ — |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |||||
Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Nov. 01, 2021 USD ($) | Sep. 24, 2021 USD ($) | Aug. 20, 2021 USD ($) | Jun. 30, 2019 USD ($) | |
Number of Major Customers | 62,000 | |||||
Remaining Amounts of Regulatory Assets for which No Return on Investment During Recovery Period is Provided | $ 7,785,357 | |||||
Regulatory Utility Assets Provision, Period (Year) | 5 years | |||||
Public Utilities, Property, Plant and Equipment, Disclosure of Composite Depreciation Rate for Plants in Service | 3.28% | 3.28% | ||||
Allowance for Funds Used During Construction, Capitalized Interest | $ 15,911 | $ 14,003 | ||||
Public Utilities, Allowance for Funds Used During Construction, Capitalized Cost of Equity | 59,243 | 41,978 | ||||
Cash, Uninsured Amount | 0 | |||||
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease), Total | (859,000) | |||||
Unbilled Receivables, Current | $ 1,585,062 | 1,191,227 | ||||
Deferred Charges, Amortization Period (Month) | 12 months | |||||
Number of Pipelines | 2 | |||||
Noncash Increase (Decrease) in Unconsolidated Affiliate | $ (1,336,131) | $ (371,800) | ||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | ||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||
Roanoke Gas Company [Member] | Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | ||||||
Debt Instrument, Face Amount | 15,000,000 | |||||
Roanoke Gas Company [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | ||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||
Roanoke Gas Company [Member] | Unsecured Debt [Member] | Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | ||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||
Derivative, Fixed Interest Rate | 2% | |||||
Roanoke Gas Company [Member] | Unsecured Debt [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | ||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||
Derivative, Fixed Interest Rate | 2.49% | |||||
RGC Midstream LLC [Member] | Unsecured Promissory Note with 30 Day LIBOR Plus 1.15 Basis Points Maturing January 1, 2028 [Member] | ||||||
Debt Instrument, Face Amount | $ 8,000,000 | |||||
Derivative, Fixed Interest Rate | 2.443% | |||||
RGC Midstream LLC [Member] | Unsecured Debt [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.15%, Due June 12, 2026 [Member] | ||||||
Debt Instrument, Face Amount | $ 14,000,000 | |||||
Derivative, Fixed Interest Rate | 3.24% | |||||
RGC Midstream LLC [Member] | Unsecured Debt [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | ||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||
Derivative, Fixed Interest Rate | 3.14% | |||||
RGC Midstream LLC [Member] | Unsecured Debt [Member] | Unsecured Promissory Note with 30 Day LIBOR Plus 1.15 Basis Points Maturing January 1, 2028 [Member] | ||||||
Debt Instrument, Face Amount | $ 8,000,000 | |||||
Derivative, Fixed Interest Rate | 2.443% | |||||
Energy Related Derivative [Member] | ||||||
Derivative, Number of Instruments Held, Total | 0 | 0 | ||||
Interest Rate Swap [Member] | ||||||
Derivative, Number of Instruments Held, Total | 5 | |||||
Interest Rate Swap [Member] | Roanoke Gas Company [Member] | Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | ||||||
Derivative, Fixed Interest Rate | 2% | |||||
Interest Rate Swap [Member] | Roanoke Gas Company [Member] | Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | ||||||
Derivative, Fixed Interest Rate | 2.49% | |||||
Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | ||||||
Number of Major Customers | 0 | 0 | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||||
Number of Major Customers | 1 | 0 | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member] | ||||||
Concentration Risk, Percentage | 5.10% | |||||
Minimum [Member] | ||||||
Allowance for Doubtful Accounts Receivable Without Effect of Adjustments | $ 1,000,000 | |||||
Lessor, Operating Lease, Term of Contract (Year) | 1 year | |||||
Minimum [Member] | Customer Concentration Risk [Member] | Revenue from Contract with Customer Benchmark [Member] | ||||||
Concentration Risk, Percentage | 5% | 5% | ||||
Minimum [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||||
Concentration Risk, Percentage | 5% | |||||
Operations and Maintenance Expense [Member] | ||||||
Amortization of Regulatory Asset | $ 156,467 | $ 84,315 | ||||
Other Income [Member] | ||||||
Amortization of Regulatory Asset | $ 206,679 | $ 576,731 |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Schedule of Regulatory Assets and Liabilities (Details) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 |
Regulatory assets | $ 1,877,468 | $ 5,656,453 | |
Utility property in service, other | 11,945 | 11,945 | |
Construction work in progress - AFUDC | 461,342 | 386,189 | |
Noncurrent regulatory assets | 5,446,547 | 6,769,759 | |
Total regulatory assets | 7,797,302 | 12,824,346 | |
Regulatory liabilities | 3,168,066 | 329,959 | |
Asset retirement obligations | 10,204,079 | 7,628,958 | $ 7,180,982 |
Regulatory cost of retirement obligations | 12,277,796 | 13,640,567 | |
Regulatory liabilities | 13,223,124 | 12,891,242 | |
Total non-current | 35,704,999 | 34,160,767 | |
Total regulatory liabilities | 38,873,065 | 34,490,726 | |
Over-recovery of SAVE Plan Revenues [Member] | |||
Regulatory liabilities | 158,847 | 0 | |
Deferred Income Tax Charge [Member] | |||
Regulatory liabilities | 363,297 | 329,959 | |
Regulatory liabilities | 13,193,006 | 12,891,242 | |
Supplier Refund [Member] | |||
Regulatory liabilities | 2,484,992 | 0 | |
Other Deferred Liabilities [Member] | |||
Regulatory liabilities | 160,930 | 0 | |
Other Regulatory Assets (Liabilities) [Member] | |||
Regulatory liabilities | 30,118 | 0 | |
WNA [Member] | |||
Regulatory assets | 193,518 | 8,104 | |
Regulatory Clause Revenues, under-Recovered [Member] | |||
Regulatory assets | 1,316,580 | 5,048,164 | |
Under-recovery of SAVE Plan Revenues [Member] | |||
Regulatory assets | 0 | 305,502 | |
Pension Costs [Member] | |||
Regulatory assets | 237,911 | 206,679 | |
Noncurrent regulatory assets | 3,894,561 | 5,154,713 | |
Other Deferred Expenses [Member] | |||
Regulatory assets | 129,459 | 88,004 | |
Noncurrent regulatory assets | 181,740 | 130,613 | |
Deferred Gain (Loss) on Early Extinguishment of Debt [Member] | |||
Noncurrent regulatory assets | 1,370,246 | 1,484,433 | |
Total regulatory assets | $ 1,370,246 | $ 1,484,433 |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Composition of Utility Plant (Details) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Distribution and transmission | $ 259,253,559 | $ 241,493,911 |
LNG storage | 15,383,276 | 14,966,584 |
General and miscellaneous | 16,303,848 | 15,922,044 |
Total utility property in service | $ 290,940,683 | $ 272,382,539 |
Note 1 - Summary of Significa_6
Note 1 - Summary of Significant Accounting Policies - Summary of Asset Retirement Obligations (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Beginning balance | $ 7,628,958 | $ 7,180,982 |
Liabilities incurred | 236,926 | 214,533 |
Liabilities settled | (131,763) | (160,064) |
Accretion | 397,692 | 393,507 |
Revisions to estimated cash flows | 2,072,266 | 0 |
Ending balance | $ 10,204,079 | $ 7,628,958 |
Note 1 - Summary of Significa_7
Note 1 - Summary of Significant Accounting Policies - Reconciliation of Changes in the Allowance for Doubtful Accounts (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Beginning balance | $ 242,010 | $ 703,140 |
Provision for credit losses | 492,875 | (400,614) |
Recoveries of accounts written off | 135,143 | 88,893 |
Accounts written off | (498,757) | (149,409) |
Ending balance | $ 371,271 | $ 242,010 |
Note 1 - Summary of Significa_8
Note 1 - Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net Income (Loss) | $ (11,415,229) | $ 592,527 | $ (24,494,429) | $ 3,584,529 | $ 481 | $ 610,840 | $ 4,767,478 | $ 4,723,263 | $ (31,732,602) | $ 10,102,062 |
Weighted-average common shares (in shares) | 9,122,678 | 8,251,802 | ||||||||
Options to purchase common stock (in shares) | 0 | 13,102 | ||||||||
Diluted average common shares (in shares) | 9,122,678 | 8,264,904 | ||||||||
Basic (in dollars per share) | $ (1.16) | $ 0.06 | $ (2.89) | $ 0.43 | $ 0 | $ 0.07 | $ 0.58 | $ 0.58 | $ (3.48) | $ 1.22 |
Diluted (in dollars per share) | $ (1.16) | $ 0.06 | $ (2.89) | $ 0.43 | $ 0 | $ 0.07 | $ 0.58 | $ 0.58 | $ (3.48) | $ 1.22 |
Note 1 - Summary of Significa_9
Note 1 - Summary of Significant Accounting Policies - Schedule of Other Comprehensive Income and Loss (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Other comprehensive income (loss) | $ 4,712,902 | $ 2,575,421 |
Other comprehensive income (loss), tax | (1,213,104) | (662,911) |
Other comprehensive income (loss), net of tax | 3,499,798 | 1,912,510 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Other comprehensive income (loss) before reclassifications | 5,617,251 | 473,880 |
Other comprehensive income (loss) before reclassifications, tax | (1,445,878) | (121,978) |
Other comprehensive income (loss) before reclassifications, net of tax | 4,171,373 | 351,902 |
Reclassifications from accumulated other comprehensive income | 377,299 | 553,593 |
Reclassifications from accumulated other comprehensive income, tax | (97,121) | (142,492) |
Reclassifications from accumulated other comprehensive income, net of tax | 280,178 | 411,101 |
Other comprehensive income (loss) | 5,994,550 | 1,027,473 |
Other comprehensive income (loss), tax | (1,542,999) | (264,470) |
Other comprehensive income (loss), net of tax | 4,451,551 | 763,003 |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||
Other comprehensive income (loss) before reclassifications, tax | 314,379 | (377,832) |
Other comprehensive income (loss) before reclassifications, net of tax | (906,989) | 1,090,047 |
Reclassifications from accumulated other comprehensive income | (60,280) | 80,069 |
Reclassifications from accumulated other comprehensive income, tax | 15,516 | (20,609) |
Reclassifications from accumulated other comprehensive income, net of tax | (44,764) | 59,460 |
Other comprehensive income (loss) | (1,281,648) | 1,547,948 |
Other comprehensive income (loss), tax | 329,895 | (398,441) |
Other comprehensive income (loss), net of tax | (951,753) | 1,149,507 |
Net losses arising during period | $ (1,221,368) | $ 1,467,879 |
Note 1 - Summary of Signific_10
Note 1 - Summary of Significant Accounting Policies - Reconciliation of Accumulated Comprehensive Income (Loss) (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Balance | $ 99,701,709 | $ 88,887,977 |
Other comprehensive income | 3,499,798 | 1,912,510 |
Other comprehensive income (loss) | 3,499,798 | 1,912,510 |
Balance | 93,090,656 | 99,701,709 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Balance | (888,210) | (1,651,213) |
Other comprehensive income | 4,451,551 | 763,003 |
Other comprehensive income (loss) | 4,451,551 | 763,003 |
Balance | 3,563,341 | (888,210) |
Accumulated Defined Benefit Plans Adjustment, Net Gain (Loss) Attributable to Parent [Member] | ||
Balance | (647,224) | (1,796,731) |
Other comprehensive income | (951,753) | 1,149,507 |
Other comprehensive income (loss) | (951,753) | 1,149,507 |
Balance | (1,598,977) | (647,224) |
AOCI Attributable to Parent [Member] | ||
Balance | (1,535,434) | (3,447,944) |
Other comprehensive income | 3,499,798 | 1,912,510 |
Other comprehensive income (loss) | 3,499,798 | 1,912,510 |
Balance | $ 1,964,364 | $ (1,535,434) |
Note 2 - Revenue - Disaggregati
Note 2 - Revenue - Disaggregation of Revenue (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | |
Total contracts with customers | $ 82,414,016 | $ 73,858,778 | ||||||||
Alternative Revenue Programs | 1,751,206 | 1,316,001 | ||||||||
Operating revenues | $ 14,112,560 | $ 17,259,899 | $ 29,529,683 | $ 23,263,080 | $ 13,355,254 | $ 14,048,846 | $ 28,253,662 | $ 19,517,017 | 84,165,222 | 75,174,779 |
Oil and Gas [Member] | Residential [Member] | ||||||||||
Total contracts with customers | 46,915,892 | 43,108,790 | ||||||||
Oil and Gas [Member] | Commercial [Member] | ||||||||||
Total contracts with customers | 28,874,522 | 25,217,030 | ||||||||
Oil and Gas [Member] | Industrial and Transportation [Member] | ||||||||||
Total contracts with customers | 5,671,884 | 4,973,885 | ||||||||
Product and Service, Other [Member] | ||||||||||
Total contracts with customers | 951,718 | 559,073 | ||||||||
Gas Utility [Member] | ||||||||||
Total contracts with customers | 82,284,438 | 73,729,102 | ||||||||
Alternative Revenue Programs | 1,751,206 | 1,316,001 | ||||||||
Operating revenues | 84,035,644 | 75,045,103 | ||||||||
Gas Utility [Member] | Oil and Gas [Member] | Residential [Member] | ||||||||||
Total contracts with customers | 46,915,892 | 43,108,790 | ||||||||
Gas Utility [Member] | Oil and Gas [Member] | Commercial [Member] | ||||||||||
Total contracts with customers | 28,874,522 | 25,217,030 | ||||||||
Gas Utility [Member] | Oil and Gas [Member] | Industrial and Transportation [Member] | ||||||||||
Total contracts with customers | 5,671,884 | 4,973,885 | ||||||||
Gas Utility [Member] | Product and Service, Other [Member] | ||||||||||
Total contracts with customers | 822,140 | 429,397 | ||||||||
Non-utility [Member] | ||||||||||
Total contracts with customers | 129,578 | 129,676 | ||||||||
Alternative Revenue Programs | 0 | 0 | ||||||||
Operating revenues | 129,578 | 129,676 | ||||||||
Non-utility [Member] | Oil and Gas [Member] | Residential [Member] | ||||||||||
Total contracts with customers | 0 | 0 | ||||||||
Non-utility [Member] | Oil and Gas [Member] | Commercial [Member] | ||||||||||
Total contracts with customers | 0 | 0 | ||||||||
Non-utility [Member] | Oil and Gas [Member] | Industrial and Transportation [Member] | ||||||||||
Total contracts with customers | 0 | 0 | ||||||||
Non-utility [Member] | Product and Service, Other [Member] | ||||||||||
Total contracts with customers | $ 129,578 | $ 129,676 |
Note 2 - Revenue - Customer Acc
Note 2 - Revenue - Customer Accounts Receivable (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | ||
Trade accounts receivable | $ 5,353,270 | $ 4,949,900 | |
Unbilled revenue | 1,585,062 | 1,191,227 | |
Customer credit balances | 1,400,770 | 1,539,680 | |
Customer deposits | 1,457,610 | 1,571,342 | |
Increase (decrease) in Unbilled revenue | [1] | 393,835 | |
Increase (decrease) in Customer credit balances | (138,910) | ||
Increase (decrease) in Customer deposits | (113,732) | ||
Trade Accounts Receivable [Member] | |||
Trade accounts receivable | 3,697,431 | $ 3,722,916 | |
Increase (decrease) in Trade accounts receivable | [1] | $ (25,485) | |
[1]Included in accounts receivable in the condensed consolidated balance sheet. Amounts shown net of reserve for credit losses. |
Note 3 - Regulatory Matters (De
Note 3 - Regulatory Matters (Details Textual) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
May 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jul. 19, 2022 | Jun. 02, 2022 | |
SAVE Annual Revenues | $ 4,100,000 | |||||
SAVE Annual Revenue Increase | $ 650,000 | |||||
Number of Locations, Natural Gas Delivery Assets, Requested Acquisition | 5 | |||||
Number of Locations, Natural Gas Delivery Assets, Approved Acquisition | 2 | |||||
Public Utilities, Allowance for Funds Used During Construction, Additions | $ 75,154 | $ 55,981 | ||||
Roanoke Gas Company [Member] | ||||||
Public Utilities, Allowance for Funds Used During Construction, Additions | $ 75,154 | $ 55,981 | ||||
Natural Gas Delivery Assets [Member] | Housing Authority Management [Member] | ||||||
Asset Acquisition, Recognized Pre-tax Gain | $ 219,000 |
Note 4 - Segment Information -
Note 4 - Segment Information - Segment Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating revenues | $ 14,112,560 | $ 17,259,899 | $ 29,529,683 | $ 23,263,080 | $ 13,355,254 | $ 14,048,846 | $ 28,253,662 | $ 19,517,017 | $ 84,165,222 | $ 75,174,779 |
Depreciation | 8,948,923 | 8,424,620 | ||||||||
Operating income (loss) | 454,692 | 1,640,172 | 7,443,388 | 5,378,423 | 555,163 | 1,542,333 | 7,099,426 | 5,581,387 | 14,916,675 | 14,778,309 |
Equity in earnings | 73,327 | 1,667,554 | ||||||||
Impairment of investments in affiliates | (55,092,303) | 0 | ||||||||
Interest expense | 4,497,929 | 4,051,885 | ||||||||
Income (loss) before income taxes | (43,143,247) | 13,306,124 | ||||||||
Total assets | 290,309,243 | 310,109,193 | 290,309,243 | 310,109,193 | ||||||
Gross additions to utility property | 25,461,000 | 19,967,567 | ||||||||
Gross investment in affiliates | 5,260,863 | 6,028,760 | ||||||||
Operating revenues | 14,112,560 | $ 17,259,899 | $ 29,529,683 | $ 23,263,080 | 13,355,254 | $ 14,048,846 | $ 28,253,662 | $ 19,517,017 | 84,165,222 | 75,174,779 |
Operating Segments [Member] | Gas Utility [Member] | ||||||||||
Operating revenues | 84,035,644 | 75,045,103 | ||||||||
Depreciation | 8,948,923 | 8,424,620 | ||||||||
Operating income (loss) | 15,104,946 | 14,955,375 | ||||||||
Equity in earnings | 0 | 0 | ||||||||
Impairment of investments in affiliates | 0 | |||||||||
Interest expense | 3,001,926 | 2,812,107 | ||||||||
Income (loss) before income taxes | 13,547,601 | 13,043,470 | ||||||||
Total assets | 258,519,230 | 231,737,427 | 258,519,230 | 231,737,427 | ||||||
Gross additions to utility property | 25,461,000 | 19,967,567 | ||||||||
Gross investment in affiliates | 0 | 0 | ||||||||
Operating revenues | 84,035,644 | 75,045,103 | ||||||||
Operating Segments [Member] | Investment in Affiliates [Member] | ||||||||||
Operating revenues | 0 | 0 | ||||||||
Depreciation | 0 | 0 | ||||||||
Operating income (loss) | (281,843) | (267,391) | ||||||||
Equity in earnings | 73,327 | 1,667,554 | ||||||||
Impairment of investments in affiliates | (55,092,303) | |||||||||
Interest expense | 1,496,003 | 1,239,778 | ||||||||
Income (loss) before income taxes | (56,784,957) | 171,861 | ||||||||
Total assets | 13,838,108 | 65,686,376 | 13,838,108 | 65,686,376 | ||||||
Gross additions to utility property | 0 | 0 | ||||||||
Gross investment in affiliates | 5,260,863 | 6,028,760 | ||||||||
Operating revenues | 0 | 0 | ||||||||
Corporate, Non-Segment [Member] | ||||||||||
Operating revenues | 129,578 | 129,676 | ||||||||
Depreciation | 0 | 0 | ||||||||
Operating income (loss) | 93,572 | 90,325 | ||||||||
Equity in earnings | 0 | 0 | ||||||||
Impairment of investments in affiliates | 0 | |||||||||
Interest expense | 0 | 0 | ||||||||
Income (loss) before income taxes | 94,109 | 90,793 | ||||||||
Total assets | $ 17,951,905 | $ 12,685,390 | 17,951,905 | 12,685,390 | ||||||
Gross additions to utility property | 0 | 0 | ||||||||
Gross investment in affiliates | 0 | 0 | ||||||||
Operating revenues | $ 129,578 | $ 129,676 |
Note 5 - Other Investments (Det
Note 5 - Other Investments (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity Method Investment, Other than Temporary Impairment | $ 55,092,303 | $ 0 | ||
RGC Midstream LLC [Member] | MVP Southgate Investment [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1% | 1% | ||
RGC Midstream LLC [Member] | MVP [Member] | ||||
Equity Method Investment, Ownership Percentage | 1% | 1% | ||
Number of Gate Stations, Suspended Accruing of Afudc | 2 | 2 | ||
Equity Method Investment, Other than Temporary Impairment | $ 15,300,000 | $ 39,800,000 |
Note 5 - Other Investments - Sc
Note 5 - Other Investments - Schedule of Other Investments (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Investment in unconsolidated affiliates | $ 13,773,075 | $ 64,867,319 |
Capital contributions payable | 804,506 | 2,140,637 |
Equity in earnings of unconsolidated affiliate | 73,327 | 1,667,554 |
Undistributed earnings, net of income taxes, of MVP in retained earnings, excluding impairment | 8,135,482 | 8,081,027 |
Cash investment | 5,260,863 | 6,028,760 |
Noncash Increase (Decrease) in Unconsolidated Affiliate | (1,336,131) | (371,800) |
Pre-tax impairment | 55,092,303 | 0 |
Change in investment in unconsolidated affiliates | (51,094,244) | 7,324,514 |
MVP [Member] | ||
Investment in unconsolidated affiliates | 13,689,370 | 64,462,194 |
Capital contributions payable | 804,404 | 2,139,696 |
Southgate [Member] | ||
Investment in unconsolidated affiliates | 83,705 | 405,125 |
Capital contributions payable | $ 102 | $ 941 |
Note 5 - Other Investments - In
Note 5 - Other Investments - Investment in Unconsolidated Entity (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net other income (expense) | $ 1,456,983 | $ 912,146 | |||||||||
Net income (loss) | $ (11,415,229) | $ 592,527 | $ (24,494,429) | $ 3,584,529 | $ 481 | $ 610,840 | $ 4,767,478 | $ 4,723,263 | (31,732,602) | 10,102,062 | |
Current assets | 35,548,319 | 25,143,855 | 35,548,319 | 25,143,855 | |||||||
Total assets | 290,309,243 | 310,109,193 | 290,309,243 | 310,109,193 | |||||||
Current liabilities | 22,315,310 | 26,013,532 | 22,315,310 | 26,013,532 | |||||||
Capital | 93,090,656 | 99,701,709 | 93,090,656 | 99,701,709 | $ 88,887,977 | ||||||
Total liabilities and equity | 290,309,243 | 310,109,193 | 290,309,243 | 310,109,193 | |||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||||||||
Current assets | 76,474,981 | 208,961,113 | 76,474,981 | 208,961,113 | |||||||
Construction work in progress | 6,667,146,408 | 6,281,991,035 | 6,667,146,408 | 6,281,991,035 | |||||||
Other assets | 8,021,877 | 980,410 | 8,021,877 | 980,410 | |||||||
Total assets | 6,751,643,266 | 6,491,932,558 | 6,751,643,266 | 6,491,932,558 | |||||||
Current liabilities | 115,061,723 | 200,441,027 | 115,061,723 | 200,441,027 | |||||||
Noncurrent liabilities | 0 | 13,000 | 0 | 13,000 | |||||||
Capital | 6,636,581,543 | 6,291,478,531 | 6,636,581,543 | 6,291,478,531 | |||||||
Total liabilities and equity | $ 6,751,643,266 | $ 6,491,932,558 | 6,751,643,266 | 6,491,932,558 | |||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | MVP [Member] | |||||||||||
AFUDC | 6,883,069 | 165,048,237 | |||||||||
Net other income (expense) | 147,154 | (388,436) | |||||||||
Net income (loss) | $ 7,030,223 | $ 164,659,801 |
Note 6 - Line-of-credit (Detail
Note 6 - Line-of-credit (Details Textual) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 28,000,000 | $ 32,000,000 | |
Long-Term Line of Credit, Total | $ 0 | $ 17,628,897 | |
Debt Instrument, Debt Covenant Ratio of Long-term Debt to Total Capitalization, Maximum | 65% | ||
Minimum [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 21,000,000 | ||
Maximum [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 33,000,000 | ||
Line of Credit [Member] | Roanoke Gas Company [Member] | |||
Debt Instrument, Debt Covenant, Minimum Required Interest Coverage Ratio | 1.50% | ||
Debt Instrument, Debt Covenant Ratio of Long-term Debt to Total Capitalization, Maximum | 65% | ||
Line of Credit [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.10% |
Note 6 - Line-of-credit - Avail
Note 6 - Line-of-credit - Available Borrowing Limits (Details) - USD ($) | Mar. 01, 2023 | Oct. 19, 2022 | Sep. 30, 2022 | Sep. 30, 2021 |
Available Line of Credit | $ 28,000,000 | $ 32,000,000 | ||
Line of Credit [Member] | ||||
Available Line of Credit | $ 28,000,000 | |||
Line of Credit [Member] | Forecast [Member] | ||||
Available Line of Credit | $ 30,000,000 | $ 33,000,000 |
Note 6 - Line-of-credit - Summa
Note 6 - Line-of-credit - Summary of Line of Credit (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 28,000,000 | $ 32,000,000 |
Outstanding balance at year-end | 0 | 17,628,897 |
Highest month-end balance outstanding | 19,636,179 | 17,628,897 |
Average daily balance | $ 6,233,620 | $ 10,042,073 |
Average rate of interest during year on outstanding balances | 1.15% | 1.12% |
Interest rate at year-end | 4.08% | 1.08% |
Interest rate on unused line-of-credit | 0.15% | 0.15% |
Note 7 - Long-term Debt (Detail
Note 7 - Long-term Debt (Details Textual) - USD ($) | 12 Months Ended | |||||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Apr. 01, 2022 | Nov. 01, 2021 | Sep. 24, 2021 | Aug. 20, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Mar. 31, 2022 | Oct. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2019 | |
Debt Instruments, Overall Maximum Borrowing Capacity | $ 33,000,000 | $ 23,000,000 | $ 41,000,000 | |||||||||
Regulatory Asset, Total | $ 7,797,302 | $ 7,797,302 | $ 12,824,346 | |||||||||
Debt Instrument, Debt Covenant Ratio of Long-term Debt to Total Capitalization, Maximum | 65% | |||||||||||
Debt Instrument, Debt Covenant, Ratio of Priority Debt to Total Assets, Maximum | 15% | |||||||||||
Debt Instrument, Debt Covenant, Interest Coverage Ratio | 1.5 | |||||||||||
Deferred Gain (Loss) on Early Extinguishment of Debt [Member] | ||||||||||||
Regulatory Asset, Total | 1,370,246 | $ 1,370,246 | $ 1,484,433 | |||||||||
Regulatory Asset, Amortization Period (Year) | 20 years | |||||||||||
Unsecured Promissory Note with 30 Day LIBOR Plus 1.15 Basis Points Maturing January 1, 2028 [Member] | RGC Midstream LLC [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 8,000,000 | |||||||||||
Derivative, Fixed Interest Rate | 2.443% | |||||||||||
Unsecured Promissory Note with 30 Day LIBOR Plus 1.15 Basis Points Maturing January 1, 2028 [Member] | RGC Midstream LLC [Member] | Unsecured Debt [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 8,000,000 | |||||||||||
Derivative, Fixed Interest Rate | 2.443% | |||||||||||
Unsecured Promissory Note with 30 Day LIBOR Plus 1.15 Basis Points Maturing January 1, 2028 [Member] | RGC Midstream LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | |||||||||||
Cash Infusion Proceeds Utilized to Repay Non-revolving Credit Facility [Member] | ||||||||||||
Repayments of Debt | $ 10,000,000 | |||||||||||
Unsecured Promissory Notes [Member] | RGC Midstream LLC [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | |||||||||||
Unsecured Promissory Notes [Member] | RGC Midstream LLC [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||||||||
Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | Roanoke Gas Company [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 5,000,000 | $ 5,000,000 | ||||||||||
Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | Roanoke Gas Company [Member] | Unsecured Debt [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||||||||
Derivative, Fixed Interest Rate | 2.49% | |||||||||||
Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | Roanoke Gas Company [Member] | Interest Rate Swap [Member] | ||||||||||||
Derivative, Fixed Interest Rate | 2.49% | |||||||||||
Derivative, Notional Amount | $ 10,000,000 | |||||||||||
Unsecured Term Notes Payable, at 30-day LIBOR Plus 100 Basis Points, Due October 1, 2028 [Member] | Roanoke Gas Company [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||||||||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||||||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | Roanoke Gas Company [Member] | ||||||||||||
Debt Instrument, Face Amount | 15,000,000 | |||||||||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | Roanoke Gas Company [Member] | Unsecured Debt [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 15,000,000 | |||||||||||
Derivative, Fixed Interest Rate | 2% | |||||||||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | Roanoke Gas Company [Member] | Interest Rate Swap [Member] | ||||||||||||
Derivative, Fixed Interest Rate | 2% | |||||||||||
Derivative, Notional Amount | $ 15,000,000 | |||||||||||
Unsecured Term Notes Payable, at 30-day SOFR Average 1.20% Due August 20, 2026 [Member] | Roanoke Gas Company [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | |||||||||||
Unsecured Term Note Payable, at 30-day LIBOR Plus 1.15%, Due June 12, 2026 [Member] | RGC Midstream LLC [Member] | Unsecured Debt [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 14,000,000 | |||||||||||
Derivative, Fixed Interest Rate | 3.24% | |||||||||||
Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | RGC Midstream LLC [Member] | Unsecured Debt [Member] | ||||||||||||
Debt Instrument, Face Amount | $ 10,000,000 | |||||||||||
Derivative, Fixed Interest Rate | 3.14% |
Note 7 - Long-term Debt - Long-
Note 7 - Long-term Debt - Long-term Debt (Details) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Notes payable | $ 137,271,200 | $ 140,739,097 |
Unamortized Debt Issuance Costs | 275,911 | 267,670 |
Long-Term Line of Credit, Total | 0 | 17,628,897 |
Total long-term debt, net current maturities | 135,971,200 | 133,739,097 |
Notes Payable [Member] | ||
Less: current maturities of long-term debt | (1,300,000) | (7,000,000) |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Senior Notes Payable, at 4.26%, Due on September 18, 2034 [Member] | ||
Notes payable | 30,500,000 | 30,500,000 |
Unamortized Debt Issuance Costs | 115,849 | 125,502 |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 0.90%, Due November 1, 2021 [Member] | ||
Notes payable | 0 | 7,000,000 |
Unamortized Debt Issuance Costs | 0 | 278 |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 3.58%, Due on October 2, 2027 [Member] | ||
Notes payable | 8,000,000 | 8,000,000 |
Unamortized Debt Issuance Costs | 24,080 | 28,896 |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 4.41 %, Due on March 28, 2031 [Member] | ||
Notes payable | 10,000,000 | 10,000,000 |
Unamortized Debt Issuance Costs | 26,627 | 29,760 |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 3.60%, Due on December 6, 2029 [Member] | ||
Notes payable | 10,000,000 | 10,000,000 |
Unamortized Debt Issuance Costs | 25,539 | 29,062 |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day SOFR Plus 1.20%, Due August 20, 2026 [Member] | ||
Unamortized Debt Issuance Costs | 0 | |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day SOFR Plus 1.20%, Due August 20, 2026 [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||
Notes payable | 15,000,000 | 0 |
Unamortized Debt Issuance Costs | 0 | |
Roanoke Gas Company [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR Plus 1.00%, Due March 31, 2023 [Member] | ||
Long-Term Line of Credit, Total | 0 | 17,628,897 |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Delayed Draw Term Note with 30 Day LIBOR Maturing October 1, 2028 [Member] | ||
Unamortized Debt Issuance Costs | 28,674 | 21,545 |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Delayed Draw Term Note with 30 Day LIBOR Maturing October 1, 2028 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Notes payable | 10,000,000 | 0 |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Line of Credit, at 30-day LIBOR Plus 1.50%, Due December 31, 2023 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Notes payable | 21,896,200 | 33,610,200 |
Unamortized Debt Issuance Costs | 18,553 | 14,904 |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.15%, Due June 12, 2026 [Member] | ||
Unamortized Debt Issuance Costs | 9,029 | 11,437 |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.15%, Due June 12, 2026 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Notes payable | 14,000,000 | 14,000,000 |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | ||
Unamortized Debt Issuance Costs | 3,929 | |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Notes payable | 9,875,000 | 10,000,000 |
Unamortized Debt Issuance Costs | 6,286 | |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Promissory Note with 30 Day LIBOR Plus 1.15 Basis Points Maturing January 1, 2028 [Member] | ||
Unamortized Debt Issuance Costs | 23,631 | |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Promissory Note with 30 Day LIBOR Plus 1.15 Basis Points Maturing January 1, 2028 [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Notes payable | 8,000,000 | 0 |
RGC Midstream LLC [Member] | Notes Payable [Member] | ||
Notes payable | 137,271,200 | 123,110,200 |
Unamortized Debt Issuance Costs | $ 275,911 | $ 267,670 |
Note 7 - Long-term Debt - Lon_2
Note 7 - Long-term Debt - Long-term Debt (Details) (Parentheticals) | 12 Months Ended | ||
Nov. 01, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Roanoke Gas Company [Member] | Unsecured Senior Notes Payable [Member] | Unsecured Senior Notes Payable, at 4.26%, Due on September 18, 2034 [Member] | |||
Stated rate | 4.26% | 4.26% | |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 0.90%, Due November 1, 2021 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.90% | 0.90% | |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 3.58%, Due on October 2, 2027 [Member] | |||
Stated rate | 3.58% | 3.58% | |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 4.41 %, Due on March 28, 2031 [Member] | |||
Stated rate | 4.41% | 4.41% | |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Notes Payable, at 3.60%, Due on December 6, 2029 [Member] | |||
Stated rate | 3.60% | 3.60% | |
Roanoke Gas Company [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day SOFR Plus 1.20%, Due August 20, 2026 [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | 1.20% | |
Roanoke Gas Company [Member] | Line of Credit [Member] | Line of Credit, at 30-day LIBOR Plus 1.00%, Due March 31, 2023 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1% | 1% | |
RGC Midstream LLC [Member] | Unsecured Promissory Note with 30 Day LIBOR Plus 1.15 Basis Points Maturing January 1, 2028 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | ||
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Delayed Draw Term Note with 30 Day LIBOR Maturing October 1, 2028 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1% | 1% | |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Line of Credit, at 30-day LIBOR Plus 1.50%, Due December 31, 2023 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | 1.50% | |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.15%, Due June 12, 2026 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | 1.15% | |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Term Note Payable, at 30-day LIBOR Plus 1.20%, Due June 1, 2024 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | 1.20% | |
RGC Midstream LLC [Member] | Unsecured Term Notes [Member] | Unsecured Promissory Note with 30 Day LIBOR Plus 1.15 Basis Points Maturing January 1, 2028 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.15% | 1.15% |
Note 7 - Long-term Debt - Aggre
Note 7 - Long-term Debt - Aggregate Annual Maturities of Long-term Debt (Details) | Sep. 30, 2022 USD ($) |
2023 | $ 1,300,000 |
2024 | 32,871,200 |
2025 | 1,600,000 |
2026 | 30,600,000 |
2027 | 1,600,000 |
Thereafter | 69,300,000 |
Total | $ 137,271,200 |
Note 8 - Income Taxes (Details
Note 8 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Deferred Income Tax Liabilities, Net | $ 3,165,454 | $ 14,948,213 |
Deferred Income Tax Assets, Net | $ 1,057,079 | 0 |
Income Tax Examination, Year under Examination | 2018 2019 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||
Actual Tax Credit Recognized in Federal Income Tax Returns | $ 3,169,656 | 659,920 |
Amount of Tax Credits Recognized in Current Year Income Statement | $ 636,694 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Amortization, Period (Year) | 20 years | |
Tax Credit Carryforward, Annual Amortization Amount | $ 165,652 | 0 |
Open Tax Year | 2017 2018 2019 | |
State and Local Jurisdiction [Member] | Virginia, Jurisdiction [Member] | ||
Actual Tax Credit Recognized in Federal Income Tax Returns | $ 51,398 | |
Effective Income Tax Rate Reconciliation, Tax Credit, Amortization, Period (Year) | 20 years | |
Tax Credit Carryforward, Annual Amortization Amount | $ 5,212 | $ 0 |
Open Tax Year | 2017 2018 2019 2020 2021 2022 | |
State and Local Jurisdiction [Member] | West Virginia, Jurisdiction [Member] | ||
Open Tax Year | 2019 |
Note 8 - Income Taxes - Income
Note 8 - Income Taxes - Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Current income taxes: | ||
Federal | $ 2,494,942 | $ 2,527,997 |
State | 523,571 | 569,877 |
Total current income taxes | 3,018,513 | 3,097,874 |
Deferred income taxes: | ||
Federal | (11,160,425) | (137,159) |
State | (3,097,869) | 243,347 |
Total deferred income taxes | (14,258,294) | 106,188 |
Federal | (165,652) | 0 |
State | (5,212) | 0 |
Total amortization of R&D tax credits | (170,864) | 0 |
Total income tax expense (benefit) | $ (11,410,645) | $ 3,204,062 |
Note 8 - Income Taxes - Reconci
Note 8 - Income Taxes - Reconciliation of Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Income (loss) before income taxes | $ (43,143,247) | $ 13,306,124 |
Corporate federal income tax rate | 21% | 21% |
Income tax expense (benefit) computed at the federal statutory rate | $ (9,060,082) | $ 2,794,286 |
State income taxes, net of federal income tax benefit | (2,033,695) | 642,447 |
Net amortization of excess deferred taxes on regulated operations | (162,228) | (162,228) |
Tax on other permanent differences | 32,914 | 13,321 |
Tax benefit recognized on stock compensation | (27,191) | (4,099) |
Amortization of R&D tax credits | (170,864) | 0 |
Tax credits | 0 | (86,839) |
Other, net | 10,501 | 7,174 |
Total income tax expense (benefit) | $ (11,410,645) | $ 3,204,062 |
Note 8 - Income Taxes - Deferre
Note 8 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Allowance for credit losses | $ 95,564 | $ 62,292 |
Accrued pension and postretirement medical benefits | 486,745 | 195,044 |
Regulatory effect of change in federal income tax rate | 2,708,809 | 2,761,667 |
Accrued paid time off | 150,075 | 137,175 |
Cost of gas held in storage | 702,040 | 753,344 |
Deferred compensation | 993,079 | 915,749 |
Interest rate swaps | 0 | 307,873 |
Accrued gas cost | 125,888 | 289,801 |
MVP impairment | 14,180,759 | 0 |
Other | 124,034 | 98,642 |
Total gross deferred tax assets | 19,566,993 | 5,521,587 |
Utility property | 19,074,085 | 18,643,863 |
MVP investment | 1,366,157 | 1,825,937 |
Interest rate swaps | 1,235,126 | 0 |
Total gross deferred tax liabilities | 21,675,368 | 20,469,800 |
Net deferred tax asset | 1,057,079 | 0 |
Net deferred tax liability | $ 3,165,454 | $ 14,948,213 |
Note 9 - Employee Benefit Pla_3
Note 9 - Employee Benefit Plans (Details Textual) | 12 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | |
Defined Benefit Plan, Expected Amortization, Next Fiscal Year, Total | $ 79,000 | ||
Defined Benefit Plan, Expected Amortization Of Net Gains (Losses), Regulatory Deferral | $ 238,000 | ||
The 401K Plan [Member] | |||
Defined Contribution Plan, Minimum Annual Contributions Per Employee, Percent | 1% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50% | ||
Defined Contribution Plan, Employer Matching Contribution, Match Percentage | 100% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of 100 Percent Match | 4% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match, Second Tranche | 50% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of 50% Match | 2% | ||
Defined Benefit Plan, Equity Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 29% | ||
Defined Benefit Plan, Debt Security [Member] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 70% | ||
Defined Benefit Plan, Cash [Member] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 1% | ||
Pension Plan [Member] | |||
Defined Benefit Plan, Period Before Benefits are Fully Vested (Year) | 5 years | ||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30% | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets | 4.75% | 5.40% | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 500,000 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0 | ||
Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 13% | 30% | |
Pension Plan [Member] | Defined Benefit Plan, Debt Security [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 70% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 0% | 69% | |
Pension Plan [Member] | Defined Benefit Plan, Cash [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 87% | 1% | |
Pension Plan [Member] | Forecast [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets | 4.50% | ||
Other Postretirement Benefits Plan [Member] | |||
Defined Benefit Plan, Minimum Service Requirement (Year) | 10 years | ||
Defined Benefit Plan, Age Requirement | 55 | ||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets | 4.24% | 4.25% | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 400,000 | |
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year | $ 0 | ||
Other Postretirement Benefits Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 48% | 49% | |
Other Postretirement Benefits Plan [Member] | Defined Benefit Plan, Debt Security [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 51% | 50% | |
Other Postretirement Benefits Plan [Member] | Defined Benefit Plan, Cash [Member] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 1% | 1% | |
Other Postretirement Benefits Plan [Member] | Forecast [Member] | |||
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Expected Long-Term Rate of Return on Plan Assets | 3.95% | ||
Pension Plan, Lump Sum Pay Out, Vested, Terminated Employees [Member] | |||
Defined Benefit Plan, Number of Eligible Participants | 17 | ||
Defined Benefit Plan, Benefit Obligation, Payment for Settlement | $ 717,197 |
Note 9 - Employee Benefit Pla_4
Note 9 - Employee Benefit Plans - Benefit Obligation, Fair Value of Plan Assets and Funded Status (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Noncurrent assets | $ 749,341 | $ 1,259,639 |
Noncurrent liabilities | (337,535) | (949,851) |
Pension Plan [Member] | ||
Accumulated benefit obligation | 24,776,968 | 33,341,841 |
Benefit obligation at beginning of year | 37,654,468 | 39,998,002 |
Service cost | 648,289 | 734,282 |
Interest cost | 1,013,115 | 975,139 |
Actuarial gain | (10,862,957) | (2,237,486) |
Benefit payments, net of retiree contributions | (1,184,459) | (1,815,469) |
Benefit obligation at end of year | 27,268,456 | 37,654,468 |
Fair value of plan assets at beginning of year | 38,914,107 | 37,657,631 |
Actual return on plan assets, net of taxes | (9,711,851) | 2,571,945 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0 | 500,000 |
Benefit payments, net of retiree contributions | (1,184,459) | (1,815,469) |
Fair value of plan assets at end of year | 28,017,797 | 38,914,107 |
Funded status | 749,341 | 1,259,639 |
Noncurrent assets | 749,341 | 1,259,639 |
Noncurrent liabilities | 0 | 0 |
Net actuarial loss, net of tax | 1,243,889 | 527,720 |
Total amounts included in accumulated other comprehensive loss, net of tax | 1,243,889 | 527,720 |
Net actuarial loss (gain) | 4,132,472 | 4,562,834 |
Amounts recognized as regulatory assets (liabilities) | 4,132,472 | 4,562,834 |
Other Postretirement Benefits Plan [Member] | ||
Accumulated benefit obligation | 12,416,546 | 16,796,849 |
Benefit obligation at beginning of year | 16,796,849 | 17,925,409 |
Service cost | 97,802 | 140,691 |
Interest cost | 443,721 | 430,490 |
Actuarial gain | (4,330,387) | (1,109,181) |
Benefit payments, net of retiree contributions | (591,439) | (590,560) |
Benefit obligation at end of year | 12,416,546 | 16,796,849 |
Fair value of plan assets at beginning of year | 15,882,342 | 14,116,253 |
Actual return on plan assets, net of taxes | (3,152,784) | 1,956,649 |
Defined Benefit Plan, Plan Assets, Contributions by Employer | 0 | 400,000 |
Benefit payments, net of retiree contributions | (591,439) | (590,560) |
Fair value of plan assets at end of year | 12,138,119 | 15,882,342 |
Funded status | (278,427) | (914,507) |
Noncurrent assets | 0 | 0 |
Noncurrent liabilities | (278,427) | (914,507) |
Net actuarial loss, net of tax | 355,088 | 119,504 |
Total amounts included in accumulated other comprehensive loss, net of tax | 355,088 | 119,504 |
Net actuarial loss (gain) | (30,118) | 798,558 |
Amounts recognized as regulatory assets (liabilities) | $ (30,118) | $ 798,558 |
Note 9 - Employee Benefit Pla_5
Note 9 - Employee Benefit Plans - Actuarial Assumptions (Details) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Pension Plan [Member] | ||
Discount rate | 5.15% | 2.73% |
Expected rate of compensation increase | 4% | 4% |
Discount rate | 2.73% | 2.47% |
Expected long-term rate of return on plan assets | 4.75% | 5.40% |
Expected rate of compensation increase | 4% | 4% |
Other Postretirement Benefits Plan [Member] | ||
Discount rate | 5.16% | 2.70% |
Discount rate | 2.70% | 2.44% |
Expected long-term rate of return on plan assets | 4.24% | 4.25% |
Note 9 - Employee Benefit Pla_6
Note 9 - Employee Benefit Plans - Schedule of Components of Net Periodic Pension and Postretirement Benefit Cost (Details) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Pension Plan [Member] | ||
Service cost | $ 648,289 | $ 734,282 |
Interest cost | 1,013,115 | 975,139 |
Expected return on plan assets | (1,831,550) | (2,015,743) |
Recognized loss | 146,402 | 502,141 |
Net periodic benefit cost | (23,744) | 195,819 |
Other Postretirement Benefits Plan [Member] | ||
Service cost | 97,802 | 140,691 |
Interest cost | 443,721 | 430,490 |
Expected return on plan assets | (666,167) | (596,488) |
Recognized loss | 0 | 154,659 |
Net periodic benefit cost | $ (124,644) | $ 129,352 |
Note 9 - Employee Benefit Pla_7
Note 9 - Employee Benefit Plans - Assumed Health Care Cost Trend Rates (Details) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Pre 65 [Member] | ||
Health care cost trend rate assumed for next year | 6% | 6.50% |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 5.20% | 5.50% |
Year that the rate reaches the ultimate trend rate | 2025 | 2023 |
Post 65 [Member] | ||
Health care cost trend rate assumed for next year | 5.20% | 5.20% |
Rate to which the cost trend is assumed to decline (the ultimate trend rate) | 5.20% | 5.20% |
Note 9 - Employee Benefit Pla_8
Note 9 - Employee Benefit Plans - Effect of 1% Change on Health Care Trend Rate Assumptions (Details) | 12 Months Ended |
Sep. 30, 2022 USD ($) | |
Effect on total service and interest cost components, 1% increase | $ 93,000 |
Effect on total service and interest cost components, 1% decrease | (75,000) |
Effect on accumulated postretirement benefit obligation, 1% increase | 1,536,000 |
Effect on accumulated postretirement benefit obligation, 1% decrease | $ (1,293,000) |
Note 9 - Employee Benefit Pla_9
Note 9 - Employee Benefit Plans - Allocation of Plans' Assets (Details) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 |
Pension Plan [Member] | |||
Equity securities, target | 30% | ||
Asset | $ 28,017,797 | $ 38,914,107 | $ 37,657,631 |
Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 28,017,797 | 1,789,881 | |
Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 37,124,226 | ||
Other Postretirement Benefits Plan [Member] | |||
Asset | 12,138,119 | 15,882,342 | $ 14,116,253 |
Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 12,138,119 | 15,867,787 | |
Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 14,555 | |
Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | $ 0 | $ 0 | |
Defined Benefit Plan, Equity Securities [Member] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 29% | ||
Defined Benefit Plan, Equity Securities [Member] | Pension Plan [Member] | |||
Equity securities, target | 30% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 13% | 30% | |
Defined Benefit Plan, Equity Securities [Member] | Other Postretirement Benefits Plan [Member] | |||
Equity securities, target | 50% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 48% | 49% | |
Defined Benefit Plan, Debt Security [Member] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 70% | ||
Defined Benefit Plan, Debt Security [Member] | Pension Plan [Member] | |||
Equity securities, target | 70% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 0% | 69% | |
Defined Benefit Plan, Debt Security [Member] | Other Postretirement Benefits Plan [Member] | |||
Equity securities, target | 50% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 51% | 50% | |
Defined Benefit Plan, Cash [Member] | |||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 1% | ||
Defined Benefit Plan, Cash [Member] | Pension Plan [Member] | |||
Equity securities, target | 0% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 87% | 1% | |
Asset | $ 24,312,969 | $ 429,764 | |
Defined Benefit Plan, Cash [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | $ 24,312,969 | $ 429,764 | |
Defined Benefit Plan, Cash [Member] | Other Postretirement Benefits Plan [Member] | |||
Equity securities, target | 0% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 1% | 1% | |
Asset | $ 75,219 | $ 157,957 | |
Defined Benefit Plan, Cash [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 75,219 | 157,957 | |
Defined Benefit Plan, Cash [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Cash [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Common Collective Trust And Pooled Fund Bonds, Liability Driven Investment [Member] | Pension Plan [Member] | |||
Asset | 26,898,651 | ||
Defined Benefit Plan, Common Collective Trust And Pooled Fund Bonds, Liability Driven Investment [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 26,898,651 | ||
Defined Benefit Plan, Mutual Fund Bonds, Domestic Fixed Income [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 5,644,954 | 7,109,967 | |
Defined Benefit Plan, Mutual Fund Bonds, Domestic Fixed Income [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 5,644,954 | 7,109,967 | |
Defined Benefit Plan, Mutual Fund Bonds, Domestic Fixed Income [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Mutual Fund Bonds, Domestic Fixed Income [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | $ 0 | $ 0 | |
Other Assets 1 [Member] | Pension Plan [Member] | |||
Equity securities, target | 0% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 0% | 0% | |
Other Assets 1 [Member] | Other Postretirement Benefits Plan [Member] | |||
Equity securities, target | 0% | ||
Defined Benefit Plan, Plan Assets, Actual Allocation, Percentage | 0% | 0% | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Growth [Member] | Pension Plan [Member] | |||
Asset | $ 1,172,296 | $ 3,430,962 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Growth [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 1,172,296 | ||
Defined Benefit Plan, Equity Funds, Domestic Large Cap Growth [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 3,430,962 | ||
Defined Benefit Plan, Equity Funds, Domestic Large Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 1,698,421 | 2,346,401 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 1,698,421 | 2,346,401 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Mutual Fund Bonds, Foreign Fixed Income [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 589,284 | 757,422 | |
Defined Benefit Plan, Mutual Fund Bonds, Foreign Fixed Income [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 589,284 | 757,422 | |
Defined Benefit Plan, Mutual Fund Bonds, Foreign Fixed Income [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Mutual Fund Bonds, Foreign Fixed Income [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Value [Member] | Pension Plan [Member] | |||
Asset | 1,172,714 | 3,480,915 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Value [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 1,172,714 | ||
Defined Benefit Plan, Equity Funds, Domestic Large Cap Value [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 3,480,915 | ||
Defined Benefit Plan, Equity Funds, Domestic Large Cap Value [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 1,793,746 | 2,361,583 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Value [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 1,793,746 | 2,361,583 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Value [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Domestic Large Cap Value [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Core [Member] | Pension Plan [Member] | |||
Asset | 1,752,186 | ||
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Core [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 1,752,186 | ||
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Core [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 443,900 | 557,739 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Core [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 443,900 | 557,739 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Core [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Core [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Foreign Large Cap Value [Member] | Pension Plan [Member] | |||
Asset | 1,561,512 | ||
Defined Benefit Plan, Equity Funds, Foreign Large Cap Value [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 288,398 | ||
Defined Benefit Plan, Equity Funds, Foreign Large Cap Value [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 1,561,512 | ||
Defined Benefit Plan, Equity Funds, Foreign Large Cap Value [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 462,196 | 1,352,329 | |
Defined Benefit Plan, Equity Funds, Foreign Large Cap Value [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 462,196 | 1,352,329 | |
Defined Benefit Plan, Equity Funds, Foreign Large Cap Value [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Foreign Large Cap Value [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 182,823 | 295,628 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 182,823 | 295,628 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Mutual Funds, Foreign Large Cap Growth [Member] | Pension Plan [Member] | |||
Asset | 1,071,719 | ||
Defined Benefit Plan, Mutual Funds, Foreign Large Cap Growth [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 1,071,719 | ||
Defined Benefit Plan, Mutual Funds, Foreign Large Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 469,659 | 594,573 | |
Defined Benefit Plan, Mutual Funds, Foreign Large Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 469,659 | 594,573 | |
Defined Benefit Plan, Mutual Funds, Foreign Large Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Mutual Funds, Foreign Large Cap Growth [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Value [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 202,921 | 248,317 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Value [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 202,921 | 248,317 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Value [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Domestic Small/Mid Cap Value [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Mutual Equity Funds, Foreign Large Cap Value [Member] | Pension Plan [Member] | |||
Asset | 0 | 288,398 | |
Defined Benefit Plan, Mutual Equity Funds, Foreign Large Cap Value [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 0 | ||
Defined Benefit Plan, Equity Mutual Funds, Foreign Large Cap Growth [Member] | Pension Plan [Member] | |||
Asset | 486,184 | ||
Defined Benefit Plan, Equity Mutual Funds, Foreign Large Cap Growth [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 486,184 | ||
Defined Benefit Plan, Equity Funds, Foreign Large Cap Core [Member] | Pension Plan [Member] | |||
Asset | 873,634 | ||
Defined Benefit Plan, Equity Funds, Foreign Large Cap Core [Member] | Pension Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 873,634 | ||
Defined Benefit Plan, Equity Funds, Foreign Large Cap Core [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 574,996 | 85,871 | |
Defined Benefit Plan, Equity Funds, Foreign Large Cap Core [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 574,996 | 85,871 | |
Defined Benefit Plan, Equity Funds, Foreign Large Cap Core [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 0 | 0 | |
Defined Benefit Plan, Equity Funds, Foreign Large Cap Core [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | $ 0 | 0 | |
Defined Benefit Plan, Mutual Fund, Other [Member] | Other Postretirement Benefits Plan [Member] | |||
Asset | 14,555 | ||
Defined Benefit Plan, Mutual Fund, Other [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Asset | 0 | ||
Defined Benefit Plan, Mutual Fund, Other [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Asset | 14,555 | ||
Defined Benefit Plan, Mutual Fund, Other [Member] | Other Postretirement Benefits Plan [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Asset | $ 0 |
Note 9 - Employee Benefit Pl_10
Note 9 - Employee Benefit Plans - Expected Future Benefit Payments (Details) | Sep. 30, 2022 USD ($) |
Pension Plan [Member] | |
2023 | $ 1,267,465 |
2024 | 1,327,549 |
2025 | 1,391,818 |
2026 | 1,474,728 |
2027 | 1,583,033 |
2028 - 2032 | 8,891,378 |
Other Postretirement Benefits Plan [Member] | |
2023 | 787,890 |
2024 | 748,788 |
2025 | 738,855 |
2026 | 734,466 |
2027 | 746,631 |
2028 - 2032 | $ 3,969,225 |
Note 9 - Employee Benefit Pl_11
Note 9 - Employee Benefit Plans - Changes in Benefit Plan Liabilities (Details) - NQDC Plan [Member] - Defined Benefit Plan, Unfunded Plan [Member] - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Beginning deferred compensation balance | $ 35,344 | $ 0 |
Employer contributions | 33,280 | 48,100 |
Participant contributions | 0 | 0 |
Earnings (loss) | (9,516) | 2,297 |
Distributions | 0 | (15,053) |
Ending deferred compensation balance | $ 59,108 | $ 35,344 |
Note 9 - Employee Benefit Pl_12
Note 9 - Employee Benefit Plans - Schedule of Employer Contributions (Details) - The 401K Plan [Member] - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Matching contribution | $ 357,293 | $ 383,340 |
Employer contributions | $ 47,429 | $ 43,093 |
Note 10 - Common Stock Option_2
Note 10 - Common Stock Options (Details Textual) | 12 Months Ended |
Sep. 30, 2022 shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 22,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Month) | 6 months |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years |
Note 10 - Common Stock Option_3
Note 10 - Common Stock Options - Share-based Payment Arrangement (Details) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Expected volatility | 31.79% | 32.05% |
Expected dividends | 2.77% | 2.75% |
Expected exercise term (years) (Year) | 7 years | 7 years |
Risk-free interest rate | 2.89% | 1.24% |
Note 10 - Common Stock Option_4
Note 10 - Common Stock Options - Schedule of Stock Option Transactions (Details) - USD ($) | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2020 | |
Options outstanding (in shares) | 45,250 | 51,500 | |
Options outstanding (in dollars per share) | $ 19.34 | $ 18.34 | |
Options outstanding (Year) | 5 years 8 months 12 days | 6 years | 6 years 4 months 24 days |
Options outstanding | $ 121,278 | $ 213,898 | $ 320,797 |
Options granted (in shares) | 6,000 | 3,000 | |
Options granted (in dollars per share) | $ 19.90 | $ 22.93 | |
Options exercised (in shares) | (8,750) | (9,250) | |
Options exercised (in dollars per share) | $ 14.49 | $ 14.90 | |
Options forfeited (in shares) | (8,000) | ||
Options forfeited (in dollars per share) | $ 27.87 | ||
Options outstanding (in shares) | 34,500 | 45,250 | 51,500 |
Options outstanding (in dollars per share) | $ 18.69 | $ 19.34 | $ 18.34 |
Vested and exercisable (in shares) | 28,500 | ||
Vested and exercisable (in dollars per share) | $ 18.44 | ||
Vested and exercisable (Year) | 4 years 9 months 18 days | ||
Vested and exercisable | $ 114,318 | ||
Weighted-average grant date option fair value (in dollars per share) | $ 5.39 | $ 5.55 | |
Stock option expense | $ 16,330 | $ 11,100 | |
Intrinsic value of options exercised | 58,944 | 70,297 | |
Proceeds from exercise of stock options | $ 126,814 | $ 137,801 |
Note 11 - Other Stock Plans (De
Note 11 - Other Stock Plans (Details Textual) - USD ($) | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Maximum Amount Allowed For Dividend Reinvestment and Stock Purchase Plan | $ 100,000 | |
Stock Issued During Period, Shares, Dividend Reinvestment Plan (in shares) | 34,290 | 29,604 |
Stock Available for Issuance under Dividend Reinvestment Plan (in shares) | 298,429 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 22,000 | |
Stock Bonus Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 4,785 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Shares Issued in Period (in shares) | 0 | 0 |
Restricted Stock [Member] | Restricted Stock Plan for Outside Directors [Member] | ||
Share Based Compensation by Share Based Payment Award, Maximum Allowed Percentage of Retainer Fee Paid Monthly in Common Stock | 100% | |
Share Based Compensation by Share Based Payment Award, Percentage of Retainer Fee Paid Monthly in Common Stock | 40% | |
Share Based Compensation by Share Based Payment Award, Minimum Shares Owned Requirement (in shares) | 10,000 | |
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture, Total | $ 291,767 | $ 269,200 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 0 | 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 16,779 | |
Restricted Stock [Member] | RGC Resources Inc. Restricted Stock Plan [Member] | ||
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture, Total | $ 534,710 | $ 366,869 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 0 | 0 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 367,983 |
Note 11 - Other Stock Plans - D
Note 11 - Other Stock Plans - Director Compensation Activity (Details) - Restricted Stock [Member] - Restricted Stock Plan for Outside Directors [Member] - $ / shares | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Beginning of year balance (in shares) | 110,444 | 99,070 |
Beginning of year balance (in dollars per share) | $ 15.05 | $ 14.06 |
Granted (in shares) | 13,538 | 11,374 |
Granted (in dollars per share) | $ 21.55 | $ 23.67 |
Vested (in shares) | (15,855) | 0 |
Vested (in dollars per share) | $ 12.33 | $ 0 |
Forfeited (in shares) | 0 | 0 |
Forfeited (in dollars per share) | $ 0 | $ 0 |
End of year balance (in shares) | 108,127 | 110,444 |
End of year balance (in dollars per share) | $ 16.27 | $ 15.05 |
Note 11 - Other Stock Plans - O
Note 11 - Other Stock Plans - Officer Compensation Activity (Details) - Restricted Stock [Member] - RGC Resources Inc. Restricted Stock Plan [Member] - $ / shares | 12 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Beginning of year balance (in shares) | 11,836 | 6,815 |
Beginning of year balance (in dollars per share) | $ 25.17 | $ 28.55 |
Granted (in shares) | 26,897 | 16,656 |
Granted (in dollars per share) | $ 23.19 | $ 24.21 |
Vested (in shares) | (16,194) | (11,635) |
Vested (in dollars per share) | $ 24.29 | $ 25.77 |
Forfeited (in shares) | 0 | 0 |
Forfeited (in dollars per share) | $ 0 | $ 0 |
End of year balance (in shares) | 22,539 | 11,836 |
End of year balance (in dollars per share) | $ 23.44 | $ 25.17 |
Note 12 - Commitments and Con_3
Note 12 - Commitments and Contingencies (Details Textual) | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2022 $ / item | Sep. 30, 2022 USD ($) $ / item | Sep. 30, 2021 USD ($) | |
Asset Management Contract Term (Year) | 2 years | ||
Purchase Commitment Minimum Volume Required | $ 2,100,000 | ||
Franchise Agreement Term (Year) | 20 years | ||
Franchise Fee Annual Increase | 3% | ||
Franchise Fee Total Cost Through End of Agreement | $ 2,063,500 | ||
Natural Gas Pipeline And Storage Capacity [Member] | |||
Cost of Goods and Services Sold, Total | $ 51,408,000 | $ 33,894,000 | |
Minimum [Member] | |||
Purchase Commitment Purchase Price Per Energy Volume (in USD per Per Share) | $ / item | 4.81 | 4.81 | |
Maximum [Member] | |||
Purchase Commitment Purchase Price Per Energy Volume (in USD per Per Share) | $ / item | 8.10 | 8.10 |
Note 12 - Commitment and Contin
Note 12 - Commitment and Contingencies - Schedule of Volumetric Obligations (Details) | Sep. 30, 2022 Boe |
2022-2023 (Barrel of Oil Equivalent) | 2,081,134 |
2023-2024 (Barrel of Oil Equivalent) | 2,071,061 |
2024-2025 (Barrel of Oil Equivalent) | 295,866 |
Total (Barrel of Oil Equivalent) | 4,448,061 |
Note 12 - Commitment and Cont_2
Note 12 - Commitment and Contingencies - Schedule of Pipeline and Storage (Details) | Sep. 30, 2022 USD ($) |
2022 - 2023 | $ 13,688,591 |
2023 - 2024 | 12,289,440 |
2024 - 2025 | 8,749,618 |
2025 - 2026 | 5,018,163 |
2026 - 2027 | 3,839,631 |
Thereafter | 581,542 |
Total | $ 44,166,985 |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements - Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Total Assets fair value | $ 4,798,467 | |
Natural gas purchases | 1,295,225 | $ 2,728,935 |
Total Liabilities fair value | 1,295,225 | 3,925,018 |
Fair Value, Inputs, Level 1 [Member] | ||
Total Assets fair value | 0 | |
Natural gas purchases | 0 | 0 |
Total Liabilities fair value | 0 | 0 |
Interest rate swaps, liabilities | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Total Assets fair value | 4,798,467 | |
Natural gas purchases | 1,295,225 | 2,728,935 |
Total Liabilities fair value | 1,295,225 | 3,925,018 |
Fair Value, Inputs, Level 3 [Member] | ||
Total Assets fair value | 0 | |
Natural gas purchases | 0 | 0 |
Total Liabilities fair value | 0 | 0 |
Interest Rate Swap [Member] | ||
Interest rate swaps | 4,798,467 | |
Interest rate swaps, liabilities | 1,196,083 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Interest rate swaps | 0 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Interest rate swaps | 4,798,467 | |
Interest rate swaps, liabilities | 1,196,083 | |
Interest Rate Swap [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Interest rate swaps | $ 0 | |
Interest rate swaps, liabilities | $ 0 |
Note 13- Fair Value Measurement
Note 13- Fair Value Measurements - Summary of the Fair Value of Financial Assets and Liabilities Not Adjusted to Fair Value (Details) - USD ($) | Sep. 30, 2022 | Sep. 30, 2021 |
Current maturities of long-term debt | $ 1,300,000 | $ 7,000,000 |
Reported Value Measurement [Member] | ||
Current maturities of long-term debt | 1,300,000 | 7,000,000 |
Notes payable | 135,971,200 | 116,110,200 |
Total Liabilities fair value | 137,271,200 | 123,110,200 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Current maturities of long-term debt | 0 | 0 |
Notes payable | 0 | 0 |
Total Liabilities fair value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Current maturities of long-term debt | 0 | 0 |
Notes payable | 0 | 0 |
Total Liabilities fair value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Current maturities of long-term debt | 1,300,000 | 7,000,000 |
Notes payable | 130,266,252 | 124,691,896 |
Total Liabilities fair value | $ 131,566,252 | $ 131,691,896 |
Note 14 - Quarterly Financial_3
Note 14 - Quarterly Financial Information - Schedule of Quarterly Financial Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues | $ 14,112,560 | $ 17,259,899 | $ 29,529,683 | $ 23,263,080 | $ 13,355,254 | $ 14,048,846 | $ 28,253,662 | $ 19,517,017 | $ 84,165,222 | $ 75,174,779 |
Operating income | 454,692 | 1,640,172 | 7,443,388 | 5,378,423 | 555,163 | 1,542,333 | 7,099,426 | 5,581,387 | 14,916,675 | 14,778,309 |
Net Income (Loss) | $ (11,415,229) | $ 592,527 | $ (24,494,429) | $ 3,584,529 | $ 481 | $ 610,840 | $ 4,767,478 | $ 4,723,263 | $ (31,732,602) | $ 10,102,062 |
Earnings (loss) per share of common stock: | ||||||||||
Basic (in dollars per share) | $ (1.16) | $ 0.06 | $ (2.89) | $ 0.43 | $ 0 | $ 0.07 | $ 0.58 | $ 0.58 | $ (3.48) | $ 1.22 |
Diluted (in dollars per share) | $ (1.16) | $ 0.06 | $ (2.89) | $ 0.43 | $ 0 | $ 0.07 | $ 0.58 | $ 0.58 | $ (3.48) | $ 1.22 |
Revenues | $ 14,112,560 | $ 17,259,899 | $ 29,529,683 | $ 23,263,080 | $ 13,355,254 | $ 14,048,846 | $ 28,253,662 | $ 19,517,017 | $ 84,165,222 | $ 75,174,779 |
Operating income | 454,692 | 1,640,172 | 7,443,388 | 5,378,423 | 555,163 | 1,542,333 | 7,099,426 | 5,581,387 | 14,916,675 | 14,778,309 |
Net Income (Loss) | $ (11,415,229) | $ 592,527 | $ (24,494,429) | $ 3,584,529 | $ 481 | $ 610,840 | $ 4,767,478 | $ 4,723,263 | $ (31,732,602) | $ 10,102,062 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | |
Equity Method Investment, Other than Temporary Impairment | $ 55,092,303 | $ 0 | ||
RGC Midstream LLC [Member] | MVP [Member] | ||||
Equity Method Investment, Other than Temporary Impairment | $ 15,300,000 | $ 39,800,000 |