Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2016 | May. 01, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Energy Services of America CORP | |
Entity Central Index Key | 1,357,971 | |
Trading Symbol | esoa | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 14,239,836 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 |
Current assets | ||
Cash and cash equivalents | $ 1,948,115 | $ 1,493,040 |
Accounts receivable-trade | 17,571,045 | 21,338,455 |
Allowance for doubtful accounts | (147,922) | (147,922) |
Retainages receivable | 1,152,106 | 3,313,995 |
Other receivables | 261,633 | 265,695 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 9,574,515 | 6,745,377 |
Deferred tax asset | 2,200,604 | 1,126,697 |
Prepaid expenses and other | 4,034,511 | 2,372,968 |
Assets of discontinued operations | 12,303 | 1,739,324 |
Total Current Assets | 36,606,910 | 38,247,629 |
Property, plant and equipment, at cost | 38,314,700 | 33,494,845 |
less accumulated depreciation | $ (25,908,955) | $ (25,075,178) |
Assets of discontinued operations, net | ||
Total fixed assets | $ 12,405,745 | $ 8,419,667 |
Long-term notes receivable | 137,281 | 137,281 |
Total assets | 49,149,936 | 46,804,577 |
Current liabilities | ||
Current maturities of long-term debt | 2,636,800 | 2,376,577 |
Lines of credit and short term borrowings | 1,630,602 | 4,516,235 |
Accounts payable | 6,375,313 | 3,671,847 |
Accrued expenses and other current liabilities | 5,261,158 | 4,301,439 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 2,052,923 | 2,672,294 |
Income tax payable | 171,782 | |
Liabilities of discontinued operations | 28,671 | 101,409 |
Total current liabilities | 17,985,467 | 17,811,583 |
Long-term debt, less current maturities | 8,832,414 | 6,802,451 |
Deferred income taxes payable | $ 1,711,298 | $ 1,903,907 |
Liabilities of discontinued operations | ||
Total liabilities | $ 28,529,179 | $ 26,517,941 |
Shareholders' equity | ||
Preferred stock, $.0001 par value Authorized 1,000,000 shares, 206 issued for March 31, 2016 and September 30, 2015 | ||
Common stock, $.0001 par value Authorized 50,000,000 shares 14,839,836 issued and 14,239,836 outstanding for March 31, 2016 shares and September 30, 2015 | $ 1,484 | $ 1,484 |
Treasury stock, 600,000 shares at March 31, 2016 and September 30, 2015 | (60) | (60) |
Additional paid in capital | 61,289,260 | 61,289,260 |
Retained earnings (deficit) | (40,669,927) | (41,004,048) |
Total shareholders' equity | 20,620,757 | 20,286,636 |
Total liabilities and shareholders' equity | $ 49,149,936 | $ 46,804,577 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Mar. 31, 2016 | Sep. 30, 2015 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 206 | 206 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 14,839,836 | 14,839,836 |
Common stock, shares outstanding | 14,239,836 | 14,239,836 |
Treasury stock, shares | 600,000 | 600,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME Unaudited - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||||
Revenue | $ 28,005,021 | $ 20,871,013 | $ 62,379,112 | $ 44,016,608 |
Cost of revenues | 26,310,312 | 19,571,371 | 57,044,762 | 40,666,603 |
Gross profit | 1,694,709 | 1,299,642 | 5,334,350 | 3,350,005 |
Selling and administrative expenses | 1,873,550 | 1,708,396 | 4,058,176 | 3,546,598 |
Income (loss) from operations | (178,841) | (408,754) | 1,276,174 | (196,593) |
Other income (expense) | ||||
Other nonoperating income (expense) | (12,752) | 15,092 | (24,062) | 5,813 |
Interest expense | (198,503) | (155,977) | (431,921) | (342,133) |
Gain on sale of equipment | 82,121 | 83,490 | 113,521 | 95,393 |
Other income (expense), total | (129,134) | (57,395) | (342,462) | (240,927) |
Income (loss) from continuing operations before income taxes | (307,975) | (466,149) | 933,712 | (437,520) |
Income tax expense (benefit) | (97,740) | (298,754) | 445,091 | (98,092) |
Income (loss) from continuing operations | (210,235) | (167,395) | 488,621 | (339,428) |
Dividends on preferred stock | 77,250 | 77,250 | 154,500 | 154,500 |
Income (loss) from continuing operations available to common shareholders | (287,485) | (244,645) | 334,121 | (493,928) |
Income (loss) from discontinued operations net of tax expense | (27,848) | 8,994 | ||
Net income (loss) available to common shareholders | $ (287,485) | $ (272,493) | $ 334,121 | $ (484,934) |
Weighted average shares outstanding-basic (in shares) | 14,239,836 | 14,239,836 | 14,239,836 | 14,239,836 |
Weighted average shares-diluted (in shares) | 14,239,836 | 14,239,836 | 17,673,169 | 14,239,836 |
Earnings (loss) per share from continuing operations available to common shareholders | $ (0.020) | $ (0.017) | $ 0.023 | $ (0.035) |
Earnings (loss) per share from continuing operations-diluted available to common shareholders (in dollars per share) | (0.020) | (0.017) | 0.019 | (0.035) |
Earnings (loss) per share available to common shareholders (in dollars per share) | (0.020) | (0.019) | 0.023 | (0.034) |
Earnings (loss) per share-diluted available to common shareholders (in dollars per share) | $ (0.020) | $ (0.019) | $ 0.019 | $ (0.034) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS Unaudited - USD ($) | 6 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net Income (loss) available to common shareholders | $ 334,121 | $ (484,934) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation expense | 1,225,612 | 1,740,122 |
Gain on sale/disposal of equipment | (113,521) | (95,393) |
Provision for deferred taxes | 454,267 | (245,747) |
Decrease in contracts receivable | 3,767,410 | 4,832,206 |
(Increase) decrease in retainage receivable | 2,161,889 | (179,995) |
Decrease in other receivables | 4,062 | 169,982 |
(Increase) decrease in cost and estimated earnings in excess of billings on uncompleted contracts | (2,829,138) | 3,460,239 |
Increase in prepaid expenses | (1,661,543) | (1,361,411) |
Increase (decrease) in accounts payable | 2,623,121 | (3,250,459) |
Increase (decrease) in accrued expenses | 967,326 | (142,290) |
Decrease in billings in excess of cost and estimated earnings on uncompleted contracts | (619,371) | (281,794) |
Decrease in income taxes payable | (171,782) | |
Net cash provided by operating activities | 6,142,453 | 4,160,526 |
Cash flows from investing activities: | ||
Investment in property & equipment | (1,763,873) | (1,180,260) |
Proceeds from sales of property and equipment | 185,875 | 131,203 |
Net cash used in investing activities | (1,577,998) | (1,049,057) |
Cash flows from financing activities: | ||
Borrowings on lines of credit and short term debt, net of (repayments) | $ (2,885,633) | $ 530,931 |
Proceeds from long term debt | ||
Principal payments on long term debt | $ (1,229,985) | $ (1,494,296) |
Net cash used in financing activities | (4,115,618) | (963,365) |
Increase in cash and cash equivalents | 448,837 | 2,148,104 |
Cash beginning of period | 1,511,581 | 2,672,268 |
Cash end of period | 1,960,418 | 4,820,372 |
Supplemental schedule of noncash investing and financing activities: | ||
Purchases of property & equipment under financing agreements | 3,520,171 | 1,308,869 |
Insurance premiums financed | 2,565,020 | 2,349,760 |
Cash paid during the year for: | ||
Interest | 431,921 | 342,133 |
Income taxes | 191,610 | 138,868 |
Insurance premiums | 950,653 | 1,068,829 |
Dividends paid on preferred stock | $ 154,500 | $ 154,500 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) | Common Stock | Additional Paid in Capital | Retained Earnings (deficit) | Treasury Stock | Total |
Balance at Sep. 30, 2014 | $ 1,484 | $ 61,289,260 | $ (42,835,578) | $ (60) | $ 18,455,106 |
Balance (in shares) at Sep. 30, 2014 | 14,239,836 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) available to common shareholders | (484,934) | (484,934) | |||
Balance at Mar. 31, 2015 | $ 1,484 | 61,289,260 | (43,320,512) | (60) | 17,970,172 |
Balance (in shares) at Mar. 31, 2015 | 14,239,836 | ||||
Balance at Sep. 30, 2015 | $ 1,484 | 61,289,260 | (41,004,048) | (60) | 20,286,636 |
Balance (in shares) at Sep. 30, 2015 | 14,239,836 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) available to common shareholders | 334,121 | 334,121 | |||
Balance at Mar. 31, 2016 | $ 1,484 | $ 61,289,260 | $ (40,669,927) | $ (60) | $ 20,620,757 |
Balance (in shares) at Mar. 31, 2016 | 14,239,836 |
BUSINESS AND ORGANIZATION
BUSINESS AND ORGANIZATION | 6 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
BUSINESS AND ORGANIZATION | 1. BUSINESS AND ORGANIZATION: Energy Services of America Corporation (the Company or Energy Services) was incorporated in Delaware on March 31, 2006 as a blank check company whose objective was to acquire an operating business or businesses. The Company operated as a blank check company until August 15, 2008. On that date, the Company acquired S.T. Pipeline, Inc. (S.T.) and C.J. Hughes Construction Company, Inc. (C.J. Hughes) with proceeds from the Company’s Initial Public Offering. C. J. Hughes currently operates as the Company’s sole wholly owned direct subsidiary. S.T. was incorporated in May 1990 under the laws of the State of West Virginia and engaged in the construction of natural gas pipelines for utility companies in various states, mostly in the mid-Atlantic area of the country. On May 14, 2013, the Company liquidated the operation of S.T. and realized $1.9 million from the sale. The financial position and results of operations of S.T. have been presented as discontinued operations in the accompanying financial statements for all presented periods. C.J. Hughes is a general contractor primarily engaged in pipeline construction for utility companies operating primarily in the mid-Atlantic region of the United States. Nitro Electric Inc. (Nitro Electric), a wholly owned subsidiary of C. J. Hughes, is an electrical and mechanical contractor that provides its services to the power, chemical and automotive industries. Nitro Electric operates primarily in the mid-Atlantic region of the United States. Contractors Rental Corporation (Contractors Rental), a wholly owned subsidiary of C.J. Hughes, provides union building trade employees for projects managed by C.J. Hughes. All of the C.J. Hughes, Nitro Electric, and Contractors Rental production personnel are union members of various related construction trade unions and are subject to collective bargaining agreements that expire at varying time intervals. The Company’s stock is quoted under the symbol “ESOA” on the OTC QB market place operated by the OTC Markets Group. Interim Financial Statements The accompanying unaudited financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC) and should be read in conjunction with the Company’s audited financial statements and footnotes thereto for the years ended September 30, 2015 and 2014 included in the Company’s Annual Report on Form 10-K filed with the SEC on December 17, 2015. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to the interim financial reporting rules and regulations of the SEC. The financial statements reflect all adjustments (consisting primarily of normal recurring adjustments) that are, in the opinion of management, necessary for a fair presentation of the Company’s financial position and results of operations. The operating results for the three and six months ended March 31, 2016 are not necessarily indicative of the results to be expected for the full year or any other interim period Principles of Consolidation The consolidated financial statements of Energy Services include the accounts of Energy Services and its wholly owned subsidiary, C.J. Hughes and its subsidiaries, Nitro Electric and Contractors Rental. S.T. has been shown as discontinued operations for the three and six months ended March 31, 2016 . All significant intercompany accounts and transactions have been eliminated in consolidation. Unless the context requires otherwise, references to Energy Services include Energy Services and C.J. Hughes and C.J. Hughes’ subsidiaries. Reclassifications Certain reclassifications have been made in prior years’ financial statements to conform to classifications used in the current year. |
UNCOMPLETED CONTRACTS
UNCOMPLETED CONTRACTS | 6 Months Ended |
Mar. 31, 2016 | |
Contractors [Abstract] | |
UNCOMPLETED CONTRACTS | 2. UNCOMPLETED CONTRACTS Costs, estimated earnings, and billings on uncompleted contracts as of March 31, 2016 and September 30, 2015 are summarized as follows: March 31, 2016 September 30, 2015 Costs incurred on uncompleted contracts $ 120,079,520 $ 124,388,637 Estimated earnings, net of estimated losses 14,534,053 17,475,207 134,613,573 141,863,844 Less billing to date 127,091,981 137,790,761 $ 7,521,592 $ 4,073,083 Costs and estimated earnings in excess of billings on uncompleted contracts $ 9,574,515 $ 6,745,377 Less billings in excess of costs and estimated earnings on uncompleted contracts 2,052,923 2,672,294 $ 7,521,592 $ 4,073,083 Backlog at March 31, 2016 and September 30, 2015 was $98.1 million and $71.3 million, respectively. |
CLAIMS
CLAIMS | 6 Months Ended |
Mar. 31, 2016 | |
Claims [Abstract] | |
CLAIMS | 3. CLAIMS The Company does not have any claims recorded as of March 31, 2016. Claims receivable is a component of cost and estimated earnings in excess of billing. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | 4. FAIR VALUE MEASUREMENTS The Fair Value Measurements and Disclosures Topic Under the FASB’s authoritative guidance on fair value measurements, fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Fair Value Measurements Topic of the FASB Accounting Standards Codification establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. As noted above, there is a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: Level 1 Level 2 Level 3 A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amount for borrowings under the Company’s revolving credit facility approximates fair value because of the variable market interest rate charged to the Company for these borrowings. The fair value of the Company’s long term fixed-rate debt to unrelated parties was estimated using a discounted cash flow analysis and a yield rate that was estimated based on the borrowing rates for bank loans with similar terms and maturities. The fair value of the aggregate principal amount of the Company’s fixed-rate debt of $13.1 million at March 31, 2016 was $12.8 million. The Company uses fair value measurements on a non-recurring basis in its assessment of goodwill and long-lived assets held and used. In accordance with its annual impairment test during the quarter ended September 30, 2012, the Company recorded a goodwill impairment charge of $36.9 million, which represented the entire amount of goodwill carried on the Company’s balance sheet. Refer to Note 4, Goodwill and Intangible Assets, of the Company’s Annual Report on Form 10-K for the year ended September 30, 2015 for further information. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 6 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | 5. DISCONTINUED OPERATIONS Due to organizational changes and operating losses incurred in fiscal year 2012, the Company decided to discontinue the operations of its wholly owned subsidiary S.T. On May 14, 2013, the Company liquidated the operations of S.T. and realized $1.9 million from the sale. The operating results for S.T. for the three and six months ended March 31, 2016 and 2015 are as follows: Three Months Ended Three Months Ended Six Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2016 2015 2016 2015 Revenue $ - $ - $ - $ - Cost of revenues - - - - Gross profit - - - - Selling and administrative expenses - - - - Income from discontinued operations - - - - Other income (expense) Other nonoperating income (expense) - - - - Gain (loss) on sale of equipment - - - - - - - - Income before income taxes - - - - Income tax expense (benefit) - 27,848 - (8,994 ) Net income (loss) from discontinued operations $ - $ (27,848 ) $ - $ 8,994 The following table shows the components of assets and liabilities that are classified as discontinued operations in the Company’s consolidated balance sheets at March 31, 2016 and at September 30, 2015. March 31, September 30, 2016 2015 Cash $ 12,303 $ 18,541 Deferred tax asset - 1,720,783 Assets of discontinued operations-current 12,303 1,739,324 Property, plant, and equipment, net - - Total assets of discontinued operations 12,303 1,739,324 Accounts payable - 80,345 Accrued expenses and other current liabilities 28,671 21,064 Liabilities of discontinued operations-current 28,671 101,409 Liabilities of discontinued operations-long term - - Total liabilities of discontinued operations 28,671 101,409 Net assets (liabilities) $ (16,368 ) $ 1,637,915 At September 30, 2015, the Company had $1.7 million in deferred tax assets related to the discontinued operation. Of that amount, $1.0 million related to federal net operating loss carry forwards and $691,000 related to the amortization of impaired goodwill. At March 31, 2016, the Company reclassed the deferred tax asset from the discontinued operation to continuing operations as the Company files a consolidated federal income tax return and expects to exhaust all federal net operating loss carry forwards by the end of fiscal year 2016. The amount of deferred tax assets reclassed to continuing operations at March 31, 2016 was $1.7 million. That included $1.1 million for federal net operating loss carry forwards and $636,000 for the amortization of impaired goodwill. The $29,000 in accrued expenses and other current liabilities at March 31, 2016 represents a reserve for any unexpected expenses that may be incurred by the discontinued operation. As of March 31, 2016, the Company had paid all debts known to exist to the unsecured creditors of the discontinued operation. |
EARNINGS (LOSS) PER SHARE
EARNINGS (LOSS) PER SHARE | 6 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
EARNINGS (LOSS) PER SHARE | 6. EARNINGS (LOSS) PER SHARE The amounts used to compute the earnings (loss) per share for the three and six months ended March 31, 2016 and 2015 are summarized below. Three Months Ended Three Months Ended Six Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2016 2015 2016 2015 Income (loss) from continuing operations $ (210,235 ) $ (167,395 ) $ 488,621 $ (339,428 ) Dividends on preferred stock 77,250 77,250 154,500 154,500 Income (loss) available to common shareholders-continuing operations $ (287,485 ) $ (244,645 ) $ 334,121 $ (493,928 ) Weighted average shares outstanding 14,239,836 14,239,836 14,239,836 14,239,836 Weighted average shares outstanding-diluted 14,239,836 14,239,836 17,673,169 14,239,836 Earnings (loss) per share from continuing operations available to common shareholders $ (0.020 ) $ (0.017 ) $ 0.023 $ (0.035 ) Earnings (loss) per share from continuing operations available to common shareholders-diluted $ (0.020 ) $ (0.017 ) $ 0.019 $ (0.035 ) Income (loss) from discontinued operations $ - $ (27,848 ) $ - $ 8,994 Weighted average shares outstanding 14,239,836 14,239,836 14,239,836 14,239,836 Weighted average shares outstanding-diluted 14,239,836 14,239,836 17,673,169 14,239,836 Earnings (loss) per share from discontinued operations $ - $ (0.002 ) $ - $ 0.001 Earnings (loss) per share from discontinued operations-diluted $ - $ (0.002 ) $ - $ 0.001 Net (loss) income $ (210,235 ) $ (195,243 ) $ 488,621 $ (330,434 ) Dividends on preferred stock 77,250 77,250 154,500 154,500 Net (loss) income available to common shareholders $ (287,485 ) $ (272,493 ) $ 334,121 $ (484,934 ) Earnings (loss) per share available to common shareholders $ (0.020 ) $ (0.019 ) $ 0.023 $ (0.034 ) Earnings (loss) per share available to common shareholders-diluted $ (0.020 ) $ (0.019 ) $ 0.019 $ (0.034 ) |
UNCOMPLETED CONTRACTS (Tables)
UNCOMPLETED CONTRACTS (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Contractors [Abstract] | |
Schedule of costs, estimated earnings and billings on uncompleted contracts | March 31, 2016 September 30, 2015 Costs incurred on uncompleted contracts $ 120,079,520 $ 124,388,637 Estimated earnings, net of estimated losses 14,534,053 17,475,207 134,613,573 141,863,844 Less billing to date 127,091,981 137,790,761 $ 7,521,592 $ 4,073,083 Costs and estimated earnings in excess of billings on uncompleted contracts $ 9,574,515 $ 6,745,377 Less billings in excess of costs and estimated earnings on uncompleted contracts 2,052,923 2,672,294 $ 7,521,592 $ 4,073,083 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of operating results and components of assets and liabilities classified as discontinued operations | March 31, September 30, 2016 2015 Cash $ 12,303 $ 18,541 Deferred tax asset - 1,720,783 Assets of discontinued operations-current 12,303 1,739,324 Property, plant, and equipment, net - - Total assets of discontinued operations 12,303 1,739,324 Accounts payable - 80,345 Accrued expenses and other current liabilities 28,671 21,064 Liabilities of discontinued operations-current 28,671 101,409 Liabilities of discontinued operations-long term - - Total liabilities of discontinued operations 28,671 101,409 Net assets (liabilities) $ (16,368 ) $ 1,637,915 |
S.T. Pipeline, Inc. | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Schedule of operating results and components of assets and liabilities classified as discontinued operations | Three Months Ended Three Months Ended Six Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2016 2015 2016 2015 Revenue $ - $ - $ - $ - Cost of revenues - - - - Gross profit - - - - Selling and administrative expenses - - - - Income from discontinued operations - - - - Other income (expense) Other nonoperating income (expense) - - - - Gain (loss) on sale of equipment - - - - - - - - Income before income taxes - - - - Income tax expense (benefit) - 27,848 - (8,994 ) Net income (loss) from discontinued operations $ - $ (27,848 ) $ - $ 8,994 |
EARNINGS (LOSS) PER SHARE (Tabl
EARNINGS (LOSS) PER SHARE (Tables) | 6 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of basic and diluted earnings per share | Three Months Ended Three Months Ended Six Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2016 2015 2016 2015 Income (loss) from continuing operations $ (210,235 ) $ (167,395 ) $ 488,621 $ (339,428 ) Dividends on preferred stock 77,250 77,250 154,500 154,500 Income (loss) available to common shareholders-continuing operations $ (287,485 ) $ (244,645 ) $ 334,121 $ (493,928 ) Weighted average shares outstanding 14,239,836 14,239,836 14,239,836 14,239,836 Weighted average shares outstanding-diluted 14,239,836 14,239,836 17,673,169 14,239,836 Earnings (loss) per share from continuing operations available to common shareholders $ (0.020 ) $ (0.017 ) $ 0.023 $ (0.035 ) Earnings (loss) per share from continuing operations available to common shareholders-diluted $ (0.020 ) $ (0.017 ) $ 0.019 $ (0.035 ) Income (loss) from discontinued operations $ - $ (27,848 ) $ - $ 8,994 Weighted average shares outstanding 14,239,836 14,239,836 14,239,836 14,239,836 Weighted average shares outstanding-diluted 14,239,836 14,239,836 17,673,169 14,239,836 Earnings (loss) per share from discontinued operations $ - $ (0.002 ) $ - $ 0.001 Earnings (loss) per share from discontinued operations-diluted $ - $ (0.002 ) $ - $ 0.001 Net (loss) income $ (210,235 ) $ (195,243 ) $ 488,621 $ (330,434 ) Dividends on preferred stock 77,250 77,250 154,500 154,500 Net (loss) income available to common shareholders $ (287,485 ) $ (272,493 ) $ 334,121 $ (484,934 ) Earnings (loss) per share available to common shareholders $ (0.020 ) $ (0.019 ) $ 0.023 $ (0.034 ) Earnings (loss) per share available to common shareholders-diluted $ (0.020 ) $ (0.019 ) $ 0.019 $ (0.034 ) |
BUSINESS AND ORGANIZATION (Deta
BUSINESS AND ORGANIZATION (Detail Textuals) $ in Millions | May. 14, 2013USD ($) |
S.T. Pipeline, Inc. | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Net income (loss) | $ 1.9 |
UNCOMPLETED CONTRACTS - Costs,
UNCOMPLETED CONTRACTS - Costs, estimated earnings, and billings on uncompleted contracts (Details) - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 |
Contractors [Abstract] | ||
Costs incurred on uncompleted contracts | $ 120,079,520 | $ 124,388,637 |
Estimated earnings, net of estimated losses | 14,534,053 | 17,475,207 |
Costs of uncompleted contracts including net estimated earnings | 134,613,573 | 141,863,844 |
Less billing to date | 127,091,981 | 137,790,761 |
Unbilled contracts receivable | 7,521,592 | 4,073,083 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 9,574,515 | 6,745,377 |
Less billings in excess of costs and estimated earnings on uncompleted contracts | 2,052,923 | 2,672,294 |
Unbilled contracts receivable | $ 7,521,592 | $ 4,073,083 |
UNCOMPLETED CONTRACTS (Detail T
UNCOMPLETED CONTRACTS (Detail Textuals) - USD ($) $ in Millions | Mar. 31, 2016 | Sep. 30, 2015 |
Contractors [Abstract] | ||
Backlog of uncompleted contracts | $ 98.1 | $ 71.3 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Detail Textuals) - USD ($) $ in Millions | 3 Months Ended | |
Sep. 30, 2012 | Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||
Aggregate principal amount of fixed-rate debt | $ 13.1 | |
Fair value of company's fixed rate debt | $ 12.8 | |
Goodwill impairment charge | $ 36.9 |
DISCONTINUED OPERATIONS - Opera
DISCONTINUED OPERATIONS - Operating results for S.T. Pipeline, Inc. (Details) - S.T. Pipeline, Inc. - USD ($) | May. 14, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Other income (expense) | |||||
Net income (loss) from discontinued operations | $ 1,900,000 | ||||
Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Revenue | |||||
Cost of revenues | |||||
Gross profit | |||||
Selling and administrative expenses | |||||
Income from discontinued operations | |||||
Other income (expense) | |||||
Other nonoperating income (expense) | |||||
Gain (loss) on sale of equipment | |||||
Other income (expense), before income tax | |||||
Income before income taxes | |||||
Income tax expense (benefit) | $ 27,848 | $ (8,994) | |||
Net income (loss) from discontinued operations | $ (27,848) | $ 8,994 |
DISCONTINUED OPERATIONS - Compo
DISCONTINUED OPERATIONS - Components of asset and liabilities that are classified as discontinued operations (Details 1) - USD ($) | Mar. 31, 2016 | Sep. 30, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Assets of discontinued operations-current | $ 12,303 | $ 1,739,324 |
Liabilities of discontinued operations-current | $ 28,671 | $ 101,409 |
Liabilities of discontinued operations-long term | ||
S.T. Pipeline, Inc. | Discontinued Operations | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Cash | $ 12,303 | $ 18,541 |
Deferred tax asset | 1,720,783 | |
Assets of discontinued operations-current | $ 12,303 | $ 1,739,324 |
Property, plant, and equipment, net | ||
Total assets of discontinued operations | $ 12,303 | $ 1,739,324 |
Accounts payable | 80,345 | |
Accrued expenses and other current liabilities | $ 28,671 | 21,064 |
Liabilities of discontinued operations-current | $ 28,671 | $ 101,409 |
Liabilities of discontinued operations-long term | ||
Total liabilities of discontinued operations | $ 28,671 | $ 101,409 |
Net assets (liabilities) | $ (16,368) | $ 1,637,915 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Detail Textuals) - S.T. Pipeline, Inc. - USD ($) | May. 14, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Sep. 30, 2015 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net income (loss) | $ 1,900,000 | |||||
Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Net income (loss) | $ (27,848) | $ 8,994 | ||||
Deferred tax asset | $ 1,720,783 | |||||
Operating loss carry forwards | $ 1,100,000 | $ 1,100,000 | ||||
Amortization of impaired goodwill | 636,000 | 636,000 | 691,000 | |||
Accrued expenses and other current liabilities | 28,671 | 28,671 | 21,064 | |||
Discontinued Operations | Federal | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Operating loss carry forwards | $ 1,000,000 | |||||
Continuing Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Deferred tax asset | $ 1,700,000 | $ 1,700,000 |
EARNINGS (LOSS) PER SHARE - Amo
EARNINGS (LOSS) PER SHARE - Amounts used to compute earnings per share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||||
Income (loss) from continuing operations | $ (210,235) | $ (167,395) | $ 488,621 | $ (339,428) |
Dividends on preferred stock | 77,250 | 77,250 | 154,500 | 154,500 |
Income (loss) available to common shareholders-continuing operations | $ (287,485) | $ (244,645) | $ 334,121 | $ (493,928) |
Weighted average shares outstanding (in shares) | 14,239,836 | 14,239,836 | 14,239,836 | 14,239,836 |
Weighted average shares outstanding-diluted (in shares) | 14,239,836 | 14,239,836 | 17,673,169 | 14,239,836 |
Earnings (loss) per share from continuing operations available to common shareholders (in dollars per share) | $ (0.020) | $ (0.017) | $ 0.023 | $ (0.035) |
Earnings (loss) per share from continuing operations available to common shareholders-diluted (in dollars per share) | $ (0.020) | $ (0.017) | $ 0.019 | $ (0.035) |
Income (loss) from discontinued operations | $ (27,848) | $ 8,994 | ||
Weighted average shares outstanding (in shares) | 14,239,836 | 14,239,836 | 14,239,836 | 14,239,836 |
Weighted average shares outstanding-diluted (in shares) | 14,239,836 | 14,239,836 | 17,673,169 | 14,239,836 |
Earnings (loss) per share from discontinued operations (in dollars per share) | $ (0.002) | $ 0.001 | ||
Earnings (loss) per share from discontinued operations-diluted (in dollars per share) | $ (0.002) | $ 0.001 | ||
Net (loss) income | $ (210,235) | $ (195,243) | $ 488,621 | $ (330,434) |
Dividends on preferred stock | 77,250 | 77,250 | 154,500 | 154,500 |
Net (loss) income available to common shareholders | $ (287,485) | $ (272,493) | $ 334,121 | $ (484,934) |
Earnings (loss) per share available to common shareholders (in dollars per share) | $ (0.020) | $ (0.019) | $ 0.023 | $ (0.034) |
Earnings (loss) per share available to common shareholders-diluted (in dollars per share) | $ (0.020) | $ (0.019) | $ 0.019 | $ (0.034) |