XML 20 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Jun. 30, 2020
Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 10,893,830 $ 8,242,807
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,143,085 5,821,417
Cost of retirement of utility plant, net (391,297) (285,489)
Stock option grants   0
Equity in earnings of unconsolidated affiliate (3,488,253) (2,038,417)
Allowance for funds used during construction (272,108) 0
Changes in assets and liabilities which provided (used) cash, exclusive of changes and noncash transactions shown separately (99,850) 4,846,199
Net cash provided by operating activities 12,826,099 16,586,517
CASH FLOWS FROM INVESTING ACTIVITIES:    
Expenditures for utility property (16,969,559) (16,646,978)
Investment in unconsolidated affiliates (6,590,424) (16,650,944)
Proceeds from disposal of utility property 53,921 1,819
Net cash used in investing activities (23,506,062) (33,296,103)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of unsecured notes 18,298,000 51,559,000
Retirements of notes payable 0 (24,000,000)
Borrowings under line-of-credit 14,096,520 23,308,642
Repayments under line-of-credit (19,410,863) (30,669,659)
Debt issuance expenses (70,750) (92,856)
Proceeds from issuance of stock 1,519,862 1,482,430
Cash dividends paid (4,182,949) (3,887,037)
Net cash provided by financing activities 10,249,820 17,700,520
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (430,143) 990,934
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 1,631,348 247,411
CASH AND CASH EQUIVALENTS AT END OF YEAR 1,201,205 1,238,345
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest 3,357,737 2,725,248
Income taxes $ 985,000 $ 1,951,000