GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Jun. 30, 2026

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS

15.  GOODWILL AND INTANGIBLE ASSETS

The Company follows the guidance of ASC Topic 350, Intangibles-Goodwill and Other, which requires a company to record an impairment charge based on the excess of a reporting unit’s carrying amount of goodwill over its fair value. Under the current guidance, companies can first choose to assess any impairment based on qualitative factors (Step 0). If a company fails this test or decides to bypass this step, it must proceed with a quantitative assessment of goodwill impairment. The Company did not have a goodwill impairment at June 30, 2026 or September 30, 2025.

A table of the Company’s goodwill as of June 30, 2026 and September 30, 2025 is below:

	June 30, 2026		September 30, 2025
Beginning balance	$	9,865,804	$	4,087,554
Acquired		—		5,778,250
Ending balance	$	9,865,804	$	9,865,804

A table of the Company’s intangible assets subject to amortization at June 30, 2026 and September 30, 2025 is below:

				Accumulated		Accumulated		Amortization		Amortization		Amortization		Amortization
	Remaining Life			Amortization and		Amortization and		and Impairment		and Impairment		and Impairment		and Impairment
	(in months) at			Impairment at		Impairment at		Three Months		Three Months		Nine Months		Nine Months		Net Book Value		Net Book Value
	June 30,			June 30,		September 30,		Ended June 30,		Ended June 30,		Ended June 30,		Ended June 30,		at June 30,		at September 30,
	2026	Original Cost		2026		2025		2026		2025		2026		2025		2026		2025
Intangible assets:
West Virginia Pipeline:
Customer relationships	54	$	2,209,724		1,215,345	$	1,049,610		55,245		55,245		165,735		165,735	$	994,379	$	1,160,114
Tradename	54		263,584		144,979		125,215		6,588		6,588		19,764		19,764		118,605		138,369
Non-competes	—		83,203		83,203		83,203		—		—		—		—		—		—
Heritage Painting
Customer relationships	36		121,100		48,432		30,270		6,054		6,054		18,162		18,162		72,668		90,830
Tri-State Paving:
Customer relationships	70		1,649,159		673,407		563,463		27,486		41,229		109,944		123,687		975,752		1,085,696
Tradename	70		203,213		82,979		69,431		3,387		5,081		13,548		15,241		120,234		133,782
Non-competes	—		39,960		39,960		39,960		—		—		—		—		—		—
Tribute Contracting & Consultants
Non-compete 1	101		520,000		82,367		43,333		13,036		13,472		39,034		31,434		437,633		476,667
Non-compete 2	77		10,000		1,992		1,042		326		259		950		605		8,008		8,958
Tradename	41		80,000		25,347		13,333		4,016		2,073		12,014		4,836		54,653		66,667
Backlog	5		1,320,000		1,044,932		550,000		164,932		34,198		494,932		79,795		275,068		770,000
Rigney Digital Systems
Tradename	123		657,100		44,802		—		14,934		—		44,802		—		612,298		657,100
Backlog	15		260,600		97,722		—		32,574		—		97,722		—		162,878		260,600
Non-compete	111		46,300		3,474		—		1,158		—		3,474		—		42,826		46,300
Total intangible assets		$	7,463,943	$	3,588,941	$	2,568,860	$	329,736	$	164,199	$	1,020,081	$	459,259	$	3,875,002	$	4,895,083

Amortization expense associated with the identifiable intangible assets is expected to be as follows:

July 2026 to June 2027	$	998,416
July 2027 to June 2028		625,610
July 2028 to June 2029		593,024
July 2029 to June 2030		559,481
July 2030 to June 2031		429,200
After		669,271
Total	$	3,875,002

The weighted-average amortization period by major intangible asset class and in total are as follows:

Intangible asset class	Remaining Years
Customer relationships	5.1
Tradename	8.5
Non-competes	8.5
Backlog	0.7
All intangible assets	5.8