0001571049-17-004848.txt : 20170511 0001571049-17-004848.hdr.sgml : 20170511 20170511110318 ACCESSION NUMBER: 0001571049-17-004848 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 38 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170511 DATE AS OF CHANGE: 20170511 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Energy Services of America CORP CENTRAL INDEX KEY: 0001357971 STANDARD INDUSTRIAL CLASSIFICATION: WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623] IRS NUMBER: 204606266 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-32998 FILM NUMBER: 17832953 BUSINESS ADDRESS: STREET 1: 75 WEST 3RD AVE. CITY: HUNTINGTON STATE: WV ZIP: 25701 BUSINESS PHONE: (304) 522-3868 MAIL ADDRESS: STREET 1: 75 WEST 3RD AVE. CITY: HUNTINGTON STATE: WV ZIP: 25701 FORMER COMPANY: FORMER CONFORMED NAME: Energy Services Acquisition Corp. DATE OF NAME CHANGE: 20060330 10-Q 1 t1700299_10q.htm FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended March 31, 2017

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange act of 1934

For the transition period from _______________ to _________________

Commission File Number: 001-32998

Energy Services of America Corporation

(Exact Name of Registrant as Specified in Its Charter)

Delaware		20-4606266
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification Number)

75 West 3^rd Ave., Huntington, West Virginia		25701
(Address of Principal Executive Office)		(Zip Code)

(304) 522-3868

(Registrant’s Telephone Number Including Area Code)

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such requirements for the past 90 days. YES x NO ¨.

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). YES x NO ¨.

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer”, “smaller reporting company”, or an “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer	¨		Accelerated filer	¨

Non-accelerated filer	¨	(Do not check if a smaller reporting company)

			Smaller reporting company	x

			Emerging growth company	¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ¨ NO x

As of May 1, 2017, there were 14,239,836 outstanding shares of the Registrant’s Common Stock.

Part I:	Financial Information

Item 1.	Financial Statements (Unaudited):

	Consolidated Balance Sheets	1

	Consolidated Statements of Income	2

	Consolidated Statements of Cash Flows	3

	Consolidated Statements of Changes in Shareholders’ Equity	4

	Notes to Unaudited Consolidated Financial Statements	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	10

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	23

Item 4.	Controls and Procedures	23

Part II:	Other Information

Item 1.	Legal Proceedings	24

Item 1A.	Risk Factors	24

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24

Item 6.	Exhibits	25

Signatures		26

Part I. Financial Information

Item 1. Financial Statements (Unaudited):

Energy Services of America Corporation

Consolidated Balance Sheets

	March 31,			September 30,
Assets	2017			2016
	(Unaudited)
Current assets
Cash and cash equivalents	$	4,175,560		$	3,815,790
Accounts receivable-trade		11,546,703			24,059,432
Allowance for doubtful accounts		(108,200	)		(133,500	)
Retainages receivable		6,370,792			5,810,474
Other receivables		100,050			106,837
Costs and estimated earnings in excess of billings on uncompleted contracts		4,322,953			5,953,818
Deferred tax asset		1,297,152			1,399,152
Prepaid expenses and other		4,984,065			2,485,101
Assets of discontinued operations		12,303			12,303
Total current assets		32,701,378			43,509,407

Property, plant and equipment, at cost		42,112,729			39,375,505
less accumulated depreciation		(27,743,575	)		(26,625,827	)
Assets of discontinued operations, net		-			-
Total fixed assets		14,369,154			12,749,678

Long-term notes receivable		137,281			137,281

Total assets	$	47,207,813		$	56,396,366

Liabilities and shareholders' equity
Current liabilities
Current maturities of long-term debt	$	2,948,621		$	2,867,898
Lines of credit and short term borrowings		2,242,768			6,232,943
Accounts payable		3,650,239			5,006,427
Accrued expenses and other current liabilities		4,269,471			5,933,571
Billings in excess of costs and estimated earnings on uncompleted contracts		2,804,214			3,410,548
Income tax payable		185,914			1,076,440
Liabilities of discontinued operations		28,671			28,671
Total current liabilities		16,129,898			24,556,498

Long-term debt, less current maturities		5,866,528			7,390,099
Deferred income taxes payable		1,916,077			1,926,077
Liabilities of discontinued operations		-			-
Total liabilities		23,912,503			33,872,674

Shareholders' equity

Preferred stock, $.0001 par value Authorized 1,000,000 shares, 206 issued for March 31, 2017 and September 30, 2016		-			-
Common stock, $.0001 par value Authorized 50,000,000 shares, 14,839,836 issued and 14,239,836 outstanding for March 31, 2017 and September 30, 2016		1,484			1,484

Treasury stock, 600,000 shares at March 31, 2017 and September 30, 2016		(60	)		(60	)

Additional paid in capital		61,289,260			61,289,260
Retained earnings (deficit)		(37,995,374	)		(38,766,992	)
Total shareholders' equity		23,295,310			22,523,692

Total liabilities and shareholders' equity	$	47,207,813		$	56,396,366

The Accompanying Notes are an Integral Part of These Financial Statements

Energy Services of America Corporation

Consolidated Statements of Income

Unaudited

	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
	March 31,			March 31,			March 31,			March 31,
	2017			2016			2017			2016

Revenue	$	25,371,605		$	28,005,021		$	62,868,477		$	62,379,112

Cost of revenues		23,859,453			26,310,312			56,671,538			57,044,762

Gross profit		1,512,152			1,694,709			6,196,939			5,334,350

Selling and administrative expenses		1,939,278			1,873,550			4,134,888			4,058,176
Income (loss) from operations		(427,126	)		(178,841	)		2,062,051			1,276,174

Other income (expense)
Other nonoperating income (expense)		(40,231	)		(12,752	)		(111,660	)		(24,062	)
Interest expense		(143,546	)		(198,503	)		(374,515	)		(431,921	)
Gain on sale of equipment		41,841			82,121			68,831			113,521
		(141,936	)		(129,134	)		(417,344	)		(342,462	)

Income (loss) from continuing operations before income taxes		(569,062	)		(307,975	)		1,644,707			933,712

Income tax expense (benefit)		(256,523	)		(97,740	)		718,589			445,091

Income (loss) from continuing operations		(312,539	)		(210,235	)		926,118			488,621

Dividends on preferred stock		77,250			77,250			154,500			154,500

Income (loss) from continuing operations available to common shareholders		(389,789	)		(287,485	)		771,618			334,121

Income (loss) from discontinued operations net of tax expense		-			-			-			-

Net income (loss) available to common shareholders	$	(389,789	)	$	(287,485	)	$	771,618		$	334,121

Weighted average shares outstanding-basic		14,239,836			14,239,836			14,239,836			14,239,836

Weighted average shares-diluted		14,239,836			14,239,836			17,673,169			17,673,169
Earnings (loss) per share from continuing operations available to common shareholders	$	(0.027	)	$	(0.020	)	$	0.054		$	0.023

Earnings (loss) per share from continuing operations-diluted available to common shareholders	$	(0.027	)	$	(0.020	)	$	0.044		$	0.019

Earnings (loss) per share available to common shareholders	$	(0.027	)	$	(0.020	)	$	0.054		$	0.023

Earnings (loss) per share-diluted available to common shareholders	$	(0.027	)	$	(0.020	)	$	0.044		$	0.019

The Accompanying Notes are an Integral Part of These Financial Statements

Energy Services of America Corporation

Consolidated Statements of Cash Flows

Unaudited

	Six Months Ended			Six Months Ended
	March 31,			March 31,
Cash flows from operating activities:	2017			2016

Net Income available to common shareholders	$	771,618		$	334,121

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation expense		1,406,151			1,225,612
Gain on sale/disposal of equipment		(68,831	)		(113,521	)
Provision for deferred taxes		92,000			454,267
Decrease in contracts receivable		12,487,429			3,767,410
(Increase) decrease in retainage receivable		(560,318	)		2,161,889
Decrease in other receivables		6,787			4,062
Decrease (increase) in cost and estimated earnings in excess of billings on uncompleted contracts		1,630,865			(2,829,138	)
Increase in prepaid expenses		(2,498,964	)		(1,661,543	)
(Decrease) increase in accounts payable		(1,356,188	)		2,623,121
(Decrease) increase in accrued expenses		(1,664,100	)		967,326
Decrease in billings in excess of cost and estimated earnings on uncompleted contracts		(606,334	)		(619,371	)
Decrease in income taxes payable		(890,526	)		(171,782	)
Net cash provided by operating activities		8,749,589			6,142,453

Cash flows from investing activities:
Investment in property & equipment		(3,119,369	)		(1,763,873	)
Proceeds from sales of property and equipment		162,573			185,875
Net cash used in investing activities		(2,956,796	)		(1,577,998	)

Cash flows from financing activities:
Borrowings on lines of credit and short term debt, net of (repayments)		(3,990,175	)		(2,885,633	)
Principal payments on long term debt		(1,442,848	)		(1,229,985	)
Net cash used in financing activities		(5,433,023	)		(4,115,618	)

Increase in cash and cash equivalents		359,770			448,837
Cash beginning of period		3,828,093			1,511,581
Cash end of period	$	4,187,863		$	1,960,418

Supplemental schedule of noncash investing and financing activities:
Purchases of property & equipment under financing agreements	$	-		$	3,520,171
Insurance premiums financed	$	3,524,350		$	2,565,020

Supplemental disclosures of cash flows information:

Cash paid during the year for:
Interest	$	374,515		$	431,921
Income taxes	$	1,139,306		$	191,610
Insurance premiums	$	1,514,525		$	950,653
Dividends paid on preferred stock	$	154,500		$	154,500

The Consolidated Statements of Cash Flows includes the discontinued operation, S.T. Pipeline.

The Accompanying Notes are an Integral Part of These Financial Statements

Energy Services of America Corporation

Consolidated Statements of Changes in Shareholders’ Equity

For the six months ended March 31, 2017 and 2016

													Total
	Common Stock				Additional Paid		Retained			Treasury			Shareholders'
	Shares		Amount		in Capital		Earnings (deficit)			Stock			Equity

Balance at September 30, 2015		14,239,836	$	1,484	$	61,289,260	$	(41,004,048	)	$	(60	)	$	20,286,636

Net income available to common shareholders		-		-		-		334,121			-			334,121

Balance at March 31, 2016		14,239,836	$	1,484	$	61,289,260	$	(40,669,927	)	$	(60	)	$	20,620,757

Balance at September 30, 2016		14,239,836	$	1,484	$	61,289,260	$	(38,766,992	)	$	(60	)	$	22,523,692

Net income available to common shareholders		-		-		-		771,618			-			771,618

Balance at March 31, 2017		14,239,836	$	1,484	$	61,289,260	$	(37,995,374	)	$	(60	)	$	23,295,310

The Accompanying Notes are an Integral Part of These Financial Statements

ENERGY SERVICES OF AMERICA CORPORATION

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

BUSINESS AND ORGANIZATION:

Energy Services of America Corporation (“Energy Services” or the “Company”) was formed in 2006 as a special purpose acquisition corporation, or blank check company. On August 15, 2008, Energy Services completed the acquisitions of S.T. Pipeline, Inc. (“S.T. Pipeline”) and C.J. Hughes Construction Company, Inc. (“C.J. Hughes”).

Wholly owned subsidiary C.J. Hughes is a general contractor primarily engaged in pipeline construction for utility companies. C.J. Hughes operates primarily in the mid-Atlantic region of the United States. Nitro Electric Company, 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. S.T. Pipeline 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. Pipeline and realized $1.9 million from the sale of assets. The financial position and results of operations of S.T. Pipeline have been presented as discontinued operations in the accompanying financial statements for all presented periods.

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, 2016 and 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC on December 15, 2016. 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, 2017 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. Pipeline has been shown as discontinued operations for the three and six months ended March 31, 2017 and 2016. All significant intercompany accounts and transactions have been eliminated in the 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

Costs, estimated earnings, and billings on uncompleted contracts as of March 31, 2017, and September 30, 2016 are summarized as follows:

	March 31, 2017		September 30, 2016

Costs incurred on uncompleted contracts	$	116,813,608	$	134,163,585

Estimated earnings, net of estimated losses		13,287,790		16,592,644
		130,101,398		150,756,229

Less billing to date		128,582,659		148,212,959

	$	1,518,739	$	2,543,270

Costs and estimated earnings in excess of billings on uncompleted contracts	$	4,322,953	$	5,953,818

Less billings in excess of costs and estimated earnings on uncompleted contracts		2,804,214		3,410,548

	$	1,518,739	$	2,543,270

Backlog at March 31, 2017 and September 30, 2016 was $73.2 million and $78.5 million, respectively. The Company was awarded $15.0 million in pipeline contracts subsequent to March 31, 2017.

CLAIMS

The Company does not have any claims recorded as of March 31, 2017. Claims receivable is a component of cost and estimated earnings in excess of billing.

FAIR VALUE MEASUREMENTS

The Fair Value Measurements and Disclosures Topic of the Financial Accounting Standards Board (FASB) Accounting Standards Codification defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles and expands disclosures about fair value measurements.

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 — Quoted prices for identical assets and liabilities traded in active exchange markets, such as the New York Stock Exchange.

Level 2 — Observable inputs other than Level 1 including quoted prices for similar assets or liabilities, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data.

Level 3 — Unobservable inputs supported by little or no market activity for financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation; also includes observable inputs for nonbinding single dealer quotes not corroborated by observable market data.

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 $11.1 million at March 31, 2017 was $11.0 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, 2016 for further information.

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 Pipeline. On May 14, 2013, the Company liquidated the operations of S.T. Pipeline and realized $1.9 million from the sale.

The Company did not have income from discontinued operations for the three and six months ended March 31, 2017 and 2016.

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, 2017 and at September 30, 2016.

	March 31,			September 30,
	2017			2016

Cash	$	12,303		$	12,303
Assets of discontinued operations-current		12,303			12,303
Total assets of discontinued operations		12,303			12,303

Accrued expenses and other current liabilities		28,671			28,671
Liabilities of discontinued operations-current		28,671			28,671
Total liabilities of discontinued operations		28,671			28,671

Net liabilities	$	(16,368	)	$	(16,368	)

The $29,000 in accrued expenses and other current liabilities at March 31, 2017 represents a reserve for any unexpected expenses that may be incurred by the discontinued operation. As of March 31, 2017, the Company had paid all debts known to exist to the unsecured creditors of the discontinued operation.

EARNINGS PER SHARE

The amounts used to compute the earnings per share for the three and six months ended March 31, 2017 and 2016 are summarized below.

	Three Months Ended			Three Months Ended			Six Months Ended		Six Months Ended
	March 31,			March 31,			March 31,		March 31,
	2017			2016			2017		2016

Income (loss) from continuting operations	$	(312,539	)	$	(210,235	)	$	926,118	$	488,621

Dividends on preferred stock		77,250			77,250			154,500		154,500

Income (loss) available to common shareholders-continuing operations	$	(389,789	)	$	(287,485	)	$	771,618	$	334,121

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		17,673,169

Earnings (loss) per share from continuing operations available to common shareholders	$	(0.027	)	$	(0.020	)	$	0.054	$	0.023

Earnings (loss) per share from continuing operations available to common shareholders-diluted	$	(0.027	)	$	(0.020	)	$	0.044	$	0.019

Income (loss) from discontinued operations	$	-		$	-		$	-	$	-

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	$	-		$	-		$	-	$	-

Earnings (loss) per share from discontinued operations-diluted	$	-		$	-		$	-	$	-

Net income (loss)	$	(312,539	)	$	(210,235	)	$	926,118	$	488,621

Dividends on preferred stock		77,250			77,250			154,500		154,500

Net income (loss) available to common shareholders	$	(389,789	)	$	(287,485	)	$	771,618	$	334,121

Earnings (loss) per share available to common shareholders	$	(0.027	)	$	(0.020	)	$	0.054	$	0.023

Earnings (loss) per share available to common shareholders-diluted	$	(0.027	)	$	(0.020	)	$	0.044	$	0.019

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

You should read the following discussion of the financial condition and results of operations of Energy Services in conjunction with the “Financial Statements” appearing in this report as well as the historical financial statements and related notes contained elsewhere herein. Among other things, those historical consolidated financial statements include more detailed information regarding the basis of presentation for the following information. The term “Energy Services” refers to the Company, C.J. Hughes and C.J. Hughes’ wholly owned subsidiaries on a consolidated basis.

Forward Looking Statements

Within Energy Services’ consolidated financial statements and this discussion and analysis of the financial condition and results of operations, there are included statements reflecting assumptions, expectations, projections, intentions or beliefs about future events that are intended as “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “project,” “forecast,” “may,” “will,” “should,” “could,” “expect,” “believe,” “intend” and other words of similar meaning.

These forward-looking statements are not guarantees of future performance and involve or rely on a number of risks, uncertainties, and assumptions that are difficult to predict or beyond Energy Services’ control. Energy Services has based its forward-looking statements on management’s beliefs and assumptions based on information available to management at the time the statements are made. Actual outcomes and results may differ materially from what is expressed, implied and forecasted by forward-looking statements and any or all of Energy Services’ forward-looking statements may turn out to be wrong. The accuracy of such statements can be affected by inaccurate assumptions and by known or unknown risks and uncertainties.

All of the forward-looking statements, whether written or oral, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany such forward-looking statements or that are otherwise included in this report. In addition, Energy Services does not undertake and expressly disclaims any obligation to update or revise any forward-looking statements to reflect events or circumstances after the date of this report or otherwise.

Company Overview

Energy Services is engaged in providing contracting services for energy related companies. Currently Energy Services primarily services the gas, petroleum, power, chemical and automotive industries, though it does some other incidental work such as water and sewer projects. For the gas industry, the Company is primarily engaged in the construction, replacement and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. Energy Services is involved in the construction of both interstate and intrastate pipelines, with an emphasis on the latter. For the oil industry, the Company provides a variety of services relating to pipeline, storage facilities and plant work. For the power, chemical, and automotive industries, the Company provides a full range of electrical and mechanical installations and repairs including substation and switchyard services, site preparation, equipment setting, pipe fabrication and installation, packaged buildings, transformers and other ancillary work with regards thereto. Energy Services’ other services include liquid pipeline construction, pump station construction, production facility construction, water and sewer pipeline installations, various maintenance and repair services and other services related to pipeline construction. The majority of the Company’s customers are located in West Virginia, Virginia, Ohio, Pennsylvania, and Kentucky. The Company builds, but does not own, natural gas pipelines for its customers that are part of both interstate and intrastate pipeline systems that move natural gas from producing regions to consumption regions as well as build and replace gas line services to individual customers of the various utility companies.

Our consolidated operating revenues for the three months ended March 31, 2017 were $25.4 million of which 44.1% was attributable to gas & petroleum contract work, 48.1% to electrical and mechanical contract services and 7.8% to water and sewer contract installations and other ancillary services. The Company had consolidated operating revenues of $28.0 million for the three months ended March 31, 2016, of which 40.5% was attributable to gas & petroleum contract work, 47.9% to electrical and mechanical contract services, and 11.6% to water and sewer contract installations and other ancillary services.

Our consolidated operating revenues for the six months ended March 31, 2017 were $62.9 million of which 52.1% was attributable to gas & petroleum contract work, 40.8% to electrical and mechanical contract services and 7.1% to water and sewer contract installations and other ancillary services. The Company had consolidated operating revenues of $62.4 million for the six months ended March 31, 2016, of which 41.5% was attributable to gas & petroleum contract work, 47.1% to electrical and mechanical contract services, and 11.4% to water and sewer contract installations and other ancillary services.

Energy Services’ customers include many of the leading companies in the industries it serves, including:

EQT Corporation

Rice Energy

Columbia Gas Transmission

Columbia Gas Distribution

Marathon Petroleum

American Electric Power

Toyota Motor Manufacturing

Bayer Chemical

Dow Chemical

Kentucky American Water

Various state, county and municipal public service districts.

The Company enters into various types of contracts, including competitive unit price, cost-plus (or time and materials basis) and fixed price (lump sum) contracts. The terms of the contracts will vary from job to job and customer to customer though most contracts are on the basis of either unit pricing, in which the Company agrees to do the work for a price per unit of work performed or for a fixed amount for the entire project. Most of the Company’s projects are completed within one year of the start of the work. On occasion, the Company’s customers will require the posting of performance and/or payment bonds upon execution of the contract, depending upon the nature of the work performed. The Company generally recognizes revenue on unit price and cost-plus contracts when units are completed or services are performed. Fixed price contracts usually result in recording revenues as work on the contract progresses on a percentage of completion basis. Under this accounting method, revenue is recognized based on the percentage of total costs incurred to date in proportion to total estimated costs at completion. Many contracts also include retention provisions under which a percentage of the contract price is withheld until the project is complete and has been accepted by the customer.

Energy Services’ sales force consists of industry professionals with significant relevant sales experience, who utilize industry contacts and available public data to determine how to most appropriately market the Company’s line of products. The Company relies on direct contact between its sales force and customers’ engineering and contracting departments in order to obtain new business.

Seasonality: Fluctuation of Results

Our revenues and results of operations can and usually are subject to seasonal variations. These variations are the result of weather, customer spending patterns, bidding seasons and holidays. The first quarter of the calendar year is typically the slowest in terms of revenues because inclement weather conditions causes delays in production and customers usually do not plan large projects during that time. While usually better than the first quarter, the second calendar year quarter often has some inclement weather which can cause delays in production, reducing the revenues the Company receives and/or increasing the production costs. The third and fourth calendar year quarters usually are less impacted by weather and usually have the largest number of projects underway. Many projects are completed in the fourth calendar year quarter and revenues are often impacted by customers seeking to either spend their capital budget for the year or scale back projects due to capital budget overruns.

In addition to the fluctuations discussed above, the pipeline industry can be highly cyclical, reflecting variances in capital expenditures in proportion to energy price fluctuations. As a result, our volume of business may be adversely affected by where our customers are in the cycle and thereby their financial condition as to their capital needs and access to capital to finance those needs. Accordingly, our operating results in any particular quarter or year may not be indicative of the results that can be expected for any other quarter or any other year.

Forbearance Agreement and Financing Arrangements

On November 28, 2012, the Company entered into a Forbearance Agreement with United Bank, Inc. (West Virginia), Summit Community Bank (West Virginia), and First Guaranty Bank (Louisiana) related to our revolving line of credit and term debt as reported in the Company’s November 29, 2012 Form 8-K filing. The Forbearance Agreement, among other things, required the Company to close S.T. Pipeline and dispose of its assets. The Company was also required to prepare recommendations relating to the on-going operations of Nitro Electric, C.J. Hughes, and Contractors Rental, including refinancing, sale or liquidation of the companies by May 31, 2013.

On January 31, 2014, the Company entered into a financing arrangement (“Term Note”) with United Bank, Inc. and Summit Community Bank. The financing arrangement is a five-year term loan in the amount of $8.8 million. In addition, the Company entered into a separate five-year term loan agreement with First Guaranty Bank for $1.6 million. Taken together, the $10.4 million in new financings superseded the prior financing arrangements the Company had with United Bank, Inc. and other lenders. As a result of entering into the new financings, United Bank, Inc. and the other lenders of the Company agreed to terminate their Forbearance Agreement with the Company. This was reported in the Company’s February 4, 2014 Form 8-K filing.

On September 16, 2015, the Company entered into a $2.5 million Non-Revolving Note agreement with United Bank, Inc. This six-year agreement gave the Company access to a $2.5 million line of credit (“Equipment Line of Credit”), specifically for the purchase of equipment, for the period of one year with an interest rate of 5.0%. After the first year, all borrowings against the Equipment Line of Credit were converted to a five-year term note agreement with an interest rate of 5.0%. As of March 31, 2017, the Company had borrowed $2.46 million against this line of credit and made principal payments of $219,000.

On March 21, 2017, the Company entered into a financing agreement (“Operating Line of Credit (2017)”) with United Bank, Inc. to provide the Company with a $15.0 million revolving line of credit. The interest rate on the line of credit is the “Wall Street Journal” Prime Rate (the index) with a floor of 4.99%. The effective date of this agreement was February 27, 2017 and it replaced the $15.0 million revolving line of credit (“Operating Line of Credit (2016)”) entered into with United Bank, Inc. effective February 27, 2016. The Company had borrowed $6.0 million against the Operating Line of Credit (2016) as of September 30, 2016, and repaid $4.5 million for an outstanding balance of $1.5 million at December 31, 2016. The Company repaid the remaining $1.5 million on the Operating Line of Credit (2016) subsequent to December 31, 2016, and did not borrow against the Operating Line of Credit (2017) as of March 31, 2017.

Second Quarter Overview

The following is an overview of results from operations for the three and six months ended March 31, 2017 and 2016.

	Three Months Ended			Three Months Ended			Six Months Ended			Six Months Ended
	March 31,			March 31,			March 31,			March 31,
	2017			2016			2017			2016

Continuing Operations

Revenue	$	25,371,605		$	28,005,021		$	62,868,477		$	62,379,112
Cost of revenues		23,859,453			26,310,312			56,671,538			57,044,762
Gross profit		1,512,152			1,694,709			6,196,939			5,334,350
Selling & administrative expenses		1,939,278			1,873,550			4,134,888			4,058,176
Income (loss) from operations		(427,126	)		(178,841	)		2,062,051			1,276,174
Other expense		(141,936	)		(129,134	)		(417,344	)		(342,462	)
Income (loss) before tax		(569,062	)		(307,975	)		1,644,707			933,712
Income tax expense (benefit)		(256,523	)		(97,740	)		718,589			445,091
Net income (loss) from continuing operations		(312,539	)		(210,235	)		926,118			488,621
Dividends on preferred stock		77,250			77,250			154,500			154,500
Net income (loss) from continuing operations available to common shareholders	$	(389,789	)	$	(287,485	)	$	771,618		$	334,121

Discontinued Operations

Revenue	$	-		$	-		$	-		$	-
Cost of revenues		-			-			-			-
Gross profit		-			-			-			-
Selling & administrative expenses		-			-			-			-
Income from operations		-			-			-			-
Other expense		-			-			-			-
Income before income tax		-			-			-			-
Income tax benefit		-			-			-			-
Net income from discontinued operations	$	-		$	-		$	-		$	-

Results of Operations for the Three and Six Months Ended March 31, 2017 Compared to the Three and Six Months Ended March 31, 2016

Revenues. Total revenues from continuing operations decreased by $2.6 million or 9.4% to $25.4 million for the three months ended March 31, 2017 from $28.0 million for the same period in 2016. The decrease was primarily attributable a $1.3 million revenue decrease in water and sewer projects and other ancillary services, a $1.2 million revenue decrease in electrical and mechanical services, and a $138,000 revenue decrease in petroleum and gas work. The Company had no revenue from discontinued operations for the three months ended March 31, 2017 and 2016.

Total revenues from continuing operations increased by $500,000 or 1.0% to $62.9 million for the six months ended March 31, 2017 from $62.4 million for the same period in 2016. The increase was primarily attributable to a $6.9 million revenue increase in petroleum and gas work, partially offset by a $3.7 million revenue decrease in electrical and mechanical services, and a $2.7 million revenue decrease in water and sewer projects and other ancillary services. The Company had no revenue from discontinued operations for the six months ended March 31, 2017 and 2016.

Cost of Revenues. Total cost of revenues from continuing operations decreased by $2.4 million or 9.3% to $23.9 million for the three months ended March 31, 2017 from $26.3 million for the same period in 2016. The decrease was primarily attributable to a $1.3 million cost decrease in electrical and mechanical services, and a $1.3 million cost decrease in water and sewer projects and other ancillary services, partially offset by a $200,000 cost increase in equipment and tool shop operations not allocated to projects. Costs in petroleum and gas work were $10.0 million for both periods. There was no cost of revenues from discontinued operations for the three months ended March 31, 2017 and 2016.

Total cost of revenues from continuing operations decreased by $300,000 or 1.0% to $56.7 million for the six months ended March 31, 2017 from $57.0 million for the same period in 2016. The decrease was primarily attributable to a $4.0 million cost decrease in electrical and mechanical services, a $1.8 million cost decrease in water and sewer projects and other ancillary services, and a $400,000 cost decrease in equipment and tool shop operations not allocated to projects, partially offset by a $5.9 million cost increase in petroleum and gas work. There was no cost of revenues from discontinued operations for the six months ended March 31, 2017 and 2016.

Gross Profit. Total gross profit from continuing operations decreased by $200,000 or 10.8% to $1.5 million for the three months ended March 31, 2017, from $1.7 million for the same period in 2016. The decrease was primarily attributable to a $200,000 gross profit decrease related to equipment and tool shop operations costs not allocated to projects, a $100,000 gross profit decrease in petroleum and gas work, partially offset by a $100,000 gross profit increase in electrical and mechanical services and a $25,000 increase in water and sewer projects and other ancillary services. There were no gross profits from discontinued operations for the three months ended March 31, 2017 and 2016.

Total gross profit from continuing operations increased by $900,000 or 16.2% to $6.2 million for the six months ended March 31, 2017, from $5.3 million for the same period in 2016. The increase was primarily attributable to a $1.1 million gross profit increase in petroleum and gas work, a $400,000 gross profit increase related to equipment and tool shop operations costs not allocated to projects, a $200,000 gross profit increase in electrical and mechanical services, partially offset by a $800,000 gross profit decrease in water and sewer projects and other ancillary services. There were no gross profits from discontinued operations for the six months ended March 31, 2017 and 2016.

Selling and administrative expenses. Total selling and administrative expenses from continuing operations increased by $66,000 or 3.5% to $1.9 million for the three months ended March 31, 2017, as compared to the same period in 2016. There were no selling and administrative expenses for discontinued operations for the three months ended March 31, 2017 and 2016.

Total selling and administrative expenses from continuing operations increased by $77,000 or 1.9% to $4.1 million for the six months ended March 31, 2017, as compared to the same period in 2016. There were no selling and administrative expenses for discontinued operations for the six months ended March 31, 2017 and 2016. The Company believes that any ongoing costs associated with closing discontinued operations will be immaterial.

Interest Expense. Interest expense decreased by $55,000 or 27.7% to $144,000 for the three months ended March 31, 2017 from $199,000 for the same period in 2016. Interest expense decreased by $57,000 or 13.3% to $375,000 for the six months ended March 31, 2017 from $432,000 for the same period in 2016.

Net Income (Loss). Loss from continuing operations before income tax benefit was $570,000 for the three months ended March 31, 2017, compared to $308,000 for the same period in 2016. The increased loss was due to the items mentioned above. There was no income from discontinued operations for the three months ended March 31, 2017 and 2016. Income from continuing operations before income taxes was $1.6 million for the six months ended March 31, 2017, compared to $934,000 for the same period in 2016. The increase in net income was due to the items mentioned above. There was no income from discontinued operations for the six months ended March 31, 2017 and 2016.

Income tax benefit for the three months ended March 31, 2017 was $257,000 compared to $98,000 for the same period in 2016. The increase in income tax benefit was due to the increase in loss from continuing operations before income taxes. The effective income tax rate for the three months ended March 31, 2017 was 45.1%, as compared to 31.7% for the same period in 2016. Income tax expense for the six months ended March 31, 2017 was $719,000 compared to $445,000 for the same period in 2016. The increase in income tax expense was due to the increase in income from continuing operations before income taxes. The effective income tax rate for the six months ended March 31, 2017 was 43.7%, as compared to 47.7% for the same period in 2016. Effective income tax rates are estimates and may vary from period to period due to changes in the amount of taxable income and non-deductible expenses.

Accrued dividends on preferred stock for the three months ended March 31, 2017 and 2016 were $77,250. Accrued dividends on preferred stock for the six months ended March 31, 2017 and 2016 were $154,500.

Net loss available to common shareholders for the three months ended March 31, 2017 was $390,000, or $0.027 per share, as compared to $287,000, or $0.020 per share, for the same period in 2016. Net income available to common shareholders for the six months ended March 31, 2017 was $772,000, or $0.054 per share, as compared to $334,000, or $0.023 per share, for the same period in 2016.

Comparison of Financial Condition at March 31, 2017 and September 30, 2016

The Company had total assets of $47.2 million at March 31, 2017, a decrease of $9.2 million from the prior fiscal year end balance of $56.4 million. This decrease was primarily due to the $12.6 million decrease in accounts receivable, partially offset by a $2.5 million increase in prepaid expenses and other, which was the result of prepaid insurance premiums financed by the Company. Accounts receivable, which totaled $11.5 million at March 31, 2017, decreased by $12.6 million from the prior fiscal year end balance of $24.1 million. The decrease was due to projects nearing completion at March 31, 2017 or completed during the first two quarters of fiscal year 2017. Retainages receivable totaled $6.4 million at March 31, 2017, an increase of $560,000 from the prior fiscal year end balance of $5.8 million. The majority of the retainages receivable is expected to be collected in the Company’s third quarter of fiscal year 2017. The Company also had net fixed assets of $14.4 million at March 31, 2017, an increase of $1.6 million from prior fiscal year end balance of $12.7 million. This increase was due to equipment purchases of $3.1 million partially offset by depreciation of $1.4 million. Estimated earnings in excess of billings on uncompleted contracts totaled $4.3 million at March 31, 2017, a decrease of $1.7 million from the prior fiscal year end balance of $6.0 million. The decrease was due to projects nearing completion at March 31, 2017 or completed during the first two quarters of fiscal year 2017. Cash and cash equivalents totaled $4.2 million at March 31, 2017, an increase of $360,000 from the prior fiscal year end balance of $3.8 million.

The Company had total liabilities of $23.9 million at March 31, 2017, a decrease of $10.0 million from the prior fiscal year end balance of $33.9 million. Long-term debt totaled $5.9 million at March 31, 2017, a decrease of $1.5 million from the prior fiscal year end balance of $7.4 million. The decrease in long-term debt was due to principal repayments on debt. Current maturities of long-term debt totaled $2.9 million at March 31, 2017, an increase of $81,000 from the prior fiscal year end balance. Lines of credit and short-term borrowings totaled $2.2 million at March 31, 2017, a decrease of $4.0 million from the prior fiscal year end balance of $6.2 million. This decrease was primarily due to $6.0 million in repayments against the Operating Line of Credit (2016), partially offset by $2.2 million of short-term insurance financing. In total, short-term debt at March 31, 2017 was $5.2 million, a decrease of $3.9 million from the prior fiscal year end balance of $9.1 million. Accounts payable and accrued expenses totaled $7.9 million at March 31, 2017, a decrease of $3.0 million from the prior fiscal year end balance of $10.9 million. The decrease was due to projects nearing completion at March 31, 2017 or completed during the first two quarters of fiscal year 2017.

Shareholders’ equity was $23.3 million at March 31, 2017, an increase of $772,000 from the prior fiscal year end balance of $22.5 million. This increase was due to the net income available to common shareholders of $772,000 for the six months ended March 31, 2017.

Liquidity and Capital Resources

Indebtedness

On January 31, 2014, the Company entered into a financing arrangement with United Bank, Inc. (West Virginia) and Summit Community Bank (West Virginia). The financing arrangement is a five-year term loan in the amount of $8.8 million and bears interest at an annual rate of 6.50%. In addition, the Company entered into a separate five-year term loan agreement with First Guaranty Bank (Louisiana) for $1.6 million and bears interest at an annual rate of 3.55%. Taken together, the $10.4 million in new financings superseded the prior financing arrangements the Company had with United Bank as well as the other lenders. As a result of entering into the new financings, United Bank and the other lenders of the Company agreed to terminate their Forbearance Agreement with the Company. This was reported in the Company’s February 4, 2014 Form 8-K filing.

Under the terms of the financing agreement reached January 31, 2014, the Company must meet the following loan covenants:

Minimum tangible net worth of $10.0 million to be measured quarterly,

Minimum traditional debt service coverage of 1.50x to be measured quarterly on a rolling twelve-month basis,

Minimum current ratio of 1.30x to be measured quarterly,

Maximum debt to tangible net worth ratio (“TNW”) of 1.50x to be measured semi-annually.

On July 31, 2014, the bank group modified the calculation of the debt service coverage covenant in the loan agreement so that the Company is required to maintain a minimum debt service coverage ratio of no less than 1.50 to 1.0x tested quarterly, as of the end of each fiscal quarter, based upon the preceding four quarters. Debt service coverage will be defined as the ratio of cash flow (net income plus depreciation, amortization and interest expense, plus or minus one-time/non-recurring income and expenses (determined at the bank group’s sole discretion)) divided by the annualized debt service requirements on the Company’s senior secured term debt (post refinance), actual interest paid on the Company’s senior secured revolving credit facility and the annualized payments on any other debt outstanding.

This modification applied as of June 30, 2014, as well as for future periods. The Company was in compliance with all loan covenants at March 31, 2017.

On December 16, 2014, the Company’s Nitro Electric subsidiary entered into a 20 year $1.2 million loan agreement with First Bank of Charleston, Inc. (West Virginia) to purchase the office building and property it had previously been leasing for $6,300 monthly. The interest rate on the new loan agreement is 4.75% with monthly payments of $7,800.

On September 16, 2015, the Company entered into a $1.2 million 41-month term note agreement with United Bank, Inc. to refinance the five-year term note agreement with First Guaranty Bank. The new agreement has an interest rate of 5.0% and is subject to the terms of the January 31, 2014 Term Note agreement discussed above.

Also on September 16, 2015, the Company entered into a $2.5 million Non-Revolving Note agreement with United Bank, Inc. This six-year agreement gave the Company access to a $2.5 million line of credit (“Equipment Line of Credit”), specifically for the purchase of equipment, for the period of one year with an interest rate of 5.0%. After the first year, all borrowings against the Equipment Line of Credit were converted to a five-year term note agreement with an interest rate of 5.0%. This agreement is subject to the terms of the January 31, 2014 Term Note agreement discussed above. At March 31, 2017, the Company had borrowed $2.46 million against this line of credit and made principal payments of $219,000.

On November 13, 2015, the Company entered into a 10-year $1.1 million loan agreement with United Bank, Inc. to purchase the fabrication shop and property Nitro Electric had previously been leasing for $12,900 each month. The interest rate on the new loan agreement is 4.25% with monthly payments of $11,500.

Operating Line of Credit

Cash available under the Operating Line of Credit (2017) is calculated based on 70.0% of the Company’s eligible accounts receivable. Major items excluded from the calculation are receivables from bonded jobs and retainage as well as items greater than 90 days old. Under the terms of the agreement, the Company must meet the following loan covenants to access the first $12.5 million:

Minimum tangible net worth of $17.0 million to be measured quarterly,

Minimum traditional debt service coverage of 1.50x to be measured quarterly on a rolling twelve-month basis,

Minimum current ratio of 1.50x to be measured quarterly,

Maximum debt to tangible net worth ratio (“TNW”) of 1.50x to be measured semi-annually.

Under the terms of the Operating Line of Credit (2017), the Company must meet the following additional requirements for draw requests causing the borrowings to exceed $12.5 million:

Minimum tangible net worth of $19.0 million to be measured quarterly,

Minimum traditional debt service coverage of 2.0x to be measured quarterly on a rolling twelve-month basis,

Full review of accounts receivable aging report and work in progress. The results of the review shall be satisfactory to the lender in its sole and unfettered discretion.

The Company was in compliance with all covenants and additional requirements for the $15.0 million Operating Line of Credit (2017) at March 31, 2017.

Off-Balance Sheet Arrangements

Due to the nature of our industry, we often enter into certain off-balance sheet arrangements in the ordinary course of business that result in risks not directly reflected in our balance sheets. Though for the most part not material in nature, some of these are:

Leases

Our work often requires us to lease various facilities, equipment and vehicles. These leases usually are short-term in nature, with duration of one year or less, though at times we may enter into longer term leases when warranted. By leasing equipment, vehicles and facilities, we are able to reduce our capital outlay requirements for equipment, vehicles and facilities that we may only need for short periods of time. As of March 31, 2017, the Company had operating lease commitments of $141,000 with various expiration dates through May 2018.

Letters of Credit

Certain of our customers or vendors may require letters of credit to secure payments that the vendors are making on our behalf or to secure payments to subcontractors and vendors on various customer projects. At March 31, 2017, the Company did not have any letters of credit outstanding.

Performance Bonds

Some customers, particularly new ones or governmental agencies, require the Company to post bid bonds, performance bonds and payment bonds (collectively, performance bonds). These bonds are obtained through insurance carriers and guarantee to the customer that we will perform under the terms of a contract and that we will pay subcontractors and vendors. If the Company fails to perform under a contract or to pay subcontractors and vendors, the customer may demand that the insurer make payments or provide services under the bond. The Company must reimburse the insurer for any expenses or outlays it is required to make.

In February 2014, the Company entered into an agreement with a surety company to provide bonding which will suit the Company’s immediate needs. The ability to obtain bonding for future contracts is an important factor in the contracting industry with respect to the type and number of contracts that can be bid.

Depending upon the size and conditions of a particular contract, the Company may be required to post letters of credit or other collateral in favor of the insurer. Posting of these letters or other collateral will reduce our borrowing capabilities. The Company does not anticipate any claims against outstanding performance bonds in the foreseeable future. At March 31, 2017, the Company had $12.2 million in performance bonds outstanding.

Concentration of Credit Risk

In the ordinary course of business, the Company grants credit under normal payment terms, generally without collateral, to our customers, which include natural gas and oil companies, general contractors, and various commercial and industrial customers located within the United States. Consequently, the Company is subject to potential credit risk related to business and economic factors that would affect these companies. However, the Company generally has certain statutory lien rights with respect to services provided. Under certain circumstances such as foreclosure, the Company may take title to the underlying assets in lieu of cash in settlement of receivables.

The Company had two customers that exceeded 10.0% of revenues for the six months ended March 31, 2017. These two customers, Marathon Petroleum and EQT, represented 21.5% and 15.4% of revenues, respectively at March 31, 2017. The Company had three customers, Marathon Petroleum, Columbia Gas Transmission, and Dow Chemical, which represented 11.0%, 17.0% and 12.0% of receivables net of retention, respectively, at March 31, 2017. The Company had two customers that exceeded 10.0% of revenues for the six months ended March 31, 2016. These two customers, Marathon Petroleum and Rice Energy, each represented 10.1% of revenues at March 31, 2016. Two customers accounted for more than 10% of receivables net of retention at March 31, 2016. These customers, Marathon Petroleum and Rice Energy, represented 17.1% and 16.1%, respectively, of receivables net of retention at March 31, 2016.

The Company’s consolidated operating revenues for the six months ended March 31, 2017 were $62.9 million of which 52.1% was attributable to gas and petroleum contract work, 40.8% to electrical and mechanical contract services and 7.1% to water and sewer contract installations and other ancillary services. The Company’s consolidated operating revenues for the six months ended March 31, 2016 were $62.4 million of which 41.5% was attributable to gas and petroleum contract work, 47.1% to electrical and mechanical contract services and 11.4% to water and sewer contract installations and other ancillary services.

Litigation

The Company is a party from time to time to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract and/or property damages, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to all such lawsuits, claims, and proceedings, we record reserves when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. At March 31, 2017, the Company does not believe that any of these proceedings, separately or in aggregate, would be expected to have a material adverse effect on our financial position, results of operations or cash flows.

Related Party Transactions

We intend that all transactions between us and our executive officers, directors, holders of 10% or more of the shares of any class of our common stock and affiliates thereof, will be on terms no less favorable than those terms given to unaffiliated third parties and will be approved by a majority of our independent outside directors not having any interest in the transaction.

On December 16, 2014, the Company’s Nitro Electric subsidiary entered into a 20-year $1.2 million loan agreement with First Bank of Charleston, Inc. (West Virginia) to purchase the office building and property it had previously been leasing for $6,300 each month. Mr. Douglas Reynolds, President of Energy Services, is a director and secretary of First Bank of Charleston. Mr. Nester Logan and Mr. Samuel Kapourales, directors of Energy Services, are also directors of First Bank of Charleston. The interest rate on the new loan agreement is 4.75% with monthly payments of $7,800. As of March 31, 2017, we have paid approximately $85,000 in principal and approximately $133,000 in interest since the beginning of the loan.

There were no new material related party transactions during the six months ended March 31, 2017.

Inflation

Due to relatively low levels of inflation during the three and six months ended March 31, 2017 and 2016, inflation did not have a significant effect on our results.

Critical Accounting Policies

The discussion and analysis of the Company’s financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities known to exist at the date of the consolidated financial statements and reported amounts of revenues and expenses during the reporting period. We evaluate our estimates on an ongoing basis, based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. There can be no assurance that actual results will not differ from those estimates. Management believes the following accounting policies affect our more significant judgments and estimates used in the preparation of our consolidated financial statements.

Claims. Claims are amounts in excess of the agreed contract price that a contractor seeks to collect from customers or others for customer-caused delays, errors in specifications and designs, contract terminations, change orders in dispute or unapproved as to both scope and price, or other causes of unanticipated additional costs. The Company records revenue on claims that have a high probability of success. Revenue from a claim is recorded only to the extent that contract costs relating to the claim have been incurred.

Revenue Recognition. Revenues from fixed price contracts are recognized using the percentage-of-completion method, measured by the percentage of costs incurred to date of total estimated costs at completion. These contracts provide for a fixed amount of revenues for the entire project. Such contracts provide that the customer accept completion of progress to date and compensate us for services rendered, measured in terms of units installed, hours expended or some other measure of progress. Contract costs include all direct material, labor and subcontract costs and indirect costs related to contract performance, such as indirect labor, tools and expendables. The cost estimates are based on the professional knowledge and experience of the Company’s engineers, project managers and financial professionals. Changes in job performance and job conditions affect the total estimated costs at completion. The effects of these changes are recognized in the period in which they occur. Provisions for the total estimated losses on uncompleted contracts are made in the period in which such losses are determined. The current asset “Costs and estimated earnings in excess of billings on uncompleted contracts” represents revenues recognized in excess of amounts billed for fixed price contracts. The current liability “Billings in excess of costs and estimated earnings on uncompleted contracts” represents billings in excess of revenues recognized for fixed price contracts. Revenues on all costs plus and time and material contracts are recognized when services are performed or when units are completed.

Self-Insurance. The Company carries workers’ compensation, general liability and automobile insurance through a captive insurance company. While the Company believes that this arrangement has been beneficial in reducing and stabilizing insurance costs, the Company does have to maintain a restricted cash account to guarantee payments of premiums. That restricted account had a balance of $1.9 million as of March 31, 2017, and is classified as “Prepaid expenses and other” on the Company’s Consolidated Balance Sheets. Should the Company experience severe losses over an extended period, it could have a detrimental effect on the Company, notwithstanding the captive insurance company.

Accounts Receivable and Provision for Doubtful Accounts. The Company provides an allowance for doubtful accounts when collection of an account is considered doubtful. Inherent in the assessment of the allowance for doubtful accounts are certain judgments and estimates relating to factors such as a customer’s access to capital, the customer’s willingness or ability to pay, general economic conditions and the ongoing relationship with the customer. While most of our customers are large well capitalized companies, should they experience material changes in their revenues and cash flows or incur other difficulties and become unable to pay the amounts owed, this could cause reduced cash flows and losses in excess of our current reserves. At March 31, 2017, management concluded that the allowance for doubtful accounts was adequate.

Outlook

The following statements are based on current expectations. These statements are forward looking, and actual results may differ materially.

The Company prepares weekly cash forecasts for our own benefit and for submission to our lenders. We anticipate that our current cash and the cash to be generated from collection of our receivables along with the existing Operating Line of Credit (2017) with United Bank, Inc. will be adequate to meet our cash needs for the Company’s 2017 fiscal year. The Company may borrow against the line of credit provided it meets certain borrowing base requirements, with $15.0 million being the maximum allowed. If the Company has borrowed more than the borrowing base allows, the Company must repay the excess borrowings to United Bank, Inc. As of March 31, 2017, the Company did not borrow against the Operating Line of Credit (2017).

Currently, the Company is experiencing increased demand for its services. However, with potential uncertainties in the economy, for example a long-term reduction in the price of oil or natural gas, the demand for our customers’ projects could wane and their ability to fund planned projects could be reduced. The Company’s backlog at March 31, 2017 was $73.2 million with an additional $15.0 million in pipeline projects secured subsequent to March 31, 2017. While adding new projects appears likely, no assurances can be given that the Company will be successful in bidding on projects that become available. Moreover, even if the Company obtains contracts, there can be no guarantee that the projects will go forward.

ITEM 3. Quantitative and Quantitative Disclosures About Market Risk

Not required for a smaller reporting company.

ITEM 4. Controls and Procedures

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934) as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, our disclosure controls and procedures were effective to ensure that information required to be disclosed in the reports that Energy Services of America Corporation files or submits under the Securities Exchange Act of 1934, is (1) recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and (2) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

There has been no change in Energy Services of America Corporation’s internal control over financial reporting during Energy Services of America Corporation’s second quarter of fiscal year 2017 that has materially affected, or is reasonably likely to materially affect, Energy Services of America Corporation’s internal control over financial reporting.

PART II

OTHER INFORMATION

ITEM 1. Legal Proceedings

The Company is a party from time to time to various lawsuits, claims and other legal proceedings that arise in the ordinary course of business. These actions typically seek, among other things, compensation for alleged personal injury, breach of contract and/or property damages, punitive damages, civil penalties or other losses, or injunctive or declaratory relief. With respect to all such lawsuits, claims, and proceedings, we record reserves when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated. At March 31, 2017, we do not believe that any of these proceedings, separately or in aggregate, would be expected to have a material adverse effect on our financial position, results of operations or cash flows.

ITEM 1A. Risk Factors

Please see the information disclosed in the “Risk Factors” section of our Annual Report on Form 10-K as filed with the Securities and Exchange Commission on December 15, 2016. There have been no material changes to the risk factors since the filing of the Annual Report on Form 10-K.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds.

(a) There have been no unregistered sales of equity securities during the period covered by the report.

(b) None.

ITEM 6. Exhibits

31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32		Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		XBRL Taxonomy Extension Label Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

ENERGY SERVICES OF AMERICA CORPORATION

Date: May 11, 2017	By:	/s/ Douglas V. Reynolds
		Douglas V. Reynolds
		Chief Executive Officer

Date: May 11, 2017	By:	/s/ Charles P. Crimmel
		Charles P. Crimmel
		Chief Financial Officer

EX-31.1 2 t1700299_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

Certification of Chief Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Douglas V. Reynolds, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Energy Services of America Corporation;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 11, 2017	/s/ Douglas V. Reynolds
		Douglas V. Reynolds
		Chief Executive Officer

EX-31.2 3 t1700299_ex31-2.htm EXHIBIT 31.2

Exhibit 31.2

Certification of Chief Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Charles P. Crimmel, certify that:

I have reviewed this Quarterly Report on Form 10-Q of Energy Services of America Corporation;

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	May 11, 2017	/s/ Charles P. Crimmel
		Charles P. Crimmel
		Chief Financial Officer

EX-32 4 t1700299_ex32.htm EXHIBIT 32

Exhibit 32

Certification pursuant to

18 U.S.C. Section 1350,

as adopted pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Douglas V. Reynolds, Chief Executive Officer and Charles P. Crimmel, Chief Financial Officer of Energy Services of America Corporation (the “Company”) each certify in their capacity as officers of the Company that they have reviewed this Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, and that to the best of their knowledge:

the report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date:	May 11, 2017	/s/ Douglas V. Reynolds
		Douglas V. Reynolds
		Chief Executive Officer

Date:	May 11, 2017	/s/ Charles P. Crimmel
		Charles P. Crimmel
		Chief Financial Officer

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<table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="text-align: left; width: 0.25in;"><b>1.</b></td> <td><b>BUSINESS AND ORGANIZATION:</b></td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b> </b></p> <p style="text-align: justify; widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Energy Services of America Corporation (“Energy Services” or the “Company”) was formed in 2006 as a special purpose acquisition corporation, or blank check company. On August 15, 2008, Energy Services completed the acquisitions of S.T. Pipeline, Inc. (“S.T. Pipeline”) and C.J. Hughes Construction Company, Inc. (“C.J. Hughes”).</p> <p style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Wholly owned subsidiary C.J. Hughes is a general contractor primarily engaged in pipeline construction for utility companies. C.J. Hughes operates primarily in the mid-Atlantic region of the United States. Nitro Electric Company, 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. S.T. Pipeline 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. Pipeline and realized $1.9 million from the sale of assets. The financial position and results of operations of S.T. Pipeline have been presented as discontinued operations in the accompanying financial statements for all presented periods.</p> <p style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The Company’s stock is quoted under the symbol “ESOA” on the OTC QB market place operated by the OTC Markets Group.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>Interim Financial Statements</b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b> </b></p> <p style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif;">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, 2016 and 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC on December 15, 2016. 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, 2017 are not necessarily indicative of the results to be expected for the full year or any other interim period</font>.</p> <p style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> <b> </b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>Principles of Consolidation</b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b> </b></p> <p style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">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. Pipeline has been shown as discontinued operations for the three and six months ended March 31, 2017 and 2016. All significant intercompany accounts and transactions have been eliminated in the consolidation. Unless the context requires otherwise, references to Energy Services include Energy Services and C.J. Hughes and C.J. Hughes’ subsidiaries.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>Reclassifications</b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <p style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">Certain reclassifications have been made in prior years’ financial statements to conform to classifications used in the current year.</p>

<div> <table style="widows: 2; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; orphans: 2; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top;"> <td style="width: 0px;"></td> <td style="text-align: left; width: 0.25in;"><b>6.</b></td> <td><b>EARNINGS PER SHARE</b></td> </tr> </table> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: white; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b> </b></p> <p style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">The amounts used to compute the earnings per share for the three and six months ended March 31, 2017 and 2016 are summarized below.</p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"> </p> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Three Months Ended</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Three Months Ended</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Six Months Ended</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Six Months Ended</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">March 31,</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">March 31,</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">March 31,</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">March 31,</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td colspan="2" nowrap="nowrap"> </td> <td> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; width: 854px;">Income (loss) from continuting operations</td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 100px;">(312,539</td> <td style="text-align: left; width: 14px;">)</td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 100px;">(210,235</td> <td style="text-align: left; width: 14px;">)</td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 13px;">$</td> <td style="text-align: right; width: 99px;">926,118</td> <td style="text-align: left; width: 13px;"> </td> <td style="width: 13px;"> </td> <td style="text-align: left; width: 13px;">$</td> <td style="text-align: right; width: 99px;">488,621</td> <td style="text-align: left; width: 13px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2px;">Dividends on preferred stock</td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">77,250</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">77,250</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">154,500</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">154,500</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Income (loss) available to common shareholders-continuing operations</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(389,789</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(287,485</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">771,618</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">334,121</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td>Weighted average shares outstanding</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td>Weighted average shares outstanding-diluted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,673,169</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,673,169</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Earnings (loss) per share from continuing operations available to common shareholders</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(0.027</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(0.020</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">0.054</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">0.023</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Earnings (loss) per share from continuing operations available to common shareholders-diluted</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(0.027</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(0.020</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">0.044</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">0.019</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Income (loss) from discontinued operations</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td>Weighted average shares outstanding</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td>Weighted average shares outstanding-diluted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,673,169</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Earnings (loss) per share from discontinued operations</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Earnings (loss) per share from discontinued operations-diluted</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left;">Net income (loss)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(312,539</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(210,235</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">926,118</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">488,621</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2px;">Dividends on preferred stock</td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">77,250</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">77,250</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">154,500</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">154,500</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Net income (loss) available to common shareholders</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(389,789</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(287,485</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">771,618</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">334,121</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Earnings (loss) per share available to common shareholders</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(0.027</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(0.020</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">0.054</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">0.023</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Earnings (loss) per share available to common shareholders-diluted</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(0.027</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(0.020</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">0.044</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">0.019</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> </div>

<div> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>Interim Financial Statements</b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b> </b></p> <div style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif;">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, 2016 and 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC on December 15, 2016. 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, 2017 are not necessarily indicative of the results to be expected for the full year or any other interim period</font>.</div> </div>

<div> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b>Principles of Consolidation</b></p> <p style="widows: 2; text-transform: none; text-indent: 0px; margin: 0pt 0px 0pt 0.5in; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;"><b> </b></p> <div style="widows: 2; text-transform: none; text-indent: 0.5in; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;">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. Pipeline has been shown as discontinued operations for the three and six months ended March 31, 2017 and 2016. All significant intercompany accounts and transactions have been eliminated in the consolidation. Unless the context requires otherwise, references to Energy Services include Energy Services and C.J. Hughes and C.J. Hughes’ subsidiaries.</div> </div>

<div> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 80%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; margin-left: 0.25in; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">March 31, 2017</td> <td style="padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">September 30, 2016</td> <td style="padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td colspan="2" nowrap="nowrap"> </td> <td> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; width: 969px;">Costs incurred on uncompleted contracts</td> <td style="width: 13px;"> </td> <td style="text-align: left; width: 13px;">$</td> <td style="text-align: right; width: 130px;">116,813,608</td> <td style="text-align: left; width: 12px;"> </td> <td style="width: 12px;"> </td> <td style="text-align: left; width: 12px;">$</td> <td style="text-align: right; width: 130px;">134,163,585</td> <td style="text-align: left; width: 12px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2px;">Estimated earnings, net of estimated losses</td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">13,287,790</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">16,592,644</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">130,101,398</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">150,756,229</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2px;">Less billing to date</td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">128,582,659</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">148,212,959</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">1,518,739</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">2,543,270</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-left: 0.1in;">Costs and estimated earnings in excess of billings on uncompleted contracts</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">4,322,953</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">5,953,818</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2px; padding-left: 0.1in;">Less billings in excess of costs and estimated earnings on uncompleted contracts</td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">2,804,214</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">3,410,548</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">1,518,739</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">2,543,270</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> </div> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">March 31,</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">September 30,</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td colspan="2" nowrap="nowrap"> </td> <td> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="padding-bottom: 2px; width: 1053px;">Cash</td> <td style="padding-bottom: 2px; width: 14px;"> </td> <td style="border-bottom: black 2px solid; text-align: left; width: 14px;">$</td> <td style="border-bottom: black 2px solid; text-align: right; width: 142px;">12,303</td> <td style="text-align: left; padding-bottom: 2px; width: 14px;"> </td> <td style="padding-bottom: 2px; width: 13px;"> </td> <td style="border-bottom: black 2px solid; text-align: left; width: 13px;">$</td> <td style="border-bottom: black 2px solid; text-align: right; width: 141px;">12,303</td> <td style="text-align: left; padding-bottom: 2px; width: 13px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2px;">Assets of discontinued operations-current</td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">12,303</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">12,303</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left;">Total assets of discontinued operations</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12,303</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">12,303</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2px;">Accrued expenses and other current liabilities</td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">28,671</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">28,671</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2px;">Liabilities of discontinued operations-current</td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">28,671</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">28,671</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2px;">Total liabilities of discontinued operations</td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">28,671</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">28,671</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Net liabilities</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(16,368</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(16,368</td> <td style="text-align: left; padding-bottom: 4px;">)</td> </tr> </table>

<div> <table style="widows: 2; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; orphans: 2; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Three Months Ended</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Three Months Ended</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Six Months Ended</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">Six Months Ended</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">March 31,</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">March 31,</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">March 31,</td> <td> </td> <td> </td> <td style="text-align: center;" colspan="2" nowrap="nowrap">March 31,</td> <td> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">2017</td> <td style="padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">2016</td> <td style="padding-bottom: 2px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td nowrap="nowrap"> </td> <td> </td> <td colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td colspan="2" nowrap="nowrap"> </td> <td> </td> <td> </td> <td colspan="2" nowrap="nowrap"> </td> <td> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; width: 854px;">Income (loss) from continuting operations</td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 100px;">(312,539</td> <td style="text-align: left; width: 14px;">)</td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 14px;">$</td> <td style="text-align: right; width: 100px;">(210,235</td> <td style="text-align: left; width: 14px;">)</td> <td style="width: 14px;"> </td> <td style="text-align: left; width: 13px;">$</td> <td style="text-align: right; width: 99px;">926,118</td> <td style="text-align: left; width: 13px;"> </td> <td style="width: 13px;"> </td> <td style="text-align: left; width: 13px;">$</td> <td style="text-align: right; width: 99px;">488,621</td> <td style="text-align: left; width: 13px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2px;">Dividends on preferred stock</td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">77,250</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">77,250</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">154,500</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">154,500</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Income (loss) available to common shareholders-continuing operations</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(389,789</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(287,485</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">771,618</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">334,121</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td>Weighted average shares outstanding</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td>Weighted average shares outstanding-diluted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,673,169</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,673,169</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Earnings (loss) per share from continuing operations available to common shareholders</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(0.027</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(0.020</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">0.054</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">0.023</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Earnings (loss) per share from continuing operations available to common shareholders-diluted</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(0.027</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(0.020</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">0.044</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">0.019</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Income (loss) from discontinued operations</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td>Weighted average shares outstanding</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td>Weighted average shares outstanding-diluted</td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">17,673,169</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;">14,239,836</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Earnings (loss) per share from discontinued operations</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Earnings (loss) per share from discontinued operations-diluted</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">-</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left;">Net income (loss)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(312,539</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">(210,235</td> <td style="text-align: left;">)</td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">926,118</td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;">$</td> <td style="text-align: right;">488,621</td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 2px;">Dividends on preferred stock</td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">77,250</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">77,250</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">154,500</td> <td style="text-align: left; padding-bottom: 2px;"> </td> <td style="padding-bottom: 2px;"> </td> <td style="border-bottom: black 2px solid; text-align: left;"> </td> <td style="border-bottom: black 2px solid; text-align: right;">154,500</td> <td style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Net income (loss) available to common shareholders</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(389,789</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(287,485</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">771,618</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">334,121</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Earnings (loss) per share available to common shareholders</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(0.027</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(0.020</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">0.054</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">0.023</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: white; vertical-align: bottom;"> <td> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> <td> </td> <td style="text-align: left;"> </td> <td style="text-align: right;"> </td> <td style="text-align: left;"> </td> </tr> <tr style="background-color: transparent; vertical-align: bottom;"> <td style="text-align: left; padding-bottom: 4px;">Earnings (loss) per share available to common shareholders-diluted</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(0.027</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">(0.020</td> <td style="text-align: left; padding-bottom: 4px;">)</td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">0.044</td> <td style="text-align: left; padding-bottom: 4px;"> </td> <td style="padding-bottom: 4px;"> </td> <td style="border-bottom: black 4px double; text-align: left;">$</td> <td style="border-bottom: black 4px double; text-align: right;">0.019</td> <td style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> </div>

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Including Discontinued Operation, Current Liabilities of discontinued operations-current Liabilities of discontinued operations Liabilities of discontinued operations-current Total Current Liabilities Total Current Liabilities Total current liabilities Long-term debt, less current maturities Total long term debt Long-term debt, less current maturities Total long term debt Deferred Tax Liabilities, Net, Noncurrent Total long term deferred income tax liabilities Deferred income taxes payable Total long term deferred income tax liabilities Disposal Group, Including Discontinued Operation, Liabilities, Noncurrent Liabilities of discontinued operations-long term Liabilities of discontinued operations Liabilities Total Liabilities Total liabilities Stockholders' Equity Shareholders' equity Preferred Stock, Value, Issued Preferred stock, $.0001 par value Authorized 1,000,000 shares, 206 issued for March 31, 2017 and September 30, 2016 Common Stock, Value, Issued Common stock, $.0001 par value 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Preferred stock, shares issued Common Stock, Par Or Stated Value Per Share Common stock, par value (in dollars per share) Common Stock, Shares Authorized Common stock, shares authorized Common Stock, Shares Issued Common stock, shares issued Common Stock, Shares, Issued, Total Common Stock, Shares, Outstanding Common stock, shares outstanding Common Stock, Shares, Outstanding, Beginning Balance Common Stock, Shares, Outstanding, Ending Balance Treasury Stock, shares Treasury stock, shares Income Statement [Abstract] Income Statement [Abstract] Revenue Total operating revenues Revenue Cost of Goods and Services Sold, Total Cost of revenues Cost of revenues Gross Profit Gross profit (loss) Gross profit Selling and Administrative Expenses General and administrative expenses Selling and administrative expenses Selling and administrative expenses Selling and administrative expenses Operating Income (Loss) Net loss from operations before taxes Operating Income (loss) Income (loss) from operations Other Income (Expense) Other income (expense) Other Nonoperating Expense Other nonoperating income (expense) Other nonoperating income (expense) Interest Expense Interest expense Interest expense Interest expense Interest expense Gain On Sale Of Equipment Gain on sale of equipment Gain on sale of equipment Gain on sale/disposal of equipment Other Income (Expense), Total Nonoperating Income Expense, Total Other income (expense), Total Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest Loss before income taxes Net loss before tax Income (loss) from continuing operations before income taxes Income Tax Expense (Benefit) Income tax expense (benefit) Income tax benefit Total income tax benefit Income from continuing operations Net income (loss) from continuing operations Net loss from parent Income (loss) from continuing operations Dividends on preferred stock Dividends on preferred stock Dividends on preferred stock Income from continuing operations available to common shareholders Net income (loss) available to common shareholders Income (loss) available to common shareholders-continuing operations Income (loss) from continuing operations available to common shareholders Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent Income (loss) from discontinued operations net of tax expense Income (loss) from discontinued operations Net income Net Income (loss) from discontinued operations Net Income (loss) from discontinued operations Net Income (Loss) Available to Common Stockholders, Basic Net Income available to common shareholders Net income (loss) available to common shareholders Net income (loss) available to common shareholders Net income available to common shareholders Weighted Average Number of Shares Outstanding, Basic Weighted average shares outstanding (in shares) Weighted average shares outstanding-basic (in shares) Weighted-basic shares outstanding (in shares) Weighted Average Number of Shares Outstanding, Basic, Total Weighted Average Number of Shares Outstanding, Diluted Weighted-diluted shares outstanding (in shares) Weighted average shares-diluted (in shares) Weighted average shares outstanding-diluted (in shares) Earnings (loss) per share from continuing operations available to common shareholders (in dollars per share) Earnings (loss) per share from continuing operations available to common shareholders (in dollars per share) Earnings (loss) per share from continuing operations available to common shareholders (in dollars per share) Earnings (loss) per share from continuing operations available to common shareholders (in dollars per share) Earnings (loss) per share from continuing operations-diluted (in dollars per share) Earnings (loss) per share from continuing operations-diluted available to common shareholders (in dollars per share) Earnings (loss) per share from continuing operations available to common shareholders-diluted (in dollars per share) Earnings (loss) per share from continuing operations-diluted available to common shareholders (in dollars per share) Earnings (loss) per share for continuing operations-basic (in dollars per share) Earnings (loss) per share available to common shareholders (in dollars per share) Earnings (loss) per share available to common shareholders (in dollars per share) Net earnings per share-basic available to common shareholders (in dollars per share) Net income (loss) per share basic Basic earnings (loss) per share (in dollars per share) Earnings (loss) per share for continuing operations-diluted (in dollars per share) Earnings (loss) per share available to common shareholders-diluted (in dollars per share) Earnings (loss) per share-diluted available to common shareholders (in dollars per share) Net income (loss) per share diluted Net earnings per share-diluted available to common shareholders (in dollars per shares) Statement Of Cash Flows [Abstract] Statement of Cash Flows [Abstract] Net Cash Provided by (Used in) Operating Activities [Abstract] Cash flows from operating activities: Adjustments To Reconcile Net Loss To Net Cash Provided By Operating Activities Adjustments to reconcile net income to net cash provided by operating activities Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Expense Depreciation expense Depreciation expense Depreciation expense Gain Loss On Sale Of Property Plant Equipment Including Discontinued Operations Represents the difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold as part of operations including discontinued operations during the reporting period. This element refers to the gain (loss). Gain on sale/disposal of equipment Deferred Income Tax Expense (Benefit) Provision for deferred taxes Provision for deferred taxes Increase Decrease In Contracts Receivable Decrease in contracts receivable This element represents increase (decrease) in contracts receivable. Decrease in contracts receivable Increase (Decrease) In Retainage Receivables, Current Decrease in retainage receivable The increase (decrease) during the reporting period in the amount due within one year (or one business cycle) of retainage receivables that were originally due beyond one year (or one business cycle). (Increase) decrease in retainage receivable (Increase) Decrease In Other Receivables Increase in other receivable (Increase) decrease in other receivables Decrease in other receivables Decrease in other receivable Decrease In Cost and Estimated Earnings In Excess Of Billings On Uncompleted Contracts Decrease in cost and estimated earnings in excess of billings on uncompleted contracts Decrease (increase) in cost and estimated earnings in excess of billings on uncompleted contracts Decrease (Increase) In Prepaid Expenses and Other Current Assets Increase decrease in prepaid expenses Increase in prepaid expenses Increase in prepaid expenses (Increase) decrease in prepaid expenses Increase (Decrease) In Accounts Payable (Decrease) increase in accounts payable Increase (decrease) in accounts payable Increase (decrease) in accounts payable (Decrease) In Accrued Expenses Decrease in other receivable (Decrease) increase in accrued expenses Increase (decrease) in accrued expenses Increase (Decrease) In Billings In Excess Of Cost and Estimated Earnings On Uncompleted Contracts Decrease in billings in excess of cost and estimated earnings on uncompleted contracts Increase (Decrease) in Income Taxes Payable, Net of Income Taxes Receivable Increase in income tax payable Decrease in income taxes payable Net Cash Provided by (Used in) Operating Activities Net cash used in operating activities Net cash provided by operating activities Net Cash Provided by (Used in) Investing Activities [Abstract] Cash flows from investing activities: Investment In Property Equipment Investment in property & equipment Investment in property & equipment Investment in property & equipment Investment in property & equipment Proceeds From Sales Of Property and Equipment Proceeds from sales of property and equipment Proceeds from sales of property and equipment Net Cash Provided by (Used in) Investing Activities Net cash provided by (used in) investing activities Net cash used in investing activities Net cash used in investing activities Net Cash Provided by (Used in) Financing Activities [Abstract] Cash flows from financing activities: Borrowings On Lines Of Credit and Short Term Debt, Net Of (Repayments) Borrowings on lines of credit and short-term debt, net of (repayments) Borrowings on lines of credit and short term debt, net of (repayments) Repayments Of Long-Term Debt Principal payments on long term debt Principal payments on long term debt Principal payments on long term debt Principal payments on long term debt Net Cash Provided by (Used in) Financing Activities Net cash provided by financing activities Net cash provided by (used in) financing activities Net cash used in financing activities Increase In Cash and Cash Equivalents Increase in cash and cash equivalents Increase (decrease) in cash and cash equivalents Increase in cash and cash equivalents Cash and Cash Equivalents, at Carrying Value, Including Discontinued Operations, Beginning Balance Cash end of period Cash and cash equivalents Cash and cash equivalents Cash beginning of period Cash end of period Supplemental Schedule Of Noncash Investing and Financing Activities Supplemental schedule of noncash investing and financing activities: Purchases Of Property Equipment Under Financing Agreements Purchases of property & equipment under financing agreements Insurance Premiums Financed Insurance premiums financed The amount of noncash regarding insurance premiums financed. Supplemental Disclosures Of Cash Flows Information Supplemental disclosures of cash flows information: Cash Paid During Year For [Abstract] Cash paid during the year for: Interest Interest Income Taxes Paid Income taxes Insurance Premiums Financed Cash Insurance premiums Insurance premiums financed The amount of cash regarding insurance premiums financed. Dividends Preferred Stock Non Cash Dividends paid on preferred stock Represents noncash dividends for preferred stock paid by the entity during the period. Statement of Stockholders' Equity [Abstract] Statement of Stockholders' Equity [Abstract] Statement [Table] Statement [Table] Statement, Equity Components [Axis] Statement, Equity Components [Axis] Common Stock [Member] Common Stock Additional Paid-In Capital [Member] Additional Paid in Capital Retained Earnings [Member] Retained Earnings (deficit) Treasury Stock [Member] Treasury Stock Equity Component [Domain] Equity Component [Domain] Statement [Line Items] Statement [Line Items] Increase (Decrease) In Stockholders Equity [Roll Forward] Increase (Decrease) in Stockholders' Equity [Roll Forward] Shares, Outstanding Balance (shares) Balance (in shares) Balance (in shares) Organization, Consolidation and Presentation Of Financial Statements [Abstract] Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization, Consolidation and Presentation Of Financial Statements Disclosure [Text Block] BUSINESS AND ORGANIZATION Contractors [Abstract] Contractors [Abstract] Long-Term Contracts Or Programs Disclosure [Text Block] UNCOMPLETED CONTRACTS Claims [Abstract] Claims [Abstract] Claims Disclosure [Text Block] CLAIMS The entire disclosure for estimated claim revenue for the period. These claims were a result of a combination of customer-caused delays, errors in specification and designs, and disputed or unapproved contract change orders. Fair Value Disclosures [Abstract] Fair Value Disclosures [Text Block] FAIR VALUE MEASUREMENTS Discontinued Operations and Disposal Groups [Abstract] Cash beginning of period Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] DISCONTINUED OPERATIONS Earnings Per Share [Abstract] Earnings Per Share [Abstract] Earnings Per Share [Text Block] EARNINGS PER SHARE Accounting Policies [Abstract] Accounting Policies [Abstract] Interim Financial Statements [Policy Text Block] Interim Financial Statements Disclosure of accounting policy for interim financial statements. Consolidation, Policy [Policy Text Block] Principles of Consolidation Reclassification, Policy [Policy Text Block] Reclassifications Schedule Of Long Term Contracts Including Cost Estimated Earnings and Billing [Table Text Block] Schedule of costs, estimated earnings and billings on uncompleted contracts Tabular disclosure of Costs, estimated earnings, and billings on uncompleted contracts. Schedule Of Disposal Groups Including Discontinued Operations Balance Sheet Disclosure [Table Text Block] Schedule of the components of asset and liabilities that are classified as discontinued operations Tabular disclosure of disposal groups, which may include the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Schedule Of Earnings Per Share, Basic and Diluted [Table Text Block] Schedule of basic and diluted earnings per share Disposal Group, Including Discontinued Operation, Consideration Amount received from sale of assets of subsidiary Contract In Progress Expenditures Incurred Costs incurred on uncompleted contracts The amount of the Costs incurred on contracts in progress during the given period of time. Estimated Contract Revenue Net Of Losses Estimated earnings, net of estimated losses The amount represents estimated earnings which are net of estimated losses. Costs Of Uncomplete Contracts Including Net Estimated Earnings Costs Of Uncomplete Contracts Including Net Estimated Earnings Costs of uncomplete contracts including net estimated earnings The total amount of the costs which are uncomplete contracts including net estimated earnings. Billed Contracts Receivable Less billing to date Less billing to date Unbilled Contracts Receivable Unbilled contracts receivable Unbilled contracts receivable Unbilled contracts receivable Subsequent Event Type [Axis] Subsequent Event Type [Domain] Subsequent Event [Member] Subsequent event Subsequent Event [Line Items] Costs in Excess of Billings Backlog Contract Price Represent amount of contract price. Debt Bearing Fixed Interest Rate Principal Amount Aggregate principal amount of fixed-rate debt Represents aggregate principal amount of company's fixed-rate debt. Debt Bearing Fixed Interest Rate Fair Value Amount Fair value of company's fixed rate debt Represents the fair value of the company's fixed rate debt. Goodwill, Impairment Loss Goodwill impairment charge Disposal Groups, Including Discontinued Operations [Table] Disposal Group Name [Axis] Disposal Group Name [Domain] S T Pipeline Inc [Member] S.T. Pipeline, Inc Represents disposal group name. Disposal Group Classification [Axis] Disposal Group Classification [Domain] Discontinued Operations [Member] Discontinued Operations Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents Cash Cash beginning of period Cash end of period Assets of Disposal Group, Including Discontinued Operation Total assets of discontinued operations Total assets of discontinued operations Disposal Group Including Discontinued Operation Accrued Expenses And Other Current Liabilities Accrued expenses and other current liabilities Accrued expenses and other current liabilities For the disposal group, including a component of the entity (discontinued operation), carrying value of accrued expenses and other current liabilities that are due within one year or operating cycle, if longer, from the balance sheet date. Liabilities of Disposal Group, Including Discontinued Operation Total liabilities of discontinued operations Total liabilities of discontinued operations Disposal Group Including Discontinued Operation Net Assets Net assets Net liabilities The net amount of assets and liabilities for a disposal group, including a component of the entity (discontinued operation). Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax Gain on sale of discontinued operations Income Loss From Discontinued Operations And Disposal Of Discontinued Operations Weighted Average Number Of Shares Outstanding Basic Weighted-basic shares outstanding (in shares) Weighted average shares outstanding (in shares) Number of [basic] shares or units from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the discontinued operation. Income Loss From Discontinued Operations And Disposal Of Discontinued Operations Weighted Average Number Of Shares Outstanding Diluted Weighted average shares-diluted (in shares) Weighted average shares outstanding-diluted (in shares) Weighted-diluted shares outstanding (in shares) Number of [diluted] shares or units from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the discontinued operation. Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share Earnings (loss) per share from discontinued operations (in dollars per share) Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share Earnings (loss) per share from discontinued operations-diluted (in dollars per share) Discontinued Operations And Disposal Of Discontinued Operations Net Income Loss Net income (loss) The portion of profit or loss for the period, net of income taxes, for discontinued operations. EX-101.PRE 10 esoa-20170331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 11 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	May 01, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Energy Services of America CORP
Entity Central Index Key	0001357971
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, 2017
Amendment Flag	false
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q2

XML 12 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets - USD ($)	Mar. 31, 2017	Sep. 30, 2016
Current assets
Cash and cash equivalents	$ 4,175,560	$ 3,815,790
Accounts receivable-trade	11,546,703	24,059,432
Allowance for doubtful accounts	(108,200)	(133,500)
Retainages receivable	6,370,792	5,810,474
Other receivables	100,050	106,837
Costs and estimated earnings in excess of billings on uncompleted contracts	4,322,953	5,953,818
Deferred tax asset	1,297,152	1,399,152
Prepaid expenses and other	4,984,065	2,485,101
Assets of discontinued operations	12,303	12,303
Total current assets	32,701,378	43,509,407
Property, plant and equipment, at cost	42,112,729	39,375,505
less accumulated depreciation	(27,743,575)	(26,625,827)
Assets of discontinued operations, net
Total fixed assets	14,369,154	12,749,678
Long-term notes receivable	137,281	137,281
Total assets	47,207,813	56,396,366
Current liabilities
Current maturities of long-term debt	2,948,621	2,867,898
Lines of credit and short term borrowings	2,242,768	6,232,943
Accounts payable	3,650,239	5,006,427
Accrued expenses and other current liabilities	4,269,471	5,933,571
Billings in excess of costs and estimated earnings on uncompleted contracts	2,804,214	3,410,548
Income tax payable	185,914	1,076,440
Liabilities of discontinued operations	28,671	28,671
Total current liabilities	16,129,898	24,556,498
Long-term debt, less current maturities	5,866,528	7,390,099
Deferred income taxes payable	1,916,077	1,926,077
Liabilities of discontinued operations
Total liabilities	23,912,503	33,872,674
Shareholders' equity
Preferred stock, $.0001 par value Authorized 1,000,000 shares, 206 issued for March 31, 2017 and September 30, 2016
Common stock, $.0001 par value Authorized 50,000,000 shares, 14,839,836 issued and 14,239,836 outstanding for March 31, 2017 and September 30, 2016	1,484	1,484
Treasury stock, 600,000 shares at March 31, 2017 and September 30, 2016	(60)	(60)
Additional paid in capital	61,289,260	61,289,260
Retained earnings (deficit)	(37,995,374)	(38,766,992)
Total shareholders' equity	23,295,310	22,523,692
Total liabilities and shareholders' equity	$ 47,207,813	$ 56,396,366

XML 13 R3.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2017	Sep. 30, 2016
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	14,239,836
Common stock, shares outstanding	14,839,836	14,239,836
Treasury stock, shares	600,000	600,000

XML 14 R4.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Income Unaudited - USD ($)	3 Months Ended		6 Months Ended
Consolidated Statements of Income Unaudited - USD ($)	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Revenue	$ 25,371,605	$ 28,005,021	$ 62,868,477	$ 62,379,112
Cost of revenues	23,859,453	26,310,312	56,671,538	57,044,762
Gross profit	1,512,152	1,694,709	6,196,939	5,334,350
Selling and administrative expenses	1,939,278	1,873,550	4,134,888	4,058,176
Income (loss) from operations	(427,126)	(178,841)	2,062,051	1,276,174
Other income (expense)
Other nonoperating income (expense)	(40,231)	(12,752)	(111,660)	(24,062)
Interest expense	(143,546)	(198,503)	(374,515)	(431,921)
Gain on sale of equipment	41,841	82,121	68,831	113,521
Other income (expense), Total	(141,936)	(129,134)	(417,344)	(342,462)
Income (loss) from continuing operations before income taxes	(569,062)	(307,975)	1,644,707	933,712
Income tax expense (benefit)	(256,523)	(97,740)	718,589	445,091
Income (loss) from continuing operations	(312,539)	(210,235)	926,118	488,621
Dividends on preferred stock	77,250	77,250	154,500	154,500
Income (loss) from continuing operations available to common shareholders	(389,789)	(287,485)	771,618	334,121
Income (loss) from discontinued operations net of tax expense
Net income (loss) available to common shareholders	$ (389,789)	$ (287,485)	$ 771,618	$ 334,121
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	17,673,169
Earnings (loss) per share from continuing operations available to common shareholders (in dollars per share)	$ (0.027)	$ (0.020)	$ 0.054	$ 0.023
Earnings (loss) per share from continuing operations-diluted available to common shareholders (in dollars per share)	(0.027)	(0.020)	0.044	0.019
Earnings (loss) per share available to common shareholders (in dollars per share)	(0.027)	(0.020)	0.054	0.023
Earnings (loss) per share-diluted available to common shareholders (in dollars per share)	$ (0.027)	$ (0.020)	$ 0.044	$ 0.019

XML 15 R5.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Cash Flows Unaudited - USD ($)	6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net Income available to common shareholders	$ 771,618	$ 334,121
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense	1,406,151	1,225,612
Gain on sale/disposal of equipment	(68,831)	(113,521)
Provision for deferred taxes	92,000	454,267
Decrease in contracts receivable	12,487,429	3,767,410
(Increase) decrease in retainage receivable	(560,318)	2,161,889
Decrease in other receivables	6,787	4,062
Decrease (increase) in cost and estimated earnings in excess of billings on uncompleted contracts	1,630,865	(2,829,138)
Increase in prepaid expenses	(2,498,964)	(1,661,543)
(Decrease) increase in accounts payable	(1,356,188)	2,623,121
(Decrease) increase in accrued expenses	(1,664,100)	967,326
Decrease in billings in excess of cost and estimated earnings on uncompleted contracts	(606,334)	(619,371)
Decrease in income taxes payable	(890,526)	(171,782)
Net cash provided by operating activities	8,749,589	6,142,453
Cash flows from investing activities:
Investment in property & equipment	(3,119,369)	(1,763,873)
Proceeds from sales of property and equipment	162,573	185,875
Net cash used in investing activities	(2,956,796)	(1,577,998)
Cash flows from financing activities:
Borrowings on lines of credit and short term debt, net of (repayments)	(3,990,175)	(2,885,633)
Principal payments on long term debt	(1,442,848)	(1,229,985)
Net cash used in financing activities	(5,433,023)	(4,115,618)
Increase in cash and cash equivalents	359,770	448,837
Cash beginning of period	3,828,093	1,511,581
Cash end of period	4,187,863	1,960,418
Supplemental schedule of noncash investing and financing activities:
Purchases of property & equipment under financing agreements		3,520,171
Insurance premiums financed	3,524,350	2,565,020
Cash paid during the year for:
Interest	374,515	431,921
Income taxes	1,139,306	191,610
Insurance premiums	1,514,525	950,653
Dividends paid on preferred stock	$ 154,500	$ 154,500

XML 16 R6.htm IDEA: XBRL DOCUMENT

Consolidated Statements of Changes in Shareholders' Equity - USD ($)	Common Stock	Additional Paid in Capital	Retained Earnings (deficit)	Treasury Stock	Total
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 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
Balance at Sep. 30, 2016	$ 1,484	61,289,260	(38,766,992)	(60)	22,523,692
Balance (in shares) at Sep. 30, 2016	14,239,836
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income available to common shareholders			771,618		771,618
Balance at Mar. 31, 2017	$ 1,484	$ 61,289,260	$ (37,995,374)	$ (60)	$ 23,295,310
Balance (in shares) at Mar. 31, 2017	14,239,836

XML 17 R7.htm IDEA: XBRL DOCUMENT

BUSINESS AND ORGANIZATION

6 Months Ended

Mar. 31, 2017

Organization, Consolidation and Presentation Of Financial Statements [Abstract]

BUSINESS AND ORGANIZATION

1.	BUSINESS AND ORGANIZATION:

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

Principles of Consolidation

Reclassifications

Certain reclassifications have been made in prior years’ financial statements to conform to classifications used in the current year.

XML 18 R8.htm IDEA: XBRL DOCUMENT

UNCOMPLETED CONTRACTS

6 Months Ended

Mar. 31, 2017

Contractors [Abstract]

UNCOMPLETED CONTRACTS

2.	UNCOMPLETED CONTRACTS

Costs, estimated earnings, and billings on uncompleted contracts as of March 31, 2017, and September 30, 2016 are summarized as follows:

	March 31, 2017		September 30, 2016

Costs incurred on uncompleted contracts	$	116,813,608	$	134,163,585

Estimated earnings, net of estimated losses		13,287,790		16,592,644
		130,101,398		150,756,229

Less billing to date		128,582,659		148,212,959

	$	1,518,739	$	2,543,270

Costs and estimated earnings in excess of billings on uncompleted contracts	$	4,322,953	$	5,953,818

Less billings in excess of costs and estimated earnings on uncompleted contracts		2,804,214		3,410,548

	$	1,518,739	$	2,543,270

Backlog at March 31, 2017 and September 30, 2016 was $73.2 million and $78.5 million, respectively. The Company was awarded $15.0 million in pipeline contracts subsequent to March 31, 2017.

XML 19 R9.htm IDEA: XBRL DOCUMENT

CLAIMS

6 Months Ended

Mar. 31, 2017

Claims [Abstract]

CLAIMS

3.	CLAIMS

The Company does not have any claims recorded as of March 31, 2017. Claims receivable is a component of cost and estimated earnings in excess of billing.

XML 20 R10.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS

6 Months Ended

Mar. 31, 2017

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

4.	FAIR VALUE MEASUREMENTS

Level 1 — Quoted prices for identical assets and liabilities traded in active exchange markets, such as the New York Stock Exchange.

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.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 21 R11.htm IDEA: XBRL DOCUMENT

DISCONTINUED OPERATIONS

6 Months Ended

Mar. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS

The Company did not have income from discontinued operations for the three and six months ended March 31, 2017 and 2016.

	March 31,			September 30,
	2017			2016

Cash	$	12,303		$	12,303
Assets of discontinued operations-current		12,303			12,303
Total assets of discontinued operations		12,303			12,303

Accrued expenses and other current liabilities		28,671			28,671
Liabilities of discontinued operations-current		28,671			28,671
Total liabilities of discontinued operations		28,671			28,671

Net liabilities	$	(16,368	)	$	(16,368	)

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 5: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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+ Details

XML 22 R12.htm IDEA: XBRL DOCUMENT

EARNINGS PER SHARE

6 Months Ended

Mar. 31, 2017

Earnings Per Share [Abstract]

EARNINGS PER SHARE

EARNINGS PER SHARE

The amounts used to compute the earnings per share for the three and six months ended March 31, 2017 and 2016 are summarized below.

	Three Months Ended			Three Months Ended			Six Months Ended		Six Months Ended
	March 31,			March 31,			March 31,		March 31,
	2017			2016			2017		2016

Income (loss) from continuting operations	$	(312,539	)	$	(210,235	)	$	926,118	$	488,621

Dividends on preferred stock		77,250			77,250			154,500		154,500

Income (loss) available to common shareholders-continuing operations	$	(389,789	)	$	(287,485	)	$	771,618	$	334,121

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		17,673,169

Earnings (loss) per share from continuing operations available to common shareholders	$	(0.027	)	$	(0.020	)	$	0.054	$	0.023

Earnings (loss) per share from continuing operations available to common shareholders-diluted	$	(0.027	)	$	(0.020	)	$	0.044	$	0.019

Income (loss) from discontinued operations	$	-		$	-		$	-	$	-

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	$	-		$	-		$	-	$	-

Earnings (loss) per share from discontinued operations-diluted	$	-		$	-		$	-	$	-

Net income (loss)	$	(312,539	)	$	(210,235	)	$	926,118	$	488,621

Dividends on preferred stock		77,250			77,250			154,500		154,500

Net income (loss) available to common shareholders	$	(389,789	)	$	(287,485	)	$	771,618	$	334,121

Earnings (loss) per share available to common shareholders	$	(0.027	)	$	(0.020	)	$	0.054	$	0.023

Earnings (loss) per share available to common shareholders-diluted	$	(0.027	)	$	(0.020	)	$	0.044	$	0.019

XML 23 R13.htm IDEA: XBRL DOCUMENT

ACCOUNTING POLICIES (Policies)	6 Months Ended
ACCOUNTING POLICIES (Policies)	Mar. 31, 2017
Accounting Policies [Abstract]
Interim Financial Statements	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, 2016 and 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC on December 15, 2016. 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, 2017 are not necessarily indicative of the results to be expected for the full year or any other interim period.
Principles of Consolidation	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. Pipeline has been shown as discontinued operations for the three and six months ended March 31, 2017 and 2016. All significant intercompany accounts and transactions have been eliminated in the consolidation. Unless the context requires otherwise, references to Energy Services include Energy Services and C.J. Hughes and C.J. Hughes’ subsidiaries.
Reclassifications	Reclassifications Certain reclassifications have been made in prior years’ financial statements to conform to classifications used in the current year.

XML 24 R14.htm IDEA: XBRL DOCUMENT

UNCOMPLETED CONTRACTS (Tables)

6 Months Ended

Mar. 31, 2017

Contractors [Abstract]

Schedule of costs, estimated earnings and billings on uncompleted contracts

	March 31, 2017		September 30, 2016

Costs incurred on uncompleted contracts	$	116,813,608	$	134,163,585

Estimated earnings, net of estimated losses		13,287,790		16,592,644
		130,101,398		150,756,229

Less billing to date		128,582,659		148,212,959

	$	1,518,739	$	2,543,270

Costs and estimated earnings in excess of billings on uncompleted contracts	$	4,322,953	$	5,953,818

Less billings in excess of costs and estimated earnings on uncompleted contracts		2,804,214		3,410,548

	$	1,518,739	$	2,543,270

XML 25 R15.htm IDEA: XBRL DOCUMENT

DISCONTINUED OPERATIONS (Tables)

6 Months Ended

Mar. 31, 2017

Discontinued Operations and Disposal Groups [Abstract]

Schedule of the components of asset and liabilities that are classified as discontinued operations

	March 31,			September 30,
	2017			2016

Cash	$	12,303		$	12,303
Assets of discontinued operations-current		12,303			12,303
Total assets of discontinued operations		12,303			12,303

Accrued expenses and other current liabilities		28,671			28,671
Liabilities of discontinued operations-current		28,671			28,671
Total liabilities of discontinued operations		28,671			28,671

Net liabilities	$	(16,368	)	$	(16,368	)

XML 26 R16.htm IDEA: XBRL DOCUMENT

EARNINGS PER SHARE (Tables)

6 Months Ended

Mar. 31, 2017

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,
	2017			2016			2017		2016

Income (loss) from continuting operations	$	(312,539	)	$	(210,235	)	$	926,118	$	488,621

Dividends on preferred stock		77,250			77,250			154,500		154,500

Income (loss) available to common shareholders-continuing operations	$	(389,789	)	$	(287,485	)	$	771,618	$	334,121

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		17,673,169

Earnings (loss) per share from continuing operations available to common shareholders	$	(0.027	)	$	(0.020	)	$	0.054	$	0.023

Earnings (loss) per share from continuing operations available to common shareholders-diluted	$	(0.027	)	$	(0.020	)	$	0.044	$	0.019

Income (loss) from discontinued operations	$	-		$	-		$	-	$	-

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	$	-		$	-		$	-	$	-

Earnings (loss) per share from discontinued operations-diluted	$	-		$	-		$	-	$	-

Net income (loss)	$	(312,539	)	$	(210,235	)	$	926,118	$	488,621

Dividends on preferred stock		77,250			77,250			154,500		154,500

Net income (loss) available to common shareholders	$	(389,789	)	$	(287,485	)	$	771,618	$	334,121

Earnings (loss) per share available to common shareholders	$	(0.027	)	$	(0.020	)	$	0.054	$	0.023

Earnings (loss) per share available to common shareholders-diluted	$	(0.027	)	$	(0.020	)	$	0.044	$	0.019

XML 27 R17.htm IDEA: XBRL DOCUMENT

BUSINESS AND ORGANIZATION (Detail Textuals) $ in Millions	May 14, 2013 USD ($)
Organization, Consolidation and Presentation Of Financial Statements [Abstract]
Amount received from sale of assets of subsidiary	$ 1.9

XML 28 R18.htm IDEA: XBRL DOCUMENT

UNCOMPLETED CONTRACTS - Summary of costs, estimated earnings, and billings on uncompleted contracts (Details) - USD ($)	Mar. 31, 2017	Sep. 30, 2016
Contractors [Abstract]
Costs incurred on uncompleted contracts	$ 116,813,608	$ 134,163,585
Estimated earnings, net of estimated losses	13,287,790	16,592,644
Costs of uncomplete contracts including net estimated earnings	130,101,398	150,756,229
Less billing to date	128,582,659	148,212,959
Unbilled contracts receivable	1,518,739	2,543,270
Costs and estimated earnings in excess of billings on uncompleted contracts	4,322,953	5,953,818
Less billings in excess of costs and estimated earnings on uncompleted contracts	2,804,214	3,410,548
Unbilled contracts receivable	$ 1,518,739	$ 2,543,270

XML 29 R19.htm IDEA: XBRL DOCUMENT

UNCOMPLETED CONTRACTS (Detail Textuals) - USD ($) $ in Millions	Mar. 31, 2017	Sep. 30, 2016
Contractors [Abstract]
Backlog	$ 73.2	$ 78.5
Contract Price	$ 15.0

XML 30 R20.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS (Detail Textuals) $ in Millions	6 Months Ended
FAIR VALUE MEASUREMENTS (Detail Textuals) $ in Millions	Mar. 31, 2017 USD ($)
Fair Value Disclosures [Abstract]
Aggregate principal amount of fixed-rate debt	$ 11.1
Fair value of company's fixed rate debt	11.0
Goodwill impairment charge	$ 36.9

XML 31 R21.htm IDEA: XBRL DOCUMENT

DISCONTINUED OPERATIONS - Components of asset and liabilities classified as discontinued operations (Details) - USD ($)	Mar. 31, 2017	Sep. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets of discontinued operations-current	$ 12,303	$ 12,303
Liabilities of discontinued operations-current	28,671	28,671
S.T. Pipeline, Inc \| Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cash	12,303	12,303
Assets of discontinued operations-current	12,303	12,303
Total assets of discontinued operations	12,303	12,303
Accrued expenses and other current liabilities	28,671	28,671
Liabilities of discontinued operations-current	28,671	28,671
Total liabilities of discontinued operations	28,671	28,671
Net liabilities	$ (16,368)	$ (16,368)

XML 32 R22.htm IDEA: XBRL DOCUMENT

DISCONTINUED OPERATIONS (Detail Textuals) - S.T. Pipeline, Inc - Discontinued Operations - USD ($)	May 14, 2013	Mar. 31, 2017	Sep. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of discontinued operations	$ 1,900,000
Accrued expenses and other current liabilities		$ 28,671	$ 28,671

XML 33 R23.htm IDEA: XBRL DOCUMENT

EARNINGS PER SHARE - Summary of amounts used to compute earnings per share (Detail Textuals) - USD ($)	3 Months Ended		6 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Income (loss) from continuing operations	$ (312,539)	$ (210,235)	$ 926,118	$ 488,621
Dividends on preferred stock	77,250	77,250	154,500	154,500
Income (loss) available to common shareholders-continuing operations	$ (389,789)	$ (287,485)	$ 771,618	$ 334,121
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	17,673,169
Earnings (loss) per share from continuing operations available to common shareholders (in dollars per share)	$ (0.027)	$ (0.020)	$ 0.054	$ 0.023
Earnings (loss) per share from continuing operations available to common shareholders-diluted (in dollars per share)	$ (0.027)	$ (0.020)	$ 0.044	$ 0.019
Income (loss) from discontinued operations
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)
Earnings (loss) per share from discontinued operations-diluted (in dollars per share)
Net income (loss)	$ (312,539)	$ (210,235)	$ 926,118	$ 488,621
Dividends on preferred stock	77,250	77,250	154,500	154,500
Net income (loss) available to common shareholders	$ (389,789)	$ (287,485)	$ 771,618	$ 334,121
Earnings (loss) per share available to common shareholders (in dollars per share)	$ (0.027)	$ (0.020)	$ 0.054	$ 0.023
Earnings (loss) per share available to common shareholders-diluted (in dollars per share)	$ (0.027)	$ (0.020)	$ 0.044	$ 0.019

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