GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Jun. 30, 2025

14. GOODWILL AND INTANGIBLE ASSETS

The Company follows the guidance of ASC Topic 350, Intangibles-Goodwill and Other, which requires a company to record an impairment charge based on the excess of a reporting unit’s carrying amount of goodwill over its fair value. Under the current guidance, companies can first choose to assess any impairment based on qualitative factors (Step 0). If a company fails this test or decides to bypass this step, it must proceed with a quantitative assessment of goodwill impairment. The Company did not have a goodwill impairment at June 30, 2025 or September 30, 2024.

A table of the Company’s goodwill as of June 30, 2025 and September 30, 2024 is below:



	June 30, 2025		September 30, 2024
Beginning balance	$	4,087,554	$	4,087,554
Acquired		3,341,207		—
Ending balance	$	7,428,761	$	4,087,554

A table of the Company’s intangible assets subject to amortization is below:


				Accumulated		Accumulated		Amortization		Amortization		Amortization		Amortization
	Remaining Life			Amortization and		Amortization and		and Impairment		and Impairment		and Impairment		and Impairment
	(in months) at			Impairment at		Impairment at		Three Months		Nine Months		Three Months		Nine Months		Net Book Value		Net Book Value
	June 30,			June 30,		September 30,		Ended June 30,		Ended June 30,		Ended June 30,		Ended June 30,		at June 30,		at September 30,
	2025	Original Cost		2025		2024		2025		2025		2024		2024		2025		2024
Intangible assets:
West Virginia Pipeline:
Customer relationships	66	$	2,209,724	$	994,365	$	828,630	$	55,245	$	165,735	$	55,242	$	165,726	$	1,215,359	$	1,381,094
Tradename	66		263,584		118,627		98,863		6,588		19,764		6,591		19,773		144,957		164,721
Non-competes	—		83,203		83,203		83,203		—		—		—		—		—		—

Revolt Energy:
Employment agreement/non-compete	—		100,000		100,000		100,000		—		—		—		—		—		—

Heritage Painting
Customer relationships	48		121,100		24,216		6,054		6,054		18,162		—		—		96,884		115,046

Tri-State Paving:
Customer relationships	82		1,649,159		522,234		398,547		41,229		123,687		41,229		123,687		1,126,925		1,250,612
Tradename	82		203,213		64,351		49,110		5,081		15,241		5,080		15,240		138,862		154,103
Non-competes	—		39,960		39,960		39,960		—		—		—		—		—		—

Tribute Contracting & Consultants
Customer relationships	53		500,000		58,332		—		25,000		58,332		—		—		441,668		—
Tradename	53		250,000		29,169		—		12,501		29,169		—		—		220,831		—
Non-competes	53		250,000		29,169		—		12,501		29,169		—		—		220,831		—

Total intangible assets		$	5,669,943	$	2,063,626	$	1,604,367	$	164,199	$	459,259	$	108,142	$	324,426	$	3,606,317	$	3,065,576

The amortization on identifiable intangible assets for the three months ended June 30, 2025 and 2024 was $164,199 and $108,142, respectively. The amortization on identifiable intangible assets for the nine months ended June 30, 2025 and 2024 was $459,259 and $324,426, respectively.

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


	Amortization Expense
July 2025 to June 2026	$	656,784
July 2026 to June 2027		656,784
July 2027 to June 2028		656,784
July 2028 to June 2029		656,804
July 2029 to June 2030		515,878
After		463,283
Total	$	3,606,317