GOODWILL AND INTANGIBLE ASSETS

6 Months Ended

Mar. 31, 2026

15. GOODWILL AND INTANGIBLE ASSETS

The Company follows the guidance of ASC Topic 350, Intangibles-Goodwill and Other, which requires a company to record an impairment charge based on the excess of a reporting unit’s carrying amount of goodwill over its fair value. Under the current guidance, companies can first choose to assess any impairment based on qualitative factors (Step 0). If a company fails this test or decides to bypass this step, it must proceed with a quantitative assessment of goodwill impairment. The Company did not have a goodwill impairment at March 31, 2026 or September 30, 2025.

A table of the Company’s goodwill as of March 31, 2026 and September 30, 2025 is below:



	March 31, 2026		September 30, 2025
Beginning balance	$	9,865,804	$	4,087,554
Acquired		—		5,778,250
Ending balance	$	9,865,804	$	9,865,804

A table of the Company’s intangible assets subject to amortization at March 31, 2026 and September 30, 2025 is below:


				Accumulated		Accumulated		Amortization		Amortization		Amortization		Amortization
	Remaining Life			Amortization and		Amortization and		and Impairment		and Impairment		and Impairment		and Impairment
	(in months) at			Impairment at		Impairment at		Three Months		Three Months		Six Months		Six Months		Net Book Value		Net Book Value
	March 31,			March 31,		September 30,		Ended March 31,		Ended March 31,		Ended March 31,		Ended March 31,		at March 31,		at September 30,
	2026	Original Cost		2026		2025		2026		2025		2026		2025		2026		2025
Intangible assets:
West Virginia Pipeline:
Customer relationships	57	$	2,209,724		1,160,100	$	1,049,610		55,245		55,245		110,490		110,490	$	1,049,624	$	1,160,114
Tradename	57		263,584		138,391		125,215		6,588		6,588		13,176		13,176		125,193		138,369
Non-competes	—		83,203		83,203		83,203		—		—		—		—		—		—

Heritage Painting
Customer relationships	39		121,100		42,378		30,270		6,054		6,054		12,108		12,108		78,722		90,830

Tri-State Paving:
Customer relationships	73		1,649,159		645,921		563,463		41,229		41,229		82,458		82,458		1,003,238		1,085,696
Tradename	73		203,213		79,592		69,431		5,081		5,080		10,161		10,160		123,621		133,782
Non-competes	—		39,960		39,960		39,960		—		—		—		—		—		—

Tribute Contracting & Consultants
Non-compete 1	104		520,000		69,331		43,333		12,999		12,501		25,998		16,668		450,669		476,667
Non-compete 2	80		10,000		1,666		1,042		312		—		624		—		8,334		8,958
Tradename	44		80,000		21,331		13,333		3,999		37,500		7,998		50,000		58,669		66,667
Backlog	8		1,320,000		880,000		550,000		104,230		—		330,000		—		440,000		770,000

Rigney Digital Systems
Tradename	126		657,100		29,868		—		14,934		—		29,868		—		627,232		657,100
Backlog	18		260,600		65,148		—		32,574		—		65,148		—		195,452		260,600
Non-compete	114		46,300		2,316		—		1,158		—		2,316		—		43,984		46,300

Total intangible assets		$	7,463,943	$	3,259,205	$	2,568,860	$	284,403	$	164,197	$	690,345	$	295,060	$	4,204,738	$	4,895,083

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


April 2026 to March 2027	$	1,160,684
April 2027 to March 2028		655,544
April 2028 to March 2029		590,388
April 2029 to March 2030		566,883
April 2030 to March 2031		488,381
After		742,858
Total	$	4,204,738

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


Intangible asset class		Remaining Years
Customer relationships		5.3
Tradename		8.7
Non-competes		8.7
Backlog		0.9
All intangible assets		5.8