v3.26.1
SHORT-TERM AND LONG-TERM DEBT (Tables)
6 Months Ended
Mar. 31, 2026
SHORT-TERM AND LONG-TERM DEBT  
Schedule of line of credit is limited to a borrowing base

  ​ ​ ​

March 31, 2026

  ​ ​ ​

September 30, 2025

 

Eligible borrowing base

$

18,196,189

$

27,657,997

Borrowings on line of credit

 

 

24,750,000

Line of credit balance available

$

18,196,189

$

2,907,997

Interest rate

 

6.75

%

 

7.50

%

Schedule of short-term and long-term debt

  ​ ​ ​

March 31, 2026

  ​ ​ ​

September 30, 2025

Line of credit payable to bank, monthly interest at 6.75%, final payment due by June 28, 2027, guaranteed by certain directors of the Company.

$

$

24,750,000

 

 

Equipment line of credit with a total of $9.3 million with payments of $202,809 due in monthly installments, including fixed interest at 7.25% and final payment due February 2028, secured by equipment, guaranteed by certain directors of the Company.

4,860,476

5,878,041

Paycheck Protection Program loans from Small Business Administration, 1.0% simple interest, initially forgiven in the fiscal year ended September 30, 2021. Final forgiveness decision has not been determined.

 

10,450,998

 

10,401,366

Term note payable to United Bank, WV Pipeline acquisition, due in monthly installments of $64,853, including fixed interest at 4.25%, final payment due by March 25, 2026, secured by receivables and equipment, guaranteed by certain directors of the Company.

390,328

Notes payable to finance companies, due in monthly installments totaling $281,000 at March 31, 2026 and $244,000 at September 30, 2025, including interest ranging from 0.00% to 6.0%, final payments due April 2026 through February 2030, secured by equipment.

 

5,855,044

 

5,415,401

 

 

Notes payable to United Bank, Tribute acquisition finance, due in monthly installments totaling $272,016, including fixed interest at 6.9%, final payment due December 2030 secured by receivables and equipment, guaranteed by certain directors of the Company.

 

8,237,000

 

14,164,413

 

 

Notes payable to bank, due in monthly installments totaling $7,848, including interest at 4.82%, final payment due November 2034 secured by building and property.

 

682,624

 

710,466

 

 

Notes payable to bank, due in monthly installments totaling $59,932, including fixed interest at 6.0%, final payment due October 2027 secured by receivables and equipment, guaranteed by certain directors of the Company.

 

 

1,411,890

 

 

Equipment line of credit with a total of $5.0 million borrowings available, including fixed interest at 8.5% for purchases made in the first twelve months. After twelve months the borrowings will be converted to a forty-eight month term note agreement with a fixed interest rate equal to the “U.S. Treasury Rate” plus 2.75% per annum. Final payment due August 2029. The agreement is guaranteed by certain directors of the Company.

4,351,188

4,910,097

Unsecured notes payable to Joe and Cathy Rigney, five-year agreement for monthly fixed interest at 5.0% of sellers’ notes, with $500,000 due September 30, 2030. $462,950,000 fair value at September 30, 2025.

464,900

461,000

Notes payable to David Bolton and Daniel Bolton, due in annual installments totaling $500,000, including interest at 3.25%, final payment due December 31, 2025, unsecured.

500,000

Note payable to United Bank, Tri-State Paving acquisition, due in monthly installments of $129,910, including fixed interest at 4.50%, final payment due by June 1, 2027, secured by receivables and equipment, guaranteed by certain directors of the Company.

2,961,211

Notes payable to Corns Enterprises, $1,000,000 with fair value of $936,000, due in annual installments totaling $250,000, including interest at 3.50%, final payment due April 29, 2026, unsecured.

250,000

250,000

Total debt

$

35,152,230

$

72,204,213

 

 

Less current maturities

 

19,740,544

 

21,948,182

 

 

Total long-term debt

$

15,411,686

$

50,256,031