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Note 15 - Segment Information
 6 Months Ended
Mar. 31, 2022
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

15.

Segment Information

 

Operating segments are defined as components of an enterprise for which separate financial information is available and is evaluated regularly by the Company's chief operating decision maker in deciding how to allocate resources and assess performance. The Company uses operating income and equity in earnings to assess segment performance.

 

Intersegment transactions are recorded at cost.

 

The reportable segments disclosed herein are defined as follows:

 

Gas Utility - The natural gas segment of the Company generates revenue from its tariff rates and other regulatory mechanisms through which it provides the sale and distribution of natural gas to its residential, commercial and industrial customers.

 

Investment in Affiliates - The investment in affiliates segment reflects the income generated through the activities of the Company's investment in the LLC.

 

Parent and Other - The category parent and other includes the unregulated activities of the Company as well as certain corporate eliminations.

 

Information related to the segments of the Company are provided below:

 

  

Three Months Ended March 31, 2022

 
  

Gas Utility

  

Investment in Affiliates

  

Parent and Other

  

Consolidated Total

 

Operating revenues

 $29,499,219  $—  $30,464  $29,529,683 

Depreciation

  2,268,704   —   —   2,268,704 

Operating income (loss)

  7,528,839   (108,987)  23,536   7,443,388 

Equity in earnings (loss)

  —   (445)  —   (445)

Impairment of investments in affiliates

  —   (39,822,213)  —   (39,822,213)

Interest expense

  751,038   352,806   —   1,103,844 

Income (loss) before income taxes

  7,117,202   (40,279,495)  23,689   (33,138,604)

 

  

Three Months Ended March 31, 2021

 
  

Gas Utility

  

Investment in Affiliates

  

Parent and Other

  

Consolidated Total

 

Operating revenues

 $28,221,274  $—  $32,388  $28,253,662 

Depreciation

  2,128,304   —   —   2,128,304 

Operating income (loss)

  7,175,532   (102,295)  26,189   7,099,426 

Equity in earnings (loss)

  —   (3,797)  —   (3,797)

Interest expense

  707,532   300,232   —   1,007,764 

Income (loss) before income taxes

  6,750,004   (400,880)  26,289   6,375,413 

 

 

  

Six Months Ended March 31, 2022

 
  

Gas Utility

  

Investment in Affiliates

  

Parent and Other

  

Consolidated Total

 

Operating revenues

 $52,730,874  $—  $61,889  $52,792,763 

Depreciation

  4,539,398   —   —   4,539,398 

Operating income (loss)

  12,933,155   (160,547)  49,203   12,821,811 

Equity in earnings

  —   71,682   —   71,682 

Impairment of investments in affiliates

  —   (39,822,213)  —   (39,822,213)

Interest expense

  1,515,901   692,799   —   2,208,700 

Income (loss) before income taxes

  12,076,384   (40,596,376)  49,521   (28,470,471)

 

  

Six Months Ended March 31, 2021

 
  

Gas Utility

  

Investment in Affiliates

  

Parent and Other

  

Consolidated Total

 

Operating revenues

 $47,704,774  $—  $65,905  $47,770,679 

Depreciation

  4,281,702   —   —   4,281,702 

Operating income (loss)

  12,788,574   (153,142)  45,381   12,680,813 

Equity in earnings

  —   1,352,886   —   1,352,886 

Interest expense

  1,411,862   615,731   —   2,027,593 

Income before income taxes

  11,986,004   592,045   45,631   12,623,680 

 

  

March 31, 2022

 
  

Gas Utility

  

Investment in Affiliates(1)

  

Parent and Other

  

Consolidated Total

 

Total assets

 $240,934,602  $27,465,020  $19,958,863  $288,358,485 

(1) Decrease in total assets resulted from the MVP and Southgate impairment.  See Note 6 for additional information. 

 

  

September 30, 2021

 
  

Gas Utility

  

Investment in Affiliates

  

Parent and Other

  

Consolidated Total

 

Total assets

 $231,737,427  $65,686,376  $12,685,390  $310,109,193