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SHORT-TERM AND LONG-TERM DEBT | 12 Months Ended
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Sep. 30, 2025
SHORT-TERM AND LONG-TERM DEBT |
SHORT-TERM AND LONG-TERM DEBT |
15. | SHORT-TERM AND LONG-TERM DEBT
A summary of short-term and long-term debt as of September 30, 2025 and 2024 is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | September 30,
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​
Line of credit payable to bank, monthly interest at 7.25%, final payment due by June 28, 2027, guaranteed by certain directors of the Company. | ​ | $ | 24,750,000 | ​ | $ | 4,500,000
​ | ​ |  | ​ | ​ |  | ​
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. | ​ | ​ | 5,878,041 | ​ | ​ | 7,802,313
​ | ​ | ​ | ​ | ​ | ​ | ​
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. | ​ | ​ | 10,401,366 | ​ | ​ | 10,292,676
​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ |  | 1,134,185
​ | ​ |  | ​ | ​ |  | ​
Notes payable to finance companies, due in monthly installments totaling $244,000 at September 30, 2025 and $76,000 at September 30, 2024, including interest ranging from 0.00% to 6.0%, final payments due October 2025 through September 2028, secured by equipment. | ​ |  | 5,415,401 | ​ |  | 1,787,009
​ | ​ |  | ​ | ​ |  | ​
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. | ​ |  | 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. | ​ | ​ | 710,466 | ​ | ​ | 762,670
​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ |  | 2,024,847
​ | ​ |  | ​ | ​ |  | ​
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. | ​ | ​ | 4,910,097 | ​ | ​ | —
​ | ​ |  | ​ | ​ |  | ​
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. $461,000 fair value at September 30, 2025. | ​ |  | 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 | ​ |  | 940,000
​ | ​ |  | ​ | ​ |  | ​
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 | ​ | ​ | 4,359,883
​ | ​ | ​ | ​ | ​ | ​ | ​
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 | ​ | $ | 72,204,213 | ​ | $ | 33,853,583
​ | ​ |  | ​ | ​ |  | ​
Less current maturities | ​ |  | 21,948,182 | ​ |  | 16,665,591
​ | ​ |  | ​ | ​ |  | ​
Total long term debt | ​ | $ | 50,256,031 | ​ | $ | 17,187,992
​ At September 30, 2025, future expected payments due on short-term and long-term debt are as follows: ​
​ | ​ | ​ | ​
2026 | ​ ​ ​ | $ | 21,948,182
2027 | ​ | ​ | 34,649,826
2028 | ​ | ​ | 6,552,086
2029 | ​ | ​ | 4,291,722
2030 | ​ | ​ | 3,637,104
Thereafter | ​ | ​ | 1,125,293
​ | ​ | $ | 72,204,213
​

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