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LEASE OBLIGATIONS | 12 Months Ended
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Sep. 30, 2025
LEASE OBLIGATIONS |
LEASE OBLIGATIONS |
21. | LEASE OBLIGATIONS
The Company leases office space for SQP for $1,500 per month. The lease, which was originally signed on March 25, 2021, is for a period of two years with five one-year renewals available immediately following the end of the base term. As of September 30, 2025, the Company has only committed to one-year renewals and is evaluating whether to renew for additional periods. The Company has two right-of-use operating leases acquired on April 29, 2022, as part of the Tri-State Paving, LLC transaction. The first operating lease, for the Hurricane, West Virginia facility, had a net present value of $236,000 at inception, and a carrying value of $0 at September 30, 2025. The 4.5% interest rate on the operating lease is based on the Company’s incremental borrowing rate at inception. The Company signed a one-year renewal after the lease expired and as of September 30, 2025 is evaluating whether to renew for additional periods. The second operating lease, for the Chattanooga, Tennessee facility, had a net present value of $144,000 at inception, and expired on August 31, 2024. The lease was renewed for a two-year period with a net present value of $140,000 and had a carrying value of $50,000 at September 30, 2025. The 8.5% interest rate on the operating lease is based on the Company’s incremental borrowing rate at inception. The Company has a right-of-use operating lease with Enterprise acquired on August 11, 2022, as part of the Ryan Environmental acquisition. This lease agreement was initially for thirty-one vehicles with a net present value of $1.2 million. The Company subsequently netted fifty-one additional leased vehicles. The right-of-use operating lease had a carrying value of $1.9 million at September 30, 2025. Each vehicle leased under the master lease program has its own implicit rate. The Company has a right-of-use operating lease acquired on March 28, 2023. This lease, for the Winchester, Kentucky facility, had a net present value of $290,000 at inception and a carrying value of $44,000 at September 30, 2025. The 7.5% interest rate on the operating lease is based on the Company’s incremental borrowing rate at inception. Schedules related to the Company’s operating leases at fiscal year ended September 30, 2025 can be found below: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating Lease-Weighted Average Remaining Term | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years left | ​ ​ ​ | Remaining liability | ​ ​ ​ | Lease end | ​ ​ ​ | Fiscal year end
Operating lease 1 |  | 0.0 | ​ | $ | — |  | 3/31/2025 |  | 2025
Operating lease 2 |  | 0.5 | ​ |  | 50,137 |  | 8/31/2026 |  | 2026
Operating lease 3 |  | 3.5 | ​ |  | 1,949,038 |  | 9/30/2028 |  | 2028
Operating lease 4 |  | 0.0 | ​ |  | — |  | 9/30/2024 |  | 2024
Operating lease 5 | ​ | 0.8 | ​ | ​ | 44,467 | ​ | 3/31/2026 | ​ | 2026
​ | ​ | ​ | ​ | $ | 2,043,642 | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average remaining term | ​ | ​ | ​ |  | 3.4 | years | ​ |  | ​
​
​ | ​ | ​ | ​
Operating Lease Maturity Schedule | ​ ​ ​ | ​ | ​ ​ ​
2026 | ​ | $ | 1,291,116
2027 | ​ |  | 799,632
2028 | ​ |  | 308,279
2029 | ​ |  | 101,426
​ | ​ |  | 2,500,453
Less amounts representing interest | ​ |  | (456,811)
Present value of operating lease liabilities | ​ | $ | 2,043,642
​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Twelve Months Ended | ​ ​ ​ | Twelve Months Ended
​ | ​ | September 30, | ​ | September 30,
Operating Lease Expense |  | 2025 | ​ | 2024
Amortization | ​ | ​ | ​ | ​ | ​ | ​
Operating lease 1 | ​ | $ | 45,833 | ​ | $ | 87,167
Operating lease 2 | ​ |  | 72,564 | ​ | ​ | 74,042
Operating lease 3 | ​ |  | 885,178 | ​ | ​ | 688,869
Operating lease 4 | ​ |  | — | ​ | ​ | 124,701
Operating lease 5 | ​ | ​ | 116,461 | ​ | ​ | 101,243
Total amortization | ​ |  | 1,120,036 | ​ | ​ | 1,076,022
​ | ​ | ​ | ​ | ​ | ​ | ​
Interest | ​ |  | ​ | ​ | ​ | ​
Operating lease 1 | ​ | $ | 545 | ​ | $ | 3,833
Operating lease 2 | ​ |  | 7,661 | ​ | ​ | 1,892
Operating lease 3 | ​ |  | 220,615 | ​ | ​ | 219,414
Operating lease 4 | ​ |  | — | ​ | ​ | 4,899
Operating lease 5 | ​ |  | 6,847 | ​ | ​ | 14,250
Total interest | ​ | ​ | 235,668 | ​ | ​ | 244,288
Total amortization and interest | ​ | $ | 1,355,704 | ​ | $ | 1,320,310
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | Twelve Months Ended | ​ ​ ​ | Twelve Months Ended
​ | ​ | September 30, | ​ | September 30,
Cash Paid for Operating Leases | ​ | 2025 | ​ | 2024
​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease 1 | ​ | $ | 46,378 | ​ | $ | 91,000
Operating lease 2 | ​ |  | 80,225 | ​ | ​ | 75,934
Operating lease 3 | ​ |  | 1,105,793 | ​ | ​ | 908,283
Operating lease 4 | ​ |  | — | ​ | ​ | 129,600
Operating lease 5 | ​ | ​ | 123,308 | ​ | ​ | 115,493
​ | ​ | $ | 1,355,704 | ​ | $ | 1,320,310
​ The Company rents equipment for use on construction projects with rental agreements being week to week or month to month. Rental expense can vary by fiscal year due to equipment requirements on construction projects and the availability of Company owned equipment. Rental expense, which is included in cost of goods sold on the consolidated statements of income, was $16.3 million and $22.9 million for the years ended September 30, 2025, and 2024, respectively.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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