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GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Sep. 30, 2025

27.GOODWILL AND INTANGIBLE ASSETS

The Company follows the guidance of ASC 350-20-35-3 “Intangibles-Goodwill and Other (Topic 350)” 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 September 30, 2025 or 2024.

A table of the Company’s goodwill is below:


	September 30,		September 30,
	2025		2024

Beginning balance	$	4,087,554	$	4,087,554

Acquired		5,778,250		—

Ending balance	$	9,865,804	$	4,087,554

A table of the Company’s intangible assets subject to amortization at September 30, 2025 and 2024, is below:


				Accumulated		Accumulated			Amortization and		Amortization and
	Remaining Life			Amortization and		Amortization and			Impairment		Impairment		Net Book		Net Book
	(in months) at			Impairment at		Impairment at			Twelve Months Ended		Twelve Months Ended		Value at		Value at
	September 30,	Original		September 30,		September 30,			September 30,		September 30,		September 30,		September 30,
Intangible assets:	2025	Cost		2025		2024			2025		2024		2025		2024

West Virginia Pipeline:
Customer relationships	63	$	2,209,724		1,049,610	$	828,630			220,980		220,969	$	1,160,114	$	1,381,094
Tradename	63		263,584		125,215		98,863			26,352		26,363		138,369		164,721
Non-competes	—		83,203		83,203		83,203			—		—		—		—

Heritage Painting
Customer relationships	45		121,100		30,270		6,054			24,216		6,054		90,830		115,046

Tri-State Paving:
Customer relationships	79		1,649,159		563,463		398,547			164,916		164,916		1,085,696		1,250,612
Tradename	79		203,213		69,431		49,110			20,321		20,321		133,782		154,103
Non-competes	—		39,960		39,960		39,960			—		—		—		—

Tribute Contracting & Consultants
Non-compete 1	110		520,000		43,333		—			43,333		—		476,667		—
Non-compete 2	86		10,000		1,042		—			1,042		—		8,958		—
Tradename	50		80,000		13,333		—			13,333		—		66,667		—
Backlog	14		1,320,000		550,000		—			550,000		—		770,000		—

Rigney Digital Systems
Tradename	132		657,100		—		—			—		—		657,100		—
Backlog	24		260,600		—		—			—		—		260,600		—
Non-compete	120		46,300		—		—			—		—		46,300		—

Total intangible assets		$	7,463,943	$	2,568,860	$	1,504,367		$	1,064,493	$	438,623	$	4,895,083	$	3,065,576

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


	Amortization Expense
October 2025 to September 2026	$	1,380,684
October 2026 to September 2027		830,692
October 2027 to September 2028		590,388
October 2028 to September 2029		584,354
October 2029 to September 2030		552,859
After		956,106
Total	$	4,895,083