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LEASE OBLIGATIONS | 9 Months Ended
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Jun. 30, 2025
LEASE OBLIGATIONS |
LEASE OBLIGATIONS | 15. 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. The Company has only committed to a one-year renewal and is evaluating the intent 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 June 30, 2025. The 4.5% interest rate on the operating leases is based on the Company’s incremental borrowing rate at inception. The Company intends to sign a one-year renewal and is evaluating the intent 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 $81,000 at June 30, 2025. The 8.5% interest rate on the operating leases is based on the Company’s incremental borrowing rate at inception. The Company has a right-of-use operating lease with Enterprise Fleet Management, Inc. The Company had eighty – six vehicles on lease at June 30, 2025. The right-of-use operating lease has a carrying value of $2.2 million at June 30, 2025. Each vehicle leased under the master lease program has its own implicit rate ranging from 12.8% to 15.6%. The Company leases office and shop space for Ryan Construction’s headquarters in Bridgeport, West Virginia. The Company renewed the lease for one year effective October 1, 2024 through September 30, 2025. The Company has only committed to a one-year renewal and is evaluating the intent to renew for additional periods. 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 $72,000 at June 30, 2025. The 7.75% interest rate on the operating lease is based on the Company’s incremental borrowing rate at inception. 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 reporting period 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 $4.8 million and $2.5 million, respectively, for the three months ended June 30, 2025 and 2024. Rental expense was $13.8 million and $6.8 million, respectively, for the nine months ended June 30, 2025 and 2024. Schedules related to the Company’s operating leases at June 30, 2025 can be found below: Operating Lease-Weighted Average Remaining Term ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Present value of | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | remaining | ​ | ​ | ​ | ​
​ |  | Years left |  | liability |  | Lease end |  | Fiscal year end
Operating lease 1 |  | 0.0 | ​ | $ | — | ​ | 4/30/2025 | ​ | 2025
Operating lease 2 |  | 0.8 | ​ | ​ | 81,302 | ​ | 3/31/2026 |  | 2026
Operating lease 3 | ​ | 3.8 | ​ | ​ | 2,227,124 | ​ | 3/31/2028 | ​ | 2028
Operating lease 4 | ​ | 0.0 | ​ | ​ | — | ​ | 9/30/2024 | ​ | 2024
Operating lease 5 | ​ | 1.0 | ​ | ​ | 72,097 | ​ | 6/30/2026 | ​ | 2026
​ | ​ | ​ | ​ | $ | 2,380,523 | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average remaining term | ​ | ​ | ​ | ​ | 3.6 | years |  |  |
​
​ | ​ | ​ | ​
Operating Lease Maturity Schedule | ​ | ​ | ​
July 2025 to June 2026 |  | $ | 1,388,100
July 2026 to June 2027 | ​ |  | 1,009,213
July 2027 to June 2028 | ​ |  | 345,171
July 2028 to June 2029 | ​ | ​ | 166,817
July 2029 to June 2030 | ​ | ​ | 4,191
​ | ​ | ​ | 2,913,492
Less amounts representing interest | ​ |  | (532,969)
Present value of operating lease liabilities | ​ | $ | 2,380,523
​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | June 30, | ​ | June 30, | ​ | June 30, | ​ | June 30,
Operating Lease Expense |  | 2025 |  | 2025 |  | 2024 |  | 2024
Amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease 1 |  | $ | 6,885 | ​ | $ | 45,833 | ​ | $ | 17,529 | ​ | $ | 64,165
Operating lease 2 | ​ | ​ | 6,605 | ​ | ​ | 41,399 | ​ | ​ | 18,042 | ​ | ​ | 51,438
Operating lease 3 | ​ |  | 234,661 | ​ |  | 645,397 | ​ |  | 185,132 | ​ |  | 515,530
Operating lease 4 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 42,299 | ​ | ​ | 103,329
Operating lease 5 | ​ | ​ | 39,362 | ​ | ​ | 88,831 | ​ | ​ | 39,498 | ​ | ​ | 92,866
Total amortization | ​ | ​ | 287,513 | ​ | ​ | 821,460 | ​ | ​ | 302,500 | ​ | ​ | 827,328
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Operating lease 1 | ​ | ​ | — | ​ | ​ | 545 | ​ | ​ | 846 | ​ | ​ | 3,210
Operating lease 2 | ​ |  | 1,842 | ​ |  | 6,648 | ​ |  | 129 | ​ |  | 951
Operating lease 3 | ​ | ​ | 56,336 | ​ | ​ | 174,845 | ​ | ​ | 50,204 | ​ | ​ | 168,942
Operating lease 4 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 901 | ​ | ​ | 4,671
Operating lease 5 | ​ | ​ | 950 | ​ | ​ | 5,391 | ​ | ​ | 3,351 | ​ | ​ | 11,345
Total interest | ​ | ​ | 59,128 | ​ | ​ | 187,429 | ​ | ​ | 55,431 | ​ | ​ | 189,119
Total amortization and interest | ​ | $ | 346,641 | ​ | $ | 1,008,889 | ​ | $ | 357,931 | ​ | $ | 1,016,447
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | June 30, | ​ | June 30, | ​ | June 30, | ​ | June 30,
Cash Paid for Operating Leases |  | 2025 |  | 2025 |  | 2024 |  | 2024
Operating lease 1 |  | $ | 6,885 | ​ | $ | 46,378 | ​ | $ | 18,375 | ​ | $ | 67,375
Operating lease 2 | ​ | ​ | 8,447 | ​ | ​ | 48,047 | ​ | ​ | 18,171 | ​ | ​ | 52,389
Operating lease 3 | ​ | ​ | 290,997 | ​ | ​ | 820,242 | ​ | ​ | 235,336 | ​ | ​ | 684,472
Operating lease 4 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 43,200 | ​ | ​ | 108,000
Operating lease 5 | ​ | ​ | 40,312 | ​ | ​ | 94,222 | ​ | ​ | 42,849 | ​ | ​ | 104,211
​ |  | $ | 346,641 | ​ | $ | 1,008,889 | ​ | $ | 357,931 | ​ | $ | 1,016,447
​

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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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