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DISCONTINUED OPERATIONS (Tables) | 6 Months Ended
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Mar. 31, 2025
Discontinued Operations and Disposal Groups [Abstract] |
Schedules of discontinued operations presented in the financial statements | The following table presents the financial results from discontinued operations presented in the Condensed Consolidated Statements of Operations.
| Three months ended March 31, |  | Six months ended March 31,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenues: |  |  |  |  |  |  |
Contract drilling | $ | 613,000 |  |  | $ | 1,070,000 |  |  | $ | 1,156,000 |  |  | $ | 2,063,000 |
Other | — |  |  | 26,000 |  |  | — |  |  | 26,000 |
| 613,000 |  |  | 1,096,000 |  |  | 1,156,000 |  |  | 2,089,000 |
Costs and expenses: |  |  |  |  |  |  |
Contract drilling operating | 519,000 |  |  | 1,387,000 |  |  | 1,239,000 |  |  | 2,556,000 |
General and administrative | 91,000 |  |  | 125,000 |  |  | 209,000 |  |  | 209,000 |
Depreciation and amortization | 16,000 |  |  | 50,000 |  |  | 40,000 |  |  | 102,000 |
Interest expense | 1,000 |  |  | — |  |  | 1,000 |  |  | 2,000 |
Gain on sale of assets (1) | (538,000) |  |  | — |  |  | (538,000) |  |  | — |
| 89,000 |  |  | 1,562,000 |  |  | 951,000 |  |  | 2,869,000 |
Earnings (loss) from discontinued operations before income taxes | 524,000 |  |  | (466,000) |  |  | 205,000 |  |  | (780,000) |
Loss on sale of discontinued operations | (193,000) |  |  | — |  |  | (193,000) |  |  | — |
Income tax provision | — |  |  | — |  |  | — |  |  | — |
Net earnings (loss) from discontinued operations | $ | 331,000 |  |  | $ | (466,000) |  |  | $ | 12,000 |  |  | $ | (780,000) |
________________________ (1) In February 2025, the Company completed the sale of a contract drilling segment drilling rig and related ancillary equipment to an independent third party for proceeds of $538,000, net of related costs. The drilling rig and related ancillary equipment were fully depreciated and had a net book value of zero and as a result of the sale, the Company recognized a $538,000 gain during the three and six months ended March 31, 2025 which was recorded in discontinued operations. The following table presents the carrying amounts of the assets and liabilities of discontinued operations on the Condensed Consolidated Balance Sheets.
| March 31, 2025 |  | September 30, 2024
ASSETS |  |  |
Current assets: |  |  |
Cash and cash equivalents | $ | — |  |  | $ | 220,000 |
Accounts and other receivables, net of allowance for credit losses of: $0 at March 31, 2025; $234,000 at September 30, 2024 | — |  |  | 580,000 |
Assets held for sale | — |  |  | 69,000 |
Other current assets | — |  |  | 666,000 |
Total current assets of discontinued operations | $ | — |  |  | $ | 1,535,000 |
Non-current assets: |  |  |
Property and equipment: |  |  |
Drilling rigs and other property and equipment | $ | — |  |  | $ | 3,170,000 |
Accumulated depreciation, impairment, and amortization | — |  |  | (2,888,000) |
Total non-current assets of discontinued operations | $ | — |  |  | $ | 282,000 |
LIABILITIES |  |  |
Current liabilities: |  |  |
Accounts payable | $ | — |  |  | $ | 37,000 |
Accrued compensation | — |  |  | 124,000 |
Accrued operating and other expenses | — |  |  | 369,000 |
Total current liabilities of discontinued operations | $ | — |  |  | $ | 530,000 |

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