Energy Services of America CORP Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Energy Services of America CORP has filed its Q1 2024 10-Q report, detailing financial data and corporate information.</b>

AI Summary

Energy Services of America CORP (ESOA) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Energy Services of America CORP filed a 10-Q report for the period ending March 31, 2024. The filing covers the fiscal quarter ending March 31, 2024. The company's principal business is Water, Sewer, Pipeline, Comm and Power Line Construction. The company was formerly known as Energy Services Acquisition Corp. and changed its name on March 30, 2006. The filing includes data related to common stock, additional paid-in capital, retained earnings, and treasury stock for various periods.

Why It Matters

For investors and stakeholders tracking Energy Services of America CORP, this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial performance and operational updates for Energy Services of America CORP. Understanding the details within this report is crucial for assessing the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: low — Energy Services of America CORP shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not indicate any immediate or significant financial distress or unusual events.

Analyst Insight

Review the detailed financial statements and segment information within the 10-Q to understand the company's performance drivers and identify any emerging trends.

Key Numbers

• 2024-03-31 — Conformed Period of Report (The end date of the reporting period)
• 2024-05-08 — Filed As Of Date (The date the report was filed)
• 0930 — Fiscal Year End (The end month and day of the company's fiscal year)

Key Players & Entities

• Energy Services of America CORP (company) — Filer of the 10-Q report
• Energy Services Acquisition Corp. (company) — Former name of the company
• 2024-03-31 (date) — Conformed period of report
• 2024-05-08 (date) — Filed as of date
• 1623 (sic_code) — Standard Industrial Classification code for Water, Sewer, Pipeline, Comm and Power Line Construction

FAQ

Industry Context

The company operates in the Water, Sewer, Pipeline, Comm and Power Line Construction industry.

Regulatory Implications

The filing is a standard 10-Q under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability.
2. Examine any disclosures regarding contracts and revenue recognition.
3. Monitor future filings for updates on operational performance and strategic initiatives.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 10-K filed for the fiscal year ended September 30, 2023.

Key Financial Figures

• $0.0001 — ch Registered Common Stock, Par Value $0.0001 ESOA The Nasdaq Stock Market LLC

Filing Documents

• esoa-20240331x10q.htm (10-Q) — 2335KB
• esoa-20240331xex31d1.htm (EX-31.1) — 13KB
• esoa-20240331xex31d2.htm (EX-31.2) — 13KB
• esoa-20240331xex32.htm (EX-32) — 7KB
• 0001410578-24-000633.txt (&nbsp;) — 8966KB
• esoa-20240331.xsd (EX-101.SCH) — 53KB
• esoa-20240331_cal.xml (EX-101.CAL) — 62KB
• esoa-20240331_def.xml (EX-101.DEF) — 128KB
• esoa-20240331_lab.xml (EX-101.LAB) — 395KB
• esoa-20240331_pre.xml (EX-101.PRE) — 274KB
• esoa-20240331x10q_htm.xml (XML) — 2047KB

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Consolidated Balance Sheets 2 Consolidated Statements of Income 3 Consolidated Statements of Cash Flows 4 Consolidated Statements of Changes in Shareholders' Equity 5 Notes to Unaudited Consolidated Financial Statements 6

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 36

: Other Information

Part II: Other Information

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 37

Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities 37

Other Information

Item 5. Other Information 37

Exhibits

Item 6. Exhibits 38

Signatures

Signatures 39 1 Table of Contents Part 1. Financial Information

Financial Statements (Unaudited)

Item 1. Financial Statements (Unaudited): Energy Services of America Corporation Consolidated Balance Sheets Unaudited March 31, September 30, 2024 2023 Assets Current assets Cash and cash equivalents $ 12,091,466 $ 16,431,572 Accounts receivable-trade 46,373,286 51,219,958 Allowance for doubtful accounts ( 51,063 ) ( 51,063 ) Retainages receivable 10,101,198 7,589,749 Other receivables 847,306 516,968 Contract assets 14,648,381 15,955,220 Prepaid expenses and other 5,106,870 3,520,178 Total current assets 89,117,444 95,182,582 Property, plant and equipment, at cost 87,681,355 84,329,349 less accumulated depreciation ( 50,703,501 ) ( 47,799,840 ) Total property and equipment, net 36,977,854 36,529,509 Right-of-use assets-operating lease 2,766,749 3,326,405 Intangible assets, net 3,166,815 3,383,099 Goodwill 4,087,554 4,087,554 Total assets $ 136,116,416 $ 142,509,149 Liabilities and shareholders' equity Current liabilities Current maturities of long-term debt $ 7,134,280 $ 6,107,277 Lines of credit and short-term borrowings 22,492,890 19,847,470 Current maturities of operating lease liabilities 1,286,881 1,075,815 Accounts payable 18,669,362 22,026,639 Accrued expenses and other current liabilities 10,876,126 13,103,944 Contract liabilities 16,308,516 17,743,001 Total current liabilities 76,768,055 79,904,146 Long-term debt, less current maturities 16,087,973 18,870,529 Long-term operating lease liabilities, less current maturities 1,494,633 2,274,975 Deferred tax liability 7,201,874 6,870,510 Total liabilities 101,552,535 107,920,160 Shareholders' equity Common stock, $ .0001 par value Authorized 50,000,000 shares, 17,896,016 issued and 16,577,586 outstanding at March 31, 2024 and 17,885,615 issued and 16,567,185 outstanding at September 30, 2023 1,790 1,789 Treasury stock, 1,318,430 shares at March 31, 2024 and

View Full Filing

View this 10-Q filing on SEC EDGAR