Energy Services of America CORP 10-Q for FY2025 Q3

Energy Services of America CORP (ESOA)

10-Q 2025-08-11 For: 2025-06-30

Added on April 07, 2026

About this 10-Q

Energy Services of America CORP filed this 10-Q on August 11, 2025, covering the quarter ended June 30, 2025 (FY2025 Q3).

Headline figures

Quarter ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $103.6M; up 20.6% from $85.92M a year earlier
Diluted EPS: $0.12; down 88.7% from $1.06 a year earlier

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Delaware		20-4606266
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification Number)


75 West 3^rd Ave., Huntington, West Virginia		25701
(Address of Principal Executive Office)		(Zip Code)

Title of Each Class		Trading Symbols		Name of Each Exchange On Which Registered
Common Stock, Par Value $0.0001		ESOA		The Nasdaq Stock Market LLC


Large accelerated filer	☐	Accelerated filer	☒

Non-accelerated filer	☐	Smaller reporting company	☒

		Emerging growth company	☐


Part 1: Financial Information

Item 1. Financial Statements (Unaudited):

Consolidated Balance Sheets (Unaudited)		2

Consolidated Statements of Income (Unaudited)		3

Consolidated Statements of Cash Flows (Unaudited)		4

Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)		5

Notes to Unaudited Consolidated Financial Statements		7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		21

Item 3. Quantitative and Qualitative Disclosures About Market Risk		39

Item 4. Controls and Procedures		39

Part II: Other Information

Item 1. Legal Proceedings		40

Item 1A. Risk Factors		40

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities		40

Item 5. Other Information		40

Item 6. Exhibits		41

Signatures		42


☒	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


	June 30,		September 30,
	2025		2024
Assets
Current assets
Cash and cash equivalents	$	15,338,234	$	12,926,036
Accounts receivable-trade		58,353,666		56,802,844
Allowance for doubtful accounts		(700,875)		(738,526)
Retainage receivable		16,283,468		11,704,281
Other receivables		1,094,732		1,047,952
Contract assets		26,685,573		24,595,792
Prepaid expenses and other		4,562,700		4,088,550
Total current assets		121,617,498		110,426,929

Property, plant and equipment, at cost		114,275,410		91,885,621
less accumulated depreciation		(60,184,759)		(53,749,907)
Total fixed assets		54,090,651		38,135,714

Right-of-use assets-operating leases		2,377,861		2,531,227
Intangible assets, net		3,606,317		3,065,576
Goodwill		7,428,761		4,087,554
Total assets	$	189,121,088	$	158,247,000

Liabilities and shareholders’ equity
Current liabilities
Current maturities of long-term debt	$	11,133,370	$	6,372,915
Current maturities of short-term borrowings		10,367,394		10,292,676
Current maturities of operating lease liabilities		1,140,315		907,503
Accounts payable		24,353,056		23,673,659
Accrued expenses and other current liabilities		15,934,215		13,855,533
Contract liabilities		27,660,163		16,950,988
Income tax payable		413,451		2,195,278
Total current liabilities		91,001,964		74,248,552

Long-term debt, less current maturities		37,600,186		17,187,992
Long-term operating lease liabilities, less current maturities		1,240,208		1,625,424
Deferred tax liability		4,737,207		6,490,888
Total liabilities		134,579,565		99,552,856

Shareholders’ equity
Common stock, $.0001 par value Authorized 50,000,000 shares, 18,008,243 issued and 16,612,123 outstanding at June 30, 2025 and 17,860,413 issued and 16,570,685 outstanding at September 30, 2024		1,806		1,790
Treasury stock, 1,396,120 shares at June 30, 2025 and 1,289,728 shares at September 30, 2024		(143)		(133)
Additional paid in capital		61,497,573		60,282,921
Retained deficit		(6,957,713)		(1,590,434)
Total shareholders’ equity		54,541,523		58,694,144
Total liabilities and shareholders’ equity	$	189,121,088	$	158,247,000


	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	June 30,		June 30,		June 30,		June 30,
	2025		2024		2025		2024
Revenue	$	103,601,585	$	85,923,760	$	280,926,850	$	247,214,602

Cost of revenue		91,618,987		70,615,936		258,602,810		214,828,263

Gross profit		11,982,598		15,307,824		22,324,040		32,386,339

Selling and administrative expenses		8,814,545		6,815,191		25,602,253		21,335,862
Income (loss) from operations		3,168,053		8,492,633		(3,278,213)		11,050,477

Other income (expense)
Proceeds from lawsuit judgement		—		15,634,499		—		15,634,499
Other nonoperating expense		(38,529)		(27,446)		(107,407)		(33,935)
Interest expense		(781,198)		(546,960)		(2,140,686)		(1,771,560)
(Loss) gain on sale of equipment		(128,710)		571		50,532		292,166
		(948,437)		15,060,664		(2,197,561)		14,121,170

Income (loss) before income taxes		2,219,616		23,553,297		(5,475,774)		25,171,647

Income tax expense (benefit)		137,987		6,039,670		(1,612,718)		6,724,653

Net income (loss)		2,081,629		17,513,627		(3,863,056)		18,446,994

Weighted average shares outstanding-basic		16,625,761		16,565,827		16,644,028		16,567,034

Weighted average shares-diluted		16,666,135		16,597,982		16,644,028		16,602,903

Earnings (loss) per share available to common shareholders	$	0.13	$	1.06	$	(0.23)	$	1.11

Earnings (loss) per share-diluted available to common shareholders	$	0.12	$	1.06	$	(0.23)	$	1.11


										Total
	Common Stock			Additional Paid		Retained		Treasury		Shareholders’
	Shares	Amount		in Capital		Deficit		Stock		Equity
Balance at September 30, 2024	16,570,685	$	1,790	$	60,282,921	$	(1,590,434)	$	(133)	$	58,694,144

Net income	—		—		—		853,733		—		853,733

Dividends on common stock ($0.03 per share on 16,705,457 shares)	—		—		—		(501,164)		—		(501,164)

Common shares issued as part of acquisition	134,772		13		1,999,987		—		—		2,000,000

Balance at December 31, 2024	16,705,457	$	1,803	$	62,282,908	$	(1,237,865)	$	(133)	$	61,046,713

Net loss	—		—		—		(6,798,418)		—		(6,798,418)

Dividends on common stock ($0.03 per share on 16,716,809 shares)	—		—		—		(501,504)		—		(501,504)

Vested restricted stock award	11,352		1		32,757		—		—		32,758

Balance at March 31, 2025	16,716,809	$	1,804	$	62,315,665	$	(8,537,787)	$	(133)	$	53,779,549

Net income	—		—		—		2,081,629		—		2,081,629

Dividends on common stock ($0.03 per share on 16,718,515 shares)	—		—		—		(501,555)		—		(501,555)

Vested restricted stock award	1,706		2		26,128		—		—		26,130

Treasury stock purchased by company	(106,392)		—		(844,220)		—		(10)		(844,230)

Balance at June 30, 2025	16,612,123	$	1,806	$	61,497,573	$	(6,957,713)	$	(143)	$	54,541,523


	Three Months Ended June 30, 2025
					Electrical,
	Gas & Water		Gas & Petroleum		Mechanical, &		Total revenue
	Distribution		Transmission		General		from contracts
Lump sum contracts	$	—	$	—	$	34,447,972	$	34,447,972
Unit price contracts		38,566,422		9,669,098		781,248		49,016,768
Cost plus and T&M contracts		—		5,656,852		14,479,993		20,136,845
Total revenue from contracts	$	38,566,422	$	15,325,950	$	49,709,213	$	103,601,585

Earned over time	$	19,921,978	$	9,669,098	$	39,791,305	$	69,382,381
Earned at point in time		18,644,444		5,656,852		9,917,908		34,219,204
Total revenue from contracts	$	38,566,422	$	15,325,950	$	49,709,213	$	103,601,585


	Nine Months Ended June 30, 2025
					Electrical,
	Gas &Water		Gas & Petroleum		Mechanical, &		Total revenue
	Distribution		Transmission		General		from contracts
Lump sum contracts	$	—	$	—	$	106,377,171	$	106,377,171
Unit price contracts		96,967,546		31,204,196		2,745,569		130,917,311
Cost plus and T&M contracts		—		5,973,029		37,659,339		43,632,368
Total revenue from contracts	$	96,967,546	$	37,177,225	$	146,782,079	$	280,926,850

Earned over time	$	57,882,973	$	31,204,196	$	114,285,118	$	203,372,287
Earned at point in time		39,084,573		5,973,029		32,496,961		77,554,563
Total revenue from contracts	$	96,967,546	$	37,177,225	$	146,782,079	$	280,926,850


	Three Months Ended June 30, 2024
	Gas & Water		Gas & Petroleum		Electrical, Mechanical,		Total revenue
	Distribution		Transmission		& General		from contracts
Lump sum contracts	$	—	$	—	$	30,678,722	$	30,678,722
Unit price contracts		22,536,366		16,687,458		579,567		39,803,391
Cost plus and T&M contracts		—		451,348		14,990,299		15,441,647
Total revenue from contracts	$	22,536,366	$	17,138,806	$	46,248,588	$	85,923,760

Earned over time	$	605,362	$	16,687,458	$	32,717,660	$	50,010,480
Earned at point in time		21,931,004		451,348		13,530,928		35,913,280
Total revenue from contracts	$	22,536,366	$	17,138,806	$	46,248,588	$	85,923,760


	Nine Months Ended June 30, 2024
	Gas & Water		Gas & Petroleum		Electrical, Mechanical,		Total revenue
	Distribution		Transmission		& General		from contracts
Lump sum contracts	$	—	$	—	$	86,311,693	$	86,311,693
Unit price contracts		53,892,952		53,580,598		3,290,437		110,763,987
Cost plus and T&M contracts		—		1,884,529		48,254,393		50,138,922
Total revenue from contracts	$	53,892,952	$	55,465,127	$	137,856,523	$	247,214,602

Earned over time	$	10,746,633	$	53,580,598	$	95,859,496	$	160,186,727
Earned at point in time		43,146,319		1,884,529		41,997,027		87,027,875
Total revenue from contracts	$	53,892,952	$	55,465,127	$	137,856,523	$	247,214,602


	June 30, 2025		September 30, 2024		Change
Accounts receivable-trade, net of allowance for doubtful accounts	$	57,652,791	$	56,064,318	$	1,588,473

Contract assets
Cost and estimated earnings in excess of billings	$	26,685,573	$	24,595,792	$	2,089,781

Contract liabilities
Billings in excess of cost and estimated earnings	$	27,660,163	$	16,950,988	$	10,709,175


	June 30, 2025		September 30, 2024
Costs incurred on contracts in progress	$	444,808,043	$	347,180,901
Estimated earnings, net of estimated losses		77,668,447		59,349,378
		522,476,490		406,530,279
Less billings to date		523,451,080		398,885,475
	$	(974,590)	$	7,644,804

Costs and estimated earnings in excess of billed on uncompleted contracts	$	26,685,573	$	24,595,792

Less billings in excess of costs and estimated earnings on uncompleted contracts		27,660,163		16,950,988

	$	(974,590)	$	7,644,804


	Nine Months Ended		Nine Months Ended
	June 30,		June 30,
	2025		2024
Cash flows from operating activities:
Net (loss) income	$	(3,863,056)	$	18,446,994

Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation expense		8,713,445		6,338,224
Accreted interest on PPP loans		74,718		75,380
(Loss) gain on sale of equipment		(50,532)		(292,166)
Provision for deferred taxes		(1,753,681)		412,457
Amortization of intangible assets		459,259		324,426
Accreted interest on note payable		45,000		53,977
Vested stock grants		58,888		35,556
Decrease in accounts receivable-trade		4,000,870		1,046,178
Increase in retainage receivable		(1,808,157)		(2,689,270)
Decrease (increase) in other receivables		1,366,200		(605,252)
Increase in contract assets		(373,797)		(5,090,894)
Increase in prepaid expenses and other		(474,150)		(725,714)
Decrease in accounts payable		(2,797,474)		(2,580,965)
(Decrease) increase in accrued expenses and other current liabilities		(203,738)		4,573,985
Increase in contract liabilities		10,028,162		201,617
Net cash provided by operating activities		13,421,957		19,524,533

Cash flows from investing activities:
Investment in property and equipment		(9,101,722)		(6,666,139)
Acquistion of Tribute Contracting & Consultants, net of cash aquired		(20,783,224)		—
Proceeds from sales of property and equipment		724,961		995,324
Net cash used in investing activities		(29,159,985)		(5,670,815)

Cash flows from financing activities:
Proceeds from long-term debt		19,676,024		—
Borrowings on lines of credit and short term debt, net of (repayments)		7,073,976		(9,663,150)
Cash dividend on common stock		(1,002,668)		(994,031)
Treasury stock purchased		(844,230)		(41,380)
Principal payments on long-term debt		(6,752,876)		(5,048,862)
Net cash provided by (used in) financing activities		18,150,226		(15,747,423)
Increase (decrease) in cash and cash equivalents		2,412,198		(1,893,705)
Cash and cash equivalents beginning of period		12,926,036		16,431,572


	June 30, 2025			September 30, 2024
Eligible borrowing base	$	23,878,282		$	25,089,446

Borrowed on line of credit		11,573,976			4,500,000

Line of credit balance available	$	12,304,306		$	20,589,446

Interest rate		7.5	%		8.0	%


	June 30, 2025		September 30, 2024
Deferred tax liabilities
Property and equipment	$	9,543,124	$	7,437,645
Other		1,621,785		1,509,487
Total deferred tax liabilities	$	11,164,909	$	8,947,132

Deferred income tax assets
Accruals & Other	$	2,908,231	$	2,325,671
Net operating loss carry forward-Federal		2,830,323		—
Net operating loss carryforward-States		1,222,123		663,548
Net operating loss valuation allowance-States		(532,975)		(532,975)
Total deferred tax assets	$	6,427,702	$	2,456,244

Total net deferred tax liabilities	$	4,737,207	$	6,490,888


	June 30, 2025		September 30, 2024
Line of credit payable to bank, monthly interest at 7.5%, final payment due by June 28, 2026, guaranteed by certain directors of the Company.	$	11,573,976	$	4,500,000

Equipment line of credit with a total of $9.3 million with payments of $202,809 due in monthly installments, including fixed interest at 7.25% and final payment due February 2028, secured by equipment, guaranteed by certain directors of the Company.		6,371,527	$	7,802,313

Paycheck Protection Program loans from Small Business Administration, 1.0% simple interest, initially forgiven in the fiscal year ended September 30, 2021. Final forgiveness decision has not been determined.		10,367,394		10,292,676

Term note payable to United Bank, WV Pipeline acquisition, due in monthly installments of $64,853, including fixed interest at 4.25%, final payment due by March 25, 2026, secured by receivables and equipment, guaranteed by certain directors of the Company.		579,100		1,134,185

Notes payable to finance companies, due in monthly installments totaling $219,000 at June 30, 2025 and $76,000 at September 30, 2024, including interest ranging from 0.00% to 6.0%, final payments due July 2025 through September 2028, secured by equipment.		5,465,337		1,787,009

Notes payable to United Bank, Tribute acquisition finance, due in monthly installments totaling $272,016, including fixed interest at 6.9%, final payment due December 2030 secured by receivables and equipment, guaranteed by certain directors of the Company.		14,723,984		—

Notes payable to bank, due in monthly installments totaling $7,848, including interest at 4.82%, final payment due November 2034 secured by building and property.		723,930		762,670

Notes payable to bank, due in monthly installments totaling $59,932, including fixed interest at 6.0%, final payment due October 2027 secured by receivables and equipment, guaranteed by certain directors of the Company.		1,568,442		2,024,847

Equipment line of credit with a total of $5.0 million borrowings available, including fixed interest at 8.5% for purchases made in the first twelve months. After twelve months the borrowings will be converted to a forty-eight month term note agreement with a fixed interest rate equal to the “U.S. Treasury Rate” plus 2.75% per annum. As of June 30, 2025, the Company had borrowed $3.7 million against this line of credit and made no principal payments. The agreement is guaranteed by certain directors of the Company.		3,676,024		—

Notes payable to David Bolton and Daniel Bolton, due in annual installments totaling $500,000, including interest at 3.25%, final payment due December 31, 2025, unsecured.		485,000		940,000

Note payable to United Bank, Tri-State Paving acquisition, due in monthly installments of $129,910, including fixed interest at 4.50%, final payment due by June 1, 2027, secured by receivables and equipment, guaranteed by certain directors of the Company.		3,316,236		4,359,883

Notes payable to Corns Enterprises, $1,000,000 with fair value of $936,000, due in annual installments totaling $250,000, including interest at 3.50%, final payment due April 29, 2026, unsecured.		250,000		250,000

Total debt	$	59,100,950	$	33,853,583

Less current maturities		21,500,764		16,665,591

Total long term debt	$	37,600,186	$	17,187,992


Accounts Receivable and Retainages acquired from seller	$	8,360,373
Receivable for cash due to buyer		1,708,847
Contract assets acquired from seller		1,715,984
Equipment		14,250,526
Land and Building		650,000
Goodwill		3,341,207
Intangible assets		1,000,000
Accounts payable assumed		(3,476,871)
Long-term debt assumed		(3,789,962)
Contract liabilities assumed		(681,013)
	$	23,079,091



	June 30, 2025		September 30, 2024
Beginning balance	$	4,087,554	$	4,087,554
Acquired		3,341,207		—
Ending balance	$	7,428,761	$	4,087,554


				Accumulated		Accumulated		Amortization		Amortization		Amortization		Amortization
	Remaining Life			Amortization and		Amortization and		and Impairment		and Impairment		and Impairment		and Impairment
	(in months) at			Impairment at		Impairment at		Three Months		Nine Months		Three Months		Nine Months		Net Book Value		Net Book Value
	June 30,			June 30,		September 30,		Ended June 30,		Ended June 30,		Ended June 30,		Ended June 30,		at June 30,		at September 30,
	2025	Original Cost		2025		2024		2025		2025		2024		2024		2025		2024
Intangible assets:
West Virginia Pipeline:
Customer relationships	66	$	2,209,724	$	994,365	$	828,630	$	55,245	$	165,735	$	55,242	$	165,726	$	1,215,359	$	1,381,094
Tradename	66		263,584		118,627		98,863		6,588		19,764		6,591		19,773		144,957		164,721
Non-competes	—		83,203		83,203		83,203		—		—		—		—		—		—

Revolt Energy:
Employment agreement/non-compete	—		100,000		100,000		100,000		—		—		—		—		—		—

Heritage Painting
Customer relationships	48		121,100		24,216		6,054		6,054		18,162		—		—		96,884		115,046

Tri-State Paving:
Customer relationships	82		1,649,159		522,234		398,547		41,229		123,687		41,229		123,687		1,126,925		1,250,612
Tradename	82		203,213		64,351		49,110		5,081		15,241		5,080		15,240		138,862		154,103
Non-competes	—		39,960		39,960		39,960		—		—		—		—		—		—

Tribute Contracting & Consultants
Customer relationships	53		500,000		58,332		—		25,000		58,332		—		—		441,668		—
Tradename	53		250,000		29,169		—		12,501		29,169		—		—		220,831		—
Non-competes	53		250,000		29,169		—		12,501		29,169		—		—		220,831		—

Total intangible assets		$	5,669,943	$	2,063,626	$	1,604,367	$	164,199	$	459,259	$	108,142	$	324,426	$	3,606,317	$	3,065,576


	Amortization Expense
July 2025 to June 2026	$	656,784
July 2026 to June 2027		656,784
July 2027 to June 2028		656,784
July 2028 to June 2029		656,804
July 2029 to June 2030		515,878
After		463,283
Total	$	3,606,317


		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
	June 30, 2025		% of total		June 30, 2024		% of total		Change		% Change
Gas & Water Distribution	$	38,566,422	37.2	%	$	22,536,366	26.2	%		16,030,056	71.1	%
Gas & Petroleum Transmission		15,325,950	14.8	%		17,138,806	19.9	%		(1,812,856)	-10.6	%
Electrical, Mechanical, & General		49,709,213	48.0	%		46,248,588	53.8	%		3,460,625	7.5	%
Total	$	103,601,585	100.0	%	$	85,923,760	100.0	%		17,677,825	20.6	%

	Nine Months Ended
	June 30, 2025		% of total		June 30, 2024		% of total		Change		% Change
Gas & Water Distribution	$	96,967,546	34.5	%		53,892,952	21.8	%	$	43,074,594	79.9	%
Gas & Petroleum Transmission		37,177,225	13.2	%		55,465,127	22.4	%		(18,287,902)	-33.0	%
Electrical, Mechanical, & General		146,782,079	52.2	%		137,856,523	55.8	%		8,925,556	6.5	%
Total	$	280,926,850	100.0	%	$	247,214,602	100.0	%	$	33,712,248	13.6	%


	Three Months Ended
	June 30, 2025		% of revenue		June 30, 2024		% of revenue		Change		Pct.
Gas & Water Distribution	$	6,678,853	17.32	%	$	6,394,637	28.37	%		284,216	4.4	%
Gas & Petroleum Transmission		1,123,753	7.33	%		4,589,300	26.78	%		(3,465,547)	-75.5	%
Electrical, Mechanical, & General		5,274,580	10.61	%		6,028,632	13.04	%		(754,052)	-12.5	%
Unallocated Shop Expense		(1,094,588)				(1,704,745)				610,157	-35.8	%
Total	$	11,982,598	11.6	%	$	15,307,824	17.8	%	$	(3,325,226)	-21.7	%

	Nine Months Ended
	June 30, 2025		% of revenue		June 30, 2024		% of revenue		Change		% Change
Gas & Water Distribution	$	10,931,257	11.3	%	$	12,782,076	23.7	%	$	(1,850,819)	-14.5	%
Gas & Petroleum Transmission		852,476	2.3	%		8,216,453	14.8	%		(7,363,977)	-89.6	%
Electrical, Mechanical, & General		13,867,872	9.4	%		14,205,949	10.3	%		(338,077)	-2.4	%
Unallocated Shop Expense		(3,327,565)				(2,818,139)				(509,426)	18.1	%
Total	$	22,324,040	7.9	%	$	32,386,339	13.1	%	$	(10,062,299)	-31.1	%


Accounts receivable, net of retention	at June 30, 2025		at September 30, 2024
Nicholas Co. Board of Education	11.1	%	*
All other	88.9	%	100.0	%
Total	100.0	%	100.0	%


	June 30, 2025		September 30, 2024
Balance at beginning of period	$	738,526	$	51,063
Charged to expense		—		687,463
Deductions for uncollectible receivables written off, net of recoveries		(37,651)		—
Balance at end of period	$	700,875	$	738,526


				Value of Shares		Maximum Number of
				Purchased as Part of		Shares That May Yet Be
	Total Number of Shares	Average Price		Publicly Announced		Purchased Under the
Period	Purchased	Paid Per Share		Plans or Programs		Plans or Programs
April 2025	—	$	—	$	—	893,099
May 2025	106,392	$	7.94	$	844,230	786,707
June 2025	—	$	—	$	—	786,707
Total	106,392	$	7.94	$	844,230


31.1		Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32		Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		XBRL Instance Document

101.SCH		XBRL Taxonomy Extension Schema Document

101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		XBRL Taxonomy Extension Label Linkbase Document

101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document


Date:	August 11, 2025	By:	/s/ Douglas V. Reynolds
			Douglas V. Reynolds
			Chief Executive Officer

Date:	August 11, 2025	By:	/s/ Charles P. Crimmel
			Charles P. Crimmel
			Chief Financial Officer