SEC Form 11-K filed by Energy Services of America Corporation
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ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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☐ |
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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Page
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Report of Independent Registered Public Accounting Firm (Successor Auditor)
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1 - 2
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Report of Independent Registered Public Accounting Firm (Predecessor Auditor)
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3
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Financial Statements
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Statements of Net Assets Available for Benefits
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4
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Statement of Changes in Net Assets Available for Benefits
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5
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Notes to Financial Statements
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6 - 13
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Supplemental Schedules
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Schedule H, Line 4a ‐ Schedule of Delinquent Participant Contributions
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15
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Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
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16
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Signature Page
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17 |
Exhibit 23.1 - Consent of Independent Registered Public Accounting Firm (Successor Auditor)
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18
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Exhibit 23.2 – Consent of Independent Registered Public Accounting Firm ( Predecessor Auditor)
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19
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Energy Services of America Staff 401(k) Retirement Savings Plan
ENERGY SERVICES OF AMERICA STAFF 401K RETIREMENT SAVINGS PLAN
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STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
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DECEMBER 31, 2023 AND 2022
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2023
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2022
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Assets
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Investments, at fair value
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$ 15,881,441
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$ 10,414,322
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Contributions receivable:
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Employee contributions receivable
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11,151
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55,795
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Employer contributions receivable
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7,517
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38,934
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Other employer contributions
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1,152
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—
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Notes receivable from participants
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163,752
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139,673
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Total assets
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16,065,013
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10,648,724
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Liabilities
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—
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—
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Net assets available for benefits
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$ 16,065,013
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$ 10,648,724
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The Accompanying Notes Are An Integral Part Of These Financial Statements |
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ENERGY SERVICES OF AMERICA STAFF 401K RETIREMENT SAVINGS PLAN
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STATEMENT OF CHANGES IN NET ASSETS
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AVAILABLE FOR BENEFITS
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YEAR ENDED DECEMBER 31, 2023
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2023
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Additions:
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Investment income:
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Net appreciation in fair value of investments
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$ 3,889,090
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Interest and dividends
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282,009
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Net investment income
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4,171,099
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Interest income on notes receivable from participants
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8,519
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Contributions:
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Employee contributions, including rollovers
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1,349,006
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Employer contributions
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709,987
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Other employer contributions
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1,152
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Total contributions
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2,060,145
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Total additions
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6,239,763
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Deductions:
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Distributions to participants or beneficiaries
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817,554
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Fees and expenses
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5,920
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Total deductions
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823,474
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Net increase in net assets available for benefits during the year
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5,416,289
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Net assets available for benefits, beginning of year
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10,648,724
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Net assets available for benefits, end of year
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$ 16,065,013
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The Accompanying Notes Are An Integral Part Of These Financial Statements | |
Level 1 |
Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access.
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Level 2 |
Inputs to the valuation methodology include: quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in inactive markets; inputs other than quoted prices that are
observable for the asset or liability; inputs that are derived principally from or corroborated by observable market data by correlation or other means. If the asset or liability has a specified (contractual) term, the level 2 input must be
observable for substantially the full term of the asset or liability.
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Level 3 |
Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
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Fair Value at December 31, 2023
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Level 1
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Level 2
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Level 3
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Total
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Investments in the fair value hierarchy
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Mutual funds
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$ 10,215,502
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$ —
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$ —
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$ 10,215,502
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Unitized stock fund
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4,553,615
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—
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—
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4,553,615
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14,769,117
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—
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—
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14,769,117
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Investments measured at NAV (a)
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Collective investment trusts
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—
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—
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—
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1,112,324
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Investments at fair value
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$ 14,769,117
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$ —
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$ —
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$ 15,881,441
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Fair Value at December 31, 2022
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Level 1
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Level 2
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Level 3
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Total
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Investments in the fair value hierarchy
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Mutual funds
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$ 7,722,875
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$ —
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$ —
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$ 7,722,875
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Unitized stock fund
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1,595,496
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—
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—
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1,595,496
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9,318,371
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—
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—
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9,318,371
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Investments measured at NAV (a)
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Collective investment trusts
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—
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—
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—
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1,095,951
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Investments at fair value
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$ 9,318,371
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$ —
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$ —
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$ 10,414,322
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(a)
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In accordance with FASB Topic 820, certain investments that were measured at NAV per share (or its equivalent) have not been classified in the fair value hierarchy. The fair value amounts presented in this
table are intended to permit reconciliation of the fair value hierarchy to the line items presented in the statements of net assets available for benefits.
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Redemption
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Frequency
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Redemption
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Unfunded
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(If Currently
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Notice
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Fair Value
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Commitments
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Eligible)
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Period
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2023
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2022
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2023 and 2022
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Collective investment trusts
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$ 1,112,324
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$ 1,095,951
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n/a
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Daily
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12 months
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ENERGY SERVICES OF AMERICA STAFF 401K RETIREMENT SAVINGS PLAN
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EIN: 20-4606266, Plan Number 002
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Schedule H, Line 4a - Schedule of Delinquent Participant Contributions
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For the Year Ended December 31, 2023
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Participant Contributions Transferred Late to the Plan
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Total that Constitute Nonexempt Prohibited Transactions
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Total Fully Corrected Under VFCP and PTE 2002-51
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Check here if Late Participant Loan Repayments are included
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Contributions Not Fully Corrected
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Contributions Corrected Outside VFCP
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Contributions Pending Correction in VFCP
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Participant Contributions Transferred Late to the Plan for the Year Ended December 31, 2021
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x
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$ 38,475
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$ —
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$ —
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$ —
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Participant Contributions Transferred Late to the Plan for the Year Ended December 31, 2022
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x
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$ 126,840
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$ —
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$ —
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$ —
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Participant Contributions Transferred Late to the Plan for the Year Ended December 31, 2023
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x
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$ 180,321
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$ —
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$ —
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$ —
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ENERGY SERVICES OF AMERICA STAFF 401K RETIREMENT SAVINGS PLAN
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EIN: 20-4606266, Plan Number 002
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Schedule H, Line 4i - Schedule of Assets (Held at End of Year)
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December 31, 2023
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(a)
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(b) Identity of issue, borrower, lessor, or similar party
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(c) Description of investment including maturity date, rate of interest, collateral, par, or maturity value
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(d) Cost
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(e) Current Value
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Mutual Funds
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Vanguard
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Growth Index Fund Admiral Shares
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**
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$ 1,358,679
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Vanguard
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Retirement Target 2040
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**
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1,302,544
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Vanguard
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Retirement Target 2030
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**
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1,167,644
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Vanguard
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500 Index Fund Admiral Class
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**
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848,850
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Vanguard
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High Dividend Yield Index Fund Admiral
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**
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468,180
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Vanguard
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Retirement Target 2020
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**
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446,222
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Vanguard
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Retirement Target 2035
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**
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426,208
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Vanguard
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Retirement Target Income
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**
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399,244
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Vanguard
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Retirement Target 2045
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**
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374,725
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Vanguard
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Retirement Target 2050
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**
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369,377
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Vanguard
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Mid-Cap Value Index Fund Admiral Shares
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**
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313,661
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T. Rowe Price
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U.S. Small-Cap Growth Equity Fund
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**
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278,759
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Vanguard
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Small-Cap Index Fund Admiral Shares
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**
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271,389
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The Hartford
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MidCap Fund Class R6
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**
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268,575
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Vanguard
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Retirement Target 2025
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**
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258,463
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Vanguard
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Mid-Cap Index Fund Admiral Shares
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**
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255,208
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Vanguard
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High-Yield Corporate Fund Admiral Shares
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**
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254,404
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Harbor
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International Fund Institutional Class
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**
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248,254
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Vanguard
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Retirement Target 2060
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**
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241,882
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DFA
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U.S. Targeted Value Portfolio Institutional Class
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**
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166,309
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Harding Loevner
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Emerging Markets Portfolio Advisor Class
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**
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153,569
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Baird
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Aggregate Bond Fund Class Institutional
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**
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140,859
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Vanguard
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Retirement Target 2055
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**
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77,016
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Vanguard
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Inflation-Protected Securities Fund
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**
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70,708
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DFA
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Intermediate Government Fixed Income Portfolio Institutional Class
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**
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27,431
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DFA
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Real Estate Securities Portfolio Institutional Class
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**
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27,342
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10,215,502
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Collective Investment Trusts
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Federated
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Capital Preservation Fund (R6)
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**
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1,107,497
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Federated
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Government Obligation
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**
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4,827
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1,112,324
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Unitized Stock Fund
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*
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Energy Services of America
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Unitized Stock Fund
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**
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4,553,615
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Notes receivable from participants
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*
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Participants Loans
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4.25-10.50%; maturing from 2025 to 2029
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N/A
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163,752
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$ 16,045,193
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* Indicates a party-in-interest to the Plan.
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** Cost information is not required for participant-directed investments.
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ENERGY SERVICES OF AMERICA STAFF 401(K) RETIREMENT SAVINGS PLAN
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Date: July 3, 2024
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By:
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/s/ Charles P. Crimmel |
Charles P. Crimmel
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Plan Administrator
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