Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net income $ 3,760,745 $ 4,364,013
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 8,048,549 6,031,426
Amortization of debt issuance costs 22,500 31,221
Deferred income taxes 1,685,510 988,787
Gain on sale of property and equipment (77,571) (155,062)
Other losses 2,572 2,319
Changes in operating assets and liabilities    
Accounts receivable and accrued billings (932,038) 3,927,406
Costs and estimated earnings in excess of billings on uncompleted contracts (1,158,343) (8,929,638)
Residential properties under construction 6,839,119 (4,392,107)
Income taxes receivable (263,507) (100,669)
Prepaid expenses and other assets 1,141,340 348,553
Land and land development costs (304,998) (763,139)
Accounts payable and accrued liabilities 1,878,771 4,554,308
Operating leases (18,609) 0
Billings in excess of costs and estimated earnings on uncompleted contracts (228,688) 163,144
Accrued remediation costs (22,519) (23,458)
Net cash provided by operating activities 20,372,833 6,047,104
Cash flows from investing activities    
Proceeds from disposal of property and equipment 399,817 943,336
Purchases of property, buildings and equipment (16,156,893) (15,098,872)
Net cash used in investing activities (15,757,076) (14,155,536)
Cash flows from financing activities    
Purchases of treasury stock (161,285) 0
Proceeds from notes payable 15,500,000 13,275,451
Repayments on notes payable (10,382,000) (10,115,451)
Other long-term debt repayments (297,599) (79,960)
Debt issuance costs (57,883) (23,313)
Net cash provided by financing activities 4,601,233 3,056,727
Net increase (decrease) in cash, cash equivalents and restricted cash 9,216,990 (5,051,705)
Cash, cash equivalents and restricted cash at beginning of the period 11,402,353 18,631,784
Cash, cash equivalents and restricted cash at end of the period 20,619,343 13,580,079
Supplemental disclosure of cash flow information    
Interest paid, net of amounts capitalized 1,107,666 550,211
Income taxes paid, net 480,031 945,682
Supplemental disclosure of non-cash investing    
Liability for equipment acquired 809,521 2,801,106
Equipment funded by other long-term debt 0 325,040
Right-of-use asset obtained in exchange for operating lease obligations $ 4,215,378 $ 0