Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets    
Cash and cash equivalents $ 26,975,770 $ 23,272,156
Accounts receivable and accrued billings 21,844,254 23,930,655
Real estate inventory 983,380  
Costs and estimated earnings in excess of billings on uncompleted contracts 19,841,766 9,321,368
Income taxes receivable 2,319,659 1,482,618
Residential properties under construction 61,900 2,060,364
Prepaid expenses 1,924,210 924,733
Other current assets 221,632 46,186
Total current assets 74,172,571 61,038,080
Property, buildings and equipment, at cost, net of accumulated depreciation of $54,491,653 in 2020 and $51,904,568 in 2019 58,069,461 55,073,579
Deferred charges and other assets    
Land and land development costs 5,099,126 5,060,581
Cash surrender value of life insurance 542,429 543,433
Goodwill 101,407 101,407
Intangibles, net of accumulated amortization of $399,843 in 2020 and $384,801 in 2019 613,957 628,999
Operating lease right-of-use assets 10,532,835 6,861,099
Other assets 50,000 60,000
Total deferred charges and other assets 16,939,754 13,255,519
Total assets 149,181,786 129,367,178
Current liabilities    
Accounts payable and accrued liabilities 15,155,454 13,881,277
Billings in excess of costs and estimated earnings on uncompleted contracts 672,416 731,492
Current portion of operating lease liability 2,210,264 1,880,957
Current portion of notes payable, net 8,895,427 7,769,497
Accrued remediation costs 78,045 75,545
Total current liabilities 27,011,606 24,338,768
Deferred income taxes 9,813,889 9,008,765
Accrued remediation costs, less current portion 395,964 398,877
Notes payable, less current portion, net 35,834,901 24,402,926
Other accrued liabilities 8,474,697 5,047,088
Total liabilities 81,531,057 63,196,424
Commitments and contingencies (notes 4 and 6)
Stockholders’ equity    
Preferred stock, $1 par value, 5,000,000 shares authorized, none issued
Common stock, $.10 par value, 40,000,000 shares authorized; 27,813,772 shares issued; 24,522,534 shares outstanding in 2020 and in 2019 2,781,377 2,781,377
Additional paid-in capital 18,481,683 18,481,683
Retained earnings 49,827,773 48,347,798
Treasury stock, 3,291,238 shares in 2020 and in 2019, at cost (3,440,104) (3,440,104)
Total stockholders’ equity 67,650,729 66,170,754
Total liabilities and stockholders’ equity $ 149,181,786 $ 129,367,178