Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net income $ 1,479,975 $ 1,779,621
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 2,892,812 2,581,079
Amortization of debt issuance costs 7,905 6,741
Deferred income taxes 805,124 676,182
Loss (gain) on sale of property and equipment 68,457 (25,851)
Other losses 1,004 875
Changes in operating assets and liabilities    
Accounts receivable and accrued billings 2,086,401 (4,919,444)
Costs and estimated earnings in excess of billings on uncompleted contracts (10,520,398) (2,186,479)
Residential properties under construction 1,998,464 8,041,920
Real estate inventory (983,380) (5,137,139)
Income taxes receivable (837,041) 151,082
Prepaid expenses and other assets (1,164,923) (4,280,488)
Land and land development costs (38,545) 118,338
Accounts payable and accrued liabilities 242,750 5,755,489
Operating leases 95,180 (3,057)
Billings in excess of costs and estimated earnings on uncompleted contracts (59,076) (73,282)
Accrued remediation costs (413) (10,492)
Net cash (used in) provided by operating activities (3,925,704) 2,475,095
Cash flows from investing activities    
Proceeds from disposal of property and equipment 101,260 93,364
Purchases of property, buildings and equipment (5,021,942) (12,366,181)
Net cash used in investing activities (4,920,682) (12,272,817)
Cash flows from financing activities    
Purchases of treasury stock 0 (161,285)
Proceeds from notes payable 14,500,000 15,500,000
Repayments on notes payable (1,950,000) (1,794,000)
Other long-term debt repayments 0 (27,844)
Debt issuance costs 0 (57,883)
Net cash provided by financing activities 12,550,000 13,458,988
Net increase in cash and cash equivalents 3,703,614 3,661,266
Cash and cash equivalents at beginning of the period 23,272,156 11,402,353
Cash and cash equivalents at end of the period 26,975,770 15,063,619
Supplemental disclosure of cash flow information    
Interest paid, net of amounts capitalized 278,799 307,113
Supplemental disclosure of non-cash investing    
Liability for equipment acquired 1,145,605 192,505
Equipment funded by other long-term debt 0 269,755
Right-of-use asset obtained in exchange for operating lease obligations $ 4,476,843 $ 0