Quarterly report pursuant to Section 13 or 15(d)

Business Segment Information

v3.20.1
Business Segment Information
3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]  
Business Segment Information

Note 12 – Business Segment Information

Segment

The Company is currently involved in two segments, electrical construction and real estate development. There were no material amounts of sales or transfers between segments and no material amounts of foreign sales. Any inter-segment sales have been eliminated.

The following table sets forth certain segment information for the dates indicated:

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Continuing Operations

 

 

 

 

 

 

 

 

Revenue

 

 

 

 

 

 

 

 

Electrical construction

 

$

43,065,392

 

 

$

41,387,318

 

Real estate development

 

 

1,774,116

 

 

 

6,092,938

 

Total revenue

 

$

44,839,508

 

 

$

47,480,256

 

Operating expenses

 

 

 

 

 

 

 

 

Electrical construction

 

$

40,363,663

 

 

$

38,353,612

 

Real estate development

 

 

1,511,546

 

 

 

4,888,792

 

Corporate

 

 

1,364,603

 

 

 

1,322,811

 

Total operating expenses

 

$

43,239,812

 

 

$

44,565,215

 

Operating income (loss)

 

 

 

 

 

 

 

 

Electrical construction

 

$

2,701,729

 

 

$

3,033,706

 

Real estate development

 

 

262,570

 

 

 

1,204,146

 

Corporate

 

 

(1,364,603

)

 

 

(1,322,811

)

Total operating income

 

$

1,599,696

 

 

$

2,915,041

 

Other (expenses) income, net

 

 

 

 

 

 

 

 

Electrical construction

 

$

(256,328

)

 

$

(324,313

)

Real estate development

 

 

 

 

 

(4,852

)

Corporate

 

 

30,693

 

 

 

21,009

 

Total other expenses, net

 

$

(225,635

)

 

$

(308,156

)

Net income (loss) before taxes

 

 

 

 

 

 

 

 

Electrical construction

 

$

2,445,401

 

 

$

2,709,393

 

Real estate development

 

 

262,570

 

 

 

1,199,294

 

Corporate

 

 

(1,333,910

)

 

 

(1,301,802

)

Total net income before taxes

 

$

1,374,061

 

 

$

2,606,885

 

Capital Expenditures

 

 

 

 

 

 

 

 

Electrical construction

 

$

4,974,021

 

 

$

11,642,297

 

Real estate development

 

 

139

 

 

 

 

Corporate

 

 

47,782

 

 

 

723,884

 

Total

 

$

5,021,942

 

 

$

12,366,181

 

Depreciation and Amortization

 

 

 

 

 

 

 

 

Electrical construction

 

$

2,856,206

 

 

$

2,552,235

 

Real estate development

 

 

8,289

 

 

 

5,674

 

Corporate

 

 

28,317

 

 

 

23,170

 

Total

 

$

2,892,812

 

 

$

2,581,079

 

 

Operating income (loss) equals total operating revenue less operating costs and expenses inclusive of depreciation and amortization, and selling, general and administrative expenses. Operating costs and expenses also include any gains or losses on the sale of property and equipment. Operating income (loss) excludes interest expense, interest income, other income and income taxes.

The following table sets forth assets by segment as of the dates indicated:

 

Assets

 

March 31, 2020

 

 

December 31, 2019

 

Electrical construction

 

$

120,847,274

 

 

$

111,064,071

 

Real estate development

 

 

6,916,753

 

 

 

7,578,440

 

Corporate

 

 

21,417,759

 

 

 

10,724,667

 

Total

 

$

149,181,786

 

 

$

129,367,178