Quarterly report pursuant to Section 13 or 15(d)

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Jun. 30, 2020
Dec. 31, 2019
Current assets    
Cash and cash equivalents $ 27,721,070 $ 23,272,156
Accounts receivable and accrued billings 22,861,493 23,930,655
Costs and estimated earnings in excess of billings on uncompleted contracts 20,270,178 9,321,368
Income taxes receivable 1,301,063 1,482,618
Residential properties under construction 648,426 2,060,364
Prepaid expenses 1,738,133 924,733
Other current assets 416,943 46,186
Total current assets 74,957,306 61,038,080
Property, buildings and equipment, at cost, net of accumulated depreciation of $57,189,335 in 2020 and $51,904,568 in 2019 58,616,447 55,073,579
Deferred charges and other assets    
Land and land development costs 4,633,990 5,060,581
Cash surrender value of life insurance 541,425 543,433
Goodwill 101,407 101,407
Intangibles, net of accumulated amortization of $414,884 in 2020 and $384,801 in 2019 598,916 628,999
Operating lease right-of-use assets 16,716,244 6,861,099
Other assets 90,000 60,000
Total deferred charges and other assets 22,681,982 13,255,519
Total assets 156,255,735 129,367,178
Current liabilities    
Accounts payable and accrued liabilities 15,561,056 13,881,277
Billings in excess of costs and estimated earnings on uncompleted contracts 689,393 731,492
Current portion of operating lease liability 3,367,470 1,880,957
Current portion of notes payable, net 8,894,368 7,769,497
Accrued remediation costs 78,295 75,545
Total current liabilities 28,590,582 24,338,768
Deferred income taxes 9,780,523 9,008,765
Accrued remediation costs, less current portion 392,265 398,877
Notes payable, less current portion, net 33,613,271 24,402,926
Other accrued liabilities 13,766,899 5,047,088
Total liabilities 86,143,540 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 52,289,239 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 70,112,195 66,170,754
Total liabilities and stockholders’ equity $ 156,255,735 $ 129,367,178