Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net income $ 3,941,441 $ 2,598,743
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 5,894,314 5,319,562
Amortization of debt issuance costs 16,466 14,698
Deferred income taxes 771,758 1,138,701
Loss (gain) on sale of property and equipment 28,747 (32,067)
Other losses 2,008 1,724
Changes in operating assets and liabilities    
Accounts receivable and accrued billings 1,069,162 (243,815)
Costs and estimated earnings in excess of billings on uncompleted contracts (10,948,810) (3,240,062)
Residential properties under construction 1,411,938 7,671,759
Real estate inventory (242,895) (1,026,968)
Income taxes receivable 181,555 (234,111)
Prepaid expenses and other assets (971,262) (65,920)
Land and land development costs 426,591 62,158
Accounts payable and accrued liabilities 1,112,413 (427,817)
Operating leases 321,179 (49,726)
Billings in excess of costs and estimated earnings on uncompleted contracts (42,099) 71,495
Accrued remediation costs (3,862) (15,541)
Net cash provided by operating activities 2,968,644 11,542,813
Cash flows from investing activities    
Proceeds from disposal of property and equipment 146,760 253,789
Purchases of property, buildings and equipment (8,985,240) (14,335,772)
Net cash used in investing activities (8,838,480) (14,081,983)
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 (4,181,250) (8,588,000)
Other long-term debt repayments 0 (56,097)
Debt issuance costs 0 (57,883)
Net cash provided by financing activities 10,318,750 6,636,735
Net increase in cash and cash equivalents 4,448,914 4,097,565
Cash and cash equivalents at beginning of the period 23,272,156 11,402,353
Cash and cash equivalents at end of the period 27,721,070 15,499,918
Supplemental disclosure of cash flow information    
Interest paid, net of amounts capitalized 552,924 735,292
Income taxes paid, net 79,989 405,000
Supplemental disclosure of non-cash investing    
Liability for equipment acquired 721,544 224,166
Equipment funded by other long-term debt 0 241,502
Right-of-use asset obtained in exchange for operating lease obligations $ 11,080,647 $ 3,490,319