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, 2017
Jun. 30, 2016
Cash flows from operating activities    
Net income $ 5,183,042 $ 8,106,253
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 3,561,488 3,081,843
Amortization of debt issuance costs 11,671 11,976
Deferred income taxes (425,750) (139,939)
Loss on sale of property and equipment 11,565 18,143
Other losses (gains) 211 (553)
Changes in operating assets and liabilities    
Accounts receivable and accrued billings (152,536) (5,518,138)
Costs and estimated earnings in excess of billings on uncompleted contracts 931,555 731,292
Residential properties under construction (238,979) (2,605,360)
Income taxes receivable 501,185 0
Prepaid expenses and other assets (613,090) 469,594
Land and land development costs 316,179 (185,720)
Income taxes payable 0 (376,809)
Accounts payable and accrued liabilities (3,474,562) (806,566)
Billings in excess of costs and estimated earnings on uncompleted contracts (632,905) 1,452,183
Accrued remediation costs (33,166) 115,376
Net cash provided by operating activities 4,945,908 4,353,575
Cash flows from investing activities    
Proceeds from disposal of property and equipment 44,242 33,025
Proceeds from notes receivable 0 56,048
Purchases of property, buildings and equipment (7,368,169) (1,229,876)
Net cash used in investing activities (7,323,927) (1,140,803)
Cash flows from financing activities    
Proceeds from notes payable 22,600,000 3,950,000
Repayments on notes payable (18,437,255) (3,526,318)
Debt issuance costs (8,125) (3,350)
Net cash provided by financing activities 4,154,620 420,332
Net increase in cash and cash equivalents 1,776,601 3,633,104
Cash and cash equivalents at beginning of period 20,599,648 11,374,238
Cash and cash equivalents at end of period 22,376,249 15,007,342
Supplemental disclosure of cash flow information    
Interest paid, net of amounts capitalized 254,014 277,801
Income taxes paid, net 2,928,081 5,241,619
Supplemental disclosure of non-cash investing    
Liability for equipment acquired $ 414,700 $ 127,729