Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Cash flows from operating activities    
Net income $ 4,364,013 $ 5,026,033
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 6,031,426 5,386,364
Amortization of debt issuance costs 31,221 17,748
Deferred income taxes 988,787 (402,023)
(Gain) loss on sale of property and equipment (155,062) 30,158
Other losses 2,319 392
Changes in operating assets and liabilities    
Accounts receivable and accrued billings 3,927,406 687,828
Costs and estimated earnings in excess of billings on uncompleted contracts (8,929,638) (3,934)
Residential properties under construction (4,392,107) (1,164,435)
Income taxes receivable (100,669) (1,018,753)
Prepaid expenses and other assets 348,553 (525,440)
Land and land development costs (763,139) 500,937
Accounts payable and accrued liabilities 4,554,308 (1,413,997)
Billings in excess of costs and estimated earnings on uncompleted contracts 163,144 (692,755)
Accrued remediation costs (23,458) 112,239
Net cash provided by operating activities 6,047,104 6,540,362
Cash flows from investing activities    
Proceeds from disposal of property and equipment 943,336 128,423
Purchases of property, buildings and equipment (15,098,872) (9,532,756)
Net cash used in investing activities (14,155,536) (9,404,333)
Cash flows from financing activities    
Proceeds from notes payable 13,275,451 22,600,000
Repayments on notes payable (10,115,451) (19,967,255)
Other long-term debt repayments (79,960) 0
Debt issuance costs (23,313) (8,125)
Net cash provided by financing activities 3,056,727 2,624,620
Net decrease in cash, cash equivalents and restricted cash (5,051,705) (239,351)
Cash, cash equivalents and restricted cash at beginning of the period 18,631,784 20,772,689
Cash, cash equivalents and restricted cash at end of the period 13,580,079 20,533,338
Supplemental disclosure of cash flow information    
Interest paid, net of amounts capitalized 550,211 438,000
Income taxes paid, net 945,682 4,378,081
Supplemental disclosure of non-cash investing    
Liability for equipment acquired 2,801,106 89,621
Equipment funded by other long-term debt $ 325,040 $ 0