Annual report pursuant to Section 13 and 15(d)

Consolidated Balance Sheets

v3.19.1
Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 11,376,373 $ 18,529,757
Accounts receivable and accrued billings 22,236,071 21,566,842
Costs and estimated earnings in excess of billings on uncompleted contracts 12,030,000 6,074,346
Income taxes receivable 1,220,527 619,552
Residential properties under construction 8,244,995 2,412,202
Prepaid expenses 634,069 993,668
Other current assets 1,835,743 1,532,110
Total current assets 57,577,778 51,728,477
Property, buildings and equipment, at cost, net of accumulated depreciation of $43,060,083 in 2018 and $38,927,654 in 2017 48,927,055 36,072,300
Deferred charges and other assets    
Land and land development costs 4,680,080 4,326,728
Cash surrender value of life insurance 547,009 550,335
Restricted cash 25,980 102,027
Goodwill 101,407 101,407
Intangibles, net of accumulated amortization of $324,634 in 2018 and $263,134 in 2017 689,166 750,666
Total deferred charges and other assets 6,043,642 5,831,163
Total assets 112,548,475 93,631,940
Current liabilities    
Accounts payable and accrued liabilities 15,999,157 9,379,535
Billings in excess of costs and estimated earnings on uncompleted contracts 1,165,002 166,268
Current portion of other long-term debt 113,855 0
Current portion of notes payable, net 7,161,890 6,099,787
Accrued remediation costs 60,101 87,553
Total current liabilities 24,500,005 15,733,143
Deferred income taxes 6,061,042 4,698,720
Accrued remediation costs, less current portion 436,982 434,164
Other long-term debt, less current portion, net 183,744 0
Notes payable, less current portion, net 21,731,024 16,151,567
Other accrued liabilities 30,246 66,033
Total liabilities 52,943,043 37,083,627
Commitments and contingencies (notes 4 and 8) 0 0
Stockholders’ equity    
Preferred stock, $1 par value, 5,000,000 shares authorized, none issued 0 0
Common stock, $.10 par value, 40,000,000 shares authorized; 27,813,772 shares issued 24,590,243 shares outstanding in 2018 and 25,451,354 shares outstanding in 2017 2,781,377 2,781,377
Additional paid-in capital 18,481,683 18,481,683
Retained earnings 41,621,191 36,593,440
Treasury stock, 3,223,529 shares in 2018 and 2,362,418 shares in 2017, at cost (3,278,819) (1,308,187)
Total stockholders’ equity 59,605,432 56,548,313
Total liabilities and stockholders’ equity $ 112,548,475 $ 93,631,940