Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities    
Net income $ 5,027,751 $ 8,297,751
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 8,436,972 7,217,901
Amortization of debt issuance costs 34,873 23,506
Deferred income taxes 1,362,322 (3,505,604)
(Gain) loss on sale of property and equipment (176,564) 76,810
Other losses 3,326 337
Changes in operating assets and liabilities    
Accounts receivable and accrued billings (669,229) (2,472,435)
Costs and estimated earnings in excess of billings on uncompleted contracts (5,955,654) 1,238,753
Residential properties under construction (5,832,793) (860,071)
Income taxes receivable (600,975) (85,715)
Prepaid expenses and other assets 55,966 (130,307)
Land and land development costs (353,352) 603,603
Accounts payable and accrued liabilities 4,512,742 (1,900,088)
Billings in excess of costs and estimated earnings on uncompleted contracts 998,734 (678,789)
Accrued remediation costs (24,634) 306,811
Net cash provided by operating activities 6,819,485 8,132,463
Cash flows from investing activities    
Proceeds from disposal of property and equipment 1,031,674 133,733
Purchases of property, buildings and equipment (19,609,245) (10,301,721)
Net cash used in investing activities (18,577,571) (10,167,988)
Cash flows from financing activities    
Purchase of treasury stock (1,970,632) 0
Proceeds from notes payable 18,275,451 22,600,000
Repayments on notes payable (11,645,451) (22,697,255)
Other long-term debt repayments (107,400) 0
Debt issuance costs (23,313) (8,125)
Net cash provided by (used in) financing activities 4,528,655 (105,380)
Net decrease in cash, cash equivalents and restricted cash (7,229,431) (2,140,905)
Cash, cash equivalents and restricted cash at beginning of the year 18,631,784 20,772,689
Cash, cash equivalents and restricted cash at end of the year 11,402,353 18,631,784
Supplemental disclosure of cash flow information    
Interest paid, net of amounts capitalized 805,756 621,797
Income taxes paid, net 1,035,599 4,463,081
Supplemental disclosure of non-cash investing    
Liability for equipment acquired 2,235,772 57,279
Equipment funded by other long-term debt $ 297,599 $ 0