v3.19.3
Consolidated Balance Sheets - USD ($)
Sep. 30, 2019
Dec. 31, 2018
Current assets    
Cash and cash equivalents $ 20,619,343 $ 11,376,373
Accounts receivable and accrued billings 23,168,109 22,236,071
Costs and estimated earnings in excess of billings on uncompleted contracts 13,188,343 12,030,000
Income taxes receivable 1,484,034 1,220,527
Residential properties under construction 1,405,876 8,244,995
Prepaid expenses 1,122,788 634,069
Other current assets 165,684 1,835,743
Total current assets 61,154,177 57,577,778
Property, buildings and equipment, at cost, net of accumulated depreciation of $49,784,143 in 2019 and $43,060,083 in 2018 55,034,429 48,927,055
Deferred charges and other assets    
Land and land development costs 4,985,078 4,680,080
Cash surrender value of life insurance 544,437 547,009
Restricted cash 0 25,980
Goodwill 101,407 101,407
Intangibles, net of accumulated amortization of $369,760 in 2019 and $324,634 in 2018 644,040 689,166
Operating lease right-of-use assets 5,831,810 0
Other assets 40,000 0
Total deferred charges and other assets 12,146,772 6,043,642
Total assets 128,335,378 112,548,475
Current liabilities    
Accounts payable and accrued liabilities 16,144,324 15,999,157
Billings in excess of costs and estimated earnings on uncompleted contracts 936,314 1,165,002
Current portion of operating lease liability 2,158,058 0
Current portion of other long-term debt 0 113,855
Current portion of notes payable, net 7,615,041 7,161,890
Accrued remediation costs 70,528 60,101
Total current liabilities 26,924,265 24,500,005
Deferred income taxes 7,746,552 6,061,042
Accrued remediation costs, less current portion 404,036 436,982
Other long-term debt, less current portion, net 0 183,744
Notes payable, less current portion, net 26,360,490 21,731,024
Other accrued liabilities 3,695,143 30,246
Total liabilities 65,130,486 52,943,043
Commitments and contingencies (notes 4 and 6) 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 24,522,534 shares outstanding in 2019 and 24,590,243 shares outstanding in 2018 2,781,377 2,781,377
Additional paid-in capital 18,481,683 18,481,683
Retained earnings 45,381,936 41,621,191
Treasury stock, 3,291,238 shares in 2019 and 3,223,529 shares in 2018, at cost (3,440,104) (3,278,819)
Total stockholders’ equity 63,204,892 59,605,432
Total liabilities and stockholders’ equity $ 128,335,378 $ 112,548,475

Source