v3.20.2
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Cash flows from operating activities    
Net income $ 5,033,192 $ 3,760,745
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 8,950,772 8,048,549
Amortization of debt issuance costs 24,660 22,500
Deferred income taxes 1,069,919 1,685,510
Loss (gain) on sale of property and equipment 2,915 (77,571)
Other losses 215,446 2,572
Stock-based compensation expense 70,276 0
Changes in operating assets and liabilities    
Accounts receivable and accrued billings (3,316,883) (932,038)
Costs and estimated earnings in excess of billings on uncompleted contracts (15,007,544) (1,158,343)
Residential properties under construction 1,141,344 6,839,119
Income taxes receivable 920,110 (263,507)
Prepaid expenses and other assets (894,327) 1,141,340
Land and land development costs 603,171 (304,998)
Accounts payable and accrued liabilities 2,277,325 1,878,771
Operating leases 366,122 (18,609)
Billings in excess of costs and estimated earnings on uncompleted contracts 495,776 (228,688)
Accrued remediation costs (4,052) (22,519)
Net cash provided by operating activities 1,948,222 20,372,833
Cash flows from investing activities    
Proceeds from disposal of property and equipment 259,360 399,817
Purchases of property, buildings and equipment (12,973,359) (16,156,893)
Net cash used in investing activities (12,713,999) (15,757,076)
Cash flows from financing activities    
Purchases of treasury stock 0 (161,285)
Proceeds from notes payable 14,500,000 15,500,000
Repayments on notes payable (6,412,500) (10,382,000)
Other long-term debt repayments 0 (297,599)
Debt issuance costs 0 (57,883)
Net cash provided by financing activities 8,087,500 4,601,233
Net (decrease) increase in cash and cash equivalents (2,678,277) 9,216,990
Cash and cash equivalents at beginning of the period 23,272,156 11,402,353
Cash and cash equivalents at end of the period 20,593,879 20,619,343
Supplemental disclosure of cash flow information    
Interest paid, net of amounts capitalized 762,983 1,107,666
Income taxes (refunded) paid, net (324,260) 480,031
Supplemental disclosure of non-cash investing    
Liability for equipment acquired 411,240 809,521
Right-of-use asset obtained in exchange for operating lease obligations $ 14,310,658 $ 4,215,378

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