v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities    
Net income $ 4,557,167 $ 5,183,042
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 3,889,742 3,561,488
Amortization of debt issuance costs 27,578 11,671
Deferred income taxes 252,716 (425,750)
(Gain) loss on sale of property and equipment (65,217) 11,565
Other losses 1,656 211
Changes in operating assets and liabilities    
Accounts receivable and accrued billings (2,851,504) (152,502)
Costs and estimated earnings in excess of billings on uncompleted contracts (4,337,328) 931,555
Residential properties under construction (2,406,320) (238,979)
Income taxes receivable 619,552 501,185
Prepaid expenses and other assets 548,410 (613,090)
Land and land development costs (670,034) 316,179
Income taxes payable 276,201 0
Accounts payable and accrued liabilities 1,942,156 (3,474,562)
Billings in excess of costs and estimated earnings on uncompleted contracts 74,540 (632,905)
Accrued remediation costs (19,389) (33,166)
Net cash provided by operating activities 1,839,926 4,945,942
Cash flows from investing activities    
Proceeds from disposal of property and equipment 147,200 44,242
Purchases of property, buildings and equipment (7,577,091) (7,368,169)
Net cash used in investing activities (7,429,891) (7,323,927)
Cash flows from financing activities    
Proceeds from notes payable 2,816,961 22,600,000
Repayments on notes payable (5,810,000) (18,437,255)
Other long-term debt repayments (52,917) 0
Debt issuance costs (23,313) (8,125)
Net cash (used in) provided by financing activities (3,069,269) 4,154,620
Net (decrease) increase in cash, cash equivalents and restricted cash (8,659,234) 1,776,635
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 9,972,550 22,549,324
Supplemental disclosure of cash flow information    
Interest paid, net of amounts capitalized 367,870 254,014
Income taxes paid, net 767,182 2,928,081
Supplemental disclosure of non-cash investing    
Liability for equipment acquired 203,149 414,700
Equipment funded by other long-term debt $ 352,083 $ 0

Source