v3.19.1
Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities    
Net income $ 1,779,621 $ 2,405,675
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 2,581,079 1,887,508
Amortization of debt issuance costs 6,741 5,399
Right of use asset amortization 1,102,853 0
Deferred income taxes 676,182 (80,321)
Gain on sale of property and equipment (25,851) (13,391)
Other losses 875 1,001
Changes in operating assets and liabilities    
Accounts receivable and accrued billings (4,919,444) 5,071,424
Costs and estimated earnings in excess of billings on uncompleted contracts (2,186,479) (7,622,964)
Residential properties under construction 8,041,920 (1,169,662)
Real estate inventory (5,137,139) 0
Income taxes receivable 151,082 619,552
Prepaid expenses and other assets (4,280,488) (222,777)
Land and land development costs 118,338 (434,031)
Income taxes payable 0 348,708
Accounts payable and accrued liabilities 5,755,489 2,170,465
Operating lease liabilities (1,105,910) 0
Billings in excess of costs and estimated earnings on uncompleted contracts (73,282) (60,634)
Accrued remediation costs (10,492) (8,976)
Net cash provided by operating activities 2,475,095 2,896,976
Cash flows from investing activities    
Proceeds from disposal of property and equipment 93,364 70,500
Purchases of property, buildings and equipment (12,366,181) (3,374,256)
Net cash used in investing activities (12,272,817) (3,303,756)
Cash flows from financing activities    
Purchases of treasury stock (161,285) 0
Proceeds from notes payable 15,500,000 0
Repayments on notes payable (1,794,000) (1,530,000)
Other long-term debt repayments (27,844) (26,266)
Debt issuance costs (57,883) 0
Net cash provided by (used in) financing activities 13,458,988 (1,556,266)
Net increase (decrease) in cash, cash equivalents and restricted cash 3,661,266 (1,963,046)
Cash, cash equivalents and restricted cash at beginning of the period 11,402,353 18,631,784
Cash, cash equivalents and restricted cash at end of the period 15,063,619 16,668,738
Supplemental disclosure of cash flow information    
Interest paid, net of amounts capitalized 307,113 188,194
Income taxes paid (refunded), net 0 (9,800)
Supplemental disclosure of non-cash investing    
Liability for equipment acquired 192,505 523,047
Equipment funded by other long-term debt $ 269,755 $ 378,734

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