v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities    
Net income $ 5,026,033 $ 10,410,139
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 5,386,364 4,672,078
Amortization of debt issuance costs 17,748 17,498
Deferred income taxes (402,023) (7,787)
Loss (gain) on sale of property and equipment 30,158 (914)
Other losses (gains) 392 (908)
Changes in operating assets and liabilities    
Accounts receivable and accrued billings 687,828 (1,297,006)
Costs and estimated earnings in excess of billings on uncompleted contracts (3,934) (1,752,507)
Residential properties under construction (1,164,435) (2,622,924)
Income taxes receivable (1,018,753) (639,379)
Prepaid expenses and other assets (525,440) 287,611
Land and land development costs 500,937 (67,796)
Restricted cash (71,030) (134,069)
Income taxes payable 0 (483,763)
Accounts payable and accrued liabilities (1,413,997) 1,658,621
Billings in excess of costs and estimated earnings on uncompleted contracts (692,755) 38,126
Accrued remediation costs 112,239 (7,706)
Net cash provided by operating activities 6,611,392 10,337,452
Cash flows from investing activities    
Proceeds from disposal of property and equipment 128,423 91,571
Proceeds from notes receivable 0 56,048
Purchases of property, buildings and equipment (9,532,756) (2,913,230)
Net cash used in investing activities (9,404,333) (2,765,611)
Cash flows from financing activities    
Proceeds from notes payable 22,600,000 3,950,000
Repayments on notes payable (19,967,255) (6,076,742)
Debt issuance costs (8,125) (3,350)
Net cash provided by (used in) financing activities 2,624,620 (2,130,092)
Net (decrease) increase in cash and cash equivalents (168,321) 5,441,749
Cash and cash equivalents at beginning of period 20,599,648 11,374,238
Cash and cash equivalents at end of period 20,431,327 16,815,987
Supplemental disclosure of cash flow information    
Interest paid, net of amounts capitalized 438,000 419,330
Income taxes paid, net 4,378,081 7,154,219
Supplemental disclosure of non-cash investing    
Liability for equipment acquired $ 89,621 $ 54,084

Source