XML 19 R2.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED BALANCE SHEETS (Unaudited) (USD $)
Jun. 30, 2014
Dec. 31, 2013
Current Assets:    
Cash $ 969,792 $ 2,166,103
Accounts receivable, net 12,082,203 4,392,254
Costs and estimated earnings in excess of billings on uncompleted contracts 73,560,852 112,597,136
Recoverable and deferred income taxes 417,000 417,000
Prepaid expenses and other current assets 842,828 609,268
Total current assets 87,872,675 120,181,761
Plant and equipment, net 2,803,275 2,849,753
Deferred income taxes 15,761,300 1,133,000
Other assets 108,080 108,080
Total Assets 106,545,330 124,272,594
Current Liabilities:    
Accounts payable 7,226,053 7,614,755
Accrued expenses 539,067 654,868
Accrued losses on uncompleted contracts 2,627,740 0
Billings in excess of costs and estimated earnings on uncompleted contracts 343,701 276,170
Current portion of long-term debt 976,981 1,020,349
Line of credit 29,850,000 21,350,000
Income tax payable 0 736,536
Deferred income taxes 89,000 89,000
Total current liabilities 41,652,542 31,741,678
Long-term debt, net of current portion 1,777,223 2,198,187
Deferred income taxes 788,000 788,000
Other liabilities 595,127 593,210
Total Liabilities 44,812,892 35,321,075
Shareholders' Equity:    
Common stock - $.001 par value; authorized 50,000,000 shares, 8,483,112 and 8,410,493 shares, respectively, issued and outstanding 8,483 8,410
Additional paid-in capital 51,120,644 50,381,348
Retained earnings 10,619,794 38,582,876
Accumulated other comprehensive loss (16,483) (21,115)
Total Shareholders' Equity 61,732,438 88,951,519
Total Liabilities and Shareholders' Equity $ 106,545,330 $ 124,272,594