XML 12 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONDENSED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Current Assets:    
Cash $ 828,594 $ 1,430,877
Accounts receivable, net of allowance for doubtful accounts of $275,000 and $150,000 as of September 30, 2018 and December 31, 2017, respectively 6,364,186 5,379,821
Contract assets 113,167,705 111,158,551 [1]
Prepaid expenses and other current assets 2,330,830 2,413,187
Total current assets 122,691,315 120,382,436
Property and equipment, net 2,696,344 2,046,942
Deferred income taxes, net 685,318 1,566,818
Other assets 286,527 188,303
Total Assets 126,359,504 124,184,499
Current Liabilities:    
Accounts payable 10,431,232 15,129,872
Accrued expenses 1,262,373 1,911,421
Contract liabilities 464,823 246,330 [1]
Current portion of long-term debt 2,435,559 2,009,000
Line of credit 27,538,685 22,838,685
Income tax payable   109,327
Total current liabilities 42,132,672 42,244,635
Long-term debt, net of current portion 5,667,915 7,019,468
Other liabilities 548,815 607,063
Total Liabilities 48,349,402 49,871,166
Shareholders' Equity:    
Common stock - $.001 par value; authorized 50,000,000 shares, 8,953,137 and 8,864,319 shares, respectively, issued and outstanding 8,950 8,863
Additional paid-in capital 54,352,614 53,770,618
Retained earnings 23,648,538 20,548,652
Accumulated other comprehensive loss   (14,800)
Total Shareholders' Equity 78,010,102 74,313,333
Total Liabilities and Shareholders' Equity $ 126,359,504 $ 124,184,499
[1] On January 1, 2018, as a result of the adoption of ASC 606, the Company reclassified costs and estimated earnings in excess of billings on uncompleted contracts to contract assets and billings in excess of costs and estimated earnings on uncompleted contracts to contract liabilities.