XML 22 R7.htm IDEA: XBRL DOCUMENT v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities      
Net income $ 2,777,313 $ 7,925,494 $ 6,764,540
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 7,241,915 5,657,580 5,524,359
Amortization of other assets 179,353 179,353 179,353
Amortization of prepaid land lease 19,241 23,014 25,968
Amortization of debt issuance costs 41,672 125,016 170,289
Deferred income tax benefit (536,057) 0 0
Provision for doubtful accounts 42,553 0 0
Unrealized loss on put/call option 297,000 0 0
Compensation expense relating to stock and stock option grants 521,019 407,668 202,454
Net loss (gain) on disposal of fixed assets (314,381) 32,566 77,495
Foreign currency transaction adjustment (172,130) 420,641 107,839
Profit sharing and equity in earnings of OC-BVI (463,359) (399,668) (414,755)
Impairment loss on long-lived assets 2,000,000 0 0
Impairment of goodwill 1,750,000 0 0
Impairment of investment in OC-BVI 925,000 1,060,000 860,000
Change in:      
Accounts receivable and costs and estimated earnings in excess of billings (5,910,009) 3,402,728 5,988,523
Inventory (622,724) (732,588) (566,928)
Prepaid expenses and other assets 185,401 276,116 423,893
Accounts payable and other liabilities and billings in excess of costs and estimated earnings - construction project (138,455) (1,058,134) (1,158,169)
Net cash provided by operating activities 7,823,352 17,319,786 18,184,861
Cash flows from investing activities      
Purchase of certificate of deposit 0 (5,637,538) (5,000,000)
Maturity of certificate of deposit 5,637,538 5,000,000 0
Additions to property, plant and equipment and construction in progress (3,462,150) (3,113,565) (3,626,278)
Proceeds from sale of equipment 547,332 10,160 13,620
Distribution of earnings from OC-BVI 0 0 969,600
Acquisition of Aerex, net of cash acquired (7,742,853) 0 0
Collections on loans receivable 1,841,851 1,726,310 1,691,102
Sale of marketable securities 0 0 8,587,475
Payment for land held for development 0 0 (7,382,858)
Payment of land purchase obligation 0 0 (10,050,000)
Release/(restriction) of cash balance 398,744 (42,716) (456,083)
Net cash used in investing activities (2,779,538) (2,057,349) (15,253,422)
Cash flows from financing activities      
Dividends paid to CWCO common shareholders (4,433,539) (4,417,534) (4,407,249)
Dividends paid to non-controlling interests (182,663) (201,473) (164,396)
Dividends paid to CWCO preferred shareholders (11,831) (11,881) (11,528)
Repurchase of redeemable preferred stock (14,054) (6,014) (13,077)
Proceeds received from exercise of stock options 568,849 456,763 52,551
Issuance of note payable to related party 490,000 0 0
Principal repayments of long term debt 0 0 (5,301,327)
Proceeds received from demand loan payable 0 0 10,000,000
Repayments of demand loan payable (7,000,000) (2,000,000) (1,000,000)
Net cash used in financing activities (10,583,238) (6,180,139) (845,026)
Effect of exchange rate changes on cash 806 (3,253) 760
Net increase (decrease) in cash and cash equivalents (5,538,618) 9,079,045 2,087,173
Cash and cash equivalents at beginning of period 44,792,734 35,713,689 33,626,516
Cash and cash equivalents at end of period $ 39,254,116 $ 44,792,734 $ 35,713,689