XML 23 R5.htm IDEA: XBRL DOCUMENT v2.3.0.15
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
9 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:  
Net income$ 4,743,907$ 3,495,431
Adjustments to reconcile net income to net cash used in operating activities:  
Depreciation and amortization380,895271,941
Deferred rent(81,328)(3,624)
Stock option expense963,913528,643
Deferred portion of provision for income taxes(194,000)(171,000)
Tax benefit of stock options(438,000)0
Changes in operating assets and liabilities:  
(Increase) decrease in accounts receivable(3,035,261)2,924,597
Increase in costs and estimated earnings in excess of billings on uncompleted contracts(18,301,674)(9,879,977)
Decrease (increase) in prepaid expenses and other assets(32,661)51,267
Increase in accounts payable and accrued expenses2,342,450715,847
(Decrease) increase in income taxes payable1,974,000(299,368)
Net cash used in operating activities(11,677,759)(2,366,243)
Cash used in investing activities - purchase of plant and equipment(742,904)(144,807)
Cash flows from financing activities:  
Payments on long-term debt(539,286)(506,925)
Proceeds from line of credit11,800,0000
Repayment of line of credit0(2,200,000)
Proceeds from exercise of stock options251,950112,500
Proceeds from sale of commom stock03,531,870
Tax benefit of stock options438,0000
Net cash provided by financing activities11,950,664937,445
Net decrease in cash(469,999)(1,573,605)
Cash at beginning of period823,3762,224,825
Cash at end of period353,377651,220
Non-cash investing and financing activities:  
Settlement of other receivables060,000
Equipment acquired under capital lease575,542101,694
Accrued expenses settled in exchange for common stock099,697
Cash paid during the period for:  
Interest220,203127,780
Income taxes$ 180,000$ 2,276,367