XML 19 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF CASH FLOWS (USD $)
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Cash flows from operating activities:      
Net income $ 7,416,928 $ 529,896 $ 3,946,007
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 591,373 386,394 338,995
Deferred rent 266,909 (4,832) 7,830
Stock-based compensation expense 985,600 553,629 483,707
Common stock issued as employee compensation 36,157 27,168 21,468
Deferred portion of provision for income taxes (103,000) (265,000) (367,800)
Tax benefit for stock options 438,000 304,000 0
Bad debts 75,000 0 0
Changes in operating assets and liabilities:      
(Increase) decrease in accounts receivable 1,791,974 (878,612) (2,428,920)
Increase in costs and estimated earnings in excess of billings on uncompleted contracts (31,845,196) (4,146,945) (5,153,205)
Decrease (increase) in prepaid expenses and other current assets (8,220) (125,853) 168,589
Decrease in other assets 0 0 60,000
(Decrease) increase in accounts payable and accrued expenses 4,423,371 2,199,337 2,136,464
(Decrease) increase in income taxes payable 3,105,994 (1,930,368) 1,461,374
Net cash provided by (used in) operating activities (13,701,110) (3,959,186) 674,509
Cash flows from investing activities:      
Purchase of property and equipment (1,587,898) (300,803) (142,661)
Net cash used in investing activities (1,587,898) (300,803) (142,661)
Cash flows from financing activities:      
Proceeds from exercise of stock options and warrants 455,447 1,101,529 0
Proceeds from sale of common stock 0 3,529,541 0
Payment of line of credit 0 (2,200,000) (800,000)
Proceeds from line of credit 15,300,000 800,000 2,700,000
Payment of long-term debt (849,615) (676,530) (631,105)
Proceeds from long-term debt 0 0 0
Tax benefit for stock options 438,000 304,000 0
Net cash provided by financing activities 15,343,832 2,858,540 1,268,895
Net increase (decrease) in cash 54,824 (1,401,449) 1,800,743
Cash at beginning of year 823,376 2,224,825 424,082
Cash at end of year 878,200 823,376 2,224,825
Supplemental schedule of noncash investing and financing activities:      
Deferred tax benefit of interest rate swap liability 0 0 (16,300)
Equipment acquired under capital lease 751,129 113,686 47,180
Settlement of other receivables 30,000 60,000 60,000
Accrued expenses settled in exchange for common stock 0 99,696 51,540
Stock options proceeds paid with Company's stock 159,000 288,420 151,800
Supplemental schedule of cash flow information:      
Cash paid during the year for interest 366,491 158,406 265,761
Cash paid for income taxes $ 180,000 $ 2,276,367 $ 808,627