XML 25 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Statements of Cash Flows (Unaudited) (USD $)
 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Net income (loss) $ (26,926,534) $ 5,366,650
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 556,580 518,048
Deferred rent 12,823 36,414
Loss on disposal of fixed asset 1,042  
Stock based compensation 350,824 379,808
Deferred income taxes (13,063,910) (17,000)
Tax benefit from stock option plans (86,000) 26,000
Increase in accounts receivable (4,509,770) (5,030,616)
(Increase) decrease in costs and estimated earnings in excess of billings on uncompleted contracts 34,805,809 (2,856,305)
Increase in prepaid expenses and other assets (234,739) (219,843)
Decrease (increase) in accounts payable and accrued expenses 641,470 (6,537,071)
Decrease in billings in excess of costs and estimated earnings on uncompleted contracts (67,742) (187,344)
Increase in accrued losses on uncompleted contracts 1,528,921  
Increase (decrease) in income taxes payable (650,536) 103,800
Net cash used in operating activities (7,641,762) (8,417,459)
Cash used in investing activities - purchase of plant and equipment (514,043) (600,810)
Cash flows from financing activities:    
Payments on long-term debt (712,992) (824,851)
Proceeds from line of credit 8,500,000 10,000,000
Payments on line of credit (1,500,000) (2,000,000)
Proceeds from exercise of stock options 447,751  
Tax benefit from stock option plans 86,000 (26,000)
Net cash provided by financing activities 6,820,759 7,149,149
Net decrease in cash (1,335,046) (1,869,120)
Cash at beginning of period 2,166,103 2,709,803
Cash at end of period 831,057 840,683
Noncash investing and financing activities:    
Common stock issued for bonuses   152,074
Cash paid during the period for:    
Interest 708,504 638,767
Income taxes $ 855,000 $ 2,250,000