XML 14 R2.htm IDEA: XBRL DOCUMENT v3.19.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2018
Dec. 31, 2017
Current Assets:    
Cash $ 4,128,142 $ 1,430,877
Restricted cash 2,000,000  
Accounts receivable, net 8,623,329 5,379,821
Contract Assets 113,333,491 111,158,551 [1]
Inventory 9,711,997 1,685,378
Refundable income taxes 435,000  
Prepaid expenses and other current assets 1,972,630 727,809
Total current assets 140,204,589 120,382,436
Property and equipment, net 2,545,192 2,046,942
Refundable income taxes 435,000  
Deferred income taxes 279,318 1,566,818
Other assets 249,575 188,303
Total Assets 143,713,674 124,184,499
Current Liabilities:    
Accounts payable 9,902,481 15,129,872
Accrued expenses 1,558,160 1,911,421
Contract liabilities 3,805,106 246,330 [1]
Current portion of long-term debt 2,434,981 2,009,000
Line of credit 24,038,685 22,838,685
Income taxes payable 115,000 109,327
Total current liabilities 41,854,413 42,244,635
Long-term debt, net of current portion 3,876,238 7,019,468
Deferred income taxes 4,028,553  
Other liabilities 531,124 607,063
Total Liabilities 50,290,328 49,871,166
Commitments  
Shareholders' Equity:    
Common stock - $.001 par value; authorized 50,000,000 shares, 11,718,246 and 8,864,319 shares, respectively, issued and outstanding 11,715 8,863
Additional paid-in capital 70,651,416 53,770,618
Retained earnings 22,760,215 20,548,652
Accumulated other comprehensive loss   (14,800)
Total Shareholders' Equity 93,423,346 74,313,333
Total Liabilities and Shareholders' Equity $ 143,713,674 $ 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 and contract losses to contract liabilities.