Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 11, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | GOLDFIELD CORP | ||
Entity Central Index Key | 42,316 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Common Stock, Shares Outstanding | 25,451,354 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 35.1 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 11,374,238 | $ 9,822,179 |
Accounts receivable and accrued billings | 17,250,067 | 17,840,680 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 10,292,199 | 6,537,280 |
Income taxes receivable | 0 | 763,821 |
Current portion of notes receivable | 47,851 | 53,332 |
Prepaid expenses | 1,210,780 | 585,678 |
Deferred income taxes | 773,245 | 2,274,896 |
Other current assets | 1,286,229 | 262,630 |
Total current assets | 42,234,609 | 38,140,496 |
Property, buildings and equipment, at cost, net of accumulated depreciation of $28,653,138 in 2015 and $28,224,661 in 2014 | 34,671,947 | 37,002,843 |
Deferred charges and other assets | ||
Land and land development costs | 2,417,089 | 2,564,449 |
Cash surrender value of life insurance | 549,600 | 546,291 |
Restricted cash | 307,092 | 566,321 |
Notes receivable, less current portion | 8,197 | 50,096 |
Goodwill | 101,407 | 101,407 |
Intangibles, net of accumulated amortization of $140,134 in 2015 and $75,967 in 2014 | 873,666 | 937,833 |
Total deferred charges and other assets | 4,257,051 | 4,766,397 |
Total assets | 81,163,607 | 79,909,736 |
Current liabilities | ||
Accounts payable and accrued liabilities | 10,002,231 | 9,674,961 |
Contract loss accruals | 65,322 | 2,547,816 |
Billings in excess of costs and estimated earnings on uncompleted contracts | 234,161 | 1,537,971 |
Current portion of notes payable, net | 5,815,510 | 3,657,772 |
Income taxes payable | 483,763 | 0 |
Accrued remediation costs | 135,786 | 1,048,380 |
Total current liabilities | 16,736,773 | 18,466,900 |
Deferred income taxes | 8,328,492 | 7,988,539 |
Accrued remediation costs, less current portion | 107,429 | 15,000 |
Notes payable, less current portion, net | 20,656,402 | 22,625,860 |
Other accrued liabilities | 83,698 | 55,766 |
Total liabilities | 45,912,794 | 49,152,065 |
Commitments and contingencies (notes 4, 7 and 8) | $ 0 | $ 0 |
Stockholders’ equity | ||
Preferred stock, $1 par value, 5,000,000 shares authorized, none issued | ||
Common stock, $.10 par value, 40,000,000 shares authorized; 27,813,772 shares issued and 25,451,354 shares outstanding | $ 2,781,377 | $ 2,781,377 |
Additional paid-in capital | 18,481,683 | 18,481,683 |
Retained earnings | 15,295,940 | 10,802,798 |
Treasury stock, 2,362,418 shares, at cost | (1,308,187) | (1,308,187) |
Total stockholders’ equity | 35,250,813 | 30,757,671 |
Total liabilities and stockholders’ equity | $ 81,163,607 | $ 79,909,736 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Property, buildings and equipment, accumulated depreciation | $ 28,653,138 | $ 28,224,661 |
Finite-lived intangible assets, accumulated amortization | $ 140,134 | $ 75,967 |
Preferred stock, par value (usd per share) | $ 1 | $ 1 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (usd per share) | $ 0.1 | $ 0.1 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 27,813,772 | 27,813,772 |
Common stock, shares outstanding | 25,451,354 | 25,451,354 |
Treasury stock, shares | 2,362,418 | 2,362,418 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | ||
Electrical construction | $ 119,616,561 | $ 94,826,620 |
Other | 954,610 | 3,536,650 |
Total revenue | 120,571,171 | 98,363,270 |
Costs and expenses | ||
Electrical construction | 99,726,789 | 84,067,942 |
Other | 785,405 | 2,858,699 |
Selling, general and administrative | 4,747,492 | 4,321,250 |
Depreciation and amortization | 6,559,241 | 6,064,636 |
Gain on sale of property and equipment | (22,840) | (332,182) |
Total costs and expenses | 111,796,087 | 96,980,345 |
Total operating income | 8,775,084 | 1,382,925 |
Other income (expense), net | ||
Interest income | 20,727 | 22,820 |
Interest expense | (667,596) | (681,101) |
Other income, net | 75,880 | 53,497 |
Total other expense, net | (570,989) | (604,784) |
Income from continuing operations before income taxes | 8,204,095 | 778,141 |
Income tax provision | 3,378,205 | 653,442 |
Income from continuing operations | 4,825,890 | 124,699 |
Loss from discontinued operations, net of income tax benefit of $200,759 in 2015 and $267,736 in 2014 | (332,748) | (443,760) |
Net income (loss) | $ 4,493,142 | $ (319,061) |
Net income (loss) per share of common stock — basic and diluted | ||
Continuing operations (usd per share) | $ 0.19 | $ 0 |
Discontinued operations (usd per share) | (0.01) | (0.02) |
Net (loss) income (usd per share) | $ 0.18 | $ (0.01) |
Weighted average shares outstanding - basic and diluted (shares) | 25,451,354 | 25,451,354 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | ||
Loss from discontinued operations, net of income tax benefit of $200,759 in 2015 and $267,736 in 2014 | $ 200,759 | $ 267,736 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities | ||
Net income (loss) | $ 4,493,142 | $ (319,061) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | ||
Depreciation and amortization | 6,559,241 | 6,064,636 |
Amortization of debt issuance costs | 51,028 | 27,904 |
Deferred income taxes | 1,841,604 | 352,907 |
Gain on sale of property and equipment | (22,840) | (332,182) |
Other expenses | (3,309) | (4,852) |
Changes in operating assets and liabilities, net of effects of acquisition | ||
Accounts receivable and accrued billings | 590,613 | (1,081,183) |
Real estate inventory | 0 | 395,062 |
Costs and estimated earnings in excess of billings on uncompleted contracts | (3,754,919) | (1,512,861) |
Residential properties under construction | 0 | 1,616,916 |
Income taxes receivable | 763,821 | (311,722) |
Prepaid expenses and other assets | (1,648,701) | (364,929) |
Land and land development costs | 147,360 | (1,019,139) |
Restricted cash | 259,229 | (85,318) |
Income taxes payable | 483,763 | 0 |
Accounts payable and accrued liabilities | 414,244 | 796,176 |
Contract loss accruals | (2,482,494) | 2,463,456 |
Billings in excess of costs and estimated earnings on uncompleted contracts | (1,303,810) | 1,150,121 |
Accrued remediation costs | (820,165) | 7,713 |
Net cash provided by operating activities | 5,567,807 | 7,843,644 |
Cash flows from investing activities | ||
Proceeds from disposal of property and equipment | 1,796,786 | 1,811,226 |
Proceeds from notes receivable | 47,380 | 56,533 |
Purchases of property, buildings and equipment | (5,997,166) | (9,123,291) |
Net cash paid for acquisition | 0 | (5,753,142) |
Net cash used in investing activities | (4,153,000) | (13,008,674) |
Cash flows from financing activities | ||
Proceeds from notes payable | 24,500,000 | 13,500,000 |
Repayments on notes payable | (21,056,805) | (16,718,961) |
Installment loan repayments | (3,259,635) | (1,968,968) |
Debt issuance costs | (46,308) | (39,431) |
Net cash provided by (used in) financing activities | 137,252 | (5,227,360) |
Net increase (decrease) in cash and cash equivalents | 1,552,059 | (10,392,390) |
Cash and cash equivalents at beginning of year | 9,822,179 | 20,214,569 |
Cash and cash equivalents at end of year | 11,374,238 | 9,822,179 |
Supplemental disclosure of cash flow information | ||
Interest paid | 652,419 | 668,646 |
Income taxes paid, net | 88,258 | 344,521 |
Supplemental disclosure of non-cash investing and financing activities | ||
Liability for equipment acquired | $ 84,361 | $ 143,403 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Total | Common stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Treasury stock [Member] |
Balance (shares) at Dec. 31, 2013 | 27,813,772 | ||||
Balance at Dec. 31, 2013 | $ 31,076,732 | $ 2,781,377 | $ 18,481,683 | $ 11,121,859 | $ (1,308,187) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | $ (319,061) | $ 0 | 0 | (319,061) | 0 |
Balance (shares) at Dec. 31, 2014 | 25,451,354 | 27,813,772 | |||
Balance at Dec. 31, 2014 | $ 30,757,671 | $ 2,781,377 | 18,481,683 | 10,802,798 | (1,308,187) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income (loss) | $ 4,493,142 | $ 0 | 0 | 4,493,142 | 0 |
Balance (shares) at Dec. 31, 2015 | 25,451,354 | 27,813,772 | |||
Balance at Dec. 31, 2015 | $ 35,250,813 | $ 2,781,377 | $ 18,481,683 | $ 15,295,940 | $ (1,308,187) |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies Overview The Goldfield Corporation (the “Company”) was incorporated in Wyoming in 1906 and subsequently reincorporated in Delaware in 1968. The Company’s principal line of business is the construction of electrical infrastructure for the utility industry and industrial customers. The principal market for the Company’s electrical construction operation is primarily in the Southeast and mid-Atlantic regions of the United States, including Texas. Basis of Financial Statement Presentation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company adopted Accounting Standards Updates (“ASU”) ASU 2011-05 and ASU 2011-12, which require comprehensive income (loss) to be reported in either a single statement or in two consecutive statements reporting net income (loss) and other comprehensive income (loss). The amendment eliminates the option to report other comprehensive income (loss) and its components in the statement of changes in shareholders’ equity. However, comprehensive income (loss) is equivalent to net income (loss) for the Company, and therefore, the Company’s accompanying financial statements do not include a Statement of Other Comprehensive Income (Loss). Cash and Cash Equivalents The Company considers highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Allowance for Doubtful Accounts The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The Company determines the allowance based on customer specific information and historical write-off experience. The Company reviews its allowance for doubtful accounts quarterly. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2015 and 2014 , upon its review, management determined it was not necessary to record an allowance for doubtful accounts due to the majority of accounts receivable being generated by electrical utility customers who the Company considers creditworthy based on timely collection history and other considerations. Property, Buildings, Equipment and Depreciation Property, buildings and equipment are stated at cost. Depreciation on property, buildings and equipment is calculated on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are depreciated on a straight-line basis over the shorter of the lease term, including renewals that are deemed to be reasonably assured, or the estimated useful life of the improvement. In accordance with Accounting Standard Codification (“ASC”) ASC Topic 360-10-05, Accounting for the Impairment or Disposal of Long-Lived Assets , the Company assesses the need to record impairment losses on long-lived assets when events and circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when future estimated undiscounted cash flows expected to result from use of the asset are less than the asset’s carrying value. Any resulting loss would be measured at fair value based on discounted expected cash flows. Electrical Construction Revenue The Company accepts contracts on a fixed-price, unit-price and service agreement basis. Revenue from fixed-price construction contracts are recognized on the percentage-of-completion method, measured by the ratio of costs incurred to date, to the estimated total costs to be incurred for each contract. Revenue from unit-price contracts is recognized on either the percentage-of-completion method or a man-hour or man-hour plus equipment basis. Revenue from service agreements are recognized as services are performed. Revenue from service agreements are billed on either a man-hour or man-hour plus equipment basis. Terms of the Company’s service agreements may extend for periods beyond one year. The Company’s contracts allow it to bill additional amounts for change orders and claims. The Company considers a claim to be for additional work performed outside the scope of the contract and contested by the customer. Historically, claims relating to electrical construction work have not been significant. A change order is a modification to a contract that changes the provisions of the contract, typically resulting from changes in scope, specifications, design, manner of performance, facilities, equipment, materials, sites, or period of completion of the work under the contract. It is the Company’s policy to include revenue from change orders in contract value only when they can be reliably estimated and realization is considered probable, in accordance with ASC Topic 605-35-25-30 and ASC Topic 605-35-25-31, Revenue Recognition for Construction Type Contracts . The asset, “costs and estimated earnings in excess of billings on uncompleted contracts” represents revenue recognized in excess of amounts billed. The liability, “billings in excess of costs and estimated earnings on uncompleted contracts” represents billings in excess of revenue recognized. Contract costs include all direct material, direct labor, subcontractor costs and indirect costs related to contract performance, such as supplies, tools and equipment maintenance. General and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, estimated profitability and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined. Land and Land Development Costs The costs of a land purchase and any development expenses up to the initial construction phase of any residential property development project are recorded under the asset “land and land development costs.” The asset “land and land development costs” relating to specific projects is recorded as a current asset when the estimated project completion date is less than one year from the date of the consolidated financial statements, or as non-current assets when the estimated project completion date is more than one year from the date of the consolidated financial statements. In accordance with ASC Topics 360-10, Accounting for the Impairment or Disposal of Long-lived Assets , land and residential properties under construction are reviewed by the Company for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If the carrying amount or basis is not expected to be recovered, impairment losses are recorded and the related assets are adjusted to their estimated fair value. The fair value of an asset is the amount at which that asset could be bought or sold in a current transaction between willing parties, that is, other than in a forced or liquidation sale. The Company also complies with ASC Topic 820, Fair Value Measurement , which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The Company did not record an impairment write-down to its land carrying value for either of the years ended December 31, 2015 or 2014 . Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes, which establishes the recognition requirements. Deferred tax assets and liabilities are recognized for the future tax effects attributable to temporary differences and carryforwards between the financial statement carrying amounts of existing assets and liabilities and the respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits as interest expense and other general and administrative expenses, respectively, and not as a component of income taxes. Executive Long-term Incentive Plan The Company has not issued shares pursuant to The Goldfield Corporation 2013 Long-term Incentive Plan (the “2013 Plan”) in either 2015 or 2014 . Therefore, the Company has no compensation expense for shares pursuant to the 2013 Plan for either of the years ended December 31, 2015 or 2014 . Use of Estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”). Actual results could differ from those estimates. Management considers the most significant estimates in preparing these financial statements to be the estimated cost to complete electrical construction contracts in progress, the adequacy of the accrued remediation costs and the realizability of deferred tax assets. Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, accounts receivable and accrued billings, and notes receivable, restricted cash collateral deposited with insurance carriers, cash surrender value of life insurance policies, accounts payable, notes payable, and other current liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value guidance establishes a valuation hierarchy, which requires maximizing the use of observable inputs when measuring fair value. The three levels of inputs that may be used are: Level 1 - Quoted market prices in active markets for identical assets or liabilities. Level 2 - Observable market based inputs or other observable inputs. Level 3 - Significant unobservable inputs that cannot be corroborated by observable market data. These values are generally determined using valuation models incorporating management’s estimates of market participant assumptions. Fair values of financial instruments are estimated through the use of public market prices, quotes from financial institutions, and other available information. Management considers the carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable and accrued billings, accounts payable and accrued liabilities, to approximate fair value due to the immediate or short-term maturity of these financial instruments. The fair value of notes receivable is considered by management to approximate carrying value based on their interest rates and terms, maturities, collateral, and current status of the receivables. The Company’s long-term notes payable are also estimated by management to approximate carrying value since the interest rates prescribed by Branch Banking and Trust Company (the “Bank”) are variable market interest rates and are adjusted periodically. Restricted cash is considered by management to approximate fair value due to the nature of the asset held in a secured interest bearing bank account. The carrying value of cash surrender value of life insurance is also considered by management to approximate fair value as the carrying value is based on the current settlement value under the contract, as provided by the carrier. Restricted Cash The Company’s restricted cash includes cash deposited in a secured interest bearing bank account, as required by the Collateral Trust Agreement in connection with the Company’s workers’ compensation insurance policies, as described in note 12. Goodwill and Intangible Assets Intangible assets with finite useful lives are recorded at cost upon acquisition, and amortized over the term of the related contract or useful life, as applicable. Intangible assets held by the Company with finite useful lives include customer relations and trademarks. All definite lived intangibles are amortized over their estimated useful lives. The Company reviews the values recorded for intangible assets and goodwill to assess recoverability from future operations annually or whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. As of December 31, 2015 , the Company assessed the recoverability of its long-lived assets and believed that there were no events or circumstances present that would require a test of recoverability on those assets. As a result, there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives. Segment Reporting The Company operates as a single reportable segment, electrical construction, under ASC Topic 280-10-50 Disclosures about Segments of an Enterprise and Related Information . The Company’s real estate activities have diminished to a point that it is no longer significant for reporting purposes and, accordingly, results of the ongoing real estate operations are included in the income statement under the caption “Other.” Certain corporate costs are not allocated to the electrical construction segment. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU 2014-09, which will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles and is intended to improve and converge the financial reporting requirements for revenue from contracts with customers with International Financial Reporting Standards (“IFRS”) . The core principle of ASU 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU 2014-09 also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-09 allows for both retrospective and prospective methods of adoption and is effective for periods beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14 which provides a one-year deferral of the revenue recognition standard’s effective date. Public business entities are required to apply the revenue recognition standard to annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. Early application is permitted but not before the original effective date for public business entities (annual reporting periods beginning after December 15, 2016). The option to use either a retrospective or cumulative-effective transition method did not change. The Company is currently evaluating the method of adoption and the impact that the adoption of ASU 2014-09 will have on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15 requiring management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. The standard also provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new guidance is effective for the annual period ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company does not expect the adoption of this guidance to have a significant impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03 that intends to simplify the presentation of debt issuance costs. The new standard will more closely align the presentation of debt issuance costs under U.S. generally accepted accounting principles with the presentation under comparable IFRS standards. Debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts. ASU 2015-03 is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The cost of issuing debt will no longer be recorded as a separate asset, except when incurred before receipt of the funding from the associated debt liability. Under current U.S. generally accepted accounting principles, debt issuance costs are reported on the balance sheet as assets and amortized as interest expense. The costs will continue to be amortized to interest expense using the effective interest method. Subsequent to the issuance of ASU 2015-03 the Securities and Exchange Commission staff made an announcement regarding the presentation of debt issuance costs associated with line-of-credit arrangements, which was codified by the FASB in ASU 2015-15. This guidance, which clarifies the exclusion of line-of-credit arrangements from the scope of ASU 2015-03, is effective upon adoption of ASU 2015-03. The Company has adopted both ASU 2015-03 and 2015-15. This new guidance was applied on a retrospective basis to December 31, 2014. The amended presentation of debt issuance costs resulted in a $28,000 reduction in each of prepaid expenses and current portion of notes payable and a $32,000 reduction in eac h of other non-current assets and non-current notes payable in the Consolidated Balance Sheet and Statement of Cash Flows for the period ended December 31, 2014. The adoption of ASU No. 2015-03 and 2015-15 did not have any other impact on the Company’s consolidated financial statements. In November 2015, the FASB issued ASU No 2015-17 to simplify the presentation of deferred income taxes by requiring that deferred tax assets and liabilities be classified as non-current in the balance sheet. The new guidance is effective for the annual period ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company is currently evaluating the method of adoption and the impact that the adoption of ASU 2015-17 will have on its consolidated financial statements. |
Costs and Estimated Earnings on
Costs and Estimated Earnings on Uncompleted Contracts | 12 Months Ended |
Dec. 31, 2015 | |
Contractors [Abstract] | |
Costs and Estimated Earnings on Uncompleted Contracts | Costs and Estimated Earnings on Uncompleted Contracts Long-term fixed-price electrical construction contracts in progress accounted for using the percentage-of-completion method as of December 31 for the years as indicated: 2015 2014 Costs incurred on uncompleted contracts $ 46,719,492 $ 50,510,735 Estimated earnings 18,910,883 10,054,556 65,630,375 60,565,291 Less billings to date 55,572,337 55,565,982 Total $ 10,058,038 $ 4,999,309 Included in the consolidated balance sheets under the following captions Costs and estimated earnings in excess of billings on uncompleted contracts $ 10,292,199 $ 6,537,280 Billings in excess of costs and estimated earnings on uncompleted contracts (234,161 ) (1,537,971 ) Total $ 10,058,038 $ 4,999,309 The amounts billed but not paid by customers pursuant to retention provisions of long-term electrical construction contracts were $1.6 million and $1.8 million as of December 31, 2015 and 2014 , respectively, and are included in the accompanying consolidated balance sheets in accounts receivable and accrued billings. Retainage is expected to be collected within the next twelve months. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table presents the income tax provision from continuing operations for the years ended December 31 as indicated: 2015 2014 Current Federal $ 1,423,082 $ 217,785 State 422,147 79,848 1,845,229 297,633 Deferred Federal 1,348,420 264,759 State 184,556 91,050 1,532,976 355,809 Total $ 3,378,205 $ 653,442 The following table presents the total income tax provision for the years ended December 31 as indicated: 2015 2014 Continuing operations $ 3,378,205 $ 653,442 Discontinued operations (200,759 ) (267,736 ) Total $ 3,177,446 $ 385,706 The following table presents the temporary differences and carryforwards, which give rise to deferred tax assets and liabilities as of December 31 as indicated: 2015 2014 Deferred tax assets Accrued vacation $ 161,796 $ 138,650 Acquisition costs capitalized 104,961 113,035 Accrued remediation costs 91,522 400,150 Net operating loss carryforwards — 248,459 Accrued payables 226,795 150,629 Alternative minimum tax credit carryforwards — 24,369 Accrued workers’ compensation 182,258 278,943 Capitalized bidding costs 8,510 56,706 Inventory adjustments 159,324 67,260 Accrued lease expense 36,462 20,985 Accrued contract losses 24,581 958,743 Other 3,449 1,196 Total deferred tax assets 999,658 2,459,125 Deferred tax liabilities Deferred gain on installment notes (11,034 ) (16,608 ) Tax amortization in excess of financial statement amortization (8,809 ) (4,237 ) Tax depreciation in excess of financial statement depreciation (8,535,062 ) (8,151,923 ) Total deferred tax liabilities (8,554,905 ) (8,172,768 ) Total net deferred tax liabilities $ (7,555,247 ) $ (5,713,643 ) As of December 31, 2015 , the current deferred tax assets decreased to $773,000 from $2.3 million as of December 31, 2014 primarily due to the decrease in accrued contract losses, federal net operating loss carryforward and accrued remediation. The non-current deferred tax liabilities increased to $8.3 million as of December 31, 2015 from $8.0 million as of December 31, 2014 mainly due to additional tax depreciation in excess of book depreciation. The Protecting Americans from Tax Hikes Act of 2015 allowed bonus depreciation for tax purposes for 2015 and extended bonus depreciation through 2019. The carrying amounts of deferred tax assets are reduced by a valuation allowance, if based on the available evidence, it is more likely than not such assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the deferred tax assets are expected to be recovered or settled. In the assessment for a valuation allowance, appropriate consideration is given to all positive and negative evidence related to the realization of the deferred tax assets. This assessment considers, among other matters, the nature, frequency and severity of current and cumulative losses, forecasts of future profitability, the duration of statutory carryforward periods, experience with loss carryforwards expiring unused, and tax planning alternatives. If the Company determines it will not be able to realize all or part of the deferred tax assets, a valuation allowance would be recorded to reduce deferred tax assets to the amount that is more likely than not to be realized. Based on assumptions with respect to forecasts of future taxable income and tax planning, among others, the Company anticipates being able to generate sufficient taxable income to utilize the deferred tax assets. Therefore, the Company has not recorded a valuation allowance against deferred tax assets. The minimum amount of future taxable income required to be generated to fully realize the deferred tax assets as of December 31, 2015 is approximately $2.7 million . The following table presents the differences between the Company’s effective income tax rate and the federal statutory rate on its income (loss) from continuing operations for the years ended December 31 as indicated: 2015 2014 Federal statutory rate 34.0% 34.0% State tax rate, net of federal tax 4.9 3.6 Non-deductible expenses 2.7 38.3 Prior year true-up to tax return — 9.0 Other (0.4) (0.9) Total 41.2% 84.0% The Company has gross unrecognized tax benefits of $5,000 and $11,000 as of December 31, 2015 and December 31, 2014 , respectively. The Company believes that it is reasonably possible that the liability for unrecognized tax benefits related to certain state income tax matters may be settled within the next twelve months. The federal statute of limitation has expired for tax years prior to 2008 and relevant state statutes vary. The Company is currently not under any income tax audits or examinations and does not expect the assessment of any significant additional tax in excess of amounts provided. The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years as indicated: 2015 2014 Balance as of January 1 $ 10,998 $ 10,946 Increase from current year tax positions 800 52 Decrease from settlements with taxing authority (7,075 ) — Balance as of December 31 $ 4,723 $ 10,998 The Company accrues interest and penalties related to unrecognized tax benefits as interest expense and other general and administrative expenses, respectively, and not as a component of income taxes. Decreases in interest and penalties are due to settlements with taxing authorities and expiration of statutes of limitation. During the years ended December 31, 2015 and 2014 , the Company recognized $1,000 each year in interest and penalties. The Company had accrued as a current liability $7,000 and $9,000 for the future payment of interest and penalties as of December 31, 2015 and 2014 , respectively. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations Commitments and Contingencies Related to Discontinued Operations Through certain of our subsidiaries and predecessor companies, the Company was previously engaged in mining activities and ended the last of such activities in December 2002. Effective September 15, 2014, the Company entered into an Administrative Order on Consent (“AOC”) with the United States Environmental Protection Agency (the “EPA”) with respect to a previously owned mining property, the Sierra Zinc Site located in Stevens County, Washington (the “Site”). The Company sold the Site over fifty years ago. The Site includes a tailings impoundment that was not previously reclaimed. Pursuant to the AOC, the Company agreed to undertake certain remediation actions at the Site, which work was completed by September 30, 2015. Based on the foregoing the Company has reasonably estimated the amounts related to this response action in accordance with ASC Topic 450-20, Loss Contingencies, and established a contingency provision within discontinued operations. As of December 31, 2015 and December 31, 2014 , the balance of the estimated contingency provision accrued by the Company was $243,000 and $1.1 million , respectively, including an increase of $534,000 and $711,000 recognized in the years ended December 31, 2015 and 2014 , respectively. These increases resulted mainly from changes in the scope of the project as required by the EPA. The remaining balance of the accrued remediation costs as of December 31, 2015 , mainly represents estimated future charges for EPA response costs and monitoring of the Site. It is reasonably possible the total actual costs to be incurred at the Site in future periods may vary from this estimate. The provision will be reviewed periodically based upon facts and circumstances available at the time. The costs provisioned for future expenditures related to this environmental obligation are not discounted to present value. As of December 31, 2015 and December 31, 2014 , respectively, discontinued operations had no liabilities other than the accrued remediation costs associated with the aforementioned EPA action. 2015 2014 Accrued remediation costs current $ 135,786 $ 1,048,380 Accrued remediation costs non-current 107,429 15,000 Total liabilities of discontinued operations $ 243,215 $ 1,063,380 The following table presents our results of discontinued operations for the years ended December 31 as indicated: 2015 2014 Provision for remediation costs $ (533,507 ) $ (711,496 ) Loss from discontinued operations before income taxes (533,507 ) (711,496 ) Income tax benefit (200,759 ) (267,736 ) Loss from discontinued operations, net of tax $ (332,748 ) $ (443,760 ) Our effective tax benefit rate related to discontinued operations for both years ended December 31, 2015 and 2014 was ( 37.6% ). The effective tax benefit rate differs from the federal statutory rate of 34% for both years ended December 31, 2015 and 2014 due to state income taxes. |
Property, Buildings and Equipme
Property, Buildings and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Buildings and Equipment | Property, Buildings and Equipment The following table presents the balances of major classes of properties as of December 31 as indicated: Estimated useful lives in years 2015 2014 Land — $ 371,228 $ 371,228 Land improvements 7 - 39 405,195 261,420 Buildings and improvements 5 - 40 2,104,320 2,098,338 Leasehold improvements 7 - 15 252,646 252,646 Machinery and equipment 2 - 10 60,185,730 62,230,362 Construction in progress — 5,966 13,510 Total 63,325,085 65,227,504 Less accumulated depreciation 28,653,138 28,224,661 Net properties, buildings and equipment $ 34,671,947 $ 37,002,843 Management reviews the net carrying value of all properties, buildings and equipment on a regular basis to assess and determine whether trigger events of impairment exist and the need for possible impairments. As a result of such review, no impairment write-down was considered necessary for the years ended December 31, 2015 and 2014 . |
401 (k) Employee Benefits Plan
401 (k) Employee Benefits Plan | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
401 (k) Employee Benefits Plan | 401(k) Employee Benefits Plan Effective January 1, 1995, the Company adopted The Goldfield Corporation and Subsidiaries Employee Savings and Retirement Plan, a defined contribution plan that qualifies under Section 401(k) of the Internal Revenue Code. The plan provides retirement benefits to all employees who meet eligibility requirements and elect to participate. Under the plan, participating employees may defer up to 100% of their pre-tax compensation per calendar year subject to Internal Revenue Code limits. The Company’s contributions to the plan are discretionary and amounted to approximately $248,000 and $224,000 for the years ended December 31, 2015 and 2014 , respectively. |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Notes Payable | Notes Payable The following table presents the balances of our notes payables as of December 31 as indicated: Lending Institution Maturity Date 2015 2014 Interest Rates 2015 2014 Working Capital Loan Branch Banking and Trust Company June 16, 2017 $ 1,500,000 $ — 2.06 % 2.19 % $6.94 Million Equipment Loan Branch Banking and Trust Company February 22, 2016 — 2,701,343 — 2.69 % $1.5 Million Equipment Loan Branch Banking and Trust Company October 17, 2016 — 727,000 — 2.69 % $4.25 Million Equipment Loan Branch Banking and Trust Company September 19, 2016 — 2,094,000 — 2.69 % $1.5 Million Equipment Loan (2013) Branch Banking and Trust Company April 22, 2017 — 1,000,000 — 2.67 % $5.0 Million Equipment Loan Branch Banking and Trust Company April 22, 2018 — 3,703,704 — 2.67 % $3.5 Million Acquisition Loan Branch Banking and Trust Company January 28, 2019 — 2,858,150 — 2.19 % $10.0 Million Equipment Loan Branch Banking and Trust Company July 28, 2020 10,000,000 10,000,000 2.44 % 2.19 % $17.0 Million Equipment Loan Branch Banking and Trust Company March 6, 2020 13,027,392 — 2.13 % — $2.0 Million Equipment Loan Branch Banking and Trust Company March 6, 2020 2,000,000 — 2.13 % — $7.9 Million Installment Sale Contract Caterpillar Financial Services Corporation July 17, 2016 — 3,259,635 — 3.45 % Total notes payable 26,527,392 26,343,832 Less unamortized debt issuance costs 55,480 60,200 Total notes payable, net 26,471,912 26,283,632 Less current portion of notes payable, net 5,815,510 3,657,772 Notes payable net, less current portion $ 20,656,402 $ 22,625,860 As of December 31, 2015 , the Company, and the Company’s wholly owned subsidiaries Southeast Power, Pineapple House of Brevard, Inc. (“Pineapple House”), Bayswater Development Corporation (“Bayswater”), Power Corporation of America (“PCA”) and C and C Power Line, Inc. (“C&C”), collectively (the “Debtors,”) were parties to a Master Loan Agreement, dated March 6, 2015 (the “2015 Master Loan Agreement”), with Branch Banking and Trust Company (the “Bank”). As of December 31, 2015 , the Company had a loan agreement and a series of related ancillary agreements with the Bank providing for a revolving line of credit loan for a maximum principal amount of $15.0 million , to be used as a “ Working Capital Loan .” As of December 31, 2015 and December 31, 2014 , borrowings under the Working Capital Loan were $1.5 million and $0 , respectively. As a credit guaranty to the Bank, the Company is contingently liable for the guaranty of a subsidiary obligation under an irrevocable letter of credit related to workers’ compensation. As of December 31, 2015 and December 31, 2014 , the Company had $320,000 and $0 , respectively, for this irrevocable letter of credit related to workers’ compensation. As of December 31, 2015 , the Debtors had loan agreements with the Bank for the $10.0 Million Equipment Loan , the $17.0 Million Equipment Loan and the $2.0 Million Equipment Loan . All loans with the Bank are guaranteed by the Debtors and include the grant of a continuing security interest in all now owned and hereafter acquired and wherever located personal property of the Debtors. The $10.0 Million Equipment Loan bears interest at a rate per annum equal to one month LIBOR (as defined in the ancillary loan documents) plus two percent 2.00% , which is adjusted monthly and subject to a maximum interest rate of 24.00% . The Working Capital Loan , the $17.0 Million Equipment Loan and the $2.0 Million Equipment Loan bear interest at a rate per annum equal to one month LIBOR (as defined in the documentation related to each loan) plus 1.80% , which will be adjusted monthly and subject to a maximum rate of 24.00% . On March 6, 2015, the Debtors and the Bank entered into the $10.0 Million Equipment Loan , the $17.0 Million Equipment Loan and the $2.0 Million Equipment Loan agreements. The Company used borrowings of $15.2 million from the $17.0 Million Equipment Loan to pay in full all of its outstanding equipment loans. The Company’s debt arrangements contain various financial and other covenants including, but not limited to: minimum tangible net worth, maximum debt to tangible net worth ratio and fixed charge coverage ratio. Other loan covenants prohibit, among other things, a change in legal form of the Company, and entering into a merger or consolidation. The loans also have cross-default provisions whereby any default under any loans of the Company (or its subsidiaries) with the Bank, will constitute a default under all of the other loans of the Company (and its subsidiaries) with the Bank. The schedule of payments of the notes payable as of December 31, 2015 is as follows: 2016 $ 5,838,429 2017 7,624,222 2018 6,124,222 2019 5,519,222 2020 and beyond 1,421,297 Total payments of debt $ 26,527,392 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company leases its principal office space under a seven -year operating lease. Within the provisions of the office lease, there are escalations in payments over the base lease term, as well as renewal periods and cancellation provisions. The effects of the escalations have been reflected in rent expense on a straight-line basis over the expected lease term. In addition, the Company leases other office spaces as principal offices for our subsidiaries PCA and C&C. The Company also leases office equipment under operating leases that expire over the next four years. The Company’s leases require payments of property taxes, insurance and maintenance costs in addition to the rent payments. Additionally, the Company leases several off-site storage facilities, used to store equipment and materials, under a month to month lease arrangement. Lastly, the Company has several lease agreements to lease certain equipment from time to time over a 60 -month term. The leased equipment is used in our electrical construction operations. The Company recognizes rent expense on a straight-line basis over the expected lease term. Future minimum lease payments under operating leases having initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2015 are as follows: 2016 $ 4,390,230 2017 4,303,840 2018 4,212,026 2019 3,206,302 2020 and beyond 676,962 Total minimum operating lease payments $ 16,789,360 Total rent expense for the operating leases were $3.9 million and $1.3 million for the years ended December 31, 2015 and 2014 , respectively. Performance Bonds In certain circumstances, the Company is required to provide performance bonds to secure its contractual commitments. Management is not aware of any performance bonds issued for the Company that have ever been called by a customer. As of December 31, 2015 , outstanding performance bonds issued on behalf of the Company’s electrical construction subsidiaries amounted to approximately $44.5 million . Collective Bargaining Agreements C&C, one of the Company’s electrical construction subsidiaries, is party to collective bargaining agreements with unions representing workers performing field construction operations. The collective bargaining agreements expire at various times and have typically been renegotiated and renewed on terms similar to the ones contained in the expiring agreements. The agreements require the subsidiary to pay specified wages, provide certain benefits to their respective union employees and contribute certain amounts to multi-employer pension plans and employee benefit trusts. The subsidiary’s multi-employer pension plan contribution rates generally are specified in the collective bargaining agreements (usually on an annual basis), and contributions are made to the plans on a “pay-as-you-go” basis based on such subsidiary’s union employee payrolls, which cannot be determined for future periods because contributions depend on, among other things, the number of union employees that such subsidiary employs at any given time; the plans in which it may participate vary depending on the projects it has ongoing at any time; and the need for union resources in connection with those projects. If the subsidiary withdraws from, or otherwise terminates its participation in, one or more multi-employer pension plans, or if the plans were to otherwise become substantially underfunded, such subsidiary could be assessed liabilities for additional contributions related to the underfunding of these plans. The Company is not aware of any amounts of withdrawal liability that have been incurred as a result of a withdrawal by C&C from any multi-employer defined benefit pension plans. Multi-employer Pension Plans The Company contributes to a multi-employer pension plan on behalf of employees covered by collective bargaining agreements. These plans are administered jointly by management and union representatives and cover substantially all full-time and certain part-time union employees who are not covered by other plans. The risks of participating in multi-employer plans are different from single-employer plans in the following aspects: (1) assets contributed to the multi-employer plan by one employer may be used to provide benefits to employees of other participating employers, (2) if a participating employer stops contributing to the plan, the unfunded obligations of the plan may be borne by the remaining participating employers, and (3) if the Company chooses to stop participating in a multi-employer plan, we could, under certain circumstances, be liable for unfunded vested benefits or other expenses of jointly administered union/management plans. At this time, we have not established any liabilities because withdrawal from these plans is not probable. For the years ended December 31, 2015 and 2014 , the contributions to these plans were $211,000 and $123,000 , respectively. The Company’s participation in multi-employer pension plans is outlined in the table below. The EIN column provides the Employer Identification Number (“EIN”) of the plan. Unless otherwise noted, the most recent Pension Protection Act zone status available in 2015 and 2014 is for the plan’s year ended December 31, 2015 , and 2014 , respectively. The zone status is based on information that the Company received from the plan, and is certified by the plan’s actuary. Among other factors, plans in the red zone are generally less than 65% funded, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP” column indicates plans for which a financial improvement plan “(“FIP”) is either pending or has been implemented. The last column lists the expiration date(s) of the collective-bargaining agreement(s) to which the plans are subject. There have been no significant changes in the number of Company employees covered by the multi-employer plans or other significant events that would impact the comparability of contributions to the plans. Information about the Plan is publicly available on Form 5500, Annual Return / Report of Employee Benefit Plan. The Plan year-end is December 31st and no single employer contributes 5% or more of total plan contributions. Certified Zone Status Plan Name: EIN Number Plan Number 2015 2014 FIP Implemented Surcharge Imposed Expiration Date of Collective Bargaining Agreement National Electrical Benefit Fund 53-0181657 001 Green Green Not applicable (green-zone plan) Not applicable (green-zone plan) August 31, 2017 |
Income (Loss) Per Share of Comm
Income (Loss) Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Income (Loss) Per Share of Common Stock | Income (Loss) Per Share of Common Stock Basic income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding during the period. Diluted income (loss) per share reflects the potential dilution that could occur if common stock equivalents, such as stock options outstanding, were exercised into common stock that subsequently shared in the earnings of the Company. As of December 31, 2015 and 2014 , the Company had no common stock equivalents. The computation of the weighted average number of common stock shares outstanding excludes 2,362,418 shares of Treasury Stock for each of the years ended December 31, 2015 and 2014 . |
Common Stock Repurchase Plan
Common Stock Repurchase Plan | 12 Months Ended |
Dec. 31, 2015 | |
Common Stock Repurchase Plan [Abstract] | |
Common Stock Repurchase Plan | Common Stock Repurchase Plan The Company has had a stock repurchase plan since September 17, 2002 , when the Board of Directors approval was announced. As last amended by the Board of Directors on September 17, 2015 , this plan permits the purchase of up to 3,500,000 shares. There is currently available for purchase through September 30, 2016 , a maximum of 1,154,940 shares. The Company may repurchase its shares either in the open market or through private transactions. The volume of the shares to be repurchased is contingent upon market conditions and other factors. No shares were repurchased during the years ended December 31, 2015 and December 31, 2014 . As of December 31, 2015 , the total number of shares repurchased under the Repurchase Plan was 2,345,060 at a cost of $1,289,467 (average cost of $0.55 per share). The Company currently holds the repurchased stock as Treasury Stock, reported at cost. Prior to September 17, 2002 , the Company had 17,358 shares of Treasury Stock that it had purchased at a cost of $18,720 . |
Business Concentration
Business Concentration | 12 Months Ended |
Dec. 31, 2015 | |
Risks and Uncertainties [Abstract] | |
Business Concentration | Business Concentration Credit Risks Financial instruments, mainly within the electrical construction operations, which potentially subject the Company to concentrations of credit risk, consist principally of accounts receivable and accrued billings in the amounts of $17.3 million and $17.8 million as of December 31, 2015 and 2014 , respectively, which management reviews to assess the need to establish an allowance for doubtful accounts. Customer Concentration Revenue (in thousands of dollars) to customers exceeding 10% of the Company’s total revenue for the years ended December 31 as indicated are as follows: 2015 2014 Amount % of Total revenue Amount % of Total revenue Electrical construction operations Customer A $ 22,518 19 $ 14,378 15 Customer B 16,093 13 12,849 13 Customer C 36,753 30 25,723 26 Revenue by service/product (in thousands of dollars) for the years ended December 31 as indicated are as follows: 2015 2014 Amount % of Total revenue Amount % of Total revenue Electrical construction operations Transmission & foundation $ 115,769 96 $ 91,196 92 Fiber optics 2,016 2 1,694 2 Other 1,831 1 1,936 2 Total 119,617 99 94,827 96 All other 955 1 3,537 4 Total revenue $ 120,571 100 $ 98,363 100 The total of the above categories may differ from the sum of the components due to rounding. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2015 | |
Restricted Cash and Investments [Abstract] | |
Restricted Cash | Restricted Cash On October 25, 2010 , the Company, as grantor, Valley Forge Insurance Company (the “Beneficiary”) and Branch Banking and Trust Company (the “Trustee”) entered into a Collateral Trust Agreement (the “Agreement”) in connection with the Company’s workers’ compensation insurance policies issued by the Beneficiary (the “Policies”) beginning in 2009 . The Agreement was made to grant the Beneficiary a security interest in certain of the Company’s assets and to place those assets in a Trust Account to secure the Company’s obligations to the Beneficiary under the Policies. The deposits maintained under the Agreement are recorded as restricted cash, within the non-current assets section of our balance sheet. |
Acquisition of C and C Power Li
Acquisition of C and C Power Line, Inc. | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisition of C and C Power Line, Inc. | Acquisition of C and C Power Line, Inc. On January 3, 2014 , PCA completed its acquisition of all the issued and outstanding shares of stock of C&C. The purchase price was $7.3 million in cash, subject to certain customary post-closing adjustments. As of December 31, 2014 all such adjustments were recognized. C&C is a full service electrical contractor, headquartered in Jacksonville, Florida, with a unionized workforce. C&C has been involved in the electrical business in Florida since 1989. The following table summarizes the purchase price allocation recognized as of December 31, 2014 , and includes purchase price adjustments for the year ended December 31, 2014 . There were no adjustments made during the year ended December 31, 2015 to the purchase price allocation: Assets Current assets Accounts receivable, net $ 2,564,538 Other current assets 54,415 Total current assets 2,618,953 Machinery and equipment 3,349,880 Intangible assets 1,013,800 Goodwill 101,407 Total assets $ 7,084,040 Liabilities Accounts payable $ 448,296 Accrued compensation and payroll taxes 521,782 Other accrued liabilities 360,820 Total liabilities $ 1,330,898 Purchase price, net of cash acquired of $1,376,508 $ 5,753,142 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets Associated with the Acquisition of C&C | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets Associated with the Acquisition of C&C | Goodwill and Other Intangible Assets Associated with the Acquisition of C&C In connection with the acquisition of C&C, as described in note 13, the Company acquired intangible assets with definite useful lives primarily consisting of trademarks and names, customer relationships and non-competition agreements and are amortized over periods from five to twenty years . The aggregate cash consideration paid, net of cash acquired of $1.4 million , was $5.8 million , of which $101,000 was allocated to goodwill, $1.0 million to acquired other intangible assets, $3.3 million to property and equipment, $2.6 million to net current assets and $1.3 million to net liabilities assumed. The Company performed an annual impairment assessment on its goodwill and intangible assets on December 31, 2015 . Based upon this analysis, the Company determined that there were no impairments. The following table presents the gross and net balances of our goodwill and intangible assets as of the dates indicated: December 31, 2015 December 31, 2014 Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived and non-amortizable acquired intangible assets Goodwill Indefinite $ 101,407 $ — $ 101,407 $ 101,407 $ — $ 101,407 Definite-lived and amortizable acquired intangible assets Trademarks/Names 15 $ 640,000 $ (85,334 ) $ 554,666 $ 640,000 $ (42,667 ) $ 597,333 Customer relationships 20 350,000 (35,000 ) 315,000 350,000 (17,500 ) 332,500 Non-competition agreement 5 10,000 (6,000 ) 4,000 10,000 (2,000 ) 8,000 Other 1 13,800 (13,800 ) — 13,800 (13,800 ) — Total intangible assets, net $ 1,013,800 $ (140,134 ) $ 873,666 $ 1,013,800 $ (75,967 ) $ 937,833 Amortization of definite-lived intangible assets will be approximately $61,000 annually for fiscal 2016 through 2020. |
Organization and Summary of S22
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview and Basis of Financial Statement Presentation | Overview The Goldfield Corporation (the “Company”) was incorporated in Wyoming in 1906 and subsequently reincorporated in Delaware in 1968. The Company’s principal line of business is the construction of electrical infrastructure for the utility industry and industrial customers. The principal market for the Company’s electrical construction operation is primarily in the Southeast and mid-Atlantic regions of the United States, including Texas. Basis of Financial Statement Presentation The accompanying consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Company adopted Accounting Standards Updates (“ASU”) ASU 2011-05 and ASU 2011-12, which require comprehensive income (loss) to be reported in either a single statement or in two consecutive statements reporting net income (loss) and other comprehensive income (loss). The amendment eliminates the option to report other comprehensive income (loss) and its components in the statement of changes in shareholders’ equity. However, comprehensive income (loss) is equivalent to net income (loss) for the Company, and therefore, the Company’s accompanying financial statements do not include a Statement of Other Comprehensive Income (Loss). |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers highly liquid investments with maturities of three months or less when purchased to be cash equivalents. |
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts The allowance for doubtful accounts is the Company’s best estimate of the amount of probable credit losses in the Company’s existing accounts receivable. The Company determines the allowance based on customer specific information and historical write-off experience. The Company reviews its allowance for doubtful accounts quarterly. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2015 and 2014 , upon its review, management determined it was not necessary to record an allowance for doubtful accounts due to the majority of accounts receivable being generated by electrical utility customers who the Company considers creditworthy based on timely collection history and other considerations. |
Property, Buildings, Equipment and Depreciation | Property, Buildings, Equipment and Depreciation Property, buildings and equipment are stated at cost. Depreciation on property, buildings and equipment is calculated on the straight-line method over the estimated useful lives of the assets. Leasehold improvements are depreciated on a straight-line basis over the shorter of the lease term, including renewals that are deemed to be reasonably assured, or the estimated useful life of the improvement. In accordance with Accounting Standard Codification (“ASC”) ASC Topic 360-10-05, Accounting for the Impairment or Disposal of Long-Lived Assets , the Company assesses the need to record impairment losses on long-lived assets when events and circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when future estimated undiscounted cash flows expected to result from use of the asset are less than the asset’s carrying value. Any resulting loss would be measured at fair value based on discounted expected cash flows. |
Electrical Construction Revenue | Electrical Construction Revenue The Company accepts contracts on a fixed-price, unit-price and service agreement basis. Revenue from fixed-price construction contracts are recognized on the percentage-of-completion method, measured by the ratio of costs incurred to date, to the estimated total costs to be incurred for each contract. Revenue from unit-price contracts is recognized on either the percentage-of-completion method or a man-hour or man-hour plus equipment basis. Revenue from service agreements are recognized as services are performed. Revenue from service agreements are billed on either a man-hour or man-hour plus equipment basis. Terms of the Company’s service agreements may extend for periods beyond one year. The Company’s contracts allow it to bill additional amounts for change orders and claims. The Company considers a claim to be for additional work performed outside the scope of the contract and contested by the customer. Historically, claims relating to electrical construction work have not been significant. A change order is a modification to a contract that changes the provisions of the contract, typically resulting from changes in scope, specifications, design, manner of performance, facilities, equipment, materials, sites, or period of completion of the work under the contract. It is the Company’s policy to include revenue from change orders in contract value only when they can be reliably estimated and realization is considered probable, in accordance with ASC Topic 605-35-25-30 and ASC Topic 605-35-25-31, Revenue Recognition for Construction Type Contracts . The asset, “costs and estimated earnings in excess of billings on uncompleted contracts” represents revenue recognized in excess of amounts billed. The liability, “billings in excess of costs and estimated earnings on uncompleted contracts” represents billings in excess of revenue recognized. Contract costs include all direct material, direct labor, subcontractor costs and indirect costs related to contract performance, such as supplies, tools and equipment maintenance. General and administrative costs are charged to expense as incurred. Provisions for estimated losses on uncompleted contracts are made in the period in which such losses are determined. Changes in job performance, job conditions, estimated profitability and final contract settlements may result in revisions to costs and income and are recognized in the period in which the revisions are determined. |
Land and Land Development Costs | Land and Land Development Costs The costs of a land purchase and any development expenses up to the initial construction phase of any residential property development project are recorded under the asset “land and land development costs.” The asset “land and land development costs” relating to specific projects is recorded as a current asset when the estimated project completion date is less than one year from the date of the consolidated financial statements, or as non-current assets when the estimated project completion date is more than one year from the date of the consolidated financial statements. In accordance with ASC Topics 360-10, Accounting for the Impairment or Disposal of Long-lived Assets , land and residential properties under construction are reviewed by the Company for impairment whenever events or changes in circumstances indicate that the carrying value may not be recoverable. If the carrying amount or basis is not expected to be recovered, impairment losses are recorded and the related assets are adjusted to their estimated fair value. The fair value of an asset is the amount at which that asset could be bought or sold in a current transaction between willing parties, that is, other than in a forced or liquidation sale. The Company also complies with ASC Topic 820, Fair Value Measurement , which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes, which establishes the recognition requirements. Deferred tax assets and liabilities are recognized for the future tax effects attributable to temporary differences and carryforwards between the financial statement carrying amounts of existing assets and liabilities and the respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. The Company records interest and penalties related to unrecognized tax benefits as interest expense and other general and administrative expenses, respectively, and not as a component of income taxes. |
Executive Long-term Incentive Plan | Executive Long-term Incentive Plan The Company has not issued shares pursuant to The Goldfield Corporation 2013 Long-term Incentive Plan (the “2013 Plan”) in either 2015 or 2014 . |
Use of Estimates | Use of Estimates Management of the Company has made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”). Actual results could differ from those estimates. Management considers the most significant estimates in preparing these financial statements to be the estimated cost to complete electrical construction contracts in progress, the adequacy of the accrued remediation costs and the realizability of deferred tax assets. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, accounts receivable and accrued billings, and notes receivable, restricted cash collateral deposited with insurance carriers, cash surrender value of life insurance policies, accounts payable, notes payable, and other current liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value guidance establishes a valuation hierarchy, which requires maximizing the use of observable inputs when measuring fair value. The three levels of inputs that may be used are: Level 1 - Quoted market prices in active markets for identical assets or liabilities. Level 2 - Observable market based inputs or other observable inputs. Level 3 - Significant unobservable inputs that cannot be corroborated by observable market data. These values are generally determined using valuation models incorporating management’s estimates of market participant assumptions. Fair values of financial instruments are estimated through the use of public market prices, quotes from financial institutions, and other available information. Management considers the carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable and accrued billings, accounts payable and accrued liabilities, to approximate fair value due to the immediate or short-term maturity of these financial instruments. The fair value of notes receivable is considered by management to approximate carrying value based on their interest rates and terms, maturities, collateral, and current status of the receivables. The Company’s long-term notes payable are also estimated by management to approximate carrying value since the interest rates prescribed by Branch Banking and Trust Company (the “Bank”) are variable market interest rates and are adjusted periodically. Restricted cash is considered by management to approximate fair value due to the nature of the asset held in a secured interest bearing bank account. The carrying value of cash surrender value of life insurance is also considered by management to approximate fair value as the carrying value is based on the current settlement value under the contract, as provided by the carrier. |
Restricted Cash | Restricted Cash The Company’s restricted cash includes cash deposited in a secured interest bearing bank account, as required by the Collateral Trust Agreement in connection with the Company’s workers’ compensation insurance policies, as described in note 12. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Intangible assets with finite useful lives are recorded at cost upon acquisition, and amortized over the term of the related contract or useful life, as applicable. Intangible assets held by the Company with finite useful lives include customer relations and trademarks. All definite lived intangibles are amortized over their estimated useful lives. The Company reviews the values recorded for intangible assets and goodwill to assess recoverability from future operations annually or whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. As of December 31, 2015 , the Company assessed the recoverability of its long-lived assets and believed that there were no events or circumstances present that would require a test of recoverability on those assets. As a result, there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives. |
Segment Reporting | Segment Reporting The Company operates as a single reportable segment, electrical construction, under ASC Topic 280-10-50 Disclosures about Segments of an Enterprise and Related Information . The Company’s real estate activities have diminished to a point that it is no longer significant for reporting purposes and, accordingly, results of the ongoing real estate operations are included in the income statement under the caption “Other.” Certain corporate costs are not allocated to the electrical construction segment. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU 2014-09, which will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles and is intended to improve and converge the financial reporting requirements for revenue from contracts with customers with International Financial Reporting Standards (“IFRS”) . The core principle of ASU 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU 2014-09 also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-09 allows for both retrospective and prospective methods of adoption and is effective for periods beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14 which provides a one-year deferral of the revenue recognition standard’s effective date. Public business entities are required to apply the revenue recognition standard to annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. Early application is permitted but not before the original effective date for public business entities (annual reporting periods beginning after December 15, 2016). The option to use either a retrospective or cumulative-effective transition method did not change. The Company is currently evaluating the method of adoption and the impact that the adoption of ASU 2014-09 will have on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15 requiring management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. The standard also provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new guidance is effective for the annual period ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company does not expect the adoption of this guidance to have a significant impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03 that intends to simplify the presentation of debt issuance costs. The new standard will more closely align the presentation of debt issuance costs under U.S. generally accepted accounting principles with the presentation under comparable IFRS standards. Debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts. ASU 2015-03 is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The cost of issuing debt will no longer be recorded as a separate asset, except when incurred before receipt of the funding from the associated debt liability. Under current U.S. generally accepted accounting principles, debt issuance costs are reported on the balance sheet as assets and amortized as interest expense. The costs will continue to be amortized to interest expense using the effective interest method. Subsequent to the issuance of ASU 2015-03 the Securities and Exchange Commission staff made an announcement regarding the presentation of debt issuance costs associated with line-of-credit arrangements, which was codified by the FASB in ASU 2015-15. This guidance, which clarifies the exclusion of line-of-credit arrangements from the scope of ASU 2015-03, is effective upon adoption of ASU 2015-03. The Company has adopted both ASU 2015-03 and 2015-15. This new guidance was applied on a retrospective basis to December 31, 2014. The amended presentation of debt issuance costs resulted in a $28,000 reduction in each of prepaid expenses and current portion of notes payable and a $32,000 reduction in eac h of other non-current assets and non-current notes payable in the Consolidated Balance Sheet and Statement of Cash Flows for the period ended December 31, 2014. The adoption of ASU No. 2015-03 and 2015-15 did not have any other impact on the Company’s consolidated financial statements. In November 2015, the FASB issued ASU No 2015-17 to simplify the presentation of deferred income taxes by requiring that deferred tax assets and liabilities be classified as non-current in the balance sheet. The new guidance is effective for the annual period ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company is currently evaluating the method of adoption and the impact that the adoption of ASU 2015-17 will have on its consolidated financial statements. |
Costs and Estimated Earnings 23
Costs and Estimated Earnings on Uncompleted Contracts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Contractors [Abstract] | |
Costs in Excess of Billings and Billings in Excess of Costs | Long-term fixed-price electrical construction contracts in progress accounted for using the percentage-of-completion method as of December 31 for the years as indicated: 2015 2014 Costs incurred on uncompleted contracts $ 46,719,492 $ 50,510,735 Estimated earnings 18,910,883 10,054,556 65,630,375 60,565,291 Less billings to date 55,572,337 55,565,982 Total $ 10,058,038 $ 4,999,309 Included in the consolidated balance sheets under the following captions Costs and estimated earnings in excess of billings on uncompleted contracts $ 10,292,199 $ 6,537,280 Billings in excess of costs and estimated earnings on uncompleted contracts (234,161 ) (1,537,971 ) Total $ 10,058,038 $ 4,999,309 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax provision from continuing operations | The following table presents the income tax provision from continuing operations for the years ended December 31 as indicated: 2015 2014 Current Federal $ 1,423,082 $ 217,785 State 422,147 79,848 1,845,229 297,633 Deferred Federal 1,348,420 264,759 State 184,556 91,050 1,532,976 355,809 Total $ 3,378,205 $ 653,442 The following table presents the total income tax provision for the years ended December 31 as indicated: 2015 2014 Continuing operations $ 3,378,205 $ 653,442 Discontinued operations (200,759 ) (267,736 ) Total $ 3,177,446 $ 385,706 |
Schedule of deferred tax assets and liabilities | The following table presents the temporary differences and carryforwards, which give rise to deferred tax assets and liabilities as of December 31 as indicated: 2015 2014 Deferred tax assets Accrued vacation $ 161,796 $ 138,650 Acquisition costs capitalized 104,961 113,035 Accrued remediation costs 91,522 400,150 Net operating loss carryforwards — 248,459 Accrued payables 226,795 150,629 Alternative minimum tax credit carryforwards — 24,369 Accrued workers’ compensation 182,258 278,943 Capitalized bidding costs 8,510 56,706 Inventory adjustments 159,324 67,260 Accrued lease expense 36,462 20,985 Accrued contract losses 24,581 958,743 Other 3,449 1,196 Total deferred tax assets 999,658 2,459,125 Deferred tax liabilities Deferred gain on installment notes (11,034 ) (16,608 ) Tax amortization in excess of financial statement amortization (8,809 ) (4,237 ) Tax depreciation in excess of financial statement depreciation (8,535,062 ) (8,151,923 ) Total deferred tax liabilities (8,554,905 ) (8,172,768 ) Total net deferred tax liabilities $ (7,555,247 ) $ (5,713,643 ) |
Reconciliation of effective and statutory tax rates from continuing operations | The following table presents the differences between the Company’s effective income tax rate and the federal statutory rate on its income (loss) from continuing operations for the years ended December 31 as indicated: 2015 2014 Federal statutory rate 34.0% 34.0% State tax rate, net of federal tax 4.9 3.6 Non-deductible expenses 2.7 38.3 Prior year true-up to tax return — 9.0 Other (0.4) (0.9) Total 41.2% 84.0% |
Reconciliation of beginning and ending unrecognized tax benefits | The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years as indicated: 2015 2014 Balance as of January 1 $ 10,998 $ 10,946 Increase from current year tax positions 800 52 Decrease from settlements with taxing authority (7,075 ) — Balance as of December 31 $ 4,723 $ 10,998 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations Disclosure | As of December 31, 2015 and December 31, 2014 , respectively, discontinued operations had no liabilities other than the accrued remediation costs associated with the aforementioned EPA action. 2015 2014 Accrued remediation costs current $ 135,786 $ 1,048,380 Accrued remediation costs non-current 107,429 15,000 Total liabilities of discontinued operations $ 243,215 $ 1,063,380 The following table presents our results of discontinued operations for the years ended December 31 as indicated: 2015 2014 Provision for remediation costs $ (533,507 ) $ (711,496 ) Loss from discontinued operations before income taxes (533,507 ) (711,496 ) Income tax benefit (200,759 ) (267,736 ) Loss from discontinued operations, net of tax $ (332,748 ) $ (443,760 ) |
Property, Buildings and Equip26
Property, Buildings and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Buildings and Equipment | The following table presents the balances of major classes of properties as of December 31 as indicated: Estimated useful lives in years 2015 2014 Land — $ 371,228 $ 371,228 Land improvements 7 - 39 405,195 261,420 Buildings and improvements 5 - 40 2,104,320 2,098,338 Leasehold improvements 7 - 15 252,646 252,646 Machinery and equipment 2 - 10 60,185,730 62,230,362 Construction in progress — 5,966 13,510 Total 63,325,085 65,227,504 Less accumulated depreciation 28,653,138 28,224,661 Net properties, buildings and equipment $ 34,671,947 $ 37,002,843 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | The following table presents the balances of our notes payables as of December 31 as indicated: Lending Institution Maturity Date 2015 2014 Interest Rates 2015 2014 Working Capital Loan Branch Banking and Trust Company June 16, 2017 $ 1,500,000 $ — 2.06 % 2.19 % $6.94 Million Equipment Loan Branch Banking and Trust Company February 22, 2016 — 2,701,343 — 2.69 % $1.5 Million Equipment Loan Branch Banking and Trust Company October 17, 2016 — 727,000 — 2.69 % $4.25 Million Equipment Loan Branch Banking and Trust Company September 19, 2016 — 2,094,000 — 2.69 % $1.5 Million Equipment Loan (2013) Branch Banking and Trust Company April 22, 2017 — 1,000,000 — 2.67 % $5.0 Million Equipment Loan Branch Banking and Trust Company April 22, 2018 — 3,703,704 — 2.67 % $3.5 Million Acquisition Loan Branch Banking and Trust Company January 28, 2019 — 2,858,150 — 2.19 % $10.0 Million Equipment Loan Branch Banking and Trust Company July 28, 2020 10,000,000 10,000,000 2.44 % 2.19 % $17.0 Million Equipment Loan Branch Banking and Trust Company March 6, 2020 13,027,392 — 2.13 % — $2.0 Million Equipment Loan Branch Banking and Trust Company March 6, 2020 2,000,000 — 2.13 % — $7.9 Million Installment Sale Contract Caterpillar Financial Services Corporation July 17, 2016 — 3,259,635 — 3.45 % Total notes payable 26,527,392 26,343,832 Less unamortized debt issuance costs 55,480 60,200 Total notes payable, net 26,471,912 26,283,632 Less current portion of notes payable, net 5,815,510 3,657,772 Notes payable net, less current portion $ 20,656,402 $ 22,625,860 |
Schedule of payments of notes payable | The schedule of payments of the notes payable as of December 31, 2015 is as follows: 2016 $ 5,838,429 2017 7,624,222 2018 6,124,222 2019 5,519,222 2020 and beyond 1,421,297 Total payments of debt $ 26,527,392 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum lease payments under operating leases | Future minimum lease payments under operating leases having initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2015 are as follows: 2016 $ 4,390,230 2017 4,303,840 2018 4,212,026 2019 3,206,302 2020 and beyond 676,962 Total minimum operating lease payments $ 16,789,360 |
Schedule of multi-employer pension plans | Certified Zone Status Plan Name: EIN Number Plan Number 2015 2014 FIP Implemented Surcharge Imposed Expiration Date of Collective Bargaining Agreement National Electrical Benefit Fund 53-0181657 001 Green Green Not applicable (green-zone plan) Not applicable (green-zone plan) August 31, 2017 |
Business Concentration (Tables)
Business Concentration (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Major customers [Member] | |
Concentration Risk [Line Items] | |
Schedule of concentration risk | Revenue (in thousands of dollars) to customers exceeding 10% of the Company’s total revenue for the years ended December 31 as indicated are as follows: 2015 2014 Amount % of Total revenue Amount % of Total revenue Electrical construction operations Customer A $ 22,518 19 $ 14,378 15 Customer B 16,093 13 12,849 13 Customer C 36,753 30 25,723 26 |
Service/product [Member] | |
Concentration Risk [Line Items] | |
Schedule of concentration risk | Revenue by service/product (in thousands of dollars) for the years ended December 31 as indicated are as follows: 2015 2014 Amount % of Total revenue Amount % of Total revenue Electrical construction operations Transmission & foundation $ 115,769 96 $ 91,196 92 Fiber optics 2,016 2 1,694 2 Other 1,831 1 1,936 2 Total 119,617 99 94,827 96 All other 955 1 3,537 4 Total revenue $ 120,571 100 $ 98,363 100 |
Acquisition of C and C Power 30
Acquisition of C and C Power Line, Inc. (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the purchase price allocation recognized as of December 31, 2014 , and includes purchase price adjustments for the year ended December 31, 2014 . There were no adjustments made during the year ended December 31, 2015 to the purchase price allocation: Assets Current assets Accounts receivable, net $ 2,564,538 Other current assets 54,415 Total current assets 2,618,953 Machinery and equipment 3,349,880 Intangible assets 1,013,800 Goodwill 101,407 Total assets $ 7,084,040 Liabilities Accounts payable $ 448,296 Accrued compensation and payroll taxes 521,782 Other accrued liabilities 360,820 Total liabilities $ 1,330,898 Purchase price, net of cash acquired of $1,376,508 $ 5,753,142 |
Goodwill and Other Intangible31
Goodwill and Other Intangible Assets Associated with the Acquisition of C&C (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table presents the gross and net balances of our goodwill and intangible assets as of the dates indicated: December 31, 2015 December 31, 2014 Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived and non-amortizable acquired intangible assets Goodwill Indefinite $ 101,407 $ — $ 101,407 $ 101,407 $ — $ 101,407 Definite-lived and amortizable acquired intangible assets Trademarks/Names 15 $ 640,000 $ (85,334 ) $ 554,666 $ 640,000 $ (42,667 ) $ 597,333 Customer relationships 20 350,000 (35,000 ) 315,000 350,000 (17,500 ) 332,500 Non-competition agreement 5 10,000 (6,000 ) 4,000 10,000 (2,000 ) 8,000 Other 1 13,800 (13,800 ) — 13,800 (13,800 ) — Total intangible assets, net $ 1,013,800 $ (140,134 ) $ 873,666 $ 1,013,800 $ (75,967 ) $ 937,833 |
Organization and Summary of S32
Organization and Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Maximum service period term (in years) | 1 year | |
Reclassification of deferred finance costs | $ 55,480 | $ 60,200 |
Long-term Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation expense | $ 0 | 0 |
Prepaid Expenses [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Reclassification of deferred finance costs | (28,000) | |
Noncurrent Assets [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Reclassification of deferred finance costs | (32,000) | |
Notes Payable, Current [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Reclassification of deferred finance costs | 28,000 | |
Notes Payable, Noncurrent [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Reclassification of deferred finance costs | $ 32,000 |
Costs and Estimated Earnings 33
Costs and Estimated Earnings on Uncompleted Contracts (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Contractors [Abstract] | ||
Costs incurred on uncompleted contracts | $ 46,719,492 | $ 50,510,735 |
Estimated earnings | 18,910,883 | 10,054,556 |
Total estimated contract revenue | 65,630,375 | 60,565,291 |
Less billings to date | 55,572,337 | 55,565,982 |
Total | 10,058,038 | 4,999,309 |
Costs and estimated earnings in excess of billings on uncompleted contracts | 10,292,199 | 6,537,280 |
Billings in excess of costs and estimated earnings on uncompleted contracts | (234,161) | (1,537,971) |
Contract receivable | $ 1,600,000 | $ 1,800,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Current | ||
Federal | $ 1,423,082 | $ 217,785 |
State | 422,147 | 79,848 |
Current Total | 1,845,229 | 297,633 |
Deferred | ||
Federal | 1,348,420 | 264,759 |
State | 184,556 | 91,050 |
Deferred Total | 1,532,976 | 355,809 |
Total | 3,378,205 | 653,442 |
Continuing operations | 3,378,205 | 653,442 |
Discontinued operations | (200,759) | (267,736) |
Total | 3,177,446 | 385,706 |
Deferred tax assets | ||
Accrued vacation | 161,796 | 138,650 |
Acquisition costs capitalized | 104,961 | 113,035 |
Accrued remediation costs | 91,522 | 400,150 |
Net operating loss carryforwards | 0 | 248,459 |
Accrued payables | 226,795 | 150,629 |
Alternative minimum tax credit carryforwards | 0 | 24,369 |
Accrued workers’ compensation | 182,258 | 278,943 |
Capitalized bidding costs | 8,510 | 56,706 |
Inventory adjustments | 159,324 | 67,260 |
Accrued lease expense | 36,462 | 20,985 |
Accrued contract losses | 24,581 | 958,743 |
Other | 3,449 | 1,196 |
Total deferred tax assets | 999,658 | 2,459,125 |
Deferred tax liabilities | ||
Deferred gain on installment notes | (11,034) | (16,608) |
Tax amortization in excess of financial statement amortization | (8,809) | (4,237) |
Tax depreciation in excess of financial statement depreciation | (8,535,062) | (8,151,923) |
Total deferred tax liabilities | (8,554,905) | (8,172,768) |
Total net deferred tax liabilities | (7,555,247) | (5,713,643) |
Current deferred tax asset | 773,000 | 2,300,000 |
Non-current deferred tax liability | 8,328,492 | $ 7,988,539 |
Minimum amount of future taxable income required to realize deferred tax assets | $ 2,700,000 | |
Schedule of differences between effective income tax rate and federal statutory rate | ||
Federal statutory rate | 34.00% | 34.00% |
State tax rate, net of federal tax | 4.90% | 3.60% |
Non-deductible expenses | 2.70% | 38.30% |
Prior year true-up to tax return | 0.00% | 9.00% |
Other | (0.40%) | (0.90%) |
Total | 41.20% | 84.00% |
Reconciliation of beginning and ending unrecognized tax benefits | ||
Balance as of January 1 | $ 10,998 | $ 10,946 |
Increase from current year tax positions | 800 | 52 |
Decrease from settlements with taxing authority | (7,075) | 0 |
Balance as of December 31 | 4,723 | 10,998 |
Income tax interest and penalties expensed during period | 1,000 | 1,187 |
Accrued income tax interest and penalties | $ 7,000 | $ 9,000 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Accrued remediation costs current | $ 135,786 | $ 1,048,380 |
Accrued remediation costs non-current | 107,429 | 15,000 |
Total liabilities of discontinued operations | 243,215 | 1,063,380 |
Provision for remediation costs | (533,507) | (711,496) |
Loss from discontinued operations before income taxes | (533,507) | (711,496) |
Income tax benefit | (200,759) | (267,736) |
Loss from discontinued operations, net of tax | $ (332,748) | $ (443,760) |
Effective tax rate related to discontinued operations | 37.60% | 37.60% |
Federal statutory rate | 34.00% | 34.00% |
Property, Buildings and Equip36
Property, Buildings and Equipment (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Property, building and equipment, gross | $ 63,325,085 | $ 65,227,504 |
Less accumulated depreciation | 28,653,138 | 28,224,661 |
Net properties, buildings and equipment | 34,671,947 | 37,002,843 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, building and equipment, gross | 371,228 | 371,228 |
Land improvements [Member} | ||
Property, Plant and Equipment [Line Items] | ||
Property, building and equipment, gross | $ 405,195 | 261,420 |
Land improvements [Member} | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives in years | 7 years | |
Land improvements [Member} | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives in years | 39 years | |
Buildings and improvements [Member} | ||
Property, Plant and Equipment [Line Items] | ||
Property, building and equipment, gross | $ 2,104,320 | 2,098,338 |
Buildings and improvements [Member} | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives in years | 5 years | |
Buildings and improvements [Member} | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives in years | 40 years | |
Leasehold improvements [Member} | ||
Property, Plant and Equipment [Line Items] | ||
Property, building and equipment, gross | $ 252,646 | 252,646 |
Leasehold improvements [Member} | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives in years | 7 years | |
Leasehold improvements [Member} | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives in years | 15 years | |
Machinery and equipment [Member} | ||
Property, Plant and Equipment [Line Items] | ||
Property, building and equipment, gross | $ 60,185,730 | 62,230,362 |
Machinery and equipment [Member} | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives in years | 2 years | |
Machinery and equipment [Member} | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful lives in years | 10 years | |
Construction in progress [Member} | ||
Property, Plant and Equipment [Line Items] | ||
Property, building and equipment, gross | $ 5,966 | $ 13,510 |
401 (k) Employee Benefits Plan
401 (k) Employee Benefits Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ||
Maximum annual contribution percentage per employee | 100.00% | |
Employer discretionary contributions to the plan | $ 248 | $ 224 |
Notes Payable (Details)
Notes Payable (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Balances of the Company's notes payable | ||
Note payable balance | $ 26,527,392 | $ 26,343,832 |
Less unamortized debt issuance costs | 55,480 | 60,200 |
Total notes payable, net | 26,471,912 | 26,283,632 |
Less current portion of notes payable, net | (5,815,510) | (3,657,772) |
Notes payable net, less current portion | $ 20,656,402 | 22,625,860 |
Working Capital Loan [Member] | ||
Balances of the Company's notes payable | ||
Maturity Date | Jun. 16, 2017 | |
Note payable balance | $ 1,500,000 | $ 0 |
Interest Rate | 2.06% | 2.19% |
$6.94 Million Equipment Loan [Member] | ||
Balances of the Company's notes payable | ||
Loan agreement face amount | $ 6,940,000 | |
Maturity Date | Feb. 22, 2016 | |
Note payable balance | $ 0 | $ 2,701,343 |
Interest Rate | 0.00% | 2.69% |
$1.50 Million Equipment Loan [Member] | ||
Balances of the Company's notes payable | ||
Loan agreement face amount | $ 1,500,000 | |
Maturity Date | Oct. 17, 2016 | |
Note payable balance | $ 0 | $ 727,000 |
Interest Rate | 0.00% | 2.69% |
$4.25 Million Equipment Loan [Member] | ||
Balances of the Company's notes payable | ||
Loan agreement face amount | $ 4,250,000 | |
Maturity Date | Sep. 19, 2016 | |
Note payable balance | $ 0 | $ 2,094,000 |
Interest Rate | 0.00% | 2.69% |
$1.50 Million Equipment Loan (2013) [Member] | ||
Balances of the Company's notes payable | ||
Loan agreement face amount | $ 1,500,000 | |
Maturity Date | Apr. 22, 2017 | |
Note payable balance | $ 0 | $ 1,000,000 |
Interest Rate | 0.00% | 2.67% |
$5.0 Million Equipment Loan [Member] | ||
Balances of the Company's notes payable | ||
Loan agreement face amount | $ 5,000,000 | |
Maturity Date | Apr. 22, 2018 | |
Note payable balance | $ 0 | $ 3,703,704 |
Interest Rate | 0.00% | 2.67% |
$3.5 Million Acquisition Loan [Member] | ||
Balances of the Company's notes payable | ||
Loan agreement face amount | $ 3,500,000 | |
Maturity Date | Jan. 28, 2019 | |
Note payable balance | $ 0 | $ 2,858,150 |
Interest Rate | 0.00% | 2.19% |
$10.0 Million Equipment Loan [Member] | ||
Balances of the Company's notes payable | ||
Loan agreement face amount | $ 10,000,000 | |
Maturity Date | Jul. 28, 2020 | |
Note payable balance | $ 10,000,000 | $ 10,000,000 |
Interest Rate | 2.44% | 2.19% |
$17.0 Million Equipment Loan [Member] | ||
Balances of the Company's notes payable | ||
Loan agreement face amount | $ 17,000,000 | |
Maturity Date | Mar. 6, 2020 | |
Note payable balance | $ 13,027,392 | $ 0 |
Interest Rate | 2.13% | 0.00% |
$2.0 Million Equipment Loan [Member] | ||
Balances of the Company's notes payable | ||
Loan agreement face amount | $ 2,000,000 | |
Maturity Date | Mar. 6, 2020 | |
Note payable balance | $ 2,000,000 | $ 0 |
Interest Rate | 2.13% | 0.00% |
$7.90 Million Installment Sale Contract [Member] | ||
Balances of the Company's notes payable | ||
Loan agreement face amount | $ 7,902,877 | |
Maturity Date | Jul. 17, 2016 | |
Note payable balance | $ 0 | $ 3,259,635 |
Interest Rate | 0.00% | 3.45% |
Notes Payable - Textual (Detail
Notes Payable - Textual (Details) - USD ($) | Mar. 09, 2015 | Dec. 31, 2015 | Dec. 31, 2014 |
Notes Payable (Textual) [Abstract] | |||
Borrowings outstanding | $ 26,527,392 | $ 26,343,832 | |
Letter of credit related to workers' compensation | 320,000 | 0 | |
Working Capital Loan [Member] | |||
Notes Payable (Textual) [Abstract] | |||
Revolving line of credit loan | 15,000,000 | ||
Borrowings outstanding | 1,500,000 | 0 | |
$10.0 Million Equipment Loan [Member] | |||
Notes Payable (Textual) [Abstract] | |||
Borrowings outstanding | $ 10,000,000 | $ 10,000,000 | |
Interest rate, maximum | 24.00% | ||
BBT and CAT Loans [Member] | |||
Notes Payable (Textual) [Abstract] | |||
Repayment of debt | $ 15,200,000 | ||
2015 Master Loan Agreement [Member] | |||
Notes Payable (Textual) [Abstract] | |||
Interest payable maximum rate | 24.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | $10.0 Million Equipment Loan [Member] | |||
Notes Payable (Textual) [Abstract] | |||
Basis spread added to monthly LIBOR | 2.00% | ||
London Interbank Offered Rate (LIBOR) [Member] | 2015 Master Loan Agreement [Member] | |||
Notes Payable (Textual) [Abstract] | |||
Basis spread added to monthly LIBOR | 1.80% |
Notes Payable - Schedule of Rep
Notes Payable - Schedule of Repayments of Notes Payable (Details) | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 5,838,429 |
2,017 | 7,624,222 |
2,018 | 6,124,222 |
2,019 | 5,519,222 |
2020 and beyond | 1,421,297 |
Total payments of debt | $ 26,527,392 |
Commitments and Contingencies41
Commitments and Contingencies (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)employer | Dec. 31, 2014USD ($) | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2,016 | $ 4,390,230 | |
2,017 | 4,303,840 | |
2,018 | 4,212,026 | |
2,019 | 3,206,302 | |
2020 and beyond | 676,962 | |
Total minimum operating lease payments | 16,789,360 | |
Total rent expense | 3,900,000 | $ 1,300,000 |
Contributions to plan | $ 211,000 | $ 123,000 |
Arrangement Expiring August 31, 2017 [Member] | Multiemployer Plan, Plan Information, Available [Member] | National Electrical Benefit Fund [Member] | Multiemployer Plans, Pension [Member] | ||
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
Number of employers responsible for 5% or more of contributions to multiemployer pension plan | employer | 0 | |
Percent of employer contribution for multiemployer pension plan (no more than 5%) | 5.00% | |
Office space [Member] | ||
Operating Leased Assets [Line Items] | ||
Non-cancelable operating lease period | 7 years | |
Office equipment [Member] | ||
Operating Leased Assets [Line Items] | ||
Non-cancelable operating lease period | 4 years | |
Electrical construction equipment [Member] | ||
Operating Leased Assets [Line Items] | ||
Non-cancelable operating lease period | 60 months |
Commitments and Contingencies -
Commitments and Contingencies - Performance Bonds (Details) $ in Millions | Dec. 31, 2015USD ($) |
Performance Bond [Mem ber] | |
Guarantor Obligations [Line Items] | |
Outstanding performance bonds | $ 44.5 |
Commitments and Contingencies43
Commitments and Contingencies - Schedule of Multi-employer Pension Plans (Details) - Multiemployer Plan, Plan Information, Available [Member] - National Electrical Benefit Fund [Member] - Multiemployer Plans, Pension [Member] - Arrangement Expiring August 31, 2017 [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Multiemployer Plans [Line Items] | |
EIN Number | 530,181,657 |
Plan Number | 1 |
Income (Loss) Per Share of Co44
Income (Loss) Per Share of Common Stock (Details) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Earnings Per Share [Abstract] | ||
Shares of treasury stock excluded from weighted average number of common stock shares outstanding | 2,362,418 | 2,362,418 |
Common Stock Repurchase Plan (D
Common Stock Repurchase Plan (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Sep. 11, 2014 | Sep. 16, 2002 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Total cost of shares repurchased | $ 1,308,187 | $ 1,308,187 | ||
2002 Common Stock Repurchase Plan [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock repurchase plan, number of shares permitted | 3,500,000 | |||
Remaining number of shares available to be repurchased | 1,154,940 | |||
Total number of shares repurchased | 2,345,060 | |||
Total cost of shares repurchased | $ 1,289,467 | |||
Average cost per share repurchased (usd per share) | $ 0.55 | |||
Stock Repurchase Programs Prior to 2002 [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Total number of shares repurchased | 17,358 | |||
Total cost of shares repurchased | $ 18,720 |
Business Concentration (Details
Business Concentration (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Concentration Risk [Line Items] | ||
Accounts receivable and accrued billings, net | $ 17,250,067 | $ 17,840,680 |
Revenue [Member] | Major customers [Member] | Customer A [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, amount | $ 22,518,000 | $ 14,378,000 |
Concentration risk, percentage | 19.00% | 15.00% |
Revenue [Member] | Major customers [Member] | Customer B [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, amount | $ 16,093,000 | $ 12,849,000 |
Concentration risk, percentage | 13.00% | 13.00% |
Revenue [Member] | Major customers [Member] | Customer C [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, amount | $ 36,753,000 | $ 25,723,000 |
Concentration risk, percentage | 30.00% | 26.00% |
Revenue [Member] | Service/product [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, amount | $ 120,571,000 | $ 98,363,000 |
Concentration risk, percentage | 100.00% | 100.00% |
Revenue [Member] | Service/product [Member] | Electrical Construction [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, amount | $ 119,617,000 | $ 94,827,000 |
Concentration risk, percentage | 99.00% | 96.00% |
Revenue [Member] | Service/product [Member] | Transmission & foundation [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, amount | $ 115,769,000 | $ 91,196,000 |
Concentration risk, percentage | 96.00% | 92.00% |
Revenue [Member] | Service/product [Member] | Fiber optics [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, amount | $ 2,016,000 | $ 1,694,000 |
Concentration risk, percentage | 2.00% | 2.00% |
Revenue [Member] | Service/product [Member] | Other [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, amount | $ 1,831,000 | $ 1,936,000 |
Concentration risk, percentage | 1.00% | 2.00% |
Revenue [Member] | Service/product [Member] | All other [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk, amount | $ 955,000 | $ 3,537,000 |
Concentration risk, percentage | 1.00% | 4.00% |
Acquisition of C and C Power 47
Acquisition of C and C Power Line, Inc. - Narrative (Details) $ in Millions | Jan. 03, 2014USD ($) |
C and C Power Line, Inc. [Member] | |
Business Acquisition [Line Items] | |
Acquisition purchase price | $ 7.3 |
Acquisition of C and C Power 48
Acquisition of C and C Power Line, Inc. - Summary of Assets Acquired and Liabilities Assumed (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 03, 2014 |
Current assets | |||
Goodwill | $ 101,407 | $ 101,407 | |
C and C Power Line, Inc. [Member] | |||
Current assets | |||
Accounts receivable, net | $ 2,564,538 | ||
Other current assets | 54,415 | ||
Total current assets | 2,618,953 | ||
Machinery and equipment | 3,349,880 | ||
Intangible assets | 1,013,800 | ||
Goodwill | 101,407 | ||
Total assets | 7,084,040 | ||
Liabilities | |||
Accounts payable | 448,296 | ||
Accrued compensation and payroll taxes | 521,782 | ||
Other accrued liabilities | 360,820 | ||
Total liabilities | 1,330,898 | ||
Purchase price, net of cash acquired of $1,376,508 | 5,753,142 | ||
Cash acquired | $ 1,376,508 |
Goodwill and Other Intangible49
Goodwill and Other Intangible Assets Associated with the Acquisition of C&C (Details) - USD ($) | Jan. 03, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 101,407 | $ 101,407 | |
Gross Carrying Amount | 1,013,800 | 1,013,800 | |
Accumulated Amortization | (140,134) | (75,967) | |
Net Carrying Amount | 873,666 | 937,833 | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |||
Amortization expense, 2016 | 61,000 | ||
Amortization expense, 2017 | 61,000 | ||
Amortization expense, 2018 | 61,000 | ||
Amortization expense, 2019 | 61,000 | ||
Amortization expense, 2020 | $ 61,000 | ||
Trademarks/Names [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful Life (Years) | 15 years | ||
Gross Carrying Amount | $ 640,000 | 640,000 | |
Accumulated Amortization | (85,334) | (42,667) | |
Net Carrying Amount | $ 554,666 | 597,333 | |
Customer relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful Life (Years) | 20 years | ||
Gross Carrying Amount | $ 350,000 | 350,000 | |
Accumulated Amortization | (35,000) | (17,500) | |
Net Carrying Amount | $ 315,000 | 332,500 | |
Non-compete agreements [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful Life (Years) | 5 years | ||
Gross Carrying Amount | $ 10,000 | 10,000 | |
Accumulated Amortization | (6,000) | (2,000) | |
Net Carrying Amount | $ 4,000 | 8,000 | |
Other [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful Life (Years) | 1 year | ||
Gross Carrying Amount | $ 13,800 | 13,800 | |
Accumulated Amortization | (13,800) | (13,800) | |
Net Carrying Amount | $ 0 | $ 0 | |
C and C Power Line, Inc. [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Cash acquired | $ 1,376,508 | ||
Purchase price, net of cash acquired | 5,753,142 | ||
Goodwill | 101,407 | ||
Intangible assets | 1,013,800 | ||
Other intangible assets | 3,349,880 | ||
Net current assets | 2,618,953 | ||
Net liabilities assumed | $ 1,330,898 | ||
Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful Life (Years) | 5 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Useful Life (Years) | 20 years |