0000042316-18-000043.txt : 20180807 0000042316-18-000043.hdr.sgml : 20180807 20180807172110 ACCESSION NUMBER: 0000042316-18-000043 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 63 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180807 DATE AS OF CHANGE: 20180807 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GOLDFIELD CORP CENTRAL INDEX KEY: 0000042316 STANDARD INDUSTRIAL CLASSIFICATION: WATER, SEWER, PIPELINE, COMM AND POWER LINE CONSTRUCTION [1623] IRS NUMBER: 880031580 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-07525 FILM NUMBER: 18999133 BUSINESS ADDRESS: STREET 1: 1684 WEST HIBISCUS BLVD. CITY: MELBOURNE STATE: FL ZIP: 32901 BUSINESS PHONE: 321-724-1700 MAIL ADDRESS: STREET 1: 1684 WEST HIBISCUS BLVD. CITY: MELBOURNE STATE: FL ZIP: 32901 FORMER COMPANY: FORMER CONFORMED NAME: GOLDFIELD CONSOLIDATED MINES CO DATE OF NAME CHANGE: 19670628 10-Q 1 gv0630201810-qq22018copy.htm 10-Q Document
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q

(Mark One)
x    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2018
or
¨    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from             to           

Commission File Number: 1-7525

The Goldfield Corporation
(Exact name of registrant as specified in its charter)
Delaware
 
88-0031580
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
1684 W. Hibiscus Boulevard
Melbourne, Florida 32901
(Address of principal executive offices) (Zip Code)
 
(321) 724-1700
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
¨
 
Accelerated filer
x
 
 
 
 
 
Non-accelerated filer (Do not check if a smaller reporting company)
¨
 
Smaller reporting company
¨
 
 
 
 
 
 
 
 
Emerging growth company
¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨    No  x
The number of shares of the Registrant’s Common Stock outstanding as of August 3, 2018 was 25,451,354.




THE GOLDFIELD CORPORATION AND SUBSIDIARIES
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2018
TABLE OF CONTENTS
 




PART I. FINANCIAL INFORMATION
ITEM 1.    FINANCIAL STATEMENTS (UNAUDITED).
THE GOLDFIELD CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
 
June 30,
 
December 31,
 
2018
 
2017
ASSETS
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
9,870,523

 
$
18,529,757

Accounts receivable and accrued billings
24,418,346

 
21,566,842

Costs and estimated earnings in excess of billings on uncompleted contracts
10,411,674

 
6,074,346

Income taxes receivable

 
619,552

Residential properties under construction
4,818,522

 
2,412,202

Prepaid expenses
1,125,766

 
993,668

Other current assets
851,602

 
1,532,110

Total current assets
51,496,433

 
51,728,477

Property, buildings and equipment, at cost, net of accumulated depreciation of $40,507,579 in 2018 and $38,927,654 in 2017
40,206,369

 
36,072,300

Deferred charges and other assets
 
 
 
Land and land development costs
4,996,762

 
4,326,728

Cash surrender value of life insurance
548,679

 
550,335

Restricted cash
102,027

 
102,027

Goodwill
101,407

 
101,407

Intangibles, net of accumulated amortization of $293,884 in 2018 and $263,134 in 2017
719,916

 
750,666

Total deferred charges and other assets
6,468,791

 
5,831,163

Total assets
$
98,171,593

 
$
93,631,940

LIABILITIES AND STOCKHOLDERS’ EQUITY
 
 
 
Current liabilities
 
 
 
Accounts payable and accrued liabilities
$
11,417,561

 
$
9,379,535

Billings in excess of costs and estimated earnings on uncompleted contracts
240,808

 
166,268

Current portion of other long-term debt
110,581

 

Current portion of notes payable, net
5,064,775

 
6,099,787

Income taxes payable
276,201

 

Accrued remediation costs
73,352

 
87,553

Total current liabilities
17,183,278

 
15,733,143

Deferred income taxes
4,951,436

 
4,698,720

Accrued remediation costs, less current portion
428,976

 
434,164

Other long-term debt, less current portion, net
241,502

 

Notes payable, less current portion, net
14,197,805

 
16,151,567

Other accrued liabilities
63,116

 
66,033

Total liabilities
37,066,113

 
37,083,627

Commitments and contingencies (notes 4 and 6)

 

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
41,150,607

 
36,593,440

Treasury stock, 2,362,418 shares, at cost
(1,308,187
)
 
(1,308,187
)
Total stockholders’ equity
61,105,480

 
56,548,313

Total liabilities and stockholders’ equity
$
98,171,593

 
$
93,631,940

See accompanying notes to consolidated financial statements

1


THE GOLDFIELD CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED) 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
 
2017
 
2018
 
2017
Revenue
 
 
 
 
 
 
 
Electrical construction
$
36,195,767

 
$
28,804,467

 
$
70,327,686

 
$
58,253,114

Other
1,311,477

 
305,415

 
1,618,254

 
1,580,632

Total revenue
37,507,244

 
29,109,882

 
71,945,940

 
59,833,746

Costs and expenses
 
 
 
 
 
 
 
Electrical construction
29,287,017

 
21,410,600

 
56,069,877

 
43,419,573

Other
793,348

 
216,727

 
1,007,105

 
1,091,004

Selling, general and administrative
2,112,110

 
1,554,782

 
4,228,523

 
3,334,756

Depreciation and amortization
2,002,233

 
1,812,597

 
3,889,742

 
3,561,488

(Gain) loss on sale of property and equipment
(51,826
)
 
14,138

 
(65,217
)
 
11,565

Total costs and expenses
34,142,882

 
25,008,844

 
65,130,030

 
51,418,386

Total operating income
3,364,362

 
4,101,038

 
6,815,910

 
8,415,360

Other income (expense), net
 
 
 
 
 
 
 
Interest income
10,053

 
5,855

 
16,841

 
13,190

Interest expense, net of amount capitalized
(207,684
)
 
(138,440
)
 
(397,300
)
 
(272,459
)
Other income, net
22,274

 
15,818

 
37,367

 
30,467

Total other expense, net
(175,357
)
 
(116,767
)
 
(343,092
)
 
(228,802
)
Income before income taxes
3,189,005

 
3,984,271

 
6,472,818

 
8,186,558

Income tax provision
1,037,512

 
1,466,378

 
1,915,651

 
3,003,516

Net income
$
2,151,493

 
$
2,517,893

 
$
4,557,167

 
$
5,183,042

Net income per share of common stock — basic and diluted
$
0.08

 
$
0.10

 
$
0.18

 
$
0.20

Weighted average shares outstanding — basic and diluted
25,451,354

 
25,451,354

 
25,451,354

 
25,451,354

See accompanying notes to consolidated financial statements


2


THE GOLDFIELD CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS 
(UNAUDITED)
 
Six Months Ended June 30,
 
2018
 
2017
Cash flows from operating activities
 
 
 
Net income
$
4,557,167

 
$
5,183,042

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
Depreciation and amortization
3,889,742

 
3,561,488

Amortization of debt issuance costs
27,578

 
11,671

Deferred income taxes
252,716

 
(425,750
)
(Gain) loss on sale of property and equipment
(65,217
)
 
11,565

Other losses
1,656

 
211

Changes in operating assets and liabilities
 
 
 
Accounts receivable and accrued billings
(2,851,504
)
 
(152,502
)
Costs and estimated earnings in excess of billings on uncompleted contracts
(4,337,328
)
 
931,555

Residential properties under construction
(2,406,320
)
 
(238,979
)
Income taxes receivable
619,552

 
501,185

Prepaid expenses and other assets
548,410

 
(613,090
)
Land and land development costs
(670,034
)
 
316,179

Income taxes payable
276,201

 

Accounts payable and accrued liabilities
1,942,156

 
(3,474,562
)
Billings in excess of costs and estimated earnings on uncompleted contracts
74,540

 
(632,905
)
Accrued remediation costs
(19,389
)
 
(33,166
)
Net cash provided by operating activities
1,839,926

 
4,945,942

Cash flows from investing activities
 
 
 
Proceeds from disposal of property and equipment
147,200

 
44,242

Purchases of property, buildings and equipment
(7,577,091
)
 
(7,368,169
)
Net cash used in investing activities
(7,429,891
)
 
(7,323,927
)
Cash flows from financing activities
 
 
 
Proceeds from notes payable
2,816,961

 
22,600,000

Repayments on notes payable
(5,810,000
)
 
(18,437,255
)
Other long-term debt repayments
(52,917
)
 

Debt issuance costs
(23,313
)
 
(8,125
)
Net cash (used in) provided by financing activities
(3,069,269
)
 
4,154,620

Net (decrease) increase in cash, cash equivalents and restricted cash
(8,659,234
)
 
1,776,635

Cash, cash equivalents and restricted cash at beginning of the period
18,631,784

 
20,772,689

Cash, cash equivalents and restricted cash at end of the period
$
9,972,550

 
$
22,549,324

Supplemental disclosure of cash flow information
 
 
 
Interest paid, net of amounts capitalized
$
367,870

 
$
254,014

Income taxes paid, net
$
767,182

 
$
2,928,081

Supplemental disclosure of non-cash investing
 
 
 
Liability for equipment acquired
$
203,149

 
$
414,700

Equipment funded by other long-term debt
$
352,083

 
$

See accompanying notes to consolidated financial statements

3


THE GOLDFIELD CORPORATION AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)

Note 1 – 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, mid-Atlantic, Texas and Southwest regions of the United States.
Basis of Financial Statement Presentation
In the opinion of management, the accompanying unaudited interim consolidated financial statements include all adjustments necessary to present fairly the Company’s financial position, results of operations, and changes in cash flows for the interim periods reported. These adjustments are of a normal recurring nature. All financial statements presented herein are unaudited with the exception of the consolidated balance sheet as of December 31, 2017, which was derived from the audited consolidated financial statements. The results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the year. These statements should be read in conjunction with the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2017.
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 reasonable means of collection have been exhausted and the potential for recovery is considered remote. As of June 30, 2018 and December 31, 2017, 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.
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 consolidated financial statements in conformity with U.S. generally accepted accounting principles. Actual results could differ from those estimates. Management considers the most significant estimates in preparing these consolidated financial statements to be the estimated costs at completion of electrical construction contracts in progress.
Fair Value of Financial Instruments
The Company’s financial instruments include cash and cash equivalents, accounts receivable and accrued billings, 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 on 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 Company has determined the fair value of its fixed rate other long-term debt to be $348,000 using an interest rate of 3.76% (Level 2 input), which is the

4


Company’s current interest rate on borrowings. The Company’s carrying value of long-term notes payable are estimated by management to approximate fair value since the interest rates prescribed by Branch Banking and Trust Company (the “Bank”) are variable market interest rates and are adjusted periodically, and as such, are classified as Level 2. 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 and as such, is classified as Level 2.
Land and Land Development Costs and Residential Properties Under Construction
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.” Once construction commences, both the land development costs and construction costs are recorded under the asset “residential properties under construction.” The assets “land and land development costs” and “residential properties under construction” relating to specific projects are recorded as current assets 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 one year or more from the date of the consolidated financial statements.
In accordance with Accounting Standards Codification (“ASC”) Topic 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, 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 either of its land carrying value or residential properties under construction carrying value for either of the three and six month periods ended June 30, 2018 and 2017.
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 previous workers’ compensation insurance policy, as described in note 10. Also, see note 10 for information regarding the immaterial impact of an Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (the “FASB”) specifically related to the disclosure of restricted cash.
Goodwill and Intangible Assets
Intangible assets with finite useful lives recorded in connection with a historical acquisition are 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 relationships and trademarks. 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, 2017, the Company assessed the recoverability of its long-lived assets and goodwill, by reviewing relevant events and circumstances to evaluate the qualitative factors in addition to the quantitative impairment test. As a result, there was no impairment of the carrying amounts of such assets.
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 development operation has diminished to a point that it is no longer significant for reporting purposes and, accordingly, results of the ongoing real estate development operations are included in the income statement under the caption “Other.” Certain corporate costs are not allocated to the electrical construction segment.
Reclassifications
Certain amounts previously reflected in the prior year statement of cash flows have been reclassified to conform to the Company’s 2018 presentation. The reclassifications are associated with the adoption of ASU 2016-15 for restricted cash.
Recent Accounting Pronouncements
In May 2014, the FASB issued ASU 2014-09, ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), 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”). Subsequently the FASB issued various ASUs in relation to the new revenue recognition standard. The core principle of ASC 606 is that an entity should recognize revenue for the transfer of goods or

5


services equal to the amount that it expects to be entitled to receive for those goods or services. ASC 606 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. ASC 606 allows for either retrospective or cumulative effect transition methods of adoption and is effective for periods beginning after December 15, 2017.
On January 1, 2018 the Company adopted the new accounting standard ASC 606 and all the related amendments (“new revenue standard”) to all applicable contracts using the modified retrospective method (cumulative effect method). Applicable contracts did not include contracts considered substantially complete. Contracts that were modified before the beginning of the earliest period presented were not retrospectively restated. Instead, the Company reflected the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price as of the date of adoption. Adoption of the new revenue standard did not result in significant changes to the Company’s accounting policies, business processes, systems or controls, or have a material impact on its financial position, results of operations and cash flows. In addition, the Company concluded that the cumulative effect of initially applying the new revenue standard was immaterial and consequently did not record an adjustment to the opening balance of retained earnings (less than $30,000 net of tax). The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company does not expect the adoption of the new revenue standard to have a material impact to its financial position, results of operations and cash flows on an ongoing basis.
Specifically, under the new revenue standard, electrical construction fixed-price contracts previously accounted for under ASC 605-35 will be recognized over time as services are performed and the underlying obligations to customers are fulfilled. This resulted mainly in the use of input measures on a cost to cost basis similar to the practices previously in place for contracts accounted for under ASC 605-35. The Company concluded that under the new revenue standard the primary impact is on the timing of when contract modifications, variable consideration and change orders are recognized, mainly due to the application of the contract identification criteria. This resulted in timing differences on the recognition in revenue and margin when compared to prior practices.
The Company has also determined that electrical construction contracts previously accounted for on a man hour and equipment basis will be recognized over time as services are performed and the underlying obligations to customers are fulfilled. The Company has elected to apply the practical expedient within ASC 606-10-55-18 for contracts that are routinely billed based on established man hour and equipment rates and the amounts invoiced correspond directly with the value to the customer of the Company’s performance completed to date. These contracts will be treated as a series of distinct services transferred over time and will generally result in a similar revenue pattern when compared to the prior accounting policies.
Additionally, for real estate development operations presented under the caption “Other” in the consolidated financial statements, the Company determined that there is no change in the pattern of revenue recognition and will continue to recognize revenue upon the transfer of control of the promised real estate properties, generally at time of closing. See note 8 for more information regarding the impact of the new revenue standard.
In February 2016, the FASB issued ASU 2016-02, to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with earlier application permitted.  Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption.  The Company expects this new guidance to cause a material increase to the assets and liabilities on the Company’s consolidated balance sheets. The Company is currently assessing the effect the adoption will have on its consolidated financial statements of income. The impact of this ASU is non-cash in nature, therefore the Company does not expect the adoption of this new guidance to have a material impact on the Company’s cash flows or liquidity.
In August 2016, the FASB issued ASU 2016-15, which provides clarification regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. In addition, in November 2016, the FASB issued ASU 2016-18, which requires that amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Both updates are effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted. The Company has adopted these updates and determined there is not a material impact on its consolidated financial statements due to the adoption. The consolidated statement of cash flows for the six months ended June 30, 2017, has been adjusted on the line item Accounts receivable and accrued billings to reflect an immaterial difference in the balance of cash, cash equivalents and restricted cash for the 2017 period. The Company did not make any other prior period adjustments due to the adoption of this ASU. Had the Company made the adjustment to its consolidated balance sheet as of December 31, 2017, restricted cash would have decreased by approximately $2,300 with a corresponding increase to other receivables. This adjustment is associated with the interest income earned on the amount deposited in a trust account for the restricted cash balance. See note 10 for additional restricted cash disclosure information.

6


In October 2016, the FASB issued ASU 2016-16, which eliminates the requirement to defer the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. Under the new guidance, an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This update is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years; early adoption is permitted and is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings at the time of adoption. The adoption of ASU 2016-16 had no impact on the Company’s consolidated financial statements.
In January 2017, the FASB issued ASU 2017-04, which eliminates Step 2 of the current goodwill impairment test. A goodwill impairment loss will instead be measured at the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the recorded amount of goodwill allocated to that reporting unit. The provisions of this ASU are effective for years beginning after December 15, 2019, with early adoption permitted for any impairment test performed on testing dates after January 1, 2017. The Company is currently assessing the impact that adoption will have on its consolidated financial statements however, the Company does not expect this ASU to have a significant impact on its consolidated financial statements.
Note 2 – Contract Assets and Contract Liabilities
On January 1, 2018 the Company adopted the new accounting standard ASC 606 and all the related amendments (“new revenue standard”) to all applicable contracts using the modified retrospective method. Applicable contracts did not include contracts considered substantially complete. Contracts that were modified before the beginning of the earliest period presented were not retrospectively restated. Instead, the Company reflected the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price as of the date of adoption. Adoption of this standard did not result in significant changes to the Company’s accounting policies, business processes, systems or controls, or have a material impact on its financial position, results of operations and cash flows.
The following table presents the net contract assets and liabilities for the electrical construction operations as of the dates indicated:
 
 
June 30, 2018
 
December 31, 2017
 
$ Change
Contract assets (1)
 
$
10,411,674

 
$
6,074,346

 
$
4,337,328

Contract liabilities (2)
 
(312,900
)
 
(367,552
)
 
54,652

Net contract assets
 
$
10,098,774

 
$
5,706,794

 
$
4,391,980

 
 
 
 
 
 
 
(1) Contract assets consist of amounts under the caption Costs and estimated earnings in excess of billings on uncompleted contracts.
(2) Contract liabilities consist of the aggregate of amounts presented under the caption Billings in excess of costs and estimated earnings on uncompleted contracts and any contract loss accruals included in Accounts payable and accrued liabilities.
The following table presents the changes in the net contract assets and liabilities for the electrical construction operations for the six months ended June 30, 2018 as indicated:
 
 
$ Change
 
 
Six Months Ended June 30, 2018
Cumulative adjustment due to changes in contract values (1)
 
$
1,617,498

Cumulative adjustment due to changes in estimated costs at completion
 
(1,431,142
)
Revenue recognized in the period
 
53,216,138

Amounts reclassified to receivables
 
(49,139,706
)
Impairment of contract assets (2)
 
129,192

Total
 
$
4,391,980

 
 
 
(1) Amount attributable to contract modifications accounted for on a cumulative catch-up basis where the customer has approved a change in the scope or price of the contract, where the modification is treated as part of the existing contract and where the remaining goods and services are not distinct.
(2) Adjustment amounts due to changes in contract losses.

7


For the six months ended June 30, 2018, $166,000 of the total revenue recognized in the current period was attributable to the contract liability billings in excess of costs and estimated earnings on uncompleted contracts’ balance as of December 31, 2017.
Note 3 – Income Taxes
The following table presents the provision for income tax and the effective tax rates from continuing operations for the three and six month periods ended June 30 as indicated:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
 
2017
 
2018
 
2017
Income tax provision
$
1,037,512

 
$
1,466,378

 
$
1,915,651

 
$
3,003,516

Effective income tax rate
32.5
%
 
36.8
%
 
29.6
%
 
36.7
%
On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises the U.S. tax code by, among other items, reducing the federal corporate tax rate from its highest rate of 35% to a single rate of 21%.
The Company’s expected tax rate for the year ending December 31, 2018, which was calculated based on the estimated annual operating results for the year, is 29.6%. The expected tax rate differs from the federal statutory rate of 21% due to state income taxes, the Tax Act eliminating the domestic production activities deduction and nondeductible expenses including eliminating the deductibility of excess executive compensation over $1 million.
The Company’s effective tax rate for the three months ended June 30, 2018 was 32.5% and differs from the federal statutory rate of 21% due to state income taxes and nondeductible expenses. It is higher than our expected tax rate of 29.6% due to nondeductible executive compensation. The effective tax rate for the six months ended June 30, 2018 was 29.6% and reflects the annual expected tax rate for 2018. The effective tax rate for the three and six months ended June 30, 2017 was 36.8% and 36.7%, which differs from the federal statutory rate of 34% due to state income taxes and nondeductible expenses offset by the domestic production activities deduction.
The Company is evaluating the impact of the new revenue standard under ASC 606 for tax purposes. A review of the changes in the Company’s revenue recognition process indicates it will be a non-automatic change in accounting method based on current Internal Revenue Service (“IRS”) regulations. The Company estimates the impact to be a decrease of approximately $40,000 revenue and $10,000 tax provision. This impact has not been reported in the financial statements as of June 30, 2018 as it is a non-automatic change at this time and is subject to review and approval by the IRS.
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.
As of June 30, 2018, the Company’s deferred tax liabilities are primarily comprised of tax depreciation in excess of book depreciation and are offset by deferred tax assets, largely comprised of accrued vacation, accrued payables, accrued workers’ compensation claims, inventory adjustments, accrued remediation costs and percentage of completion capitalized cost method on long-term real estate construction. 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 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 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 June 30, 2018 is approximately $6.2 million.
The Company has gross unrecognized tax benefits of $5,000 as of both June 30, 2018 and December 31, 2017. 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 2014 and

8


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 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.
Note 4 – Commitments and Contingencies Related to Discontinued Operations
Discontinued operations represent former mining activities, the last of which ended in 2002. Pursuant to an agreement with the United States Environmental Protection Agency (the “EPA”), the Company performed certain remediation actions at a property sold over fifty years ago. This remediation work was completed by September 30, 2015. The Company has established a contingency provision related to discontinued operations, which was $502,000 and $522,000, as of June 30, 2018 and December 31, 2017, respectively. No change to the provision was required for either of the three and six month periods ended June 30, 2018 and 2017.
The remaining balance of the accrued remediation costs as of June 30, 2018 mainly represents estimated future charges for EPA response costs, monitoring of the property, and legal costs. The total costs to be incurred in future periods may vary from this estimate. The amounts recorded in the aforementioned contingency provision are not discounted. The provision will be reviewed periodically based upon facts and circumstances available at the time.
Note 5 – Notes Payable and Other Long-Term Debt
Notes Payable
The following table presents the balances of notes payable as of the dates indicated:
Branch Banking and Trust Company
 
Maturity Date
 
June 30,
2018
 
December 31, 2017
 
Interest Rates
 
 
 
 
June 30, 2018
 
December 31, 2017
Previous Working Capital Loan
 
November 28, 2019
 
$

 
$
2,750,000

 
%
 
3.38
%
Working Capital Loan
 
November 28, 2020
 
2,775,451

 

 
3.76
%
 
%
$27.49 Million Equipment Loan (previously $22.6 Million Equipment Loan)
 
May 1, 2022
 
16,521,510

 
19,540,000

 
3.76
%
 
3.25
%
Total notes payable
 
 
 
19,296,961

 
22,290,000

 
 
 
 
Less unamortized debt issuance costs
 
34,381

 
38,646

 
 
 
 
Total notes payable, net
 
19,262,580

 
22,251,354

 
 
 
 
Less current portion of notes payable, net
 
5,064,775

 
6,099,787

 
 
 
 
Notes payable net, less current portion
 
$
14,197,805

 
$
16,151,567

 
 
 
 
As of June 30, 2018, 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”), Precision Foundations, Inc. (“PFI”) and C and C Power Line, Inc. (“C&C”), collectively (the “Debtors,”) were parties to a Master Loan Agreement, dated May 24, 2018 (the “2018 Master Loan Agreement”), with Branch Banking and Trust Company (the “Bank”). The 2018 Master Loan Agreement restates substantially the same terms and conditions as those set forth in the previous Master Loan Agreement (the “Previous Master Loan Agreement”) among the Debtors and the Bank, originally entered into on June 9, 2017, except for the update in the exhibit for the loan modification and the new Working Capital Loan described below and an increase in the permissible outside debt and leases amount from $500,000 in the Previous Master Loan Agreement to $2.0 million.
On May 24, 2018, the Company entered into the new $18.0 million Working Capital Loan, which replaces all previous renewals and or modifications on the previous Working Capital Loan (the “Previous Working Capital Loan”). The Working Capital Loan restates substantially the same terms and conditions as those set forth in the Previous Working Capital Loan, originally entered into on August 26, 2005. Borrowings of $2.78 million, outstanding as of May 24, 2018, from the Working Capital Loan were used to pay in full the outstanding amount of the Previous Working Capital Loan, plus accrued interest and loan closing costs.
As of June 30, 2018, the Company had a loan agreement and a series of related ancillary agreements with the Bank under the 2018 Master Loan Agreement providing for a revolving line of credit loan for a maximum principal amount of $18.0 million, to be used as a “Working Capital Loan.”
As of June 30, 2018, borrowings under the Working Capital Loan were $2.78 million. As a credit guarantor to the Bank, the Company is contingently liable for the guaranty of a subsidiary obligation under an irrevocable letter of credit related to

9


workers’ compensation. The amount of this letter of credit was $575,000 and $420,000 as of June 30, 2018 and December 31, 2017, respectively.
Borrowings of $16.99 million, outstanding as of May 24, 2018, plus accrued interest, under the $22.6 Million Equipment Loan were continued under the $27.49 Million Equipment Loan. The remaining portion of the $27.49 Million Equipment Loan balance will be drawn by the Company for equipment purchases that are made on or after January 1, 2018. Under the documentation related to the $27.49 Million Equipment Loan, principal payments of $510,000 plus accrued interest commenced on June 9, 2018 and continue monthly thereafter until and including the payment due on December 9, 2018. On December 31, 2018, the then outstanding principal balance of the $27.49 Million Equipment Loan shall be amortized over a forty (40) month period. Equal monthly payments of principal, plus accrued interest, shall thereafter commence on January 9, 2019 and continue monthly on the same day of each month thereafter, with all outstanding principal, accrued interest, and all other amounts then due and owing to be payable on May 1, 2022, its maturity date.
As of June 30, 2018, the Debtors had a loan agreement with the Bank under the 2018 Master Loan Agreement for the $27.49 Million Equipment Loan (previously $22.6 Million Equipment Loan), which is guaranteed by the Debtors and includes the grant of a continuing security interest in all now owned and after acquired and wherever located personal property of the Debtors.
The Working Capital Loan and the $27.49 Million Equipment Loan (previously $22.6 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 as described in the documentation related to each loan.
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.
Other Long-Term Debt
As of June 30, 2018, the Company had an equipment purchase loan agreement for a specialty piece of equipment to be used in the Company’s electrical construction operations in the amount of $405,000 plus interest and sales tax. The agreement requires monthly payments of $10,687 plus interest at a 5.85% fixed rate. The loan matures on June 14, 2021 and there are no early payment provisions.
Note 6 – Commitments and Contingencies
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 June 30, 2018, outstanding performance bonds issued on behalf of the Company’s electrical construction subsidiaries amounted to approximately $53.4 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.

10


Legal Proceedings
The Company is involved in various legal claims arising in the ordinary course of business. The Company has concluded that the ultimate disposition of these matters should not have a material adverse effect on the Company’s consolidated financial position, results of operations, or liquidity.
Note 7 – Income Per Share of Common Stock
Basic income per common share is computed by dividing net income by the weighted average number of common stock shares outstanding during the period. Diluted income 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 June 30, 2018 and 2017, 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 three and six month periods ended June 30, 2018 and 2017.
Note 8 – ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures
On January 1, 2018, the Company adopted the new revenue standard ASC 606 and all the related amendments (“new revenue standard”). Adoption of this standard did not result in significant changes to the Company’s accounting policies, business processes, systems or controls, or have a material impact on its financial position, results of operations and cash flows. The Company concluded that the cumulative effect of initially applying the new revenue standard was immaterial and consequently did not record an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company does not expect the adoption of the new revenue standard to have a material impact to its financial position, results of operations and cash flows on an ongoing basis.
The Company’s significant accounting policies are detailed in “Note 1: Organization and Summary of Significant Accounting Policies” within Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Changes to the Company’s accounting policies as a result of adopting the new revenue standard are discussed below.
To determine the proper revenue recognition method for contracts for electrical construction services, the Company evaluates whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment and the decision to combine a group of contracts or separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period. For most of the contracts, the Company provides a significant service of integrating a complex set of tasks and components into a single project or capability. Hence, the entire contract is accounted for as one performance obligation. However, less likely, if a contract is separated into more than one performance obligation, the Company allocates the total transaction price for each performance obligation in an amount based on the estimated relative stand-alone selling prices of the promised goods or services underlying each performance obligation.
The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company generally recognizes revenue over time as it performs because of continuous transfer of control to the customer. Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The cost-to-cost measure of progress is generally used for its contracts because it best depicts the transfer of control to the customer which occurs as the Company incurs costs on the contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenue is recorded proportionally as costs are incurred. 
Due to the nature of the work required to be performed on many of the performance obligations, the estimation of total revenue and cost at completion is complex, subject to many variables and requires significant judgment. The Company estimates variable consideration at the most likely amount which the Company expects to receive. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of all information (historical, current and forecasted) that is reasonably available to the Company.
Contracts are often modified to account for changes in contract specifications and requirements. The Company considers contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most of the contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that

11


existing contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.
The Company has a standard and disciplined quarterly estimated costs at completion process in which management reviews the progress and execution of our performance obligations. Management must make assumptions and estimates regarding labor productivity and availability, the complexity of the work to be performed, the availability of materials, the length of time to complete the performance obligation (e.g., to estimate increases in wages and prices for materials and related support cost allocations), and execution by our subcontractors, among other variables. Based on this analysis, any quarterly adjustments to net revenue, cost of electrical construction revenue and the related impact to operating income are recognized as necessary in the period they become known. 
The following table disaggregates the Company’s revenue for the three and six month periods ended June 30 as indicated:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2018
 
2017
 
2018
 
2017
Electrical construction operations (1)
 
 
 
 
 
 
 
 
Southeast
 
$
15,841,543

 
$
16,568,313

 
$
27,825,088

 
$
34,006,880

mid-Atlantic
 
10,586,509

 
5,346,770

 
19,860,932

 
11,513,381

Texas and Southwest
 
9,258,717

 
6,028,058

 
21,461,782

 
11,193,704

Other electrical construction (2)
 
508,998

 
861,326

 
1,179,884

 
1,539,149

Total
 
36,195,767

 
28,804,467

 
70,327,686

 
58,253,114

All Other (3)
 
1,311,477

 
305,415

 
1,618,254

 
1,580,632

Total revenue
 
$
37,507,244

 
$
29,109,882

 
$
71,945,940

 
$
59,833,746

___________________________
 
 
 
 
 
 
 
 
(1) Principal electrical construction operations includes revenue from transmission lines, distribution systems, substations and drilled pier foundations.
(2) Other electrical construction includes revenue from storm work, fiber optics and other miscellaneous electrical construction items.
(3) Mainly real estate construction revenue.
The Company would have recognized $162,000 less revenue under legacy accounting practices for the six months ended June 30, 2018, than it did under the new revenue standard. This was attributable to the assessment of variable consideration and performance obligations within our contractual arrangements.
The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of June 30, 2018 was $23.7 million, all of which is expected to be satisfied within the next twelve months.
Note 9 – Customer Concentration
For the six months ended June 30, 2018 and 2017, the three largest customers accounted for 65.7% and 68.0%, respectively, of the Company’s total revenue. For the three months ended June 30, 2018 and 2017, the three largest customers accounted for 65.5% and 69.0%, respectively, of the Company’s total revenue.
Note 10 – Restricted Cash
Restricted cash, reported under “Deferred charges and other assets” on the Company’s consolidated balance sheet, represents amounts deposited in a trust account to secure the Company’s obligations in connection with the Company’s previous workers’ compensation insurance policy.
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows as of the dates indicated:
 
 
June 30, 2018
 
December 31, 2017
Cash and cash equivalents
 
$
9,870,523

 
$
18,529,757

Restricted cash
 
102,027

 
102,027

Cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows
 
$
9,972,550

 
$
18,631,784


12


Note 11 – Goodwill and Other Intangible Assets
The following table presents the gross and net balances of our goodwill and intangible assets as of the dates indicated:
 
 
 
June 30, 2018
 
December 31, 2017
 
Useful Life
(Years)
 
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

 
$
(192,004
)
 
$
447,996

 
$
640,000

 
$
(170,670
)
 
$
469,330

Customer relationships
20
 
350,000

 
(78,750
)
 
271,250

 
350,000

 
(70,000
)
 
280,000

Non-competition agreement
5
 
10,000

 
(9,330
)
 
670

 
10,000

 
(8,664
)
 
1,336

Other
1
 
13,800

 
(13,800
)
 

 
13,800

 
(13,800
)
 

Total
 
$
1,013,800

 
$
(293,884
)
 
$
719,916

 
$
1,013,800

 
$
(263,134
)
 
$
750,666

Amortization of definite-lived intangible assets will be approximately $60,000 annually for 2018 through 2022.


13


Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Forward-Looking Statements
We make “forward-looking statements” within the meaning of the “safe harbor” provision of the Private Securities Litigation Reform Act of 1995 throughout this document. You can identify these statements by forward-looking words such as “may,” “will,” “expect,” “anticipate,” “believe,” “estimate,” “plan,” and “continue” or similar words. We have based these statements on our current expectations about future events. Although we believe that our expectations reflected in or suggested by our forward-looking statements are reasonable, we cannot assure you that these expectations will be achieved. Our actual results may differ materially from what we currently expect. Factors that may affect the results of our operations include, among others: the level of construction activities by public utilities; the concentration of revenue from a limited number of utility customers; the loss of one or more significant customers; the timing and duration of construction projects for which we are engaged; our ability to estimate accurately with respect to fixed-price construction contracts; and heightened competition in the electrical construction field, including intensification of price competition. Other factors that may affect the results of our operations include, among others: adverse weather; natural disasters; effects of climate changes; changes in generally accepted accounting principles; ability to obtain necessary permits from regulatory agencies; our ability to maintain or increase historical revenue and profit margins; general economic conditions, both nationally and in our region; adverse legislation or regulations; availability of skilled construction labor and materials and material increases in labor and material costs; and our ability to obtain additional and/or renew financing. Other important factors which could cause our actual results to differ materially from the forward-looking statements in this document include, but are not limited to, those discussed in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” as well as those discussed elsewhere in this report and as set forth from time to time in our other public filings and public statements. In addition to the other information included in this report and our other public filings and releases, a discussion of factors affecting our business is included in our Annual Report on Form 10-K for the year ended December 31, 2017 under “Item 1A. Risk Factors” and should be considered while evaluating our business, financial condition, results of operations and prospects.
You should read this report in its entirety and with the understanding that our actual future results may be materially different from what we expect. We may not update these forward-looking statements, even in the event that our situation changes in the future, except as required by law. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.
Overview
We are a provider of electrical construction services, primarily in the Southeast, mid-Atlantic, Texas and Southwest regions of the United States. For the six months ended June 30, 2018, our total consolidated revenue was $71.9 million, a 20.2% increase from $59.8 million in the same period in 2017.
Through our subsidiaries, Power Corporation of America (“PCA”), Southeast Power Corporation (“Southeast Power”), and C and C Power Line, Inc. (“C&C”), we are engaged in the construction of electrical infrastructure for the utility industry and industrial customers. Southeast Power performs electrical contracting services including the construction of transmission lines, distribution systems, substations, drilled pier foundations and other electrical services. Southeast Power is headquartered in Titusville, Florida and has additional offices in Bastrop, Texas and Spartanburg, South Carolina. C&C, headquartered in Jacksonville, Florida, is a full service electrical contractor that provides similar services as Southeast Power with a unionized workforce.
The electrical construction business is highly competitive and fragmented. We compete with other independent contractors, including larger regional and national firms that may have financial, operational, technical and marketing resources that exceed our own. We also face competition from existing and prospective customers establishing or augmenting in-house services and organizations that employ personnel who perform similar services as those provided by us. In addition, a significant portion of our electrical construction revenue is derived from a small group of customers that account for a substantial portion of our revenue in any given year. The revenue contribution by any single customer or group of customers may significantly fluctuate from period-to-period. For example, for the six months ended June 30, 2018 and 2017, three of our customers accounted for approximately 65.7% and 68.0% of our consolidated revenue, respectively. The loss of or decrease in current demand from one or more customers, if not replaced, may result in a material decrease in revenue, margin and profit.
Critical Accounting Estimates
This discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of these financial statements requires us to make estimates and judgments that affect the reported amount of assets, liabilities, revenue and expense, and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our estimates, particularly those related to electrical construction contracts. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable, under the circumstances, the results of which form the basis for

14


making judgments about the carrying values of assets and liabilities, that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Our management has discussed the selection and development of our critical accounting policies, estimates, and related disclosures with the Audit Committee of the Board of Directors.
Revenue Recognition
Our significant accounting policies are detailed in “Note 1: Organization and Summary of Significant Accounting Policies” within Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2017. Changes to our accounting policies as a result of adopting Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers, and all the related amendments (“new revenue standard”) are discussed in note 1, note 2 and note 8 to the consolidated financial statements.
Fixed-Price Electrical Construction Contracts
We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. We generally recognize revenue over time as we perform because of continuous transfer of control to the customer.  Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. We generally use the cost-to-cost measure of progress for our contracts because it best depicts the transfer of control to the customer which occurs as we incur costs on our contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenue is recorded proportionally as costs are incurred. 
Due to the nature of the work required to be performed on many of our performance obligations, the estimation of total revenue and cost at completion is complex, subject to many variables and requires significant judgment. We estimate variable consideration at the most likely amount which we expect to receive. We include estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Our estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of all information (historical, current and forecasted) that is reasonably available to us.
Contracts are often modified to account for changes in contract specifications and requirements. We consider contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most of our contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.
We have a standard and disciplined quarterly estimated costs at completion process in which management reviews the progress and execution of our performance obligations. Management must make assumptions and estimates regarding labor productivity and availability, the complexity of the work to be performed, the availability of materials, the length of time to complete the performance obligation (e.g., to estimate increases in wages and prices for materials and related support cost allocations), execution by our subcontractors, among other variables. Based on this analysis, any quarterly adjustments to net revenue, cost of electrical construction revenue and the related impact to operating income are recognized as necessary in the period they become known. 
The accuracy of our revenue and profit recognition in a given period is almost solely dependent on the accuracy of our estimates of the cost to complete each project. Our projects can be complex and in almost every case the profit margin estimates for a project will either increase or decrease, to some extent, from the amount that was originally estimated at the time of bid. If a current estimate of total costs exceeds the total estimate of revenue to be earned, on a performance obligation, the projected loss is recognized in full when determined. Accrued contract losses were $72,000 as of June 30, 2018 and $201,000 as of December 31, 2017. The accrued contract losses as of both June 30, 2018 and December 31, 2017 are mainly attributable to transmission projects experiencing unexpected construction issues.

15


The following table disaggregates our revenue for the three and six month periods ended June 30 as indicated:
 
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2018
 
2017
 
2018
 
2017
Electrical construction operations (1)
 
 
 
 
 
 
 
 
Southeast
 
$
15,841,543

 
$
16,568,313

 
$
27,825,088

 
$
34,006,880

mid-Atlantic
 
10,586,509

 
5,346,770

 
19,860,932

 
11,513,381

Texas and Southwest
 
9,258,717

 
6,028,058

 
21,461,782

 
11,193,704

Other electrical construction (2)
 
508,998

 
861,326

 
1,179,884

 
1,539,149

Total
 
36,195,767

 
28,804,467

 
70,327,686

 
58,253,114

All Other (3)
 
1,311,477

 
305,415

 
1,618,254

 
1,580,632

Total revenue
 
$
37,507,244

 
$
29,109,882

 
$
71,945,940

 
$
59,833,746

___________________________
 
 
 
 
 
 
 
 
(1) Principal electrical construction operations includes revenue from transmission lines, distribution systems, substations and drilled pier foundations.
(2) Other electrical construction includes revenue from storm work, fiber optics and other miscellaneous electrical construction items.
(3) Mainly real estate construction revenue.
We would have recognized $162,000 less revenue under legacy accounting practices for the six months ended June 30, 2018 than we did under the new revenue standard. This was attributable to the assessment of variable consideration and performance obligations within our contractual arrangements.
The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of June 30, 2018 was $23.7 million, all of which is expected to be satisfied within the next twelve months.
RESULTS OF OPERATIONS
SIX MONTHS ENDED JUNE 30, 2018 COMPARED TO SIX MONTHS ENDED JUNE 30, 2017
The following table presents our operating income from continuing operations for the six months ended June 30, 2018 and 2017:
 
2018
 
2017
Revenue
 
 
 
Electrical construction
$
70,327,686

 
$
58,253,114

Other
1,618,254

 
1,580,632

Total revenue
71,945,940

 
59,833,746

Costs and expenses
 
 
 
Electrical construction
56,069,877

 
43,419,573

Other
1,007,105

 
1,091,004

Selling, general and administrative
4,228,523

 
3,334,756

Depreciation and amortization
3,889,742

 
3,561,488

(Gain) loss on sale of property and equipment
(65,217
)
 
11,565

Total costs and expenses
65,130,030

 
51,418,386

Total operating income
$
6,815,910

 
$
8,415,360

Operating income equals total operating revenue less operating costs and expenses inclusive of depreciation and amortization, and selling, general and administrative expenses. Operating costs and expenses also include any gains or losses on the sale of property and equipment. Operating income excludes interest expense, interest income, other income, and income taxes.
Revenue
Total revenue for the six months ended June 30, 2018 was $71.9 million, an increase of $12.1 million, or 20.2%, from $59.8 million for the same period in 2017. Electrical construction operations revenue was $70.3 million, an increase of $12.1 million, or 20.7%, from $58.3 million for the same period in 2017. The increase in electrical construction revenue was mainly

16


attributable to increases in projects awarded and work completed in the Texas and Southwest and mid-Atlantic regions of $10.3 million and $8.3 million, respectively. These increases were primarily due to master service agreement (“MSA”) and to a lesser extent non-MSA customer project activity for the six months ended June 30, 2018, compared to the same period in 2017. These increases were partially offset by a decrease in our Southeast operations of $6.2 million, due to decreases in both MSA and non-MSA customer project activity, attributable to competitive pressures, project mix and related labor requirements in the respective geographic regions and customer demand exceeding our labor resources.
Revenue from real estate development operations, included under the caption “Other,” was $1.6 million for both the six months ended June 30, 2018 and 2017.
Backlog
Our backlog represents future services to be performed under existing project-specific fixed-price and maintenance contracts and the estimated value of future services that we expect to provide under our existing MSAs.
The following table presents our total backlog as of June 30, 2018 and 2017 along with an estimate of the backlog amounts expected to be realized within 12 months and during the life of each of the MSAs. The existing MSAs have remaining renewals ranging from one to two years at the option of the customer. The calculation assumes exercise of the renewal options by the customer. Revenue from assumed exercise of renewal options represents $67.5 million, or 60.2% of our total estimated MSA backlog as of June 30, 2018.
 
 
Backlog as of
 
Backlog as of
 
 
June 30, 2018
 
June 30, 2017
Electrical Construction Operations
 
12-Month
 
Total
 
12-Month
 
Total
Project-Specific Firm Contracts(1)
 
$
34,017,793

 
$
34,017,793

 
$
13,678,981

 
$
13,678,981

Estimated MSAs
 
51,506,881

 
112,092,534

 
55,119,232

 
116,005,308

Total
 
$
85,524,674

 
$
146,110,327

 
$
68,798,213

 
$
129,684,289

 
 
 
 
 
 
 
 
 
(1)Amount includes firm contract awards under MSA agreements.
Our total backlog as of June 30, 2018 increased 12.7% to $146.1 million, compared to $129.7 million as of June 30, 2017, attributable to an increase in our firm contract awards, mainly due to the increase in non-MSA bid work.
Our estimated MSA backlog decreased $3.9 million to $112.1 million. During the period, the successful renewal of an MSA agreement was more than offset by existing MSA backlog run off and adjustments to existing MSA backlog estimates.
Our 12-month backlog as of June 30, 2018 increased 24.3% to $85.5 million, compared to $68.8 million as of June 30, 2017, for the same reason as the increase in total backlog.
Backlog is estimated at a particular point in time and is not determinative of total revenue in any particular period. It does not reflect future revenue from a significant number of short-term projects undertaken and completed between the estimated dates.
The estimated amount of backlog for work under MSAs is calculated by using recurring historical trends inherent in current MSAs and projected customer needs based upon ongoing communications with the customer. Our estimated backlog also assumes exercise of existing customer renewal options. Certain MSAs are not exclusive to the Company and, therefore, the size and number of projects we may be awarded cannot be determined with certainty. Accordingly, the amount of future revenue from MSA contracts may vary substantially from reported backlog. Even if we realize all the revenue from the projects in our backlog, there is no guarantee of profit from the projects awarded under MSAs.
As of June 30, 2018 and 2017, estimated MSAs accounted for approximately 76.7% and 89.5% of total backlog, respectively. We plan to continue to grow our MSA business. MSA contracts are generally multi-year and should provide improved operating efficiencies.
Backlog is not a term recognized under U.S. generally accepted accounting principles, but is a common measurement used in our industry. While we believe that our methodology of calculation is appropriate, such methodology may not be comparable to that employed by some other companies. Given the duration of our contracts and MSAs and our method of calculating backlog, our backlog at any point in time may not accurately represent the revenue that we expect to realize during any period and our backlog as of the end of a fiscal year may not be indicative of the revenue we expect to earn in the following fiscal year and should not be viewed or relied upon as a stand-alone indicator. Consequently, we cannot provide assurance as to our customers’ requirements or our estimates of backlog.

17


The amount of backlog differs from the amount of our remaining unsatisfied performance obligations partially satisfied as of June 30, 2018 and as described in note 8 to the consolidated financial statements, primarily due to the inclusion of estimates of future revenue under MSA and other service agreements within our backlog estimates, as described above.
Revenue estimates included in our backlog may be subject to change as a result of project accelerations, additions, cancellations or delays due to various factors, including but not limited to: commercial issues, material deficiencies, permitting, regulatory requirements and adverse weather. Our customers are not contractually committed to a specific level of services under our MSAs. While we did not experience any material cancellations during the current period, most of our contracts may be terminated, even if we are not in default under the contract.
Operating Results
Total operating income for the six months ended June 30, 2018 was $6.8 million, a decrease of $1.6 million, or 19.0%, from $8.4 million for the same period in 2017. This decrease was mainly attributable to the change in electrical construction project mix, which resulted in a higher volume of lower margin work, mainly due to increased competition. Also contributing to the decrease in operating income were increases in selling, general and administrative expenses and higher depreciation.
Gross margin on electrical construction operations for the six months ended June 30, 2018 declined to 20.3%, from 25.5% for the same period in 2017, mainly due to the aforementioned change in electrical construction project mix, which resulted in a higher volume of lower margin work. Such gross margin represents electrical construction revenue less electrical construction costs and expenses (excluding depreciation and amortization, selling, general and administrative expenses, and any gains or losses on the sale of property and equipment), divided by electrical construction revenue.
The following table provides a reconciliation of our net income to EBITDA (a non-GAAP financial measure) for the six months ended June 30, 2018 and 2017:
 
 
2018
 
2017
Net income (GAAP as reported)
 
$
4,557,167

 
$
5,183,042

Interest expense, net of amount capitalized
 
397,300

 
272,459

Provision for income taxes, net (1)
 
1,915,651

 
3,003,516

Depreciation and amortization (2)
 
3,889,742

 
3,561,488

EBITDA
 
$
10,759,860

 
$
12,020,505

___________
 
 
 
 
(1) Provision for income tax, net is equal to the total amount of tax provision, which includes the tax benefit for discontinued operations.
(2) Depreciation and amortization includes depreciation on property, plant and equipment and amortization of finite-lived intangible assets.
EBITDA, a non-GAAP performance measure used by management, is defined as net income plus: interest expense, provision (benefit) for income taxes and depreciation and amortization, as shown in the table above. EBITDA, a non-GAAP financial measure, does not purport to be an alternative to net income as a measure of operating performance or to net cash flows provided by operating activities as a measure of liquidity. Because not all companies use identical calculations, this presentation of EBITDA may not be comparable to other similarly-titled measures of other companies. We use, and we believe investors benefit from the presentation of, EBITDA in evaluating our operating performance because it provides us and our investors with an additional tool to compare our operating performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect our core operations. We believe that EBITDA is useful to investors and other external users of our financial statements in evaluating our operating performance because EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, and depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired.
Using EBITDA as a performance measure has material limitations as compared to net income, or other financial measures as defined under GAAP as it excludes certain recurring items which may be meaningful to investors. EBITDA excludes interest expense; however, as we have borrowed money in order to finance transactions and operations, interest expense is an element of our cost structure and can affect our ability to generate revenue and returns for our stockholders. Further, EBITDA excludes depreciation and amortization; however, as we use capital and intangible assets to generate revenues, depreciation and amortization are a necessary element of our costs and ability to generate revenue. Finally, EBITDA excludes income taxes; however, as we are organized as a corporation, the payment of taxes is a necessary element of our operations. As a result of these exclusions from EBITDA, any measure that excludes interest expense, depreciation and amortization and income taxes has material limitations as compared to net income. When using EBITDA as a performance measure, management compensates

18


for these limitations by comparing EBITDA and net income in each period, so as to allow for the comparison of the performance of the underlying core operations with the overall performance of the company on a full-cost, after-tax basis. Using both EBITDA and net income to evaluate the business allows management and investors to (a) assess our relative performance against our competitors and (b) monitor our capacity to generate returns for our stockholders. 
Costs and Expenses
Total costs and expenses increased by $13.7 million to $65.1 million for the six months ended June 30, 2018, from $51.4 million for the same period in 2017, primarily attributable to the increase in electrical construction revenue. Also contributing to the increase in costs and expenses was the increase in selling, general and administrative expenses.
The following table sets forth selling, general and administrative (“SG&A”) expenses for the six months ended June 30, 2018 and 2017:
 
2018
 
2017
Electrical construction operations
$
885,958

 
$
746,644

Other
494,071

 
406,577

Corporate
2,848,494

 
2,181,535

Total
$
4,228,523

 
$
3,334,756

SG&A expenses increased 26.8% to $4.2 million for the six months ended June 30, 2018, from $3.3 million for the same period in 2017. This increase was mainly attributable to higher salary and wage related expenses for 2018, when compared to the same period last year. Also contributing to this increase were increases in professional fees and expenses resulting from the change in our filing status to an accelerated filer, as of December 31, 2017. As a percentage of revenue, SG&A expenses increased to 5.9% for 2018, from 5.6% for the same period in 2017.
The following table sets forth depreciation and amortization expense for the six months ended June 30, 2018 and 2017:
 
2018
 
2017
Electrical construction operations
$
3,831,005

 
$
3,495,047

Other
9,317

 
7,539

Corporate
49,420

 
58,902

Total
$
3,889,742

 
$
3,561,488

Depreciation and amortization expense, which includes $31,000 of amortization expense for intangibles, increased to $3.9 million for the six months ended June 30, 2018, from $3.6 million for the six months ended June 30, 2017, as a result of an increase in capital expenditures.
Income Taxes
The following table presents our provision for income tax and effective income tax rate from continuing operations for the six months ended June 30, 2018 and 2017:
 
2018
 
2017
Income tax provision
$
1,915,651

 
$
3,003,516

Effective income tax rate
29.6
%
 
36.7
%
On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises the U.S. tax code by, among other items, reducing the federal corporate tax rate from its highest rate of 35% to a single rate of 21%.
Our expected tax rate for the year ending December 31, 2018, which was calculated based on the estimated annual operating results for the year, is 29.6%. Our expected tax rate differs from the federal statutory rate of 21% due to state income taxes, the Tax Act eliminating the domestic production activities deduction and nondeductible expenses including eliminating the deductibility of excess executive compensation over $1 million.
Our effective tax rate for the six months ended June 30, 2018 was 29.6% and reflects the annual expected tax rate for 2018. The effective tax rate for the six months ended June 30, 2017 was 36.7% and differs from the federal statutory rate of 34% due to state income taxes and nondeductible expenses offset by the domestic production activities deduction.

19


THREE MONTHS ENDED JUNE 30, 2018 COMPARED TO THREE MONTHS ENDED JUNE 30, 2017
The following table presents our operating income from continuing operations for the three months ended June 30, 2018 and 2017:
 
2018
 
2017
Revenue
 
 
 
Electrical construction
$
36,195,767

 
$
28,804,467

Other
1,311,477

 
305,415

Total revenue
37,507,244

 
29,109,882

Costs and expenses
 
 
 
Electrical construction
29,287,017

 
21,410,600

Other
793,348

 
216,727

Selling, general and administrative
2,112,110

 
1,554,782

Depreciation and amortization
2,002,233

 
1,812,597

(Gain) loss on sale of property and equipment
(51,826
)
 
14,138

Total costs and expenses
34,142,882

 
25,008,844

Total operating income
$
3,364,362

 
$
4,101,038

Operating income equals total operating revenue less operating costs and expenses inclusive of depreciation and amortization, and selling, general and administrative expenses. Operating costs and expenses also include any gains or losses on the sale of property and equipment. Operating income excludes interest expense, interest income, other income, and income taxes.
Revenue
Total revenue for the three months ended June 30, 2018, was $37.5 million, an increase of $8.4 million, or 28.8%, from $29.1 million in 2017. Electrical construction operations revenue increased $7.4 million, or 25.7%, to $36.2 million, from $28.8 million in 2017. The increase in electrical construction revenue was mainly attributable to increases in projects awarded and work completed in the mid-Atlantic and Texas and Southwest regions of $5.2 million and $3.2 million, respectively. These increases were primarily due to MSA customer project activity for the three months ended June 30, 2018, compared to the same period in 2017. These increases were partially offset by a decrease in our Southeast operations of $727,000, in part attributable to project mix and related labor requirements in the respective geographic regions.
Revenue from real estate development, which is included under the caption “Other,” increased to $1.3 million from $305,000 in 2017, due to more residential units sold for the three months ended June 30, 2018, when compared to the same period in 2017.
Operating Results
Total operating income for the three months ended June 30, 2018, was $3.4 million, a decrease of $737,000, or 18.0%, from $4.1 million in 2017. This decrease was mainly attributable to increases in selling, general and administrative expenses and higher depreciation, partially offset by the increase in gross margin in Other operations of $429,000. Also contributing to the decrease in operating income for the three months ended June 30, 2018, was lower margins on electrical construction projects partially offset by the higher volume.
Gross margin on electrical construction operations for the three months ended June 30, 2018, was 19.1% compared to 25.7% for the same period in 2017, mainly due to lower margins on electrical construction projects partially offset by the higher volume. Such gross margin represents electrical construction revenue less electrical construction costs and expenses (excluding depreciation and amortization, selling, general and administrative expenses, and (gain) loss on sale of property and equipment), divided by electrical construction revenue.

20


The following table provides a reconciliation of our net income to EBITDA (a non-GAAP financial measure) for the three months ended June 30, 2018 and 2017:
EBITDA
 
2018
 
2017
Net income (GAAP as reported)
 
$
2,151,493

 
$
2,517,893

Interest expense, net of amount capitalized
 
207,684

 
138,440

Provision for income taxes, net (1)
 
1,037,512

 
1,466,378

Depreciation and amortization (2)
 
2,002,233

 
1,812,597

EBITDA
 
$
5,398,922

 
$
5,935,308

___________
 
 
 
 
(1) Provision for income tax, net is equal to the total amount of tax provision, which includes the tax benefit for discontinued operations.
(2) Depreciation and amortization includes depreciation on property, plant and equipment and amortization of finite-lived intangible assets.
EBITDA, a non-GAAP performance measure used by management, is defined as net income plus: interest expense, provision (benefit) for income taxes and depreciation and amortization, as shown in the table above. EBITDA, a non-GAAP financial measure, does not purport to be an alternative to net income as a measure of operating performance or to net cash flows provided by operating activities as a measure of liquidity. Because not all companies use identical calculations, this presentation of EBITDA may not be comparable to other similarly-titled measures of other companies. We use, and we believe investors benefit from the presentation of, EBITDA in evaluating our operating performance because it provides us and our investors with an additional tool to compare our operating performance on a consistent basis by removing the impact of certain items that management believes do not directly reflect our core operations. We believe that EBITDA is useful to investors and other external users of our financial statements in evaluating our operating performance because EBITDA is widely used by investors to measure a company’s operating performance without regard to items such as interest expense, taxes, and depreciation and amortization, which can vary substantially from company to company depending upon accounting methods and book value of assets, capital structure and the method by which assets were acquired.
Using EBITDA as a performance measure has material limitations as compared to net income, or other financial measures as defined under U.S. GAAP as it excludes certain recurring items which may be meaningful to investors. EBITDA excludes interest expense; however, as we have borrowed money in order to finance transactions and operations, interest expense is an element of our cost structure and can affect our ability to generate revenue and returns for our stockholders. Further, EBITDA excludes depreciation and amortization; however, as we use capital and intangible assets to generate revenues, depreciation and amortization are a necessary element of our costs and ability to generate revenue. Finally, EBITDA excludes income taxes; however, as we are organized as a corporation, the payment of taxes is a necessary element of our operations. As a result of these exclusions from EBITDA, any measure that excludes interest expense, depreciation and amortization and income taxes has material limitations as compared to net income. When using EBITDA as a performance measure, management compensates for these limitations by comparing EBITDA and net income in each period, so as to allow for the comparison of the performance of the underlying core operations with the overall performance of the company on a full-cost, after-tax basis. Using both EBITDA and net income to evaluate the business allows management and investors to (a) assess our relative performance against our competitors and (b) monitor our capacity to generate returns for our stockholders. 
Costs and Expenses
Total costs and expenses increased by $9.1 million to $34.1 million for the three months ended June 30, 2018, from $25.0 million in the same period in 2017, primarily attributable to the increase in electrical construction revenue. Also contributing to the increase in costs and expenses was the increase in selling, general and administrative expenses.
The following table sets forth selling, general and administrative (“SG&A”) expenses for the three months ended June 30, 2018 and 2017:
 
2018
 
2017
Electrical construction operations
$
425,236

 
$
377,621

Other
281,142

 
150,200

Corporate
1,405,732

 
1,026,961

Total
$
2,112,110

 
$
1,554,782


21


SG&A expenses increased 35.8% to $2.1 million for the three months ended June 30, 2018, from $1.6 million for the three months ended June 30, 2017. The increase in SG&A expenses was primarily attributable to an increase in salary and wages expense and professional services for the three months ended June 30, 2018. Also contributing to the increase in SG&A was an increase in real estate selling expenses. As a percentage of revenue, SG&A expenses increased to 5.6% for 2018, from 5.3% in 2017.
The following table sets forth depreciation and amortization expense for the three months ended June 30, 2018 and 2017:
 
2018
 
2017
Electrical construction operations
$
1,972,540

 
$
1,780,383

Other
4,969

 
3,740

Corporate
24,724

 
28,474

Total
$
2,002,233

 
$
1,812,597

Depreciation and amortization expense, which includes $15,000 of amortization expense for acquired intangibles, increased to $2.0 million for the three months ended June 30, 2018, from $1.8 million for the three months ended June 30, 2017, as a result of an increase in capital expenditures.
Income Taxes
The following table presents our provision for income tax and effective income tax rate from continuing operations for the three months ended June 30, 2018 and 2017:
 
2018
 
2017
Income tax provision
$
1,037,512

 
$
1,466,378

Effective income tax rate
32.5
%
 
36.8
%
Our effective tax rate for the three months ended June 30, 2018 was 32.5% and differs from the federal statutory rate of 21% due to state income taxes and nondeductible expenses. It is higher than our expected tax rate of 29.6% due to nondeductible executive compensation. Our effective tax rate for the three months ended June 30, 2017 was 36.8% and differs from the federal statutory rate of 34% due to state income taxes and nondeductible expenses offset by the domestic production activities deduction.


22


Liquidity and Capital Resources
Working Capital Analysis
Our primary cash needs have been for capital expenditures and working capital. Our primary sources of cash have been cash flow from operations and borrowings under our lines of credit and equipment financing. As of June 30, 2018, we had cash and cash equivalents of $9.9 million and working capital of $34.3 million, as compared to cash and cash equivalents of $18.5 million, and working capital of $36.0 million as of December 31, 2017.
In addition to cash flow from operations, we have an $18.0 million revolving line of credit, of which $14.6 million was available for borrowing as of June 30, 2018. This revolving line of credit is used as a Working Capital Loan, as discussed in note 5 to the consolidated financial statements. We anticipate that this cash on hand, our credit facilities and our future cash flows from operating activities will provide sufficient cash to enable us to meet our operating needs and debt requirements for the next twelve months.
Cash Flow Analysis
The following table presents our net cash flows for each of the six months ended June 30, 2018 and 2017:
 
2018
 
2017
Net cash provided by operating activities
$
1,839,926

 
$
4,945,942

Net cash used in investing activities
(7,429,891
)
 
(7,323,927
)
Net cash (used in) provided by financing activities
(3,069,269
)
 
4,154,620

Net (decrease) increase in cash, cash equivalents and restricted cash
$
(8,659,234
)
 
$
1,776,635

Operating Activities
Cash flows from operating activities are comprised of net income, adjusted to reflect the timing of cash receipts and disbursements therefrom. Our cash flows are influenced by the level of operations, operating margins and the types of services we provide, as well as the stages of our electrical construction projects.
Cash provided by our operating activities totaled $1.8 million for the six months ended June 30, 2018, compared to cash provided by operating activities of $4.9 million for the same period in 2017. The decrease in cash flows from operating activities was approximately $3.1 million and was mainly due to the changes in accounts receivables and accrued billings of $2.7 million, associated with the increases in our electrical construction receivable balances offset and by the changes in our net income of $626,000. Operating cash flows normally fluctuate relative to the status of our electrical construction projects.
Investing Activities
Cash used in investing activities for the six months ended June 30, 2018, was $7.4 million, compared to cash used in investing activities of $7.3 million for the same period in 2017. The increase in cash used in our investing activities for the six months ended June 30, 2018, when compared to 2017, is primarily attributable to capital expenditures of $7.6 million. Our capital expenditures are mainly for the purchases of equipment, primarily trucks and heavy machinery, used by our electrical construction operations for the upgrading and replacement of equipment. Our capital budget for 2018 is expected to total approximately $15.1 million, the majority of which is for continued upgrading and purchases of equipment, for our electrical construction operations. We plan to fund these purchases through our cash on hand and equipment financing, consistent with past practices.
Financing Activities
Cash used in financing activities for the six months ended June 30, 2018, was $3.1 million, compared to cash provided by financing activities of $4.2 million for the same period in 2017. Our financing activities for the current period consisted of repayments of $3.1 million on our $27.49 Million Equipment Loan (previously $22.6 Million Equipment Loan) and repayments of $2.8 million on our Previous Working Capital Loan (as defined in note 5 to the consolidated financial statements) and repayments of $53,000 on our other long-term debt. Also during the current period borrowings of $2.8 million for the new Working Capital Loan which replaced the Previous Working Capital Loan. Our financing activities for the six months ended June 30, 2017 consisted of borrowings on our $22.6 Million Equipment Loan of $22.6 million offset by repayments of $9.6 million on our $17.0 Million Equipment Loan, repayments of $7.6 million on our $10.0 Million Equipment Loan, and repayments of $1.3 million on our $2.0 Million Equipment Loan.
We have paid no cash dividends on our Common Stock since 1933, and it is not expected that we will pay any cash dividends on our Common Stock in the immediate future.

23


Days of Sales Outstanding Analysis
We evaluate fluctuations in our “accounts receivable and accrued billings” and “costs and estimated earnings in excess of billings on uncompleted contracts,” for our electrical construction operations, by comparing days of sales outstanding (“DSO”). We calculate DSO as of the end of any period by utilizing the respective quarter’s electrical construction revenue to determine sales per day. We then divide “accounts receivable and accrued billings, net of allowance for doubtful accounts” at the end of the period, by sales per day, to calculate DSO for accounts receivable. To calculate DSO for costs and estimated earnings in excess of billings, we divide “costs and estimated earnings in excess of billings on uncompleted contracts,” by sales per day.
For the quarters ended June 30, 2018 and 2017, our DSO for accounts receivable and accrued billings was 61 for both quarters, and our DSO for costs and estimated earnings in excess of billings on uncompleted contracts were 26 and 20, respectively. The increase in our costs and estimated earnings in excess of billings for the quarter ended June 30, 2018, when compared to the same quarterly period in 2017, was mainly due to the timing of project billings. As of August 6, 2018, we have received approximately 66.5% of our June 30, 2018 outstanding trade accounts receivable and have billed 57.6% of our costs and estimated earnings in excess of billings balance.
Income Taxes Paid
Income tax payments decreased to $767,000 for the six months ended June 30, 2018 from $2.9 million for the six months ended June 30, 2017 due to the decreased income tax rate and increased bonus depreciation included in the Tax Act. Taxes paid for the six months ended June 30, 2018 included approximately $33,000 for the 2017 income tax liability and the remaining $734,000 for the estimated 2018 income tax liability. Taxes paid for the six months ended June 30, 2017 included approximately $483,000 for the 2016 income tax liability and the remaining $2.4 million for the estimated 2017 income tax liability.
Debt Covenants
Our debt arrangements contain various financial and other covenants including cross-default provisions whereby any default under any loans of the Company (or its subsidiaries) with the lender, will constitute a default under all of the other loans of the Company (and its subsidiaries) with the lender. The most significant of the covenants are: maximum debt to tangible net worth ratio and fixed charge coverage ratio. We must maintain: a tangible net worth of at least $20.0 million calculated quarterly; no more than $2.0 million in outside debt (with certain exceptions); a maximum debt to tangible net worth ratio of no greater than 2.5 : 1.0 and a fixed charge coverage ratio that is to equal or exceed 1.3 : 1.0. The fixed charge coverage ratio is calculated annually using EBITDAR (earnings before interest, taxes, depreciation, amortization and rental expense) divided by the sum of CPLTD (current portion of long-term debt), interest expense and rental expense. We were in compliance with all of our covenants as of June 30, 2018.
The following are computations of these most restrictive financial covenants:
 
 
 
 
Actual as of
Covenants Measured at Each Quarter End:
 
Covenant
 
June 30, 2018
Tangible net worth minimum
 
$
20,000,000

 
$
60,284,157

Outside debt not to exceed
 
$
2,000,000

 
$
352,083

Maximum debt/tangible net worth ratio not to exceed
 
2.5 : 1.0

 
0.61 : 1.00

Covenants Measured Only at Year End:
 
 
 
 
Earnings to fixed charge coverage ratio must equal or exceed
 
1.3 : 1.0

 
2.44 : 1.00

Forecast
We anticipate our cash on hand and cash flows from operations and credit facilities will provide sufficient cash to enable us to meet our working capital needs, debt service requirements and planned capital expenditures, for at least the next twelve months. The amount of our planned capital expenditures will depend, to some extent, on the results of our future performance. However, our revenue, results of operations and cash flows, as well as our ability to seek additional financing, may be negatively impacted by factors including, but not limited to: a decline in demand for electrical construction services, general economic conditions, heightened competition, availability of construction materials, increased interest rates, and adverse weather conditions.

24


Contractual Obligations
The following table summarizes the Company’s future aggregate contractual obligations at June 30, 2018:
 
 
Payments Due By Period
 
 
Total
 
Less Than
1 Year
 
1-2 Years
 
3-5 Years
 
More Than
5 Years
Long-term debt - principal (1)
 
$
19,649,044

 
$
5,189,808

 
$
11,093,859

 
$
3,365,377

 
$

Long-term debt - interest (2)
 
1,464,917

 
656,680

 
749,432

 
58,805

 

Operating leases (3)
 
6,970,905

 
4,126,009

 
2,244,528

 
600,368

 

Purchase obligations (4)
 
3,241,619

 
3,152,382

 
89,237

 

 

Total
 
$
31,326,485

 
$
13,124,879

 
$
14,177,056

 
$
4,024,550

 
$

 ___________________
(1)
Excludes interest, see footnote 2.
(2)
Interest is at a rate per annum equal to one month LIBOR (as defined in the documentation related to each loan) plus 1.80% for notes payable and 5.85% fixed rate for the other long-term debt.
(3)
Operating leases with initial or remaining non-cancelable lease terms in excess of one year for office space and equipment, which is primarily used in our electrical construction operations.
(4)
Purchase obligations include various contractual agreements that secure future rights to goods, services and other items to be used in the normal course of operations. These commitments include capital equipment purchases, sub-contractor services for the construction of residential properties and land purchases for the future construction of residential properties.
Item 3.     Quantitative and Qualitative Disclosures About Market Risk.
The Company and its subsidiaries are exposed to certain market risks from transactions that are entered into during the normal course of business.
The Company is subject to interest rate risk. As of June 30, 2018, we had $19.3 million of debt outstanding with the Bank. The interest rate for our debt will vary depending upon the LIBOR rate. If the LIBOR rate increases, our interest payment obligations on our debt would increase and have a negative effect on our cash flow and financial condition. If the LIBOR rate increased by 1%, then our interest expense on our debt as of June 30, 2018 would increase by approximately $168,000 annually, which would have a corresponding decrease on our future income (before provision for related income taxes) and cash flows. Conversely, if the LIBOR rate decreases, our interest payment obligations on our debt would decrease and have a positive effect on our cash flow and financial condition. If the LIBOR rate decreased by 1%, then our interest expense on our debt as of June 30, 2018 would decrease by approximately $168,000 annually, which would have a corresponding increase on our future income (before provision for related income taxes) and cash flows. The Company’s other long-term debt is at a fixed rate.
The Company is subject to credit risk related to our net receivable position with customers, which includes amounts related to billed and unbilled accounts receivable and costs and estimated earnings in excess of billings on uncompleted contracts. As of June 30, 2018, we had net accounts receivable of $24.4 million and costs and estimated earnings in excess of billings of $10.4 million. The failure or delay in payment by our customers would reduce our cash flows and adversely impact our liquidity and profitability. However, the Company believes that such credit risk is not material because the majority of the Company’s net receivable position is with electrical utility customers that the Company considers creditworthy based on timely collection history and other considerations.
The Company is subject to credit risk related to its cash and cash equivalents. The Company holds its cash and cash equivalents on deposit and in money market accounts with U.S. banks, often in excess of Federal Deposit Insurance Corporation insurance limits. However, the Company believes that such credit risk is not material because substantially all of its cash and cash equivalents are held by well capitalized, quality financial institutions.
As of June 30, 2018, the Company was not subject to any material foreign currency exchange rate risk, commodity price risk, derivative risks, hedging risks or other material market risks.

25


Item 4.    Controls and Procedures.
Evaluation of disclosure controls and procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that we file or submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the United States Securities and Exchange Commission, and that such information is accumulated and communicated to our management in a timely manner. An evaluation was performed under the supervision and with the participation of our management, including John H. Sottile, our Chief Executive Officer (“CEO”), and Stephen R. Wherry, our Chief Financial Officer (“CFO”), of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of June 30, 2018. Based upon this evaluation, our management, including our CEO and our CFO, concluded that our disclosure controls and procedures were effective, as of June 30, 2018, at the reasonable assurance level.
Changes in internal control
Our management, with the participation of our CEO and CFO, is responsible for evaluating changes in our internal control over financial reporting that occurred during the second quarter of 2018 that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. No changes in our internal control over financial reporting occurred during the second quarter of 2018 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Limitations on the effectiveness of controls
A control system, no matter how well conceived and operated, can provide only reasonable assurance, not absolute assurance, that the objectives of the control system are met. Because of inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues, if any, within a company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that the design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies and procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
PART II. OTHER INFORMATION
Item 1.    Legal Proceedings.
The Company is not currently involved in any material legal proceedings.
Item 1A.    Risk Factors.
There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2017.
Item 2.    Unregistered Sales of Equity Securities and Use of Proceeds.
(a) None
(b) None
(c) The Company has had a stock repurchase plan since September 17, 2002, that was last amended by the Executive Committee on September 21, 2017 and subsequently ratified by the Board of Directors on October 5, 2017. This plan permits the purchase of up to 3,500,000 shares. There is currently available for purchase through September 30, 2018, a maximum of 1,154,940 shares. No shares have been purchased since 2006. Since the inception of the repurchase plan, we have repurchased 2,345,060 shares of our Common Stock at a cost of $1,289,467 (average cost of $0.55 per share). 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. The Company currently holds the repurchased stock as Treasury Stock, reported at cost. Also included as Treasury Stock are 17,358 shares purchased prior to the current stock repurchase plan at a cost of $18,720.
Item 3.    Defaults Upon Senior Securities.
None.

26


Item 4.    Mine Safety Disclosures.
Not applicable.
Item 5.    Other Information.
None.
Item 6.
Exhibits.
10-1
10-2
10-3
10-4
10-5
10-6
10-7
10-8
10-9
31-1
31-2
32-1 (1)
32-2 (1)
101.INS
XBRL Instance Document
101.SCH
XBRL Schema Document
101.CAL
XBRL Calculation Linkbase Document
101.DEF
XBRL Definition Linkbase Document
101.LAB
XBRL Label Linkbase Document
101.PRE
XBRL Presentation Linkbase Document
(1)
These exhibits are furnished in accordance with Regulation S-K Item 601(b)(32) and shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liability of that section. These exhibits shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that the registrant specifically incorporates them by reference.

27


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: August 7, 2018
 
 
THE GOLDFIELD CORPORATION
 
 
 
 
 
 
 
 
 
By:
 
/s/ JOHN H. SOTTILE
 
 
 
John H. Sottile
 
 
 
Chairman of the Board, President and Chief
 
 
 
Executive Officer (Principal Executive Officer)
 
 
 
 
 
 
 
/s/ STEPHEN R. WHERRY
 
 
 
Stephen R. Wherry
 
 
 
Senior Vice President, Chief Financial
 
 
 
Officer, Treasurer and Assistant Secretary
 
 
 
(Principal Financial and Accounting Officer)


28
EX-10.1 2 a10-1_masterloanagreementx.htm EXHIBIT 10.1 Exhibit
Exhibit 10-1

BB&T

MASTER LOAN AGREEMENT
This Master Loan Agreement (this “Loan Agreement”) is made as of the 24th day of May, 2018, (the “Agreement Date”) by and between The Goldfield Corporation, a Delaware corporation, Power Corporation of America, a Florida corporation, Southeast Power Corporation, a Florida corporation, C and C Power Line, Inc. a Florida corporation, Bayswater Development Corporation, a Florida corporation, Precision Foundations, Inc. a Florida corporation and Pineapple House of Brevard, Inc., a Florida corporation (either “Borrower” or collectively “Guarantors” as set forth in Exhibit “A”), and Branch Banking and Trust Company (“Lender”).
Recitals
1.
Borrower previously received loans from Lender as set forth in Exhibit “A” “Prior Loans”, and is receiving two new loans from Lender of even date Exhibit A “New Loans” (“Prior Loans” and “New Loans” shall hereunder be collectively referred to as the “Exhibit “A” Loans”).
2.
Lender has agreed to make Loans on the terms and conditions set forth in this Agreement and in the other documents evidencing and securing the Loans as described herein.
3.
Subject to the Bank’s underwriting criteria and other factors that the Bank may consider, the Bank may, without obligation to do so, extend new loans to the Borrower and/or modify or extend the Exhibit “A” Loans (“Future Loans”).
4.
The Exhibit “A” Loans and Future Loans (collectively “Loans”) extended by the Bank are subject to the terms and conditions of this Loan Agreement, and this Loan Agreement supercedes loan agreements previously executed by Borrowers regarding Prior Loans.
Now, therefore, in consideration of the premises, and in further consideration of the mutual covenants and agreements herein set forth and of the sum of Ten Dollars ($10.00) paid by each party to the other, receipt of which is hereby acknowledged, the parties covenant and agree as follows:
I.    CONDITIONS PRECEDENT
The Bank shall not be obligated to make any disbursement of Loan proceeds until all of the following conditions have been satisfied by proper evidence, execution, and/or delivery to the Bank of the




following items in addition to this Agreement, all in form and substance satisfactory to the Bank and the Bank’s counsel in their sole discretion:
USA Patriot Act Verification Information: Information or documentation, including but not limited to the legal name, address, tax identification number, driver’s license, and date of birth (if the Borrower is an individual) of the Borrower sufficient for the Bank to verify the identity of the Borrower in accordance with the USA Patriot Act. Borrower shall notify Bank promptly of any change in such information.
Note(s): The Note(s) evidencing the Loans(s) duly executed by the Borrower.
Security Agreement(s): Security Agreement(s) in which Borrower and any other owner (a “Debtor”) of personal property collateral shall grant to Bank a first priority security interest in the personal property specified therein.
UCC Financing Statements: Copies of UCC Financing Statements duly filed in Borrower’s or other owner’s state of incorporation, organization or residence, and in all jurisdictions necessary, or in the opinion of the Bank desirable, to perfect the security interests granted in the Security Agreement(s), and certified copies of Information Requests identifying all previous financing statements on record for the Borrower or other owner, as appropriate from all jurisdictions indicating that no security interest has previously been granted in any of the collateral described in the Security Agreement(s), unless prior approval has been given by the Bank.
Authorization and Certificate: An Authorization and Certificate executed by each Debtor under which such Debtor authorizes Bank to file a UCC Financing Statement describing collateral owned by such Debtor.
Commitment Fee: A commitment fee (or balance thereof) owed to the Bank on the date of execution of the Loan Documents, as to each Loan.
Corporate Resolution: A Corporate Resolution duly adopted by the Board of Directors of the Borrower authorizing the execution, delivery, and performance of the Loan Documents on or in a form provided by or acceptable to Bank.
Guaranty: Guaranty Agreement(s) duly executed by the Guarantor(s).
Additional Documents: Receipt by the Bank of other approvals, opinions, or documents as the Bank may reasonably request.
II.    REPRESENTATIONS AND WARRANTIES


2



The Borrower and Guarantor(s) represent and warrant to the Bank that:
2.1    Financial Statements. The balance sheet of The Goldfield Corporation and its subsidiaries, if any, and the related Consolidated Statements of Income and Consolidated Statements of Stockholders’ Equity of The Goldfield Corporation and its subsidiaries, the accompanying footnotes together with the accountant’s opinion thereon, and all other financial information previously furnished to the Bank, are true and correct and fairly reflect the financial condition of The Goldfield Corporation and its subsidiaries as of the dates thereof, including all contingent liabilities of every type, and the financial condition of The Goldfield Corporation and its subsidiaries as stated therein has not changed materially and adversely since the date thereof. Each Guarantor further represents and warrants that all financial statements provided by such Guarantor to Bank concerning such Guarantor’s financial condition are true and correct and fairly represent such Guarantor’s financial condition as of the dates thereof.
2.2    Name, Capacity and Standing. The Borrower’s exact legal name for each Loan is correctly stated in Exhibit “A.” If the Borrower and/or any Guarantor is a corporation, general partnership, limited partnership, limited liability partnership, or limited liability company, each warrants and represents that it is duly organized and validly existing under the laws of its respective state of incorporation or organization; that it and/or its subsidiaries, if any, are duly qualified and in good standing in every other state in which the nature of their business shall require such qualification, and are each duly authorized by their board of directors, general partners or member/manager(s), respectively, to enter into and perform the obligations under the Loan Documents.
2.3    No Violation of Other Agreements. The execution of the Loan Documents, and the performance by the Borrower, by any and all pledgors (whether the Borrower or other owners of collateral property securing payment of the Loan (hereinafter sometimes referred to as the “Pledgor”)) or by the Guarantor(s) thereunder will not violate any provision, as applicable, of its articles of incorporation, by-laws, articles of organization, operating agreement, agreement of partnership, limited partnership or limited liability partnership, or, of any law, other agreement, indenture, note, or other instrument binding upon the Borrower, Pledgor or Guarantor(s), or give cause for the acceleration of any of the respective obligations of the Borrower or Guarantor(s).
2.4    Authority. All authority from and approval by any federal, state, or local governmental body, commission or agency necessary to the making, validity, or enforceability of this Agreement and the other Loan Documents has been obtained.
2.5    Asset Ownership. The Borrower and each Guarantor have good and marketable title to all of the properties and assets reflected on the balance sheets and financial statements furnished to the Bank, and all such properties and assets are free and clear of mortgages, deeds of trust, pledges, liens, and


3



all other encumbrances except as otherwise disclosed by such financial statements. In addition, each other owner of collateral has good and marketable title to such collateral, free and clear of any liens, security interests and encumbrances, except as otherwise disclosed to Bank.
2.6    Discharge of Liens and Taxes. The Goldfield Corporation and its subsidiaries, if any, and each Guarantor have filed, paid, and/or discharged all taxes or other claims which may become a lien on any of their respective properties or assets, excepting to the extent that such items are being appropriately contested in good faith and for which an adequate reserve (in an amount acceptable to Bank) for the payment thereof is being maintained.
2.7    Regulations U and X. None of the Loan proceeds shall be used directly or indirectly for the purpose of purchasing or carrying any margin stock in violation of the provisions of Regulation U and Regulation X of the Board of Governors of the Federal Reserve System.
2.8    ERISA. Each employee benefit plan, as defined by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), maintained by The Goldfield Corporation or by any subsidiary of the Borrower or Guarantor(s) meets, as of the date hereof the minimum funding standards of Section 302 of ERISA, all applicable requirements of ERISA and of the Internal Revenue Code of 1986, as amended, and no “Reportable Event” nor “Prohibited Transaction” (as defined by ERISA) has occurred with respect to any such plan.
2.9    Litigation. There is no claim, action, suit or proceeding pending, threatened or reasonably anticipated before any court, commission, administrative agency, whether State or Federal, or arbitration which will materially adversely affect the financial condition, operations, properties, or business of The Goldfield Corporation or its subsidiaries, if any, or the Guarantor(s), or the ability of the Borrower or the Guarantor(s) to perform their obligations under the Loan Documents.
2.10    Other Agreements. The representations and warranties made by Borrower to Bank in the other Loan Documents are true and correct in all respects on the date hereof.
2.11    Binding and Enforceable. The Loan Documents, when executed, shall constitute valid and binding obligations of the Borrower and Guarantors respectively, the execution of such Loan Documents has been duly authorized by the parties thereto, and are enforceable in accordance with their terms, except as may be limited by bankruptcy, insolvency, moratorium, or similar laws affecting creditors’ rights generally.
2.12    Commercial Purpose. The Loan(s) are not “consumer transactions,” as defined in the Florida Uniform Commercial Code, and none of the collateral was or will be purchased or held primarily for personal, family or household purposes.


4



2.13    Outstanding Financing Statements. As of the date of this Loan Agreement, there are a number of outstanding UCC-1 financing statements (“Financing Statements”) filed in favor of Altec Capital Services, LLC (“Altec”), Terex Master Trust (“Terex”), and Caterpillar Financial Services Corporation (“Caterpillar”) as “Secured Party,” listing Borrower and/or one or more Guarantors as “Debtors.” All obligations owed both Altec and Terex as evidenced by the Financing Statements secure only leased equipment and business assets owned by either Altec or Terex and leased to either Borrower or one or more of the Guarantors. The Financing Statements in favor of Caterpillar evidence prior first liens on collateral described in the Security Agreement. Other than the initial advance of even date as evidenced by a closing statement, Lender is under no further obligation to permit future draws under the terms of the New Loans until such time as Borrower and/or Guarantors provide Lender with proof satisfactory to Lender that the obligations in favor of Caterpillar as secured by the Financing Statements in favor of Caterpillar have been satisfied and paid in full.
2.14    Subsequent Lien Documentation. So long as the Loan(s) are outstanding, Borrower and Guarantors authorize Lender to execute for these respective parties any financing statements or file any lien documentation with the appropriate governmental authorities needed from time to time to perfect Lender’s interest in any collateral as described in the Security Agreement(s). The failure by Borrower and/or Guarantors to cooperate with Lender in the execution of such lien documentation shall be an Event of Default as defined hereunder.
III.    AFFIRMATIVE COVENANTS
The Borrower covenants and agrees that from the date hereof and until payment in full of all indebtedness and performance of all obligations owed under the Loan Documents, Borrower shall:
3.1    Maintain Existence and Current Legal Form of Business. (a) Maintain its existence and good standing in the state of its incorporation or organization, (b) maintain its current legal form of business indicated above, and, (c), as applicable, qualify and remain qualified as a foreign corporation, general partnership, limited partnership, limited liability partnership or limited liability company in each jurisdiction in which such qualification is required.
3.2    Maintain Records. Keep adequate records and books of account, in which complete entries will be made in accordance with GAAP consistently applied, reflecting all financial transactions of the Borrower.
3.3    Maintain Properties. Maintain, keep, and preserve all of its properties (tangible and intangible) including the collateral necessary or useful in the conduct of its business in good working order and condition, ordinary wear and tear excepted.


5



3.4    Conduct of Business. Continue to engage in an efficient, prudent, and economical manner in a business of the same general type as now conducted.
3.5    Maintain Insurance. Maintain insurance with financially sound and reputable insurance companies or associations in such amounts and covering such risks as are usually carried by companies engaged in the same or a similar business, and business interruption insurance if required by Bank, which insurance may provide for reasonable deductible(s). The Bank shall be named as loss payee (Long Form) on all policies which apply to the Bank’s collateral, and the Borrower shall deliver certificates of insurance at closing evidencing same.
3.6    Comply With Laws. Comply in all respects with all applicable laws, rules, regulations, and orders including, without limitation, paying before the delinquency of all taxes, assessments, and governmental charges imposed upon it or upon its property, and all Environmental Laws.
3.7    Right of Inspection. Permit the officers and authorized agents of the Bank, at any reasonable time or times in the Bank’s sole discretion, to examine and make copies of the records and books of account of, to visit the properties of the Borrower, and to discuss such matters with any officers, directors, managers, members or partners, limited or general of the Borrower, and the Borrower’s independent accountant as the Bank deems necessary and proper.
3.8    Reporting Requirements. Furnish to the Bank:
Quarterly Consolidated Financial Statements: As soon as available and not later than two (2) weeks after complying with required Securities and Exchange Commission reporting requirements, consolidated quarterly balance sheets, statements of income, cash flow, and retained earnings for the period ended, all in reasonable detail, and all prepared in accordance with GAAP consistently applied and certified as true and correct by an officer of the Borrower (“Quarterly Reporting Requirements”).
Annual Consolidated Financial Statements: As soon as available and not later than two (2) weeks after complying with required Securities and Exchange Commission reporting requirements, consolidated annual balance sheets, statements of income, cash flow and retained earnings for the period ended, all in reasonable detail, and all prepared in accordance with GAAP consistently applied. The financial statements must be of the following quality or better: Audited (“Annual Reporting Requirements”).
Notice of Litigation: Promptly after the receipt by the Borrower, or by any Guarantor of which Borrower has knowledge, of notice or complaint of any action, suit, and proceeding before any court or administrative agency of any type which, if determined adversely, could have a material


6



adverse effect on the financial condition, properties, or operations of the Borrower or Guarantor, as appropriate.
Notice of Default: Promptly upon discovery or knowledge thereof, notice of the existence of any event of default under this Agreement or any other Loan Documents.
USA Patriot Act Verification Information: Information or documentation, including but not limited to the legal name, address, tax identification number, driver’s license, and date of birth (if the Borrower is an individual) of the Borrower sufficient for the Bank to verify the identity of the Borrower in accordance with the USA Patriot Act. Borrower shall notify Bank promptly of any change in such information.
Financial Statement Certification: Along with Quarterly and Annual Consolidated Financial Statements, a certification executed by the Chief Financial Officer of the Borrower stating:
Based on my knowledge, the financial statements do not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented.
Other Information: Such other information as the Bank may from time to time reasonably request.
3.9    Deposit Accounts. Maintain substantially all of its demand deposit/operating accounts (with the exception of the accounts of C and C Power Line, Inc.) with the Bank.
3.10    Affirmative Covenants from other Loan Documents. All affirmative covenants contained in any Deed of Trust, Security Agreement, Assignment of Leases and Rents, or other security document executed by the Borrower which are described in Section I hereof are hereby incorporated by reference herein.
IV.    GUARANTORS’ COVENANTS
Each Guarantor covenants and agrees that from the date hereof and until payment in full of all indebtedness and performance of all obligations owed under the Loan Documents, Guarantor shall:


7



4.1    Maintain Existence and Current Legal Form of Business. If Guarantor is a corporation, partnership, limited partnership, limited liability partnership or limited liability company, (a) maintain its existence and good standing in the state of its incorporation or organization, (b) maintain its current legal form of business as shown on the guaranty agreement provided by Guarantor to Bank in connection with the Loan, (c) without the Bank’s prior written consent enter into any merger, consolidation, reorganization or exchange of stock, ownership interests or assets, and (d) as applicable, qualify and remain qualified as a foreign corporation, general partnership, limited partnership, limited liability partnership or limited liability company in each jurisdiction in which such qualification is required.
4.2    Maintain Properties. Not, without the prior written consent of Bank, sell, transfer or otherwise dispose of all or substantially all of Guarantor’s properties (tangible and intangible), except in the ordinary course of business.
4.3    Comply With Laws. Comply in all respects with all applicable laws, rules, regulations, and orders including, without limitation, paying before the delinquency of all taxes, assessments, and governmental charges imposed or assessed upon Guarantor or upon Guarantor’s property, and all Environmental Laws.
4.4    Reporting Requirements. Furnish to the Bank:
Annual Financial Statement(s): Upon request.
Notice of Litigation: Promptly after the receipt by Guarantor, or by Borrower of which Guarantor has knowledge, of notice of any action, suit, and proceeding before any court or governmental agency of any type which, if determined adversely, could have a material adverse effect on the financial condition, properties, or operations of the Guarantor or Borrower, as appropriate.
4.5    Other Information: Furnish such other information as the Bank may from time to time reasonably request.
V.    FINANCIAL COVENANTS
The Goldfield Corporation and its subsidiaries covenants and agrees that from the date hereof until payment in full of all indebtedness and the performance of all obligations under the Loan Documents, The Goldfield Corporation shall at all times maintain the following financial covenants and ratios all in accordance with GAAP unless otherwise specified:
Tangible Net Worth. A minimum tangible net worth of not less than $20,000,000 as evidenced by The Goldfield Corporation’s consolidated annual audited financial statement as included


8



in its Form 10-K beginning with its fiscal year ending on December 31, 2014, and quarterly based upon consolidated financial statements (10-Q). Tangible Net Worth is defined as net worth, plus obligations contractually subordinated to debts owed to Bank, minus goodwill, contract rights, and assets representing claims on stockholders or affiliated entities.
(a)
Debt to Tangible Net Worth. A ratio of total liabilities to tangible net worth of not greater than 2.5:1 tested quarterly, based on consolidated financial statements (10-Q) and annually based on consolidated financial statements (10-K).
(b)
Fixed Charge Coverage Ratio. A ratio of EBITDAR (earnings before interest, taxes, depreciation, amortization and rental expense) divided by the sum of CPLTD (current portion of long term debt), interest expense and rental expense. For the purpose of calculating this ratio, rental expense associated with operating leases with a duration of one year or less, operating leases associated with leased equipment for particular jobs and included in job costs are not to be considered as rental expense. Such ratio is to be measured annually based upon the prior year’s financial results and is to equal or exceed 1.30:1.
Any violation of a financial covenant(s) caused by a future change in GAAP or International Financial Reporting Standards will not be considered an event of default. The Borrower will provide documentation demonstrating compliance with the covenant as if such change(s) had not occurred. The Borrower and Bank will modify the covenant to have a neutral effect prior to the next covenant testing date.
VI.    NEGATIVE COVENANTS
The Goldfield Corporation and its subsidiaries covenants and agrees that from the date hereof and until payment in full of all indebtedness and performance of all obligations under the Loan Documents, The Goldfield Corporation shall not, without the prior written consent of the Bank:
6.1    Liens. Create, incur, assume, or suffer to exist any lien upon or with respect to the Mortgaged Property, any of The Goldfield Corporation’s properties, any properties of The Goldfield Corporation’s subsidiaries, or the properties of any Pledgor securing payment of the Loan, now owned or hereafter acquired, except:
(a)
Liens and security interests in favor of the Bank;
(b)
Liens for taxes not yet due and payable or otherwise being contested in good faith and for which appropriate reserves are maintained;


9



(c)
Other liens imposed by law not yet due and payable, or otherwise being contested in good faith and for which appropriate reserves are maintained;
(d)
purchase money security interests on any property hereafter acquired, provided that such lien shall attach only to the property acquired.
6.2    Debt. Create, incur, assume, or suffer to exist any debt, except:
(a)
Debt to the Bank;
(b)
Debt outstanding on the date hereof and shown on the most recent financial statements submitted to the Bank;
(c)
Accounts payable to trade creditors incurred in the ordinary course of business;
(d)
Additional debt not to exceed $2,000,000.00 in the aggregate at any time.
(e)
Additional debt for the purpose of purchasing equipment not to exceed $5,000,000 in aggregate. Such debt would be secured only with a purchase money security interest in the equipment being purchased with the proceeds.
6.3    Change of Legal Form of Business; Purchase of Assets. Change the legal form of The Goldfield Corporation’s business as shown above, whether by merger, consolidation, conversion or otherwise, and The Goldfield Corporation shall not purchase all or substantially all of the assets or business of any Person.
6.4    Leases. Create, incur, assume, or suffer to exist any operating lease obligation in excess of $2,000,000.00 annually, except:
(a)
Operating leases outstanding on the date hereof;
(b)
Operating leases with a term of one (1) year or less;
(c)
Operating leases in excess of one (1) year for a specific job or contract and:
(i)
Lease payments are included in the job or contract costs;
(ii)
Term of the operating lease does not exceed the projected job or contract term.
6.5    Guaranties. Assume, guarantee, endorse, or otherwise be or become directly or contingently liable for obligations of any Person, except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business.


10



6.6    Disposition of Assets. Sell, lease, or otherwise dispose of any of its assets or properties except in the ordinary and usual course of its business.
6.7    Negative Covenants from other Loan Documents. All negative covenants contained in any Mortgage, Security Agreement, Assignment of Leases or Rents, or other security document executed by the party which are described in Section I hereof are hereby incorporated by reference herein.
VII.    HAZARDOUS MATERIALS AND COMPLIANCE WITH ENVIRONMENTAL LAWS
7.1    Investigation. Borrower hereby certifies that it has exercised due diligence to ascertain whether its real property, including without limitation the Mortgaged Property, is or has been affected by the presence of asbestos, oil, petroleum or other hydrocarbons, urea formaldehyde, PCBs, hazardous or nuclear waste, toxic chemicals and substances, or other hazardous materials (collectively, “Hazardous Materials”), as defined in applicable Environmental Laws. Borrower represents and warrants that there are no such Hazardous Materials contaminating its real property, nor have any such materials been released on or stored on or improperly disposed of on its real property during its ownership, occupancy or operation thereof Borrower hereby agrees that, except in strict compliance with applicable Environmental Laws, it shall not knowingly permit any release, storage or contamination as long as any indebtedness or obligations to Bank under the Loan Documents remains unpaid or unfulfilled. In addition, Borrower does not have or use any underground storage tanks on any of its real property, including the Mortgaged Property which are not registered with the appropriate Federal and/or State agencies and which are not properly equipped and maintained in accordance with all Environmental Laws. If requested by Bank, Borrower shall provide Bank with all necessary and reasonable assistance required for purposes of determining the existence of Hazardous Materials on the Mortgaged Property, including allowing Bank access to the Mortgaged Property, and access to Borrower’s employees having knowledge of, and to files and records within Borrower’s control relating to the existence, storage, or release of Hazardous Materials on the Mortgaged Property.
7.2    Compliance. Borrower agrees to comply with all applicable Environmental Laws, including, without limitation, all those relating to Hazardous Materials. Borrower further agrees to provide Bank, and all appropriate Federal and State authorities, with immediate notice in writing of any release of Hazardous Materials on the Collateral and to pursue diligently to completion all appropriate and/or required remedial action in the event of such release.
7.3    Remedial Action. Bank shall have the right, but not the obligation, to undertake all or any part of such remedial action in the event of a release of Hazardous Materials on the Mortgaged Property and to add any expenditures so made to the principal indebtedness secured by the Security Agreement. Borrower agrees to indemnify and hold Bank harmless from any and all loss or liability arising out of


11



any violation of the representations, covenants, and obligations contained in this Section VII, or resulting from the recording of the Security Agreement.
VIII.    EVENTS OF DEFAULT
The following shall be “Events of Default” by Borrower or any Guarantor:
8.1    The failure to make prompt payment of any installment of principal or interest on any of the Note(s) when due or payable. Borrower shall have a ten (10) day cure period from the date the Bank notifies the Borrower of any monetary Events of Default.
8.2    Any representation or warranty made in the Loan Documents proves to be false or misleading in any material respect.
8.3    Any report, certificate, financial statement, or other document furnished prior to the execution of or pursuant to the terms of this Agreement proves to be false or misleading in any material respect.
8.4    The Borrower or any Guarantor default on the performance of any other obligation of indebtedness when due or in the performance of any obligation incurred in connection with money borrowed.
8.5    The Borrower, any Guarantor or any Pledgor breach any covenant, condition, or agreement made under any of the loan documents evidencing or securing the liability under the Note(s) set forth in Exhibit “A,” including any subsequent attachments thereto.
8.6    A custodian be appointed for or take possession of any or all of the assets of the Borrower or any Guarantor, or the Borrower or any Guarantor either voluntarily or involuntarily become subject to any insolvency proceeding, including becoming a debtor under the United States Bankruptcy Code, any proceeding to dissolve the Borrower or any Guarantor, any proceeding to have a receiver appointed, or the Borrower or any Guarantor make an assignment for the benefit of creditors, or should there be an attachment, execution, or other judicial seizure of all or any portion of the Borrower’s or any Guarantors assets, including an action or proceeding to seize any funds on deposit with the Bank, and such seizure is not discharged within 30 days.
8.7    A final judgment for the payment of money be rendered against the Borrower or any Guarantor which is not covered by insurance and shall remain undischarged for a period of 30 days unless such judgment or execution thereon be effectively stayed.
8.8    Upon the death of, or termination of existence of, or dissolution of, any Borrower, Pledge, or Guarantor.


12



8.9    Should the Bank in good faith deem itself, its liens and security interests, if any, or any debt thereunder unsafe or insecure, or should the Bank believe in good faith that the prospect of payment of any debt or other performance by the Borrower or any Guarantor is impaired.
8.10    Any lien or security interest granted to Bank to secure payment of the Note(s) terminate, fail for any reason to have the priority agreed to by Bank on the date granted, or become unperfected or invalid for any reason.
8.11    Except for monetary defaults, Borrower shall have a forty-five (45) day cure period from the date the Bank notifies the Borrower of any Events of Default.
IX.    REMEDIES UPON DEFAULT
Upon the occurrence of any of the above listed Events of Default, the Bank may at any time thereafter, at its option, take any or all of the following actions, at the same or at different times:
9.1    Declare the balance(s) of the Note(s) to be immediately due and payable, both as to principal and interest, late fees, and all other amounts/expenditures without presentment, demand, protest, or notice of any kind, all of which are hereby expressly waived by Borrower and each Guarantor, and such balance(s) shall accrue interest at the Default Rate as provided herein until paid in full;
9.2    Require the Borrower or Guarantor(s) to pledge additional collateral to the Bank from the Borrower’s or any Guarantor’s assets and properties, the acceptability and sufficiency of such collateral to be determined in the Bank’s sole discretion;
9.3    Take immediate possession of and foreclose upon any or all collateral which may be granted to the Bank as security for the indebtedness and obligations of Borrower or any Guarantor under the Loan Documents;
9.4    Exercise any and all other rights and remedies available to the Bank under the terms of the Loan Documents and applicable law, including the Florida Uniform Commercial Code;
9.5    Any obligation of the Bank to advance funds to the Borrower or any other Person under the terms of under the Note(s) and all other obligations, if any, of the Bank under the Loan Documents shall immediately cease and terminate unless and until Bank shall reinstate such obligation in writing.
X.    MISCELLANEOUS PROVISIONS
10.1    Definitions.


13



Default Rate” shall mean a rate of interest equal to Bank’s Prime Rate plus five percent (5%) per annum (not to exceed the legal maximum rate) from and after the date of an Event of Default hereunder which shall apply, in the Bank’s sole discretion, to all sums owing, including principal and interest, on such date.
Environmental Laws” shall mean all applicable federal and state laws and regulations which affect or may affect the Mortgaged Property, including without limitation the Comprehensive Environmental Response, Compensation, and Liability Act (42 U.S.C. Sections 9601 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. Sections 6901 et seq.), the Federal Water Pollution Control Act (33 U.S.C. Sections 1251 et seq.), the Clean Air Act (42 U.S.C. Section 7401 et seq.), the Toxic Substances Control Act (15 U.S.C. Section 2601 et seq.), all such applicable environmental laws and regulations of the State of Florida, as such laws and regulation, may be amended from time to time.
Loan Documents” shall mean this Agreement including any schedule attached hereto, the Note(s), the Deed(s) of Trust, the Mortgage(s), Security Deeds, the Security Agreement(s), the Assignment(s) of Leases and Rents, all UCC Financing Statements, the Guaranty Agreement(s), and all other documents, certificates, and instruments executed in connection therewith, and all renewals, extensions, modifications, substitutions, and replacements thereto and therefore.
Person” shall mean an individual, partnership, corporation, trust, unincorporated organization, limited liability company, limited liability partnership, association, joint venture, or a government agency or political subdivision thereof.
GAAP” shall mean generally accepted accounting principles as established by the Financial Accounting Standards Board or the American Institute of Certified Public Accountants, as in effect as of this Agreement Date. Future changes in GAAP or IFRS (“International Financial Reporting Standards”) will have a neutral effect on the Borrower in respect to its financial covenants.
Prime Rate” shall mean the rate of interest per annum announced by the Bank from time to time and adopted as its Prime Rate, which is one of several rate indexes employed by the Bank when extending credit, and may not necessarily be the Bank’s lowest lending rate.
10.2    Non-impairment. If any one or more provisions contained in the Loan Documents shall be held invalid, illegal, or unenforceable in any respect, the validity, legality, and enforceability of the remaining provisions contained therein shall not in any way be affected or impaired thereby and shall otherwise remain in full force and effect.


14



10.3    Applicable Law. The Loan Documents shall be construed in accordance with and governed by the laws of the State of Florida.
10.4    Waiver. Neither the failure nor any delay on the part of the Bank in exercising any right, power or privilege granted in the Loan Documents shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise of any other right, power, or privilege which may be provided by law.
10.5    Modification. No modification, amendment, or waiver of any provision of any of the Loan Documents shall be effective unless in writing and signed by the Borrower and Bank.
10.6    Payment Amount Adjustment. In the event that any Loan(s) referenced herein has a variable (floating) interest rate and the interest rate increases, Bank, at its sole discretion, may at any time adjust the Borrower’s payment amount(s) to prevent the amount of interest accrued in a given period to exceed the periodic payment amount or to cause the Loan(s) to be repaid within the same period of time as originally agreed upon.
10.7    Stamps and Fees. The Borrower shall pay all federal or state stamps, taxes, or other fees or charges, if any are payable or are determined to be payable by reason of the execution, delivery, or issuance of the Loan Documents or any security granted to the Bank; and the Borrower and Guarantor agree to indemnify and hold harmless the Bank against any and all liability in respect thereof.
10.8    Attorneys’ Fees. In the event the Borrower or any Pledgor or Guarantor shall default in any of its obligations hereunder and the Bank believes it necessary to employ an attorney to assist in the enforcement or collection of the indebtedness of the Borrower to the Bank, to enforce the terms and provisions of the Loan Documents, to modify the Loan Documents, or in the event the Bank voluntarily or otherwise should become a party to any suit or legal proceeding (including a proceeding conducted under the Bankruptcy Code), the Borrower and Guarantors agree to pay the reasonable attorneys’ fees of the Bank and all related costs of collection or enforcement that may be incurred by the Bank. The Borrower and Guarantor shall be liable for such attorneys’ fees and costs whether or not any suit or proceeding is actually commenced.
10.9    Bank Making Required Payments. In the event Borrower shall fail to maintain insurance, pay taxes or assessments, costs and expenses which Borrower is, under any of the terms hereof or of any Loan Documents, required to pay, or fail to keep any of the properties and assets constituting collateral free from new security interests, liens, or encumbrances, except as permitted herein, Bank may at its election make expenditures for any or all such purposes and the amounts expended together with interest thereon at the Default Rate, shall become immediately due and payable to Bank, and shall


15



have benefit of and be secured by the collateral; provided, however, the Bank shall be under no duty or obligation to make any such payments or expenditures.
10.10    Right of Offset. Any indebtedness owing from Bank to Borrower may be set off and applied by Bank on any indebtedness or liability of Borrower to Bank, at any time and from time to time after maturity, whether by acceleration or otherwise, and without demand or notice to Borrower. Bank may sell participations in or make assignments of any Loan made under this Agreement, and Borrower agrees that any such participant or assignee shall have the same right of setoff as is granted to the Bank herein.
10.11    UCC Authorization. Borrower authorizes Bank to file such UCC Financing Statements describing the collateral in any location deemed necessary and appropriate by Bank.
10.12    Modification and Renewal Fees. Bank may, at its option, charge any fees for modification, renewal, extension, or amendment of any terms of the Note(s) not prohibited by Florida law, and as otherwise permitted by law if Borrower is located in another state.
10.13    Conflicting Provisions. If provisions of this Agreement shall conflict with any terms or provisions of any of the Note(s) or security document(s) or any schedule attached hereto, the provisions of such Note(s) or security document(s) or any schedule attached hereto, as appropriate, shall take priority over any provisions in this Agreement.
10.14    Notices. Any notice permitted or required by the provisions of this Agreement shall be deemed to have been given when delivered in writing to the City Executive or any Vice President of the Bank at its offices in Melbourne, Florida, and to the President of the Borrower at its offices in Melbourne, Florida, when sent by certified mail and return receipt requested.
10.15    Consent to Jurisdiction. Borrower hereby irrevocably agrees that any legal action or proceeding arising out of or relating to this Agreement may be instituted in any Florida state court or federal court sitting in the State of Florida, or in such other appropriate court and venue as Bank may choose in its sole discretion. Borrower consents to the jurisdiction of such courts and waives any objection relating to the basis for personal or in rem jurisdiction or to venue which Borrower may now or hereafter have in any such legal action or proceedings.
10.16    Arbitration. Upon demand of any party hereto, whether made before or after institution of any judicial proceeding, any dispute, claim or controversy arising out of, connected with, or relating to the Agreement and other Loan Documents (“Disputes”) between or among the parties to this Agreement and other Loan Documents shall be resolved by binding arbitration as provided herein. Institution of a judicial proceeding by a party does not waive the right of that party to demand arbitration hereunder. Disputes may include, without limitation, tort claims, counterclaims, disputes as to whether


16



a matter is subject to arbitration, claims brought as class actions, claims arising from Loan Documents executed in the future, or claims arising out of or connected with the transaction reflected by this Agreement and other Loan Documents. Arbitration shall be conducted under and governed by the Commercial Financial Disputes Arbitration Rules (the “Arbitration Rules”) of the American Arbitration Association (the “AAA”) and Title 9 of the U.S. Code. All arbitration hearings shall be conducted in the city of Tallahassee. The expedited procedures set forth in Rule 51 et seq. of the Arbitration Rules shall be applicable to claims less than $1,500,000. All applicable statutes of limitation shall apply to any Dispute. A judgment upon the award may be entered in any court having jurisdiction. The panel from which all arbitrators are selected shall be comprised of licensed attorneys. The single arbitrator selected for expedited procedure shall be a retired judge from the highest court of general jurisdiction, state or federal, of the state where the hearing will be conducted or if such person is not available to serve, the single arbitrator may be a licensed attorney. Notwithstanding the foregoing, this arbitration provision does not apply to disputes under or related to swap or hedging agreements.
10.17    Counterparts. This Agreement may be executed by one or more parties on any number of separate counterparts and all of such counterparts taken together shall be deemed to constitute one and the same instrument.
10.18    Entire Agreement. The Loan Documents embody the entire agreement between Borrower and Bank with respect to the Loans, and there are no oral or parol agreements existing between Bank and Borrower with respect to the Loans which are not expressly set forth in the Loan Documents.
10.19    Indemnification. The Borrower and the Guarantors hereby jointly and severally agree to and do hereby indemnify and defend the Bank, its affiliates, their successors and assigns and their respective directors, officer, employees and shareholders, and do hereby hold each of them harmless from and against, any loss, liability, lawsuit, proceeding, cost expense or damage (including reasonable in-house and outside counsel fees, whether suit is brought or not) arising from or otherwise relating to the closing, disbursement, administration, or repayment of the Loans, including without limitation: (i) the failure to make any payment to the Bank promptly when due, whether under the Notes evidencing the Loans or otherwise; (ii) the breach of any representations or warranties to the Bank contained in this agreement or in any other loan documents now or hereafter executed in connection with the Loans; or (iii) the violation of any covenants or agreements made for the benefit of the Bank and contained in any of the loan documents; provided, however, that the foregoing indemnification shall not be deemed to cover any loss which is finally determined by a court of competent jurisdiction to result solely from the Bank’s gross negligence or willful misconduct.
10.20    Notice and Cure Period. Notwithstanding any provision in this Loan Agreement, the Security Agreement, the Note or Loan Documents to the contrary, an event of default shall not be deemed to have occurred hereunder as to a non-monetary provision of this Loan Agreement unless and until the


17



Borrower shall fail to cure and remedy said non-monetary breach within forty five (45) days after the Borrower has received written notice thereof from the Bank, and an event of default shall not be deemed to have occurred hereunder as to a monetary provision of the Loan Agreement unless and until the Borrower shall fail to cure and remedy said monetary breach within ten (10) days after the Borrower has received written notice thereof from the Bank.
10.21    WAIVER OF JURY TRIAL. UNLESS EXPRESSLY PROHIBITED BY APPLICABLE LAW, THE UNDERSIGNED HEREBY WAIVE THE RIGHT TO TRIAL BY JURY OF ANY MATTERS OR CLAIMS ARISING OUT OF THIS AGREEMENT OR ANY OF THE LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH OR OUT OF THE CONDUCT OF THE RELATIONSHIP BETWEEN THE UNDERSIGNED AND BANK. THIS PROVISION IS A MATERIAL INDUCEMENT FOR BANK TO MAKE THE LOAN AND ENTER INTO THIS AGREEMENT. FURTHER, THE UNDERSIGNED HEREBY CERTIFY THAT NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT BANK WOULD NOT SEEK TO ENFORCE THIS WAIVER OR RIGHT TO JURY TRIAL PROVISION. NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL, HAS THE AUTHORITY TO WAIVE, CONDITION OR MODIFY THIS PROVISION.


18



SIGNATURE PAGE
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed under seal all as of the date first above written.
Witnesses:
 
 
 
 
 
 
 
The Goldfield Corporation, a Delaware corporation
 /s/ Melissa A. Munson
 

By: /s/ Stephen R. Wherry 
Print Name: Melissa A. Munson
 
Stephen R. Wherry, Senior Vice President
/s/ Barry Forbes
 
 
Print Name: Barry Forbes
 
 

 
 
Southeast Power Corporation, a Florida corporation
/s/ Melissa A. Munson
 
By: /s/ Stephen R. Wherry
Print Name: Melissa A. Munson
 
Stephen R. Wherry, Vice President
/s/ Barry Forbes
 
 
Print Name: Barry Forbes
 
 
 
 
Pineapple House of Brevard, Inc., a Florida corporation
/s/ Melissa A. Munson
 
By:  /s/ Stephen R. Wherry
Print Name: Melissa A. Munson
 
Stephen R. Wherry, Vice President
/s/ Barry Forbes
 
 
Print Name: Barry Forbes
 
 
 
 
Bayswater Development Corporation, a Florida corporation
/s/ Melissa A. Munson
 
By: /s/ Stephen R. Wherry
Print Name: Melissa A. Munson
 
Stephen R. Wherry, Vice President
/s/ Barry Forbes
 
 
Print Name: Barry Forbes
 
 



19



Witnesses:
 
 
 
 
 
 
 
Power Corporation of America, a Florida corporation
/s/ Melissa A. Munson
 
By: /s/ Stephen R. Wherry 
Print Name: Melissa A. Munson
 
Stephen R. Wherry, Vice President
/s/ Barry Forbes
 
 
Print Name: Barry Forbes
 
 
 
 
 
 
 
C and C Power Line, Inc., a Florida corporation
/s/ Melissa A. Munson
 
 
Print Name: Melissa A. Munson
 
By: /s/ Stephen R. Wherry
 
 
Stephen R. Wherry, Authorized Signer
/s/ Barry Forbes
 
 
Print Name: Barry Forbes
 
 

 
 
Precision Foundations, Inc., a Florida corporation
/s/ Melissa A. Munson
 
 
Print Name: Melissa A. Munson
 
By: /s/ Stephen R. Wherry 
 
 
Stephen R. Wherry, Vice President
/s/ Barry Forbes
 
 
Print Name: Barry Forbes
 
 

 
 
 
 
 
Branch Banking and Trust Company
/s/ Melissa A. Munson
 
By: /s/ Barry Forbes 
Print Name: Melissa A. Munson
 
Barry Forbes, Senior Vice President
/s/ Andrew Pisciotto
 
 
Print Name: Andrew Pisciotto
 
 




20



Exhibit “A”
“Currently Outstanding Prior Loans”


The Goldfield Corporation:
Loan Number -- 9660933082


Notes
Original Amount
Date Opened
Guarantors
2
$18,000,000.00
12/16/2013
Modification of original loan dated 8/26/05.
Southeast Power Corporation, Pineapple House of Brevard, Inc., Bayswater Development Corporation and Power Corporation of America
Revolving
16
$22,600,000.00
June 9, 2017
Southeast Power Corporation, Pineapple House of Brevard, Inc., Bayswater Development Corporation, Power Corporation of America, C and C Power Line, Inc., and Precision Foundations, Inc.

Non-Revolving



21



“New Loans”



The Goldfield Corporation:
Loan Number -- 9660933082


“New Loan”

9
$18,000,000.00
May 24, 2018



Southeast Power Corporation, Pineapple House of Brevard, Inc., Bayswater Development Corporation, Power Corporation of America, C and C Power Line, Inc., and Precision Foundations, Inc.

Note: The proceeds of this note will be used in part to pay in full Note 2 listed above.

Revolving
“New Loan”

5
$27,490,000.00
May 24, 2018
Southeast Power Corporation, Pineapple House of Brevard, Inc., Bayswater Development Corporation, Power Corporation of America, C and C Power Line, Inc., and Precision Foundations, Inc.

Note: Modification and future advance of Note 16 listed above.

Non-Revolving





22

EX-10.2 3 a10-2_2749mmmodpromissoryn.htm EXHIBIT 10.2 Exhibit
Exhibit 10-2


Borrower:
The Goldfield Corporation
Account Number:
9660933082
BB&T
Note Number:
90005
Address:
1684 W. Hibiscus Boulevard
Melbourne, Florida
 
Melbourne, Florida 32901
MODIFICATION PROMISSORY NOTE
Date:
May 24, 2018

The Goldfield Corporation (whether one or more, the “Borrower”) HEREBY REPRESENTS THAT THE LOAN EVIDENCED BY THIS MODIFICATION PROMISSORY NOTE (“Note”) IS BEING OBTAINED FOR BUSINESS/COMMERCIAL OR AGRICULTURAL PURPOSES AND NOT FOR PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES. For value received, the Borrower, jointly and severally if more than one, promises to pay to BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation (including its successors and assigns, the “Bank”), or order, at any of Bank’s offices in the above referenced city (or such other place or places that may be hereafter designated by Bank) the sum of Twenty Seven Million Four Hundred Ninety Thousand and no/100 Dollars ($27,490,000.00), or such lesser amount outstanding at maturity, in immediately available currency of the United States of America. This Note consolidates that certain Promissory Note dated June 9, 2017, executed by the Borrower in favor of Bank in the original principal amount of $22,600,000.00, with a current principal balance outstanding of $16,990,000.00, together with a future advance of even date hereof from Bank to Borrower in the principal amount of $10,500,000.00 (“Future Advance”), such that the consolidated principal amount is $27,490,000.00.

Interest shall accrue from the date hereof on the unpaid balance outstanding from time to time at the:
Adjusted LIBOR Rate as more specifically described in the Addendum to Modification Promissory Note attached hereto.

Principal and interest are payable as follows:
Commencing on June 9, 2018, through and including the payment due on December 9, 2018, monthly principal payments of $510,000.00 plus accrued interest on the same day of each month.

On December 31, 2018, the then outstanding principal balance of the Note shall be amortized over a forty (40) month period. Equal monthly payments of principal shall thereafter commence on January 9, 2019, plus accrued interest, on the same day of each month thereafter, with all outstanding principal, accrued interest, and all other amounts then due and owing on May 1, 2022.

Documentary Stamp Tax:
Documentary stamp tax in the amount of $2,450.00 was previously paid to the Florida Department of Revenue.
Certificate of Registration No. 56-1074313-19-001. No additional documentary stamps are owed on the Future Advance.

Borrower shall pay to Bank, or order, a late fee in the amount of five percent (5.0%) of any installment past due for ten (10) or more days. When any installment payment is past due for ten (10) or more days, subsequent payments shall first be applied to the past due balance. In addition, Borrower shall pay to Bank a returned payment fee if the Borrower or any other obligor hereon makes any payment at any time by check or other instrument, or by any electronic means, which is returned to Bank because of nonpayment due to nonsufficient funds.
All interest shall be computed and charged for the actual number of days elapsed on the basis of a year consisting of three hundred sixty (360) days. Borrower agrees that the only interest charge is the interest actually stated in this Note, and that any loan or origination fee shall be deemed charges rather than interest, which charges are fully earned and non-refundable. It is further agreed that any late charges are not a charge for the use of money but are imposed to compensate Bank for some of the administrative services, costs and losses associated with any delinquency or default under this Note, and said charges shall be fully earned and non-refundable when accrued. All other charges imposed by Bank upon Borrower in connection with this Note and the loan including, without limitation, any commitment fees, loan fees, facility fees, origination fees, discount points, default and late charges, prepayment fees, reasonable attorneys’ fees and reimbursements for costs and expenses paid by Bank to third parties or for damages incurred by Bank are and shall be deemed to be charges made to compensate Bank for underwriting and administrative services and costs, other services, and costs or losses incurred and to be incurred by Bank in connection with this Note and the Loan and shall under no circumstances be deemed to be charges for the use of money. All such charges shall be fully earned and non-refundable when due. Time is of the essence of this Note.
In the event periodic accruals of interest shall exceed any periodic fixed payment amount described above, the fixed payment amount shall be immediately increased, or additional supplemental interest payments required on the same periodic basis as specified above (increased fixed payments or supplemental payments to be determined in the Bank’s sole discretion), in such amounts and at such times as shall be necessary to pay all accruals of interest for the period and all accruals of unpaid interest from previous periods. Such adjustments to the fixed payment amount or supplemental payments shall remain in effect for so long as any interest accruals shall exceed the original fixed payment amount and shall be further adjusted upward or downward to reflect changes in any variable interest rate; provided that unless elected otherwise above, the fixed payment amount shall not be reduced below the original fixed payment

Page 1 of 5


amount. However, Bank shall have the right, in its sole discretion, to lower the fixed payment amount below the original payment amount.
This Note is executed and delivered by Borrower in connection with the following agreements (if any) between Borrower or other parties owning collateral and Bank:

Security Agreement conveying a security interest to Bank dated of even date given by Borrower and Southeast Power Corporation, Power Corporation of America, Bayswater Development Corporation, Pineapple House of Brevard, Inc., C and C Power Line, Inc., and Precision Foundations, Inc.

Master Loan Agreement dated May 24, 2018, executed by Borrower and Southeast Power Corporation, Power Corporation of America, Bayswater Development Corporation, Pineapple House of Brevard, Inc., C and C Power Line, Inc., and Precision Foundations, Inc.

All of the terms, conditions and covenants of the above described agreements (the “Agreements”) are expressly made a part of this Note by reference in the same manner and with the same effect as if set forth herein at length, and Bank is entitled to the benefits of and remedies provided in the Agreements and any other related documents given by Borrower, any guarantor, or any pledgor in favor of Bank. In addition to Bank’s right of setoff and to any liens and security interests granted to Bank in the Agreements, Borrower hereby grants to Bank a security interest in all of its deposit accounts maintained with and investment property held by Bank, which shall serve as collateral for the indebtedness and obligations evidenced by this Note.
No delay or omission on the part of Bank or other holder hereof in exercising any right hereunder shall operate as a waiver of such right or of any other right of such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or of any other right on any future occasion. Each Borrower regardless of the time, order or place of signing waives presentment, demand, protest and notices of every kind and assents to any one or more extensions or postponements of the time of payment or any other indulgences, to any substitutions, exchanges or releases of collateral by Bank, and to the additions or releases of any other parties or persons primarily or secondarily liable herefor.
Subject to applicable notice and cure periods set forth below, the following shall constitute events of default hereunder: Borrower’s failure to pay any part of the principal or interest when due or to fully perform any covenant or obligation under this Note, the Agreements or on any other liability to Bank by any one or more of the Borrower, by any affiliate of the Borrower (as defined in 11 USC Section (101)(2)), or by any guarantor of this Note (said affiliate or guarantor herein called “Obligor”); or should any financial statement, representation or warranty made to Bank by any Borrower or any Obligor be found to be incorrect or incomplete in any material respect when made; or should any Borrower fail to furnish information and documentation to the Bank sufficient to verify the identity of Borrower as required under the USA Patriot Act; or should Borrower commit an event of a default under any of the Agreements or under any other obligation of any Borrower or of any Obligor whether to Bank or any other creditor; or should any Borrower or any Obligor die, terminate its existence, allow the appointment of a receiver for any part of its property, make an assignment for the benefit of creditors; or should a proceeding under bankruptcy or insolvency laws be initiated by or against any Borrower or any Obligor; or should any Borrower, any Obligor or any officer, director or owner of 20% or more of the outstanding ownership interests of any Borrower or any Obligor be indicted for a felony offense under state or federal law, or should any Borrower or any Obligor employ an executive officer, manager or general partner, or elect a director, who has been convicted of any such felony offense, or should any person become an owner of 20% or more of the outstanding ownership interests of any Borrower or any Obligor who has been indicted or convicted of any such felony offense; or should Bank determine that Borrower or any Obligor has suffered a material adverse change in its financial condition or business operations; or should there occur an attachment, execution, or other judicial seizure of all or any portion of any Borrower’s or any Obligor’s assets, including an action or proceeding to seize any funds on deposit with the Bank, and such seizure is not discharged within 30 days; or should a final judgment for the payment of money be rendered against any Borrower or any Obligor which is not covered by insurance or debt cancellation contract and such final judgment remains undischarged for a period of 30 days unless such judgment or execution thereon is effectively stayed; or should any guarantor terminate any guaranty agreement given in connection with this Note, then any one of the same shall be a material default hereunder and this Note and other debts due the Bank by any Borrower shall immediately become due and payable at the option of the Bank without notice or demand of any kind, which is hereby waived.
Notwithstanding any provision contained in this Note or any other Agreements to the contrary, in the event of a payment default, Bank’s right to accelerate the indebtedness evidenced by this Note shall be immediate and without notice to Borrower of such event of default. With respect to any non-payment default under this Note or the other Agreements which is curable and if Borrower has not been given a notice of a breach of the same provision within the preceding twelve (12) months, it may be cured if Borrower, after Bank sends written notice to Borrower demanding cure of such default: (i) cures the default within thirty (30) days; or (ii) if the cure requires more than thirty (30) days, immediately initiates steps which Bank deems in Bank’s sole discretion to be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. For the avoidance of doubt, in no event shall any notice and right to cure be required or given for any event of default arising from: any representation, financial statement, report, certificate or other document furnished prior or pursuant to the Agreements which proves to

Page 2 of 5


be false or misleading in any material respect when made; should Borrower or any Obligor voluntarily become a debtor under the Bankruptcy Code, become subject to any insolvency proceeding, make an assignment for the benefit of creditors or become subject to any attachment, execution, or judicial seizure of its assets (including any funds on deposit with Bank); any indictment of any Borrower, any Obligor or any manager, executive officer or general partner thereof for any felony offense; any failure to repay this Note at maturity; any commencement of the process of liquidation or dissolution; any proceeding commenced against it seeking the forfeiture of all or any part of the collateral securing this Note or other assets as a result of any criminal activity; the sale, conveyance, transfer or encumbrance of any real property subject to a Mortgage granted to Bank or a bulk sale transfer of any personal collateral without the prior consent of Bank; or upon the termination of any guaranty agreement by any guarantor or the death of any guarantor.
Upon an Event of Default, in addition to Bank’s rights set forth above, Bank may, at its option and subject to any applicable notice and cure periods (i) cease making advances or disbursements including during any cure period; (ii) advance funds necessary to remedy any default or pay any lien filed against any of the collateral; (iii) take possession of the collateral or any part thereof; (iv) foreclose Bank’s security interest and/or lien on any collateral in accordance with applicable law; (v) make demand upon any or all guarantors; and (vi) exercise any other right or remedy which Bank has under this Note or any related documents or which is otherwise available at law or in equity. All of Bank’s rights and remedies shall be cumulative and may be exercised singularly or concurrently. Any election by Bank to pursue any remedy shall not exclude the right to pursue any other remedy unless expressly prohibited by law, and any election by Bank to make expenditures or to take action to perform an obligation of Borrower, or of any Obligor, shall not affect Bank’s right to declare a default and exercise its rights and remedies. In addition, upon default, Bank may pursue its full legal remedies under the Agreements and other remedies at law or equity, and the balance due hereunder may be charged against any obligation of Bank to any party including any Obligor.
From and after any event of default hereunder, interest shall accrue on the sum of the principal balance and accrued interest then outstanding at the rate of fifteen percent (15.0%) per annum (the “Default Rate”) until such principal and interest have been paid in full, provided that such rate shall not exceed at any time the highest rate of interest permitted by the laws of the State of Florida; and further provided that such rate shall apply after judgment. Bank shall not be obligated to accept any check, money order, or other payment instrument marked “payment in full” on any disputed amount due hereunder, and Bank expressly reserves the right to reject all such payment instruments. Borrower agrees that tender of its check or other payment instrument so marked will not satisfy or discharge its obligation under this Note, disputed or otherwise, even if such check or payment instrument is inadvertently processed by Bank unless such payment is in fact sufficient to pay the amount due hereunder.
Unless otherwise required under a Loan Agreement, if applicable, and as long as any indebtedness evidenced by this Note remains outstanding or as long as Bank remains obligated to make advances, the Borrower shall furnish annually, as requested, an updated annual report of The Goldfield Corporation and Subsidiaries as filed with the Securities and Exchange Commission, which, when delivered shall be the property of the Bank.
The term “Prime Rate,” if used herein, means the rate of interest per annum announced by Bank from time to time and adopted as its Prime Rate at its executive offices in Winston-Salem, North Carolina. The Prime Rate is one of several rate indexes employed by Bank when extending credit, and not necessarily the lowest rate. Any change in the interest rate resulting from a change in Bank’s Prime Rate shall become effective as of the opening of business on the effective date of the change. If this Note is placed with an attorney for collection, Borrower agrees to pay, in addition to principal, interest, and late fees, if any, all costs of collection, including but not limited to all reasonable attorneys’ fees incurred by Bank, whether or not there is a lawsuit, expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any court costs. All obligations of Borrower shall bind his heirs, executors, administrators, successors, and/or assigns. Use of the masculine pronoun herein shall include the feminine and the neuter, and also the plural. If more than one party shall execute this Note, the term “Borrower” as used herein shall mean all the parties signing this Note and each of them, and all such parties shall be jointly and severally obligated hereunder. Wherever possible, each provision of this Note shall be interpreted in such a manner to be effective and valid under applicable law, but if any provision of this Note shall be prohibited by or invalid under such law, such provision shall be ineffective but only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note. Each Borrower hereby waives all exemptions and homestead laws as may be permitted by Florida law. The proceeds of the loan evidenced by this Note may be paid to any Borrower. This Note may be executed in any number of counterparts, each of which shall be an original but all of which taken together shall constitute one and the same instrument.
From time to time the maturity date of this Note may be extended, or this Note may be renewed in whole or in part, or a new note of different form may be substituted for this Note, or the rate of interest may be modified, or changes may be made in consideration of loan extensions, and Bank may, from time to time, waive or surrender, either in whole or in part any rights, guaranties, security interests or liens, given for the benefit of Bank in connection with the payment and the securing of payment of this Note; but no such occurrence shall in any manner affect, limit, modify, or otherwise impair any rights, guaranties or security of Bank not specifically waived, released, or surrendered in writing, nor shall Borrower or any Obligor be released from liability by reason of the occurrence of any such event. Bank, from time to time, shall have the unlimited right to release any person who might be liable hereunder, and such

Page 3 of 5


release shall not affect or discharge the liability of any other person who is or might be liable hereunder. No waivers and modifications shall be valid unless in writing and signed by Bank. Bank may, at its option, charge any fees for the modification, renewal, extension, or amendment of any of the terms of this Note not prohibited by applicable law. In case of a conflict between the terms of this Note and any Loan Agreement executed in connection herewith, the priority of controlling terms shall be first this Note, then the Loan Agreement. This Note shall be governed by and construed in accordance with the laws of the State of Florida.
Any legal action with respect to the indebtedness evidenced by this Note may be brought in the courts of the State of Florida or in the appropriate United States District Court situated in Florida, and Borrower hereby accepts and unconditionally submits to the jurisdiction of such courts. Borrower hereby waives any objection to the laying of venue based on the grounds of forum non conveniens with respect thereto.
REQUIRED INFORMATION FOR A NEW LOAN. To help the government fight the funding of terrorism and money laundering activities, federal law requires Bank to obtain, verify and record information that identifies each person or entity obtaining a loan including the Borrower’s legal name, address, tax identification number, date of birth, driver’s license, organizational documents or other identifying documents. Failure to provide the required information will result in a violation of the U.S. Patriot Act and will constitute a default under this instrument. In addition, no Borrower, any of its affiliates, or any of their respective directors, officers, managers, partners, or any other authorized representatives is named as a “Specially Designated National and Blocked Person,” on the list published by the U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) at its official website.
UNLESS EXPRESSLY PROHIBITED BY APPLICABLE LAW, THE BORROWER HEREBY WAIVES THE RIGHT TO TRIAL BY JURY OF ANY MATTERS OR CLAIMS ARISING OUT OF THIS NOTE OR ANY OF THE LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH OR OUT OF THE CONDUCT OF THE RELATIONSHIP BETWEEN THE BORROWER AND BANK, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. BORROWER AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT BANK MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF BORROWER TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR BANK TO MAKE THE LOAN AND ENTER INTO THIS AGREEMENT. FURTHER, THE BORROWER HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT BANK WOULD NOT SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION. NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL, HAS THE AUTHORITY TO WAIVE, CONDITION OR MODIFY THIS PROVISION. BORROWER ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS PARAGRAPH, THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT AND EFFECT, AND THAT IT VOLUNTARILY AND KNOWINGLY AGREES TO THE TERMS OF THIS PARAGRAPH.






(SIGNATURE ON FOLLOWING PAGE)



    



Page 4 of 5



BB&T
MODIFICATION PROMISSORY NOTE SIGNATURE PAGE

Borrower:
The Goldfield Corporation
Account Number:
9660933082
Note Number:
90005
Note Amount:
$27,490,000.00
Date:
May 24, 2018


IN WITNESS WHEREOF, the Borrower, on the day and year first written above, has executed, or caused this Note to be executed by its authorized officer or representative, under seal.


WITNESSES
 
 
 
 
The Goldfield Corporation, a Delaware corporation
/s/ Melissa A. Munson
 
By: /s/ Stephen R. Wherry
 
 
Stephen R. Wherry, its Senior Vice President
/s/ Barry Forbes
 
 



Page 5 of 5
EX-10.3 4 a10-3_2749mmaddendumtomodp.htm EXHIBIT 10.3 Exhibit
Exhibit 10-3




BB&T

ADDENDUM TO MODIFICATION PROMISSORY NOTE
BB&T Account No. 9660933082

THIS ADDENDUM TO MODIFICATION PROMISSORY NOTE (“Addendum”) is hereby made a part of the Modification Promissory Note dated May 24, 2018, from The Goldfield Corporation (“Borrower”) payable to the order of Branch Banking and Trust Company (“Bank”) in the principal amount of $27,490,000.00 (including all renewals, extensions, modifications and substitutions thereof, the “Note”).

I.    DEFINITIONS.

1.1    Adjusted LIBOR Rate means a rate of interest per annum equal to the sum obtained (rounded upwards, if necessary, to the next higher 1/100th of 1.0%) by adding (i) the One Month LIBOR plus (ii) one and 80/100 percent (1.80%) per annum, which shall be adjusted monthly on the first day of each LIBOR Interest Period. The Adjusted LIBOR Rate shall be adjusted for any change in the LIBOR Reserve Percentage so that Bank shall receive the same yield. The interest rate will in no instance exceed the maximum rate permitted by applicable law and the interest rate will not decrease below a fixed minimum rate of 0%.

1.2    Business Day means a day other than a Saturday, Sunday, legal holiday or any other day when the Bank is authorized or required by applicable law to be closed.

1.3    Advance means any advance made by Bank to Borrower evidenced by the Note.

1.4    LIBOR Interest Period means the period applicable to any Advance commencing on the date the Note is made (or the date of any subsequent LIBOR addendum to the Note) and (i) if adjusted monthly, ending on the day that is immediately prior to the numerically corresponding day of each month thereafter or (ii) if adjusted quarterly, ending on the day that is immediately prior to the numerically corresponding day of each quarter thereafter; provided that:

(a) any LIBOR Interest Period which would otherwise end on a day which is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such LIBOR Interest Period shall end on the next preceding Business Day; and

(b) any LIBOR Interest Period which begins on a day for which there is no numerically corresponding day in a subsequent month if adjusted monthly or in a subsequent quarter if adjusted quarterly, shall end on the last Business Day of each subsequent month if adjusted monthly or on the last Business Day of each subsequent quarter if adjusted quarterly.

1.5    LIBOR Reserve Percentage means the maximum aggregate rate at which reserves (including, without limitation, any marginal supplemental or emergency reserves) are required to be maintained under Regulation D by member banks of the Federal Reserve System with respect to dollar funding in the London interbank market. Without limiting the effect of the foregoing, the LIBOR Reserve Percentage shall reflect any other reserves required to be maintained by such member banks by reason of any applicable regulatory change against (i) any category of liability which includes deposits by reference to which the Adjusted LIBOR Rate is to be determined or (ii) any category of extensions of credit or other assets related to LIBOR.

1.6    One Month LIBOR means the average rate quoted by Bloomberg Finance L.P., or any quoting service or commonly available source utilized by the Bank, on the determination date for deposits in U. S. Dollars offered in the London interbank market for one month determined at approximately 11:00 am London time two (2) Business Days prior to the commencement of the applicable LIBOR Interest Period; provided that if the above method for determining One month LIBOR shall not be available, the rate quoted in The Wall Street Journal, or a rate determined by a substitute method of determination agreed on by Borrower and Bank; provided, if such agreement is not reached within a reasonable period of time (in Bank's sole judgment), a rate reasonably determined by Bank in its sole discretion as a rate being paid, as of the determination date, by first class banking organizations (as determined by Bank) in the London interbank market for U. S. Dollar deposits; and provided further that if One Month LIBOR determined as provided above would be less than zero percent (0%), then One Month LIBOR shall be deemed to be zero percent (0%).

1.7    Standard Rate means, for any day, a rate per annum equal to the Bank's announced Prime Rate minus 0% per annum, and each change in the Standard Rate shall be effective on the date any change in the Prime Rate is publicly announced as being effective.

II.    LOAN BEARING ADJUSTED LIBOR RATE

2.1    Application of Adjusted LIBOR Rate. The Adjusted LIBOR Rate shall apply to the entire principal balance outstanding of all outstanding Advances for any LIBOR Interest Period.

2.2    Adjusted LIBOR Based Rate Protections.

(a)    Inability to Determine Rate. In the event that Bank shall have determined, which determination shall be final, conclusive and binding, that by reason of circumstances occurring after the date of this Note affecting the London interbank market, adequate and fair means do not exist for ascertaining the One Month LIBOR on the basis provided for in this Note, Bank shall give notice (by telephone confirmed in writing or by telecopy) to Borrower of such determination, whereupon (i) no Advance shall be made until Bank notifies

1906 NC NB (11.7.16)                            1



Borrower that the circumstances giving rise to such notice no longer exist, and (ii) any request by Borrower for an Advance shall be deemed to be a request for an Advance at the Standard Rate.

(b)    Illegality; Impracticability. In the event that Bank shall determine, which determination shall be final, conclusive and binding, that the making, maintaining or continuance of any portion of an Advance (i) has become unlawful as a result of compliance by Bank with any law, treaty, governmental rule, regulation, guideline or order (or would conflict with any of the same not having the force of law even though the failure to comply therewith would not be unlawful) or (ii) has become impracticable, or would cause Bank material hardship, as a result of contingencies occurring after the date of this Note materially and adversely affect the London interbank market or Bank's ability to make Advances generally, then, and in any such event, Bank shall give notice (by telephone confirmed in writing or by telecopy) to Borrower of such determination. Thereafter, (x) the obligation of Bank to make any Advance subject to the Adjusted LIBOR Rate shall be suspended until such notice shall be withdrawn by Bank, and (y) any request by Borrower for an Advance shall be deemed to be a request for an Advance at the Standard Rate.

III.    PURPOSE OF LOAN

3.1    Purpose of Loan. The “Net Cash Available to Borrower for Future Advances” in the amount set forth in a Loan Closing Statement of even date hereof will be advanced by Bank to Borrower only for the purchase (or reimbursement if Borrower advanced the cost) of equipment, vehicles, and related accessories, made on or after January 1, 2018 (“Additional Collateral”). Draw requests must be accompanied with appropriate invoices (or proof of prior payment), and will not exceed the purchase price, plus sales tax, shipping charges, and accessories. No advances hereunder will be made after December 31, 2018. Borrower agrees to execute such additional documentation as may be necessary from time to time to perfect the Bank’s security interest and first lien position in the Additional Collateral.

This Addendum shall operate as a sealed instrument.

 
Borrower:
 
 
/s/ Melissa A. Munson
The Goldfield Corporation, a Delaware corporation
Witness:
 
 
 
Melissa A. Munson
By: /s/ Stephen R. Wherry
Print Name:
      Stephen R. Wherry, its Senior Vice President
 
 
/s/ Barry Forbes
 
Witness:
Date: May 24, 2018
Barry Forbes
 
Print Name:
 



1906 NC NB (11.7.16)                            2

EX-10.4 5 a10-4_2749mmbbtsecurityagr.htm EXHIBIT 10.4 Exhibit
Exhibit 10-4

City: Melbourne, FL

BB&T SECURITY AGREEMENT
This Security Agreement (“Security Agreement”) is made May 24, 2018, between The Goldfield Corporation, a Delaware corporation, Southeast Power Corporation, a Florida corporation, Power Corporation of America, a Florida corporation, Bayswater Development Corporation, a Florida corporation, Pineapple House of Brevard, Inc., a Florida corporation, C and C Power Line, Inc., a Florida corporation, and Precision Foundations, Inc., a Florida corporation (collectively, “Debtor”), and Branch Banking and Trust Company, a North Carolina banking corporation (“Secured Party”).
This Security Agreement is entered into in connection with:
(i)
a Master Loan Agreement (“Loan Agreement”) dated on or before the date of this Security Agreement under which the Secured Party has agreed to make a loan(s) and/or establish a line(s) of credit;

(ii)
a Modification Promissory Note dated May 24, 2018 (including all extensions, renewals, modifications and substitutions thereof, the “Note”), of The Goldfield Corporation (the “Borrower”), in the principal amount of $27,490,000.00;

(iii)
a guaranty agreement or agreements (whether one or more, the “Guaranty”) executed by the guarantors named therein (whether one or more, the “Guarantors”) dated on or about the same date as this Security Agreement;

and/or

(iv)
all obligations of Debtor under a BB&T Bankcard Agreement to repay indebtedness incurred under Business Visa Credit Cards issued to authorized officers and employees of Debtor.

Secured Party and Debtor agree as follows:

I.    DEFINITIONS.
1.1    Collateral. Unless specific items of personal property are described below, the Collateral shall consist of all now owned and hereafter acquired and wherever located personal property of Debtor identified below, each capitalized term as defined in Article 9 of the Florida Uniform Commercial Code (“UCC”):
(i)    Accounts, including all contract rights;
        
(ii)    Equipment and Machinery, including all Accessions thereto, and all manufacturers’ warranties, parts and tools therefore;
    
(iii)     Vehicles,

(iv)     Supporting Obligations;
        
(v)     to the extent not listed above as original collateral, all proceeds (cash and non-cash) and products of the foregoing.

1.2    Obligations. This Security Agreement secures the following (collectively, the “Obligations”):

(i)
Debtor’s or Borrower’s obligations under the Note, the Loan Agreement, and this Security Agreement, any Business Credit Card Agreement or Purchase Card Agreement, and in addition to the foregoing obligations, if the Debtor is a Guarantor, its obligations under its Guaranty;

(ii)
all of Debtor’s or Borrower’s present and future indebtedness and obligations to Secured Party howsoever evidenced, including without limitation all subsequent promissory notes executed by Debtor or Borrower, reimbursement of drafts or drawings paid by Secured Party on any Commercial or Standby Letter of Credit issued on the account of the Debtor or Borrower; all indebtedness and obligations of Debtor or Borrower to Secured Party (or an affiliate of Secured Party) under any interest rate swap transactions, interest rate cap and/or floor transactions, interest rate collar transactions, swap agreements (as defined in 11 U.S.C. § 101) or other similar transactions or agreements including without limitation any ISDA Master Agreement executed by Debtor or Borrower and all Schedules and Confirmations entered into in connection therewith, hereinafter collectively referred to as a Hedge Agreement; and all amounts advanced to Debtor or Borrower by Secure Party in connection with the issuance of Business Credit Cards to the officers and designated employees of the Debtor or Borrower.

(iii)
the repayment of (a) any amounts that Secured Party may advance or spend for the maintenance or preservation of the Collateral, and (b) any other expenditures that Secured Party may make under the provisions of this Security Agreement or for the benefit of Debtor or Borrower;

(iv)
all amounts owed under any modifications, renewals, extensions or substitutions of any of the foregoing obligations;

(v)
all Default Costs, as defined in Paragraph VIII of this Security Agreement; and

(vi)
any of the foregoing that may arise after the filing of a petition by or against Debtor or Borrower under the Bankruptcy Code, even if the obligations do not accrue because of the automatic stay under Bankruptcy Code § 362 or otherwise.

1.3    UCC. Any term used in the UCC and not otherwise defined in this Security Agreement has the meaning given to the term in the UCC.

II.    GRANT OF SECURITY INTEREST.

Debtor grants a security interest in the Collateral to Secured Party to secure the payment and performance of the Obligations.


ACCOUNT #9660933082 / NOTE #90005

1476 FL (0810) NB



III.    PERFECTION OF SECURITY INTERESTS.
3.1    Filing of Security Interests.
(i)    Debtor authorizes Secured Party to execute on the Debtor’s behalf and file any financing statement (the “Financing Statement”) describing the Collateral in any location deemed necessary and appropriate by Secured Party.

(ii)    Debtor authorizes Secured Party to file a Financing Statement describing any agricultural liens or other statutory liens held by Secured     Party.

(iii)    Secured Party shall receive prior to the closing an official report from the Secretary of State of each Place of Business and the Debtor State, each as defined below, collectively (the “Filing Reports”) indicating that Secured Party’s security interest is prior to all other security interests or other interests reflected in the report.

3.2    Possession.

(i)    Debtor shall have possession of the Collateral, except where expressly otherwise provided in this Security Agreement or where Secured Party chooses to perfect its security interest by possession in addition to the filing of a Financing Statement.

(ii)    Where Collateral is in the possession of a third party, Debtor will join with Secured Party in notifying the third party of Secured Party’s security interest and obtaining an acknowledgment from the third party that it is holding the Collateral for the benefit of Secured Party.

3.3    Control Agreements. Debtor will cooperate with Secured Party in obtaining a control agreement in form and substance satisfactory to Secured Party with respect to Collateral consisting of (check appropriate items):

o    Deposit Accounts (for deposit accounts at other financial institutions);

o    Investment Property (for securities accounts, mutual funds and other uncertificated securities);

o    Letter-of-credit rights; and/or

o    Electronic chattel paper.

3.4    Marking of Chattel Paper. If Chattel Paper is part of the Collateral, Debtor will not create any Chattel Paper without placing a legend on the Chattel Paper acceptable to Secured Party indicating that Secured Party has a security interest in the Chattel Paper.

IV.    POST-CLOSING COVENANTS AND RIGHTS CONCERNING THE COLLATERAL.

4.1    Inspection. The parties to this Security Agreement may inspect any Collateral in the other party’s possession, at any time upon reasonable notice.

4.2    Personal Property. Except for items specifically identified by Debtor and Secured Party as Fixtures, the Collateral shall remain personal property at all times, and Debtor shall not affix any of the Collateral to any real property in any manner which would change its nature from that of personal property to real property or to a fixture.

4.3    Secured Party’s Collection Rights. Secured Party shall have the right at any time to enforce Debtor’s rights against any account debtors and obligors.

4.4    Limitations on Obligations Concerning Maintenance of Collateral.
 
(i)    Risk of Loss. Debtor has the risk of loss of the Collateral.

(ii)    No Collection Obligation. Secured Party has no duty to collect any income accruing on the Collateral or to preserve any rights relating to the Collateral.

4.5    No Disposition of Collateral. Secured Party does not authorize, and Debtor agrees not to:

(i)    make any sales or leases of any of the Collateral other than in the ordinary course of business;

(ii)    license any of the Collateral; or

(iii)    grant any other security interest in any of the Collateral.

4.6    Purchase Money Security Interests. To the extent Debtor uses the Loan to purchase Collateral, Debtor’s repayment of the Loan shall apply on a “first-in-first-out” basis so that the portion of the Loan used to purchase a particular item of Collateral shall be paid in the chronological order the Debtor purchased the Collateral.

4.7    Insurance. Debtor shall obtain and keep in force such insurance on the Collateral as is normal and customary in the Debtor’s business or as the Secured Party may require, all in such amounts, under such forms of policies, upon such terms, for such periods and written by such insurance companies as the Secured Party may approve. All policies of insurance will contain the long-form Lender’s Loss Payable clause in favor of the Secured Party, and the Debtor shall deliver the policies or complete copies thereof to the Secured Party. Such policies shall be noncancellable except upon thirty (30) days’ prior written notice to the Secured Party. The proceeds of all such insurance, if any loss should occur, may be applied by the Secured Party to the payment of the Obligations or to the replacement of any of the Collateral damaged or destroyed, as the Secured Party may elect or direct in its sole discretion. The Debtor hereby appoints (which appointment constitutes a power coupled with an interest and is irrevocable as long as any of the Obligations remain outstanding) Secured Party as its lawful attorney-in-fact with full authority to make, adjust, settle claims under and/or cancel such insurance and to endorse the Debtor’s name on any instruments or drafts issued by or upon any insurance companies.

ACCOUNT #9660933082 / NOTE #90005

1476 FL (0810) NB




V.    DEBTOR’S REPRESENTATIONS AND WARRANTIES.

Debtor represents and warrants to Secured Party:

5.1    Title to and transfer of Collateral. It has rights in or the power to transfer the Collateral and its title to the Collateral is free of all adverse claims, liens, security interests and restrictions on transfer or pledge except as created by this Security Agreement.

5.2    Location of Collateral. All collateral consisting of goods (equipment, inventory, fixtures, manufactured homes; and other tangible, movable personal property) is substantially all located in the United States, primarily in the following States (the “Collateral States”): Texas, Florida, North Carolina, South Carolina, and Georgia.    

5.3    Location, State of Incorporation and Name of Debtor. Debtor’s:

(i)
chief executive office (if Debtor has more than one place of business), place of business (if Debtor has one place of business), or principal residence (if Debtor is an individual), is located in the following State and address (the “Place of Business”):1684 W. Hibiscus Boulevard, Melbourne, Florida, 32901;

(ii)
state of incorporation or organization is Delaware or Florida, as set forth in the first paragraph of this Security Agreement (the “Debtor State”);
    
(iii)
exact legal name is as set forth in the first paragraph of this Security Agreement.

5.4    Business Purpose. None of the Obligations is a Consumer Transaction, as defined in the UCC and none of the Collateral has been or will be purchased or held primarily for personal, family or household purposes.

VI.    DEBTOR’S COVENANTS.

Until the Obligations are paid in full, Debtor agrees that it will:

6.1    preserve its legal existence and not, in one transaction or a series of related transactions, merge into or consolidate with any other entity, or sell all or substantially all of its assets;

6.2    not change the Debtor State of its registered organization;

6.3    not change its registered name without providing Secured Party with 30 days’ prior written notice; and

6.4    not change the state of its Place of Business or, if Debtor is an individual, change his state of residence without providing Secured Party with 30 days’ prior written notice.

VII.    EVENTS OF DEFAULT.

The occurrence of any of the following shall, at the option of Secured Party, be an Event of Default:

7.1    Any default or Event of Default by Borrower or Debtor under any Note, Loan Agreement, Hedge Agreement, Business Credit Card Agreement or Purchase Card Agreement, any of the other loan documents, and Guaranty or any of the other Obligations;

7.2    Debtor’s failure to comply with any of the provisions of, or the incorrectness of any representation or warranty contained in, this Security Agreement, the Note, the Loan Agreement, or in any other document relating to the Obligations;

7.3    Transfer or disposition of any of the Collateral other than in the ordinary course of business, except as expressly permitted by this Security Agreement;

7.4    Attachment, execution or levy on any of the Collateral;

7.5    Debtor voluntarily or involuntarily becoming subject to any proceeding under (a) the Bankruptcy Code or (b) any similar remedy under state statutory or common law;

7.6    Debtor shall fail to comply with, or become subject to any administrative or judicial proceeding under any federal, state or local (a) hazardous waste or environmental law, (b) asset forfeiture or similar law which can result in the forfeiture of property, or (c) other law, where noncompliance may have any significant effect on the Collateral; or

7.7    Secured Party shall receive at any time following the closing a UCC filing report indicating that Secured Party’s security interest is not prior to all other security interests or other interests reflected in the report.

VIII.    DEFAULT COSTS.

8.1    Should an Event of Default occur, Debtor will pay to Secured Party all costs incurred by the Secured Party for the purpose of enforcing its rights hereunder, including:

(i)    costs of foreclosure;

(ii)    costs of obtaining money damages; and

(iii)    a reasonable fee for the service of attorneys employed by Secured Party for any purpose related to this Security Agreement or the Obligations, including without limitation consultation, drafting documents, sending notices or instituting, prosecuting or defending litigation or arbitration.


ACCOUNT #9660933082 / NOTE #90005

1476 FL (0810) NB




IX.    REMEDIES UPON DEFAULT.

9.1    General. Upon any Event of Default, Secured Party may pursue any remedy available at law (including those available under the provisions of the UCC), or in equity to collect, enforce or satisfy any Obligations then owing, whether by acceleration or otherwise.

9.2.    Concurrent Remedies. Upon any Event of Default, Secured Party shall have the right to pursue any of the following remedies separately, successively or concurrently:

(i)    File suit and obtain judgment and, in conjunction with any action, Secured Party may seek any ancillary remedies provided by law or at equity, including levy of attachment and garnishment.

(ii)    Take possession of any Collateral if not already in its possession without demand and without legal process. Upon Secured Party’s demand, Debtor will assemble and make the Collateral available to Secured Party as it directs. Debtor grants to Secured Party the right, for this purpose, to enter into or on any premises where Collateral may be located.

(iii)    Without taking possession, sell, lease or otherwise dispose of the Collateral at public or private sale in accordance with the UCC.

X.    FORECLOSURE PROCEDURES.

10.1
No Waiver. No delay or omission by Secured Party to exercise any right or remedy accruing upon any Event of Default shall (a) impair any right or remedy, (b) waive any default or operate as an acquiescence to the Event of Default, or (c) affect any subsequent default of the same or of a different nature.

10.2    Notices. Secured Party shall give Debtor such notice of any private or public sale as may be required by the UCC.

10.3    Condition of Collateral. Secured Party has no obligation to repair, clean-up or otherwise prepare the Collateral for sale.

10.4    No Obligation to Pursue Others. Secured Party has no obligation to attempt to satisfy the Obligations by collecting them from any other person liable for them and Secured Party may release, modify or waive any collateral provided by any other person to secure any of the Obligations, all without affecting Secured Party’s rights against Debtor. Debtor waives any right it may have to require Secured Party to pursue any third person for any of the Obligations.

10.5    Compliance With Other Laws. Secured Party may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral.

10.6    Warranties. Secured Party may sell the Collateral without giving any warranties as to the Collateral and may specifically disclaim any warranties of title or the like. This procedure will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral.

10.7    Sales on Credit. If Secured Party sells any of the Collateral upon credit, Debtor will be credited only with payments actually made by the purchaser, received by Secured Party and applied to the indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, Secured Party may resell the Collateral and Debtor shall be credited with the proceeds of the sale as and when received, less expenses.

10.8    Purchases by Secured Party. In the event Secured Party purchases any of the Collateral being sold, Secured Party may pay for the Collateral by crediting some or all of the Obligations of the Debtor.

10.9    No Marshalling. Secured Party has no obligation to marshal any assets in favor of Debtor, or against or in payment of:

(i)    the Note,

(ii)    any of the other Obligations, or

(iii)    any other obligation owed to Secured Party, Borrower or any other person.

XI.    MISCELLANEOUS.

11.1    Assignment.

(i)    Binds Assignees. This Security Agreement shall bind and shall inure to the benefit of the successors and assigns of Secured Party, and shall bind all heirs, personal representatives, executors, administrators, successors and permitted assigns of Debtor.

(ii)    No Assignments by Debtor. Secured Party does not consent to any assignment by Debtor except as expressly provided in this Security Agreement.

(iii)    Secured Party Assignments. Secured Party may assign its rights and interests under this Security Agreement. If an assignment is made, Debtor shall render performance under this Security Agreement to the assignee. Debtor waives and will not assert against any assignee any claims, defenses or set-offs which Debtor could assert against Secured Party except defenses which cannot be waived.

11.2    Severability. Should any provision of this Security Agreement be found to be void, invalid or unenforceable by a court or panel of arbitrators of competent jurisdiction, that finding shall only affect the provisions found to be void, invalid or unenforceable and shall not affect the remaining provisions of this Security Agreement.

11.3    Notices. Any notices required by this Security Agreement shall be deemed to be delivered when a record has been (a) deposited in any United States postal box if postage is prepaid, and the notice properly addressed to the intended recipient, (b) received by telecopy, (c) received through the Internet, and (d) when personally delivered.

11.4    Headings. Section headings used in this Security Agreement are for convenience only. They are not a part of this Security Agreement

ACCOUNT #9660933082 / NOTE #90005

1476 FL (0810) NB



and shall not be used in construing it.

11.5    Governing Law. This Security Agreement is being executed and delivered and is intended to be performed in the State of Florida and shall be construed and enforced in accordance with the laws of the State of , except to the extent that the UCC provides for the application of the law of the Debtor State.

11.6    Rules of Construction.

(i)    No reference to “proceeds” in this Security Agreement authorizes any sale, transfer, or other disposition of the Collateral by the Debtor except in the ordinary course of business.

(ii)    “Includes” and “including” are not limiting.

(iii)    “Or” is not exclusive.

(iv)    “All” includes “any” and “any” includes “all.”

11.7    Integration and Modifications.

(i)    This Security Agreement is the entire agreement of the Debtor and Secured Party concerning its subject matter.

(ii)    Any modification to this Security Agreement must be made in writing and signed by the party adversely affected.

11.8    Waiver. Any party to this Security Agreement may waive the enforcement of any provision to the extent the provision is for its benefit.


11.9    Further Assurances. Debtor agrees to execute any further documents, and to take any further actions, reasonably requested by Secured Party to evidence or perfect the security interest granted herein or to effectuate the rights granted to Secured Party herein.

11.10 Waiver of Jury Trial. DEBTOR HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO A JURY TRIAL IN ANY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM OF ANY KIND ARISING OUT OF OR IN ANY WAY RELATING TO THE LOAN OR THE SECURITY AGREEMENT OR ANY OF THE TRANSACTIONS WHICH ARE CONTEMPLATED BY THE LOAN OR THE SECURITY AGREEMENT. THE JURY TRIAL WAIVER CONTAINED IN THIS SECTION IS INTENDED TO APPLY TO THE FULLEST EXTENT PERMITTED BY LAW, TO ANY AND ALL DISPUTES AND CONTROVERSIES THAT ARISE OUT OF OR IN ANY WAY RELATE TO ANY OR ALL OF THE MATTERS DESCRIBED IN THE PRECEDING SENTENCE, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, AND ALL OTHER COMMON LAW, EQUITABLE, AND STATUTORY CLAIMS OF ANY KIND. THIS PROVISION IS A MATERIAL INDUCEMENT FOR SECURED PARTY TO MAKE THE LOAN SECURED BY THIS SECURITY AGREEMENT. FURTHER, THE DEBTOR HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF SECURED PARTY, NOR SECURED PARTY’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SECURED PARTY WOULD NOT SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION IN THE EVENT OF LITIGATION. NO REPRESENTATIVE OR AGENT OF SECURED PARTY, NOR SECURED PARTY’S COUNSEL, HAS THE AUTHORITY TO WAIVE, CONDITION OR MODIFY THIS PROVISION.



(SIGNATURES ON FOLLOWING PAGE)





ACCOUNT #9660933082 / NOTE #90005

1476 FL (0810) NB



SIGNATURE PAGE FOR SECURITY AGREEMENT


The parties have signed this Security Agreement under seal as of the day and year first above written.


 
 
The Goldfield Corporation, a Delaware corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Senior Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 
 
 
 
 
 
Southeast Power Corporation, a Florida corporation
WITNESS:
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 
 
 
 
 
 
Power Corporation of America, a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 
 
 
Bayswater Development Corporation, a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 


/s/ Barry Forbes
 
 
 
 
 
 
 
 
 
 
 
 
 
Pineapple House of Brevard, Inc., a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 
 
 
 
 
 
C and C Power Line, Inc., a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Authorized Signer
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 


ACCOUNT #9660933082 / NOTE #90005

1476 FL (0810) NB







 
 
 
 
 
 
 
 
 
Precision Foundations, Inc., a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 

 
 
Branch Banking and Trust Company
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Barry Forbes
 
 
 
 
Barry Forbes, Sr. Vice President
 
 
 
 
 
 
 
 
 
 
 
/s/Andrew P. Pisciotto
 
 
 
 
 
 
 
 



ACCOUNT #9660933082 / NOTE #90005

1476 FL (0810) NB

EX-10.5 6 a10-5_2749mmguarantyagreem.htm EXHIBIT 10.5 Exhibit
Exhibit 10-5

BB&T
GUARANTY AGREEMENT

BRANCH BANKING AND TRUST COMPANY                  Date: May 24, 2018

As an inducement to Branch Banking and Trust Company ("Bank"), having a branch office at 158 N. Harbor City Boulevard, Suite 401, Melbourne, Florida 32935, to extend credit to and to otherwise deal with The Goldfield Corporation ("Borrower"), and in consideration thereof, the undersigned (the “Guarantor” and each of the undersigned Guarantors, jointly and severally, if more than one) hereby unconditionally guarantees to Bank and its successors and assigns the due and punctual payment of any and all notes, drafts, debts, ACH obligations and liabilities, primary or secondary (whether by way of endorsement or otherwise), of Borrower, at any time, whether now existing or hereafter incurred with or held by Bank, together with interest, as and when the same become due and payable, and whether by acceleration or otherwise (collectively, the “Obligations”), in accordance with the terms of the Obligations including all renewals, extensions and modifications thereof. This Guaranty is a guarantee of payment and not of collection.

To secure the Obligations, the Guarantor hereby grants to bank a security interest in all of the Guarantor’s deposit accounts maintained with Bank, and Bank shall also at all times have the right of set-off against any such deposit account in the same manner and to the same extent that the right of set-off may exist against the Borrower. The Guarantor hereby subordinates any and all indebtedness of Borrower now or hereafter owed to the Guarantor to the Obligations, and agrees with Bank that the Guarantor shall not demand payment of principal or interest from Borrower, shall not claim any offset or other reduction of the Obligations because of any such indebtedness and shall not take any action to obtain any of the security described in and encumbered by the documents evidencing Obligations (“Loan Documents”); provided, however, that, if Bank so requests, such indebtedness shall be collected, enforced and received by the Guarantor as trustee for Bank and shall be paid over to Bank on account of the Obligations, but without reducing or affecting any manner the liability of the Guarantor under the other provisions of this Guaranty Agreement.

Guarantor understands and agrees that an Obligation may be accepted or created with Bank at any time and from time to time without notice to Guarantor and Guarantor hereby expressly waives presentment, demand, protest, and notice of dishonor of any such Obligation.

Bank may receive and accept as collateral from time to time any securities or other property for the Obligations, and may surrender, compromise, exchange and release such collateral or any part thereof at any time without notice and without in any manner affecting the obligation and liability of the Guarantor hereunder. Bank shall have no obligation to protect, perfect, secure or insure any security interests, liens or encumbrances in any collateral now or hereafter held for the Obligations.

Notwithstanding anything to the contrary herein, any person that does not qualify as an Eligible Contract Participant (as defined in the Commodity Exchange Act, as amended) or otherwise does not qualify as an “indirect proprietorship” pursuant to the rules of the Commodity Futures Trading Commission, shall not be deemed a party to any guaranty of any swap agreement with Bank entered into or modified on or after October 12, 2012, and shall not be liable for any swap obligations to Bank arising from such swap agreement. The foregoing exclusion shall have no effect on any other obligation of such person to Bank under this Guaranty.

In the event of the occurrence of a “Default” or “Event of Default’ otherwise relation to the Obligations or evidenced or secured by ay of the other Loan Documents or relating to the transactions contemplated by the Loan Documents; all rights powers and remedies available to Bank in such event shall be non-exclusive and cumulative of all other rights, powers and remedies provided thereunder or hereunder or by law or in equity. Accordingly, the Guarantor hereby authorizes and empowers Bank upon the occurrence of Default or Event of Default under the Note(s) or Loan Documents, at its sole discretion, and except as otherwise provided herein, without notice to Guarantor, to exercise and cause to be exercised any right or remedy which Bank may have, including, but not limited to, judicial foreclosure, acceptance of a deed or assignment in lieu of foreclosure, appointment of a receiver to collect rents and profits, exercise of remedies against personal property, or enforcement of any assignment of leases, rents, profits, accounts and certificates of deposit, or any other security, whether real, personal or tangible or intangible. At any public or private sale of any security or collateral for any indebtedness or any part hereof guaranteed hereby, whether by foreclosure or otherwise, Bank, may in its discretion, purchase all of any part of such security or collateral so sold or offered for sale for its own account and may apply against the amount bid therefor the balance due it pursuant to the Note(s) or any of the other Loan Documents without prejudice to Bank’s remedies hereunder against Guarantor for deficiencies or if allowed by applicable law. If the Obligations are partially paid by reason of the election of Bank, its successors, endorsees or assigns, to pursue any of the remedies available to Bank or if the Obligations are otherwise partially paid, then this Guaranty shall nevertheless remain in full force and effect, and the Guarantor shall remain liable for the entire balance of the Obligations, even though any rights which Guarantor may have against Borrower may be destroyed or diminished by the exercise of any such remedy.

This obligation of the Guarantor hereunder shall be a primary and not a secondary obligation and liability, payable immediately upon demand without recourse first having been obtained by Bank against the Borrower or any other guarantor or obligor, and without first resorting to any collateral held by Bank for the Obligations. The Guarantor hereby waives the benefit of all provisions of law, for stay or delay of execution or sale of any property or other satisfaction of judgment against the Guarantor until judgment is obtained against the Borrower and execution thereon returned unsatisfied, or until it is determined that the Borrower has no property or assets available for the satisfaction of the Obligations, or until any other proceedings can be completed. Guarantor hereby agrees to indemnify Bank for all costs of collection, including but not limited to the costs of repossession, appraisal, foreclosure, all attorneys' fees reasonably incurred and all court costs incurred by Bank should Bank first be required by the Guarantor to resort to any collateral held by the Bank or to obtain execution or other satisfaction of a judgment against the Borrower for the Obligations. The Guarantor further agrees that the Guarantor is responsible for any part of the Obligations which have been paid by the Borrower to Bank and which the Bank is subsequently required to return to the Borrower or a trustee for the Borrower in any bankruptcy or insolvency proceeding. Guarantor agrees that it shall not have any right of subrogation, reimbursement or indemnity whatsoever, nor any right of recourse to bank’s collateral for Obligations unless and until all of Obligations of the Borrower have been paid in full. The Guarantor hereby waives, to the extent avoidable under any provision of the Bankruptcy Code, any right arising upon payment by the Guarantor of any obligation under this Guaranty to assert a claim against the bankruptcy estate of the Borrower.

In addition to the other waivers set forth elsewhere in this Guaranty, the Guarantor hereby waives and agrees not to assert or take advantage of (a) if allowed by applicable law, the defense of the statute of limitations in any action hereunder or for the collection of the Obligations or the performance of any Obligation; (b) any defense that may arise by reason of the incapacity, lack of authority, death or disability of Guarantor, Borrower, or any other party or entity, or the failure of Bank to file or enforce a claim against the estate (either in administration, bankruptcy or any other proceeding) of Borrower or any other party or entity; (c) any defense based upon the failure of Bank to give notice of the existence, creation, or incurring of any new or additional indebtedness or obligation

ACCOUNT #9660933082/NOTE #90005        Page 1 of 4                    
1457FL (1301) NB



or the failure of Bank to give notice of any action or non-action on the part of any other party whosoever, in connection with any Obligation, including without limitation the release of any other guarantor; (d) any defense based upon an election of remedies by Bank which destroys or otherwise impairs any subrogation rights of Guarantor to proceed against Borrower for reimbursement, or both; (e) any defense based upon failure of Bank to commence an action against Borrower or any other guarantor of the Obligations; (f) any duty of the part of Bank to disclose to the Guarantor any fact that is may know or hereafter know regarding Borrower; (g) acceptance or notice of acceptance of this Guaranty by Bank; (h) as stated above, notice of presentment and demand for payment or performance of the Obligations or performance of any except as otherwise require in this Guaranty; (i) as set forth above, protest and notice of dishonor or of default to the Guarantor or to any other party with respect to the indebtedness or performance of obligations hereby guaranteed; (j) except as otherwise provided herein, any and all other notices whatsoever to which the Guarantor might otherwise be entitled; (k) any defense based on lack of due diligence by the Bank and the collection, protection or realization upon any collateral securing the Obligations; (l) any transfer by Borrower of all or any part of the security for the Obligations; and (m) any other legal or equitable defenses whatsoever to which the Guarantor might be entitled, to the extent permitted by law, unless such defenses are based upon the willful misconduct of the Bank.

This Guaranty is unlimited and applies to all indebtedness of Borrower, whether now existing or hereafter arising, including without limitation all obligations of the Borrower to Bank in connection with any transfer of funds through the ACH System.

To secure the payment of all Obligations and in addition to the security interest granted to Bank in its deposit accounts, the Guarantor hereby grants a security interest and lien in the following property owned by the Guarantor:

         (i) Accounts, including all contract rights;
        (ii) Equipment and Machinery, including all Accessions thereto, and all manufacturers’ warranties, parts and tools therefore;
        (iii) Vehicles;
        (iv) Supporting Obligations;
        (v) to the extent not listed above as original collateral, all proceeds (cash and non-cash) and products of the foregoing.
(the "Collateral").

The Guarantor agrees to execute and deliver to Bank any security agreement, deed of trust, mortgage, UCC financing statement, or other document required by the Bank in order to perfect and protect its security interest or lien in the Collateral. This document shall constitute a security agreement under the Uniform Commercial Code of Florida ("Code"), and in addition to having all other legal rights and remedies, the Bank shall have all rights and remedies of a secured party under the Code.

This Guaranty shall inure to the benefit of Bank, its successors and assigns, and the owners and holders of any of the Obligations, and shall remain in force until a written notice revoking it has been received by Bank; but such revocation shall not release Guarantor from liability to Bank, its successors and assigns, or the owners and holders of any of Obligations, for any Obligation of the Borrower which is hereby guaranteed and then in existence or from any renewals, extensions or modifications thereof in whole or in part, whether such renewals, extensions or modifications are made before or after such revocation, with or without notice to the Guarantor. The Guarantor waives presentment, demand, protest and notices of every kind and assents to any one or more extensions, modifications, renewals or postponements of the time or amount of payment or any other indulgences given to Borrower. The Guarantor shall be responsible for and shall reimburse the Bank for all costs and expenses (including reasonable attorneys' fees) incurred by the Bank in connection with the enforcement of this Guaranty or the protection or preservation of any right or claim of the Bank in connection herewith, including without limitation costs and expenses incurred by the Bank in connection with its attempts to collect the Obligations.

If the Borrower is a corporation, this instrument covers all indebtedness, obligations and liabilities to Bank purporting to be made or undertaken on behalf of such corporation by any such officer or agent of said corporation without regard to the actual authority of such officer or agent. The term "corporation" shall include associations of all kinds and all purported corporations, whether correctly and legally chartered and organized.

The Guarantor hereby warrants and represents to Bank that: (i) this Guaranty is enforceable against it in accordance with its terms; (ii) the execution and delivery of this Guaranty does not violate or constitute a breach of any agreement to which the Guarantor is a party; (iii) there is no litigation, claim, action or proceeding pending or, to the best knowledge of Guarantor, threatened against it which would materially adversely affect the financial condition of Guarantor or its ability to fulfill its obligations hereunder; (iv) that it has knowledge of the Borrower's financial condition and affairs; and (v) unless otherwise required in a Loan Agreement, if applicable, as long as any Obligations remain outstanding or as long as Bank remains obligated to make advances, the Guarantor shall furnish annually, as requested, an updated annual report of The Goldfield Corporation and Subsidiaries as filed with the Securities and Exchange Commission, which, when delivered shall be the property of Bank.

This Guaranty is made in and shall be construed in accordance with the laws and judicial decisions of the State of Florida. The Guarantor agrees that any dispute arising out of this Guaranty shall be adjudicated in either the state or federal courts of Florida and in no other forum. For that purpose, the Guarantor hereby submits to the jurisdiction of the state and/or federal courts of Florida. The Guarantor waives any defense that venue is not proper for any action brought in any federal or state court in the State of Florida.

UNLESS EXPRESSLY PROHIBITED BY APPLICABLE LAW, GUARANTOR HEREBY WAIVES THE RIGHT TO TRIAL BY JURY OF ANY MATTERS OR CLAIMS ARISING OUT OF THIS GUARANTY OR ANY OF THE LOAN DOCUMENTS EXECUTED BY THE BORROWER IN CONNECTION HEREWITH OR OUT OF THE CONDUCT OF THE RELATIONSHIP BETWEEN THE BORROWER OR GUARANTOR AND BANK. THIS PROVISION IS A MATERIAL INDUCEMENT FOR BANK TO EXTEND CREDIT TO BORROWER. GUARANTOR HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL, HAS REPRESENTED THAT BANK WOULD NOT SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION AND THAT NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL, HAS THE AUTHORITY TO WAIVE, CONDITION OR MODIFY THIS PROVISION.
                                                                                          








ACCOUNT #9660933082/NOTE #90005        Page 2 of 4                    
1457FL (1301) NB



GUARANTY SIGNATURE PAGE


Witness the signature and seal of each of the undersigned Guarantors.


GUARANTORS:
 
 


 
 
Southeast Power Corporation, a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 
 
 
 
 
 
Power Corporation of America, a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 
 
 
 
 
 
Bayswater Development Corporation, a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 
 
 
 
 
 
Pineapple House of Brevard, Inc., a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 




ACCOUNT #9660933082/NOTE #90005        Page 3 of 4                    
1457FL (1301) NB



 
 
 
 
 
C and C Power Line, Inc., a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Authorized Signer
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 

 
 
 
 
 
Precision Foundations, Inc., a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 




Acknowledgments



STATE OF FLORIDA
CITY/COUNTY OF BREVARD      to-wit:
 

I HEREBY CERTIFY, that on this 24 day of May, 2018, before me, the undersigned, a Notary Public of the State aforesaid, personally appeared Stephen R. Wherry, who acknowledged himself to be the Vice President of Southeast Power Corporation, Vice President of Power Corporation of America, Vice President of Bayswater Development Corporation, Vice President of Pineapple House of Brevard, Inc., Authorized Signer of C and C Power Line, Inc., and Vice President of Precision Foundations, Inc., who is personally known to me, or has been satisfactorily proven to be, the person whose name is subscribed to the foregoing instrument, and he acknowledged that he, being so authorized to do, executed the foregoing instrument for the purposes therein contained as the duly authorized officer or signer of said respective corporations.

Given under my hand and official seal this 24 day of May, 2018.
 
(SEAL)
/s/ Melissa A. Munson
(SEAL)
 
Notary Public
 
 
My Commission Expires:
5/21/2020
 



ACCOUNT #9660933082/NOTE #90005        Page 4 of 4                    
1457FL (1301) NB

EX-10.6 7 a10-6_wclpromissorynotexma.htm EXHIBIT 10.6 Exhibit
Exhibit 10-6

Borrower:
The Goldfield Corporation
Account Number:
9660933082
BB&T
Note Number:
90009
Address:
1684 W. Hibiscus Boulevard
Melbourne, Florida
 
 
Melbourne, Florida 32901
PROMISSORY NOTE
Date:
May 24, 2018



The Goldfield Corporation (whether one or more, the “Borrower”) HEREBY REPRESENTS THAT THE LOAN EVIDENCED BY THIS PROMISSORY NOTE (“Note”) IS BEING OBTAINED FOR BUSINESS/COMMERCIAL OR AGRICULTURAL PURPOSES AND NOT FOR PERSONAL, FAMILY, OR HOUSEHOLD PURPOSES. For value received, the Borrower, jointly and severally if more than one, promises to pay to BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation (including its successors and assigns, the “Bank”), or order, at any of Bank’s offices in the above referenced city (or such other place or places that may be hereafter designated by Bank) the sum of Eighteen Million and no/100 Dollars ($18,000,000.00), or such lesser amount outstanding at maturity, in immediately available currency of the United States of America.

Interest shall accrue from the date hereof on the unpaid balance outstanding from time to time at the:
Adjusted LIBOR Rate as more specifically described in the Addendum to Note attached hereto.

Principal and interest are payable as follows:
Principal (plus any accrued interest not otherwise scheduled herein) is due in full at maturity on November 28, 2020.

Accrued interest is payable monthly commencing on June 9, 2018 and continuing on the same day of each calendar period thereafter, with one final payment of all remaining interest due on November 28, 2020.


Documentary Stamp Tax:
Documentary stamp tax in the amount of $2,450.00 has been or will be paid to the Florida Department of Revenue.
Certificate of Registration No. 56-1074313-19-001.

Borrower shall pay to Bank, or order, a late fee in the amount of five percent (5.0%) of any installment past due for ten (10) or more days. When any installment payment is past due for ten (10) or more days, subsequent payments shall first be applied to the past due balance. In addition, Borrower shall pay to Bank a returned payment fee if the Borrower or any other obligor hereon makes any payment at any time by check or other instrument, or by any electronic means, which is returned to Bank because of nonpayment due to nonsufficient funds.
All interest shall be computed and charged for the actual number of days elapsed on the basis of a year consisting of three hundred sixty (360) days. Borrower agrees that the only interest charge is the interest actually stated in this Note, and that any loan or origination fee shall be deemed charges rather than interest, which charges are fully earned and non-refundable. It is further agreed that any late charges are not a charge for the use of money but are imposed to compensate Bank for some of the administrative services, costs and losses associated with any delinquency or default under this Note, and said charges shall be fully earned and non-refundable when accrued. All other charges imposed by Bank upon Borrower in connection with this Note and the loan including, without limitation, any commitment fees, loan fees, facility fees, origination fees, discount points, default and late charges, prepayment fees, reasonable attorneys’ fees and reimbursements for costs and expenses paid by Bank to third parties or for damages incurred by Bank are and shall be deemed to be charges made to compensate Bank for underwriting and administrative services and costs, other services, and costs or losses incurred and to be incurred by Bank in connection with this Note and the Loan and shall under no circumstances be deemed to be charges for the use of money. All such charges shall be fully earned and non-refundable when due. Time is of the essence of this Note.
In the event periodic accruals of interest shall exceed any periodic fixed payment amount described above, the fixed payment amount shall be immediately increased, or additional supplemental interest payments required on the same periodic basis as specified above (increased fixed payments or supplemental payments to be determined in the Bank’s sole discretion), in such amounts and at such times as shall be necessary to pay all accruals of interest for the period and all accruals of unpaid interest from previous periods. Such adjustments to the fixed payment amount or supplemental payments shall remain in effect for so long as any interest accruals shall exceed the original fixed payment amount and shall be further adjusted upward or downward to reflect changes in any variable interest rate; provided that unless elected otherwise above, the fixed payment amount shall not be reduced below the original fixed payment amount. However, Bank shall have the right, in its sole discretion, to lower the fixed payment amount below the original payment amount.
This Note is executed and delivered by Borrower in connection with the following agreements (if any) between Borrower or other parties owning collateral and Bank:

Security Agreement conveying a security interest to Bank dated of even date given by Borrower and Southeast Power Corporation, Power Corporation of America, Bayswater Development Corporation, Pineapple House of Brevard, Inc., C and C Power Line, Inc., and Precision Foundations, Inc.




Master Loan Agreement dated May 24, 2018, executed by Borrower and Southeast Power Corporation, Power Corporation of America, Bayswater Development Corporation, Pineapple House of Brevard, Inc., C and C Power Line, Inc., and Precision Foundations, Inc.

All of the terms, conditions and covenants of the above described agreements (the “Agreements”) are expressly made a part of this Note by reference in the same manner and with the same effect as if set forth herein at length, and Bank is entitled to the benefits of and remedies provided in the Agreements and any other related documents given by Borrower, any guarantor, or any pledgor in favor of Bank. In addition to Bank’s right of setoff and to any liens and security interests granted to Bank in the Agreements, Borrower hereby grants to Bank a security interest in all of its deposit accounts maintained with and investment property held by Bank, which shall serve as collateral for the indebtedness and obligations evidenced by this Note.
No delay or omission on the part of Bank or other holder hereof in exercising any right hereunder shall operate as a waiver of such right or of any other right of such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of the same or of any other right on any future occasion. Each Borrower regardless of the time, order or place of signing waives presentment, demand, protest and notices of every kind and assents to any one or more extensions or postponements of the time of payment or any other indulgences, to any substitutions, exchanges or releases of collateral by Bank, and to the additions or releases of any other parties or persons primarily or secondarily liable herefor.
Subject to applicable notice and cure periods set forth below, the following shall constitute events of default hereunder: Borrower’s failure to pay any part of the principal or interest when due or to fully perform any covenant or obligation under this Note, the Agreements or on any other liability to Bank by any one or more of the Borrower, by any affiliate of the Borrower (as defined in 11 USC Section (101)(2)), or by any guarantor of this Note (said affiliate or guarantor herein called “Obligor”); or should any financial statement, representation or warranty made to Bank by any Borrower or any Obligor be found to be incorrect or incomplete in any material respect when made; or should any Borrower fail to furnish information and documentation to the Bank sufficient to verify the identity of Borrower as required under the USA Patriot Act; or should Borrower commit an event of a default under any of the Agreements or under any other obligation of any Borrower or of any Obligor whether to Bank or any other creditor; or should any Borrower or any Obligor die, terminate its existence, allow the appointment of a receiver for any part of its property, make an assignment for the benefit of creditors; or should a proceeding under bankruptcy or insolvency laws be initiated by or against any Borrower or any Obligor; or should any Borrower, any Obligor or any officer, director or owner of 20% or more of the outstanding ownership interests of any Borrower or any Obligor be indicted for a felony offense under state or federal law, or should any Borrower or any Obligor employ an executive officer, manager or general partner, or elect a director, who has been convicted of any such felony offense, or should any person become an owner of 20% or more of the outstanding ownership interests of any Borrower or any Obligor who has been indicted or convicted of any such felony offense; or should Bank determine that Borrower or any Obligor has suffered a material adverse change in its financial condition or business operations; or should there occur an attachment, execution, or other judicial seizure of all or any portion of any Borrower’s or any Obligor’s assets, including an action or proceeding to seize any funds on deposit with the Bank, and such seizure is not discharged within 30 days; or should a final judgment for the payment of money be rendered against any Borrower or any Obligor which is not covered by insurance or debt cancellation contract and such final judgment remains undischarged for a period of 30 days unless such judgment or execution thereon is effectively stayed; or should any guarantor terminate any guaranty agreement given in connection with this Note, then any one of the same shall be a material default hereunder and this Note and other debts due the Bank by any Borrower shall immediately become due and payable at the option of the Bank without notice or demand of any kind, which is hereby waived.
Notwithstanding any provision contained in this Note or any other Agreements to the contrary, in the event of a payment default, Bank’s right to accelerate the indebtedness evidenced by this Note shall be immediate and without notice to Borrower of such event of default. With respect to any non-payment default under this Note or the other Agreements which is curable and if Borrower has not been given a notice of a breach of the same provision within the preceding twelve (12) months, it may be cured if Borrower, after Bank sends written notice to Borrower demanding cure of such default: (i) cures the default within thirty (30) days; or (ii) if the cure requires more than thirty (30) days, immediately initiates steps which Bank deems in Bank’s sole discretion to be sufficient to cure the default and thereafter continues and completes all reasonable and necessary steps sufficient to produce compliance as soon as reasonably practical. For the avoidance of doubt, in no event shall any notice and right to cure be required or given for any event of default arising from: any representation, financial statement, report, certificate or other document furnished prior or pursuant to the Agreements which proves to be false or misleading in any material respect when made; should Borrower or any Obligor voluntarily become a debtor under the Bankruptcy Code, become subject to any insolvency proceeding, make an assignment for the benefit of creditors or become subject to any attachment, execution, or judicial seizure of its assets (including any funds on deposit with Bank); any indictment of any Borrower, any Obligor or any manager, executive officer or general partner thereof for any felony offense; any failure to repay this Note at maturity; any commencement of the process of liquidation or dissolution; any proceeding commenced against it seeking the forfeiture of all or any part of the collateral securing this Note or other assets as a result of any criminal activity; the sale, conveyance, transfer or encumbrance of any real property subject to a Mortgage granted to Bank or a bulk sale transfer of any personal collateral without the prior consent of Bank; or upon the termination of any guaranty agreement by any guarantor or the death of any guarantor.

Page 2 of 5



Upon an Event of Default, in addition to Bank’s rights set forth above, Bank may, at its option and subject to any applicable notice and cure periods (i) cease making advances or disbursements including during any cure period; (ii) advance funds necessary to remedy any default or pay any lien filed against any of the collateral; (iii) take possession of the collateral or any part thereof; (iv) foreclose Bank’s security interest and/or lien on any collateral in accordance with applicable law; (v) make demand upon any or all guarantors; and (vi) exercise any other right or remedy which Bank has under this Note or any related documents or which is otherwise available at law or in equity. All of Bank’s rights and remedies shall be cumulative and may be exercised singularly or concurrently. Any election by Bank to pursue any remedy shall not exclude the right to pursue any other remedy unless expressly prohibited by law, and any election by Bank to make expenditures or to take action to perform an obligation of Borrower, or of any Obligor, shall not affect Bank’s right to declare a default and exercise its rights and remedies. In addition, upon default, Bank may pursue its full legal remedies under the Agreements and other remedies at law or equity, and the balance due hereunder may be charged against any obligation of Bank to any party including any Obligor.
From and after any event of default hereunder, interest shall accrue on the sum of the principal balance and accrued interest then outstanding at the rate of fifteen percent (15.0%) per annum (the “Default Rate”) until such principal and interest have been paid in full, provided that such rate shall not exceed at any time the highest rate of interest permitted by the laws of the State of Florida; and further provided that such rate shall apply after judgment. Bank shall not be obligated to accept any check, money order, or other payment instrument marked “payment in full” on any disputed amount due hereunder, and Bank expressly reserves the right to reject all such payment instruments. Borrower agrees that tender of its check or other payment instrument so marked will not satisfy or discharge its obligation under this Note, disputed or otherwise, even if such check or payment instrument is inadvertently processed by Bank unless such payment is in fact sufficient to pay the amount due hereunder.
Unless otherwise required under a Loan Agreement, if applicable, and as long as any indebtedness evidenced by this Note remains outstanding or as long as Bank remains obligated to make advances, the Borrower shall furnish annually, as requested, an updated annual report of The Goldfield Corporation and Subsidiaries as filed with the Securities and Exchange Commission, which, when delivered shall be the property of the Bank.
The term “Prime Rate,” if used herein, means the rate of interest per annum announced by Bank from time to time and adopted as its Prime Rate at its executive offices in Winston-Salem, North Carolina. The Prime Rate is one of several rate indexes employed by Bank when extending credit, and not necessarily the lowest rate. Any change in the interest rate resulting from a change in Bank’s Prime Rate shall become effective as of the opening of business on the effective date of the change. If this Note is placed with an attorney for collection, Borrower agrees to pay, in addition to principal, interest, and late fees, if any, all costs of collection, including but not limited to all reasonable attorneys’ fees incurred by Bank, whether or not there is a lawsuit, expenses for bankruptcy proceedings (including efforts to modify or vacate any automatic stay or injunction), appeals, and any court costs. All obligations of Borrower shall bind his heirs, executors, administrators, successors, and/or assigns. Use of the masculine pronoun herein shall include the feminine and the neuter, and also the plural. If more than one party shall execute this Note, the term “Borrower” as used herein shall mean all the parties signing this Note and each of them, and all such parties shall be jointly and severally obligated hereunder. Wherever possible, each provision of this Note shall be interpreted in such a manner to be effective and valid under applicable law, but if any provision of this Note shall be prohibited by or invalid under such law, such provision shall be ineffective but only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Note. Each Borrower hereby waives all exemptions and homestead laws as may be permitted by Florida law. The proceeds of the loan evidenced by this Note may be paid to any Borrower. This Note may be executed in any number of counterparts, each of which shall be an original but all of which taken together shall constitute one and the same instrument.
From time to time the maturity date of this Note may be extended, or this Note may be renewed in whole or in part, or a new note of different form may be substituted for this Note, or the rate of interest may be modified, or changes may be made in consideration of loan extensions, and Bank may, from time to time, waive or surrender, either in whole or in part any rights, guaranties, security interests or liens, given for the benefit of Bank in connection with the payment and the securing of payment of this Note; but no such occurrence shall in any manner affect, limit, modify, or otherwise impair any rights, guaranties or security of Bank not specifically waived, released, or surrendered in writing, nor shall Borrower or any Obligor be released from liability by reason of the occurrence of any such event. Bank, from time to time, shall have the unlimited right to release any person who might be liable hereunder, and such release shall not affect or discharge the liability of any other person who is or might be liable hereunder. No waivers and modifications shall be valid unless in writing and signed by Bank. Bank may, at its option, charge any fees for the modification, renewal, extension, or amendment of any of the terms of this Note not prohibited by applicable law. In case of a conflict between the terms of this Note and any Loan Agreement executed in connection herewith, the priority of controlling terms shall be first this Note, then the Loan Agreement. This Note shall be governed by and construed in accordance with the laws of the State of Florida.
Any legal action with respect to the indebtedness evidenced by this Note may be brought in the courts of the State of Florida or in the appropriate United States District Court situated in Florida, and Borrower hereby accepts and unconditionally submits to the

Page 3 of 5



jurisdiction of such courts. Borrower hereby waives any objection to the laying of venue based on the grounds of forum non conveniens with respect thereto.
REQUIRED INFORMATION FOR A NEW LOAN. To help the government fight the funding of terrorism and money laundering activities, federal law requires Bank to obtain, verify and record information that identifies each person or entity obtaining a loan including the Borrower’s legal name, address, tax identification number, date of birth, driver’s license, organizational documents or other identifying documents. Failure to provide the required information will result in a violation of the U.S. Patriot Act and will constitute a default under this instrument. In addition, no Borrower, any of its affiliates, or any of their respective directors, officers, managers, partners, or any other authorized representatives is named as a “Specially Designated National and Blocked Person,” on the list published by the U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) at its official website.
UNLESS EXPRESSLY PROHIBITED BY APPLICABLE LAW, THE BORROWER HEREBY WAIVES THE RIGHT TO TRIAL BY JURY OF ANY MATTERS OR CLAIMS ARISING OUT OF THIS NOTE OR ANY OF THE LOAN DOCUMENTS EXECUTED IN CONNECTION HEREWITH OR OUT OF THE CONDUCT OF THE RELATIONSHIP BETWEEN THE BORROWER AND BANK, IN EACH CASE WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE. BORROWER AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY, AND THAT BANK MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS PARAGRAPH WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF BORROWER TO THE WAIVER OF ITS RIGHT TO TRIAL BY JURY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR BANK TO MAKE THE LOAN AND ENTER INTO THIS AGREEMENT. FURTHER, THE BORROWER HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT BANK WOULD NOT SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION. NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL, HAS THE AUTHORITY TO WAIVE, CONDITION OR MODIFY THIS PROVISION. BORROWER ACKNOWLEDGES THAT IT HAS HAD THE OPPORTUNITY TO CONSULT WITH COUNSEL REGARDING THIS PARAGRAPH, THAT IT FULLY UNDERSTANDS ITS TERMS, CONTENT AND EFFECT, AND THAT IT VOLUNTARILY AND KNOWINGLY AGREES TO THE TERMS OF THIS PARAGRAPH.






(SIGNATURE ON FOLLOWING PAGE)



    



Page 4 of 5




BB&T
PROMISSORY NOTE SIGNATURE PAGE

Borrower:
The Goldfield Corporation
Account Number:
9660933082
Note Number:
90009
Note Amount:
$18,000,000.00
Date:
May 24, 2018


IN WITNESS WHEREOF, the Borrower, on the day and year first written above, has executed, or caused this Note to be executed by its authorized officer or representative, under seal.


WITNESSES:
 
 
 
 
The Goldfield Corporation, a Delaware corporation
/s/ Barry Forbes
 
By: /s/ Stephen R. Wherry
 
 
Stephen R. Wherry, its Senior Vice President
/s/ Andrew P. Pisciotto
 
 



Page 5 of 5

EX-10.7 8 a10-7_wcladdendumtopromiss.htm EXHIBIT 10.7 Exhibit
Exhibit 10-7

BB&T

ADDENDUM TO PROMISSORY NOTE
BB&T Account No. 9660933082

THIS ADDENDUM TO PROMISSORY NOTE (“Addendum”) is hereby made a part of the Promissory Note dated May 24, 2018, from The Goldfield Corporation (“Borrower”) payable to the order of Branch Banking and Trust Company (“Bank”) in the principal amount of $18,000,000.00 (including all renewals, extensions, modifications and substitutions thereof, the “Note”).

I.
DEFINITIONS.

1.1
Adjusted LIBOR Rate means a rate of interest per annum equal to the sum obtained (rounded upwards, if necessary, to the next higher 1/100th of 1.0%) by adding (i) the One Month LIBOR plus (ii) one and 80/100 percent (1.80%) per annum, which shall be adjusted monthly on the first day of each LIBOR Interest Period. The Adjusted LIBOR Rate shall be adjusted for any change in the LIBOR Reserve Percentage so that Bank shall receive the same yield. The interest rate will in no instance exceed the maximum rate permitted by applicable law and the interest rate will not decrease below a fixed minimum rate of 0%.

1.2
Business Day means a day other than a Saturday, Sunday, legal holiday or any other day when the Bank is authorized or required by applicable law to be closed.

1.3
Advance means any advance made by Bank to Borrower evidenced by the Note.

1.4
LIBOR Interest Period means the period applicable to any Advance commencing on the date the Note is made (or the date of any subsequent LIBOR addendum to the Note) and (i) if adjusted monthly, ending on the day that is immediately prior to the numerically corresponding day of each month thereafter or (ii) if adjusted quarterly, ending on the day that is immediately prior to the numerically corresponding day of each quarter thereafter; provided that:

(a)
any LIBOR Interest Period which would otherwise end on a day which is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such LIBOR Interest Period shall end on the next preceding Business Day; and

(b)
any LIBOR Interest Period which begins on a day for which there is no numerically corresponding day in a subsequent month if adjusted monthly or in a subsequent quarter if adjusted quarterly, shall end on the last Business Day of each subsequent month if adjusted monthly or on the last Business Day of each subsequent quarter if adjusted quarterly.


1.5
LIBOR Reserve Percentage means the maximum aggregate rate at which reserves (including, without limitation, any marginal supplemental or emergency reserves) are required to be maintained under Regulation D by member banks of the Federal Reserve System with respect to dollar funding in the London interbank market. Without limiting the effect of the foregoing, the LIBOR Reserve Percentage shall reflect any other reserves required to be maintained by such member banks by reason of any applicable regulatory change against (i) any category of liability which includes deposits by reference to which the Adjusted LIBOR Rate is to be determined or (ii) any category of extensions of credit or other assets related to LIBOR.

1.6
One Month LIBOR means the average rate quoted by Bloomberg Finance L.P., or any quoting service or commonly available source utilized by the Bank, on the determination date for deposits in U.S. Dollars offered in the London interbank market for one month determined at approximately 11:00 am London time two (2) Business Days prior to the commencement of the applicable LIBOR Interest Period; provided that if the above method for determining One-month LIBOR shall not be available, the rate quoted in The Wall Street Journal, or a rate determined by a substitute method of determination agreed on by Borrower and Bank; provided, if such agreement is not reached within a reasonable period of time (in Bank’s sole judgment), a rate reasonably determined by Bank in its sole discretion as a rate being paid, as of the determination date, by first class banking organizations (as determined by Bank) in the London interbank market for U.S. Dollar deposits; and provided further that if One Month LIBOR determined as provided above would be less than zero percent (0%), then One Month LIBOR shall be deemed to be zero percent (0%).

1.7
Standard Rate means, for any day, a rate per annum equal to the Bank's announced Prime Rate minus 0% per annum, and each change in the Standard Rate shall be effective on the date any change in the Prime Rate is publicly announced as being effective.

II.
LOAN BEARING ADJUSTED LIBOR RATE

2.1
Application of Adjusted LIBOR Rate. The Adjusted LIBOR Rate shall apply to the entire principal balance outstanding of all outstanding Advances for any LIBOR Interest Period.

2.2
Adjusted LIBOR Based Rate Protections.

(a)
Inability to Determine Rate. In the event that Bank shall have determined, which determination shall be final, conclusive and binding, that by reason of circumstances occurring after the date of this Note affecting the London interbank market, adequate and fair means do not exist for ascertaining the One Month LIBOR on the basis provided for in this Note, Bank shall give notice (by telephone confirmed in writing or by telecopy) to Borrower of such determination, whereupon (i) no Advance shall be made until Bank notifies Borrower that the circumstances giving rise to such notice no longer exist, and (ii) any request by Borrower for an Advance shall be deemed to be a request for an Advance at the Standard Rate.


1906 NC NB (11.7.16)                    1



(b)
Illegality; Impracticability. In the event that Bank shall determine, which determination shall be final, conclusive and binding, that the making, maintaining or continuance of any portion of an Advance (i) has become unlawful as a result of compliance by Bank with any law, treaty, governmental rule, regulation, guideline or order (or would conflict with any of the same not having the force of law even though the failure to comply therewith would not be unlawful) or (ii) has become impracticable, or would cause Bank material hardship, as a result of contingencies occurring after the date of this Note materially and adversely affect the London interbank market or Bank's ability to make Advances generally, then, and in any such event, Bank shall give notice (by telephone confirmed in writing or by telecopy) to Borrower of such determination. Thereafter, (x) the obligation of Bank to make any Advance subject to the Adjusted LIBOR Rate shall be suspended until such notice shall be withdrawn by Bank, and (y) any request by Borrower for an Advance shall be deemed to be a request for an Advance at the Standard Rate.

This Addendum shall operate as a sealed instrument.


 
 
Borrower:
 
 
 
/s/ Melissa Munson
 
The Goldfield Corporation, a Delaware corporation
Witness:
 
 
 
 
 
Melissa Munson
 
By: /s/ Stephen R. Wherry                              
Print Name:
 
Stephen R. Wherry, its Senior Vice President
 
 
 
/s/ Barry Forbes
 
 
Witness:
 
Date: May 24, 2018
 
 
 
Barry Forbes
 
 
Print Name:
 
 
 
 
 

1906 NC NB (11.7.16)                    2

EX-10.8 9 a10-8_wclbbtsecurityagreem.htm EXHIBIT 10.8 Exhibit
Exhibit 10-8

City: Melbourne, FL

BB&T SECURITY AGREEMENT
This Security Agreement (“Security Agreement”) is made May 24, 2018, between The Goldfield Corporation, a Delaware corporation, Southeast Power Corporation, a Florida corporation, Power Corporation of America, a Florida corporation, Bayswater Development Corporation, a Florida corporation, Pineapple House of Brevard, Inc., a Florida corporation, C and C Power Line, Inc., a Florida corporation, and Precision Foundations, Inc., a Florida corporation (collectively, “Debtor”), and Branch Banking and Trust Company, a North Carolina banking corporation (“Secured Party”).
This Security Agreement is entered into in connection with:
(i)
a Master Loan Agreement (“Loan Agreement”) dated on or before the date of this Security Agreement under which the Secured Party has agreed to make a loan(s) and/or establish a line(s) of credit;

(ii)
a Promissory Note dated May 24, 2018 (including all extensions, renewals, modifications and substitutions thereof, the “Note”), of The Goldfield Corporation (the “Borrower”), in the principal amount of $18,000,000.00;

(iii)
a guaranty agreement or agreements (whether one or more, the “Guaranty”) executed by the guarantors named therein (whether one or more, the “Guarantors”) dated on or about the same date as this Security Agreement;

and/or

(iv)
all obligations of Debtor under a BB&T Bankcard Agreement to repay indebtedness incurred under Business Visa Credit Cards issued to authorized officers and employees of Debtor.

Secured Party and Debtor agree as follows:

I.    DEFINITIONS.
1.1    Collateral. Unless specific items of personal property are described below, the Collateral shall consist of all now owned and hereafter acquired and wherever located personal property of Debtor identified below, each capitalized term as defined in Article 9 of the Florida Uniform Commercial Code (“UCC”):
(i)    Accounts, including all contract rights;
        
(ii)    Equipment and Machinery, including all Accessions thereto, and all manufacturers’ warranties, parts and tools therefore;
    
(iii)     Vehicles,

(iv)     Supporting Obligations;
        
(v)     to the extent not listed above as original collateral, all proceeds (cash and non-cash) and products of the foregoing.

1.2    Obligations. This Security Agreement secures the following (collectively, the “Obligations”):

(i)
Debtor’s or Borrower’s obligations under the Note, the Loan Agreement, and this Security Agreement, any Business Credit Card Agreement or Purchase Card Agreement, and in addition to the foregoing obligations, if the Debtor is a Guarantor, its obligations under its Guaranty;

(ii)
all of Debtor’s or Borrower’s present and future indebtedness and obligations to Secured Party howsoever evidenced, including without limitation all subsequent promissory notes executed by Debtor or Borrower, reimbursement of drafts or drawings paid by Secured Party on any Commercial or Standby Letter of Credit issued on the account of the Debtor or Borrower; all indebtedness and obligations of Debtor or Borrower to Secured Party (or an affiliate of Secured Party) under any interest rate swap transactions, interest rate cap and/or floor transactions, interest rate collar transactions, swap agreements (as defined in 11 U.S.C. § 101) or other similar transactions or agreements including without limitation any ISDA Master Agreement executed by Debtor or Borrower and all Schedules and Confirmations entered into in connection therewith, hereinafter collectively referred to as a Hedge Agreement; and all amounts advanced to Debtor or Borrower by Secure Party in connection with the issuance of Business Credit Cards to the officers and designated employees of the Debtor or Borrower.

(iii)
the repayment of (a) any amounts that Secured Party may advance or spend for the maintenance or preservation of the Collateral, and (b) any other expenditures that Secured Party may make under the provisions of this Security Agreement or for the benefit of Debtor or Borrower;

(iv)
all amounts owed under any modifications, renewals, extensions or substitutions of any of the foregoing obligations;

(v)
all Default Costs, as defined in Paragraph VIII of this Security Agreement; and

(vi)
any of the foregoing that may arise after the filing of a petition by or against Debtor or Borrower under the Bankruptcy Code, even if the obligations do not accrue because of the automatic stay under Bankruptcy Code § 362 or otherwise.

1.3    UCC. Any term used in the UCC and not otherwise defined in this Security Agreement has the meaning given to the term in the UCC.

II.    GRANT OF SECURITY INTEREST.

Debtor grants a security interest in the Collateral to Secured Party to secure the payment and performance of the Obligations.


ACCOUNT #9660933082 / NOTE #90009

1476 FL (0810) NB



III.    PERFECTION OF SECURITY INTERESTS.
3.1    Filing of Security Interests.
(i)    Debtor authorizes Secured Party to execute on the Debtor’s behalf and file any financing statement (the “Financing Statement”) describing the Collateral in any location deemed necessary and appropriate by Secured Party.

(ii)    Debtor authorizes Secured Party to file a Financing Statement describing any agricultural liens or other statutory liens held by Secured     Party.

(iii)    Secured Party shall receive prior to the closing an official report from the Secretary of State of each Place of Business and the Debtor State, each as defined below, collectively (the “Filing Reports”) indicating that Secured Party’s security interest is prior to all other security interests or other interests reflected in the report.

3.2    Possession.

(i)    Debtor shall have possession of the Collateral, except where expressly otherwise provided in this Security Agreement or where Secured Party chooses to perfect its security interest by possession in addition to the filing of a Financing Statement.

(ii)    Where Collateral is in the possession of a third party, Debtor will join with Secured Party in notifying the third party of Secured Party’s security interest and obtaining an acknowledgment from the third party that it is holding the Collateral for the benefit of Secured Party.

3.3    Control Agreements. Debtor will cooperate with Secured Party in obtaining a control agreement in form and substance satisfactory to Secured Party with respect to Collateral consisting of (check appropriate items):

o    Deposit Accounts (for deposit accounts at other financial institutions);

o    Investment Property (for securities accounts, mutual funds and other uncertificated securities);

o    Letter-of-credit rights; and/or

o    Electronic chattel paper.

3.4    Marking of Chattel Paper. If Chattel Paper is part of the Collateral, Debtor will not create any Chattel Paper without placing a legend on the Chattel Paper acceptable to Secured Party indicating that Secured Party has a security interest in the Chattel Paper.

IV.    POST-CLOSING COVENANTS AND RIGHTS CONCERNING THE COLLATERAL.

4.1    Inspection. The parties to this Security Agreement may inspect any Collateral in the other party’s possession, at any time upon reasonable notice.

4.2    Personal Property. Except for items specifically identified by Debtor and Secured Party as Fixtures, the Collateral shall remain personal property at all times, and Debtor shall not affix any of the Collateral to any real property in any manner which would change its nature from that of personal property to real property or to a fixture.

4.3    Secured Party’s Collection Rights. Secured Party shall have the right at any time to enforce Debtor’s rights against any account debtors and obligors.

4.4    Limitations on Obligations Concerning Maintenance of Collateral.
 
(i)    Risk of Loss. Debtor has the risk of loss of the Collateral.

(ii)    No Collection Obligation. Secured Party has no duty to collect any income accruing on the Collateral or to preserve any rights relating to the Collateral.

4.5    No Disposition of Collateral. Secured Party does not authorize, and Debtor agrees not to:

(i)    make any sales or leases of any of the Collateral other than in the ordinary course of business;

(ii)    license any of the Collateral; or

(iii)    grant any other security interest in any of the Collateral.

4.6    Purchase Money Security Interests. To the extent Debtor uses the Loan to purchase Collateral, Debtor’s repayment of the Loan shall apply on a “first-in-first-out” basis so that the portion of the Loan used to purchase a particular item of Collateral shall be paid in the chronological order the Debtor purchased the Collateral.

4.7    Insurance. Debtor shall obtain and keep in force such insurance on the Collateral as is normal and customary in the Debtor’s business or as the Secured Party may require, all in such amounts, under such forms of policies, upon such terms, for such periods and written by such insurance companies as the Secured Party may approve. All policies of insurance will contain the long-form Lender’s Loss Payable clause in favor of the Secured Party, and the Debtor shall deliver the policies or complete copies thereof to the Secured Party. Such policies shall be noncancellable except upon thirty (30) days’ prior written notice to the Secured Party. The proceeds of all such insurance, if any loss should occur, may be applied by the Secured Party to the payment of the Obligations or to the replacement of any of the Collateral damaged or destroyed, as the Secured Party may elect or direct in its sole discretion. The Debtor hereby appoints (which appointment constitutes a power coupled with an interest and is irrevocable as long as any of the Obligations remain outstanding) Secured Party as its lawful attorney-in-fact with full authority to make, adjust, settle claims under and/or cancel such insurance and to endorse the Debtor’s name on any instruments or drafts issued by or upon any insurance companies.

ACCOUNT #9660933082 / NOTE #90009

1476 FL (0810) NB




V.    DEBTOR’S REPRESENTATIONS AND WARRANTIES.

Debtor represents and warrants to Secured Party:

5.1    Title to and transfer of Collateral. It has rights in or the power to transfer the Collateral and its title to the Collateral is free of all adverse claims, liens, security interests and restrictions on transfer or pledge except as created by this Security Agreement.

5.2    Location of Collateral. All collateral consisting of goods (equipment, inventory, fixtures, manufactured homes; and other tangible, movable personal property) is substantially all located in the United States, primarily in the following States (the “Collateral States”): Texas, Florida, North Carolina, South Carolina, and Georgia.    

5.3    Location, State of Incorporation and Name of Debtor. Debtor’s:

(i)
chief executive office (if Debtor has more than one place of business), place of business (if Debtor has one place of business), or principal residence (if Debtor is an individual), is located in the following State and address (the “Place of Business”):1684 W. Hibiscus Boulevard, Melbourne, Florida, 32901;

(ii)
state of incorporation or organization is Delaware or Florida, as set forth in the first paragraph of this Security Agreement (the “Debtor State”);
    
(iii)
exact legal name is as set forth in the first paragraph of this Security Agreement.

5.4    Business Purpose. None of the Obligations is a Consumer Transaction, as defined in the UCC and none of the Collateral has been or will be purchased or held primarily for personal, family or household purposes.

VI.    DEBTOR’S COVENANTS.

Until the Obligations are paid in full, Debtor agrees that it will:

6.1    preserve its legal existence and not, in one transaction or a series of related transactions, merge into or consolidate with any other entity, or sell all or substantially all of its assets;

6.2    not change the Debtor State of its registered organization;

6.3    not change its registered name without providing Secured Party with 30 days’ prior written notice; and

6.4    not change the state of its Place of Business or, if Debtor is an individual, change his state of residence without providing Secured Party with 30 days’ prior written notice.

VII.    EVENTS OF DEFAULT.

The occurrence of any of the following shall, at the option of Secured Party, be an Event of Default:

7.1    Any default or Event of Default by Borrower or Debtor under any Note, Loan Agreement, Hedge Agreement, Business Credit Card Agreement or Purchase Card Agreement, any of the other loan documents, and Guaranty or any of the other Obligations;

7.2    Debtor’s failure to comply with any of the provisions of, or the incorrectness of any representation or warranty contained in, this Security Agreement, the Note, the Loan Agreement, or in any other document relating to the Obligations;

7.3    Transfer or disposition of any of the Collateral other than in the ordinary course of business, except as expressly permitted by this Security Agreement;

7.4    Attachment, execution or levy on any of the Collateral;

7.5    Debtor voluntarily or involuntarily becoming subject to any proceeding under (a) the Bankruptcy Code or (b) any similar remedy under state statutory or common law;

7.6    Debtor shall fail to comply with, or become subject to any administrative or judicial proceeding under any federal, state or local (a) hazardous waste or environmental law, (b) asset forfeiture or similar law which can result in the forfeiture of property, or (c) other law, where noncompliance may have any significant effect on the Collateral; or

7.7    Secured Party shall receive at any time following the closing a UCC filing report indicating that Secured Party’s security interest is not prior to all other security interests or other interests reflected in the report.

VIII.    DEFAULT COSTS.

8.1    Should an Event of Default occur, Debtor will pay to Secured Party all costs incurred by the Secured Party for the purpose of enforcing its rights hereunder, including:

(i)    costs of foreclosure;

(ii)    costs of obtaining money damages; and

(iii)    a reasonable fee for the service of attorneys employed by Secured Party for any purpose related to this Security Agreement or the Obligations, including without limitation consultation, drafting documents, sending notices or instituting, prosecuting or defending litigation or arbitration.


ACCOUNT #9660933082 / NOTE #90009

1476 FL (0810) NB




IX.    REMEDIES UPON DEFAULT.

9.1    General. Upon any Event of Default, Secured Party may pursue any remedy available at law (including those available under the provisions of the UCC), or in equity to collect, enforce or satisfy any Obligations then owing, whether by acceleration or otherwise.

9.2.    Concurrent Remedies. Upon any Event of Default, Secured Party shall have the right to pursue any of the following remedies separately, successively or concurrently:

(i)    File suit and obtain judgment and, in conjunction with any action, Secured Party may seek any ancillary remedies provided by law or at equity, including levy of attachment and garnishment.

(ii)    Take possession of any Collateral if not already in its possession without demand and without legal process. Upon Secured Party’s demand, Debtor will assemble and make the Collateral available to Secured Party as it directs. Debtor grants to Secured Party the right, for this purpose, to enter into or on any premises where Collateral may be located.

(iii)    Without taking possession, sell, lease or otherwise dispose of the Collateral at public or private sale in accordance with the UCC.

X.    FORECLOSURE PROCEDURES.

10.1
No Waiver. No delay or omission by Secured Party to exercise any right or remedy accruing upon any Event of Default shall (a) impair any right or remedy, (b) waive any default or operate as an acquiescence to the Event of Default, or (c) affect any subsequent default of the same or of a different nature.

10.2    Notices. Secured Party shall give Debtor such notice of any private or public sale as may be required by the UCC.

10.3    Condition of Collateral. Secured Party has no obligation to repair, clean-up or otherwise prepare the Collateral for sale.

10.4    No Obligation to Pursue Others. Secured Party has no obligation to attempt to satisfy the Obligations by collecting them from any other person liable for them and Secured Party may release, modify or waive any collateral provided by any other person to secure any of the Obligations, all without affecting Secured Party’s rights against Debtor. Debtor waives any right it may have to require Secured Party to pursue any third person for any of the Obligations.

10.5    Compliance With Other Laws. Secured Party may comply with any applicable state or federal law requirements in connection with a disposition of the Collateral and compliance will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral.

10.6    Warranties. Secured Party may sell the Collateral without giving any warranties as to the Collateral and may specifically disclaim any warranties of title or the like. This procedure will not be considered adversely to affect the commercial reasonableness of any sale of the Collateral.

10.7    Sales on Credit. If Secured Party sells any of the Collateral upon credit, Debtor will be credited only with payments actually made by the purchaser, received by Secured Party and applied to the indebtedness of the purchaser. In the event the purchaser fails to pay for the Collateral, Secured Party may resell the Collateral and Debtor shall be credited with the proceeds of the sale as and when received, less expenses.

10.8    Purchases by Secured Party. In the event Secured Party purchases any of the Collateral being sold, Secured Party may pay for the Collateral by crediting some or all of the Obligations of the Debtor.

10.9    No Marshalling. Secured Party has no obligation to marshal any assets in favor of Debtor, or against or in payment of:

(i)    the Note,

(ii)    any of the other Obligations, or

(iii)    any other obligation owed to Secured Party, Borrower or any other person.

XI.    MISCELLANEOUS.

11.1    Assignment.

(i)    Binds Assignees. This Security Agreement shall bind and shall inure to the benefit of the successors and assigns of Secured Party, and shall bind all heirs, personal representatives, executors, administrators, successors and permitted assigns of Debtor.

(ii)    No Assignments by Debtor. Secured Party does not consent to any assignment by Debtor except as expressly provided in this Security Agreement.

(iii)    Secured Party Assignments. Secured Party may assign its rights and interests under this Security Agreement. If an assignment is made, Debtor shall render performance under this Security Agreement to the assignee. Debtor waives and will not assert against any assignee any claims, defenses or set-offs which Debtor could assert against Secured Party except defenses which cannot be waived.

11.2    Severability. Should any provision of this Security Agreement be found to be void, invalid or unenforceable by a court or panel of arbitrators of competent jurisdiction, that finding shall only affect the provisions found to be void, invalid or unenforceable and shall not affect the remaining provisions of this Security Agreement.

11.3    Notices. Any notices required by this Security Agreement shall be deemed to be delivered when a record has been (a) deposited in any United States postal box if postage is prepaid, and the notice properly addressed to the intended recipient, (b) received by telecopy, (c) received through the Internet, and (d) when personally delivered.

11.4    Headings. Section headings used in this Security Agreement are for convenience only. They are not a part of this Security Agreement

ACCOUNT #9660933082 / NOTE #90009

1476 FL (0810) NB



and shall not be used in construing it.

11.5    Governing Law. This Security Agreement is being executed and delivered and is intended to be performed in the State of Florida and shall be construed and enforced in accordance with the laws of the State of , except to the extent that the UCC provides for the application of the law of the Debtor State.

11.6    Rules of Construction.

(i)    No reference to “proceeds” in this Security Agreement authorizes any sale, transfer, or other disposition of the Collateral by the Debtor except in the ordinary course of business.

(ii)    “Includes” and “including” are not limiting.

(iii)    “Or” is not exclusive.

(iv)    “All” includes “any” and “any” includes “all.”

11.7    Integration and Modifications.

(i)    This Security Agreement is the entire agreement of the Debtor and Secured Party concerning its subject matter.

(ii)    Any modification to this Security Agreement must be made in writing and signed by the party adversely affected.

11.8    Waiver. Any party to this Security Agreement may waive the enforcement of any provision to the extent the provision is for its benefit.


11.9    Further Assurances. Debtor agrees to execute any further documents, and to take any further actions, reasonably requested by Secured Party to evidence or perfect the security interest granted herein or to effectuate the rights granted to Secured Party herein.

11.10 Waiver of Jury Trial. DEBTOR HEREBY IRREVOCABLY WAIVES ALL RIGHTS TO A JURY TRIAL IN ANY ACTION, SUIT, PROCEEDING OR COUNTERCLAIM OF ANY KIND ARISING OUT OF OR IN ANY WAY RELATING TO THE LOAN OR THE SECURITY AGREEMENT OR ANY OF THE TRANSACTIONS WHICH ARE CONTEMPLATED BY THE LOAN OR THE SECURITY AGREEMENT. THE JURY TRIAL WAIVER CONTAINED IN THIS SECTION IS INTENDED TO APPLY TO THE FULLEST EXTENT PERMITTED BY LAW, TO ANY AND ALL DISPUTES AND CONTROVERSIES THAT ARISE OUT OF OR IN ANY WAY RELATE TO ANY OR ALL OF THE MATTERS DESCRIBED IN THE PRECEDING SENTENCE, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, AND ALL OTHER COMMON LAW, EQUITABLE, AND STATUTORY CLAIMS OF ANY KIND. THIS PROVISION IS A MATERIAL INDUCEMENT FOR SECURED PARTY TO MAKE THE LOAN SECURED BY THIS SECURITY AGREEMENT. FURTHER, THE DEBTOR HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF SECURED PARTY, NOR SECURED PARTY’S COUNSEL, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SECURED PARTY WOULD NOT SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION IN THE EVENT OF LITIGATION. NO REPRESENTATIVE OR AGENT OF SECURED PARTY, NOR SECURED PARTY’S COUNSEL, HAS THE AUTHORITY TO WAIVE, CONDITION OR MODIFY THIS PROVISION.



(SIGNATURES ON FOLLOWING PAGE)





ACCOUNT #9660933082 / NOTE #90009

1476 FL (0810) NB



SIGNATURE PAGE FOR SECURITY AGREEMENT


The parties have signed this Security Agreement under seal as of the day and year first above written.


 
 
The Goldfield Corporation, a Delaware corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Senior Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 
 
 
 
 
 
Southeast Power Corporation, a Florida corporation
WITNESS:
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 
 
 
 
 
 
Power Corporation of America, a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 
 
 
Bayswater Development Corporation, a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 


/s/ Barry Forbes
 
 
 
 
 
 
 
 
 
 
 
 
 
Pineapple House of Brevard, Inc., a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 
 
 
 
 
 
C and C Power Line, Inc., a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Authorized Signer
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 


ACCOUNT #9660933082 / NOTE #90009

1476 FL (0810) NB







 
 
 
 
 
 
 
 
 
Precision Foundations, Inc., a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 

 
 
Branch Banking and Trust Company
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Barry Forbes
 
 
 
 
Barry Forbes, Sr. Vice President
 
 
 
 
 
 
 
 
 
 
 
/s/ Andrew P. Pisciotto
 
 
 
 
 
 
 
 



ACCOUNT #9660933082 / NOTE #90009

1476 FL (0810) NB

EX-10.9 10 a10-9_wclguarantyagreement.htm EXHIBIT 10.9 Exhibit
Exhibit 10-9

BB&T
GUARANTY AGREEMENT

BRANCH BANKING AND TRUST COMPANY                  Date: May 24, 2018

As an inducement to Branch Banking and Trust Company ("Bank"), having a branch office at 158 N. Harbor City Boulevard, Suite 401, Melbourne, Florida 32935, to extend credit to and to otherwise deal with The Goldfield Corporation ("Borrower"), and in consideration thereof, the undersigned (the “Guarantor” and each of the undersigned Guarantors, jointly and severally, if more than one) hereby unconditionally guarantees to Bank and its successors and assigns the due and punctual payment of any and all notes, drafts, debts, ACH obligations and liabilities, primary or secondary (whether by way of endorsement or otherwise), of Borrower, at any time, whether now existing or hereafter incurred with or held by Bank, together with interest, as and when the same become due and payable, and whether by acceleration or otherwise (collectively, the “Obligations”), in accordance with the terms of the Obligations including all renewals, extensions and modifications thereof. This Guaranty is a guarantee of payment and not of collection.

To secure the Obligations, the Guarantor hereby grants to bank a security interest in all of the Guarantor’s deposit accounts maintained with Bank, and Bank shall also at all times have the right of set-off against any such deposit account in the same manner and to the same extent that the right of set-off may exist against the Borrower. The Guarantor hereby subordinates any and all indebtedness of Borrower now or hereafter owed to the Guarantor to the Obligations, and agrees with Bank that the Guarantor shall not demand payment of principal or interest from Borrower, shall not claim any offset or other reduction of the Obligations because of any such indebtedness and shall not take any action to obtain any of the security described in and encumbered by the documents evidencing Obligations (“Loan Documents”); provided, however, that, if Bank so requests, such indebtedness shall be collected, enforced and received by the Guarantor as trustee for Bank and shall be paid over to Bank on account of the Obligations, but without reducing or affecting any manner the liability of the Guarantor under the other provisions of this Guaranty Agreement.

Guarantor understands and agrees that an Obligation may be accepted or created with Bank at any time and from time to time without notice to Guarantor and Guarantor hereby expressly waives presentment, demand, protest, and notice of dishonor of any such Obligation.

Bank may receive and accept as collateral from time to time any securities or other property for the Obligations, and may surrender, compromise, exchange and release such collateral or any part thereof at any time without notice and without in any manner affecting the obligation and liability of the Guarantor hereunder. Bank shall have no obligation to protect, perfect, secure or insure any security interests, liens or encumbrances in any collateral now or hereafter held for the Obligations.

Notwithstanding anything to the contrary herein, any person that does not qualify as an Eligible Contract Participant (as defined in the Commodity Exchange Act, as amended) or otherwise does not qualify as an “indirect proprietorship” pursuant to the rules of the Commodity Futures Trading Commission, shall not be deemed a party to any guaranty of any swap agreement with Bank entered into or modified on or after October 12, 2012, and shall not be liable for any swap obligations to Bank arising from such swap agreement. The foregoing exclusion shall have no effect on any other obligation of such person to Bank under this Guaranty.

In the event of the occurrence of a “Default” or “Event of Default’ otherwise relation to the Obligations or evidenced or secured by ay of the other Loan Documents or relating to the transactions contemplated by the Loan Documents; all rights powers and remedies available to Bank in such event shall be non-exclusive and cumulative of all other rights, powers and remedies provided thereunder or hereunder or by law or in equity. Accordingly, the Guarantor hereby authorizes and empowers Bank upon the occurrence of Default or Event of Default under the Note(s) or Loan Documents, at its sole discretion, and except as otherwise provided herein, without notice to Guarantor, to exercise and cause to be exercised any right or remedy which Bank may have, including, but not limited to, judicial foreclosure, acceptance of a deed or assignment in lieu of foreclosure, appointment of a receiver to collect rents and profits, exercise of remedies against personal property, or enforcement of any assignment of leases, rents, profits, accounts and certificates of deposit, or any other security, whether real, personal or tangible or intangible. At any public or private sale of any security or collateral for any indebtedness or any part hereof guaranteed hereby, whether by foreclosure or otherwise, Bank, may in its discretion, purchase all of any part of such security or collateral so sold or offered for sale for its own account and may apply against the amount bid therefor the balance due it pursuant to the Note(s) or any of the other Loan Documents without prejudice to Bank’s remedies hereunder against Guarantor for deficiencies or if allowed by applicable law. If the Obligations are partially paid by reason of the election of Bank, its successors, endorsees or assigns, to pursue any of the remedies available to Bank or if the Obligations are otherwise partially paid, then this Guaranty shall nevertheless remain in full force and effect, and the Guarantor shall remain liable for the entire balance of the Obligations, even though any rights which Guarantor may have against Borrower may be destroyed or diminished by the exercise of any such remedy.

This obligation of the Guarantor hereunder shall be a primary and not a secondary obligation and liability, payable immediately upon demand without recourse first having been obtained by Bank against the Borrower or any other guarantor or obligor, and without first resorting to any collateral held by Bank for the Obligations. The Guarantor hereby waives the benefit of all provisions of law, for stay or delay of execution or sale of any property or other satisfaction of judgment against the Guarantor until judgment is obtained against the Borrower and execution thereon returned unsatisfied, or until it is determined that the Borrower has no property or assets available for the satisfaction of the Obligations, or until any other proceedings can be completed. Guarantor hereby agrees to indemnify Bank for all costs of collection, including but not limited to the costs of repossession, appraisal, foreclosure, all attorneys' fees reasonably incurred and all court costs incurred by Bank should Bank first be required by the Guarantor to resort to any collateral held by the Bank or to obtain execution or other satisfaction of a judgment against the Borrower for the Obligations. The Guarantor further agrees that the Guarantor is responsible for any part of the Obligations which have been paid by the Borrower to Bank and which the Bank is subsequently required to return to the Borrower or a trustee for the Borrower in any bankruptcy or insolvency proceeding. Guarantor agrees that it shall not have any right of subrogation, reimbursement or indemnity whatsoever, nor any right of recourse to bank’s collateral for Obligations unless and until all of Obligations of the Borrower have been paid in full. The Guarantor hereby waives, to the extent avoidable under any provision of the Bankruptcy Code, any right arising upon payment by the Guarantor of any obligation under this Guaranty to assert a claim against the bankruptcy estate of the Borrower.

In addition to the other waivers set forth elsewhere in this Guaranty, the Guarantor hereby waives and agrees not to assert or take advantage of (a) if allowed by applicable law, the defense of the statute of limitations in any action hereunder or for the collection of the Obligations or the performance of any Obligation; (b) any defense that may arise by reason of the incapacity, lack of authority, death or disability of Guarantor, Borrower, or any other party or entity, or the failure of Bank to file or enforce a claim against the estate (either in administration, bankruptcy or any other proceeding) of Borrower or any other party or entity; (c) any defense based upon the failure of Bank to give notice of the existence, creation, or incurring of any new or additional indebtedness or obligation

ACCOUNT #9660933082/NOTE #90009        Page 1 of 4                    
1457FL (1301) NB



or the failure of Bank to give notice of any action or non-action on the part of any other party whosoever, in connection with any Obligation, including without limitation the release of any other guarantor; (d) any defense based upon an election of remedies by Bank which destroys or otherwise impairs any subrogation rights of Guarantor to proceed against Borrower for reimbursement, or both; (e) any defense based upon failure of Bank to commence an action against Borrower or any other guarantor of the Obligations; (f) any duty of the part of Bank to disclose to the Guarantor any fact that is may know or hereafter know regarding Borrower; (g) acceptance or notice of acceptance of this Guaranty by Bank; (h) as stated above, notice of presentment and demand for payment or performance of the Obligations or performance of any except as otherwise require in this Guaranty; (i) as set forth above, protest and notice of dishonor or of default to the Guarantor or to any other party with respect to the indebtedness or performance of obligations hereby guaranteed; (j) except as otherwise provided herein, any and all other notices whatsoever to which the Guarantor might otherwise be entitled; (k) any defense based on lack of due diligence by the Bank and the collection, protection or realization upon any collateral securing the Obligations; (l) any transfer by Borrower of all or any part of the security for the Obligations; and (m) any other legal or equitable defenses whatsoever to which the Guarantor might be entitled, to the extent permitted by law, unless such defenses are based upon the willful misconduct of the Bank.

This Guaranty is unlimited and applies to all indebtedness of Borrower, whether now existing or hereafter arising, including without limitation all obligations of the Borrower to Bank in connection with any transfer of funds through the ACH System.

To secure the payment of all Obligations and in addition to the security interest granted to Bank in its deposit accounts, the Guarantor hereby grants a security interest and lien in the following property owned by the Guarantor:

         (i) Accounts, including all contract rights;
        (ii) Equipment and Machinery, including all Accessions thereto, and all manufacturers’ warranties, parts and tools therefore;
        (iii) Vehicles;
        (iv) Supporting Obligations;
        (v) to the extent not listed above as original collateral, all proceeds (cash and non-cash) and products of the foregoing.
(the "Collateral").

The Guarantor agrees to execute and deliver to Bank any security agreement, deed of trust, mortgage, UCC financing statement, or other document required by the Bank in order to perfect and protect its security interest or lien in the Collateral. This document shall constitute a security agreement under the Uniform Commercial Code of Florida ("Code"), and in addition to having all other legal rights and remedies, the Bank shall have all rights and remedies of a secured party under the Code.

This Guaranty shall inure to the benefit of Bank, its successors and assigns, and the owners and holders of any of the Obligations, and shall remain in force until a written notice revoking it has been received by Bank; but such revocation shall not release Guarantor from liability to Bank, its successors and assigns, or the owners and holders of any of Obligations, for any Obligation of the Borrower which is hereby guaranteed and then in existence or from any renewals, extensions or modifications thereof in whole or in part, whether such renewals, extensions or modifications are made before or after such revocation, with or without notice to the Guarantor. The Guarantor waives presentment, demand, protest and notices of every kind and assents to any one or more extensions, modifications, renewals or postponements of the time or amount of payment or any other indulgences given to Borrower. The Guarantor shall be responsible for and shall reimburse the Bank for all costs and expenses (including reasonable attorneys' fees) incurred by the Bank in connection with the enforcement of this Guaranty or the protection or preservation of any right or claim of the Bank in connection herewith, including without limitation costs and expenses incurred by the Bank in connection with its attempts to collect the Obligations.

If the Borrower is a corporation, this instrument covers all indebtedness, obligations and liabilities to Bank purporting to be made or undertaken on behalf of such corporation by any such officer or agent of said corporation without regard to the actual authority of such officer or agent. The term "corporation" shall include associations of all kinds and all purported corporations, whether correctly and legally chartered and organized.

The Guarantor hereby warrants and represents to Bank that: (i) this Guaranty is enforceable against it in accordance with its terms; (ii) the execution and delivery of this Guaranty does not violate or constitute a breach of any agreement to which the Guarantor is a party; (iii) there is no litigation, claim, action or proceeding pending or, to the best knowledge of Guarantor, threatened against it which would materially adversely affect the financial condition of Guarantor or its ability to fulfill its obligations hereunder; (iv) that it has knowledge of the Borrower's financial condition and affairs; and (v) unless otherwise required in a Loan Agreement, if applicable, as long as any Obligations remain outstanding or as long as Bank remains obligated to make advances, the Guarantor shall furnish annually, as requested, an updated annual report of The Goldfield Corporation and Subsidiaries as filed with the Securities and Exchange Commission, which, when delivered shall be the property of Bank.

This Guaranty is made in and shall be construed in accordance with the laws and judicial decisions of the State of Florida. The Guarantor agrees that any dispute arising out of this Guaranty shall be adjudicated in either the state or federal courts of Florida and in no other forum. For that purpose, the Guarantor hereby submits to the jurisdiction of the state and/or federal courts of Florida. The Guarantor waives any defense that venue is not proper for any action brought in any federal or state court in the State of Florida.

UNLESS EXPRESSLY PROHIBITED BY APPLICABLE LAW, GUARANTOR HEREBY WAIVES THE RIGHT TO TRIAL BY JURY OF ANY MATTERS OR CLAIMS ARISING OUT OF THIS GUARANTY OR ANY OF THE LOAN DOCUMENTS EXECUTED BY THE BORROWER IN CONNECTION HEREWITH OR OUT OF THE CONDUCT OF THE RELATIONSHIP BETWEEN THE BORROWER OR GUARANTOR AND BANK. THIS PROVISION IS A MATERIAL INDUCEMENT FOR BANK TO EXTEND CREDIT TO BORROWER. GUARANTOR HEREBY CERTIFIES THAT NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL, HAS REPRESENTED THAT BANK WOULD NOT SEEK TO ENFORCE THIS WAIVER OF RIGHT TO JURY TRIAL PROVISION AND THAT NO REPRESENTATIVE OR AGENT OF BANK, NOR BANK’S COUNSEL, HAS THE AUTHORITY TO WAIVE, CONDITION OR MODIFY THIS PROVISION.
                                                                                          








ACCOUNT #9660933082/NOTE #90009        Page 2 of 4                    
1457FL (1301) NB



GUARANTY SIGNATURE PAGE


Witness the signature and seal of each of the undersigned Guarantors.


GUARANTORS:

 
 


 
 
Southeast Power Corporation, a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 
 
 
 
 
 
Power Corporation of America, a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 
 
 
 
 
 
Bayswater Development Corporation, a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 

 
 
 
 
 
Pineapple House of Brevard, Inc., a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 




ACCOUNT #9660933082/NOTE #90009        Page 3 of 4                    
1457FL (1301) NB



 
 
 
 
 
C and C Power Line, Inc., a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Authorized Signer
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 

 
 
 
 
 
Precision Foundations, Inc., a Florida corporation
WITNESS:
 
 
 
 
 
/s/ Melissa A. Munson
 
By:
/s/ Stephen R. Wherry
 
 
 
 
Stephen R. Wherry, Vice President
 
 
 
 
 
 
/s/ Barry Forbes
 
 
 
 
 
 
 
 




Acknowledgments



STATE OF FLORIDA
CITY/COUNTY OF BREVARD      to-wit:
 

I HEREBY CERTIFY, that on this 24th day of May, 2018, before me, the undersigned, a Notary Public of the State aforesaid, personally appeared Stephen R. Wherry, who acknowledged himself to be the Vice President of Southeast Power Corporation, Vice President of Power Corporation of America, Vice President of Bayswater Development Corporation, Vice President of Pineapple House of Brevard, Inc., Authorized Signer of C and C Power Line, Inc., and Vice President of Precision Foundations, Inc., who is personally known to me, or has been satisfactorily proven to be, the person whose name is subscribed to the foregoing instrument, and he acknowledged that he, being so authorized to do, executed the foregoing instrument for the purposes therein contained as the duly authorized officer or signer of said respective corporations.

Given under my hand and official seal this 24th day of May, 2018.
 
(SEAL)
/s/ Melissa A. Munson
(SEAL)
 
Notary Public
 
 
My Commission Expires:
5/21/2020
 



ACCOUNT #9660933082/NOTE #90009        Page 4 of 4                    
1457FL (1301) NB

EX-31.1 11 a10-q06302018exhibit31x1jh.htm EXHIBIT 31.1 Exhibit
Exhibit 31-1



CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002 15 U.S.C. SECTION 7241


I, John H. Sottile, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of The Goldfield Corporation;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/s/ JOHN H. SOTTILE     
John H. Sottile
Chairman of the Board, President
and Chief Executive Officer (Principal
Executive Officer)
August 7, 2018



EX-31.2 12 a10-q06302018exhibit31x2sr.htm EXHIBIT 31.2 Exhibit
Exhibit 31-2



CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY
ACT OF 2002 15 U.S.C. SECTION 7241


I, Stephen R. Wherry, certify that:

1.
I have reviewed this quarterly report on Form 10-Q of The Goldfield Corporation;

2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.
The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.
The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

/s/ STEPHEN R. WHERRY                
Stephen R. Wherry
Senior Vice President, Chief Financial Officer,
Treasurer and Assistant Secretary (Principal Financial and Accounting Officer)
August 7, 2018



EX-32.1 13 a10-q06302018exhibit32x1jh.htm EXHIBIT 32.1 Exhibit
Exhibit 32-1



CERTIFICATION PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
18 U.S.C. SECTION 1350

In connection with the Quarterly Report of The Goldfield Corporation (the “Company”) on Form 10-Q for the six months ended June 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, John H. Sottile, Chairman of the Board, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
A signed original of this written statement required by Section 906 has been provided to The Goldfield Corporation and will be retained by The Goldfield Corporation and furnished to the Securities and Exchange Commission or its staff upon request.
    


/s/ JOHN H. SOTTILE     
John H. Sottile
Chairman of the Board, President
and Chief Executive Officer (Principal
Executive Officer)
August 7, 2018




EX-32.2 14 a10-q06302018exhibit32x2sr.htm EXHIBIT 32.2 Exhibit
Exhibit 32-2



CERTIFICATION PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
18 U.S.C. SECTION 1350

In connection with the Quarterly Report of The Goldfield Corporation (the “Company”) on Form 10-Q for the six months ended June 30, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Stephen R. Wherry, Senior Vice President, Treasurer, Assistant Secretary and Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
A signed original of this written statement required by Section 906 has been provided to The Goldfield Corporation and will be retained by The Goldfield Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

/s/ STEPHEN R. WHERRY                
Stephen R. Wherry
Senior Vice President, Chief Financial Officer,
Treasurer and Assistant Secretary (Principal Financial and Accounting Officer)
August 7, 2018



EX-101.INS 15 gv-20180630.xml XBRL INSTANCE DOCUMENT 0000042316 2018-01-01 2018-06-30 0000042316 2018-08-03 0000042316 2017-12-31 0000042316 2018-06-30 0000042316 2017-04-01 2017-06-30 0000042316 2017-01-01 2017-06-30 0000042316 2018-04-01 2018-06-30 0000042316 gv:ElectricalConstructionOperationsMember 2018-01-01 2018-06-30 0000042316 gv:ElectricalConstructionOperationsMember 2018-04-01 2018-06-30 0000042316 us-gaap:ProductAndServiceOtherMember 2017-04-01 2017-06-30 0000042316 us-gaap:ProductAndServiceOtherMember 2018-01-01 2018-06-30 0000042316 us-gaap:ProductAndServiceOtherMember 2017-01-01 2017-06-30 0000042316 gv:ElectricalConstructionOperationsMember 2017-04-01 2017-06-30 0000042316 us-gaap:ProductAndServiceOtherMember 2018-04-01 2018-06-30 0000042316 gv:ElectricalConstructionOperationsMember 2017-01-01 2017-06-30 0000042316 2016-12-31 0000042316 2017-06-30 0000042316 us-gaap:AccountingStandardsUpdate201615Member 2017-12-31 0000042316 us-gaap:AccountingStandardsUpdate201409Member us-gaap:RetainedEarningsMember 2017-12-31 0000042316 gv:FixedRateLongtermInstallmentNotesPayableMember us-gaap:NotesPayableToBanksMember us-gaap:MeasurementInputDiscountRateMember 2018-06-30 0000042316 gv:FixedRateLongtermInstallmentNotesPayableMember us-gaap:NotesPayableToBanksMember 2018-06-30 0000042316 us-gaap:AccountingStandardsUpdate201409Member us-gaap:ProFormaMember 2018-01-01 2018-06-30 0000042316 gv:CurrentWorkingCapitalLoanMember 2018-06-30 0000042316 gv:CurrentWorkingCapitalLoanMember 2017-12-31 0000042316 gv:TwentySevenPointFourNineMillionEquipmentLoanMember 2017-12-31 0000042316 gv:TwentySevenPointFourNineMillionEquipmentLoanMember 2018-01-01 2018-06-30 0000042316 gv:CurrentWorkingCapitalLoanMember 2018-01-01 2018-06-30 0000042316 gv:TwentySevenPointFourNineMillionEquipmentLoanMember 2018-06-30 0000042316 gv:PreviousWorkingCapitalLoanMember 2018-06-30 0000042316 gv:PreviousWorkingCapitalLoanMember 2017-12-31 0000042316 gv:PreviousWorkingCapitalLoanMember 2018-01-01 2018-06-30 0000042316 gv:TwentyTwoPointSixMillionEquipmentLoanMember 2018-06-30 0000042316 gv:EquipmentPurchaseLoanAgreementMember 2018-06-30 0000042316 gv:TwentySevenPointFourNineMillionEquipmentLoanMember 2018-01-01 2018-06-30 0000042316 gv:TwoThousandEighteenMasterLoanAgreementMember 2018-05-24 0000042316 gv:TwentySevenPointFourNineMillionEquipmentLoanMember 2018-05-24 0000042316 gv:CurrentWorkingCapitalLoanMember 2018-05-24 0000042316 gv:PreviousWorkingCapitalLoanMember 2018-05-24 2018-05-24 0000042316 gv:TwoThousandTwentySevenMasterLoanAgreementMember us-gaap:LondonInterbankOfferedRateLIBORMember 2018-01-01 2018-06-30 0000042316 gv:TwentyTwoPointSixMillionEquipmentLoanMember 2018-05-24 0000042316 gv:TwoThousandTwentySevenMasterLoanAgreementMember 2018-05-23 0000042316 gv:TwentySevenPointFourNineMillionEquipmentLoanMember 2018-06-30 0000042316 gv:TwentyTwoPointSixMillionEquipmentLoanMember 2018-06-30 0000042316 us-gaap:SuretyBondMember 2018-06-30 0000042316 gv:ElectricalConstructionOperationsMember gv:TexasAndSouthwestMember 2018-01-01 2018-06-30 0000042316 gv:ElectricalConstructionOperationsMember gv:MidAtlanticMember 2018-01-01 2018-06-30 0000042316 gv:ElectricalConstructionOperationsMember gv:OtherElectricalConstructionMember 2017-01-01 2017-06-30 0000042316 gv:ElectricalConstructionOperationsMember gv:SoutheastMember 2017-01-01 2017-06-30 0000042316 gv:ElectricalConstructionOperationsMember gv:SoutheastMember 2018-01-01 2018-06-30 0000042316 gv:ElectricalConstructionOperationsMember gv:TexasAndSouthwestMember 2018-04-01 2018-06-30 0000042316 gv:ElectricalConstructionOperationsMember gv:OtherElectricalConstructionMember 2018-01-01 2018-06-30 0000042316 gv:ElectricalConstructionOperationsMember gv:OtherElectricalConstructionMember 2017-04-01 2017-06-30 0000042316 gv:ElectricalConstructionOperationsMember gv:SoutheastMember 2018-04-01 2018-06-30 0000042316 gv:ElectricalConstructionOperationsMember gv:OtherElectricalConstructionMember 2018-04-01 2018-06-30 0000042316 gv:ElectricalConstructionOperationsMember gv:SoutheastMember 2017-04-01 2017-06-30 0000042316 gv:ElectricalConstructionOperationsMember gv:MidAtlanticMember 2018-04-01 2018-06-30 0000042316 gv:ElectricalConstructionOperationsMember gv:TexasAndSouthwestMember 2017-01-01 2017-06-30 0000042316 gv:ElectricalConstructionOperationsMember gv:TexasAndSouthwestMember 2017-04-01 2017-06-30 0000042316 gv:ElectricalConstructionOperationsMember gv:MidAtlanticMember 2017-01-01 2017-06-30 0000042316 gv:ElectricalConstructionOperationsMember gv:MidAtlanticMember 2017-04-01 2017-06-30 0000042316 us-gaap:AccountingStandardsUpdate201409Member us-gaap:CalculatedUnderRevenueGuidanceInEffectBeforeTopic606Member 2018-01-01 2018-06-30 0000042316 2018-06-30 0000042316 us-gaap:SalesRevenueGoodsNetMember us-gaap:CustomerConcentrationRiskMember 2017-01-01 2017-06-30 0000042316 us-gaap:SalesRevenueGoodsNetMember us-gaap:CustomerConcentrationRiskMember 2018-04-01 2018-06-30 0000042316 us-gaap:SalesRevenueGoodsNetMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-06-30 0000042316 us-gaap:SalesRevenueGoodsNetMember us-gaap:CustomerConcentrationRiskMember 2017-04-01 2017-06-30 0000042316 us-gaap:NoncompeteAgreementsMember 2018-06-30 0000042316 us-gaap:OtherIntangibleAssetsMember 2018-06-30 0000042316 us-gaap:NoncompeteAgreementsMember 2017-12-31 0000042316 us-gaap:TrademarksAndTradeNamesMember 2017-12-31 0000042316 us-gaap:CustomerRelationshipsMember 2018-06-30 0000042316 us-gaap:OtherIntangibleAssetsMember 2017-12-31 0000042316 us-gaap:CustomerRelationshipsMember 2017-12-31 0000042316 us-gaap:TrademarksAndTradeNamesMember 2018-06-30 0000042316 us-gaap:OtherIntangibleAssetsMember 2018-01-01 2018-06-30 0000042316 us-gaap:NoncompeteAgreementsMember 2018-01-01 2018-06-30 0000042316 us-gaap:CustomerRelationshipsMember 2018-01-01 2018-06-30 0000042316 us-gaap:TrademarksAndTradeNamesMember 2018-01-01 2018-06-30 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure false --12-31 Q2 2018 2018-06-30 10-Q 0000042316 25451354 Accelerated Filer GOLDFIELD CORP 129192 21410600 43419573 29287017 56069877 5831163 6468791 -425750 252716 6200000 4337328 -54652 -316179 670034 4391980 10687 5706794 10098774 9379535 11417561 21566842 24418346 87553 73352 522000 502000 434164 428976 38927654 40507579 18481683 18481683 11671 27578 93631940 98171593 51728477 51496433 166268 240808 414700 203149 18529757 9870523 20772689 22549324 18631784 9972550 1776635 -8659234 550335 548679 0 0 0.1 0.1 40000000 40000000 27813772 27813772 25451354 25451354 2781377 2781377 0.690 0.680 0.655 0.657 1617498 6074346 10411674 49139706 367552 312900 1431142 0 110581 0 241502 53216138 25008844 51418386 34142882 65130030 6074346 10411674 30000 0.018 22290000 0 2750000 19540000 19296961 2775451 0 16521510 16990000 405000 27490000 22600000.0 27490000.00 22600000.0 500000 22600000 2000000 18000000.0 348000 0.0000 0.0338 0.0325 0.0376 0.0000 0.0376 0.0585 2020-11-28 2019-11-28 2022-05-01 0.0376 510000.00 P40M 38646 34381 4698720 4951436 1812597 3561488 2002233 3889742 3561488 3889742 0.10 0.20 0.08 0.18 0.368 0.367 0.325 0.296 0.34 0.21 -33166 -19389 P20Y P5Y P1Y P15Y 263134 70000 8664 13800 170670 293884 78750 9330 13800 192004 60000 60000 60000 60000 60000 1013800 350000 10000 13800 640000 1013800 350000 10000 13800 640000 750666 280000 1336 0 469330 719916 271250 670 0 447996 -14138 -11565 51826 65217 101407 101407 53400000 3984271 8186558 3189005 6472818 1466378 3003516 1037512 1915651 -10000 2928081 767182 619552 0 152502 2851504 -3474562 1942156 0 276201 -632905 74540 -238979 -2406320 -931555 4337328 -501185 -619552 613090 -548410 750666 719916 5855 13190 10053 16841 138440 272459 207684 397300 254014 367870 2412202 4818522 4326728 4996762 420000 575000 37083627 37066113 93631940 98171593 15733143 17183278 18000000 16151567 14197805 4154620 -3069269 -7323927 -7429891 4945942 1839926 2517893 5183042 2151493 4557167 0 352083 -116767 -228802 -175357 -343092 22251354 19262580 6099787 5064775 4101038 8415360 3364362 6815910 66033 63116 1532110 851602 216727 1091004 793348 1007105 -211 -1656 15818 30467 22274 37367 8125 23313 7368169 7577091 1 1 5000000 5000000 0 0 993668 1125766 22600000 2816961 44242 147200 36072300 40206369 2780000 18437255 5810000 0 52917 -2300 102027 102027 36593440 41150607 28804467 5346770 861326 16568313 6028058 305415 58253114 11513381 1539149 34006880 11193704 1580632 36195767 10586509 508998 15841543 9258717 1311477 70327686 19860932 1179884 27825088 21461782 1618254 -162000 23700000 29109882 59833746 37507244 71945940 -40000 1554782 3334756 2112110 4228523 56548313 61105480 0 276201 2362418 2362418 2362418 1308187 1308187 5000 5000 25451354 25451354 25451354 25451354 <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Land and Land Development Costs and Residential Properties Under Construction</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 &#8220;land and land development costs.&#8221; Once construction commences, both the land development costs and construction costs are recorded under the asset &#8220;residential properties under construction.&#8221; The assets &#8220;land and land development costs&#8221; and &#8220;residential properties under construction&#8221; relating to specific projects are recorded as current assets 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 one year or more from the date of the consolidated financial statements.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with Accounting Standards Codification (&#8220;ASC&#8221;) Topic 360-10, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Accounting for the Impairment or Disposal of Long-lived Assets</font><font style="font-family:inherit;font-size:10pt;">, 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, other than in a forced or liquidation sale. The Company also complies with ASC Topic 820, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurement</font><font style="font-family:inherit;font-size:10pt;">, which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Overview</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Goldfield Corporation (the &#8220;Company&#8221;) was incorporated in Wyoming in 1906 and subsequently reincorporated in Delaware in 1968. The Company&#8217;s principal line of business is the construction of electrical infrastructure for the utility industry and industrial customers. The principal market for the Company&#8217;s electrical construction operation is primarily in the Southeast, mid-Atlantic, Texas and Southwest regions of the United States. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Financial Statement Presentation</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the opinion of management, the accompanying unaudited interim consolidated financial statements include all adjustments necessary to present fairly the Company&#8217;s financial position, results of operations, and changes in cash flows for the interim periods reported. These adjustments are of a normal recurring nature. All financial statements presented herein are unaudited with the exception of the consolidated balance sheet as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, which was derived from the audited consolidated financial statements. The results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the year. These statements should be read in conjunction with the consolidated financial statements included in the Company&#8217;s annual report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Organization and Summary of Significant Accounting Policies</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Overview</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Goldfield Corporation (the &#8220;Company&#8221;) was incorporated in Wyoming in 1906 and subsequently reincorporated in Delaware in 1968. The Company&#8217;s principal line of business is the construction of electrical infrastructure for the utility industry and industrial customers. The principal market for the Company&#8217;s electrical construction operation is primarily in the Southeast, mid-Atlantic, Texas and Southwest regions of the United States. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Basis of Financial Statement Presentation</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the opinion of management, the accompanying unaudited interim consolidated financial statements include all adjustments necessary to present fairly the Company&#8217;s financial position, results of operations, and changes in cash flows for the interim periods reported. These adjustments are of a normal recurring nature. All financial statements presented herein are unaudited with the exception of the consolidated balance sheet as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, which was derived from the audited consolidated financial statements. The results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the year. These statements should be read in conjunction with the consolidated financial statements included in the Company&#8217;s annual report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Allowance for Doubtful Accounts</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The allowance for doubtful accounts is the Company&#8217;s best estimate of the amount of probable credit losses in the Company&#8217;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 reasonable means of collection have been exhausted and the potential for recovery is considered remote. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, 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.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 consolidated financial statements in conformity with U.S. generally accepted accounting principles. Actual results could differ from those estimates. Management considers the most significant estimates in preparing these consolidated financial statements to be the estimated costs at completion of electrical construction contracts in progress.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fair Value of Financial Instruments</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s financial instruments include cash and cash equivalents, accounts receivable and accrued billings, restricted cash collateral deposited with insurance carriers, cash surrender value of life insurance policies, accounts payable, notes payable, and other current liabilities.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The three levels of inputs that may be used are:</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 1 - Quoted market prices in active markets for identical assets or liabilities.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 2 - Observable market based inputs or other observable inputs.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 3 - Significant unobservable inputs that cannot be corroborated by observable market data. These values are generally determined using valuation models incorporating management&#8217;s estimates of market participant assumptions.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 on 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 Company has determined the fair value of its fixed rate other long-term debt to be </font><font style="font-family:inherit;font-size:10pt;">$348,000</font><font style="font-family:inherit;font-size:10pt;"> using an interest rate of </font><font style="font-family:inherit;font-size:10pt;">3.76%</font><font style="font-family:inherit;font-size:10pt;"> (Level 2 input), which is the Company&#8217;s current interest rate on borrowings. The Company&#8217;s carrying value of long-term notes payable are estimated by management to approximate fair value since the interest rates prescribed by Branch Banking and Trust Company (the &#8220;Bank&#8221;) are variable market interest rates and are adjusted periodically, and as such, are classified as Level 2. 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 and as such, is classified as Level 2. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Land and Land Development Costs and Residential Properties Under Construction</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 &#8220;land and land development costs.&#8221; Once construction commences, both the land development costs and construction costs are recorded under the asset &#8220;residential properties under construction.&#8221; The assets &#8220;land and land development costs&#8221; and &#8220;residential properties under construction&#8221; relating to specific projects are recorded as current assets 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 one year or more from the date of the consolidated financial statements.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In accordance with Accounting Standards Codification (&#8220;ASC&#8221;) Topic 360-10, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Accounting for the Impairment or Disposal of Long-lived Assets</font><font style="font-family:inherit;font-size:10pt;">, 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, other than in a forced or liquidation sale. The Company also complies with ASC Topic 820, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Fair Value Measurement</font><font style="font-family:inherit;font-size:10pt;">, 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 either of its land carrying value or residential properties under construction carrying value for either of the three and six month periods ended June 30, 2018 and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Restricted Cash</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;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&#8217;s previous workers&#8217; compensation insurance policy, as described in note 10. Also, see note 10 for information regarding the immaterial impact of an Accounting Standards Update (&#8220;ASU&#8221;) issued by the Financial Accounting Standards Board (the &#8220;FASB&#8221;) specifically related to the disclosure of restricted cash. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Goodwill and Intangible Assets</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intangible assets with finite useful lives recorded in connection with a historical acquisition are 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 relationships and trademarks. 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 </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company assessed the recoverability of its long-lived assets and goodwill, by reviewing relevant events and circumstances to evaluate the qualitative factors in addition to the quantitative impairment test. As a result, there was no impairment of the carrying amounts of such assets.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Segment Reporting </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates as a single reportable segment, electrical construction, under ASC Topic 280-10-50, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Disclosures about Segments of an Enterprise and Related Information</font><font style="font-family:inherit;font-size:10pt;">. The Company&#8217;s real estate development operation has diminished to a point that it is no longer significant for reporting purposes and, accordingly, results of the ongoing real estate development operations are included in the income statement under the caption &#8220;Other.&#8221; Certain corporate costs are not allocated to the electrical construction segment.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts previously reflected in the prior year statement of cash flows have been reclassified to conform to the Company&#8217;s </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> presentation. The reclassifications are associated with the adoption of ASU 2016-15 for restricted cash.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU 2014-09, ASC Topic 606, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASC 606&#8221;)</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#252525;">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 </font><font style="font-family:inherit;font-size:10pt;">International Financial Reporting Standards (&#8220;IFRS&#8221;)</font><font style="font-family:inherit;font-size:10pt;color:#252525;">. Subsequently the FASB issued various ASUs in relation to the new revenue recognition standard. The core principle of </font><font style="font-family:inherit;font-size:10pt;">ASC 606</font><font style="font-family:inherit;font-size:10pt;color:#252525;"> 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. </font><font style="font-family:inherit;font-size:10pt;">ASC 606</font><font style="font-family:inherit;font-size:10pt;color:#252525;"> 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. </font><font style="font-family:inherit;font-size:10pt;">ASC 606</font><font style="font-family:inherit;font-size:10pt;color:#252525;"> allows for either retrospective </font><font style="font-family:inherit;font-size:10pt;">or cumulative effect transition</font><font style="font-family:inherit;font-size:10pt;color:#252525;"> methods of adoption and is effective for periods beginning after </font><font style="font-family:inherit;font-size:10pt;">December 15, 2017</font><font style="font-family:inherit;font-size:10pt;color:#252525;">. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#252525;">On January 1, 2018 the Company adopted</font><font style="font-family:inherit;font-size:10pt;"> the new accounting standard ASC 606 and all the related amendments (&#8220;new revenue standard&#8221;) to all applicable contracts using the modified retrospective method (cumulative effect method). Applicable contracts did not include contracts considered substantially complete. Contracts that were modified before the beginning of the earliest period presented were not retrospectively restated. Instead, the Company reflected the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price as of the date of adoption. Adoption of the new revenue standard did not result in significant changes to the Company&#8217;s accounting policies, business processes, systems or controls, or have a material impact on its financial position, results of operations and cash flows. In addition, the Company concluded that the cumulative effect of initially applying the new revenue standard was immaterial and consequently did not record an adjustment to the opening balance of retained earnings (less than </font><font style="font-family:inherit;font-size:10pt;">$30,000</font><font style="font-family:inherit;font-size:10pt;"> net of tax). The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company does not expect the adoption of the new revenue standard to have a material impact to its financial position, results of operations and cash flows on an ongoing basis. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#252525;">Specifically, under the new revenue standard, electrical construction fixed-price contracts previously accounted for under ASC 605-35 will be recognized over time as services are performed and the underlying obligations to customers are fulfilled. This resulted mainly in the use of input measures on a cost to cost basis similar to the practices previously in place for contracts accounted for under ASC 605-35. The Company concluded that under the new revenue standard the primary impact is on the timing of when contract modifications, variable consideration and change orders are recognized, mainly due to the application of the contract identification criteria. This resulted in timing differences on the recognition in revenue and margin when compared to prior practices. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#252525;">The Company has also determined that electrical construction contracts previously accounted for on a man hour and equipment basis will be recognized over time as services are performed and the underlying obligations to customers are fulfilled. The Company has elected to apply the practical expedient within ASC 606-10-55-18 for contracts that are routinely billed based on established man hour and equipment rates and the amounts invoiced correspond directly with the value to the customer of the Company&#8217;s performance completed to date. These contracts will be treated as a series of distinct services transferred over time and will generally result in a similar revenue pattern when compared to the prior accounting policies.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#252525;">Additionally, for real estate development operations presented under the caption &#8220;Other&#8221; in the consolidated financial statements, the Company determined that there is no change in the pattern of revenue recognition and will continue to recognize revenue upon the transfer of control of the promised real estate properties, generally at time of closing. S</font><font style="font-family:inherit;font-size:10pt;">ee note 8 for more information regarding the impact of the new revenue standard. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In&#160;February 2016, the FASB issued&#160;ASU 2016-02,&#160;to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with earlier application permitted.&#160; Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption.&#160; The Company expects this new guidance to cause a material increase to the assets and liabilities on the Company&#8217;s consolidated balance sheets. The Company is currently assessing the effect the adoption will have on its consolidated financial statements of income. The impact of this ASU is&#160;non-cash&#160;in nature, therefore the Company does not expect the adoption of this new guidance to have a material impact on the Company&#8217;s cash flows or liquidity.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued&#160;ASU 2016-15, which provides clarification regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. In addition, in November 2016, the FASB issued ASU&#160;2016-18, which requires that amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Both updates are effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted. The Company has adopted these updates and determined there is not a material impact on its consolidated financial statements due to the adoption. The consolidated statement of cash flows for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2017</font><font style="font-family:inherit;font-size:10pt;">, has been adjusted on the line item </font><font style="font-family:inherit;font-size:10pt;color:#252525;">&#8220;</font><font style="font-family:inherit;font-size:10pt;">Accounts receivable and accrued billings</font><font style="font-family:inherit;font-size:10pt;color:#252525;">&#8221;</font><font style="font-family:inherit;font-size:10pt;"> to reflect an immaterial difference in the balance of cash, cash equivalents and restricted cash for the </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> period. The Company did not make any other prior period adjustments due to the adoption of this ASU. Had the Company made the adjustment to its consolidated balance sheet as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, restricted cash would have decreased by approximately </font><font style="font-family:inherit;font-size:10pt;">$2,300</font><font style="font-family:inherit;font-size:10pt;"> with a corresponding increase to other receivables. This adjustment is associated with the interest income earned on the amount deposited in a trust account for the restricted cash balance. See note 10 for additional restricted cash disclosure information.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In October 2016, the FASB issued ASU&#160;2016-16, which eliminates the requirement to defer the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. Under the new guidance, an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This update is effective for fiscal years beginning after December&#160;15, 2017, including interim periods within those fiscal years; early adoption is permitted and is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings at the time of adoption.&#160;The adoption of ASU 2016-16 had no impact on the Company&#8217;s consolidated financial statements.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU 2017-04,&#160;which eliminates Step 2 of the current goodwill impairment test. A goodwill impairment loss will instead be measured at the amount by which a reporting unit&#8217;s carrying value exceeds its fair value, not to exceed the recorded amount of goodwill allocated to that reporting unit. The provisions of this ASU are effective for years beginning after December 15, 2019, with early adoption permitted for any impairment test performed on testing dates after January 1, 2017. The Company is currently assessing the impact that adoption will have on its consolidated financial statements however, the Company does not expect this ASU to have a significant impact on its consolidated financial statements.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Restricted Cash</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;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&#8217;s previous workers&#8217; compensation insurance policy, as described in note 10. Also, see note 10 for information regarding the immaterial impact of an Accounting Standards Update (&#8220;ASU&#8221;) issued by the Financial Accounting Standards Board (the &#8220;FASB&#8221;) specifically related to the disclosure of restricted cash. </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Commitments and Contingencies</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Performance Bonds</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, outstanding performance bonds issued on behalf of the Company&#8217;s electrical construction subsidiaries amounted to approximately </font><font style="font-family:inherit;font-size:10pt;">$53.4 million</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Collective Bargaining Agreements</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">C&amp;C, one of the Company&#8217;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&#8217;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 &#8220;pay-as-you-go&#8221; basis based on such subsidiary&#8217;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&amp;C from any multi-employer defined benefit pension plans. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Legal Proceedings</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is involved in various legal claims arising in the ordinary course of business. The Company has concluded that the ultimate disposition of these matters should not have a material adverse effect on the Company&#8217;s consolidated financial position, results of operations, or liquidity.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Customer Concentration </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For </font><font style="font-family:inherit;font-size:10pt;">the six months ended June 30, 2018 and 2017</font><font style="font-family:inherit;font-size:10pt;">, the three largest customers accounted for </font><font style="font-family:inherit;font-size:10pt;">65.7%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">68.0%</font><font style="font-family:inherit;font-size:10pt;">, respectively, of the Company&#8217;s total revenue. For </font><font style="font-family:inherit;font-size:10pt;">the three months ended June 30, 2018 and 2017</font><font style="font-family:inherit;font-size:10pt;">, the three largest customers accounted for </font><font style="font-family:inherit;font-size:10pt;">65.5%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">69.0%</font><font style="font-family:inherit;font-size:10pt;">, respectively, of the Company&#8217;s total revenue.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents the net contract assets and liabilities for the electrical construction operations as of the dates indicated: </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:42%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">June&#160;30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">December&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">$ Change</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contract assets </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,411,674</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,074,346</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,337,328</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contract liabilities </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(312,900</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(367,552</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">54,652</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net contract assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,098,774</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,706,794</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,391,980</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="13" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font><font style="font-family:inherit;font-size:10pt;">&#160;Contract assets consist of amounts under the caption </font><font style="font-family:inherit;font-size:10pt;color:#252525;">&#8220;</font><font style="font-family:inherit;font-size:10pt;">Costs and estimated earnings in excess of billings on uncompleted contracts.</font><font style="font-family:inherit;font-size:10pt;color:#252525;">&#8221;</font></div></td></tr><tr><td colspan="13" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2) </sup></font><font style="font-family:inherit;font-size:10pt;">Contract liabilities consist of the aggregate of amounts presented under the caption </font><font style="font-family:inherit;font-size:10pt;color:#252525;">&#8220;</font><font style="font-family:inherit;font-size:10pt;">Billings in excess of costs and estimated earnings on uncompleted contracts</font><font style="font-family:inherit;font-size:10pt;color:#252525;">&#8221;</font><font style="font-family:inherit;font-size:10pt;">&#160;and any contract loss accruals included in </font><font style="font-family:inherit;font-size:10pt;color:#252525;">&#8220;</font><font style="font-family:inherit;font-size:10pt;">Accounts payable and accrued liabilities.</font><font style="font-family:inherit;font-size:10pt;color:#252525;">&#8221;</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents the changes in the net contract assets and liabilities for the electrical construction operations for </font><font style="font-family:inherit;font-size:10pt;">the six months ended June 30, 2018</font><font style="font-family:inherit;font-size:10pt;"> as indicated: </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td style="width:79%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">$ Change</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Six Months Ended June 30, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cumulative adjustment due to changes in contract values </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,617,498</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cumulative adjustment due to changes in estimated costs at completion</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,431,142</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenue recognized in the period</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">53,216,138</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amounts reclassified to receivables</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(49,139,706</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Impairment of contract assets </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">129,192</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,391,980</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="5" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1) </sup></font><font style="font-family:inherit;font-size:10pt;">Amount attributable to contract modifications accounted for on a cumulative catch-up basis where the customer has approved a change in the scope or price of the contract, where the modification is treated as part of the existing contract and where the remaining goods and services are not distinct.</font></div></td></tr><tr><td colspan="5" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#160;</sup></font><font style="font-family:inherit;font-size:10pt;">Adjustment amounts due to changes in contract losses.</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Notes Payable and Other Long-Term Debt</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Notes Payable</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents the balances of notes payable as of the dates indicated:</font></div><div style="line-height:120%;padding-top:4px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:31%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Branch Banking and Trust Company </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Maturity Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">June&#160;30, <br clear="none"/>2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">December 31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Interest Rates</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">June&#160;30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">December&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Previous Working Capital Loan</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November&#160;28, 2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,750,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.38</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Working Capital Loan</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November&#160;28, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,775,451</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.76</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$27.49 Million Equipment Loan </font><font style="font-family:inherit;font-size:9pt;">(previously $22.6 Million Equipment Loan) </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">May&#160;1, 2022</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,521,510</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,540,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.76</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.25</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total notes payable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,296,961</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22,290,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less unamortized debt issuance costs</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">34,381</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">38,646</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total notes payable, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,262,580</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22,251,354</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less current portion of notes payable, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,064,775</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,099,787</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Notes payable net, less current portion</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,197,805</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,151,567</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company, and the Company&#8217;s wholly owned subsidiaries Southeast Power, Pineapple House of Brevard, Inc. (&#8220;Pineapple House&#8221;), Bayswater Development Corporation (&#8220;Bayswater&#8221;), Power Corporation of America (&#8220;PCA&#8221;), Precision Foundations, Inc. (&#8220;PFI&#8221;) and C and C Power Line, Inc. (&#8220;C&amp;C&#8221;), collectively (the &#8220;Debtors,&#8221;) were parties to a Master Loan Agreement, dated </font><font style="font-family:inherit;font-size:10pt;">May&#160;24, 2018</font><font style="font-family:inherit;font-size:10pt;"> (the &#8220;2018 Master Loan Agreement&#8221;), with Branch Banking and Trust Company (the &#8220;Bank&#8221;). The 2018 Master Loan Agreement restates substantially the same terms and conditions as those set forth in the previous Master Loan Agreement (the &#8220;Previous Master Loan Agreement&#8221;) among the Debtors and the Bank, originally entered into on June 9, 2017, except for the update in the exhibit for the loan modification and the new Working Capital Loan described below and an increase in the permissible outside debt and leases amount from </font><font style="font-family:inherit;font-size:10pt;">$500,000</font><font style="font-family:inherit;font-size:10pt;"> in the Previous Master Loan Agreement to </font><font style="font-family:inherit;font-size:10pt;">$2.0 million</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On </font><font style="font-family:inherit;font-size:10pt;">May&#160;24, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company entered into the new </font><font style="font-family:inherit;font-size:10pt;">$18.0 million</font><font style="font-family:inherit;font-size:10pt;"> Working Capital Loan, which replaces all previous renewals and or modifications on the previous Working Capital Loan (the &#8220;Previous Working Capital Loan&#8221;). The Working Capital Loan restates substantially the same terms and conditions as those set forth in the Previous Working Capital Loan, originally entered into on August 26, 2005. Borrowings of </font><font style="font-family:inherit;font-size:10pt;">$2.78 million</font><font style="font-family:inherit;font-size:10pt;">, outstanding as of </font><font style="font-family:inherit;font-size:10pt;">May&#160;24, 2018</font><font style="font-family:inherit;font-size:10pt;">, from the Working Capital Loan were used to pay in full the outstanding amount of the Previous Working Capital Loan, plus accrued interest and loan closing costs.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had a loan agreement and a series of related ancillary agreements with the Bank under the 2018 Master Loan Agreement providing for a revolving line of credit loan for a maximum principal amount of </font><font style="font-family:inherit;font-size:10pt;">$18.0 million</font><font style="font-family:inherit;font-size:10pt;">, to be used as a &#8220;</font><font style="font-family:inherit;font-size:10pt;">Working Capital Loan</font><font style="font-family:inherit;font-size:10pt;">.&#8221; </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, borrowings under the </font><font style="font-family:inherit;font-size:10pt;">Working Capital Loan</font><font style="font-family:inherit;font-size:10pt;"> were </font><font style="font-family:inherit;font-size:10pt;">$2.78 million</font><font style="font-family:inherit;font-size:10pt;">. As a credit guarantor to the Bank, the Company is contingently liable for the guaranty of a subsidiary obligation under an irrevocable letter of credit related to workers&#8217; compensation. The amount of this letter of credit was&#160;</font><font style="font-family:inherit;font-size:10pt;">$575,000</font><font style="font-family:inherit;font-size:10pt;">&#160;and </font><font style="font-family:inherit;font-size:10pt;">$420,000</font><font style="font-family:inherit;font-size:10pt;"> as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, respectively. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Borrowings of </font><font style="font-family:inherit;font-size:10pt;">$16.99 million</font><font style="font-family:inherit;font-size:10pt;">, outstanding as of </font><font style="font-family:inherit;font-size:10pt;">May&#160;24, 2018</font><font style="font-family:inherit;font-size:10pt;">, plus accrued interest, under the </font><font style="font-family:inherit;font-size:10pt;">$22.6</font><font style="font-family:inherit;font-size:10pt;"> Million Equipment Loan were continued under the </font><font style="font-family:inherit;font-size:10pt;">$27.49</font><font style="font-family:inherit;font-size:10pt;"> Million Equipment Loan. The remaining portion of the </font><font style="font-family:inherit;font-size:10pt;">$27.49</font><font style="font-family:inherit;font-size:10pt;"> Million Equipment Loan balance will be drawn by the Company for equipment purchases that are made on or after January 1, 2018. Under the documentation related to the </font><font style="font-family:inherit;font-size:10pt;">$27.49</font><font style="font-family:inherit;font-size:10pt;"> Million Equipment Loan, principal payments of </font><font style="font-family:inherit;font-size:10pt;">$510,000</font><font style="font-family:inherit;font-size:10pt;"> plus accrued interest commenced on June 9, 2018 and continue monthly thereafter until and including the payment due on December 9, 2018. On December 31, 2018, the then outstanding principal balance of the </font><font style="font-family:inherit;font-size:10pt;">$27.49</font><font style="font-family:inherit;font-size:10pt;"> Million Equipment Loan shall be amortized over a forty (</font><font style="font-family:inherit;font-size:10pt;">40</font><font style="font-family:inherit;font-size:10pt;">) month period. Equal monthly payments of principal, plus accrued interest, shall thereafter commence on January 9, 2019 and continue monthly on the same day of each month thereafter, with all outstanding principal, accrued interest, and all other amounts then due and owing to be payable on May 1, 2022, its maturity date.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Debtors had a loan agreement with the Bank under the 2018 Master Loan Agreement for the </font><font style="font-family:inherit;font-size:10pt;">$27.49 Million</font><font style="font-family:inherit;font-size:10pt;"> Equipment Loan (previously </font><font style="font-family:inherit;font-size:10pt;">$22.6 Million</font><font style="font-family:inherit;font-size:10pt;"> Equipment Loan), which is guaranteed by the Debtors and includes the grant of a continuing security interest in all now owned and after acquired and wherever located personal property of the Debtors. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The </font><font style="font-family:inherit;font-size:10pt;">Working Capital Loan</font><font style="font-family:inherit;font-size:10pt;"> and the </font><font style="font-family:inherit;font-size:10pt;">$27.49 Million</font><font style="font-family:inherit;font-size:10pt;"> Equipment Loan (previously </font><font style="font-family:inherit;font-size:10pt;">$22.6 Million</font><font style="font-family:inherit;font-size:10pt;"> Equipment Loan)</font><font style="font-family:inherit;font-size:9pt;"> </font><font style="font-family:inherit;font-size:10pt;">bear interest at a rate per annum equal to one month LIBOR (as defined in the documentation related to each loan) plus </font><font style="font-family:inherit;font-size:10pt;">1.80%</font><font style="font-family:inherit;font-size:10pt;">, which will be adjusted monthly and subject to a maximum rate as described in the documentation related to each loan. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;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.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Other Long-Term Debt</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company had an equipment purchase loan agreement for a specialty piece of equipment to be used in the Company&#8217;s electrical construction operations in the amount of </font><font style="font-family:inherit;font-size:10pt;">$405,000</font><font style="font-family:inherit;font-size:10pt;"> plus interest and sales tax. The agreement requires monthly payments of </font><font style="font-family:inherit;font-size:10pt;">$10,687</font><font style="font-family:inherit;font-size:10pt;"> plus interest at a </font><font style="font-family:inherit;font-size:10pt;">5.85%</font><font style="font-family:inherit;font-size:10pt;"> fixed rate. The loan matures on June 14, 2021 and there are no early payment provisions.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table disaggregates the Company&#8217;s revenue for </font><font style="font-family:inherit;font-size:10pt;">the three and six month periods ended June 30 as indicated</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:40%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Three Months Ended June 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Six Months Ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Electrical construction operations </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Southeast</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,841,543</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,568,313</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">27,825,088</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">34,006,880</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">mid-Atlantic</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,586,509</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,346,770</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,860,932</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,513,381</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Texas and Southwest</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,258,717</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,028,058</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,461,782</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,193,704</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other electrical construction </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">508,998</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">861,326</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,179,884</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,539,149</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:44px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">36,195,767</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,804,467</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">70,327,686</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58,253,114</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">All Other </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,311,477</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">305,415</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,618,254</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,580,632</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:44px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total revenue</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">37,507,244</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29,109,882</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,945,940</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">59,833,746</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">___________________________</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="17" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font><font style="font-family:inherit;font-size:10pt;">&#160;Principal electrical construction operations includes revenue from transmission lines, distribution systems, substations and drilled pier foundations.</font></div></td></tr><tr><td colspan="17" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2) </sup></font><font style="font-family:inherit;font-size:10pt;">Other electrical construction includes revenue from storm work, fiber optics and other miscellaneous electrical construction items.</font></div></td></tr><tr><td colspan="17" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font><font style="font-family:inherit;font-size:10pt;">&#160;Mainly real estate construction revenue.</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Commitments and Contingencies Related to</font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;"> </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Discontinued Operations</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Discontinued operations represent former mining activities, the last of which ended in 2002. Pursuant to an agreement with the United States Environmental Protection Agency (the &#8220;EPA&#8221;), the Company performed certain remediation actions at a property sold over fifty years ago. This remediation work was completed by September 30, 2015. The Company has established a contingency provision related to discontinued operations, which was </font><font style="font-family:inherit;font-size:10pt;">$502,000</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$522,000</font><font style="font-family:inherit;font-size:10pt;">, as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, respectively. No change to the provision was required for either of </font><font style="font-family:inherit;font-size:10pt;">the three and six month periods ended June 30, 2018 and 2017</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The remaining balance of the accrued remediation costs as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> mainly represents estimated future charges for EPA response costs, monitoring of the property, and legal costs. The total costs to be incurred in future periods may vary from this estimate. The amounts recorded in the aforementioned contingency provision are not discounted. The provision will be reviewed periodically based upon facts and circumstances available at the time.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Income Per Share of Common Stock</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Basic income per common share is computed by dividing net income by the weighted average number of common stock shares outstanding during the period. Diluted income 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.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2017</font><font style="font-family:inherit;font-size:10pt;">, the Company had no common stock equivalents. The computation of the weighted average number of common stock shares outstanding excludes </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">2,362,418</font><font style="font-family:inherit;font-size:10pt;"> shares of Treasury Stock for each of </font><font style="font-family:inherit;font-size:10pt;">the three and six month periods ended June 30, 2018 and 2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Fair Value of Financial Instruments</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s financial instruments include cash and cash equivalents, accounts receivable and accrued billings, restricted cash collateral deposited with insurance carriers, cash surrender value of life insurance policies, accounts payable, notes payable, and other current liabilities.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The three levels of inputs that may be used are:</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 1 - Quoted market prices in active markets for identical assets or liabilities.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 2 - Observable market based inputs or other observable inputs.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Level 3 - Significant unobservable inputs that cannot be corroborated by observable market data. These values are generally determined using valuation models incorporating management&#8217;s estimates of market participant assumptions.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 on 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 Company has determined the fair value of its fixed rate other long-term debt to be </font><font style="font-family:inherit;font-size:10pt;">$348,000</font><font style="font-family:inherit;font-size:10pt;"> using an interest rate of </font><font style="font-family:inherit;font-size:10pt;">3.76%</font><font style="font-family:inherit;font-size:10pt;"> (Level 2 input), which is the Company&#8217;s current interest rate on borrowings. The Company&#8217;s carrying value of long-term notes payable are estimated by management to approximate fair value since the interest rates prescribed by Branch Banking and Trust Company (the &#8220;Bank&#8221;) are variable market interest rates and are adjusted periodically, and as such, are classified as Level 2. 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 and as such, is classified as Level 2. </font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Goodwill and Other Intangible Assets</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents the gross and net balances of our goodwill and intangible assets as of the dates indicated:</font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="26" rowspan="1"></td></tr><tr><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">June 30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">December&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Useful Life<br clear="none"/>(Years)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Gross Carrying Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Accumulated Amortization</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Net Carrying Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Gross Carrying Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Accumulated Amortization</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Net Carrying Amount</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indefinite-lived and non-amortizable acquired intangible assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Goodwill</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indefinite</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101,407</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101,407</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101,407</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101,407</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Definite-lived and amortizable acquired intangible assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Trademarks/Names</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">640,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(192,004</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">447,996</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">640,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(170,670</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">469,330</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Customer relationships</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">350,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(78,750</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">271,250</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">350,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(70,000</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">280,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-competition agreement</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9,330</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">670</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,664</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,336</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,800</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(13,800</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,800</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(13,800</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,013,800</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(293,884</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">719,916</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,013,800</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(263,134</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">750,666</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amortization of definite-lived intangible assets will be approximately&#160;</font><font style="font-family:inherit;font-size:10pt;">$60,000</font><font style="font-family:inherit;font-size:10pt;">&#160;annually for </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;">&#160;through&#160;</font><font style="font-family:inherit;font-size:10pt;">2022</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Goodwill and Intangible Assets</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Intangible assets with finite useful lives recorded in connection with a historical acquisition are 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 relationships and trademarks. 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 </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, the Company assessed the recoverability of its long-lived assets and goodwill, by reviewing relevant events and circumstances to evaluate the qualitative factors in addition to the quantitative impairment test. As a result, there was no impairment of the carrying amounts of such assets.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Income Taxes</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents the provision for income tax and the effective tax rates from continuing operations for </font><font style="font-family:inherit;font-size:10pt;">the three and six month periods ended June 30 as indicated</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;padding-top:4px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:41%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Three Months Ended June 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Six Months Ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income tax provision</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,037,512</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,466,378</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,915,651</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,003,516</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective income tax rate</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">32.5</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">36.8</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29.6</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">36.7</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act (the &#8220;Tax Act&#8221;). The Tax Act significantly revises the U.S. tax code by, among other items, reducing the federal corporate tax rate from its highest rate of 35% to a single rate of 21%. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s expected tax rate for the year ending </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;">, which was calculated based on the estimated annual operating results for the year, is </font><font style="font-family:inherit;font-size:10pt;">29.6%</font><font style="font-family:inherit;font-size:10pt;">. The expected tax rate differs from the federal statutory rate of </font><font style="font-family:inherit;font-size:10pt;">21%</font><font style="font-family:inherit;font-size:10pt;"> due to state income taxes, the Tax Act eliminating the domestic production activities deduction and nondeductible expenses including eliminating the deductibility of excess executive compensation over $1 million.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s effective tax rate for </font><font style="font-family:inherit;font-size:10pt;">the three months ended June 30, 2018</font><font style="font-family:inherit;font-size:10pt;"> was </font><font style="font-family:inherit;font-size:10pt;">32.5%</font><font style="font-family:inherit;font-size:10pt;"> and differs from the federal statutory rate of </font><font style="font-family:inherit;font-size:10pt;">21%</font><font style="font-family:inherit;font-size:10pt;"> due to state income taxes and nondeductible expenses. It is higher than our expected tax rate of 29.6% due to nondeductible executive compensation. The effective tax rate for </font><font style="font-family:inherit;font-size:10pt;">the six months ended June 30, 2018</font><font style="font-family:inherit;font-size:10pt;"> was </font><font style="font-family:inherit;font-size:10pt;">29.6%</font><font style="font-family:inherit;font-size:10pt;"> and reflects the annual expected tax rate for 2018. The effective tax rate for </font><font style="font-family:inherit;font-size:10pt;">the three and six months ended June 30, 2017</font><font style="font-family:inherit;font-size:10pt;"> was </font><font style="font-family:inherit;font-size:10pt;">36.8%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">36.7%</font><font style="font-family:inherit;font-size:10pt;">, which differs from the federal statutory rate of </font><font style="font-family:inherit;font-size:10pt;">34%</font><font style="font-family:inherit;font-size:10pt;"> due to state income taxes and nondeductible expenses offset by the domestic production activities deduction. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company is evaluating the impact of the new revenue standard under ASC 606 for tax purposes. A review of the changes in the Company&#8217;s revenue recognition process indicates it will be a non-automatic change in accounting method based on current Internal Revenue Service (&#8220;IRS&#8221;) regulations. The Company estimates the impact to be a decrease of approximately </font><font style="font-family:inherit;font-size:10pt;">$40,000</font><font style="font-family:inherit;font-size:10pt;"> revenue and </font><font style="font-family:inherit;font-size:10pt;">$10,000</font><font style="font-family:inherit;font-size:10pt;"> tax provision. This impact has not been reported in the financial statements as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> as it is a non-automatic change at this time and is subject to review and approval by the IRS.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company accounts for income taxes in accordance with ASC Topic 740, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Income Taxes</font><font style="font-family:inherit;font-size:10pt;">, 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.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of June 30, 2018, the Company&#8217;s deferred tax liabilities are primarily comprised of tax depreciation in excess of book depreciation and are offset by deferred tax assets, largely comprised of accrued vacation, accrued payables, accrued workers&#8217; compensation claims, inventory adjustments, accrued remediation costs and percentage of completion capitalized cost method on long-term real estate construction. 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 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 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.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> is approximately </font><font style="font-family:inherit;font-size:10pt;">$6.2 million</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has gross unrecognized tax benefits of </font><font style="font-family:inherit;font-size:10pt;">$5,000</font><font style="font-family:inherit;font-size:10pt;"> as of both </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">. 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 </font><font style="font-family:inherit;font-size:10pt;">2014</font><font style="font-family:inherit;font-size:10pt;"> 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.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Recent Accounting Pronouncements</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued ASU 2014-09, ASC Topic 606, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASC 606&#8221;)</font><font style="font-family:inherit;font-size:10pt;font-style:italic;">,</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;color:#252525;">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 </font><font style="font-family:inherit;font-size:10pt;">International Financial Reporting Standards (&#8220;IFRS&#8221;)</font><font style="font-family:inherit;font-size:10pt;color:#252525;">. Subsequently the FASB issued various ASUs in relation to the new revenue recognition standard. The core principle of </font><font style="font-family:inherit;font-size:10pt;">ASC 606</font><font style="font-family:inherit;font-size:10pt;color:#252525;"> 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. </font><font style="font-family:inherit;font-size:10pt;">ASC 606</font><font style="font-family:inherit;font-size:10pt;color:#252525;"> 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. </font><font style="font-family:inherit;font-size:10pt;">ASC 606</font><font style="font-family:inherit;font-size:10pt;color:#252525;"> allows for either retrospective </font><font style="font-family:inherit;font-size:10pt;">or cumulative effect transition</font><font style="font-family:inherit;font-size:10pt;color:#252525;"> methods of adoption and is effective for periods beginning after </font><font style="font-family:inherit;font-size:10pt;">December 15, 2017</font><font style="font-family:inherit;font-size:10pt;color:#252525;">. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#252525;">On January 1, 2018 the Company adopted</font><font style="font-family:inherit;font-size:10pt;"> the new accounting standard ASC 606 and all the related amendments (&#8220;new revenue standard&#8221;) to all applicable contracts using the modified retrospective method (cumulative effect method). Applicable contracts did not include contracts considered substantially complete. Contracts that were modified before the beginning of the earliest period presented were not retrospectively restated. Instead, the Company reflected the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price as of the date of adoption. Adoption of the new revenue standard did not result in significant changes to the Company&#8217;s accounting policies, business processes, systems or controls, or have a material impact on its financial position, results of operations and cash flows. In addition, the Company concluded that the cumulative effect of initially applying the new revenue standard was immaterial and consequently did not record an adjustment to the opening balance of retained earnings (less than </font><font style="font-family:inherit;font-size:10pt;">$30,000</font><font style="font-family:inherit;font-size:10pt;"> net of tax). The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company does not expect the adoption of the new revenue standard to have a material impact to its financial position, results of operations and cash flows on an ongoing basis. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#252525;">Specifically, under the new revenue standard, electrical construction fixed-price contracts previously accounted for under ASC 605-35 will be recognized over time as services are performed and the underlying obligations to customers are fulfilled. This resulted mainly in the use of input measures on a cost to cost basis similar to the practices previously in place for contracts accounted for under ASC 605-35. The Company concluded that under the new revenue standard the primary impact is on the timing of when contract modifications, variable consideration and change orders are recognized, mainly due to the application of the contract identification criteria. This resulted in timing differences on the recognition in revenue and margin when compared to prior practices. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#252525;">The Company has also determined that electrical construction contracts previously accounted for on a man hour and equipment basis will be recognized over time as services are performed and the underlying obligations to customers are fulfilled. The Company has elected to apply the practical expedient within ASC 606-10-55-18 for contracts that are routinely billed based on established man hour and equipment rates and the amounts invoiced correspond directly with the value to the customer of the Company&#8217;s performance completed to date. These contracts will be treated as a series of distinct services transferred over time and will generally result in a similar revenue pattern when compared to the prior accounting policies.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#252525;">Additionally, for real estate development operations presented under the caption &#8220;Other&#8221; in the consolidated financial statements, the Company determined that there is no change in the pattern of revenue recognition and will continue to recognize revenue upon the transfer of control of the promised real estate properties, generally at time of closing. S</font><font style="font-family:inherit;font-size:10pt;">ee note 8 for more information regarding the impact of the new revenue standard. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In&#160;February 2016, the FASB issued&#160;ASU 2016-02,&#160;to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with earlier application permitted.&#160; Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption.&#160; The Company expects this new guidance to cause a material increase to the assets and liabilities on the Company&#8217;s consolidated balance sheets. The Company is currently assessing the effect the adoption will have on its consolidated financial statements of income. The impact of this ASU is&#160;non-cash&#160;in nature, therefore the Company does not expect the adoption of this new guidance to have a material impact on the Company&#8217;s cash flows or liquidity.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued&#160;ASU 2016-15, which provides clarification regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. In addition, in November 2016, the FASB issued ASU&#160;2016-18, which requires that amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Both updates are effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted. The Company has adopted these updates and determined there is not a material impact on its consolidated financial statements due to the adoption. The consolidated statement of cash flows for the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2017</font><font style="font-family:inherit;font-size:10pt;">, has been adjusted on the line item </font><font style="font-family:inherit;font-size:10pt;color:#252525;">&#8220;</font><font style="font-family:inherit;font-size:10pt;">Accounts receivable and accrued billings</font><font style="font-family:inherit;font-size:10pt;color:#252525;">&#8221;</font><font style="font-family:inherit;font-size:10pt;"> to reflect an immaterial difference in the balance of cash, cash equivalents and restricted cash for the </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> period. The Company did not make any other prior period adjustments due to the adoption of this ASU. Had the Company made the adjustment to its consolidated balance sheet as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, restricted cash would have decreased by approximately </font><font style="font-family:inherit;font-size:10pt;">$2,300</font><font style="font-family:inherit;font-size:10pt;"> with a corresponding increase to other receivables. This adjustment is associated with the interest income earned on the amount deposited in a trust account for the restricted cash balance. See note 10 for additional restricted cash disclosure information.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In October 2016, the FASB issued ASU&#160;2016-16, which eliminates the requirement to defer the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. Under the new guidance, an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This update is effective for fiscal years beginning after December&#160;15, 2017, including interim periods within those fiscal years; early adoption is permitted and is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings at the time of adoption.&#160;The adoption of ASU 2016-16 had no impact on the Company&#8217;s consolidated financial statements.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued ASU 2017-04,&#160;which eliminates Step 2 of the current goodwill impairment test. A goodwill impairment loss will instead be measured at the amount by which a reporting unit&#8217;s carrying value exceeds its fair value, not to exceed the recorded amount of goodwill allocated to that reporting unit. The provisions of this ASU are effective for years beginning after December 15, 2019, with early adoption permitted for any impairment test performed on testing dates after January 1, 2017. The Company is currently assessing the impact that adoption will have on its consolidated financial statements however, the Company does not expect this ASU to have a significant impact on its consolidated financial statements.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reclassifications</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts previously reflected in the prior year statement of cash flows have been reclassified to conform to the Company&#8217;s </font><font style="font-family:inherit;font-size:10pt;">2018</font><font style="font-family:inherit;font-size:10pt;"> presentation. The reclassifications are associated with the adoption of ASU 2016-15 for restricted cash.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Restricted Cash</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Restricted cash, reported under &#8220;Deferred charges and other assets&#8221; on the Company&#8217;s consolidated balance sheet, represents amounts deposited in a trust account to secure the Company&#8217;s obligations in connection with the Company&#8217;s previous workers&#8217; compensation insurance policy.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows as of the dates indicated:</font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:58%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">June&#160;30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">December&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash and cash equivalents</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,870,523</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18,529,757</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Restricted cash</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">102,027</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">102,027</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,972,550</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18,631,784</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Contract Assets and Contract Liabilities</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;color:#252525;">On January 1, 2018 the Company adopted</font><font style="font-family:inherit;font-size:10pt;"> the new accounting standard ASC 606 and all the related amendments (&#8220;new revenue standard&#8221;) to all applicable contracts using the modified retrospective method. Applicable contracts did not include contracts considered substantially complete. Contracts that were modified before the beginning of the earliest period presented were not retrospectively restated. Instead, the Company reflected the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price as of the date of adoption. Adoption of this standard did not result in significant changes to the Company&#8217;s accounting policies, business processes, systems or controls, or have a material impact on its financial position, results of operations and cash flows.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents the net contract assets and liabilities for the electrical construction operations as of the dates indicated: </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="13" rowspan="1"></td></tr><tr><td style="width:42%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">June&#160;30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">December&#160;31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">$ Change</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contract assets </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,411,674</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,074,346</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,337,328</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contract liabilities </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(312,900</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(367,552</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">54,652</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Net contract assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,098,774</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,706,794</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,391,980</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="13" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font><font style="font-family:inherit;font-size:10pt;">&#160;Contract assets consist of amounts under the caption </font><font style="font-family:inherit;font-size:10pt;color:#252525;">&#8220;</font><font style="font-family:inherit;font-size:10pt;">Costs and estimated earnings in excess of billings on uncompleted contracts.</font><font style="font-family:inherit;font-size:10pt;color:#252525;">&#8221;</font></div></td></tr><tr><td colspan="13" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2) </sup></font><font style="font-family:inherit;font-size:10pt;">Contract liabilities consist of the aggregate of amounts presented under the caption </font><font style="font-family:inherit;font-size:10pt;color:#252525;">&#8220;</font><font style="font-family:inherit;font-size:10pt;">Billings in excess of costs and estimated earnings on uncompleted contracts</font><font style="font-family:inherit;font-size:10pt;color:#252525;">&#8221;</font><font style="font-family:inherit;font-size:10pt;">&#160;and any contract loss accruals included in </font><font style="font-family:inherit;font-size:10pt;color:#252525;">&#8220;</font><font style="font-family:inherit;font-size:10pt;">Accounts payable and accrued liabilities.</font><font style="font-family:inherit;font-size:10pt;color:#252525;">&#8221;</font></div></td></tr></table></div></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents the changes in the net contract assets and liabilities for the electrical construction operations for </font><font style="font-family:inherit;font-size:10pt;">the six months ended June 30, 2018</font><font style="font-family:inherit;font-size:10pt;"> as indicated: </font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="5" rowspan="1"></td></tr><tr><td style="width:79%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">$ Change</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Six Months Ended June 30, 2018</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cumulative adjustment due to changes in contract values </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,617,498</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cumulative adjustment due to changes in estimated costs at completion</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(1,431,142</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenue recognized in the period</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">53,216,138</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Amounts reclassified to receivables</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(49,139,706</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Impairment of contract assets </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">129,192</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">4,391,980</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="5" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1) </sup></font><font style="font-family:inherit;font-size:10pt;">Amount attributable to contract modifications accounted for on a cumulative catch-up basis where the customer has approved a change in the scope or price of the contract, where the modification is treated as part of the existing contract and where the remaining goods and services are not distinct.</font></div></td></tr><tr><td colspan="5" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font><font style="font-family:inherit;font-size:10pt;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">&#160;</sup></font><font style="font-family:inherit;font-size:10pt;">Adjustment amounts due to changes in contract losses.</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For </font><font style="font-family:inherit;font-size:10pt;">the six months ended June 30, 2018</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">$166,000</font><font style="font-family:inherit;font-size:10pt;"> of the total revenue recognized in the current period was attributable to the contract liability billings in excess of costs and estimated earnings on uncompleted contracts&#8217; balance as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div><div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Revenue Recognition and Significant Accounting Policies Disclosures</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January 1, 2018, the Company adopted the new revenue standard ASC 606 and all the related amendments (&#8220;new revenue standard&#8221;). Adoption of this standard did not result in significant changes to the Company&#8217;s accounting policies, business processes, systems or controls, or have a material impact on its financial position, results of operations and cash flows. The Company concluded that the cumulative effect of initially applying the new revenue standard was immaterial and consequently did not record an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company does not expect the adoption of the new revenue standard&#160;to have a material impact to its financial position, results of operations and cash flows on an ongoing basis. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company&#8217;s significant accounting policies are detailed in &#8220;Note 1: Organization and Summary of Significant Accounting Policies&#8221; within Item 8 of the Company&#8217;s Annual Report on Form 10-K for the year ended December 31, 2017. Changes to the Company&#8217;s accounting policies as a result of adopting the new revenue standard are discussed below.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">To determine the proper revenue recognition method for contracts for electrical construction services, the Company evaluates whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment and the decision to combine a group of contracts or separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period. For most of the contracts, the Company provides a significant service of integrating a complex set of tasks and components into a single project or capability. Hence, the entire contract is accounted for as one performance obligation. However, less likely, if a contract is separated into more than one performance obligation, the Company allocates the total transaction price for each performance obligation in an amount based on the estimated relative stand-alone selling prices of the promised goods or services underlying each performance obligation.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company generally recognizes revenue over time as it performs because of continuous transfer of control to the customer. Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The cost-to-cost measure of progress is generally used for its contracts because it best depicts the transfer of control to the customer which occurs as the Company incurs costs on the contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenue is recorded proportionally as costs are incurred.&#160;</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Due to the nature of the work required to be performed on many of the performance obligations, the estimation of total revenue and cost at completion is complex, subject to many variables and requires significant judgment. The Company estimates variable consideration at the most likely amount which the Company expects to receive. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of all information (historical, current and forecasted) that is reasonably available to the Company.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Contracts are often modified to account for changes in contract specifications and requirements. The Company considers contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most of the contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company has a standard and disciplined quarterly estimated costs at completion process in which management reviews the progress and execution of our performance obligations. Management must make assumptions and estimates regarding labor productivity and availability, the complexity of the work to be performed, the availability of materials, the length of time to complete the performance obligation (e.g., to estimate increases in wages and prices for materials and related support cost allocations), and execution by our subcontractors, among other variables. Based on this analysis, any quarterly adjustments to net revenue, cost of electrical construction revenue and the related impact to operating income are recognized as necessary in the period they become known.&#160;</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table disaggregates the Company&#8217;s revenue for </font><font style="font-family:inherit;font-size:10pt;">the three and six month periods ended June 30 as indicated</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:40%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:12%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Three Months Ended June 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Six Months Ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Electrical construction operations </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Southeast</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15,841,543</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,568,313</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">27,825,088</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">34,006,880</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">mid-Atlantic</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,586,509</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,346,770</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,860,932</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,513,381</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Texas and Southwest</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,258,717</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,028,058</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">21,461,782</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">11,193,704</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other electrical construction </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">508,998</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">861,326</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,179,884</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,539,149</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:44px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">36,195,767</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">28,804,467</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">70,327,686</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">58,253,114</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">All Other </font><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,311,477</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">305,415</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,618,254</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,580,632</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:44px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total revenue</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">37,507,244</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29,109,882</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">71,945,940</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">59,833,746</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">___________________________</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="17" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(1)</sup></font><font style="font-family:inherit;font-size:10pt;">&#160;Principal electrical construction operations includes revenue from transmission lines, distribution systems, substations and drilled pier foundations.</font></div></td></tr><tr><td colspan="17" style="vertical-align:middle;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(2) </sup></font><font style="font-family:inherit;font-size:10pt;">Other electrical construction includes revenue from storm work, fiber optics and other miscellaneous electrical construction items.</font></div></td></tr><tr><td colspan="17" style="vertical-align:middle;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;"><sup style="vertical-align:top;line-height:120%;font-size:7pt">(3)</sup></font><font style="font-family:inherit;font-size:10pt;">&#160;Mainly real estate construction revenue.</font></div></td></tr></table></div><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company would have recognized </font><font style="font-family:inherit;font-size:10pt;">$162,000</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">less</font><font style="font-family:inherit;font-size:10pt;"> revenue under legacy accounting practices for </font><font style="font-family:inherit;font-size:10pt;">the six months ended June 30, 2018</font><font style="font-family:inherit;font-size:10pt;">, than it did under the new revenue standard. This was attributable to the assessment of variable consideration and performance obligations within our contractual arrangements. </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> was </font><font style="font-family:inherit;font-size:10pt;">$23.7 million</font><font style="font-family:inherit;font-size:10pt;">, all of which is expected to be satisfied within the next twelve months.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows as of the dates indicated:</font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="9" rowspan="1"></td></tr><tr><td style="width:58%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">June&#160;30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">December&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash and cash equivalents</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,870,523</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18,529,757</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Restricted cash</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">102,027</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">102,027</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">9,972,550</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18,631,784</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents the provision for income tax and the effective tax rates from continuing operations for </font><font style="font-family:inherit;font-size:10pt;">the three and six month periods ended June 30 as indicated</font><font style="font-family:inherit;font-size:10pt;">:</font></div><div style="line-height:120%;padding-top:4px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="16" rowspan="1"></td></tr><tr><td style="width:41%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:13%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Three Months Ended June 30,</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="7" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Six Months Ended June 30,</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2018</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Income tax provision</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,037,512</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,466,378</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,915,651</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,003,516</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Effective income tax rate</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">32.5</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">36.8</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">29.6</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">36.7</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents the balances of notes payable as of the dates indicated:</font></div><div style="line-height:120%;padding-top:4px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="17" rowspan="1"></td></tr><tr><td style="width:31%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:18%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:10%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Branch Banking and Trust Company </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Maturity Date</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">June&#160;30, <br clear="none"/>2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" rowspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">December 31, 2017</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="5" style="vertical-align:bottom;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Interest Rates</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">June&#160;30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">December&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Previous Working Capital Loan</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November&#160;28, 2019</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,750,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.38</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Working Capital Loan</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">November&#160;28, 2020</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,775,451</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.76</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$27.49 Million Equipment Loan </font><font style="font-family:inherit;font-size:9pt;">(previously $22.6 Million Equipment Loan) </font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">May&#160;1, 2022</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,521,510</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,540,000</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.76</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3.25</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">%</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total notes payable</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,296,961</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22,290,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less unamortized debt issuance costs</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">34,381</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">38,646</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total notes payable, net</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">19,262,580</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">22,251,354</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Less current portion of notes payable, net</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5,064,775</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6,099,787</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="3" style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Notes payable net, less current portion</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">14,197,805</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">16,151,567</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following table presents the gross and net balances of our goodwill and intangible assets as of the dates indicated:</font></div><div style="line-height:120%;padding-top:8px;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="26" rowspan="1"></td></tr><tr><td style="width:19%;" rowspan="1" colspan="1"></td><td style="width:9%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:11%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:8%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">June 30, 2018</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="11" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">December&#160;31, 2017</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Useful Life<br clear="none"/>(Years)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Gross Carrying Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Accumulated Amortization</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Net Carrying Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Gross Carrying Amount</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Accumulated Amortization</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Net Carrying Amount</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indefinite-lived and non-amortizable acquired intangible assets</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;border-top:1px solid #000000;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Goodwill</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indefinite</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101,407</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101,407</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101,407</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">101,407</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;height:20px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Definite-lived and amortizable acquired intangible assets</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Trademarks/Names</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">15</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">640,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(192,004</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">447,996</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">640,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(170,670</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">469,330</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Customer relationships</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">20</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">350,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(78,750</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">271,250</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">350,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(70,000</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">280,000</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;background-color:#cceeff;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-competition agreement</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">5</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(9,330</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">670</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">10,000</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(8,664</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,336</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:20px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other </font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,800</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(13,800</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">13,800</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(13,800</font></div></td><td style="vertical-align:bottom;padding-right:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#8212;</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td colspan="2" style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Total</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,013,800</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(293,884</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">719,916</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">1,013,800</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">(263,134</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-right:2px;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">)</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">750,666</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Segment Reporting </font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates as a single reportable segment, electrical construction, under ASC Topic 280-10-50, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Disclosures about Segments of an Enterprise and Related Information</font><font style="font-family:inherit;font-size:10pt;">. The Company&#8217;s real estate development operation has diminished to a point that it is no longer significant for reporting purposes and, accordingly, results of the ongoing real estate development operations are included in the income statement under the caption &#8220;Other.&#8221; Certain corporate costs are not allocated to the electrical construction segment.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Allowance for Doubtful Accounts</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The allowance for doubtful accounts is the Company&#8217;s best estimate of the amount of probable credit losses in the Company&#8217;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 reasonable means of collection have been exhausted and the potential for recovery is considered remote. As of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, 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.</font></div></div> <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">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 consolidated financial statements in conformity with U.S. generally accepted accounting principles. Actual results could differ from those estimates. Management considers the most significant estimates in preparing these consolidated financial statements to be the estimated costs at completion of electrical construction contracts in progress.</font></div></div> EX-101.SCH 16 gv-20180630.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2108100 - Disclosure - ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures link:presentationLink link:calculationLink link:definitionLink 2408402 - Disclosure - ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures - Disaggregation of Revenue (Details) link:presentationLink link:calculationLink link:definitionLink 2408403 - Disclosure - ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures - Narrative (Details) link:presentationLink link:calculationLink link:definitionLink 2408404 - Disclosure - ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures - Performance Obligation Narrative (Details) link:presentationLink link:calculationLink link:definitionLink 2308301 - Disclosure - ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures (Tables) link:presentationLink link:calculationLink link:definitionLink 2406401 - Disclosure - Commitments and Contingencies (Details) link:presentationLink link:calculationLink link:definitionLink 2106100 - Disclosure - Commitments and Contingencies (Notes) link:presentationLink link:calculationLink link:definitionLink 2104100 - Disclosure - Commitments and Contingencies Related to Discontinued Operations link:presentationLink link:calculationLink link:definitionLink 2404401 - Disclosure - Commitments and Contingencies Related to Discontinued Operations (Details) link:presentationLink link:calculationLink link:definitionLink 1001000 - Statement - Consolidated Balance Sheets link:presentationLink link:calculationLink link:definitionLink 1001501 - Statement - Consolidated Balance Sheets (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 1003000 - Statement - Consolidated Statements of Cash Flows link:presentationLink link:calculationLink link:definitionLink 1002000 - Statement - Consolidated Statements of Income link:presentationLink link:calculationLink link:definitionLink 2402403 - Disclosure - Contract Assets and Contract Liabilities - Changes in Contract Assets and Liabilities (Details) link:presentationLink link:calculationLink link:definitionLink 2102100 - Disclosure - Contract Assets and Contract Liabilities (Notes) link:presentationLink link:calculationLink link:definitionLink 2402402 - Disclosure - Contract Assets and Contract Liabilities - Summary of Contract Assets and Liabilities (Details) link:presentationLink link:calculationLink link:definitionLink 2302301 - Disclosure - Contract Assets and Contract Liabilities (Tables) link:presentationLink link:calculationLink link:definitionLink 2109100 - Disclosure - Customer Concentration link:presentationLink link:calculationLink link:definitionLink 2409401 - Disclosure - Customer Concentration (Details) link:presentationLink link:calculationLink link:definitionLink 0001000 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 2111100 - Disclosure - Goodwill and Other Intangible Assets link:presentationLink link:calculationLink link:definitionLink 2411402 - Disclosure - Goodwill and Other Intangible Assets (Details) link:presentationLink link:calculationLink link:definitionLink 2311301 - Disclosure - Goodwill and Other Intangible Assets (Tables) link:presentationLink link:calculationLink link:definitionLink 2107100 - Disclosure - Income Per Share of Common Stock link:presentationLink link:calculationLink link:definitionLink 2407401 - Disclosure - Income Per Share of Common Stock (Details) link:presentationLink link:calculationLink link:definitionLink 2103100 - Disclosure - Income Taxes link:presentationLink link:calculationLink link:definitionLink 2403402 - Disclosure - Income Taxes (Details) link:presentationLink link:calculationLink link:definitionLink 2303301 - Disclosure - Income Taxes (Tables) link:presentationLink link:calculationLink link:definitionLink 2105100 - Disclosure - Notes Payable and Other Long Term Debt link:presentationLink link:calculationLink link:definitionLink 2405402 - Disclosure - Notes Payable and Other Long Term Debt (Details) link:presentationLink link:calculationLink link:definitionLink 2405402 - Disclosure - Notes Payable and Other Long Term Debt (Details) link:presentationLink link:calculationLink link:definitionLink 2405403 - Disclosure - Notes Payable and Other Long Term Debt (Narrative) (Details) link:presentationLink link:calculationLink link:definitionLink 2305301 - Disclosure - Notes Payable and Other Long Term Debt (Tables) link:presentationLink link:calculationLink link:definitionLink 2101100 - Disclosure - Organization and Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 2401402 - Disclosure - Organization and Summary of Significant Accounting Policies - Narrative (Details) link:presentationLink link:calculationLink link:definitionLink 2201201 - Disclosure - Organization and Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 2110100 - Disclosure - Restricted Cash link:presentationLink link:calculationLink link:definitionLink 2410402 - Disclosure - Restricted Cash (Details) link:presentationLink link:calculationLink link:definitionLink 2310301 - Disclosure - Restricted Cash (Tables) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 17 gv-20180630_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT EX-101.DEF 18 gv-20180630_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT EX-101.LAB 19 gv-20180630_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT Debt Disclosure [Abstract] Schedule of long-term debt Schedule of Long-term Debt Instruments [Table Text Block] Revenue from Contract with Customer [Abstract] Cumulative adjustment due to changes in contract values Contract with Customer, Asset, Cumulative Catch-up Adjustment to Revenue, Modification of Contract Amounts reclassified to receivables Contract with Customer, Liability, Cumulative Catch-up Adjustment to Revenue, Change in Estimate of Transaction Price Revenue recognized in the period Contract with Customer, Liability, Revenue Recognized Amounts reclassified to receivables Contract with Customer, Asset, Reclassified to Receivable Impairment of contract assets Contract With Customer, Asset, Impairment Contract With Customer, Asset, Impairment Total Increase (Decrease) In Net Contract Assets (Liabilities) Increase (Decrease) In Net Contract Assets (Liabilities) Billings in excess of costs and estimated earnings on uncompleted contracts Billings in Excess of Cost Disaggregation of Revenue Disaggregation of Revenue [Table Text Block] Commitments and Contingencies Disclosure [Abstract] Commitments and Contingencies Commitments and Contingencies Disclosure [Text Block] Discontinued Operations and Disposal Groups [Abstract] Commitments and Contingencies Related to Discontinued Operations Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] Contract assets Contract with Customer, Asset, Net Change in contract assets Increase (Decrease) In Contract Asset Increase (Decrease) In Contract Asset Contract liabilities Contract with Customer, Liability Change in contract liabilities Increase (Decrease) In Contract Liabilities Increase (Decrease) In Contract Liabilities Net contract assets Net Contract Assets (Liabilities) Net Contract Assets (Liabilities) Goodwill and Intangible Assets Disclosure [Abstract] Schedule of Finite-Lived Intangible Assets Schedule of Finite-Lived Intangible Assets [Table Text Block] Earnings Per Share [Abstract] Income (Loss) Per Share of Common Stock Earnings Per Share [Text Block] Schedule of Long-term Debt Instruments [Table] Schedule of Long-term Debt Instruments [Table] Long-term Debt, Type [Axis] Long-term Debt, Type [Axis] Long-term Debt, Type [Domain] Long-term Debt, Type [Domain] Previous Working Capital Loan Previous Working Capital Loan [Member] Previous working capital loan. Working Capital Loan Current Working Capital Loan [Member] Current Working Capital Loan [Member] $22.6 Million Equipment Loan Twenty Two Point Six Million Equipment Loan [Member] Twenty Two Point Six Million Equipment Loan [Member] $27.49 Million Equipment Loan Twenty-Seven Point Four Nine Million Equipment Loan [Member] Twenty-Seven Point Four Nine Million Equipment Loan [Member] Debt Instrument [Line Items] Debt Instrument [Line Items] Loan agreement face amount Debt Instrument, Face Amount Maturity Date Debt Instrument, Maturity Date Note payable balance Long-term Debt, Gross Interest Rate Debt Instrument, Interest Rate, Effective Percentage Less unamortized debt issuance costs Debt Issuance Costs, Net Total notes payable, net Notes Payable Less current portion of notes payable, net Notes Payable, Current Notes payable net, less current portion Notes Payable, Noncurrent Income Tax Disclosure [Abstract] Operating Loss Carryforwards [Table] Operating Loss Carryforwards [Table] Scenario [Axis] Scenario [Axis] Scenario, Unspecified [Domain] Scenario, Unspecified [Domain] Pro Forma Pro Forma [Member] Adjustments for New Accounting Pronouncements [Axis] Adjustments for New Accounting Pronouncements [Axis] Type of Adoption [Domain] Type of Adoption [Domain] ASU 2014-09 Accounting Standards Update 2014-09 [Member] Operating Loss Carryforwards [Line Items] Operating Loss Carryforwards [Line Items] Revenues Revenues Income tax provision Income Tax Expense (Benefit) Effective income tax rate Effective Income Tax Rate Reconciliation, Percent Federal statutory rate Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent Minimum amount of future taxable income required to realize deferred tax assets Deferred Tax Assets, Future Income Required to Utilize Deferred Tax Asset Deferred Tax Assets, Future Income Required to Utilize Deferred Tax Asset Unrecognized tax benefits Unrecognized Tax Benefits Contingency provision within discontinued operations Accrual for Environmental Loss Contingencies, Gross Risks and Uncertainties [Abstract] Concentration Risk [Table] Concentration Risk [Table] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Axis] Concentration Risk Benchmark [Domain] Concentration Risk Benchmark [Domain] Revenue [Member] Sales Revenue, Goods, Net [Member] Concentration Risk Type [Axis] Concentration Risk Type [Axis] Concentration Risk Type [Domain] Concentration Risk Type [Domain] Major customers [Member] Customer Concentration Risk [Member] Concentration Risk [Line Items] Concentration Risk [Line Items] Concentration risk, percentage Concentration Risk, Percentage Schedule of Guarantor Obligations [Table] Schedule of Guarantor Obligations [Table] Guarantor Obligations, Nature [Axis] Guarantor Obligations, Nature [Axis] Guarantor Obligations, Nature [Domain] Guarantor Obligations, Nature [Domain] Performance Bond Surety Bond [Member] Guarantor Obligations [Line Items] Guarantor Obligations [Line Items] Outstanding performance bonds Guarantor Obligations, Current Carrying Value Contract Assets and Contract Liabilities Revenue from Contract with Customer [Text Block] Organization, Consolidation and Presentation of Financial Statements [Abstract] Organization and Summary of Significant Accounting Policies Basis of Presentation and Significant Accounting Policies [Text Block] ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures Schedule of Finite-Lived Intangible Assets [Table] Schedule of Finite-Lived Intangible Assets [Table] Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets by Major Class [Axis] Finite-Lived Intangible Assets, Major Class Name [Domain] Finite-Lived Intangible Assets, Major Class Name [Domain] Trademarks/Names Trademarks and Trade Names [Member] Customer relationships Customer Relationships [Member] Non-competition agreement Noncompete Agreements [Member] Other Other Intangible Assets [Member] Finite-Lived Intangible Assets [Line Items] Finite-Lived Intangible Assets [Line Items] Useful Life (Years) Finite-Lived Intangible Asset, Useful Life Goodwill Goodwill Gross Carrying Amount Finite-Lived Intangible Assets, Gross Accumulated Amortization Finite-Lived Intangible Assets, Accumulated Amortization Net Carrying Amount Finite-Lived Intangible Assets, Net Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] Amortization expense, 2018 Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year Amortization expense, 2019 Finite-Lived Intangible Assets, Amortization Expense, Year Two Amortization expense, 2020 Finite-Lived Intangible Assets, Amortization Expense, Year Three Amortization expense, 2021 Finite-Lived Intangible Assets, Amortization Expense, Year Four Amortization expense, 2022 Finite-Lived Intangible Assets, Amortization Expense, Year Five Variable Rate [Axis] Variable Rate [Axis] Variable Rate [Domain] Variable Rate [Domain] LIBOR London Interbank Offered Rate (LIBOR) [Member] Debt Instrument [Axis] Debt Instrument [Axis] Debt Instrument, Name [Domain] Debt Instrument, Name [Domain] Previous Master Loan Agreement Two Thousand Twenty Seven Master Loan Agreement [Member] Two Thousand Twenty Seven Master Loan Agreement [Member] 2018 Master Loan Agreement Two Thousand Eighteen Master Loan Agreement [Member] Two Thousand Eighteen Master Loan Agreement [Member] Equipment Purchase Loan Agreement Equipment Purchase Loan Agreement [Member] Equipment Purchase Loan Agreement [Member] Notes Payable (Textual) [Abstract] Notes Payable (Textual) [Abstract] Notes payable. Revolving line of credit loan Line of Credit Facility, Maximum Borrowing Capacity Borrowings outstanding Letter of credit related to workers' compensation Letters of Credit Outstanding, Amount Basis spread added to monthly LIBOR Debt Instrument, Basis Spread on Variable Rate Repayments on notes payable Repayments of Notes Payable Debt term Debt Instrument, Term Periodic payment of principal and interest Debt Instrument, Periodic Payment Monthly repayment amount Long-term Debt, Maturities, Monthly Repayment Amount Long-term Debt, Maturities, Monthly Repayment Amount Stated rate Debt Instrument, Interest Rate, Stated Percentage Restricted Cash and Investments [Abstract] Restricted Cash Restricted Assets Disclosure [Text Block] Contract with Customer, Asset and Liability Contract with Customer, Asset and Liability [Table Text Block] Schedule of income tax provision from continuing operations Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] Notes Payable and Other Long Term Debt Debt Disclosure [Text Block] Income Statement [Abstract] Statement [Table] Statement [Table] Product and Service [Axis] Product and Service [Axis] Product and Service [Domain] Product and Service [Domain] Electrical construction Electrical Construction Operations [Member] Electrical Construction Operations [Member] Other Product and Service, Other [Member] Statement [Line Items] Statement [Line Items] Revenue Revenues [Abstract] Revenue Revenue from Contract with Customer, Excluding Assessed Tax Total revenue Costs and expenses Costs and Expenses [Abstract] Electrical construction Cost of Electrical Construction This element represents the total of the costs related to construction revenues as described above in revenue section for electrical construction. Other Other Cost of Operating Revenue Selling, general and administrative Selling, General and Administrative Expense Depreciation and amortization Depreciation, Depletion and Amortization, Nonproduction (Gain) loss on sale of property and equipment Gain (Loss) on Disposition of Property Plant Equipment Total costs and expenses Costs and Expenses Total operating income Operating Income (Loss) Other income (expense), net Nonoperating Income (Expense) [Abstract] Interest income Interest and Other Income Interest expense, net of amount capitalized Interest Expense Other income, net Other Nonoperating Income (Expense) Total other expense, net Nonoperating Income (Expense) Income before income taxes Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest Income tax provision Net income Net Income (Loss) Attributable to Parent Net income (loss) per share of common stock — basic and diluted Earnings Per Share, Basic and Diluted [Abstract] Net income per share of common stock - basic and diluted (usd per share) Earnings Per Share, Basic and Diluted Weighted average shares outstanding - basic and diluted (shares) Weighted Average Number of Shares Outstanding, Basic and Diluted Disaggregation of Revenue [Table] Disaggregation of Revenue [Table] All Other Geographical [Axis] Geographical [Axis] Geographical [Domain] Geographical [Domain] Southeast Southeast [Member] Southeast [Member] mid-Atlantic Mid-Atlantic [Member] Mid-Atlantic [Member] Texas and Southwest Texas And Southwest [Member] Texas And Southwest [Member] Other electrical construction Other Electrical Construction [Member] Other Electrical Construction [Member] Disaggregation of Revenue [Line Items] Disaggregation of Revenue [Line Items] Total Overview and Basis of Financial Statement Presentation Basis of Accounting, Policy [Policy Text Block] Allowance for Doubtful Accounts Trade and Other Accounts Receivable, Policy [Policy Text Block] Use of Estimates Use of Estimates, Policy [Policy Text Block] Fair Value of Financial Instruments Fair Value Measurement, Policy [Policy Text Block] Land and Land Development Costs and Residential Properties Under Construction Land and Land Development Costs and Residential Properties Under Construction [Policy Text Block] Land and Land Development Costs and Residential Properties Under Construction [Policy Text Block] Restricted Cash Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] Goodwill and Intangible Assets Goodwill and Intangible Assets, Policy [Policy Text Block] Segment Reporting Segment Reporting, Policy [Policy Text Block] Reclassifications Reclassification, Policy [Policy Text Block] Recent Accounting Pronouncements New Accounting Pronouncements, Policy [Policy Text Block] Document And Entity Information [Abstract] [Abstract] Document And Entity Information [Abstract] [Abstract] Document Type Document Type Amendment Flag Amendment Flag Document Period End Date Document Period End Date Document Fiscal Year Focus Document Fiscal Year Focus Document Fiscal Period Focus Document Fiscal Period Focus Entity Registrant Name Entity Registrant Name Entity Central Index Key Entity Central Index Key Current Fiscal Year End Date Current Fiscal Year End Date Entity Filer Category Entity Filer Category Entity Common Stock, Shares Outstanding Entity Common Stock, Shares Outstanding New Accounting Pronouncements or Change in Accounting Principle [Table] New Accounting Pronouncements or Change in Accounting Principle [Table] Notes payable Notes Payable to Banks [Member] Fixed rate long-term installment notes payable Fixed Rate Long-term Installment Notes Payable [Member] Fixed Rate Long-term Installment Notes Payable [Member] Measurement Input Type [Axis] Measurement Input Type [Axis] Measurement Input Type [Domain] Measurement Input Type [Domain] Interest rate Measurement Input, Discount Rate [Member] ASU 2016-15 Accounting Standards Update 2016-15 [Member] Equity Components [Axis] Equity Components [Axis] Equity Component [Domain] Equity Component [Domain] Retained Earnings Retained Earnings [Member] New Accounting Pronouncements or Change in Accounting Principle [Line Items] New Accounting Pronouncements or Change in Accounting Principle [Line Items] Long-term debt, fair value Debt Instrument, Fair Value Disclosure Measurement input Debt Instrument, Measurement Input Cumulative effect of accounting principle Cumulative Effect of New Accounting Principle in Period of Adoption Restricted Cash Restricted Cash Statement of Financial Position [Abstract] Property, buildings and equipment, accumulated depreciation Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment Finite-lived intangible assets, accumulated amortization Preferred stock, par value (usd per share) Preferred Stock, Par or Stated Value Per Share Preferred stock, shares authorized Preferred Stock, Shares Authorized Preferred stock, shares issued Preferred Stock, Shares Issued Common stock, par value (usd per share) Common Stock, Par or Stated Value Per Share Common stock, shares authorized Common Stock, Shares Authorized Common stock, shares issued Common Stock, Shares, Issued Common stock, shares outstanding Common Stock, Shares, Outstanding Treasury stock, shares Treasury Stock, Shares Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table] Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table] Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis] Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis] Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] Remaining performance obligation Revenue, Remaining Performance Obligation, Amount ASSETS Assets [Abstract] Current assets Assets, Current [Abstract] Cash and cash equivalents Cash and Cash Equivalents, at Carrying Value Accounts receivable and accrued billings Accounts Receivable, Net, Current Costs and estimated earnings in excess of billings on uncompleted contracts Costs in Excess of Billings Income taxes receivable Income Taxes Receivable, Current Residential properties under construction Inventory, Homes under Construction Prepaid expenses Prepaid Expense, Current Other current assets Other Assets, Current Total current assets Assets, Current Property, buildings and equipment, at cost, net of accumulated depreciation of $40,507,579 in 2018 and $38,927,654 in 2017 Property, Plant and Equipment, Net Deferred charges and other assets Deferred Costs [Abstract] Land and land development costs Inventory, Real Estate, Land and Land Development Costs Cash surrender value of life insurance Cash Surrender Value of Life Insurance Restricted cash Restricted Cash and Cash Equivalents, Noncurrent Intangibles, net of accumulated amortization of $293,884 in 2018 and $263,134 in 2017 Intangible Assets, Net (Excluding Goodwill) Total deferred charges and other assets Deferred Charges and Other Assets Deferred charges and other assets. Total assets Assets LIABILITIES AND STOCKHOLDERS’ EQUITY Liabilities and Equity [Abstract] Current liabilities Liabilities, Current [Abstract] Accounts payable and accrued liabilities Accounts Payable and Accrued Liabilities, Current Current portion of other long-term debt Contract with Customer, Liability, Current Current portion of notes payable, net Income taxes payable Taxes Payable, Current Accrued remediation costs Accrual for Environmental Loss Contingencies Total current liabilities Liabilities, Current Deferred income taxes Deferred Tax Liabilities, Gross, Noncurrent Accrued remediation costs, less current portion Accrued Environmental Loss Contingencies, Noncurrent Other long-term debt, less current portion, net Contract with Customer, Liability, Noncurrent Notes payable, less current portion, net Other accrued liabilities Other Accrued Liabilities, Noncurrent Total liabilities Liabilities Commitments and contingencies (notes 4 and 6) Commitments and Contingencies Stockholders’ equity Stockholders' Equity Attributable to Parent [Abstract] Preferred stock, $1 par value, 5,000,000 shares authorized, none issued Preferred Stock, Value, Issued Common stock, $.10 par value, 40,000,000 shares authorized; 27,813,772 shares issued and 25,451,354 shares outstanding Common Stock, Value, Issued Additional paid-in capital Additional Paid in Capital Retained earnings Retained Earnings (Accumulated Deficit) Treasury stock, 2,362,418 shares, at cost Treasury Stock, Value Total stockholders’ equity Stockholders' Equity Attributable to Parent Total liabilities and stockholders’ equity Liabilities and Equity Customer Concentration Concentration Risk Disclosure [Text Block] Income Taxes Income Tax Disclosure [Text Block] Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash and Cash Equivalents Schedule of Cash and Cash Equivalents [Table Text Block] Revenue, Initial Application Period Cumulative Effect Transition [Table] Revenue, Initial Application Period Cumulative Effect Transition [Table] Initial Application Period Cumulative Effect Transition [Axis] Initial Application Period Cumulative Effect Transition [Axis] Initial Application Period Cumulative Effect Transition [Domain] Initial Application Period Cumulative Effect Transition [Domain] Calculated under Revenue Guidance in Effect before Topic 606 Calculated under Revenue Guidance in Effect before Topic 606 [Member] Revenue, Initial Application Period Cumulative Effect Transition [Line Items] Revenue, Initial Application Period Cumulative Effect Transition [Line Items] Cash and cash equivalents Restricted cash Cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents Statement of Cash Flows [Abstract] Cash flows from operating activities Net Cash Provided by (Used in) Operating Activities [Abstract] Net income Adjustments to reconcile net income to net cash provided by operating activities Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract] Depreciation and amortization Depreciation, Depletion and Amortization Amortization of debt issuance costs Amortization of Debt Issuance Costs Deferred income taxes Deferred Income Tax Expense (Benefit), Including Discontinued Operations Deferred Income Tax Expense (Benefit), Including Discontinued Operations (Gain) loss on sale of property and equipment Other losses Other Nonoperating Gains (Losses) Changes in operating assets and liabilities Increase (Decrease) in Operating Capital [Abstract] Accounts receivable and accrued billings Increase (Decrease) in Accounts and Other Receivables Costs and estimated earnings in excess of billings on uncompleted contracts Increase (Decrease) in Cost in Excess of Billing on Uncompleted Contract Residential properties under construction Increase (Decrease) in Construction Payables Income taxes receivable Increase (Decrease) in Income Taxes Receivable Prepaid expenses and other assets Increase (Decrease) in Prepaid Expense and Other Assets Land and land development costs Increase (Decrease) in Land and Land Development Costs Increase (Decrease) in Land and Land Development Costs Income taxes payable Increase (Decrease) in Income Taxes Payable Accounts payable and accrued liabilities Increase (Decrease) in Accounts Payable and Accrued Liabilities Billings in excess of costs and estimated earnings on uncompleted contracts Increase (Decrease) in Billing in Excess of Cost of Earnings Accrued remediation costs Environmental Expense and Liabilities Net cash provided by operating activities Net Cash Provided by (Used in) Operating Activities Cash flows from investing activities Net Cash Provided by (Used in) Investing Activities [Abstract] Proceeds from disposal of property and equipment Proceeds from Sale of Property, Plant, and Equipment Purchases of property, buildings and equipment Payments to Acquire Property, Plant, and Equipment Net cash used in investing activities Net Cash Provided by (Used in) Investing Activities Cash flows from financing activities Net Cash Provided by (Used in) Financing Activities [Abstract] Proceeds from notes payable Proceeds from Notes Payable Repayments on notes payable Other long-term debt repayments Repayments of Other Long-term Debt Debt issuance costs Payments of Debt Issuance Costs Net cash (used in) provided by financing activities Net Cash Provided by (Used in) Financing Activities Net (decrease) increase in cash, cash equivalents and restricted cash Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect Cash, cash equivalents and restricted cash at beginning of the period Cash, cash equivalents and restricted cash at end of the period Supplemental disclosure of cash flow information Supplemental Cash Flow Information [Abstract] Interest paid, net of amounts capitalized Interest Paid, Including Capitalized Interest, Operating and Investing Activities Income taxes paid, net Income Taxes Paid, Net Supplemental disclosure of non-cash investing Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] Liability for equipment acquired Capital Expenditures Incurred but Not yet Paid Equipment funded by other long-term debt Noncash or Part Noncash Acquisition, Fixed Assets Acquired Shares of treasury stock excluded from weighted average number of common stock shares outstanding Goodwill and Other Intangible Assets Goodwill and Intangible Assets Disclosure [Text Block] EX-101.PRE 20 gv-20180630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT XML 21 R1.htm IDEA: XBRL DOCUMENT v3.10.0.1
Document and Entity Information - shares
6 Months Ended
Jun. 30, 2018
Aug. 03, 2018
Document And Entity Information [Abstract] [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2018  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q2  
Entity Registrant Name GOLDFIELD CORP  
Entity Central Index Key 0000042316  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Entity Common Stock, Shares Outstanding   25,451,354
XML 22 R2.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Balance Sheets - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Current assets    
Cash and cash equivalents $ 9,870,523 $ 18,529,757
Accounts receivable and accrued billings 24,418,346 21,566,842
Costs and estimated earnings in excess of billings on uncompleted contracts 10,411,674 6,074,346
Income taxes receivable 0 619,552
Residential properties under construction 4,818,522 2,412,202
Prepaid expenses 1,125,766 993,668
Other current assets 851,602 1,532,110
Total current assets 51,496,433 51,728,477
Property, buildings and equipment, at cost, net of accumulated depreciation of $40,507,579 in 2018 and $38,927,654 in 2017 40,206,369 36,072,300
Deferred charges and other assets    
Land and land development costs 4,996,762 4,326,728
Cash surrender value of life insurance 548,679 550,335
Restricted cash 102,027 102,027
Goodwill 101,407 101,407
Intangibles, net of accumulated amortization of $293,884 in 2018 and $263,134 in 2017 719,916 750,666
Total deferred charges and other assets 6,468,791 5,831,163
Total assets 98,171,593 93,631,940
Current liabilities    
Accounts payable and accrued liabilities 11,417,561 9,379,535
Billings in excess of costs and estimated earnings on uncompleted contracts 240,808 166,268
Current portion of other long-term debt 110,581 0
Current portion of notes payable, net 5,064,775 6,099,787
Income taxes payable 276,201 0
Accrued remediation costs 73,352 87,553
Total current liabilities 17,183,278 15,733,143
Deferred income taxes 4,951,436 4,698,720
Accrued remediation costs, less current portion 428,976 434,164
Other long-term debt, less current portion, net 241,502 0
Notes payable, less current portion, net 14,197,805 16,151,567
Other accrued liabilities 63,116 66,033
Total liabilities 37,066,113 37,083,627
Commitments and contingencies (notes 4 and 6) 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 41,150,607 36,593,440
Treasury stock, 2,362,418 shares, at cost (1,308,187) (1,308,187)
Total stockholders’ equity 61,105,480 56,548,313
Total liabilities and stockholders’ equity $ 98,171,593 $ 93,631,940
XML 23 R3.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Statement of Financial Position [Abstract]    
Property, buildings and equipment, accumulated depreciation $ 40,507,579 $ 38,927,654
Finite-lived intangible assets, accumulated amortization $ 293,884 $ 263,134
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
XML 24 R4.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Income - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenue        
Total revenue $ 37,507,244 $ 29,109,882 $ 71,945,940 $ 59,833,746
Costs and expenses        
Electrical construction 29,287,017 21,410,600 56,069,877 43,419,573
Other 793,348 216,727 1,007,105 1,091,004
Selling, general and administrative 2,112,110 1,554,782 4,228,523 3,334,756
Depreciation and amortization 2,002,233 1,812,597 3,889,742 3,561,488
(Gain) loss on sale of property and equipment (51,826) 14,138 (65,217) 11,565
Total costs and expenses 34,142,882 25,008,844 65,130,030 51,418,386
Total operating income 3,364,362 4,101,038 6,815,910 8,415,360
Other income (expense), net        
Interest income 10,053 5,855 16,841 13,190
Interest expense, net of amount capitalized (207,684) (138,440) (397,300) (272,459)
Other income, net 22,274 15,818 37,367 30,467
Total other expense, net (175,357) (116,767) (343,092) (228,802)
Income before income taxes 3,189,005 3,984,271 6,472,818 8,186,558
Income tax provision 1,037,512 1,466,378 1,915,651 3,003,516
Net income $ 2,151,493 $ 2,517,893 $ 4,557,167 $ 5,183,042
Net income (loss) per share of common stock — basic and diluted        
Net income per share of common stock - basic and diluted (usd per share) $ 0.08 $ 0.10 $ 0.18 $ 0.20
Weighted average shares outstanding - basic and diluted (shares) 25,451,354 25,451,354 25,451,354 25,451,354
Electrical construction        
Revenue        
Revenue $ 36,195,767 $ 28,804,467 $ 70,327,686 $ 58,253,114
Other        
Revenue        
Revenue $ 1,311,477 $ 305,415 $ 1,618,254 $ 1,580,632
XML 25 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash flows from operating activities    
Net income $ 4,557,167 $ 5,183,042
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 3,889,742 3,561,488
Amortization of debt issuance costs 27,578 11,671
Deferred income taxes 252,716 (425,750)
(Gain) loss on sale of property and equipment (65,217) 11,565
Other losses 1,656 211
Changes in operating assets and liabilities    
Accounts receivable and accrued billings (2,851,504) (152,502)
Costs and estimated earnings in excess of billings on uncompleted contracts (4,337,328) 931,555
Residential properties under construction (2,406,320) (238,979)
Income taxes receivable 619,552 501,185
Prepaid expenses and other assets 548,410 (613,090)
Land and land development costs (670,034) 316,179
Income taxes payable 276,201 0
Accounts payable and accrued liabilities 1,942,156 (3,474,562)
Billings in excess of costs and estimated earnings on uncompleted contracts 74,540 (632,905)
Accrued remediation costs (19,389) (33,166)
Net cash provided by operating activities 1,839,926 4,945,942
Cash flows from investing activities    
Proceeds from disposal of property and equipment 147,200 44,242
Purchases of property, buildings and equipment (7,577,091) (7,368,169)
Net cash used in investing activities (7,429,891) (7,323,927)
Cash flows from financing activities    
Proceeds from notes payable 2,816,961 22,600,000
Repayments on notes payable (5,810,000) (18,437,255)
Other long-term debt repayments (52,917) 0
Debt issuance costs (23,313) (8,125)
Net cash (used in) provided by financing activities (3,069,269) 4,154,620
Net (decrease) increase in cash, cash equivalents and restricted cash (8,659,234) 1,776,635
Cash, cash equivalents and restricted cash at beginning of the period 18,631,784 20,772,689
Cash, cash equivalents and restricted cash at end of the period 9,972,550 22,549,324
Supplemental disclosure of cash flow information    
Interest paid, net of amounts capitalized 367,870 254,014
Income taxes paid, net 767,182 2,928,081
Supplemental disclosure of non-cash investing    
Liability for equipment acquired 203,149 414,700
Equipment funded by other long-term debt $ 352,083 $ 0
XML 26 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
Organization and Summary of Significant Accounting Policies
6 Months Ended
Jun. 30, 2018
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, mid-Atlantic, Texas and Southwest regions of the United States.
Basis of Financial Statement Presentation
In the opinion of management, the accompanying unaudited interim consolidated financial statements include all adjustments necessary to present fairly the Company’s financial position, results of operations, and changes in cash flows for the interim periods reported. These adjustments are of a normal recurring nature. All financial statements presented herein are unaudited with the exception of the consolidated balance sheet as of December 31, 2017, which was derived from the audited consolidated financial statements. The results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the year. These statements should be read in conjunction with the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2017.
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 reasonable means of collection have been exhausted and the potential for recovery is considered remote. As of June 30, 2018 and December 31, 2017, 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.
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 consolidated financial statements in conformity with U.S. generally accepted accounting principles. Actual results could differ from those estimates. Management considers the most significant estimates in preparing these consolidated financial statements to be the estimated costs at completion of electrical construction contracts in progress.
Fair Value of Financial Instruments
The Company’s financial instruments include cash and cash equivalents, accounts receivable and accrued billings, 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 on 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 Company has determined the fair value of its fixed rate other long-term debt to be $348,000 using an interest rate of 3.76% (Level 2 input), which is the Company’s current interest rate on borrowings. The Company’s carrying value of long-term notes payable are estimated by management to approximate fair value since the interest rates prescribed by Branch Banking and Trust Company (the “Bank”) are variable market interest rates and are adjusted periodically, and as such, are classified as Level 2. 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 and as such, is classified as Level 2.
Land and Land Development Costs and Residential Properties Under Construction
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.” Once construction commences, both the land development costs and construction costs are recorded under the asset “residential properties under construction.” The assets “land and land development costs” and “residential properties under construction” relating to specific projects are recorded as current assets 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 one year or more from the date of the consolidated financial statements.
In accordance with Accounting Standards Codification (“ASC”) Topic 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, 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 either of its land carrying value or residential properties under construction carrying value for either of the three and six month periods ended June 30, 2018 and 2017.
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 previous workers’ compensation insurance policy, as described in note 10. Also, see note 10 for information regarding the immaterial impact of an Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (the “FASB”) specifically related to the disclosure of restricted cash.
Goodwill and Intangible Assets
Intangible assets with finite useful lives recorded in connection with a historical acquisition are 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 relationships and trademarks. 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, 2017, the Company assessed the recoverability of its long-lived assets and goodwill, by reviewing relevant events and circumstances to evaluate the qualitative factors in addition to the quantitative impairment test. As a result, there was no impairment of the carrying amounts of such assets.
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 development operation has diminished to a point that it is no longer significant for reporting purposes and, accordingly, results of the ongoing real estate development operations are included in the income statement under the caption “Other.” Certain corporate costs are not allocated to the electrical construction segment.
Reclassifications
Certain amounts previously reflected in the prior year statement of cash flows have been reclassified to conform to the Company’s 2018 presentation. The reclassifications are associated with the adoption of ASU 2016-15 for restricted cash.
Recent Accounting Pronouncements
In May 2014, the FASB issued ASU 2014-09, ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), 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”). Subsequently the FASB issued various ASUs in relation to the new revenue recognition standard. The core principle of ASC 606 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. ASC 606 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. ASC 606 allows for either retrospective or cumulative effect transition methods of adoption and is effective for periods beginning after December 15, 2017.
On January 1, 2018 the Company adopted the new accounting standard ASC 606 and all the related amendments (“new revenue standard”) to all applicable contracts using the modified retrospective method (cumulative effect method). Applicable contracts did not include contracts considered substantially complete. Contracts that were modified before the beginning of the earliest period presented were not retrospectively restated. Instead, the Company reflected the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price as of the date of adoption. Adoption of the new revenue standard did not result in significant changes to the Company’s accounting policies, business processes, systems or controls, or have a material impact on its financial position, results of operations and cash flows. In addition, the Company concluded that the cumulative effect of initially applying the new revenue standard was immaterial and consequently did not record an adjustment to the opening balance of retained earnings (less than $30,000 net of tax). The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company does not expect the adoption of the new revenue standard to have a material impact to its financial position, results of operations and cash flows on an ongoing basis.
Specifically, under the new revenue standard, electrical construction fixed-price contracts previously accounted for under ASC 605-35 will be recognized over time as services are performed and the underlying obligations to customers are fulfilled. This resulted mainly in the use of input measures on a cost to cost basis similar to the practices previously in place for contracts accounted for under ASC 605-35. The Company concluded that under the new revenue standard the primary impact is on the timing of when contract modifications, variable consideration and change orders are recognized, mainly due to the application of the contract identification criteria. This resulted in timing differences on the recognition in revenue and margin when compared to prior practices.
The Company has also determined that electrical construction contracts previously accounted for on a man hour and equipment basis will be recognized over time as services are performed and the underlying obligations to customers are fulfilled. The Company has elected to apply the practical expedient within ASC 606-10-55-18 for contracts that are routinely billed based on established man hour and equipment rates and the amounts invoiced correspond directly with the value to the customer of the Company’s performance completed to date. These contracts will be treated as a series of distinct services transferred over time and will generally result in a similar revenue pattern when compared to the prior accounting policies.
Additionally, for real estate development operations presented under the caption “Other” in the consolidated financial statements, the Company determined that there is no change in the pattern of revenue recognition and will continue to recognize revenue upon the transfer of control of the promised real estate properties, generally at time of closing. See note 8 for more information regarding the impact of the new revenue standard.
In February 2016, the FASB issued ASU 2016-02, to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with earlier application permitted.  Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption.  The Company expects this new guidance to cause a material increase to the assets and liabilities on the Company’s consolidated balance sheets. The Company is currently assessing the effect the adoption will have on its consolidated financial statements of income. The impact of this ASU is non-cash in nature, therefore the Company does not expect the adoption of this new guidance to have a material impact on the Company’s cash flows or liquidity.
In August 2016, the FASB issued ASU 2016-15, which provides clarification regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. In addition, in November 2016, the FASB issued ASU 2016-18, which requires that amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Both updates are effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted. The Company has adopted these updates and determined there is not a material impact on its consolidated financial statements due to the adoption. The consolidated statement of cash flows for the six months ended June 30, 2017, has been adjusted on the line item Accounts receivable and accrued billings to reflect an immaterial difference in the balance of cash, cash equivalents and restricted cash for the 2017 period. The Company did not make any other prior period adjustments due to the adoption of this ASU. Had the Company made the adjustment to its consolidated balance sheet as of December 31, 2017, restricted cash would have decreased by approximately $2,300 with a corresponding increase to other receivables. This adjustment is associated with the interest income earned on the amount deposited in a trust account for the restricted cash balance. See note 10 for additional restricted cash disclosure information.
In October 2016, the FASB issued ASU 2016-16, which eliminates the requirement to defer the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. Under the new guidance, an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This update is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years; early adoption is permitted and is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings at the time of adoption. The adoption of ASU 2016-16 had no impact on the Company’s consolidated financial statements.
In January 2017, the FASB issued ASU 2017-04, which eliminates Step 2 of the current goodwill impairment test. A goodwill impairment loss will instead be measured at the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the recorded amount of goodwill allocated to that reporting unit. The provisions of this ASU are effective for years beginning after December 15, 2019, with early adoption permitted for any impairment test performed on testing dates after January 1, 2017. The Company is currently assessing the impact that adoption will have on its consolidated financial statements however, the Company does not expect this ASU to have a significant impact on its consolidated financial statements.
XML 27 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
Contract Assets and Contract Liabilities (Notes)
6 Months Ended
Jun. 30, 2018
Revenue from Contract with Customer [Abstract]  
Contract Assets and Contract Liabilities
Contract Assets and Contract Liabilities
On January 1, 2018 the Company adopted the new accounting standard ASC 606 and all the related amendments (“new revenue standard”) to all applicable contracts using the modified retrospective method. Applicable contracts did not include contracts considered substantially complete. Contracts that were modified before the beginning of the earliest period presented were not retrospectively restated. Instead, the Company reflected the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price as of the date of adoption. Adoption of this standard did not result in significant changes to the Company’s accounting policies, business processes, systems or controls, or have a material impact on its financial position, results of operations and cash flows.
The following table presents the net contract assets and liabilities for the electrical construction operations as of the dates indicated:
 
 
June 30, 2018
 
December 31, 2017
 
$ Change
Contract assets (1)
 
$
10,411,674

 
$
6,074,346

 
$
4,337,328

Contract liabilities (2)
 
(312,900
)
 
(367,552
)
 
54,652

Net contract assets
 
$
10,098,774

 
$
5,706,794

 
$
4,391,980

 
 
 
 
 
 
 
(1) Contract assets consist of amounts under the caption Costs and estimated earnings in excess of billings on uncompleted contracts.
(2) Contract liabilities consist of the aggregate of amounts presented under the caption Billings in excess of costs and estimated earnings on uncompleted contracts and any contract loss accruals included in Accounts payable and accrued liabilities.
The following table presents the changes in the net contract assets and liabilities for the electrical construction operations for the six months ended June 30, 2018 as indicated:
 
 
$ Change
 
 
Six Months Ended June 30, 2018
Cumulative adjustment due to changes in contract values (1)
 
$
1,617,498

Cumulative adjustment due to changes in estimated costs at completion
 
(1,431,142
)
Revenue recognized in the period
 
53,216,138

Amounts reclassified to receivables
 
(49,139,706
)
Impairment of contract assets (2)
 
129,192

Total
 
$
4,391,980

 
 
 
(1) Amount attributable to contract modifications accounted for on a cumulative catch-up basis where the customer has approved a change in the scope or price of the contract, where the modification is treated as part of the existing contract and where the remaining goods and services are not distinct.
(2) Adjustment amounts due to changes in contract losses.

For the six months ended June 30, 2018, $166,000 of the total revenue recognized in the current period was attributable to the contract liability billings in excess of costs and estimated earnings on uncompleted contracts’ balance as of December 31, 2017.
Revenue Recognition and Significant Accounting Policies Disclosures
On January 1, 2018, the Company adopted the new revenue standard ASC 606 and all the related amendments (“new revenue standard”). Adoption of this standard did not result in significant changes to the Company’s accounting policies, business processes, systems or controls, or have a material impact on its financial position, results of operations and cash flows. The Company concluded that the cumulative effect of initially applying the new revenue standard was immaterial and consequently did not record an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company does not expect the adoption of the new revenue standard to have a material impact to its financial position, results of operations and cash flows on an ongoing basis.
The Company’s significant accounting policies are detailed in “Note 1: Organization and Summary of Significant Accounting Policies” within Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Changes to the Company’s accounting policies as a result of adopting the new revenue standard are discussed below.
To determine the proper revenue recognition method for contracts for electrical construction services, the Company evaluates whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment and the decision to combine a group of contracts or separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period. For most of the contracts, the Company provides a significant service of integrating a complex set of tasks and components into a single project or capability. Hence, the entire contract is accounted for as one performance obligation. However, less likely, if a contract is separated into more than one performance obligation, the Company allocates the total transaction price for each performance obligation in an amount based on the estimated relative stand-alone selling prices of the promised goods or services underlying each performance obligation.
The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company generally recognizes revenue over time as it performs because of continuous transfer of control to the customer. Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The cost-to-cost measure of progress is generally used for its contracts because it best depicts the transfer of control to the customer which occurs as the Company incurs costs on the contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenue is recorded proportionally as costs are incurred. 
Due to the nature of the work required to be performed on many of the performance obligations, the estimation of total revenue and cost at completion is complex, subject to many variables and requires significant judgment. The Company estimates variable consideration at the most likely amount which the Company expects to receive. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of all information (historical, current and forecasted) that is reasonably available to the Company.
Contracts are often modified to account for changes in contract specifications and requirements. The Company considers contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most of the contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.
The Company has a standard and disciplined quarterly estimated costs at completion process in which management reviews the progress and execution of our performance obligations. Management must make assumptions and estimates regarding labor productivity and availability, the complexity of the work to be performed, the availability of materials, the length of time to complete the performance obligation (e.g., to estimate increases in wages and prices for materials and related support cost allocations), and execution by our subcontractors, among other variables. Based on this analysis, any quarterly adjustments to net revenue, cost of electrical construction revenue and the related impact to operating income are recognized as necessary in the period they become known. 
The following table disaggregates the Company’s revenue for the three and six month periods ended June 30 as indicated:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2018
 
2017
 
2018
 
2017
Electrical construction operations (1)
 
 
 
 
 
 
 
 
Southeast
 
$
15,841,543

 
$
16,568,313

 
$
27,825,088

 
$
34,006,880

mid-Atlantic
 
10,586,509

 
5,346,770

 
19,860,932

 
11,513,381

Texas and Southwest
 
9,258,717

 
6,028,058

 
21,461,782

 
11,193,704

Other electrical construction (2)
 
508,998

 
861,326

 
1,179,884

 
1,539,149

Total
 
36,195,767

 
28,804,467

 
70,327,686

 
58,253,114

All Other (3)
 
1,311,477

 
305,415

 
1,618,254

 
1,580,632

Total revenue
 
$
37,507,244

 
$
29,109,882

 
$
71,945,940

 
$
59,833,746

___________________________
 
 
 
 
 
 
 
 
(1) Principal electrical construction operations includes revenue from transmission lines, distribution systems, substations and drilled pier foundations.
(2) Other electrical construction includes revenue from storm work, fiber optics and other miscellaneous electrical construction items.
(3) Mainly real estate construction revenue.

The Company would have recognized $162,000 less revenue under legacy accounting practices for the six months ended June 30, 2018, than it did under the new revenue standard. This was attributable to the assessment of variable consideration and performance obligations within our contractual arrangements.
The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of June 30, 2018 was $23.7 million, all of which is expected to be satisfied within the next twelve months.
XML 28 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes
6 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
Income Taxes
Income Taxes
The following table presents the provision for income tax and the effective tax rates from continuing operations for the three and six month periods ended June 30 as indicated:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
 
2017
 
2018
 
2017
Income tax provision
$
1,037,512

 
$
1,466,378

 
$
1,915,651

 
$
3,003,516

Effective income tax rate
32.5
%
 
36.8
%
 
29.6
%
 
36.7
%

On December 22, 2017, the President signed into law the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act significantly revises the U.S. tax code by, among other items, reducing the federal corporate tax rate from its highest rate of 35% to a single rate of 21%.
The Company’s expected tax rate for the year ending December 31, 2018, which was calculated based on the estimated annual operating results for the year, is 29.6%. The expected tax rate differs from the federal statutory rate of 21% due to state income taxes, the Tax Act eliminating the domestic production activities deduction and nondeductible expenses including eliminating the deductibility of excess executive compensation over $1 million.
The Company’s effective tax rate for the three months ended June 30, 2018 was 32.5% and differs from the federal statutory rate of 21% due to state income taxes and nondeductible expenses. It is higher than our expected tax rate of 29.6% due to nondeductible executive compensation. The effective tax rate for the six months ended June 30, 2018 was 29.6% and reflects the annual expected tax rate for 2018. The effective tax rate for the three and six months ended June 30, 2017 was 36.8% and 36.7%, which differs from the federal statutory rate of 34% due to state income taxes and nondeductible expenses offset by the domestic production activities deduction.
The Company is evaluating the impact of the new revenue standard under ASC 606 for tax purposes. A review of the changes in the Company’s revenue recognition process indicates it will be a non-automatic change in accounting method based on current Internal Revenue Service (“IRS”) regulations. The Company estimates the impact to be a decrease of approximately $40,000 revenue and $10,000 tax provision. This impact has not been reported in the financial statements as of June 30, 2018 as it is a non-automatic change at this time and is subject to review and approval by the IRS.
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.
As of June 30, 2018, the Company’s deferred tax liabilities are primarily comprised of tax depreciation in excess of book depreciation and are offset by deferred tax assets, largely comprised of accrued vacation, accrued payables, accrued workers’ compensation claims, inventory adjustments, accrued remediation costs and percentage of completion capitalized cost method on long-term real estate construction. 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 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 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 June 30, 2018 is approximately $6.2 million.
The Company has gross unrecognized tax benefits of $5,000 as of both June 30, 2018 and December 31, 2017. 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 2014 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 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.
XML 29 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies Related to Discontinued Operations
6 Months Ended
Jun. 30, 2018
Discontinued Operations and Disposal Groups [Abstract]  
Commitments and Contingencies Related to Discontinued Operations
Commitments and Contingencies Related to Discontinued Operations
Discontinued operations represent former mining activities, the last of which ended in 2002. Pursuant to an agreement with the United States Environmental Protection Agency (the “EPA”), the Company performed certain remediation actions at a property sold over fifty years ago. This remediation work was completed by September 30, 2015. The Company has established a contingency provision related to discontinued operations, which was $502,000 and $522,000, as of June 30, 2018 and December 31, 2017, respectively. No change to the provision was required for either of the three and six month periods ended June 30, 2018 and 2017.
The remaining balance of the accrued remediation costs as of June 30, 2018 mainly represents estimated future charges for EPA response costs, monitoring of the property, and legal costs. The total costs to be incurred in future periods may vary from this estimate. The amounts recorded in the aforementioned contingency provision are not discounted. The provision will be reviewed periodically based upon facts and circumstances available at the time.
XML 30 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Notes Payable and Other Long Term Debt
6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Notes Payable and Other Long Term Debt
Notes Payable and Other Long-Term Debt
Notes Payable
The following table presents the balances of notes payable as of the dates indicated:
Branch Banking and Trust Company
 
Maturity Date
 
June 30,
2018
 
December 31, 2017
 
Interest Rates
 
 
 
 
June 30, 2018
 
December 31, 2017
Previous Working Capital Loan
 
November 28, 2019
 
$

 
$
2,750,000

 
%
 
3.38
%
Working Capital Loan
 
November 28, 2020
 
2,775,451

 

 
3.76
%
 
%
$27.49 Million Equipment Loan (previously $22.6 Million Equipment Loan)
 
May 1, 2022
 
16,521,510

 
19,540,000

 
3.76
%
 
3.25
%
Total notes payable
 
 
 
19,296,961

 
22,290,000

 
 
 
 
Less unamortized debt issuance costs
 
34,381

 
38,646

 
 
 
 
Total notes payable, net
 
19,262,580

 
22,251,354

 
 
 
 
Less current portion of notes payable, net
 
5,064,775

 
6,099,787

 
 
 
 
Notes payable net, less current portion
 
$
14,197,805

 
$
16,151,567

 
 
 
 

As of June 30, 2018, 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”), Precision Foundations, Inc. (“PFI”) and C and C Power Line, Inc. (“C&C”), collectively (the “Debtors,”) were parties to a Master Loan Agreement, dated May 24, 2018 (the “2018 Master Loan Agreement”), with Branch Banking and Trust Company (the “Bank”). The 2018 Master Loan Agreement restates substantially the same terms and conditions as those set forth in the previous Master Loan Agreement (the “Previous Master Loan Agreement”) among the Debtors and the Bank, originally entered into on June 9, 2017, except for the update in the exhibit for the loan modification and the new Working Capital Loan described below and an increase in the permissible outside debt and leases amount from $500,000 in the Previous Master Loan Agreement to $2.0 million.
On May 24, 2018, the Company entered into the new $18.0 million Working Capital Loan, which replaces all previous renewals and or modifications on the previous Working Capital Loan (the “Previous Working Capital Loan”). The Working Capital Loan restates substantially the same terms and conditions as those set forth in the Previous Working Capital Loan, originally entered into on August 26, 2005. Borrowings of $2.78 million, outstanding as of May 24, 2018, from the Working Capital Loan were used to pay in full the outstanding amount of the Previous Working Capital Loan, plus accrued interest and loan closing costs.
As of June 30, 2018, the Company had a loan agreement and a series of related ancillary agreements with the Bank under the 2018 Master Loan Agreement providing for a revolving line of credit loan for a maximum principal amount of $18.0 million, to be used as a “Working Capital Loan.”
As of June 30, 2018, borrowings under the Working Capital Loan were $2.78 million. As a credit guarantor 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. The amount of this letter of credit was $575,000 and $420,000 as of June 30, 2018 and December 31, 2017, respectively.
Borrowings of $16.99 million, outstanding as of May 24, 2018, plus accrued interest, under the $22.6 Million Equipment Loan were continued under the $27.49 Million Equipment Loan. The remaining portion of the $27.49 Million Equipment Loan balance will be drawn by the Company for equipment purchases that are made on or after January 1, 2018. Under the documentation related to the $27.49 Million Equipment Loan, principal payments of $510,000 plus accrued interest commenced on June 9, 2018 and continue monthly thereafter until and including the payment due on December 9, 2018. On December 31, 2018, the then outstanding principal balance of the $27.49 Million Equipment Loan shall be amortized over a forty (40) month period. Equal monthly payments of principal, plus accrued interest, shall thereafter commence on January 9, 2019 and continue monthly on the same day of each month thereafter, with all outstanding principal, accrued interest, and all other amounts then due and owing to be payable on May 1, 2022, its maturity date.
As of June 30, 2018, the Debtors had a loan agreement with the Bank under the 2018 Master Loan Agreement for the $27.49 Million Equipment Loan (previously $22.6 Million Equipment Loan), which is guaranteed by the Debtors and includes the grant of a continuing security interest in all now owned and after acquired and wherever located personal property of the Debtors.
The Working Capital Loan and the $27.49 Million Equipment Loan (previously $22.6 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 as described in the documentation related to each loan.
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.
Other Long-Term Debt
As of June 30, 2018, the Company had an equipment purchase loan agreement for a specialty piece of equipment to be used in the Company’s electrical construction operations in the amount of $405,000 plus interest and sales tax. The agreement requires monthly payments of $10,687 plus interest at a 5.85% fixed rate. The loan matures on June 14, 2021 and there are no early payment provisions.
XML 31 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Notes)
6 Months Ended
Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies
Commitments and Contingencies
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 June 30, 2018, outstanding performance bonds issued on behalf of the Company’s electrical construction subsidiaries amounted to approximately $53.4 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.
Legal Proceedings
The Company is involved in various legal claims arising in the ordinary course of business. The Company has concluded that the ultimate disposition of these matters should not have a material adverse effect on the Company’s consolidated financial position, results of operations, or liquidity.
XML 32 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Per Share of Common Stock
6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Income (Loss) Per Share of Common Stock
Income Per Share of Common Stock
Basic income per common share is computed by dividing net income by the weighted average number of common stock shares outstanding during the period. Diluted income 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 June 30, 2018 and 2017, 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 three and six month periods ended June 30, 2018 and 2017.
XML 33 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures
6 Months Ended
Jun. 30, 2018
Revenue from Contract with Customer [Abstract]  
ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures
Contract Assets and Contract Liabilities
On January 1, 2018 the Company adopted the new accounting standard ASC 606 and all the related amendments (“new revenue standard”) to all applicable contracts using the modified retrospective method. Applicable contracts did not include contracts considered substantially complete. Contracts that were modified before the beginning of the earliest period presented were not retrospectively restated. Instead, the Company reflected the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price as of the date of adoption. Adoption of this standard did not result in significant changes to the Company’s accounting policies, business processes, systems or controls, or have a material impact on its financial position, results of operations and cash flows.
The following table presents the net contract assets and liabilities for the electrical construction operations as of the dates indicated:
 
 
June 30, 2018
 
December 31, 2017
 
$ Change
Contract assets (1)
 
$
10,411,674

 
$
6,074,346

 
$
4,337,328

Contract liabilities (2)
 
(312,900
)
 
(367,552
)
 
54,652

Net contract assets
 
$
10,098,774

 
$
5,706,794

 
$
4,391,980

 
 
 
 
 
 
 
(1) Contract assets consist of amounts under the caption Costs and estimated earnings in excess of billings on uncompleted contracts.
(2) Contract liabilities consist of the aggregate of amounts presented under the caption Billings in excess of costs and estimated earnings on uncompleted contracts and any contract loss accruals included in Accounts payable and accrued liabilities.
The following table presents the changes in the net contract assets and liabilities for the electrical construction operations for the six months ended June 30, 2018 as indicated:
 
 
$ Change
 
 
Six Months Ended June 30, 2018
Cumulative adjustment due to changes in contract values (1)
 
$
1,617,498

Cumulative adjustment due to changes in estimated costs at completion
 
(1,431,142
)
Revenue recognized in the period
 
53,216,138

Amounts reclassified to receivables
 
(49,139,706
)
Impairment of contract assets (2)
 
129,192

Total
 
$
4,391,980

 
 
 
(1) Amount attributable to contract modifications accounted for on a cumulative catch-up basis where the customer has approved a change in the scope or price of the contract, where the modification is treated as part of the existing contract and where the remaining goods and services are not distinct.
(2) Adjustment amounts due to changes in contract losses.

For the six months ended June 30, 2018, $166,000 of the total revenue recognized in the current period was attributable to the contract liability billings in excess of costs and estimated earnings on uncompleted contracts’ balance as of December 31, 2017.
Revenue Recognition and Significant Accounting Policies Disclosures
On January 1, 2018, the Company adopted the new revenue standard ASC 606 and all the related amendments (“new revenue standard”). Adoption of this standard did not result in significant changes to the Company’s accounting policies, business processes, systems or controls, or have a material impact on its financial position, results of operations and cash flows. The Company concluded that the cumulative effect of initially applying the new revenue standard was immaterial and consequently did not record an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company does not expect the adoption of the new revenue standard to have a material impact to its financial position, results of operations and cash flows on an ongoing basis.
The Company’s significant accounting policies are detailed in “Note 1: Organization and Summary of Significant Accounting Policies” within Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2017. Changes to the Company’s accounting policies as a result of adopting the new revenue standard are discussed below.
To determine the proper revenue recognition method for contracts for electrical construction services, the Company evaluates whether two or more contracts should be combined and accounted for as one single contract and whether the combined or single contract should be accounted for as more than one performance obligation. This evaluation requires significant judgment and the decision to combine a group of contracts or separate the combined or single contract into multiple performance obligations could change the amount of revenue and profit recorded in a given period. For most of the contracts, the Company provides a significant service of integrating a complex set of tasks and components into a single project or capability. Hence, the entire contract is accounted for as one performance obligation. However, less likely, if a contract is separated into more than one performance obligation, the Company allocates the total transaction price for each performance obligation in an amount based on the estimated relative stand-alone selling prices of the promised goods or services underlying each performance obligation.
The Company accounts for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. The Company generally recognizes revenue over time as it performs because of continuous transfer of control to the customer. Because of control transferring over time, revenue is recognized based on the extent of progress towards completion of the performance obligation. The cost-to-cost measure of progress is generally used for its contracts because it best depicts the transfer of control to the customer which occurs as the Company incurs costs on the contracts. Under the cost-to-cost measure of progress, the extent of progress towards completion is measured based on the ratio of costs incurred to date to the total estimated costs at completion of the performance obligation. Revenue is recorded proportionally as costs are incurred. 
Due to the nature of the work required to be performed on many of the performance obligations, the estimation of total revenue and cost at completion is complex, subject to many variables and requires significant judgment. The Company estimates variable consideration at the most likely amount which the Company expects to receive. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of all information (historical, current and forecasted) that is reasonably available to the Company.
Contracts are often modified to account for changes in contract specifications and requirements. The Company considers contract modifications to exist when the modification either creates new or changes the existing enforceable rights and obligations. Most of the contract modifications are for goods or services that are not distinct from the existing contract due to the significant integration service provided in the context of the contract and are accounted for as if they were part of that existing contract. The effect of a contract modification on the transaction price and our measure of progress for the performance obligation to which it relates is recognized as an adjustment to revenue (either as an increase in or a reduction of revenue) on a cumulative catch-up basis.
The Company has a standard and disciplined quarterly estimated costs at completion process in which management reviews the progress and execution of our performance obligations. Management must make assumptions and estimates regarding labor productivity and availability, the complexity of the work to be performed, the availability of materials, the length of time to complete the performance obligation (e.g., to estimate increases in wages and prices for materials and related support cost allocations), and execution by our subcontractors, among other variables. Based on this analysis, any quarterly adjustments to net revenue, cost of electrical construction revenue and the related impact to operating income are recognized as necessary in the period they become known. 
The following table disaggregates the Company’s revenue for the three and six month periods ended June 30 as indicated:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2018
 
2017
 
2018
 
2017
Electrical construction operations (1)
 
 
 
 
 
 
 
 
Southeast
 
$
15,841,543

 
$
16,568,313

 
$
27,825,088

 
$
34,006,880

mid-Atlantic
 
10,586,509

 
5,346,770

 
19,860,932

 
11,513,381

Texas and Southwest
 
9,258,717

 
6,028,058

 
21,461,782

 
11,193,704

Other electrical construction (2)
 
508,998

 
861,326

 
1,179,884

 
1,539,149

Total
 
36,195,767

 
28,804,467

 
70,327,686

 
58,253,114

All Other (3)
 
1,311,477

 
305,415

 
1,618,254

 
1,580,632

Total revenue
 
$
37,507,244

 
$
29,109,882

 
$
71,945,940

 
$
59,833,746

___________________________
 
 
 
 
 
 
 
 
(1) Principal electrical construction operations includes revenue from transmission lines, distribution systems, substations and drilled pier foundations.
(2) Other electrical construction includes revenue from storm work, fiber optics and other miscellaneous electrical construction items.
(3) Mainly real estate construction revenue.

The Company would have recognized $162,000 less revenue under legacy accounting practices for the six months ended June 30, 2018, than it did under the new revenue standard. This was attributable to the assessment of variable consideration and performance obligations within our contractual arrangements.
The aggregate amount of the transaction price allocated to performance obligations that are unsatisfied as of June 30, 2018 was $23.7 million, all of which is expected to be satisfied within the next twelve months.
XML 34 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Customer Concentration
6 Months Ended
Jun. 30, 2018
Risks and Uncertainties [Abstract]  
Customer Concentration
Customer Concentration
For the six months ended June 30, 2018 and 2017, the three largest customers accounted for 65.7% and 68.0%, respectively, of the Company’s total revenue. For the three months ended June 30, 2018 and 2017, the three largest customers accounted for 65.5% and 69.0%, respectively, of the Company’s total revenue.
XML 35 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Restricted Cash
6 Months Ended
Jun. 30, 2018
Restricted Cash and Investments [Abstract]  
Restricted Cash
Restricted Cash
Restricted cash, reported under “Deferred charges and other assets” on the Company’s consolidated balance sheet, represents amounts deposited in a trust account to secure the Company’s obligations in connection with the Company’s previous workers’ compensation insurance policy.
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows as of the dates indicated:
 
 
June 30, 2018
 
December 31, 2017
Cash and cash equivalents
 
$
9,870,523

 
$
18,529,757

Restricted cash
 
102,027

 
102,027

Cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows
 
$
9,972,550

 
$
18,631,784

XML 36 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Goodwill and Other Intangible Assets
6 Months Ended
Jun. 30, 2018
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets
The following table presents the gross and net balances of our goodwill and intangible assets as of the dates indicated:
 
 
 
June 30, 2018
 
December 31, 2017
 
Useful Life
(Years)
 
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

 
$
(192,004
)
 
$
447,996

 
$
640,000

 
$
(170,670
)
 
$
469,330

Customer relationships
20
 
350,000

 
(78,750
)
 
271,250

 
350,000

 
(70,000
)
 
280,000

Non-competition agreement
5
 
10,000

 
(9,330
)
 
670

 
10,000

 
(8,664
)
 
1,336

Other
1
 
13,800

 
(13,800
)
 

 
13,800

 
(13,800
)
 

Total
 
$
1,013,800

 
$
(293,884
)
 
$
719,916

 
$
1,013,800

 
$
(263,134
)
 
$
750,666


Amortization of definite-lived intangible assets will be approximately $60,000 annually for 2018 through 2022.
XML 37 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Organization and Summary of Significant Accounting Policies (Policies)
6 Months Ended
Jun. 30, 2018
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, mid-Atlantic, Texas and Southwest regions of the United States.
Basis of Financial Statement Presentation
In the opinion of management, the accompanying unaudited interim consolidated financial statements include all adjustments necessary to present fairly the Company’s financial position, results of operations, and changes in cash flows for the interim periods reported. These adjustments are of a normal recurring nature. All financial statements presented herein are unaudited with the exception of the consolidated balance sheet as of December 31, 2017, which was derived from the audited consolidated financial statements. The results of operations for the interim periods shown in this report are not necessarily indicative of results to be expected for the year. These statements should be read in conjunction with the consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2017.
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 reasonable means of collection have been exhausted and the potential for recovery is considered remote. As of June 30, 2018 and December 31, 2017, 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.
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 consolidated financial statements in conformity with U.S. generally accepted accounting principles. Actual results could differ from those estimates. Management considers the most significant estimates in preparing these consolidated financial statements to be the estimated costs at completion of electrical construction contracts in progress.
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, 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 on 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 Company has determined the fair value of its fixed rate other long-term debt to be $348,000 using an interest rate of 3.76% (Level 2 input), which is the Company’s current interest rate on borrowings. The Company’s carrying value of long-term notes payable are estimated by management to approximate fair value since the interest rates prescribed by Branch Banking and Trust Company (the “Bank”) are variable market interest rates and are adjusted periodically, and as such, are classified as Level 2. 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 and as such, is classified as Level 2.
Land and Land Development Costs and Residential Properties Under Construction
Land and Land Development Costs and Residential Properties Under Construction
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.” Once construction commences, both the land development costs and construction costs are recorded under the asset “residential properties under construction.” The assets “land and land development costs” and “residential properties under construction” relating to specific projects are recorded as current assets 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 one year or more from the date of the consolidated financial statements.
In accordance with Accounting Standards Codification (“ASC”) Topic 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, 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.
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 previous workers’ compensation insurance policy, as described in note 10. Also, see note 10 for information regarding the immaterial impact of an Accounting Standards Update (“ASU”) issued by the Financial Accounting Standards Board (the “FASB”) specifically related to the disclosure of restricted cash.
Goodwill and Intangible Assets
Goodwill and Intangible Assets
Intangible assets with finite useful lives recorded in connection with a historical acquisition are 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 relationships and trademarks. 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, 2017, the Company assessed the recoverability of its long-lived assets and goodwill, by reviewing relevant events and circumstances to evaluate the qualitative factors in addition to the quantitative impairment test. As a result, there was no impairment of the carrying amounts of such assets.
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 development operation has diminished to a point that it is no longer significant for reporting purposes and, accordingly, results of the ongoing real estate development operations are included in the income statement under the caption “Other.” Certain corporate costs are not allocated to the electrical construction segment.
Reclassifications
Reclassifications
Certain amounts previously reflected in the prior year statement of cash flows have been reclassified to conform to the Company’s 2018 presentation. The reclassifications are associated with the adoption of ASU 2016-15 for restricted cash.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
In May 2014, the FASB issued ASU 2014-09, ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”), 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”). Subsequently the FASB issued various ASUs in relation to the new revenue recognition standard. The core principle of ASC 606 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. ASC 606 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. ASC 606 allows for either retrospective or cumulative effect transition methods of adoption and is effective for periods beginning after December 15, 2017.
On January 1, 2018 the Company adopted the new accounting standard ASC 606 and all the related amendments (“new revenue standard”) to all applicable contracts using the modified retrospective method (cumulative effect method). Applicable contracts did not include contracts considered substantially complete. Contracts that were modified before the beginning of the earliest period presented were not retrospectively restated. Instead, the Company reflected the aggregate effect of all modifications when identifying the satisfied and unsatisfied performance obligations, determining the transaction price and allocating the transaction price as of the date of adoption. Adoption of the new revenue standard did not result in significant changes to the Company’s accounting policies, business processes, systems or controls, or have a material impact on its financial position, results of operations and cash flows. In addition, the Company concluded that the cumulative effect of initially applying the new revenue standard was immaterial and consequently did not record an adjustment to the opening balance of retained earnings (less than $30,000 net of tax). The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The Company does not expect the adoption of the new revenue standard to have a material impact to its financial position, results of operations and cash flows on an ongoing basis.
Specifically, under the new revenue standard, electrical construction fixed-price contracts previously accounted for under ASC 605-35 will be recognized over time as services are performed and the underlying obligations to customers are fulfilled. This resulted mainly in the use of input measures on a cost to cost basis similar to the practices previously in place for contracts accounted for under ASC 605-35. The Company concluded that under the new revenue standard the primary impact is on the timing of when contract modifications, variable consideration and change orders are recognized, mainly due to the application of the contract identification criteria. This resulted in timing differences on the recognition in revenue and margin when compared to prior practices.
The Company has also determined that electrical construction contracts previously accounted for on a man hour and equipment basis will be recognized over time as services are performed and the underlying obligations to customers are fulfilled. The Company has elected to apply the practical expedient within ASC 606-10-55-18 for contracts that are routinely billed based on established man hour and equipment rates and the amounts invoiced correspond directly with the value to the customer of the Company’s performance completed to date. These contracts will be treated as a series of distinct services transferred over time and will generally result in a similar revenue pattern when compared to the prior accounting policies.
Additionally, for real estate development operations presented under the caption “Other” in the consolidated financial statements, the Company determined that there is no change in the pattern of revenue recognition and will continue to recognize revenue upon the transfer of control of the promised real estate properties, generally at time of closing. See note 8 for more information regarding the impact of the new revenue standard.
In February 2016, the FASB issued ASU 2016-02, to increase transparency and comparability among organizations by recognizing all lease transactions (with terms in excess of 12 months) on the balance sheet as a lease liability and a right-of-use asset (as defined). ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with earlier application permitted.  Upon adoption, the lessee will apply the new standard retrospectively to all periods presented or retrospectively using a cumulative effect adjustment in the year of adoption.  The Company expects this new guidance to cause a material increase to the assets and liabilities on the Company’s consolidated balance sheets. The Company is currently assessing the effect the adoption will have on its consolidated financial statements of income. The impact of this ASU is non-cash in nature, therefore the Company does not expect the adoption of this new guidance to have a material impact on the Company’s cash flows or liquidity.
In August 2016, the FASB issued ASU 2016-15, which provides clarification regarding how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This update addresses eight specific cash flow issues with the objective of reducing the existing diversity in practice. In addition, in November 2016, the FASB issued ASU 2016-18, which requires that amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Both updates are effective for annual and interim periods beginning after December 15, 2017, with early adoption permitted. The Company has adopted these updates and determined there is not a material impact on its consolidated financial statements due to the adoption. The consolidated statement of cash flows for the six months ended June 30, 2017, has been adjusted on the line item Accounts receivable and accrued billings to reflect an immaterial difference in the balance of cash, cash equivalents and restricted cash for the 2017 period. The Company did not make any other prior period adjustments due to the adoption of this ASU. Had the Company made the adjustment to its consolidated balance sheet as of December 31, 2017, restricted cash would have decreased by approximately $2,300 with a corresponding increase to other receivables. This adjustment is associated with the interest income earned on the amount deposited in a trust account for the restricted cash balance. See note 10 for additional restricted cash disclosure information.
In October 2016, the FASB issued ASU 2016-16, which eliminates the requirement to defer the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. Under the new guidance, an entity should recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. This update is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years; early adoption is permitted and is to be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings at the time of adoption. The adoption of ASU 2016-16 had no impact on the Company’s consolidated financial statements.
In January 2017, the FASB issued ASU 2017-04, which eliminates Step 2 of the current goodwill impairment test. A goodwill impairment loss will instead be measured at the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the recorded amount of goodwill allocated to that reporting unit. The provisions of this ASU are effective for years beginning after December 15, 2019, with early adoption permitted for any impairment test performed on testing dates after January 1, 2017. The Company is currently assessing the impact that adoption will have on its consolidated financial statements however, the Company does not expect this ASU to have a significant impact on its consolidated financial statements.
XML 38 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Contract Assets and Contract Liabilities (Tables)
6 Months Ended
Jun. 30, 2018
Revenue from Contract with Customer [Abstract]  
Contract with Customer, Asset and Liability
The following table presents the net contract assets and liabilities for the electrical construction operations as of the dates indicated:
 
 
June 30, 2018
 
December 31, 2017
 
$ Change
Contract assets (1)
 
$
10,411,674

 
$
6,074,346

 
$
4,337,328

Contract liabilities (2)
 
(312,900
)
 
(367,552
)
 
54,652

Net contract assets
 
$
10,098,774

 
$
5,706,794

 
$
4,391,980

 
 
 
 
 
 
 
(1) Contract assets consist of amounts under the caption Costs and estimated earnings in excess of billings on uncompleted contracts.
(2) Contract liabilities consist of the aggregate of amounts presented under the caption Billings in excess of costs and estimated earnings on uncompleted contracts and any contract loss accruals included in Accounts payable and accrued liabilities.
The following table presents the changes in the net contract assets and liabilities for the electrical construction operations for the six months ended June 30, 2018 as indicated:
 
 
$ Change
 
 
Six Months Ended June 30, 2018
Cumulative adjustment due to changes in contract values (1)
 
$
1,617,498

Cumulative adjustment due to changes in estimated costs at completion
 
(1,431,142
)
Revenue recognized in the period
 
53,216,138

Amounts reclassified to receivables
 
(49,139,706
)
Impairment of contract assets (2)
 
129,192

Total
 
$
4,391,980

 
 
 
(1) Amount attributable to contract modifications accounted for on a cumulative catch-up basis where the customer has approved a change in the scope or price of the contract, where the modification is treated as part of the existing contract and where the remaining goods and services are not distinct.
(2) Adjustment amounts due to changes in contract losses.
XML 39 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Tables)
6 Months Ended
Jun. 30, 2018
Income Tax Disclosure [Abstract]  
Schedule of income tax provision from continuing operations
The following table presents the provision for income tax and the effective tax rates from continuing operations for the three and six month periods ended June 30 as indicated:
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2018
 
2017
 
2018
 
2017
Income tax provision
$
1,037,512

 
$
1,466,378

 
$
1,915,651

 
$
3,003,516

Effective income tax rate
32.5
%
 
36.8
%
 
29.6
%
 
36.7
%
XML 40 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Notes Payable and Other Long Term Debt (Tables)
6 Months Ended
Jun. 30, 2018
Debt Disclosure [Abstract]  
Schedule of long-term debt
The following table presents the balances of notes payable as of the dates indicated:
Branch Banking and Trust Company
 
Maturity Date
 
June 30,
2018
 
December 31, 2017
 
Interest Rates
 
 
 
 
June 30, 2018
 
December 31, 2017
Previous Working Capital Loan
 
November 28, 2019
 
$

 
$
2,750,000

 
%
 
3.38
%
Working Capital Loan
 
November 28, 2020
 
2,775,451

 

 
3.76
%
 
%
$27.49 Million Equipment Loan (previously $22.6 Million Equipment Loan)
 
May 1, 2022
 
16,521,510

 
19,540,000

 
3.76
%
 
3.25
%
Total notes payable
 
 
 
19,296,961

 
22,290,000

 
 
 
 
Less unamortized debt issuance costs
 
34,381

 
38,646

 
 
 
 
Total notes payable, net
 
19,262,580

 
22,251,354

 
 
 
 
Less current portion of notes payable, net
 
5,064,775

 
6,099,787

 
 
 
 
Notes payable net, less current portion
 
$
14,197,805

 
$
16,151,567

 
 
 
 
XML 41 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures (Tables)
6 Months Ended
Jun. 30, 2018
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The following table disaggregates the Company’s revenue for the three and six month periods ended June 30 as indicated:
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2018
 
2017
 
2018
 
2017
Electrical construction operations (1)
 
 
 
 
 
 
 
 
Southeast
 
$
15,841,543

 
$
16,568,313

 
$
27,825,088

 
$
34,006,880

mid-Atlantic
 
10,586,509

 
5,346,770

 
19,860,932

 
11,513,381

Texas and Southwest
 
9,258,717

 
6,028,058

 
21,461,782

 
11,193,704

Other electrical construction (2)
 
508,998

 
861,326

 
1,179,884

 
1,539,149

Total
 
36,195,767

 
28,804,467

 
70,327,686

 
58,253,114

All Other (3)
 
1,311,477

 
305,415

 
1,618,254

 
1,580,632

Total revenue
 
$
37,507,244

 
$
29,109,882

 
$
71,945,940

 
$
59,833,746

___________________________
 
 
 
 
 
 
 
 
(1) Principal electrical construction operations includes revenue from transmission lines, distribution systems, substations and drilled pier foundations.
(2) Other electrical construction includes revenue from storm work, fiber optics and other miscellaneous electrical construction items.
(3) Mainly real estate construction revenue.
XML 42 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Restricted Cash (Tables)
6 Months Ended
Jun. 30, 2018
Restricted Cash and Investments [Abstract]  
Schedule of Cash, Cash Equivalents, Restricted Cash and Restricted Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheet that sum to the total of the same such amounts shown in the statement of cash flows as of the dates indicated:
 
 
June 30, 2018
 
December 31, 2017
Cash and cash equivalents
 
$
9,870,523

 
$
18,529,757

Restricted cash
 
102,027

 
102,027

Cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows
 
$
9,972,550

 
$
18,631,784

XML 43 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Goodwill and Other Intangible Assets (Tables)
6 Months Ended
Jun. 30, 2018
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:
 
 
 
June 30, 2018
 
December 31, 2017
 
Useful Life
(Years)
 
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

 
$
(192,004
)
 
$
447,996

 
$
640,000

 
$
(170,670
)
 
$
469,330

Customer relationships
20
 
350,000

 
(78,750
)
 
271,250

 
350,000

 
(70,000
)
 
280,000

Non-competition agreement
5
 
10,000

 
(9,330
)
 
670

 
10,000

 
(8,664
)
 
1,336

Other
1
 
13,800

 
(13,800
)
 

 
13,800

 
(13,800
)
 

Total
 
$
1,013,800

 
$
(293,884
)
 
$
719,916

 
$
1,013,800

 
$
(263,134
)
 
$
750,666

XML 44 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Organization and Summary of Significant Accounting Policies - Narrative (Details)
Jun. 30, 2018
USD ($)
Dec. 31, 2017
USD ($)
ASU 2014-09 | Retained Earnings    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Cumulative effect of accounting principle   $ 30,000
ASU 2016-15    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Restricted Cash   $ 2,300
Notes payable | Fixed rate long-term installment notes payable    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Long-term debt, fair value $ 348,000  
Notes payable | Fixed rate long-term installment notes payable | Interest rate    
New Accounting Pronouncements or Change in Accounting Principle [Line Items]    
Measurement input 0.0376  
XML 45 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Contract Assets and Contract Liabilities - Summary of Contract Assets and Liabilities (Details) - USD ($)
6 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Revenue from Contract with Customer [Abstract]    
Contract assets $ 10,411,674 $ 6,074,346
Change in contract assets 4,337,328  
Contract liabilities (312,900) (367,552)
Change in contract liabilities 54,652  
Net contract assets 10,098,774 $ 5,706,794
Total $ 4,391,980  
XML 46 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
Contract Assets and Contract Liabilities - Changes in Contract Assets and Liabilities (Details) - USD ($)
6 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Revenue from Contract with Customer [Abstract]    
Cumulative adjustment due to changes in contract values $ 1,617,498  
Amounts reclassified to receivables (1,431,142)  
Revenue recognized in the period 53,216,138  
Amounts reclassified to receivables (49,139,706)  
Impairment of contract assets 129,192  
Total 4,391,980  
Billings in excess of costs and estimated earnings on uncompleted contracts $ 240,808 $ 166,268
XML 47 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Taxes (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Operating Loss Carryforwards [Line Items]          
Revenues $ (37,507,244) $ (29,109,882) $ (71,945,940) $ (59,833,746)  
Income tax provision $ (1,037,512) $ (1,466,378) $ (1,915,651) $ (3,003,516)  
Effective income tax rate 32.50% 36.80% 29.60% 36.70%  
Federal statutory rate     21.00% 34.00%  
Minimum amount of future taxable income required to realize deferred tax assets $ 6,200,000   $ 6,200,000    
Unrecognized tax benefits $ 5,000   5,000   $ 5,000
Pro Forma | ASU 2014-09          
Operating Loss Carryforwards [Line Items]          
Revenues     40,000    
Income tax provision     $ 10,000    
XML 48 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies Related to Discontinued Operations (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]    
Contingency provision within discontinued operations $ 502 $ 522
XML 49 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Notes Payable and Other Long Term Debt (Details) - USD ($)
6 Months Ended
Jun. 30, 2018
May 24, 2018
Dec. 31, 2017
Debt Instrument [Line Items]      
Note payable balance $ 19,296,961   $ 22,290,000
Less unamortized debt issuance costs 34,381   38,646
Total notes payable, net 19,262,580   22,251,354
Less current portion of notes payable, net 5,064,775   6,099,787
Notes payable net, less current portion $ 14,197,805   16,151,567
Previous Working Capital Loan      
Debt Instrument [Line Items]      
Maturity Date Nov. 28, 2019    
Note payable balance $ 0   $ 2,750,000
Interest Rate 0.00%   3.38%
Working Capital Loan      
Debt Instrument [Line Items]      
Loan agreement face amount   $ 18,000,000.0  
Maturity Date Nov. 28, 2020    
Note payable balance $ 2,775,451   $ 0
Interest Rate 3.76%   0.00%
$22.6 Million Equipment Loan      
Debt Instrument [Line Items]      
Loan agreement face amount $ 22,600,000.0    
$27.49 Million Equipment Loan      
Debt Instrument [Line Items]      
Loan agreement face amount $ 27,490,000.00    
Maturity Date May 01, 2022    
Note payable balance $ 16,521,510   $ 19,540,000
Interest Rate 3.76%   3.25%
XML 50 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Notes Payable and Other Long Term Debt (Narrative) (Details) - USD ($)
6 Months Ended
May 24, 2018
Jun. 30, 2018
Jun. 30, 2017
May 23, 2018
Dec. 31, 2017
Notes Payable (Textual) [Abstract]          
Borrowings outstanding   $ 19,296,961     $ 22,290,000
Letter of credit related to workers' compensation   575,000     420,000
Repayments on notes payable   5,810,000 $ 18,437,255    
Previous Working Capital Loan          
Notes Payable (Textual) [Abstract]          
Revolving line of credit loan   18,000,000      
Borrowings outstanding   0     2,750,000
Repayments on notes payable $ 2,780,000        
Working Capital Loan          
Notes Payable (Textual) [Abstract]          
Borrowings outstanding   2,775,451     $ 0
Loan agreement face amount 18,000,000.0        
Previous Master Loan Agreement          
Notes Payable (Textual) [Abstract]          
Loan agreement face amount       $ 500,000  
2018 Master Loan Agreement          
Notes Payable (Textual) [Abstract]          
Loan agreement face amount 2,000,000        
$27.49 Million Equipment Loan          
Notes Payable (Textual) [Abstract]          
Borrowings outstanding 16,990,000        
Loan agreement face amount   $ 27,490,000      
Debt term   40 months      
Periodic payment of principal and interest   $ 510,000.00      
$22.6 Million Equipment Loan          
Notes Payable (Textual) [Abstract]          
Loan agreement face amount $ 22,600,000 22,600,000.0      
Equipment Purchase Loan Agreement          
Notes Payable (Textual) [Abstract]          
Loan agreement face amount   405,000      
Monthly repayment amount   $ 10,687      
Stated rate   5.85%      
LIBOR | Previous Master Loan Agreement          
Notes Payable (Textual) [Abstract]          
Basis spread added to monthly LIBOR   1.80%      
XML 51 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Details)
$ in Millions
Jun. 30, 2018
USD ($)
Performance Bond  
Guarantor Obligations [Line Items]  
Outstanding performance bonds $ 53.4
XML 52 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Per Share of Common Stock (Details) - shares
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Earnings Per Share [Abstract]      
Shares of treasury stock excluded from weighted average number of common stock shares outstanding 2,362,418 2,362,418 2,362,418
XML 53 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures - Disaggregation of Revenue (Details) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Disaggregation of Revenue [Line Items]        
Total revenue $ 37,507,244 $ 29,109,882 $ 71,945,940 $ 59,833,746
Electrical construction        
Disaggregation of Revenue [Line Items]        
Total 36,195,767 28,804,467 70,327,686 58,253,114
Electrical construction | Southeast        
Disaggregation of Revenue [Line Items]        
Total 15,841,543 16,568,313 27,825,088 34,006,880
Electrical construction | mid-Atlantic        
Disaggregation of Revenue [Line Items]        
Total 10,586,509 5,346,770 19,860,932 11,513,381
Electrical construction | Texas and Southwest        
Disaggregation of Revenue [Line Items]        
Total 9,258,717 6,028,058 21,461,782 11,193,704
Electrical construction | Other electrical construction        
Disaggregation of Revenue [Line Items]        
Total 508,998 861,326 1,179,884 1,539,149
All Other        
Disaggregation of Revenue [Line Items]        
Total $ 1,311,477 $ 305,415 $ 1,618,254 $ 1,580,632
XML 54 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures - Narrative (Details)
$ in Thousands
6 Months Ended
Jun. 30, 2018
USD ($)
Calculated under Revenue Guidance in Effect before Topic 606 | ASU 2014-09  
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]  
Revenue $ (162)
XML 55 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures - Performance Obligation Narrative (Details)
$ in Millions
Jun. 30, 2018
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: (nil)  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 23.7
XML 56 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Customer Concentration (Details)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenue [Member] | Major customers [Member]        
Concentration Risk [Line Items]        
Concentration risk, percentage 65.50% 69.00% 65.70% 68.00%
XML 57 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Restricted Cash (Details) - USD ($)
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Dec. 31, 2016
Restricted Cash and Investments [Abstract]        
Cash and cash equivalents $ 9,870,523 $ 18,529,757    
Restricted cash 102,027 102,027    
Cash, cash equivalents and restricted cash shown in the consolidated statement of cash flows $ 9,972,550 $ 18,631,784 $ 22,549,324 $ 20,772,689
XML 58 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Goodwill and Other Intangible Assets (Details) - USD ($)
6 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Finite-Lived Intangible Assets [Line Items]    
Goodwill $ 101,407 $ 101,407
Gross Carrying Amount 1,013,800 1,013,800
Accumulated Amortization (293,884) (263,134)
Net Carrying Amount 719,916 750,666
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Amortization expense, 2018 60,000  
Amortization expense, 2019 60,000  
Amortization expense, 2020 60,000  
Amortization expense, 2021 60,000  
Amortization expense, 2022 $ 60,000  
Trademarks/Names    
Finite-Lived Intangible Assets [Line Items]    
Useful Life (Years) 15 years  
Gross Carrying Amount $ 640,000 640,000
Accumulated Amortization (192,004) (170,670)
Net Carrying Amount $ 447,996 469,330
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Useful Life (Years) 20 years  
Gross Carrying Amount $ 350,000 350,000
Accumulated Amortization (78,750) (70,000)
Net Carrying Amount $ 271,250 280,000
Non-competition agreement    
Finite-Lived Intangible Assets [Line Items]    
Useful Life (Years) 5 years  
Gross Carrying Amount $ 10,000 10,000
Accumulated Amortization (9,330) (8,664)
Net Carrying Amount $ 670 1,336
Other    
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
EXCEL 59 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 60 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 61 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 63 FilingSummary.xml IDEA: XBRL DOCUMENT 3.10.0.1 html 78 174 1 false 32 0 false 4 false false R1.htm 0001000 - Document - Document and Entity Information Sheet http://www.goldfieldcorp.com/role/DocumentAndEntityInformation Document and Entity Information Cover 1 false false R2.htm 1001000 - Statement - Consolidated Balance Sheets Sheet http://www.goldfieldcorp.com/role/ConsolidatedBalanceSheets Consolidated Balance Sheets Statements 2 false false R3.htm 1001501 - Statement - Consolidated Balance Sheets (Parenthetical) Sheet http://www.goldfieldcorp.com/role/ConsolidatedBalanceSheetsParenthetical Consolidated Balance Sheets (Parenthetical) Statements 3 false false R4.htm 1002000 - Statement - Consolidated Statements of Income Sheet http://www.goldfieldcorp.com/role/ConsolidatedStatementsOfIncome Consolidated Statements of Income Statements 4 false false R5.htm 1003000 - Statement - Consolidated Statements of Cash Flows Sheet http://www.goldfieldcorp.com/role/ConsolidatedStatementsOfCashFlows Consolidated Statements of Cash Flows Statements 5 false false R6.htm 2101100 - Disclosure - Organization and Summary of Significant Accounting Policies Sheet http://www.goldfieldcorp.com/role/OrganizationAndSummaryOfSignificantAccountingPolicies Organization and Summary of Significant Accounting Policies Notes 6 false false R7.htm 2102100 - Disclosure - Contract Assets and Contract Liabilities (Notes) Notes http://www.goldfieldcorp.com/role/ContractAssetsAndContractLiabilitiesNotes Contract Assets and Contract Liabilities (Notes) Notes 7 false false R8.htm 2103100 - Disclosure - Income Taxes Sheet http://www.goldfieldcorp.com/role/IncomeTaxes Income Taxes Notes 8 false false R9.htm 2104100 - Disclosure - Commitments and Contingencies Related to Discontinued Operations Sheet http://www.goldfieldcorp.com/role/CommitmentsAndContingenciesRelatedToDiscontinuedOperations Commitments and Contingencies Related to Discontinued Operations Notes 9 false false R10.htm 2105100 - Disclosure - Notes Payable and Other Long Term Debt Notes http://www.goldfieldcorp.com/role/NotesPayableAndOtherLongTermDebt Notes Payable and Other Long Term Debt Notes 10 false false R11.htm 2106100 - Disclosure - Commitments and Contingencies (Notes) Notes http://www.goldfieldcorp.com/role/CommitmentsAndContingenciesNotes Commitments and Contingencies (Notes) Notes 11 false false R12.htm 2107100 - Disclosure - Income Per Share of Common Stock Sheet http://www.goldfieldcorp.com/role/IncomePerShareOfCommonStock Income Per Share of Common Stock Notes 12 false false R13.htm 2108100 - Disclosure - ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures Sheet http://www.goldfieldcorp.com/role/Asc606RevenueRecognitionAndSignificantAccountingPoliciesDisclosures ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures Notes 13 false false R14.htm 2109100 - Disclosure - Customer Concentration Sheet http://www.goldfieldcorp.com/role/CustomerConcentration Customer Concentration Notes 14 false false R15.htm 2110100 - Disclosure - Restricted Cash Sheet http://www.goldfieldcorp.com/role/RestrictedCash Restricted Cash Notes 15 false false R16.htm 2111100 - Disclosure - Goodwill and Other Intangible Assets Sheet http://www.goldfieldcorp.com/role/GoodwillAndOtherIntangibleAssets Goodwill and Other Intangible Assets Notes 16 false false R17.htm 2201201 - Disclosure - Organization and Summary of Significant Accounting Policies (Policies) Sheet http://www.goldfieldcorp.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesPolicies Organization and Summary of Significant Accounting Policies (Policies) Policies http://www.goldfieldcorp.com/role/OrganizationAndSummaryOfSignificantAccountingPolicies 17 false false R18.htm 2302301 - Disclosure - Contract Assets and Contract Liabilities (Tables) Sheet http://www.goldfieldcorp.com/role/ContractAssetsAndContractLiabilitiesTables Contract Assets and Contract Liabilities (Tables) Tables http://www.goldfieldcorp.com/role/ContractAssetsAndContractLiabilitiesNotes 18 false false R19.htm 2303301 - Disclosure - Income Taxes (Tables) Sheet http://www.goldfieldcorp.com/role/IncomeTaxesTables Income Taxes (Tables) Tables http://www.goldfieldcorp.com/role/IncomeTaxes 19 false false R20.htm 2305301 - Disclosure - Notes Payable and Other Long Term Debt (Tables) Notes http://www.goldfieldcorp.com/role/NotesPayableAndOtherLongTermDebtTables Notes Payable and Other Long Term Debt (Tables) Tables http://www.goldfieldcorp.com/role/NotesPayableAndOtherLongTermDebt 20 false false R21.htm 2308301 - Disclosure - ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures (Tables) Sheet http://www.goldfieldcorp.com/role/Asc606RevenueRecognitionAndSignificantAccountingPoliciesDisclosuresTables ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures (Tables) Tables http://www.goldfieldcorp.com/role/Asc606RevenueRecognitionAndSignificantAccountingPoliciesDisclosures 21 false false R22.htm 2310301 - Disclosure - Restricted Cash (Tables) Sheet http://www.goldfieldcorp.com/role/RestrictedCashTables Restricted Cash (Tables) Tables http://www.goldfieldcorp.com/role/RestrictedCash 22 false false R23.htm 2311301 - Disclosure - Goodwill and Other Intangible Assets (Tables) Sheet http://www.goldfieldcorp.com/role/GoodwillAndOtherIntangibleAssetsTables Goodwill and Other Intangible Assets (Tables) Tables http://www.goldfieldcorp.com/role/GoodwillAndOtherIntangibleAssets 23 false false R24.htm 2401402 - Disclosure - Organization and Summary of Significant Accounting Policies - Narrative (Details) Sheet http://www.goldfieldcorp.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesNarrativeDetails Organization and Summary of Significant Accounting Policies - Narrative (Details) Details http://www.goldfieldcorp.com/role/OrganizationAndSummaryOfSignificantAccountingPoliciesPolicies 24 false false R25.htm 2402402 - Disclosure - Contract Assets and Contract Liabilities - Summary of Contract Assets and Liabilities (Details) Sheet http://www.goldfieldcorp.com/role/ContractAssetsAndContractLiabilitiesSummaryOfContractAssetsAndLiabilitiesDetails Contract Assets and Contract Liabilities - Summary of Contract Assets and Liabilities (Details) Details 25 false false R26.htm 2402403 - Disclosure - Contract Assets and Contract Liabilities - Changes in Contract Assets and Liabilities (Details) Sheet http://www.goldfieldcorp.com/role/ContractAssetsAndContractLiabilitiesChangesInContractAssetsAndLiabilitiesDetails Contract Assets and Contract Liabilities - Changes in Contract Assets and Liabilities (Details) Details 26 false false R27.htm 2403402 - Disclosure - Income Taxes (Details) Sheet http://www.goldfieldcorp.com/role/IncomeTaxesDetails Income Taxes (Details) Details http://www.goldfieldcorp.com/role/IncomeTaxesTables 27 false false R28.htm 2404401 - Disclosure - Commitments and Contingencies Related to Discontinued Operations (Details) Sheet http://www.goldfieldcorp.com/role/CommitmentsAndContingenciesRelatedToDiscontinuedOperationsDetails Commitments and Contingencies Related to Discontinued Operations (Details) Details http://www.goldfieldcorp.com/role/CommitmentsAndContingenciesRelatedToDiscontinuedOperations 28 false false R29.htm 2405402 - Disclosure - Notes Payable and Other Long Term Debt (Details) Notes http://www.goldfieldcorp.com/role/NotesPayableAndOtherLongTermDebtDetails Notes Payable and Other Long Term Debt (Details) Details http://www.goldfieldcorp.com/role/NotesPayableAndOtherLongTermDebtTables 29 false false R30.htm 2405403 - Disclosure - Notes Payable and Other Long Term Debt (Narrative) (Details) Notes http://www.goldfieldcorp.com/role/NotesPayableAndOtherLongTermDebtNarrativeDetails Notes Payable and Other Long Term Debt (Narrative) (Details) Details http://www.goldfieldcorp.com/role/NotesPayableAndOtherLongTermDebtTables 30 false false R31.htm 2406401 - Disclosure - Commitments and Contingencies (Details) Sheet http://www.goldfieldcorp.com/role/CommitmentsAndContingenciesDetails Commitments and Contingencies (Details) Details http://www.goldfieldcorp.com/role/CommitmentsAndContingenciesRelatedToDiscontinuedOperations 31 false false R32.htm 2407401 - Disclosure - Income Per Share of Common Stock (Details) Sheet http://www.goldfieldcorp.com/role/IncomePerShareOfCommonStockDetails Income Per Share of Common Stock (Details) Details http://www.goldfieldcorp.com/role/IncomePerShareOfCommonStock 32 false false R33.htm 2408402 - Disclosure - ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures - Disaggregation of Revenue (Details) Sheet http://www.goldfieldcorp.com/role/Asc606RevenueRecognitionAndSignificantAccountingPoliciesDisclosuresDisaggregationOfRevenueDetails ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures - Disaggregation of Revenue (Details) Details 33 false false R34.htm 2408403 - Disclosure - ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures - Narrative (Details) Sheet http://www.goldfieldcorp.com/role/Asc606RevenueRecognitionAndSignificantAccountingPoliciesDisclosuresNarrativeDetails ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures - Narrative (Details) Details http://www.goldfieldcorp.com/role/Asc606RevenueRecognitionAndSignificantAccountingPoliciesDisclosuresTables 34 false false R35.htm 2408404 - Disclosure - ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures - Performance Obligation Narrative (Details) Sheet http://www.goldfieldcorp.com/role/Asc606RevenueRecognitionAndSignificantAccountingPoliciesDisclosuresPerformanceObligationNarrativeDetails ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures - Performance Obligation Narrative (Details) Details 35 false false R36.htm 2409401 - Disclosure - Customer Concentration (Details) Sheet http://www.goldfieldcorp.com/role/CustomerConcentrationDetails Customer Concentration (Details) Details http://www.goldfieldcorp.com/role/CustomerConcentration 36 false false R37.htm 2410402 - Disclosure - Restricted Cash (Details) Sheet http://www.goldfieldcorp.com/role/RestrictedCashDetails Restricted Cash (Details) Details http://www.goldfieldcorp.com/role/RestrictedCashTables 37 false false R38.htm 2411402 - Disclosure - Goodwill and Other Intangible Assets (Details) Sheet http://www.goldfieldcorp.com/role/GoodwillAndOtherIntangibleAssetsDetails Goodwill and Other Intangible Assets (Details) Details http://www.goldfieldcorp.com/role/GoodwillAndOtherIntangibleAssetsTables 38 false false All Reports Book All Reports gv-20180630.xml gv-20180630.xsd gv-20180630_cal.xml gv-20180630_def.xml gv-20180630_lab.xml gv-20180630_pre.xml http://xbrl.sec.gov/dei/2018-01-31 http://fasb.org/us-gaap/2018-01-31 http://fasb.org/srt/2018-01-31 true true ZIP 65 0000042316-18-000043-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0000042316-18-000043-xbrl.zip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�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