|
Consolidated Balance Sheets (USD $)
|
Dec. 31, 2011
|
Dec. 31, 2010
|
| Current Assets: |
|
|
| Cash |
$ 412,141 |
$ 646,560 |
| Accounts receivable, net |
9,556,251 |
10,292,907 |
| Costs on uncompleted projects applicable to future billings |
2,123,033 |
1,098,455 |
| Inventory |
356,243 |
358,394 |
| Current portion of deferred tax asset |
620,000 |
488,800 |
| Prepaid expenses and other current assets |
540,396 |
510,519 |
| Total Current Assets |
13,608,064 |
13,395,635 |
| Property and equipment, net |
1,467,357 |
2,047,479 |
| Deferred tax asset |
200,000 |
1,774,900 |
| Other long term assets |
121,665 |
93,304 |
| Total Assets |
15,397,086 |
17,311,318 |
| Current Liabilities: |
|
|
| Accounts payable |
6,858,504 |
7,172,208 |
| Billings in excess of costs and estimated profit on uncompleted projects |
1,256,395 |
342,152 |
| Accrued future project losses |
1,253,147 |
|
| Accrued expenses and other current liabilities |
1,080,899 |
588,314 |
| Income taxes payable |
|
14,925 |
| Note payable to bank under line of credit |
5,000,000 |
3,242,205 |
| Obligation under interest rate swap agreement |
|
8,345 |
| Convertible notes payable |
1,870,333 |
|
| Current portion of long-term debt |
2,827,299 |
598,469 |
| Total Current Liabilities |
20,146,577 |
11,966,618 |
| Convertible notes payable |
|
1,384,500 |
| Long-term debt |
|
1,300,000 |
| Total Liabilities |
20,146,577 |
14,651,118 |
| Shareholders' Equity: |
|
|
| Common stock, par value $.01 per share; authorized 50,000,000 shares; 11,940,373 shares issued and outstanding as of December 31, 2011 and December 31, 2010 |
119,404 |
119,404 |
| Additional paid-in capital |
7,360,558 |
7,293,391 |
| Accumulated deficit |
(12,229,453) |
(4,747,751) |
| Accumulated other comprehensive income (loss) |
|
(4,844) |
| Total Shareholders' Equity (Deficit) |
(4,749,491) |
2,660,200 |
| Total Liabilities and Shareholders' Equity (Deficit) |
$ 15,397,086 |
$ 17,311,318 |