Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 31, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | PowerComm Holdings Inc. | |
Entity Central Index Key | 1,634,424 | |
Document Type | 10-Q | |
Trading Symbol | PCC | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer | No | |
Is Entity a Voluntary Filer | No | |
Is Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 24,330,000 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,018 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | [1] |
Current Assets | |||
Cash and cash equivalents | $ 974,774 | $ 715,499 | |
Accounts Receivable, net | 796,658 | 401,919 | |
Prepaid expenses | 265,297 | 126,162 | |
Other current assets | 316,000 | ||
Total Current Assets | 2,352,729 | 1,243,580 | |
Furniture, fixture, and equipment, net | 1,214,805 | 1,114,425 | |
TOTAL ASSETS | 3,567,534 | 2,358,005 | |
Current Liabilities | |||
Accounts payable | 180,212 | 132,367 | |
Accrued expenses | 266,389 | 270,199 | |
Income taxes payable | 259,700 | 240,700 | |
Line of credit | 58,565 | 176,865 | |
Short-term loans | 116,520 | 38,145 | |
Long-term debt, current portion | 226,407 | 219,932 | |
Due to related party | 40,644 | 43,288 | |
Total current Liabilities | 1,148,437 | 1,121,496 | |
Long-term debt, net | 522,871 | 641,692 | |
Deferred income taxes | 397,500 | 400,500 | |
Total Liabilities | 2,068,808 | 2,163,688 | |
Commitments and contingencies | |||
Stockholder's Equity | |||
Preferred Stock, $0.0001 par value, 20,000,000 shares authorized; 1,000 shares outstanding as of June 30, 2018 and December 31, 2017, respectively | |||
Common Stock, $0.0001 par value, 100,000,000 shares authorized; 24,330,000 shares issued, issuable and outstanding as of June 30, 2018 and December 31, 2017, respectively | 2,433 | 2,433 | |
Discount on common stock | (50) | (50) | |
Additional paid-in capital | 460,655 | 460,655 | |
Retained Earnings (Accumulated deficit) | 1,035,688 | (268,721) | |
Total Stockholders' Equity | 1,498,726 | 194,317 | |
Total Liabilities and Stockholder's Equity | $ 3,567,534 | $ 2,358,005 | |
[1] | Derived from audited information |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized | 20,000,000 | 20,000,000 |
Preferred stock, outstanding | 1,000 | 1,000 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 24,330,000 | 24,330,000 |
Common stock, issuable | 24,330,000 | 24,330,000 |
Common stock, outstanding | 24,330,000 | 24,330,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
Net Revenue | $ 3,971,166 | $ 1,624,630 | $ 6,892,441 | $ 2,632,978 |
Cost of Revenue | 2,835,255 | 900,357 | 4,659,772 | 1,783,387 |
Gross Profit | 1,135,911 | 724,273 | 2,232,669 | 849,591 |
Operating expenses | ||||
General and administrative | 262,860 | 279,612 | 493,657 | 518,284 |
Depreciation expense | 71,732 | 55,155 | 138,204 | 105,936 |
Share based compensation | 131,560 | 131,560 | ||
Total Operating Expense | 334,592 | 466,327 | 631,861 | 755,780 |
Operating Income | 801,319 | 257,946 | 1,600,808 | 93,811 |
Other Income (Expense) | ||||
Interest Expense | (26,476) | (28,161) | (45,820) | (44,159) |
Other Income (Expense), net | 1,809 | |||
Total Other Income (Expense) | (26,476) | (28,161) | (44,011) | (44,159) |
Income from operations before income tax | 774,843 | 229,785 | 1,556,797 | 49,652 |
Income tax expense | 194,988 | 252,388 | ||
Net Income | $ 579,855 | $ 229,785 | $ 1,304,409 | $ 49,652 |
Income per share - basic and diluted (in dollars per share) | $ 0.02 | $ 0.01 | $ 0.05 | $ 0 |
Weighted average common shares outstanding - basic and diluted (in shares) | 24,330,000 | 22,983,187 | 24,330,000 | 21,847,901 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating Activities | ||
Net Income | $ 1,304,409 | $ 49,652 |
Adjustments to reconcile net income to net cash provided (used) in operating activities: | ||
Depreciation and amortization | 138,204 | 105,936 |
Stock based compensation | 131,560 | |
Changes in Operating Assets and Liabilities | ||
(Increase) decrease in Accounts receivable | (394,739) | (287,361) |
(Increase) decrease in Prepaid expenses and Other current assets | (194,102) | 22,284 |
Increase (decrease) in Accounts payable | 47,846 | |
Increase (decrease) in Accrued expenses | (3,810) | 57,603 |
Increase (decrease) in Other current liabilities | 52,736 | |
Increase (decrease) in Current income taxes payable | 19,000 | |
Increase (decrease) in Deferred income taxes payable | (3,000) | |
Net cash provided by operating activities | 913,808 | 132,410 |
Investing Activities | ||
Capital expenditures | (93,092) | (7,689) |
BioFuel investment | (1,750) | |
Net cash used in investing activities | (93,092) | (9,439) |
Financing Activities | ||
Repayment of related party advances | (2,644) | |
Note payable principal payments | (440,497) | (64,621) |
Line of credit repayments, net | (118,300) | |
Proceed from long term debt, net | 17,490 | |
Proceeds from advances - related party | 86,871 | |
Net cash (used in) provided by financing activities | (561,441) | 39,740 |
Net increase in cash | 259,275 | 162,711 |
Cash, beginning of period | 715,499 | 49,744 |
Cash, end of period | 974,774 | 212,455 |
Supplemental Disclosures: | ||
Interest | 45,820 | 44,160 |
Taxes | 236,388 | |
Non-cash investing and financing activities: | ||
Equipment purchases financed | 145,492 | 111,791 |
Financed insurance premiums | $ 261,032 |
ORGANIZATION AND NATURE OF OPER
ORGANIZATION AND NATURE OF OPERATIONS | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND NATURE OF OPERATIONS | NOTE 1 – ORGANIZATION AND NATURE OF OPERATIONS ORGANIZATION The Company was incorporated in the State of Delaware on January 12, 2015, and was formerly known as White Grotto Acquisition Corporation (“White Grotto” or “White Grotto Acquisition”). On September 14, 2015, the Company implemented a change of control by issuing shares to new shareholders, redeeming shares of existing shareholders, electing new officers and directors and accepting the resignations of its then existing officers and directors. In connection with the change of control, the shareholders of the Company and its board of directors unanimously approved the change of the Company’s name from White Grotto Acquisition Corporation to PowerComm Holdings, Inc. On November 15, 2016, the Company entered into a merger agreement (the “Acquisition”) with PowerComm Construction, Inc., a Virginia corporation (“PCC”). The current business of PCC is in electric utility, fiber optic, and telecommunications construction and maintenance services. PCC installs, connects and services the energy and communications sectors. Pursuant to the Acquisition, the Company has acquired the business plan, operations and contracts of its now wholly-owned subsidiary, PowerComm Construction, Inc. (“PCC” or “PowerComm Construction”). PRINCIPALS OF CONSOLIDATION The accompanying consolidated financial statements include the accounts of PowerComm Holdings, Inc. and its wholly owned subsidiary, PowerComm Construction, Inc. All material intercompany accounts, transactions and profits have been eliminated in consolidation. BASIS OF PRESENTATION UNAUDITED INTERIM FINANCIAL STATEMENTS The condensed consolidated balance sheet as of June 30, 2018 and the condensed consolidated statements of operations and cash flows for the six-month periods ended June 30, 2018 and 2017 have been prepared by the Company without audit. The condensed consolidated balance sheet as of December 31, 2017 has been derived from the audited financial statements as of that date, but does not include all required year-end disclosures. In the opinion of management, such statements include all adjustments considered necessary to present fairly the Company’s financial position as of June 30, 2018 and December 31, 2017, and its results of operations and cash flows for all periods presented. These condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto for the years ended December 31, 2017 and 2016, included in the Form 10-K filed by the Company on June 6, 2018. The accompanying unaudited condensed consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. The Company believes that the disclosures are adequate to make the interim information presented not misleading. Operating results for the six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2018. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES USE OF ESTIMATES The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates include, but are not limited to, assumptions used in our impairment testing of long-lived assets. CASH AND CASH EQUIVALENTS The Company considers all cash on hand and in banks, certificates of deposit and other highly-liquid investments with original maturities of three months or less, when purchased, to be cash and cash equivalents. As of June 30, 2018, and December 31, 2017, the Company has unsecured deposits of $517,150 and $480,360, respectively. REVENUE RECOGNITION The Company performs underground and overhead utility services primarily in the eastern and southeastern regions of the United States for utility companies. The Company’s work is performed under cost-plus-fee contracts. The length of the Company’s contracts vary, but are typically two to three years in length. While the contracts that the Company enters into are multi-year in nature, the services performed under those contracts generally occurs under discrete projects that are individually billed and that range from a couple of weeks to as short as a few days in length. In most instances, the Company bills its customer on a near daily basis. Prior to adoption of ASC 606, the Company’s policy was that revenue became fixed and determinable upon signoff of the work performed by the customer. Upon signoff, the customer accepted the work performed and therefore no warranty or defect allowances were able to be presented by the customer. Upon adoption of ASC 606, revenue becomes recognizable by the Company when control of the goods and services performed are transferred to the customer. The Company’s policy is that transfer of control occurs when the customer signs off on the work performed. The result of the adoption of ASC 606, therefore, did not constitute a material change in how the Company recognizes revenue. COST OF REVENUE Costs of revenue include all direct materials, labor costs, equipment and those indirect costs, including depreciation of machinery and equipment, trucks and vehicles, and indirect labor, supplies, tools, repairs and miscellaneous job costs. Changes in job performance, job conditions and estimated profitability, may result in revisions to costs and income and are recognized in the period in which the revisions are determined. RECLASSIFICATIONS Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported consolidated net loss. |
REVENUE
REVENUE | 6 Months Ended |
Jun. 30, 2018 | |
Revenue | |
REVENUE | NOTE 3 – REVENUE The Company adopted the provisions of the guidance in the new revenue standard under ASC 606 effective January 1, 2018 applying the modified retrospective method to all contracts. Results for reporting periods beginning after January 1, 2018 are presented under the new revenue recognition guidance, while prior period amounts are not adjusted and continue to be reported in accordance with the historic accounting under previous revenue recognition guidance. The adoption of this guidance did not have any material impact on the Company’s consolidated condensed financial statements. As was discussed in Note 2, there was no material impact to net revenue for the six months ended June 30, 2018 as a result of applying the new revenue recognition guidance. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | NOTE 4 - PROPERTY AND EQUIPMENT Property and equipment consist of the following: June 30, December 31, Vehicles & trucks $ 2,387,663 $ 2,241,584 Machinery & equipment 653,227 560,723 Office furniture & fixtures 103,686 103,686 Computer & software 25,647 25,647 3,170,223 2,931,640 Less: Accumulated depreciation (1,955,418 ) (1,817,215 ) Net property and equipment $ 1,214,805 $ 1,114,425 Depreciation expense was $138,204 and $105,936 for the six months ended June 30, 2018 and 2017, respectively. |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | NOTE 5 - DEBT Lines of Credit Lines of credit consist of the following: June 30, December, 31, $200,000 Line of Credit with SunTrust Bank, variable interest rate equal to the Prime Rate as published in the Wall Street Journal plus 6%, at 11.00% per annum as of June 30, 2018, renewed annually, due on demand, secured by all assets of the Company. $ 58,565 $ 176,865 Total Lines of Credit $ 58,565 $ 176,865 Short Term Debt Short term debt consists of the following: June 30, December 31, Notes payable to an insurance premium finance company, terms ranging from six to nine months, bearing interest at rates ranging from 7.2% to 8.6%, per annum, monthly payments totaling $42,162, secured by various insurance policies and all rights thereto. $ 116,520 $ 38,145 Total Short Term Debt $ 116,520 $ 38,145 Long-term debt Long-term debt consists of the following: June 30, December 31, Multiple notes payable, to various banks and finance organizations, maturing at various dates from February 2019 through March 2023, bearing interest rates ranging from 0% to 7.9%, per annum, monthly payments totaling $26,691, secured by vehicles and equipment $ 749,278 $ 861,624 Less: Current Portion (226,407 ) (219,932 ) Total Long Term Debt $ 522,871 $ 641,692 |
DUE TO RELATED PARTY
DUE TO RELATED PARTY | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Due to related party | NOTE 6 - DUE TO RELATED PARTY As of June 30, 2018 and December 31, 2017, the balances due to a related party amounted to $40,644 and $43,288, respectively, and are unsecured. There is no written agreement and the funds are due on demand with no maturity date, and bearing no interest. |
CUSTOMER CONCENTRATIONS
CUSTOMER CONCENTRATIONS | 6 Months Ended |
Jun. 30, 2018 | |
Risks and Uncertainties [Abstract] | |
CUSTOMER CONCENTRATIONS | NOTE 7 – CUSTOMER CONCENTRATIONS For the six months ended June 30, 2018 and 2017, respectively, service revenue from Potomac Electric Power Co (“PEPCO”), which is now a wholly owned subsidiary of Exelon Corp, accounted for 97% and 79% of the Company’s net revenue, respectively. Accounts receivable due from PEPCO accounted for 100% of the Company accounts receivable balances as of June 30, 2018. For the year ended December 31, 2017, three customers accounted for 100% of the Company’s revenues and two customers accounted for 100% of its accounts receivable balance. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent events | NOTE 8 – SUBSEQUENT EVENTS On July 12, 2018, the Company, jointly with a related entity, closed on the purchase of an industrial property in Upper Marlboro, Prince George’s County, Maryland. The Company paid $1.575 million plus closing costs. The industrial property is approximately 1.77 acres, fenced and paved, which will provide for the ability of the Company to significantly increase its truck fleet and has an office building and drive up warehouse of approximately 12,000 square feet. The facility will house all of the Company’s operations and will function as corporate headquarters. The Company financed 85% of the purchase price, or approximately $1.339 million. The purchase loan bears interest at a rate of 5.24% per annum, payable over 10 years at $8,076 monthly with a payment due on the 120 th The Company expects to include the financial statements of the LLC in its consolidated financial statements in future filings in accordance with the “Variable Interest Entity” rules. On July 12, 2018, the Company’s subsidiary, PowerComm Construction, Inc., entered into a $500,000 line of credit with a lending institution. The line of credit, in the form of a promissory note (the “Note”), matures on July 12, 2020, when all unpaid principal and interest become due and payable. The interest rate on the Note is variable and is based on the Lender’s Prime Rate, currently at 4.75%, and is due monthly. A component of the acquisition of the new line of credit was paying off and closing the existing $200,000 line of credit with Sun Trust Bank. |
SUMMARY OF SIGNIFICANT ACCOUN14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
USE OF ESTIMATES | USE OF ESTIMATES The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Significant estimates include, but are not limited to, assumptions used in our impairment testing of long-lived assets. |
CASH AND CASH EQUIVALENTS | CASH AND CASH EQUIVALENTS The Company considers all cash on hand and in banks, certificates of deposit and other highly-liquid investments with original maturities of three months or less, when purchased, to be cash and cash equivalents. As of June 30, 2018, and December 31, 2017, the Company has unsecured deposits of $517,150 and $480,360, respectively. |
REVENUE RECOGNITION | REVENUE RECOGNITION The Company performs underground and overhead utility services primarily in the eastern and southeastern regions of the United States for utility companies. The Company’s work is performed under cost-plus-fee contracts. The length of the Company’s contracts vary, but are typically two to three years in length. While the contracts that the Company enters into are multi-year in nature, the services performed under those contracts generally occurs under discrete projects that are individually billed and that range from a couple of weeks to as short as a few days in length. In most instances, the Company bills its customer on a near daily basis. Prior to adoption of ASC 606, the Company’s policy was that revenue became fixed and determinable upon signoff of the work performed by the customer. Upon signoff, the customer accepted the work performed and therefore no warranty or defect allowances were able to be presented by the customer. Upon adoption of ASC 606, revenue becomes recognizable by the Company when control of the goods and services performed are transferred to the customer. The Company’s policy is that transfer of control occurs when the customer signs off on the work performed. The result of the adoption of ASC 606, therefore, did not constitute a material change in how the Company recognizes revenue. |
COST OF REVENUE | COST OF REVENUE Costs of revenue include all direct materials, labor costs, equipment and those indirect costs, including depreciation of machinery and equipment, trucks and vehicles, and indirect labor, supplies, tools, repairs and miscellaneous job costs. Changes in job performance, job conditions and estimated profitability, may result in revisions to costs and income and are recognized in the period in which the revisions are determined. |
RECLASSIFICATIONS | RECLASSIFICATIONS Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported consolidated net loss. |
PROPERTY AND EQUIPMENT (Tables
PROPERTY AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Property and equipment consist of the following: June 30, December 31, Vehicles & trucks $ 2,387,663 $ 2,241,584 Machinery & equipment 653,227 560,723 Office furniture & fixtures 103,686 103,686 Computer & software 25,647 25,647 3,170,223 2,931,640 Less: Accumulated depreciation (1,955,418 ) (1,817,215 ) Net property and equipment $ 1,214,805 $ 1,114,425 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of lines of credit | Lines of credit consist of the following: June 30, December, 31, $200,000 Line of Credit with SunTrust Bank, variable interest rate equal to the Prime Rate as published in the Wall Street Journal plus 6%, at 11.00% per annum as of June 30, 2018, renewed annually, due on demand, secured by all assets of the Company. $ 58,565 $ 176,865 Total Lines of Credit $ 58,565 $ 176,865 |
Schedule of short term debt | Short term debt consists of the following: June 30, December 31, Notes payable to an insurance premium finance company, terms ranging from six to nine months, bearing interest at rates ranging from 7.2% to 8.6%, per annum, monthly payments totaling $42,162, secured by various insurance policies and all rights thereto. $ 116,520 $ 38,145 Total Short Term Debt $ 116,520 $ 38,145 |
Schedule of long-term debt | Long-term debt consists of the following: June 30, December 31, Multiple notes payable, to various banks and finance organizations, maturing at various dates from February 2019 through March 2023, bearing interest rates ranging from 0% to 7.9%, per annum, monthly payments totaling $26,691, secured by vehicles and equipment $ 749,278 $ 861,624 Less: Current Portion (226,407 ) (219,932 ) Total Long Term Debt $ 522,871 $ 641,692 |
SUMMARY OF SIGNIFICANT ACCOUN17
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Unsecured deposits | $ 517,150 | $ 480,360 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Gross property and equipment | $ 3,170,223 | $ 2,931,640 | |
Less: Accumulated depreciation | (1,955,418) | (1,817,215) | |
Net property and equipment | 1,214,805 | 1,114,425 | [1] |
Vehicles & Trucks [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross property and equipment | 2,387,663 | 2,241,584 | |
Machinary & Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross property and equipment | 653,227 | 560,723 | |
Office Furniture & Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross property and equipment | 103,686 | 103,686 | |
Computer & software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross property and equipment | $ 25,647 | $ 25,647 | |
[1] | Derived from audited information |
PROPERTY AND EQUIPMENT (Detai19
PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expense | $ 71,732 | $ 55,155 | $ 138,204 | $ 105,936 |
DEBT (Details)
DEBT (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | |
Short-term Debt [Line Items] | |||
Total | $ 58,565 | $ 176,865 | [1] |
Line of Credit [Member] | Suntrust Bank [Member] | |||
Short-term Debt [Line Items] | |||
Total | $ 58,565 | $ 176,865 | |
[1] | Derived from audited information |
DEBT (Details 1)
DEBT (Details 1) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | |
Total | $ 116,520 | $ 38,145 | [1] |
Notes Payable, Other Payables [Member] | Insurance premium finance company [Member] | |||
Total | $ 116,520 | $ 38,145 | |
[1] | Derived from audited information |
DEBT (Details 2)
DEBT (Details 2) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | |
Less: Current Portion | $ (226,407) | $ (219,932) | |
Total Long Term Debt | 522,871 | 641,692 | [1] |
Multiple Notes Payable Due from February 2019 through March 2023 [Member] | Various Banks and Finance Organizations [Member] | |||
Long Term Debt, gross | $ 749,278 | $ 861,624 | |
[1] | Derived from audited information |
DEBT (Details Narrative)
DEBT (Details Narrative) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Various Banks and Finance Organizations [Member] | Multiple Notes Payable Due from February 2019 through March 2023 [Member] | |
Debt Instrument [Line Items] | |
Method of installment payment | Monthly |
Amount of monthly payments | $ 26,691 |
Debt collateral | Secured by vehicles and equipment |
Various Banks and Finance Organizations [Member] | Minimum [Member] | Multiple Notes Payable Due from February 2019 through March 2023 [Member] | |
Debt Instrument [Line Items] | |
Debt interest rates | 0.00% |
Various Banks and Finance Organizations [Member] | Maximum [Member] | Multiple Notes Payable Due from February 2019 through March 2023 [Member] | |
Debt Instrument [Line Items] | |
Debt interest rates | 7.90% |
Line of Credit [Member] | Suntrust Bank [Member] | |
Debt Instrument [Line Items] | |
Face amount | $ 200,000 |
Interest rate | 11.00% |
Description of payment term | Renewed annually, due on demand |
Line of credit collateral | Secured by all assets of the Company. |
Line of Credit [Member] | Suntrust Bank [Member] | Prime Rate [Member] | |
Debt Instrument [Line Items] | |
Interest rate | 6.00% |
Notes Payable, Other Payables [Member] | Insurance premium finance company [Member] | |
Debt Instrument [Line Items] | |
Method of installment payment | Monthly |
Amount of monthly payments | $ 42,162 |
Debt collateral | Secured by various insurance policies and all rights thereto. |
Notes Payable, Other Payables [Member] | Insurance premium finance company [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Debt term | 6 months |
Debt interest rates | 7.20% |
Notes Payable, Other Payables [Member] | Insurance premium finance company [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Debt term | 9 months |
Debt interest rates | 8.60% |
DUE TO RELATED PARTY (Details N
DUE TO RELATED PARTY (Details Narrative) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |||
Due to related party | $ 40,644 | $ 43,288 | [1] |
[1] | Derived from audited information |
CUSTOMER CONCENTRATIONS (Detail
CUSTOMER CONCENTRATIONS (Details Narrative) - Potomac Electric Power Co [Member] | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Customer Concentration Risk [Member] | Service Revenue [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 97.00% | 79.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 100.00% | ||
Three Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 100.00% | ||
Two Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk | 100.00% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | Jul. 12, 2018USD ($)ft²a | Jun. 30, 2018USD ($) |
Line of Credit [Member] | Suntrust Bank [Member] | ||
Face amount | $ 200,000 | |
Subsequent Event [Member] | ||
Purchase price | $ 1,575,000 | |
Area of Land | a | 1.77 | |
Property of warehouse (in square feet) | ft² | 12,000 | |
Building purchase price (in percent) | 85.00% | |
Proceeds from divestiture of businesses | $ 1,339,000 | |
Subsequent Event [Member] | Line of Credit [Member] | PowerComm Construction, Inc. [Member] | Suntrust Bank [Member] | ||
Face amount | 200,000 | |
Subsequent Event [Member] | Line of Credit [Member] | PowerComm Construction, Inc. [Member] | Promissory Note Due July 12, 2020 [Member] | ||
Face amount | $ 500,000 | |
Subsequent Event [Member] | Line of Credit [Member] | PowerComm Construction, Inc. [Member] | Promissory Note Due July 12, 2020 [Member] | Prime Rate [Member] | ||
Debt interest rates | 4.75% | |
Subsequent Event [Member] | Multiple Notes Payable Due from February 2019 through March 2023 [Member] | Mr. David Kwasnik [Member] | ||
Face amount | $ 8,076 | |
Debt term | 10 years | |
Method of installment payment | Secured by various insurance policies and all rights thereto. | |
Amount of monthly payments | $ 1,008,000 | |
Debt collateral | Secured with a first mortgage on the real estate and the personal guarantee of David Kwasnik, the Chief Executive Officer and majority shareholder of the Company. |