Goldfield 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 04, 2016
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	GOLDFIELD CORP
Entity Central Index Key	42,316
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		25,451,354

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 6,951,177	$ 11,374,238
Accounts receivable and accrued billings	18,975,274	17,250,067
Costs and estimated earnings in excess of billings on uncompleted contracts	17,471,792	10,292,199
Current portion of notes receivable	38,757	47,851
Prepaid expenses	1,636,907	1,210,780
Deferred income taxes	0	773,245
Other current assets	1,008,289	1,286,229
Total current assets	46,082,196	42,234,609
Property, buildings and equipment, at cost, net of accumulated depreciation of $29,946,437 in 2016 and $28,653,138 in 2015	33,609,908	34,671,947
Deferred charges and other assets
Land and land development costs	2,487,806	2,417,089
Cash surrender value of life insurance	549,804	549,600
Restricted cash	307,130	307,092
Notes receivable, less current portion	0	8,197
Goodwill	101,407	101,407
Intangibles, net of accumulated amortization of $155,509 in 2016 and $140,134 in 2015	858,291	873,666
Other assets	59,712	0
Total deferred charges and other assets	4,364,150	4,257,051
Total assets	84,056,254	81,163,607
Current liabilities
Accounts payable and accrued liabilities	9,183,221	10,002,231
Contract loss accruals	79,318	65,322
Billings in excess of costs and estimated earnings on uncompleted contracts	14,838	234,161
Current portion of notes payable, net	6,102,405	5,815,510
Income taxes payable	2,145,084	483,763
Accrued remediation costs	179,986	135,786
Total current liabilities	17,704,852	16,736,773
Deferred income taxes	7,526,412	8,328,492
Accrued remediation costs, less current portion	103,824	107,429
Notes payable, less current portion, net	19,130,332	20,656,402
Other accrued liabilities	79,850	83,698
Total liabilities	44,545,270	45,912,794
Commitments and contingencies (notes 3 and 5)	$ 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	19,556,111	15,295,940
Treasury stock, 2,362,418 shares, at cost	(1,308,187)	(1,308,187)
Total stockholders’ equity	39,510,984	35,250,813
Total liabilities and stockholders’ equity	$ 84,056,254	$ 81,163,607

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Property, buildings and equipment, accumulated depreciation	$ 29,946,437	$ 28,653,138
Finite-lived intangible assets, accumulated amortization	$ 155,509	$ 140,134
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

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue
Electrical construction	$ 34,841,504	$ 30,400,162
Other	917,480	146,645
Total revenue	35,758,984	30,546,807
Costs and expenses
Electrical construction	25,156,975	29,233,723
Other	657,329	127,734
Selling, general and administrative	1,430,414	1,001,710
Depreciation and amortization	1,537,974	1,613,845
Loss on sale of property and equipment	19,437	5,627
Total costs and expenses	28,802,129	31,982,639
Total operating income (loss)	6,956,855	(1,435,832)
Other income (expense), net
Interest income	6,820	5,865
Interest expense	(159,548)	(170,053)
Other income, net	15,378	15,376
Total other expense, net	(137,350)	(148,812)
Income (loss) from continuing operations before income taxes	6,819,505	(1,584,644)
Income tax provision	2,519,489	(738,309)
Income (loss) from continuing operations	4,300,016	(846,335)
Loss from discontinued operations, net of income tax benefit of $23,884 in 2016	(39,845)	0
Net income (loss)	$ 4,260,171	$ (846,335)
Net income (loss) per share of common stock — basic and diluted
Continuing operations (usd per share)	$ 0.17	$ (0.03)
Discontinued operations (usd per share)	0	0
Net (loss) income (usd per share)	$ 0.17	$ (0.03)
Weighted average shares outstanding - basic and diluted (shares)	25,451,354	25,451,354

Consolidated Statements of Ope5

Consolidated Statements of Operations (Parenthetical)	3 Months Ended
	Mar. 31, 2016USD ($)
Income Statement [Abstract]
Loss from discontinued operations, net of income tax benefit of $23,884 in 2016	$ 23,884

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities
Net income (loss)	$ 4,260,171	$ (846,335)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
Depreciation and amortization	1,537,974	1,613,845
Amortization of debt issuance costs	6,087	10,290
Deferred income taxes	(28,835)	61,542
Loss on sale of property and equipment	19,437	5,627
Other (gains) losses	(204)	236
Changes in operating assets and liabilities
Accounts receivable and accrued billings	(1,725,207)	(714,132)
Costs and estimated earnings in excess of billings on uncompleted contracts	(7,179,593)	(1,086,713)
Income taxes receivable	0	(807,057)
Prepaid expenses and other assets	(207,937)	(1,001,473)
Land and land development costs	(70,717)	419,178
Income taxes payable	1,661,321	0
Accounts payable and accrued liabilities	(805,083)	123,827
Contract loss accruals	13,996	(205,444)
Billings in excess of costs and estimated earnings on uncompleted contracts	(219,323)	(780,685)
Accrued remediation costs	40,595	(31,994)
Net cash used in operating activities	(2,697,318)	(3,239,288)
Cash flows from investing activities
Proceeds from disposal of property and equipment	31,731	18,715
Proceeds from notes receivable	17,291	7,629
Purchases of property, buildings and equipment	(529,503)	(1,617,139)
Net cash used in investing activities	(480,481)	(1,590,795)
Cash flows from financing activities
Proceeds from notes payable	750,000	18,000,000
Repayments on notes payable	(1,995,262)	(14,084,197)
Installment loan repayments	0	(3,259,635)
Net cash (used in) provided by financing activities	(1,245,262)	656,168
Net decrease in cash and cash equivalents	(4,423,061)	(4,173,915)
Cash and cash equivalents at beginning of period	11,374,238	9,822,179
Cash and cash equivalents at end of period	6,951,177	5,648,264
Supplemental disclosure of cash flow information
Interest paid	129,311	149,547
Income taxes paid, net	863,119	7,206
Supplemental disclosure of non-cash investing and financing activities
Liability for equipment acquired	$ 66,586	$ 160,218

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	Organization and Summary of Significant Accounting Policies Overview The Goldfield Corporation (the “Company”) was incorporated in Wyoming in 1906 and subsequently reincorporated in Delaware in 1968. The Company’s principal line of business is the construction of electrical infrastructure for the utility industry and industrial customers. The principal market for the Company’s electrical construction operation is primarily in the Southeast and mid-Atlantic regions of the United States and in Texas. 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, 2015 , 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 financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2015 . 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 March 31, 2016 and December 31, 2015 , 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 financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”). Actual results could differ from those estimates. Management considers the most significant estimates in preparing these financial statements to be the estimated cost to complete electrical construction contracts in progress, the adequacy of the accrued remediation costs and the realizability of deferred tax assets. Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, accounts receivable and accrued billings, notes receivable, restricted cash collateral deposited with insurance carriers, cash surrender value of life insurance policies, accounts payable, notes payable, and other current liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value guidance establishes a valuation hierarchy, which requires maximizing the use of observable inputs when measuring fair value. The three levels of inputs that may be used are: Level 1 - Quoted market prices in active markets for identical assets or liabilities. Level 2 - Observable market based inputs or other observable inputs. Level 3 - Significant unobservable inputs that cannot be corroborated by observable market data. These values are generally determined using valuation models incorporating management’s estimates of market participant assumptions. Fair values of financial instruments are estimated through the use of public market prices, quotes from financial institutions, and other available information. Management considers the carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable and accrued billings, accounts payable and accrued liabilities, to approximate fair value due to the immediate or short-term maturity of these financial instruments. The fair value of notes receivable is considered by management to approximate carrying value based on their interest rates and terms, maturities, collateral, and current status of the receivables. The Company’s long-term notes payable are also estimated by management to approximate carrying value since the interest rates prescribed by Branch Banking and Trust Company (the “Bank”) are variable market interest rates and are adjusted periodically. Restricted cash is considered by management to approximate fair value due to the nature of the asset held in a secured interest bearing bank account. The carrying value of cash surrender value of life insurance is also considered by management to approximate fair value as the carrying value is based on the current settlement value under the contract, as provided by the carrier. Goodwill and Intangible Assets Intangible assets with finite useful lives are recorded at cost upon acquisition, and amortized over the term of the related contract or useful life, as applicable. Intangible assets held by the Company with finite useful lives include customer 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, 2015 , the Company assessed the recoverability of its long-lived assets and goodwill, and believed that there were no events or circumstances present that would require a test of recoverability on those assets. As a result, there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives. Segment Reporting The Company operates as a single reportable segment, electrical construction, under ASC Topic 280-10-50 Disclosures about Segments of an Enterprise and Related Information . The Company’s real estate activities have diminished to a point that it is no longer significant for reporting purposes and, accordingly, results of the ongoing real estate operations are included in the income statement under the caption “Other.” Certain corporate costs are not allocated to the electrical construction segment. Reclassifications Certain amounts previously reflected in the prior year statement of cash flows have been reclassified to conform to the Company’s 2016 presentation. The reclassifications had no effect on the previously reported total cash flows from operating activities. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU 2014-09, which will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles and is intended to improve and converge the financial reporting requirements for revenue from contracts with customers with International Financial Reporting Standards (“IFRS”) . The core principle of ASU 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU 2014-09 also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-09 allows for both retrospective and prospective methods of adoption and is effective for periods beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14 which provides a one-year deferral of the revenue recognition standard’s effective date. Public business entities are required to apply the revenue recognition standard to annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. Early application is permitted but not before the original effective date for public business entities (annual reporting periods beginning after December 15, 2016). The option to use either a retrospective or cumulative-effective transition method did not change. The Company is currently evaluating the method of adoption and the impact that the adoption of ASU 2014-09 will have on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15 requiring management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. The standard also provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new guidance is effective for the annual period ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company does not expect the adoption of this guidance to have a significant impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03 that intends to simplify the presentation of debt issuance costs. The new standard will more closely align the presentation of debt issuance costs under U.S. generally accepted accounting principles with the presentation under comparable IFRS standards. Debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts. ASU 2015-03 is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The cost of issuing debt will no longer be recorded as a separate asset, except when incurred before receipt of the funding from the associated debt liability. Under current U.S. generally accepted accounting principles, debt issuance costs are reported on the balance sheet as assets and amortized as interest expense. The costs will continue to be amortized to interest expense using the effective interest method. Subsequent to the issuance of ASU 2015-03 the Securities and Exchange Commission staff made an announcement regarding the presentation of debt issuance costs associated with line-of-credit arrangements, which was codified by the FASB in ASU 2015-15. This guidance, which clarifies the exclusion of line-of-credit arrangements from the scope of ASU 2015-03, is effective upon adoption of ASU 2015-03. The Company has adopted both ASU 2015-03 and 2015-15. This new guidance was applied on a retrospective basis. The amended presentation of debt issuance costs resulted in a $10,290 reduction in the line item “prepaid expenses and other assets ” on the Statement of Cash Flows for the period ended March 31, 2015 . This reduction represents the total amortization of debt issuance costs for the three months ended March 31, 2015 . The adoption of ASU No. 2015-03 and 2015-15 did not have any other impact on the Company’s consolidated financial statements. In November 2015, the FASB issued ASU No 2015-17 to simplify the presentation of deferred income taxes by requiring that deferred tax assets and liabilities be classified as non-current in the balance sheet. The new guidance is effective for the annual period ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company has adopted ASU 2015-17 prospectively as of January 1, 2016 and there were no adjustments made to prior periods as a result of the adoption. 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 is currently assessing the effect that adoption will have on its consolidated financial statements.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 : 2016 2015 Income tax provision $ 2,519,489 $ (738,309 ) Effective income tax rate 36.9 % (46.6 )% The Company’s expected tax rate for the year ending December 31, 2016 , which was calculated based on the estimated annual operating results for the year, is 36.9% . The expected tax rate differs from the federal statutory rate of 35% mainly due to state income taxes and non-deductible expenses. The Company’s effective tax rate for the three months ended March 31, 2016 was 36.9% and reflects the annual expected tax rate for 2016 . The effective tax rate for the three months ended March 31, 2015 was (46.6)% and differs from the federal statutory rate of 34% mainly due to non-deductible expenses and to a lesser extent state income taxes. As of March 31, 2016 , the current deferred tax assets decreased to $0 from $773,000 as of December 31, 2015 , due to early adoption of ASU No 2015-17. The non-current deferred tax liabilities decreased to $7.5 million as of March 31, 2016 from $8.3 million as of December 31, 2015 , mainly due to the early adoption of ASU No 2015-17. 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, the duration of statutory carryforward periods, experience with loss carryforwards expiring unused, and tax planning alternatives. If the Company determines it will not be able to realize all or part of the deferred tax assets, a valuation allowance would be recorded to reduce deferred tax assets to the amount that is more likely than not to be realized. Based on assumptions with respect to forecasts of future taxable income and tax planning, among others, the Company anticipates being able to generate sufficient taxable income to utilize the deferred tax assets. Therefore, the Company has not recorded a valuation allowance against deferred tax assets. The minimum amount of future taxable income required to be generated to fully realize the deferred tax assets as of March 31, 2016 is approximately $2.4 million . The Company has gross unrecognized tax benefits of $5,000 as of both March 31, 2016 and December 31, 2015 . The Company believes that it is reasonably possible that the liability for unrecognized tax benefits related to certain state income tax matters may be settled within the next twelve months. The federal statute of limitation has expired for tax years prior to 2008 and relevant state statutes vary. The Company is currently not under any income tax audits or examinations and does not expect the assessment of any significant additional tax in excess of amounts provided. The 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.

Commitments and Contingencies R

Commitments and Contingencies Related to Discontinued Operations	3 Months Ended
	Mar. 31, 2016
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 within discontinued operations, which was $284,000 and $243,000 , as of March 31, 2016 and December 31, 2015 , respectively. During the three months ended March 31, 2016 , the Company increased the provision by $64,000 ( $39,845 , net of tax benefit of $24,000 ). This increase is related to costs incurred to remedy a small aspect of previously completed work. The remaining balance of the accrued remediation costs as of March 31, 2016 , mainly represents estimated future charges for EPA response costs and monitoring of the property. The total costs to be incurred in future periods may vary from this estimate. The provision will be reviewed periodically based upon facts and circumstances available at the time.

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Notes Payable	Notes Payable The following table presents the balances of notes payable as of the dates indicated: Lending Institution Maturity Date March 31, 2016 December 31, 2015 Interest Rates March 31, 2016 December 31, 2015 Working Capital Loan Branch Banking and Trust Company June 16, 2017 $ 1,500,000 $ 1,500,000 2.25 % 2.06 % $10.0 Million Equipment Loan Branch Banking and Trust Company July 28, 2020 9,629,630 10,000,000 2.44 % 2.44 % $17.0 Million Equipment Loan Branch Banking and Trust Company March 6, 2020 12,152,500 13,027,392 2.25 % 2.13 % $2.0 Million Equipment Loan Branch Banking and Trust Company March 6, 2020 2,000,000 2,000,000 2.25 % 2.13 % Total notes payable 25,282,130 26,527,392 Less unamortized debt issuance costs 49,393 55,480 Total notes payable, net 25,232,737 26,471,912 Less current portion of notes payable, net 6,102,405 5,815,510 Notes payable net, less current portion $ 19,130,332 $ 20,656,402 As of March 31, 2016 , the Company, and the Company’s wholly owned subsidiaries Southeast Power, Pineapple House of Brevard, Inc. (“Pineapple House”), Bayswater Development Corporation (“Bayswater”), Power Corporation of America (“PCA”) and C and C Power Line, Inc. (“C&C”), collectively (the “Debtors,”) were parties to a Master Loan Agreement, dated March 6, 2015 (the “2015 Master Loan Agreement”), with Branch Banking and Trust Company (the “Bank”). As of March 31, 2016 , the Company had a loan agreement and a series of related ancillary agreements with the Bank providing for a revolving line of credit loan for a maximum principal amount of $15.0 million , to be used as a “ Working Capital Loan .” As of both March 31, 2016 and December 31, 2015 , borrowings under the Working Capital Loan were $1.5 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 $420,000 and $320,000 , as of March 31, 2016 and December 31, 2015 , respectively. As of March 31, 2016 , the Debtors had loan agreements with the Bank for the $10.0 Million Equipment Loan , the $17.0 Million Equipment Loan and the $2.0 Million Equipment Loan . All loans with the Bank are guaranteed by the Debtors and include the grant of a continuing security interest in all now owned and hereafter acquired and wherever located personal property of the Debtors. The $10.0 Million Equipment Loan bears interest at a rate per annum equal to one month LIBOR (as defined in the ancillary loan documents) plus 2.00% , which is adjusted monthly and subject to a maximum interest rate of 24.00% . The Working Capital Loan , the $17.0 Million Equipment Loan and the $2.0 Million Equipment Loan bear interest at a rate per annum equal to one month LIBOR (as defined in the documentation related to each loan) plus 1.80% , which will be adjusted monthly and subject to a maximum rate of 24.00% . Subsequently, on April 5, 2016 , the Company made borrowings of $3.2 million on the Working Capital Loan, reducing its available balance to $9.9 million . 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 , outstanding performance bonds issued on behalf of the Company’s electrical construction subsidiaries amounted to approximately $40.9 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.

Income (Loss) Per Share of Comm

Income (Loss) Per Share of Common Stock	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Income (Loss) Per Share of Common Stock	Income (Loss) Per Share of Common Stock Basic income (loss) per common share is computed by dividing net income (loss) by the weighted average number of common stock shares outstanding during the period. Diluted income (loss) per share reflects the potential dilution that could occur if common stock equivalents, such as stock options outstanding, were exercised into common stock that subsequently shared in the earnings of the Company. As of March 31, 2016 and 2015 , 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 months ended March 31, 2016 and 2015 .

Customer Concentration

Customer Concentration	3 Months Ended
	Mar. 31, 2016
Risks and Uncertainties [Abstract]
Customer Concentration	Customer Concentration For the three months ended March 31, 2016 and 2015 , the three largest customers accounted for 51% and 62% , respectively, of the Company’s total revenue.

Restricted Cash

Restricted Cash	3 Months Ended
	Mar. 31, 2016
Restricted Cash and Investments [Abstract]
Restricted Cash	Restricted Cash Restricted cash, reported under “Deferred charges and other assets” on the Company’s balance sheet, represents amounts deposited in a trust account to secure the Company’s obligations in connection with the Company’s workers’ compensation insurance policies.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	3 Months Ended
	Mar. 31, 2016
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: March 31, 2016 December 31, 2015 Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived and non-amortizable acquired intangible assets Goodwill Indefinite $ 101,407 $ — $ 101,407 $ 101,407 $ — $ 101,407 Definite-lived and amortizable acquired intangible assets Trademarks/Names 15 $ 640,000 $ (96,001 ) $ 543,999 $ 640,000 $ (85,334 ) $ 554,666 Customer relationships 20 350,000 (39,375 ) 310,625 350,000 (35,000 ) 315,000 Non-competition agreement 5 10,000 (6,333 ) 3,667 10,000 (6,000 ) 4,000 Other 1 13,800 (13,800 ) — 13,800 (13,800 ) — Total intangible assets, net $ 1,013,800 $ (155,509 ) $ 858,291 $ 1,013,800 $ (140,134 ) $ 873,666 Amortization of definite-lived intangible assets will be approximately $60,900 annually for 2016 through 2020.

Organization and Summary of S16

Organization and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Overview and Basis of Financial Statement Presentation	Overview The Goldfield Corporation (the “Company”) was incorporated in Wyoming in 1906 and subsequently reincorporated in Delaware in 1968. The Company’s principal line of business is the construction of electrical infrastructure for the utility industry and industrial customers. The principal market for the Company’s electrical construction operation is primarily in the Southeast and mid-Atlantic regions of the United States and in Texas. 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, 2015 , 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 financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2015 .
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 March 31, 2016 and December 31, 2015 , 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 financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”). Actual results could differ from those estimates. Management considers the most significant estimates in preparing these financial statements to be the estimated cost to complete electrical construction contracts in progress, the adequacy of the accrued remediation costs and the realizability of deferred tax assets.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, accounts receivable and accrued billings, notes receivable, restricted cash collateral deposited with insurance carriers, cash surrender value of life insurance policies, accounts payable, notes payable, and other current liabilities. Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value guidance establishes a valuation hierarchy, which requires maximizing the use of observable inputs when measuring fair value. The three levels of inputs that may be used are: Level 1 - Quoted market prices in active markets for identical assets or liabilities. Level 2 - Observable market based inputs or other observable inputs. Level 3 - Significant unobservable inputs that cannot be corroborated by observable market data. These values are generally determined using valuation models incorporating management’s estimates of market participant assumptions. Fair values of financial instruments are estimated through the use of public market prices, quotes from financial institutions, and other available information. Management considers the carrying amounts reported in the consolidated balance sheets for cash and cash equivalents, accounts receivable and accrued billings, accounts payable and accrued liabilities, to approximate fair value due to the immediate or short-term maturity of these financial instruments. The fair value of notes receivable is considered by management to approximate carrying value based on their interest rates and terms, maturities, collateral, and current status of the receivables. The Company’s long-term notes payable are also estimated by management to approximate carrying value since the interest rates prescribed by Branch Banking and Trust Company (the “Bank”) are variable market interest rates and are adjusted periodically. Restricted cash is considered by management to approximate fair value due to the nature of the asset held in a secured interest bearing bank account. The carrying value of cash surrender value of life insurance is also considered by management to approximate fair value as the carrying value is based on the current settlement value under the contract, as provided by the carrier.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Intangible assets with finite useful lives are recorded at cost upon acquisition, and amortized over the term of the related contract or useful life, as applicable. Intangible assets held by the Company with finite useful lives include customer 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, 2015 , the Company assessed the recoverability of its long-lived assets and goodwill, and believed that there were no events or circumstances present that would require a test of recoverability on those assets. As a result, there was no impairment of the carrying amounts of such assets and no reduction in their estimated useful lives.
Segment Reporting	Segment Reporting The Company operates as a single reportable segment, electrical construction, under ASC Topic 280-10-50 Disclosures about Segments of an Enterprise and Related Information . The Company’s real estate activities have diminished to a point that it is no longer significant for reporting purposes and, accordingly, results of the ongoing real estate operations are included in the income statement under the caption “Other.” Certain corporate costs are not allocated to the electrical construction segment.
Reclassifications	Reclassifications Certain amounts previously reflected in the prior year statement of cash flows have been reclassified to conform to the Company’s 2016 presentation. The reclassifications had no effect on the previously reported total cash flows from operating activities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued ASU 2014-09, which will replace most existing revenue recognition guidance in U.S. generally accepted accounting principles and is intended to improve and converge the financial reporting requirements for revenue from contracts with customers with International Financial Reporting Standards (“IFRS”) . The core principle of ASU 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU 2014-09 also requires additional disclosures about the nature, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. ASU 2014-09 allows for both retrospective and prospective methods of adoption and is effective for periods beginning after December 15, 2016. In August 2015, the FASB issued ASU 2015-14 which provides a one-year deferral of the revenue recognition standard’s effective date. Public business entities are required to apply the revenue recognition standard to annual reporting periods beginning after December 15, 2017, and interim periods within those annual periods. Early application is permitted but not before the original effective date for public business entities (annual reporting periods beginning after December 15, 2016). The option to use either a retrospective or cumulative-effective transition method did not change. The Company is currently evaluating the method of adoption and the impact that the adoption of ASU 2014-09 will have on its consolidated financial statements. In August 2014, the FASB issued ASU 2014-15 requiring management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. The standard also provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new guidance is effective for the annual period ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company does not expect the adoption of this guidance to have a significant impact on its consolidated financial statements. In April 2015, the FASB issued ASU 2015-03 that intends to simplify the presentation of debt issuance costs. The new standard will more closely align the presentation of debt issuance costs under U.S. generally accepted accounting principles with the presentation under comparable IFRS standards. Debt issuance costs related to a recognized debt liability will be presented on the balance sheet as a direct deduction from the debt liability, similar to the presentation of debt discounts. ASU 2015-03 is effective for public business entities for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. The cost of issuing debt will no longer be recorded as a separate asset, except when incurred before receipt of the funding from the associated debt liability. Under current U.S. generally accepted accounting principles, debt issuance costs are reported on the balance sheet as assets and amortized as interest expense. The costs will continue to be amortized to interest expense using the effective interest method. Subsequent to the issuance of ASU 2015-03 the Securities and Exchange Commission staff made an announcement regarding the presentation of debt issuance costs associated with line-of-credit arrangements, which was codified by the FASB in ASU 2015-15. This guidance, which clarifies the exclusion of line-of-credit arrangements from the scope of ASU 2015-03, is effective upon adoption of ASU 2015-03. The Company has adopted both ASU 2015-03 and 2015-15. This new guidance was applied on a retrospective basis. The amended presentation of debt issuance costs resulted in a $10,290 reduction in the line item “prepaid expenses and other assets ” on the Statement of Cash Flows for the period ended March 31, 2015 . This reduction represents the total amortization of debt issuance costs for the three months ended March 31, 2015 . The adoption of ASU No. 2015-03 and 2015-15 did not have any other impact on the Company’s consolidated financial statements. In November 2015, the FASB issued ASU No 2015-17 to simplify the presentation of deferred income taxes by requiring that deferred tax assets and liabilities be classified as non-current in the balance sheet. The new guidance is effective for the annual period ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. The Company has adopted ASU 2015-17 prospectively as of January 1, 2016 and there were no adjustments made to prior periods as a result of the adoption. 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 is currently assessing the effect that adoption will have on its consolidated financial statements.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2016
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 months ended March 31, 2016 and 2015 : 2016 2015 Income tax provision $ 2,519,489 $ (738,309 ) Effective income tax rate 36.9 % (46.6 )%

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of long-term debt	The following table presents the balances of notes payable as of the dates indicated: Lending Institution Maturity Date March 31, 2016 December 31, 2015 Interest Rates March 31, 2016 December 31, 2015 Working Capital Loan Branch Banking and Trust Company June 16, 2017 $ 1,500,000 $ 1,500,000 2.25 % 2.06 % $10.0 Million Equipment Loan Branch Banking and Trust Company July 28, 2020 9,629,630 10,000,000 2.44 % 2.44 % $17.0 Million Equipment Loan Branch Banking and Trust Company March 6, 2020 12,152,500 13,027,392 2.25 % 2.13 % $2.0 Million Equipment Loan Branch Banking and Trust Company March 6, 2020 2,000,000 2,000,000 2.25 % 2.13 % Total notes payable 25,282,130 26,527,392 Less unamortized debt issuance costs 49,393 55,480 Total notes payable, net 25,232,737 26,471,912 Less current portion of notes payable, net 6,102,405 5,815,510 Notes payable net, less current portion $ 19,130,332 $ 20,656,402

Goodwill and Other Intangible19

Goodwill and Other Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2016
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: March 31, 2016 December 31, 2015 Useful Life Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Indefinite-lived and non-amortizable acquired intangible assets Goodwill Indefinite $ 101,407 $ — $ 101,407 $ 101,407 $ — $ 101,407 Definite-lived and amortizable acquired intangible assets Trademarks/Names 15 $ 640,000 $ (96,001 ) $ 543,999 $ 640,000 $ (85,334 ) $ 554,666 Customer relationships 20 350,000 (39,375 ) 310,625 350,000 (35,000 ) 315,000 Non-competition agreement 5 10,000 (6,333 ) 3,667 10,000 (6,000 ) 4,000 Other 1 13,800 (13,800 ) — 13,800 (13,800 ) — Total intangible assets, net $ 1,013,800 $ (155,509 ) $ 858,291 $ 1,013,800 $ (140,134 ) $ 873,666

Organization and Summary of S20

Organization and Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Amortization of debt issuance costs	$ 6,087	$ 10,290

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income tax provision	$ 2,519,489	$ (738,309)
Effective income tax rate	36.90%	(46.60%)
Federal statutory rate	35.00%	34.00%
Current deferred tax asset	$ 0		$ 773,000
Non-current deferred tax liability	7,526,412		8,328,492
Minimum amount of future taxable income required to realize deferred tax assets	2,400,000
Unrecognized tax benefits	$ 5,000		$ 5,000

Commitments and Contingencies22

Commitments and Contingencies Related to Discontinued Operations (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Contingency provision within discontinued operations	$ 284,000		$ 243,000
Provision for remediation costs	(64,000)
Loss from discontinued operations, net of tax	(39,845)	$ 0
Income tax benefit	$ (23,884)

Notes Payable (Details)

Notes Payable (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Note payable balance	$ 25,282,130	$ 26,527,392
Less unamortized debt issuance costs	49,393	55,480
Total notes payable, net	25,232,737	26,471,912
Less current portion of notes payable, net	(6,102,405)	(5,815,510)
Notes payable net, less current portion	$ 19,130,332	20,656,402
Working Capital Loan [Member]
Debt Instrument [Line Items]
Maturity Date	Jun. 16, 2017
Note payable balance	$ 1,500,000	$ 1,500,000
Interest Rate	2.25%	2.06%
$10.0 Million Equipment Loan [Member]
Debt Instrument [Line Items]
Loan agreement face amount	$ 10,000,000
Maturity Date	Jul. 28, 2020
Note payable balance	$ 9,629,630	$ 10,000,000
Interest Rate	2.44%	2.44%
$17.0 Million Equipment Loan [Member]
Debt Instrument [Line Items]
Loan agreement face amount	$ 17,000,000
Maturity Date	Mar. 6, 2020
Note payable balance	$ 12,152,500	$ 13,027,392
Interest Rate	2.25%	2.13%
$2.0 Million Equipment Loan [Member]
Debt Instrument [Line Items]
Loan agreement face amount	$ 2,000,000
Maturity Date	Mar. 6, 2020
Note payable balance	$ 2,000,000	$ 2,000,000
Interest Rate	2.25%	2.13%

Notes Payable (Narrative) (Deta

Notes Payable (Narrative) (Details) - USD ($)	Apr. 05, 2016	Mar. 31, 2016	Dec. 31, 2015
Notes Payable (Textual) [Abstract]
Borrowings outstanding		$ 25,282,130	$ 26,527,392
Letter of credit related to workers' compensation		420,000	320,000
Working Capital Loan [Member]
Notes Payable (Textual) [Abstract]
Revolving line of credit loan		15,000,000
Borrowings outstanding		1,500,000	1,500,000
$10.0 Million Equipment Loan [Member]
Notes Payable (Textual) [Abstract]
Borrowings outstanding		$ 9,629,630	$ 10,000,000
Interest rate, maximum		24.00%
2015 Master Loan Agreement [Member]
Notes Payable (Textual) [Abstract]
Interest payable maximum rate		24.00%
London Interbank Offered Rate (LIBOR) [Member] | $10.0 Million Equipment Loan [Member]
Notes Payable (Textual) [Abstract]
Basis spread added to monthly LIBOR		2.00%
London Interbank Offered Rate (LIBOR) [Member] | 2015 Master Loan Agreement [Member]
Notes Payable (Textual) [Abstract]
Basis spread added to monthly LIBOR		1.80%
Subsequent Event [Member] | Working Capital Loan [Member]
Notes Payable (Textual) [Abstract]
Borrowings on agreement	$ 3,200,000
Available balance	$ 9,900,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Mar. 31, 2016USD ($)
Performance Bond [Mem ber]
Guarantor Obligations [Line Items]
Outstanding performance bonds	$ 40.9

Income (Loss) Per Share of Co26

Income (Loss) Per Share of Common Stock (Details) - shares	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015
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

Customer Concentration (Details

Customer Concentration (Details)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue [Member] | Major customers [Member]
Concentration Risk [Line Items]
Concentration risk, percentage	51.00%	62.00%

Goodwill and Other Intangible28

Goodwill and Other Intangible Assets (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Goodwill	$ 101,407	$ 101,407
Gross Carrying Amount	1,013,800	1,013,800
Accumulated Amortization	(155,509)	(140,134)
Net Carrying Amount	858,291	873,666
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization expense, 2016	60,900
Amortization expense, 2017	60,900
Amortization expense, 2018	60,900
Amortization expense, 2019	60,900
Amortization expense, 2020	$ 60,900
Trademarks/Names [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	15 years
Gross Carrying Amount	$ 640,000	640,000
Accumulated Amortization	(96,001)	(85,334)
Net Carrying Amount	$ 543,999	554,666
Customer relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	20 years
Gross Carrying Amount	$ 350,000	350,000
Accumulated Amortization	(39,375)	(35,000)
Net Carrying Amount	$ 310,625	315,000
Non-compete agreements [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	5 years
Gross Carrying Amount	$ 10,000	10,000
Accumulated Amortization	(6,333)	(6,000)
Net Carrying Amount	$ 3,667	4,000
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Useful Life (Years)	1 year
Gross Carrying Amount	$ 13,800	13,800
Accumulated Amortization	(13,800)	(13,800)
Net Carrying Amount	$ 0	$ 0