Goldfield 10-Q 4 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Nov. 02, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Registrant Name	GOLDFIELD CORP
Entity Central Index Key	0000042316
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity File Number	1-7525
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	88-0031580
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	true
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.10 per share
Trading Symbol	GV
Security Exchange Name	NYSEAMER
Entity Address, Address Line One	1684 W. Hibiscus Boulevard
Entity Address, City or Town	Melbourne
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	32901
City Area Code	321
Local Phone Number	724-1700
Entity Common Stock, Shares Outstanding		24,522,534
Document Quarterly Report	true
Document Transition Report	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 20,593,879	$ 23,272,156
Accounts receivable and accrued billings	27,483,338	23,930,655
Costs and estimated earnings in excess of billings on uncompleted contracts	24,328,912	9,321,368
Income taxes receivable	562,508	1,482,618
Residential properties under construction	919,020	2,060,364
Prepaid expenses	1,216,441	924,733
Other current assets	578,805	46,186
Total current assets	75,682,903	61,038,080
Property, buildings and equipment, at cost, net of accumulated depreciation of $59,627,075 in 2020 and $51,904,568 in 2019	59,166,078	55,073,579
Deferred charges and other assets
Land and land development costs	4,457,410	5,060,581
Cash surrender value of life insurance	92,187	543,433
Goodwill	101,407	101,407
Intangibles, net of accumulated amortization of $429,926 in 2020 and $384,801 in 2019	583,874	628,999
Operating lease right-of-use assets	19,231,952	6,861,099
Other assets	130,000	60,000
Total deferred charges and other assets	24,596,830	13,255,519
Total assets	159,445,811	129,367,178
Current liabilities
Accounts payable and accrued liabilities	16,355,664	13,881,277
Billings in excess of costs and estimated earnings on uncompleted contracts	1,227,268	731,492
Current portion of operating lease liability	3,881,692	1,880,957
Current portion of notes payable, net	13,895,635	7,769,497
Accrued remediation costs	80,420	75,545
Total current liabilities	35,440,679	24,338,768
Deferred income taxes	10,078,684	9,008,765
Accrued remediation costs, less current portion	389,950	398,877
Notes payable, less current portion, net	26,388,948	24,402,926
Operating lease liabilities	15,723,328	4,987,088
Other accrued liabilities	150,000	60,000
Total liabilities	88,171,589	63,196,424
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; 24,522,534 shares outstanding in 2020 and in 2019.	2,781,377	2,781,377
Additional paid-in capital	18,551,959	18,481,683
Retained earnings	53,380,990	48,347,798
Treasury stock, 3,291,238 shares in 2020 and in 2019, at cost	(3,440,104)	(3,440,104)
Total stockholders’ equity	71,274,222	66,170,754
Total liabilities and stockholders’ equity	$ 159,445,811	$ 129,367,178

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Property, buildings and equipment, accumulated depreciation	$ 59,627,075	$ 51,904,568
Finite-lived intangible assets, accumulated amortization	$ 429,926	$ 384,801
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)	$ 0.10	$ 0.10
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	27,813,772	27,813,772
Common stock, shares outstanding	24,522,534	24,522,534
Treasury stock, shares	3,291,238	3,291,238

Consolidated Statements of Inco

Consolidated Statements of Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue
Total revenue	$ 48,421,797	$ 44,732,881	$ 141,045,470	$ 136,593,356
Costs and expenses
Selling, general and administrative	3,633,799	2,162,360	8,581,365	7,033,244
Depreciation and amortization	3,056,457	2,728,988	8,950,772	8,048,549
(Gain) loss on sale of property and equipment	(25,831)	(45,504)	2,915	(77,571)
Total costs and expenses	46,549,956	42,666,732	133,765,529	129,962,597
Total operating income	1,871,841	2,066,149	7,279,941	6,630,759
Other income (expense), net
Interest income	29,245	28,311	58,939	71,082
Interest expense, net of amount capitalized	(215,063)	(367,244)	(761,118)	(1,130,798)
Other income, net	38,195	27,199	121,199	91,736
Total other expense, net	(147,623)	(311,734)	(580,980)	(967,980)
Income before income taxes	1,724,218	1,754,415	6,698,961	5,662,779
Income tax provision	632,467	592,413	1,665,769	1,902,034
Net income	$ 1,091,751	$ 1,162,002	$ 5,033,192	$ 3,760,745
Net income per share of common stock — basic	$ 0.04	$ 0.05	$ 0.21	$ 0.15
Net income per share of common stock — diluted	$ 0.04	$ 0.05	$ 0.21	$ 0.15
Weighted average shares outstanding
Basic	24,522,534	24,522,534	24,522,534	24,523,731
Diluted	24,554,324	24,522,534	24,533,208	24,523,731
Electrical construction
Revenue
Total revenue	$ 48,056,897	$ 43,182,197	$ 137,794,907	$ 123,773,883
Costs and expenses
Cost of goods and service sold	39,640,718	36,789,515	114,042,479	105,597,926
Real estate development
Revenue
Total revenue	364,900	1,550,684	3,250,563	12,819,473
Costs and expenses
Cost of goods and service sold	$ 244,813	$ 1,031,373	$ 2,187,998	$ 9,360,449

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities
Net income	$ 5,033,192	$ 3,760,745
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	8,950,772	8,048,549
Amortization of debt issuance costs	24,660	22,500
Deferred income taxes	1,069,919	1,685,510
Loss (gain) on sale of property and equipment	2,915	(77,571)
Other losses	215,446	2,572
Stock-based compensation expense	70,276	0
Changes in operating assets and liabilities
Accounts receivable and accrued billings	(3,316,883)	(932,038)
Costs and estimated earnings in excess of billings on uncompleted contracts	(15,007,544)	(1,158,343)
Residential properties under construction	1,141,344	6,839,119
Income taxes receivable	920,110	(263,507)
Prepaid expenses and other assets	(894,327)	1,141,340
Land and land development costs	603,171	(304,998)
Accounts payable and accrued liabilities	2,277,325	1,878,771
Operating leases	366,122	(18,609)
Billings in excess of costs and estimated earnings on uncompleted contracts	495,776	(228,688)
Accrued remediation costs	(4,052)	(22,519)
Net cash provided by operating activities	1,948,222	20,372,833
Cash flows from investing activities
Proceeds from disposal of property and equipment	259,360	399,817
Purchases of property, buildings and equipment	(12,973,359)	(16,156,893)
Net cash used in investing activities	(12,713,999)	(15,757,076)
Cash flows from financing activities
Purchases of treasury stock	0	(161,285)
Proceeds from notes payable	14,500,000	15,500,000
Repayments on notes payable	(6,412,500)	(10,382,000)
Other long-term debt repayments	0	(297,599)
Debt issuance costs	0	(57,883)
Net cash provided by financing activities	8,087,500	4,601,233
Net (decrease) increase in cash and cash equivalents	(2,678,277)	9,216,990
Cash and cash equivalents at beginning of the period	23,272,156	11,402,353
Cash and cash equivalents at end of the period	20,593,879	20,619,343
Supplemental disclosure of cash flow information
Interest paid, net of amounts capitalized	762,983	1,107,666
Income taxes (refunded) paid, net	(324,260)	480,031
Supplemental disclosure of non-cash investing
Liability for equipment acquired	411,240	809,521
Right-of-use asset obtained in exchange for operating lease obligations	$ 14,310,658	$ 4,215,378

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($)	Total	Common stock	Additional paid-in capital	Retained earnings	Treasury stock
Balance at Dec. 31, 2018	$ 59,605,432	$ 2,781,377	$ 18,481,683	$ 41,621,191	$ (3,278,819)
Balance (shares) at Dec. 31, 2018		27,813,772
Repurchase of stock	(161,285)				(161,285)
Net income	3,760,745			3,760,745
Balance at Sep. 30, 2019	63,204,892	$ 2,781,377	18,481,683	45,381,936	(3,440,104)
Balance (shares) at Sep. 30, 2019		27,813,772
Balance at Jun. 30, 2019	62,042,890	$ 2,781,377	18,481,683	44,219,934	(3,440,104)
Balance (shares) at Jun. 30, 2019		27,813,772
Net income	1,162,002			1,162,002
Balance at Sep. 30, 2019	63,204,892	$ 2,781,377	18,481,683	45,381,936	(3,440,104)
Balance (shares) at Sep. 30, 2019		27,813,772
Balance at Dec. 31, 2019	$ 66,170,754	$ 2,781,377	18,481,683	48,347,798	(3,440,104)
Balance (shares) at Dec. 31, 2019	24,522,534	27,813,772
Stock-based compensation	$ 70,276		70,276
Net income	5,033,192			5,033,192
Balance at Sep. 30, 2020	$ 71,274,222	$ 2,781,377	18,551,959	53,380,990	(3,440,104)
Balance (shares) at Sep. 30, 2020	24,522,534	27,813,772
Balance at Jun. 30, 2020	$ 70,112,195	$ 2,781,377	18,481,683	52,289,239	(3,440,104)
Balance (shares) at Jun. 30, 2020		27,813,772
Stock-based compensation	70,276		70,276
Net income	1,091,751			1,091,751
Balance at Sep. 30, 2020	$ 71,274,222	$ 2,781,377	$ 18,551,959	$ 53,380,990	$ (3,440,104)
Balance (shares) at Sep. 30, 2020	24,522,534	27,813,772

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	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 Company is also engaged in real estate development operations. The principal market for the Company’s electrical construction operation is primarily in the Southeast, mid-Atlantic and Texas-Southwest regions of the United States. The Company’s real estate development operation is along the east coast of Central Florida. 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 consolidated financial statements presented herein are unaudited with the exception of the consolidated balance sheet as of December 31, 2019, 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, 2019. 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 September 30, 2020 and December 31, 2019, 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 whom 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, income tax receivable, cash surrender value of life insurance policies, accounts payable and notes payable. 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, income tax receivable, accounts payable and accrued liabilities, to approximate fair value due to the immediate or short-term maturity of these financial instruments. The Company’s carrying value of long-term notes payable are estimated by management to approximate fair value since the interest rates prescribed by Truist Bank are variable market interest rates and are adjusted periodically, and as such, are classified as Level 2. The carrying value of cash surrender value of life insurance is 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”) 360-10, Accounting for the Impairment or Disposal of Long-lived Assets Fair Value Measurement 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, 2019, 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. There were no events or changes in circumstances as of September 30, 2020 that would indicate that the carrying amounts may not be recoverable. Share-Based Compensation The Company recognizes the cost of employee service received in exchange for awards of equity instruments based on the grant date fair value of those awards. The Company recognizes compensation expense on a straight-line basis over the employee service period for awards granted. The Company does not estimate forfeitures when recognizing compensation expense. Forfeitures are accounted for as they occur. Outstanding unvested restricted stock units are not included in common stock outstanding amounts. Recent Accounting Pronouncements 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 adopted ASU 2017-04 on January 1, 2020 and the adoption of this standard did not have a significant impact on the Company’s consolidated financial statements. In June 2016 the FASB issued ASU-2016-13, Financial Instruments – Credit Losses. This update required immediate recognition of management’s estimates of current expected credit losses. This update was effective for the Company in the first quarter of 2020. The adoption of ASU 2016-13 did not have a significant impact on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU-2019-12, Income Taxes: Simplifying the Accounting for Income Taxes, which will be effective for the Company in fiscal year 2021. This update simplifies the accounting for interim period tax law changes and loss limitations, ownership changes in equity investments, intraperiod tax allocations and the step up of tax basis in goodwill that is not acquired during a business combination. ASU-2019-12 will be adopted in 2021 and is not expected to have a significant impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-4, Reference Rate Reform, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In response to concerns about structural risks of interbank offered rates including the risk of cessation of the London Interbank Offered Rate (LIBOR), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable and less susceptible to manipulation. The provisions of this ASU U.S. generally accepted accounting principles COVID-19 The Company did not incur significant disruptions to its operations during the nine months ended September 30, 2020 from COVID-19. At this time, the Company is unable to predict the impact that COVID-19 will have on its consolidated financial statements in future periods due to numerous uncertainties. The Company is closely monitoring its efforts to manage the impact of the pandemic on all aspects of the Company’s business and consolidated financial statements. Please refer to Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Risk Factors

Contract Assets and Contract Li

Contract Assets and Contract Liabilities	9 Months Ended
	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Contract Assets and Contract Liabilities	Note 2 – Contract Assets and Contract Liabilities The following table presents the net contract assets and liabilities for the electrical construction operations as of the dates indicated: September 30, 2020 December 31, 2019 $ Change Contract assets (1) $ 24,328,912 $ 9,321,368 $ 15,007,544 Contract liabilities (2) (1,383,829 ) (1,008,679 ) (375,150 ) Net contract assets $ 22,945,083 $ 8,312,689 $ 14,632,394 ______________________________________ (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 nine months ended September 30, 2020 : $ Change Cumulative adjustment due to changes in contract values (1) $ 2,332,735 Cumulative adjustment due to changes in estimated costs at completion (996,012 ) Revenue recognized in the period 111,819,753 Amounts reclassified to receivables (98,644,708 ) Impairment of contract assets (2) 120,626 Total $ 14,632,394 ______________________________________ (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) For the nine months ended September 30, 2020, $0.4 million 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, 2019. Note 8 – ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures 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, 2019. 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 dates indicated: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Electrical construction operations (1) Southeast $ 19,010,869 $ 17,127,019 $ 59,643,565 $ 51,956,218 mid-Atlantic 15,188,972 11,897,347 39,332,883 41,366,308 Texas-Southwest 11,914,994 13,038,099 35,259,981 28,461,784 Other electrical construction (2) 1,942,062 1,119,732 3,558,478 1,989,573 Total electrical construction operations 48,056,897 43,182,197 137,794,907 123,773,883 Real estate development operations 364,900 1,550,684 3,250,563 12,819,473 Total revenue $ 48,421,797 $ 44,732,881 $ 141,045,470 $ 136,593,356 ______________________________________ (1) (2) The aggregate amount of the transaction price allocated to performance obligations that were unsatisfied as of September 30, 2020 is $69.4 million. Of this total, $64.9 million is expected to be satisfied within the next twelve months and the remaining balance of $4.5 million is expected to be satisfied thereafter.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Note 3 – Income Taxes On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) was enacted as a response to the economic uncertainty resulting from the COVID-19 pandemic. The CARES Act includes modifications for net operating loss carrybacks and carryforwards, limitations of business interest expense for tax, immediate refund of alternative minimum tax credit carryovers as well as a technical correction to the Tax Cuts and Jobs Act of 2017 for qualified improvement property. Specifically, the CARES Act allows corporate taxpayers to carryback net operating losses originating during 2018 through 2020 for up to five years when the maximum tax rate was 35%. The enactment of the CARES Act has resulted in a material benefit to the Company’s income tax provision for the nine months ended September 30, 2020. The ultimate impact of the CARES Act may differ from this estimate due to changes in interpretations and assumptions, guidance that may be issued and actions the Company may take in response to the CARES Act. The Company will continue to assess the impact that various provisions will have on its business. The following table presents the provision for income tax and the effective tax rates from continuing operations for the dates as indicated: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Income tax provision $ 632,467 $ 592,413 $ 1,665,769 $ 1,902,034 Effective income tax rate 36.7 % 33.8 % 24.9 % 33.6 % Prior to adjustments to reflect the impact of the enactment of the CARES Act in March 2020, the Company’s expected tax rate for the year ending December 31, 2020, calculated based on the estimated annual operating results for the year, was 32.2%. However, due to the favorable impact of discrete items of 4.9%, the majority of which are related to the CARES Act, the resulting expected annual rate is 27.3%. The expected tax rate differs from the federal statutory rate of 21% due to nondeductible expenses and state income taxes offset by discrete items. The Company’s effective tax rate for the three months ended September 30, 2020 was 36.7% and differs from the federal statutory rate of 21% differs from the federal statutory rate of due to state income taxes offset by the impact of discrete items. It is lower than the expected annual tax rate of due to the impact of discrete items reported, which will reduce over the year. nondeductible expenses and state income taxes. The decrease in the 2020 expected tax rate when compared to 2019 is attributable to the effects of the CARES Act and other discrete items . The Company accounts for income taxes in accordance with ASC 740, Income Taxes As of September 30, 2020, 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 state bonus depreciation carryovers, accrued vacation, inventory adjustments, lease liabilities reduced by right-of-use assets and accrued remediation costs. 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 September 30, 2020 is approximately $3.5 million. The Company has gross unrecognized tax benefits of $800 and $4,000 as of September 30, 2020 and December 31, 2019, respectively. The Company believes that it is reasonably possible that the liability for unrecognized tax benefits related to certain state income tax matters may be settled within the next twelve months. The federal statute of limitation has expired for tax years prior to 2015 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	9 Months Ended
	Sep. 30, 2020
Discontinued Operations And Disposal Groups [Abstract]
Commitments and Contingencies Related to Discontinued Operations	Note 4 – Commitments and Contingencies Related to 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 $0.5 million as of both September 30, 2020 and December 31, 2019. No change to the provision was required for either of the three or nine months ended September 30, 2020 or 2019. The remaining balance of the accrued remediation costs as of September 30, 2020 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.

Notes Payable

Notes Payable	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Notes Payable	Note 5 – Notes Payable The following table presents the balances of notes payable as of the dates indicated: Interest Rates Truist Bank Maturity Date September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Working Capital Loan November 28, 2021 $ 10,000,000 — 1.96 % — % $38.2 Million Equipment Loan March 9, 2024 26,394,000 32,244,000 1.96 % 3.52 % $ 4.5 Million Equipment Loan March 7, 2024 3,937,500 — 1.96 % — % Total notes payable 40,331,500 32,244,000 Less unamortized debt issuance costs 46,917 71,577 Total notes payable, net 40,284,583 32,172,423 Less current portion of notes payable, net 13,895,635 7,769,497 Notes payable net, less current portion $ 26,388,948 $ 24,402,926 As of September 30, 2020, the Company, and the Company’s wholly owned subsidiaries Southeast Power Corporation (“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, now known as Truist Bank (the “Bank”), as amended on March 7, 2019 by the First Amendment to the 2018 Master Loan Agreement (the “Amendment”), and on December 6, 2019 by the Note Modification Agreement and related Addendum to Note Modification to the 2018 Master Loan Agreement (collectively, the “Ancillary Loan Document”). As of September 30, 2020, the Company, the Debtors and the Bank were parties to the Working Capital Loan, evidenced by a promissory note and a series of related ancillary agreements with the Bank, under the 2018 Master Loan Agreement, the Amendment and the Ancillary Loan Document, that has a maximum principal amount of $23.0 million. On March 23, 2020, the Company drew $10.0 million from its Working Capital Loan, of which $5.0 million was repaid on October 5, 2020, to enhance liquidity in view of the uncertainties caused by the COVID-19 pandemic. As of September 30, 2020, borrowings under the Working Capital Loan were $10.0 million. There were no borrowings under the Working Capital Loan as of December 31, 2019. 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 primarily related to workers’ compensation. The amount of this letter of credit was $0.7 million and $0.6 million as of September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020, the Company, the Debtors and the Bank were parties to a $38.2 Million Equipment Loan. Under the documentation related to the $38.2 Million Equipment Loan, principal payments of $598,000 plus accrued interest commenced on March 9, 2019 and continued monthly thereafter until and including the payment due on December 9, 2019. Thereafter, equal monthly principal payments of $650,000, plus accrued interest, commenced on January 9, 2020, and will continue monthly until the March 9, 2024 maturity date. Borrowings under the $38.2 Million Equipment Loan were $26.4 million as of September 30, 2020 and $32.2 million as of December 31, 2019. As of September 30, 2020, the Company, the Debtors and the Bank were also parties to a $4.5 Million Equipment Loan. Under the documentation related to the $4.5 Million Equipment Loan, borrowings were made only for the purchase of equipment held by the Company under master lease agreements and may not exceed the cost of the lease buy-out. Interest only payments on any amounts drawn commenced on April 7, 2019, and continued monthly through and including the payment due on March 7, 2020. Thereafter, principal payments of $93,750 plus accrued interest commenced on April 7, 2020, and will continue monthly until and including the payment due on March 7, 2024. As of September 30, 2020 the borrowings under the $4.5 Million Equipment Loan were $3.9 million, which amount was drawn on March 2, 2020. There were no borrowings under the $4.5 Million Equipment Loan as of December 31, 2019. As of September 30, 2020 , all loan agreements between the Debtors and the Bank , under the 2018 Master Loan Agreement , the Amendment , and the Ancillary Loan Document are guaranteed by the Debtors and include 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, the $38.2 Million Equipment Loan and the $4.5 Million Equipment Loan each 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.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 September 30, 2020, outstanding performance bonds issued on behalf of the Company’s electrical construction subsidiaries amounted to approximately $49.7 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. The Company expenses legal fees as incurred.

Income (Loss) Per Share of Com

Income (Loss) Per Share of Common Stock	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Income (Loss) Per Share of Common Stock	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. Stock awards are excluded from the calculation of diluted earnings per share in the event they are antidilutive. As of September 30, 2019, the Company had no common stock equivalents. For both the three and nine months ended September 30, 2020 and September 30, 2019, the computation of the weighted average number of common stock shares outstanding for both basic and diluted amounts exclude 3,291,238 shares of Treasury Stock. The computation of the weighted average number of common stock shares outstanding used to calculate diluted income per share for both the three and nine months ended September 30, 2020, include 230,000 unvested restricted stock units. There were no restricted stock units outstanding during either of the three or nine month periods ended September 30, 2020 that were anti-dilutive.

ASC 606 Revenue Recognition and

ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures	9 Months Ended
	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Contract Assets and Contract Liabilities	Note 2 – Contract Assets and Contract Liabilities The following table presents the net contract assets and liabilities for the electrical construction operations as of the dates indicated: September 30, 2020 December 31, 2019 $ Change Contract assets (1) $ 24,328,912 $ 9,321,368 $ 15,007,544 Contract liabilities (2) (1,383,829 ) (1,008,679 ) (375,150 ) Net contract assets $ 22,945,083 $ 8,312,689 $ 14,632,394 ______________________________________ (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 nine months ended September 30, 2020 : $ Change Cumulative adjustment due to changes in contract values (1) $ 2,332,735 Cumulative adjustment due to changes in estimated costs at completion (996,012 ) Revenue recognized in the period 111,819,753 Amounts reclassified to receivables (98,644,708 ) Impairment of contract assets (2) 120,626 Total $ 14,632,394 ______________________________________ (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) For the nine months ended September 30, 2020, $0.4 million 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, 2019. Note 8 – ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures 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, 2019. 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 dates indicated: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Electrical construction operations (1) Southeast $ 19,010,869 $ 17,127,019 $ 59,643,565 $ 51,956,218 mid-Atlantic 15,188,972 11,897,347 39,332,883 41,366,308 Texas-Southwest 11,914,994 13,038,099 35,259,981 28,461,784 Other electrical construction (2) 1,942,062 1,119,732 3,558,478 1,989,573 Total electrical construction operations 48,056,897 43,182,197 137,794,907 123,773,883 Real estate development operations 364,900 1,550,684 3,250,563 12,819,473 Total revenue $ 48,421,797 $ 44,732,881 $ 141,045,470 $ 136,593,356 ______________________________________ (1) (2) The aggregate amount of the transaction price allocated to performance obligations that were unsatisfied as of September 30, 2020 is $69.4 million. Of this total, $64.9 million is expected to be satisfied within the next twelve months and the remaining balance of $4.5 million is expected to be satisfied thereafter.

Customer Concentration

Customer Concentration	9 Months Ended
	Sep. 30, 2020
Risks And Uncertainties [Abstract]
Customer Concentration	Note 9 – Customer Concentration For the nine months ended September 30, 2020 and 2019, the three largest customers accounted for 51.0% and 54.6%, respectively, of the Company’s total revenue. For the three months ended September 30, 2020 and 2019 the three largest customers accounted for 56.5% and 56.7%, respectively, of the Company’s total revenue.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	9 Months Ended
	Sep. 30, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets	Note 10 – 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: September 30, 2020 December 31, 2019 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 $ (288,001 ) $ 351,999 $ 640,000 $ (256,001 ) $ 383,999 Customer relationships 20 350,000 (118,125 ) 231,875 350,000 (105,000 ) 245,000 Non-competition agreement 5 10,000 (10,000 ) — 10,000 (10,000 ) — Other 1 13,800 (13,800 ) — 13,800 (13,800 ) — Total $ 1,013,800 $ (429,926 ) $ 583,874 $ 1,013,800 $ (384,801 ) $ 628,999 Amortization of definite-lived intangible assets will be approximately $60,000

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	Note 11 – Leases In February 2016, the FASB issued ASU 2016-02, ASC 842 Leases 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). On January 1, 2019, the Company adopted the accounting pronouncement issued using the modified retrospective method. The Company elected the “package of practical expedients” permitted under the transition guidance within the new standard, which among other things, allowed the Company to carry forward the historical lease classification. In addition, the Company elected not to utilize the hindsight practical expedient to determine the lease term for existing leases. The Company elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, the Company did not recognize right-of-use assets or lease liabilities, including not recognizing right-of-use assets or lease liabilities for existing short-term leases of those assets in transition. The Company also elected the practical expedient to not separate lease and non-lease components. Adoption of the new standard resulted in the recording of additional operating lease right-of-use assets and operating lease liabilities of approximately $4.3 million and $4.3 million, respectively, as of January 1, 2019. The adoption of this standard did not impact the Company’s retained earnings, liquidity, results of operations or its compliance with its debt covenants. The Company modified existing controls and processes to support the adoption of the new lease accounting standard that the Company adopted as of January 1, 2019. From time to time, the Company enters into leases primarily for the electrical construction operation’s equipment needs and to a lesser extent office facilities. These leases allow the Company to conserve cash by paying a monthly lease rental fee for the use of equipment rather than purchasing them. The Company’s leases have remaining terms ranging from months to seven years, some of which may include options to extend the lease term. Currently, all of the Company’s leases contain fixed payment terms. Additionally, all of our month-to-month leases are cancelable by the Company, at any time and are not included in our right-of-use asset or liability. At September 30, 2020, the Company had no leases with residual value guarantees. Typically, the Company has purchase options on the equipment underlying its long-term leases and many of its short-term rental arrangements. The Company has concluded that it is not reasonably certain that such options will be exercised as the Company does not currently have a compelling economic reason to exercise the options. However, the Company may exercise some of these purchase options when the need for equipment is on-going and the purchase option price is attractive. Financing Leases The Company currently does not have any leases that are classified as financing leases under ASC 842 Leases. Operating Lease Right-of-Use Assets Operating lease right-of-use assets are reported under “Operating lease on the Company’s consolidated balance sheet reported under “ The following table presents a summary of the Company’s lease assets and lease liabilities as of the dates indicated: Classification September 30, 2020 December 31, 2019 Lease Assets Operating lease assets Operating lease right-of-use assets $ 19,231,952 $ 6,861,099 Lease Liabilities Current operating lease liabilities Current portion of operating lease liability $ 3,881,692 $ 1,880,957 Non-current operating lease liabilities Operating lease liabilities 15,723,328 4,987,088 Total lease liabilities $ 19,605,020 $ 6,868,045 The total weighted-average incremental borrowing rate and remaining lease term for the Company’s operating leases were 2.92% and 5.64 years, respectively, as of September 30, 2020. Operating lease costs for the three and nine months ended September 30, 2020 were $0.9 million and $2.2 million, respectively, which approximate the cash payments for these periods. The following table presents the Company’s maturity analysis of its operating lease liabilities as of the date indicated September 30, 2020 2020 $ 1,024,091 2021 3,884,044 2022 3,789,192 2023 3,624,314 2024 and beyond 8,939,559 Total lease payments $ 21,261,200 Less: interest (1,656,180 ) Present value of lease liabilities $ 19,605,020

Business Segment Information

Business Segment Information	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Business Segment Information	Note 12 – Business Segment Information Segment The Company performs services in two segments, electrical construction and real estate development. There were no material amounts of sales or transfers between segments and no material amounts of foreign sales. Any inter-segment sales have been eliminated. The following table sets forth certain segment information for the dates indicated : Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Continuing Operations Revenue Electrical construction $ 48,056,897 $ 43,182,197 $ 137,794,907 $ 123,773,883 Real estate development 364,900 1,550,684 3,250,563 12,819,473 Total revenue $ 48,421,797 $ 44,732,881 $ 141,045,470 $ 136,593,356 Operating expenses Electrical construction $ 43,206,985 $ 39,962,922 $ 125,093,691 $ 115,051,543 Real estate development 471,677 1,389,541 2,979,110 10,840,667 Corporate 2,871,294 1,314,269 5,692,728 4,070,387 Total operating expenses $ 46,549,956 $ 42,666,732 $ 133,765,529 $ 129,962,597 Operating income (loss) Electrical construction $ 4,849,912 $ 3,219,275 $ 12,701,216 $ 8,722,340 Real estate development (106,777 ) 161,143 271,453 1,978,806 Corporate (2,871,294 ) (1,314,269 ) (5,692,728 ) (4,070,387 ) Total operating income $ 1,871,841 $ 2,066,149 $ 7,279,941 $ 6,630,759 Other (expenses) income, net Electrical construction $ (153,229 ) $ (349,269 ) $ (593,360 ) $ (1,065,917 ) Real estate development — — — (5,499 ) Corporate 5,606 37,535 12,380 103,436 Total other expenses, net $ (147,623 ) $ (311,734 ) $ (580,980 ) $ (967,980 ) Net income (loss) before taxes Electrical construction $ 4,696,683 $ 2,870,006 $ 12,107,856 $ 7,656,423 Real estate development (106,777 ) 161,143 271,453 1,973,307 Corporate (2,865,688 ) (1,276,734 ) (5,680,348 ) (3,966,951 ) Total net income before taxes $ 1,724,218 $ 1,754,415 $ 6,698,961 $ 5,662,779 Capital Expenditures Electrical construction $ 3,957,702 $ 1,779,984 $ 12,861,020 $ 15,218,970 Real estate development 1,249 — 1,571 59,048 Corporate 29,168 41,137 110,768 878,875 Total $ 3,988,119 $ 1,821,121 $ 12,973,359 $ 16,156,893 Depreciation and Amortization Electrical construction $ 3,018,610 $ 2,695,012 $ 8,839,030 $ 7,955,556 Real estate development 8,411 6,926 25,013 18,690 Corporate 29,436 27,050 86,729 74,303 Total $ 3,056,457 $ 2,728,988 $ 8,950,772 $ 8,048,549 Operating income (loss) 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 (loss) excludes interest expense, interest income, other income and income taxes. The following table sets forth assets by segment as of the dates indicated: Assets September 30, 2020 December 31, 2019 Electrical construction $ 138,254,547 $ 111,064,071 Real estate development 6,191,084 7,578,440 Corporate 15,000,180 10,724,667 Total $ 159,445,811 $ 129,367,178

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	Note 13 – Stock-Based Compensation On July 1, 2020, the Company issued 230,000 restricted stock units to certain employees and officers of the Company under The Goldfield Corporation 2013 Long-Term Incentive Plan (the “2013 Plan”), which had been approved by the Company’s stockholders on May 30, 2013. These 230,000 shares are the first shares awarded under the 2013 Plan. On each anniversary of the date of the award one third Under the 2013 Plan the maximum number of shares that may be issued pursuant to awards is 1,250,000. Shares that are potentially deliverable under an award that expires or is canceled, forfeited, settled in cash or otherwise settled without the delivery of shares shall not be treated as having been issued under the 2013 Plan. Shares underlying lapsed or forfeited awards of restricted stock units shall not be treated as having been issued pursuant to an award under the 2013 Plan. Shares that are withheld to satisfy the option exercise price or tax withholding obligations related to any award shall be deemed to be shares issued under the 2013 Plan. As of September 30, 2020, there were 230,000 outstanding unvested restricted stock units under the 2013 Plan. As of September 30, 2020, the 2013 Plan has 1,020,000 shares available for future grants. For the three and nine months ended September 30, 2020 The restricted stock units were issued with a grant date fair market value equal to the closing price of the stock on the date of the grants. for both the three and nine months ended September 30, 2020 on the Company’s consolidated statements of income. As of September 30, 2020, there was $767,000 of total unrecognized compensation cost related to the 230,000 non-vested restricted stock units. This cost is expected to be recognized over a weighted-average period of approximately 2.75 years. The following table presents a summary of the Company’s Stock-based compensation expense as of the dates indicated: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Share-based compensation expense Electrical construction $ 48,888 $ — $ 48,888 $ — Selling, general and administrative 21,388 — 21,388 — Total share-based compensation expense $ 70,276 $ — $ 70,276 $ — On October 1, 2020, the Company issued an additional 100,000 restricted stock units to certain of the Company’s officers under the 2013 Plan. As of October 1, 2020, the 2013 Plan has 920,000 shares available for future grants.

Organization and Summary of S_2

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
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 Company is also engaged in real estate development operations. The principal market for the Company’s electrical construction operation is primarily in the Southeast, mid-Atlantic and Texas-Southwest regions of the United States. The Company’s real estate development operation is along the east coast of Central Florida. 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 consolidated financial statements presented herein are unaudited with the exception of the consolidated balance sheet as of December 31, 2019, 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, 2019.
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 September 30, 2020 and December 31, 2019, 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 whom 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, income tax receivable, cash surrender value of life insurance policies, accounts payable and notes payable. 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, income tax receivable, accounts payable and accrued liabilities, to approximate fair value due to the immediate or short-term maturity of these financial instruments. The Company’s carrying value of long-term notes payable are estimated by management to approximate fair value since the interest rates prescribed by Truist Bank are variable market interest rates and are adjusted periodically, and as such, are classified as Level 2. The carrying value of cash surrender value of life insurance is 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”) 360-10, Accounting for the Impairment or Disposal of Long-lived Assets Fair Value Measurement
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, 2019, 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. There were no events or changes in circumstances as of September 30, 2020 that would indicate that the carrying amounts may not be recoverable.
Share-based Compensation	Share-Based Compensation Outstanding unvested restricted stock units are not included in common stock outstanding amounts.
Recent Accounting Pronouncements	Recent Accounting Pronouncements 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 adopted ASU 2017-04 on January 1, 2020 and the adoption of this standard did not have a significant impact on the Company’s consolidated financial statements. In June 2016 the FASB issued ASU-2016-13, Financial Instruments – Credit Losses. This update required immediate recognition of management’s estimates of current expected credit losses. This update was effective for the Company in the first quarter of 2020. The adoption of ASU 2016-13 did not have a significant impact on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU-2019-12, Income Taxes: Simplifying the Accounting for Income Taxes, which will be effective for the Company in fiscal year 2021. This update simplifies the accounting for interim period tax law changes and loss limitations, ownership changes in equity investments, intraperiod tax allocations and the step up of tax basis in goodwill that is not acquired during a business combination. ASU-2019-12 will be adopted in 2021 and is not expected to have a significant impact on the Company’s consolidated financial statements. In March 2020, the FASB issued ASU 2020-4, Reference Rate Reform, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. In response to concerns about structural risks of interbank offered rates including the risk of cessation of the London Interbank Offered Rate (LIBOR), regulators in several jurisdictions around the world have undertaken reference rate reform initiatives to identify alternative reference rates that are more observable and less susceptible to manipulation. The provisions of this ASU U.S. generally accepted accounting principles
Covid 19	COVID-19 The Company did not incur significant disruptions to its operations during the nine months ended September 30, 2020 from COVID-19. At this time, the Company is unable to predict the impact that COVID-19 will have on its consolidated financial statements in future periods due to numerous uncertainties. The Company is closely monitoring its efforts to manage the impact of the pandemic on all aspects of the Company’s business and consolidated financial statements. Please refer to Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations Risk Factors

Contract Assets and Contract _2

Contract Assets and Contract Liabilities (Tables)	9 Months Ended
	Sep. 30, 2020
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: September 30, 2020 December 31, 2019 $ Change Contract assets (1) $ 24,328,912 $ 9,321,368 $ 15,007,544 Contract liabilities (2) (1,383,829 ) (1,008,679 ) (375,150 ) Net contract assets $ 22,945,083 $ 8,312,689 $ 14,632,394 ______________________________________ (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 nine months ended September 30, 2020 : $ Change Cumulative adjustment due to changes in contract values (1) $ 2,332,735 Cumulative adjustment due to changes in estimated costs at completion (996,012 ) Revenue recognized in the period 111,819,753 Amounts reclassified to receivables (98,644,708 ) Impairment of contract assets (2) 120,626 Total $ 14,632,394 ______________________________________ (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)

Income Taxes (Tables)

Income Taxes (Tables)	9 Months Ended
	Sep. 30, 2020
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 dates as indicated: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Income tax provision $ 632,467 $ 592,413 $ 1,665,769 $ 1,902,034 Effective income tax rate 36.7 % 33.8 % 24.9 % 33.6 %

Notes Payable (Tables)

Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of long-term debt	The following table presents the balances of notes payable as of the dates indicated: Interest Rates Truist Bank Maturity Date September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Working Capital Loan November 28, 2021 $ 10,000,000 — 1.96 % — % $38.2 Million Equipment Loan March 9, 2024 26,394,000 32,244,000 1.96 % 3.52 % $ 4.5 Million Equipment Loan March 7, 2024 3,937,500 — 1.96 % — % Total notes payable 40,331,500 32,244,000 Less unamortized debt issuance costs 46,917 71,577 Total notes payable, net 40,284,583 32,172,423 Less current portion of notes payable, net 13,895,635 7,769,497 Notes payable net, less current portion $ 26,388,948 $ 24,402,926

ASC 606 Revenue Recognition a_2

ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue From Contract With Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates the Company’s revenue for the dates indicated: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Electrical construction operations (1) Southeast $ 19,010,869 $ 17,127,019 $ 59,643,565 $ 51,956,218 mid-Atlantic 15,188,972 11,897,347 39,332,883 41,366,308 Texas-Southwest 11,914,994 13,038,099 35,259,981 28,461,784 Other electrical construction (2) 1,942,062 1,119,732 3,558,478 1,989,573 Total electrical construction operations 48,056,897 43,182,197 137,794,907 123,773,883 Real estate development operations 364,900 1,550,684 3,250,563 12,819,473 Total revenue $ 48,421,797 $ 44,732,881 $ 141,045,470 $ 136,593,356 ______________________________________ (1) (2)

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2020
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: September 30, 2020 December 31, 2019 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 $ (288,001 ) $ 351,999 $ 640,000 $ (256,001 ) $ 383,999 Customer relationships 20 350,000 (118,125 ) 231,875 350,000 (105,000 ) 245,000 Non-competition agreement 5 10,000 (10,000 ) — 10,000 (10,000 ) — Other 1 13,800 (13,800 ) — 13,800 (13,800 ) — Total $ 1,013,800 $ (429,926 ) $ 583,874 $ 1,013,800 $ (384,801 ) $ 628,999

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Summary of Lease Assets and Lease Liabilities	The following table presents a summary of the Company’s lease assets and lease liabilities as of the dates indicated: Classification September 30, 2020 December 31, 2019 Lease Assets Operating lease assets Operating lease right-of-use assets $ 19,231,952 $ 6,861,099 Lease Liabilities Current operating lease liabilities Current portion of operating lease liability $ 3,881,692 $ 1,880,957 Non-current operating lease liabilities Operating lease liabilities 15,723,328 4,987,088 Total lease liabilities $ 19,605,020 $ 6,868,045
Summary of Maturity Analysis of Operating Lease Liabilities	The following table presents the Company’s maturity analysis of its operating lease liabilities as of the date indicated September 30, 2020 2020 $ 1,024,091 2021 3,884,044 2022 3,789,192 2023 3,624,314 2024 and beyond 8,939,559 Total lease payments $ 21,261,200 Less: interest (1,656,180 ) Present value of lease liabilities $ 19,605,020

Business Segment Information (T

Business Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Summary of Segment Information	The following table sets forth certain segment information for the dates indicated : Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Continuing Operations Revenue Electrical construction $ 48,056,897 $ 43,182,197 $ 137,794,907 $ 123,773,883 Real estate development 364,900 1,550,684 3,250,563 12,819,473 Total revenue $ 48,421,797 $ 44,732,881 $ 141,045,470 $ 136,593,356 Operating expenses Electrical construction $ 43,206,985 $ 39,962,922 $ 125,093,691 $ 115,051,543 Real estate development 471,677 1,389,541 2,979,110 10,840,667 Corporate 2,871,294 1,314,269 5,692,728 4,070,387 Total operating expenses $ 46,549,956 $ 42,666,732 $ 133,765,529 $ 129,962,597 Operating income (loss) Electrical construction $ 4,849,912 $ 3,219,275 $ 12,701,216 $ 8,722,340 Real estate development (106,777 ) 161,143 271,453 1,978,806 Corporate (2,871,294 ) (1,314,269 ) (5,692,728 ) (4,070,387 ) Total operating income $ 1,871,841 $ 2,066,149 $ 7,279,941 $ 6,630,759 Other (expenses) income, net Electrical construction $ (153,229 ) $ (349,269 ) $ (593,360 ) $ (1,065,917 ) Real estate development — — — (5,499 ) Corporate 5,606 37,535 12,380 103,436 Total other expenses, net $ (147,623 ) $ (311,734 ) $ (580,980 ) $ (967,980 ) Net income (loss) before taxes Electrical construction $ 4,696,683 $ 2,870,006 $ 12,107,856 $ 7,656,423 Real estate development (106,777 ) 161,143 271,453 1,973,307 Corporate (2,865,688 ) (1,276,734 ) (5,680,348 ) (3,966,951 ) Total net income before taxes $ 1,724,218 $ 1,754,415 $ 6,698,961 $ 5,662,779 Capital Expenditures Electrical construction $ 3,957,702 $ 1,779,984 $ 12,861,020 $ 15,218,970 Real estate development 1,249 — 1,571 59,048 Corporate 29,168 41,137 110,768 878,875 Total $ 3,988,119 $ 1,821,121 $ 12,973,359 $ 16,156,893 Depreciation and Amortization Electrical construction $ 3,018,610 $ 2,695,012 $ 8,839,030 $ 7,955,556 Real estate development 8,411 6,926 25,013 18,690 Corporate 29,436 27,050 86,729 74,303 Total $ 3,056,457 $ 2,728,988 $ 8,950,772 $ 8,048,549
Summary of Assets by Segment	The following table sets forth assets by segment as of the dates indicated: Assets September 30, 2020 December 31, 2019 Electrical construction $ 138,254,547 $ 111,064,071 Real estate development 6,191,084 7,578,440 Corporate 15,000,180 10,724,667 Total $ 159,445,811 $ 129,367,178

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Stock Based Compensation Expense	The following table presents a summary of the Company’s Stock-based compensation expense as of the dates indicated: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Share-based compensation expense Electrical construction $ 48,888 $ — $ 48,888 $ — Selling, general and administrative 21,388 — 21,388 — Total share-based compensation expense $ 70,276 $ — $ 70,276 $ —

Organization and Summary of S_3

Organization and Summary of Significant Accounting Policies - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Impairment or disposal of long-lived assets	$ 0	$ 0	$ 0	$ 0
Impairment of goodwill and intangible asset			0
Disruptions of operations			$ 0

Contract Assets and Contract _3

Contract Assets and Contract Liabilities - Summary of Contract Assets and Liabilities (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Revenue From Contract With Customer [Abstract]
Contract assets	$ 24,328,912	$ 9,321,368
Contract liabilities	(1,383,829)	(1,008,679)
Net contract assets	22,945,083	$ 8,312,689
Change in contract assets	15,007,544
Change in contract liabilities	(375,150)
Total	$ 14,632,394

Contract Assets and Contract _4

Contract Assets and Contract Liabilities - Changes in Contract Assets and Liabilities (Details)	9 Months Ended
	Sep. 30, 2020USD ($)
Revenue From Contract With Customer [Abstract]
Cumulative adjustment due to changes in contract values	$ 2,332,735
Cumulative adjustment due to changes in estimated costs at completion	(996,012)
Revenue recognized in the period	111,819,753
Amounts reclassified to receivables	(98,644,708)
Impairment of contract assets	120,626
Total	$ 14,632,394

Contract Assets and Contract _5

Contract Assets and Contract Liabilities - Narrative (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Revenue From Contract With Customer [Abstract]
Contract liability billings in excess of costs and estimated earnings on uncompleted contracts	$ 0.4

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020	Dec. 31, 2017	Dec. 31, 2019
Operating Loss Carryforwards [Line Items]
Federal statutory rate	21.00%		21.00%			35.00%
Impact of discrete items on effective income tax rate			4.90%
Effective income tax rate	36.70%	33.80%	24.90%	33.60%
Impact of discrete items on effective income tax rate, amount	$ 492,000
Minimum amount of future taxable income required to realize deferred tax assets	3,500,000		$ 3,500,000
Unrecognized tax benefits	$ 800		$ 800				$ 4,000
Scenario Forecast
Operating Loss Carryforwards [Line Items]
Effective income tax rate before CARES Act impact					32.20%
Effective income tax rate					27.30%
Maximum
Operating Loss Carryforwards [Line Items]
CARES Act of 2020 net operating loss carryback period			5 years

Income Taxes - Components of Pr

Income Taxes - Components of Provision for Income Tax (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Income tax provision	$ 632,467	$ 592,413	$ 1,665,769	$ 1,902,034
Effective income tax rate	36.70%	33.80%	24.90%	33.60%

Commitments and Contingencies_2

Commitments and Contingencies Related to Discontinued Operations (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Discontinued Operations And Disposal Groups [Abstract]
Contingency provision related to discontinued operations	$ 0.5	$ 0.5

Notes Payable - Summary of Note

Notes Payable - Summary of Notes Payable (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Balances of the Company's notes payable
Note payable balance	$ 40,331,500	$ 32,244,000
Less unamortized debt issuance costs	46,917	71,577
Total notes payable, net	40,284,583	32,172,423
Less current portion of notes payable, net	13,895,635	7,769,497
Notes payable net, less current portion	$ 26,388,948	24,402,926
Working Capital Loan
Balances of the Company's notes payable
Maturity Date	Nov. 28, 2021
Note payable balance	$ 10,000,000	$ 0
Interest Rate	1.96%	0.00%
Loan agreement face amount	$ 23,000,000
$38.2 Million Equipment Loan
Balances of the Company's notes payable
Maturity Date	Mar. 9, 2024
Note payable balance	$ 26,394,000	$ 32,244,000
Interest Rate	1.96%	3.52%
Loan agreement face amount	$ 38,200,000
$4.5 Million Equipment Loan
Balances of the Company's notes payable
Maturity Date	Mar. 7, 2024
Note payable balance	$ 3,937,500	$ 0
Interest Rate	1.96%	0.00%
Loan agreement face amount	$ 4,500,000

Notes Payable - Narrative (Deta

Notes Payable - Narrative (Details) - USD ($)	Oct. 05, 2020	Mar. 23, 2020	Sep. 30, 2020	Dec. 09, 2019	Mar. 07, 2024	Mar. 09, 2024	Dec. 31, 2019
Debt Instrument [Line Items]
Borrowings outstanding			$ 40,331,500				$ 32,244,000
Letter of credit related to workers' compensation			$ 700,000				600,000
LIBOR | 2018 Master Loan Agreement
Debt Instrument [Line Items]
Basis spread added to monthly LIBOR			1.80%
Working Capital Loan
Debt Instrument [Line Items]
Loan agreement face amount			$ 23,000,000
Borrowings outstanding			$ 10,000,000				0
Proceeds from working capital loan		$ 10,000,000
Repayments of Debt	$ 5,000,000
Loan maturity date			Nov. 28, 2021
$38.2 Million Equipment Loan
Debt Instrument [Line Items]
Loan agreement face amount			$ 38,200,000
Borrowings outstanding			$ 26,394,000				32,244,000
Periodic payment				$ 598,000		$ 650,000
Frequency of periodic payment			monthly
Loan maturity date			Mar. 9, 2024
$4.5 Million Equipment Loan
Debt Instrument [Line Items]
Loan agreement face amount			$ 4,500,000
Borrowings outstanding			$ 3,937,500				$ 0
Frequency of periodic payment			monthly
Loan maturity date			Mar. 7, 2024
$4.5 Million Equipment Loan | Scenario Forecast
Debt Instrument [Line Items]
Periodic payment					$ 93,750

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Sep. 30, 2020USD ($)
Performance Bond
Guarantee Obligations [Line Items]
Outstanding performance bonds	$ 49.7

Income (Loss) Per Share of Comm

Income (Loss) Per Share of Common Stock (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Restricted Stock Units (RSUs) [Member]
Shares of treasury stock excluded from weighted average number of common stock shares outstanding	0		0
Treasury stock
Shares of treasury stock excluded from weighted average number of common stock shares outstanding	3,291,238	3,291,238	3,291,238	3,291,238
Unvested Restricted Stock [Member]
Shares of treasury stock excluded from weighted average number of common stock shares outstanding	230,000		230,000

ASC 606 Revenue Recognition a_3

ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures - Disaggregation of Revenue (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation Of Revenue [Line Items]
Total revenue	$ 48,421,797	$ 44,732,881	$ 141,045,470	$ 136,593,356
Electrical construction
Disaggregation Of Revenue [Line Items]
Total revenue	48,056,897	43,182,197	137,794,907	123,773,883
Electrical construction | Southeast
Disaggregation Of Revenue [Line Items]
Total revenue	19,010,869	17,127,019	59,643,565	51,956,218
Electrical construction | mid-Atlantic
Disaggregation Of Revenue [Line Items]
Total revenue	15,188,972	11,897,347	39,332,883	41,366,308
Electrical construction | Texas-Southwest
Disaggregation Of Revenue [Line Items]
Total revenue	11,914,994	13,038,099	35,259,981	28,461,784
Electrical construction | Other electrical construction
Disaggregation Of Revenue [Line Items]
Total revenue	1,942,062	1,119,732	3,558,478	1,989,573
Real estate development operations
Disaggregation Of Revenue [Line Items]
Total revenue	$ 364,900	$ 1,550,684	$ 3,250,563	$ 12,819,473

ASC 606 Revenue Recognition a_4

ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures - Narrative (Details) $ in Millions	Sep. 30, 2020USD ($)
Revenue From Contract With Customer [Abstract]
Remaining performance obligation	$ 69.4

ASC 606 Revenue Recognition a_5

ASC 606 Revenue Recognition and Significant Accounting Policies Disclosures - Performance Obligation Narrative (Details) $ in Millions	Sep. 30, 2020USD ($)
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation	$ 69.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2020-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation	$ 64.9
Remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2021-07-01
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction [Line Items]
Remaining performance obligation	$ 4.5
Remaining performance obligation, expected timing of satisfaction, period	0 years

Customer Concentration (Details

Customer Concentration (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue | Major customers
Concentration Risk [Line Items]
Concentration risk, percentage	56.50%	56.70%	51.00%	54.60%

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Goodwill	$ 101,407	$ 101,407
Gross Carrying Amount	1,013,800	1,013,800
Accumulated Amortization	(429,926)	(384,801)
Net Carrying Amount	583,874	628,999
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Amortization expense, 2020	60,000
Amortization expense, 2021	60,000
Amortization expense, 2022	60,000
Amortization expense, 2023	60,000
Amortization expense, 2024	60,000
Amortization expense, 2025	$ 60,000
Trademarks/Names
Finite Lived Intangible Assets [Line Items]
Useful Life	15 years
Gross Carrying Amount	$ 640,000	640,000
Accumulated Amortization	(288,001)	(256,001)
Net Carrying Amount	$ 351,999	383,999
Customer relationships
Finite Lived Intangible Assets [Line Items]
Useful Life	20 years
Gross Carrying Amount	$ 350,000	350,000
Accumulated Amortization	(118,125)	(105,000)
Net Carrying Amount	$ 231,875	245,000
Non-competition agreement
Finite Lived Intangible Assets [Line Items]
Useful Life	5 years
Gross Carrying Amount	$ 10,000	10,000
Accumulated Amortization	(10,000)	(10,000)
Net Carrying Amount	$ 0	0
Other
Finite Lived Intangible Assets [Line Items]
Useful Life	1 year
Gross Carrying Amount	$ 13,800	13,800
Accumulated Amortization	(13,800)	(13,800)
Net Carrying Amount	$ 0	$ 0

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019	Jan. 01, 2019
Lessee Lease Description [Line Items]
Operating lease right-of-use assets	$ 19,231,952	$ 19,231,952	$ 6,861,099
Operating lease liability	$ 19,605,020	$ 19,605,020	$ 6,868,045
Remaining term of lease	5 years 7 months 20 days	5 years 7 months 20 days
Weighted-average incremental borrowing rate	2.92%	2.92%
Operating lease cost	$ 900,000	$ 2,200,000
Electrical construction operation's equipment
Lessee Lease Description [Line Items]
Remaining term of lease	7 years	7 years
leases with residual value guarantees	$ 0	$ 0
ASU 2016-02
Lessee Lease Description [Line Items]
Operating lease right-of-use assets				$ 4,300,000
Operating lease liability				$ 4,300,000

Leases - Summary of Lease Asset

Leases - Summary of Lease Assets and Lease Liabilities (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Lease Assets
Operating lease right-of-use assets	$ 19,231,952	$ 6,861,099
Lease Liabilities
Current portion of operating lease liability	3,881,692	1,880,957
Operating lease liabilities	15,723,328	4,987,088
Total lease liabilities	$ 19,605,020	$ 6,868,045

Leases - Summary of Maturity An

Leases - Summary of Maturity Analysis of Operating Lease Liabilities (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Operating Lease Liabilities, Payments Due [Abstract]
2020	$ 1,024,091
2021	3,884,044
2022	3,789,192
2023	3,624,314
2024 and beyond	8,939,559
Total lease payments	21,261,200
Less: interest	(1,656,180)
Present value of lease liabilities	$ 19,605,020	$ 6,868,045

Business Segment Information -

Business Segment Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2020Segment
Segment Reporting [Abstract]
Number of operating segments	2

Business Segment Information _2

Business Segment Information - Summary of Segment Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Total revenue	$ 48,421,797	$ 44,732,881	$ 141,045,470	$ 136,593,356
Total operating expenses	46,549,956	42,666,732	133,765,529	129,962,597
Total operating income	1,871,841	2,066,149	7,279,941	6,630,759
Total other expenses, net	(147,623)	(311,734)	(580,980)	(967,980)
Income before income taxes	1,724,218	1,754,415	6,698,961	5,662,779
Capital Expenditures	3,988,119	1,821,121	12,973,359	16,156,893
Depreciation and Amortization	3,056,457	2,728,988	8,950,772	8,048,549
Operating Segments | Electrical construction
Segment Reporting Information [Line Items]
Total revenue	48,056,897	43,182,197	137,794,907	123,773,883
Total operating expenses	43,206,985	39,962,922	125,093,691	115,051,543
Total operating income	4,849,912	3,219,275	12,701,216	8,722,340
Total other expenses, net	(153,229)	(349,269)	(593,360)	(1,065,917)
Income before income taxes	4,696,683	2,870,006	12,107,856	7,656,423
Capital Expenditures	3,957,702	1,779,984	12,861,020	15,218,970
Depreciation and Amortization	3,018,610	2,695,012	8,839,030	7,955,556
Operating Segments | Real estate development
Segment Reporting Information [Line Items]
Total revenue	364,900	1,550,684	3,250,563	12,819,473
Total operating expenses	471,677	1,389,541	2,979,110	10,840,667
Total operating income	(106,777)	161,143	271,453	1,978,806
Total other expenses, net				(5,499)
Income before income taxes	(106,777)	161,143	271,453	1,973,307
Capital Expenditures	1,249		1,571	59,048
Depreciation and Amortization	8,411	6,926	25,013	18,690
Corporate
Segment Reporting Information [Line Items]
Total operating expenses	2,871,294	1,314,269	5,692,728	4,070,387
Total operating income	(2,871,294)	(1,314,269)	(5,692,728)	(4,070,387)
Total other expenses, net	5,606	37,535	12,380	103,436
Income before income taxes	(2,865,688)	(1,276,734)	(5,680,348)	(3,966,951)
Capital Expenditures	29,168	41,137	110,768	878,875
Depreciation and Amortization	$ 29,436	$ 27,050	$ 86,729	$ 74,303

Business Segment Information _3

Business Segment Information - Summary of Identifiable Assets by Segment (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Segment Reporting Information [Line Items]
Identifiable Assets	$ 159,445,811	$ 129,367,178
Operating Segments | Electrical construction
Segment Reporting Information [Line Items]
Identifiable Assets	138,254,547	111,064,071
Operating Segments | Real estate development
Segment Reporting Information [Line Items]
Identifiable Assets	6,191,084	7,578,440
Corporate
Segment Reporting Information [Line Items]
Identifiable Assets	$ 15,000,180	$ 10,724,667

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	Jul. 01, 2020	Oct. 01, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	May 30, 2013
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units issued to certain employees and officers	230,000
Share-based compensation arrangement by share-based payment award, award vesting rights, percentage	33.33%
Share-based compensation arrangement by share-based payment award, award vesting rights					On July 1, 2020, the Company issued 230,000 restricted stock units to certain employees and officers of the Company under The Goldfield Corporation 2013 Long-Term Incentive Plan (the “2013 Plan”), which had been approved by the Company’s stockholders on May 30, 2013. These 230,000 shares are the first shares awarded under the 2013 Plan. On each anniversary of the date of the award one third of the restricted stock units awarded will vest, subject to the participant’s continued employment with the Company.
Share-based payment arrangement, expense			$ 70,276	$ 0	$ 70,276	$ 0
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares that may be issued pursuant to awards under the plan							1,250,000
2013 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for future grants			1,020,000		1,020,000
2013 Plan | Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unvested stock unit outstanding			230,000		230,000
Stock issued				0		0
Fair value of stock granted					$ 837,000
Share-based payment arrangement, expense			$ 70,300		70,300
Unrecognized share based compesattion			$ 767,000		$ 767,000
Share-based payment arrangement, period for recognition					2 years 9 months
2013 Plan | Restricted Stock Units (RSUs) [Member] | Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares available for future grants		920,000
2013 Plan | Restricted Stock Units (RSUs) [Member] | Tranche One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units vested					76,667
2013 Plan | Restricted Stock Units (RSUs) [Member] | Tranche Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units vested					76,667
2013 Plan | Restricted Stock Units (RSUs) [Member] | Tranche Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units vested					76,666
2013 Plan | Restricted Stock Units (RSUs) [Member] | Officers and Other Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock issued			230,000		230,000
2013 Plan | Restricted Stock Units (RSUs) [Member] | Company's Officers | Subsequent Event
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock issued		100,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Based Compensation Expense (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 70,276	$ 0	$ 70,276	$ 0
Electrical Construction
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	48,888	0	48,888	0
Selling, Deneral and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 21,388	$ 0	$ 21,388	$ 0