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TIMOTHY ROSE CONTRACTING, INC. <br />STATEMENT OF CASH FLOWS <br />FOR THE YEAR ENDED DECEMBER 31, 2007 <br />CASH FLOWS FROM OPERATING ACTIVITIES <br />Net Income $ 244,044 <br />Adjustments to reconcile net income to net <br />cash provided by operating activities: <br />Depreciation $ 217,959 <br />Changes in: <br />Decrease in contract receivables 183,822 <br />Decrease in cost and estimated earnings <br />in execess of billings on uncompleted <br />contracts 561147 <br />Increase in other receivables (41986) <br />Decrease in accounts payable (406,511) <br />Decrease in billings in excess of costs <br />and estimated earnings on incomplete <br />contracts (61,253) <br />Increase in other payables 7,931 <br />TOTAL ADJUSTMENTS TO NET INCOME (61891) <br />NET CASH PROVIDED BY OPERATING ACTIVITIES 2371153 <br />CASH FLOWS FROM INVESTING ACTIVITIES: <br />Purchase of property and equipment (178,012) <br />Disposal of property and equipment 61364 <br />Disposal of marketable securities 60,524 <br />Addition of marketable securities (14,948) <br />NET CASH USED BY INVESTING ACTIVITIES (126,072) <br />CASH FLOWS FROM FINANCING ACTIVITIES: <br />Payments on notes payable (182,762) <br />Proceeds from notes payable 1350994 <br />Distributions to stockholder (44,168) <br />NET CASH PROVIDED BY FIANACING ACTIVITIES 90,936 <br />NET INCREASE IN CASH 201145 <br />CASH, Beginning of Year 33,403 <br />CASH, End of Year $ 531548 <br />SUPPLEMENTAL DISCLOSURE <br />Interest paid $ 13,651 <br />Read the accompanying notes and accountants' review report <br />4 <br />