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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 56 , 147 <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 71931 <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 601524 <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 1351994 <br /> Distributions to stockholder (44 , 168 ) <br /> NET CASH PROVIDED BY FIANACING ACTIVITIES ( 90 , 936 ) <br /> NET INCREASE IN CASH 20 , 145 <br /> CASH , Beginning of Year 331403 <br /> CASH , End of Year $ 53 , 548 <br /> SUPPLEMENTAL DISCLOSURE <br /> Interest paid $ 13 , 651 <br /> Read the accompanying notes and accountants' review report <br /> 4 <br />