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West Construction, Inc. and Subsidiaries <br />Consolidated Statements of Cash Flows (Continued) <br />For the years ended December 31, 2014 and 2013 <br />Reconciliation of net income (loss) to net <br />cash provided (used) by operating activities: <br />Net income (loss) <br />Adjustments to reconcile net income (loss) to net <br />cash provided (used) by operating activities: <br />Depreciation <br />Bad debts <br />Loss on sale of property and equipment <br />(Increase) decrease in: <br />Contract receivables <br />Costs and estimated earnings in excess <br />of billings on uncompleted contracts <br />Inventory <br />Other current assets <br />Other assets <br />Increase (decrease) in: <br />Accounts payable <br />Accrued expenses <br />Foreign income tax payable <br />Billings in excess of costs and estimated <br />earnings on uncompleted contracts <br />Net cash provided (used) by <br />operating activities <br />2014 <br />2013 <br />$ 1,624,627 $ (89,006) <br />399,092 <br />179,716 <br />18,841 <br />266,532 <br />2,673,274 <br />54,125 <br />42,705 <br />500 <br />(850,651) <br />36,784 <br />(1,853) <br />318,785 <br />573,891 <br />-0- <br />-0- <br />(543,949) <br />437,458 <br />(199,625) <br />43,302 <br />(1,050) <br />(700,035) <br />(104,691) <br />(14,959) <br />(336,816) <br />$ 4,762,477 $ (935,480) <br />Read the accompanying notes and independent auditors' report. <br />-7of18- <br />