|
Advanced Roofing, Inc. and Affiliates
<br />Consolidated Statements of Cash Flows
<br />Years Ended December 31, 2015 and 2014
<br />Cash flows from operating activities:
<br />2015
<br />2014
<br />Net income
<br />$ 4,407,381 $
<br />2,813,835
<br />Adjustments to reconcile net income to net cash provided by
<br />operating activities:
<br />Beginning
<br />Depreciation
<br />357,342
<br />338,303
<br />Amortization
<br />25,000
<br />-
<br />(Gain) loss on sale of property and equipment
<br />14,863
<br />(9,548)
<br />(Income) loss on investment In construction joint venture
<br />(571,641)
<br />1,147,160
<br />Changes in assets and liabilities:
<br />Cash payments for interest
<br />$
<br />(Increase) decrease in:
<br />$
<br />230,789
<br />Accounts receivable
<br />1,827,521
<br />374,732
<br />Costs and estimated earnings in excess of billings on
<br />Inventory
<br />uncompleted contracts
<br />(4,581)
<br />1,579,777
<br />Inventory
<br />(12,094)
<br />218,253
<br />Prepaid expenses and other current assets
<br />(447,819)
<br />283,558
<br />Increase (decrease) in:
<br />500,000
<br />Accounts payable
<br />886,619
<br />(2,181,877)
<br />Billings In excess of costs and estimated earnings on
<br />5,000
<br />uncompleted contracts
<br />(127,705)
<br />(646,922)
<br />Accrued expenses
<br />(810,796)
<br />438,108
<br />Net cash provided by operating activities
<br />5,544,090
<br />4,355,379
<br />Cash flows from investing activities:
<br />505,390
<br />Decrease in due to affiliate in connection with stockholder contribution
<br />Purchase of property and equipment
<br />(936,077)
<br />(200,841)
<br />Proceeds from sale of property and equipment
<br />43,256
<br />15,200
<br />Advances to affiliate
<br />(687,165)
<br />(423,456)
<br />(Increase) decrease in other noncurrent assets
<br />137,924
<br />(232,354)
<br />Business acquisition
<br />(725,000
<br />Net cash used in investing activities
<br />_
<br />(2,167,062)
<br />(841,451)
<br />Cash flows from financing activities:
<br />Stockholders' distributions
<br />(7,201,146)
<br />(1,165,096)
<br />Net borrowing on line of credit
<br />2,159,364
<br />-
<br />Proceeds from notes payable
<br />1,900,000
<br />-
<br />Repayment of notes payable
<br />(360,297)
<br />(139,497)
<br />Net cash used in financing activities
<br />(3,502,079)
<br />(1,304,593)
<br />Effect of foreign currency exchange on cash
<br />(479,945)
<br />(91,578)
<br />Net increase (decrease) in cash and cash equivalents
<br />(604,996)
<br />2,117,757
<br />Cash and cash equivalents:
<br />Beginning
<br />5,936,042
<br />3,818,285
<br />Ending
<br />$
<br />5,331,046
<br />5,936,042
<br />Supplemental disclosures of cash flow information:
<br />Cash payments for interest
<br />$
<br />293,237
<br />$
<br />230,789
<br />Assets acquired in a business combination:
<br />Inventory
<br />$
<br />12,605
<br />$
<br />-
<br />Property and equipment
<br />212,395
<br />-
<br />Goodwill
<br />500,000
<br />-
<br />Cash paid
<br />5,000
<br />-
<br />Supplemental disclosures of noncash investing and financing activities:
<br />Decrease in due from affiliate in connection with stockholder distribution
<br />$
<br />-
<br />$
<br />505,390
<br />Decrease in due to affiliate in connection with stockholder contribution
<br />$
<br />-
<br />$
<br />505,390
<br />Disposal of property and equipment as a stockholder distribution
<br />$
<br />42,029
<br />$
<br />-
<br />See notes to consolidated financial statements
<br />
|