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UNDERWATER ENGINEERING SERVICES, INC. <br />STATEMENTS OF CASH FLOWS <br />FOR THE YEARS ENDED DECEMBER 31, 2017 AND 2016 <br />2017 2016 <br />CASH FLOWS FROM OPERATING ACTIVITIES: <br />Net income $ 1,375,043 $ 822,924 <br />Adjustments to reconcile net income to net cash <br />provided by operating activities: <br />Depreciation 80,976 96,816 <br />Provision for (recovery of) bad debts 4,700 (28,220) <br />Loss on disposal of property and equipment 6,594 3,030 <br />Changes in Assets (Increase) Decrease: <br />Accounts receivable (160,017) 706,680 <br />Accounts receivable - related party (23,040) 49,067 <br />Prepaid expenses and other current assets (10,271) (5,611) <br />Changes in Liabilities Increase (Decrease): <br />Accounts payable (78,641) (233,289) <br />Deferred revenue 22,853 (110,205) <br />Accrued expenses and other current liabilities (367,922) (18,297) <br />NET CASH PROVIDED BY OPERATING ACTIVITIES 850,275 1,282,895 <br />CASH FLOWS FROM INVESTING ACTIVITIES: <br />Advances to related parties, net (760,100) (1,275,971) <br />Purchases of property and equipment (3,970) (34,249) <br />NET CASH USED IN INVESTING ACTIVITIES (764,070) (1,310,220) <br />NET INCREASE (DECREASE) IN CASH 86,205 (27,325) <br />CASH, BEGINNING OF YEAR 19,367 46,692 <br />CASH, END OF YEAR $ 105,572 $ 19,367 <br />The accompanying notes are an integral part of these financial statements. <br />6 <br />