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W&J CONSTRUCTION CORPORATION
<br />STATEMENTS OF CASH FLOWS
<br />For the Years Ended December 31,
<br />CASH FLOWS FROM OPERATING ACTIVITIES
<br />Net income
<br />2017 2016
<br />$ 1,921,905 $ 1,462,331
<br />Adjustments to reconcile net income to net cash
<br />provided by operating activities:
<br />Depreciation and amortization 96,531 86,744
<br />Proceeds from insurance settlement for property
<br />and equipment 11,890
<br />Gain on insurance settlement of property and
<br />equipment - (8,835)
<br />(Increase) decrease in assets:
<br />Contract receivables (1,834,516) (66,042)
<br />Cost and estimated earnings in excess in
<br />billings on uncompleted contracts (30,234) 44,966
<br />Prepaid expenses (14,851) -
<br />Increase (decrease) in liabilities:
<br />Accounts payable 1,134,114 113,807
<br />Accrued expenses (12,360) (158,480)
<br />Advances received on contracts (901,474) 901,474
<br />Billings in excess of costs and estimated
<br />earnings on uncompleted contracts 348,609 346,619
<br />Net cash provided by operating activities 707,724 2,734,474
<br />CASH FLOWS FROM INVESTING ACTIVITIES
<br />Purchase of property and equipment
<br />(127, 508) (36, 280)
<br />CASH FLOWS FROM FINANCING ACTIVITIES
<br />Changes in restricted cash 281,477 (281,477)
<br />Net activity on line of credit (400,000)
<br />Payment on loan from stockholder (95,709)
<br />Payments on long term debt (25,525) (18,604)
<br />Stockholder distributions (2,380,651) (661,117)
<br />Net cash used in financing activities (2,124,699) (1,456,907)
<br />NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,544,483) 1,241,287
<br />CASH AND CASH EQUIVALENTS, beginning of the year 1,648,760 407,473
<br />CASH AND CASH EQUIVALENTS, end of the year $ 104,277 $ 1,648,760
<br />SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
<br />Cash paid for interest
<br />NON-CASH OPERATING AND FINANCING ACTIVITIES:
<br />Note payable for the purchase of a vehicle
<br />5,600 $ 17,152
<br />35,704 $ 34,220
<br />6
<br />See accompanying notes and independent accountant's review report.
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