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FERREIRA CONSTRUCTION COMPANY, INC. AND SUBSIDIARY
<br />CONSOLIDATED STATEMENT OF CASH FLOWS
<br />YEAR ENDED DECEMBER 31, 2020
<br />CASH FLOWS FROM OPERATING ACTIVITIES:
<br />Consolidated net income
<br />$ 4,949,606
<br />Adjustments to reconcile consolidated net income to net cash flows from operating activities:
<br />(1,072,713)
<br />Depreciation
<br />7,449,970
<br />Interest expense relating to deferred financing costs
<br />206,675
<br />Accrued interest - main street loan
<br />450,677
<br />Loss on claim settlement
<br />5,468,820
<br />Impairment loss on investment
<br />1,000,000
<br />Loss on sale of equipment
<br />270,194
<br />Loss on equity investment
<br />6,262
<br />Provision for bad debts
<br />224,484
<br />Equity in earnings of joint venture, net
<br />(4,952,086)
<br />Distributions from joint venture
<br />3,930,000
<br />Changes in operating assets and liabilities:
<br />Repayments of long-term debt
<br />Contract receivables
<br />(4,048,006)
<br />Costs and estimated earnings in excess of billings on uncompleted contracts
<br />(5,905,920)
<br />Prepaid expenses and other current assets
<br />(260,765)
<br />Deposits
<br />(70,170)
<br />Accounts payable
<br />642,526
<br />Deferred social security taxes - CARES act
<br />3,878,982
<br />Accrued expenses and other current liabilities
<br />(250,230)
<br />Billings in excess of costs and estimated earnings on uncompleted contracts
<br />8,928,963
<br />Net cash flows from operating activities
<br />21,919,982
<br />CASH FLOWS FROM INVESTING ACTIVITIES:
<br />Purchases of property and equipment
<br />(1,072,713)
<br />Proceeds from sales of equipment
<br />1,150,930
<br />Advances from stockholder
<br />292,046
<br />Advances to affiliate
<br />(275,000)
<br />Repayments from related parties
<br />718,832
<br />Net cash flows from investing activities
<br />814,095
<br />CASH FLOWS FROM FINANCING ACTIVITIES:
<br />Repayments on notes payable - lines of credit
<br />(7,171,528)
<br />Repayments of long-term debt
<br />(9,579,533)
<br />Advances to affiliates
<br />(100,000)
<br />Advances to related parties
<br />(406,995)
<br />Distributions to stockholder
<br />(671,350)
<br />Net cash flows from financing activities
<br />(17,929,406)
<br />NET CHANGE IN CASH
<br />4,804,671
<br />CASH, BEGINNING OF YEAR (Note 20)
<br />708,981
<br />CASH, END OF YEAR
<br />$
<br />5,513,652
<br />SUPPLEMENTAL CASH FLOW INFORMATION:
<br />Interest paid
<br />$
<br />4,439,221
<br />Income taxes paid
<br />$
<br />51,160
<br />Schedule of Non-cash Financing Activities:
<br />Investment in subsidiary
<br />$
<br />1,323,895
<br />Payoff bank equipment loan with main street proceeds
<br />$
<br />5,543,289
<br />Payoff line of credit with main street proceeds
<br />$
<br />28,681,949
<br />Notes issued for purchase of property and equipment
<br />$
<br />8,842,711
<br />See independent auditors'report on supplementary information.
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