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+ <br /> L. H. TANNER CONSTRUCTION CORPORATION <br /> STATEMENT OF CASH FLOWS <br /> • Five month period ended May 31 , 2006 <br /> CASH FLOWS FROM OPERATING ACTIVITIES <br /> Net income $ 147087 <br /> • Adjustments to reconcile net income to net cash provided by operating activities <br /> Depreciation <br /> 9,263 <br /> (Increase) decrease in: <br /> Contract receivables (28, 739) <br /> Other receivable (2,229) <br /> Employee receivable ( ) <br /> + X50 <br /> Loan receivable (61000) <br /> Costs and estimated earnings in excess of billings on uncompleted <br /> + contracts 31 ,563 <br /> Increase (decrease) in: <br /> Accounts payable 84,533 <br /> + Payroll liabilities 2 672 <br /> Billings in excess of costs and estimated earnings on uncompleted <br /> + <br /> contracts (11 ,401 ) <br /> NET CASH PROVIDED BY OPERATING ACTIVITIES 93 ,399 <br /> • <br /> CASH FLOWS FROM INVESTING ACTIVITIES <br /> Purchases of property and equipment (22,000) <br /> + <br /> NET CASH USED BY INWESTING ACTIVITIES (22,000) <br /> • CASH FLOWS FROM FINANCING ACTIVITIES <br /> Short-term debt reduction (58,221 ) <br /> • <br /> NET CASH USED BY FINANCING ACTIVITIES (58,221 ) <br /> NET INCREASE IN CASH 13 , 178 <br /> CASH AT BEGINNING OF PERIOD 51 , 197 <br /> + "I . <br /> CASH AT END OF PERIOD $ 643375 <br />+ <br />+ <br /> See accompanying notes and accountant's report. <br /> 4 <br />