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CONSOLIDATED STATEMENT OF CASH FLOWS <br /> <br />SOUTHEASTERN PRINTING COMPANY, INC. AND SUBSIDIARY <br /> <br />Year ended December 31, 2018 <br />(See Independent Accountant's Review Report) <br /> <br /> <br />See accompanying notes to consolidated financial statements <br /> <br />- 5 - <br />CASH FLOWS FROM OPERATING ACTIVITIES <br />Net income 1,328,359$ <br />Adjustments to reconcile net income to net cash <br />provided by operating activities: <br />Depreciation and amortization 1,089,081 <br />Gain on disposal of property and equipment (96,885) <br />Provision for doubtful accounts 26,041 <br />(Increase) decrease in assets: <br />Accounts receivable (520,679) <br />Inventories (291,478) <br />Prepaid expenses 16,622 <br />Other assets (55,261) <br />Increase (decrease) in liabilities: <br />Accounts payable (693,640) <br />Accrued expenses and deferred gain 852 <br />Customer deposits 133,735 <br />NET CASH PROVIDED BY OPERATING ACTIVITIES 936,747 <br />CASH FLOWS FROM INVESTING ACTIVITIES <br />Proceeds from sale of property and equipment 639,000 <br />Purchase of property and equipment (1,865,671) <br />Repayments on notes receivable 75,000 <br />NET CASH USED IN INVESTING ACTIVITIES (1,151,671) <br />CASH FLOWS FROM FINANCING ACTIVITIES <br />Payments on long-term debt (412,575) <br />NET CASH USED IN FINANCING ACTIVITIES (412,575) <br />NET DECREASE IN CASH AND CASH EQUIVALENTS (627,499) <br />CASH AND CASH EQUIVALENTS <br />Beginning of year 1,062,916 <br />End of year 435,417$ <br />SUPPLEMENTAL DISCLOSURE <br />Cash paid for interest 182,412$ <br />