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ERNEST ENERGY, INC. AND SUBSIDIARIES <br />CONSOLIDATED STATEMENT OF CASH FLOWS <br />FOR THE YEAR ENDED DECEMBER 31, 2023 <br /> <br />See independent accountants’ review report and notes to consolidated financial statements. <br />7 <br />RECONCILIATION OF NET INCOME TO NET CASH <br />USED IN OPERATING ACTIVITIES: <br />NET INCOME 535,119$ <br />ADJUSTMENTS TO RECONCILE NET INCOME TO NET <br />CASH USED IN OPERATING ACTIVITIES: <br />Depreciation and amortization 238,440 <br />Deferred income taxes (643) <br />Bad debt 66,596 <br />Increase in assets: <br />Contract receivables (1,439,859) <br />Contract assets (603,581) <br />Other receivables (87,734) <br />Inventory (131,617) <br />Prepaid expenses and other current assets (166,387) <br />Research and development (270,841) <br />Security deposits (6,221) <br />Increase (decrease) in liabilities: <br />Accounts payable 943,066 <br />Contract liabilities (11,926) <br />Accrued expenses and other current liabilities 140,435 <br />Total Adjustments (1,330,272) <br />NET CASH USED IN OPERATING ACTIVITIES (795,153)$ <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />