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<br />BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
<br />COMBINED STATEMENTS OF CASH FLOWS
<br />
<br /> Years Ended December 31,
<br /> 2007 2006
<br />Cash flows from operating activities:
<br />Net income $ 693,377 $ 1,115,342
<br />Adjustments to reconcile net income to
<br />net cash provided by operating activities
<br />Depreciation 512,241 540,804
<br />Gain on sale of equipment (22,116)
<br />Provision for bad debts 187,000
<br />Changes in operating assets and liabilities:
<br />Increase in contracts receivable (1,660,579) (1,157,991)
<br />Increase in costs and estimated earnings
<br />in excess of billings on uncompleted contracts (14,653) (414,931)
<br />(Increase) Decrease in prepaid expenses (24,768) 23,777
<br />Increase in accounts payable 1,408,199 773,080
<br />Decrease in advance from customer (12,336)
<br />(Decrease) Increase in billings in excess of costs and
<br />estimated earnings on uncompleted contracts (634,378) 1,079,118
<br />Total adjustments (249,054) 831,521
<br />Net cash provided by operating activities 444,323 1,946,863
<br />Cash flows from investing activities:
<br />Acquisition of property and equipment (33,327) (543,609)
<br />Proceeds from sale of equipment 146,761
<br />Net cash provided by (used in) investing activities 113,434 (543,609)
<br />Cash flows from financing activities:
<br />Proceeds from (Principal payments on) credit line facility 416,127 (192,425)
<br />Proceeds from debt restructuring 1,900,000
<br />Principal payments on long-term debt and capital lease obligations (1,652,916) (673,071)
<br />Distributions to stockholders ( 416,000) (474,485)
<br />Net cash provided by (used in) financing activities 247,211 (1,339,981 )
<br />Net increase in cash and cash equivalents 804,968 63,273
<br />Cash and cash equivalents, beginning of year 269,392 206,119
<br />Cash and cash equivalents, end of year (Note - 13) $ 1,074,360 $ 269,392
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<br />The accompanying notes are an integral part
<br />of the combined financial statements.
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<br />Benitez & Company. CPA',
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