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<br /> CONQUEST ENGINEERlNG GROUP COMPANY <br /> STA TEMENTS OF CASH FLOWS <br /> FOR THE YEARS ENDED DECEMBER 31, <br /> 2007 2006 <br /> Cash flows from operating activities: <br /> Net Income $ _ 744,898 $ 675,002 <br /> Adjustments to reconcile net income to cash <br /> provided by operating activities: <br /> Depreciation 198,265 109,574 <br /> Changes in assets and liabilities: <br /> Increase in contracts receivable (150,465) (581,227) <br /> Decrease (increase) in costs and estimated earnings <br /> in excess of billings on uncompleted contracts - (464,5 i 0) 262,482 <br /> Decrease (increase) in other assets 741 (4,130) <br /> Increase (decrease )in accounts payable 716,558 (536,060) <br /> increase (d-ecreaseJln accruea expenses. ---.. ..... ..... .-....... -.. "-'7-;473 - . - . ---(6-5-;-066) <br /> Increase (decrease) in billings in excess of costs and . <br /> estimated earnings on uncompleted contracts (379,041) 611,971 <br /> Cash flows provided by operating activities 673,869 472,546 <br /> Cash flows used in investing activities: <br />.. Purchase of property and equipment (85,265) <br /> Cash flows provided by (used in) financing activities: <br /> Loans from sto.ckholders 44,09R 619,256 <br /> Repayment of loans (236,967) (171,490) <br /> Short-term borrowings (payments) (50,000) <br /> Borrowings (repayments) from affiliate 79,130 (21,343) <br /> Dividend distribution (504,847) (205,698) <br /> (618,586) 170,725 <br /> Net increase (decrease) in cash (29,982) 643,271 <br /> Cash at the beginning of the year 677,165 33,894 <br /> Cash at the end of the year $ 647,183 $ 677,165 <br /> Supplementary disclosure of cash flow information <br /> Non-monetary investing and financing transactions: <br /> Debt incurred to acquire equipment $ 538,524 $ 299,860 <br /> Cash paid for interest $ 71,007 $ 31,828 <br /> <br />Read Accountants' Review Report <br />The accompanying notes are an integral part ofthis statement <br /> <br />5 <br />