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<br /> CUBELLIS BUSINESS TRUST
<br /> CONSOLIDA TED STATEMENTS OF CASH FLOWS
<br />. For the years eoded December 31, 2006 2005
<br />Cash flows from operating activities:
<br /> Net income $ 1,787,306 $ 1..HlX.899
<br /> Adjustments to rel:llncile n~t ilKome to n~t cash
<br /> used in operating activitil.:s:
<br /> [kpreciation and arnortiLation 880,448 808. I O.l
<br /> Provision for douhtful accounts 240,000 290.000
<br /> Accretion of interest on deterred acquisition payml.:nts -1.725
<br /> Loss on sale of a.sset 6,647
<br /> Deferred relll 4,626 (28.105)
<br /> lktl:rrl.:d taxes on income 287,000 23-l.000
<br /> Changes in operaling assets and liabilities:
<br /> ..\ceounlS rel.:eivahle. nl.:t (6,591,953) (3..176.131)
<br /> Prepaid e.\penses (172,982) ( 160.589)
<br /> [)I.:posits (63,795) (97.381)
<br /> :\cwunts payabk: 1,977,480 I.O-l2,OS9
<br /> r\l:crued expenses and olher currenlliabilities 695,176 (1-l.596)
<br /> Inwme taxes payable (27.753)
<br /> Total adjustmcnl<; (2,737,353) ( 1..125.637)
<br /> Net cash used in operating activities (950,047) (16,738)
<br /> Cash flows from investing activities:
<br />. Proceeds from sale of assel 3,500
<br />Proceeds from repayment of note receivable 105,462
<br /> .\cquisition of Ecoplan. P.A. (18,993) (5X7A 7J)
<br /> Al.:quisition of Mann. Gin. Dubin & Frazier, Ltd. (319,954) (351,139)
<br /> Al:quisition ofCiB()C Architel.:ts. PC (32,972)
<br /> Al:quisiti()n of Dl.:sign Concepts Architects (730,047)
<br /> :\cquisition ofSynalovski Ciutiern:z Romanik An.:hitel.:ts In\.:. (758,944)
<br /> Purdlasl.:s uf equipment and irnproveml.:nts (1,493,272) ( 133,022)
<br /> Cash surrender value of life insurance (988) (3.000)
<br /> Net cash used in investing activities (3,246,208) ( 1.074.634)
<br /> Cash flows from financing activities:
<br /> Procel.:ds frolll the sale of l.:Ol11l1lon ,;tod. 1,336,437 29.7-l1
<br /> Advances under lines of credit. n('1 1,998,790 2.066.-l3-l
<br /> Proceeds from long-Ierm del)1 1,327,000
<br /> Proccl.:ds frolll issuancl.: or Illlle payable. shareholder 584,605 I 00.000
<br /> Principal paYlIlcnls on long-term debt (408,144) (207.609)
<br /> Principal pajments l)nnotes payable. shardwlder (166,591) ( 125.0(0)
<br /> Principal pajlllclIl.s onl1hligations under capital Ie,Lses (710,212) (355.363)
<br /> Distribulions to shareholders (98,948) (-U2.995)
<br /> Net cash provided by financing activities 3,862,937 1.075.208
<br /> Net decrease in cash and cash equivalents (333,3 18) ( I /).1 6-1 )
<br />. Cash and cash equivalents, beginning of year 401,921 .111(085
<br />Cash and cash equivalents, end of year
<br /> $ 68,603 'S -lO1.92 I
<br /> .\'t't' acco/lI1fWllS' rL'l'it'1\' rL'!)()rt alld lIofL'S fo fhL' .fillunciu/ s/alemL'nlS
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