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<br />I CUB ELLIS BUSINESS TRUST <br />I CONSOLIDATED STATEMENTS OF CASH FLOWS <br />f For the years ended December 31, 2005 2004 <br />Cash flows from operating activities: <br />Net income $ 1,408,899 S 1.426.505 <br />I Adjustments to reconcile net income to net cash <br />provided by operating activities: <br /> Depreciation and amortization 808,104 308.906 <br />I Provision for doubtful accounts 290,000 227.900 <br />Accretion of interest on deferred acquisition payments 4,725 <br /> Gain on sale of investment ( 13.500) <br />I Deferred taxes on income 234,000 136.000 <br />Changes in operating assets and liabilities: <br /> Accounts receivable. net (3,476,131) (1.727.00 I) <br />I Prepaid expenses (160,589) 68.087 <br />Deposits (97,381) <br /> Accounts payable 1,042,089 2.637 <br />I Accrued expenses and other current liabilities (14,596) 207.854 <br />Income taxes payable (27,753) 27,753 <br /> Deferred rent (28,105) (93.020) <br />I Total adjustments (1,425,637) (854,384 ) <br />Net cash provided by (used in) operating activities ( 16,73 7) 572.121 <br />Ie Cash flows from investing activities: <br />Proceeds from maturity of certificate of deposit 24.194 <br />Proceeds from sale of investment 33.500 <br />I Proceeds from repayment of note receivable 143.503 <br />Acquisition of Ecoplan. P.A. (587,473) <br /> Acquisition of Mann, Gin, Dubin & Frazier. Ltd. (351,139) <br />I Purchases of equipment and improvements ( 133,022) (200.071 ) <br />Cash surrender value of life insurance (3,000) (2.585 ) <br /> Net cash used in investing activities (1,074,634 ) ( 1.459) <br />I Cash flows from financing activities: <br />Proceeds from the sale of common stock 29,741 16.975 <br />I Advances under lines of credit. net 2,066,434 375.000 <br />Proceeds from issuance of note payable. shareholder 100,000 250.000 <br />Principal payments on long-term debt (207,609) (394.269) <br />I Principal payments on notes payable. shareholder ( 125,000) ( 125.000) <br />Principal payments on line of credit assumed through merger (13 7.244) <br />Principal payments on obligations under capital leases (355,363) (168.495) <br />I Distributions to shareholders (432,995) ( 162.000) <br />Net cash provided by (used in) financing activities 1,075,208 (345.033) <br /> Cash acquired through merger 107.502 <br />I :\Tet increase (decrease) in cash and cash equivalents (16,163) 333.131 <br />.. Cash and cash equivalents, beginning of year 418,085' 84.954 <br />Cash and cash equivalents, end of year $ 401,922 S 418.085 <br />I See accoulltallts' review report alld lIotes to the filllll/cia! Slatemel1lS <br /> 5 <br />