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<br />BROOKS & FREUND, LLC
<br />STATEMENTS OF CASH FLOWS
<br />YEARS ENDED DECEMBER 31, 2009 AND 2008
<br /> 2009 2008
<br />CASH FLOWS FROM OPERATING ACTIVITIES:
<br />Net income $ 2,437,972 $ 2,869,151
<br />Adjustments to reconcile net income to net cash
<br />provided by operating activities:
<br />Depreciation and amortization 95,746 112,214
<br />Bad debt expense 25,334
<br />Changes in operating assets and liabilities:
<br />Contract receivables 4,046,428 3,561,838
<br />Costs and estimated earnings in excess of
<br />billings on uncompleted contracts 57,811 ( 247,293)
<br />Accounts payable and accrued liabilities ( 3,778,811) ( 3,348,984)
<br />Billings in excess of costs and estimated
<br />earnings on uncompleted contracts ( 1,570,717) 47,411
<br />Total adjustments ( 1,124,209) 125,186
<br />Net cash provided by operating activities 1,313,763 2,994,337
<br />CASH FLOWS FROM INVESTING ACTIVITIES:
<br />Capital expenditures ( 7,400) ( 7,881)
<br />Note and advance receivables ( 581,218)
<br />Purchases of certificates of deposit ( 2,582,978) ( 2,500,000)
<br />Proceeds on redemptions of certificates of deposit 2,500,000
<br />Net cash used in investing activities ( 671,596) ( 2,507,881 )
<br />CASH FLOWS FROM FINANCING ACTIVITIES:
<br />Repayments of long-term debt ( 8,602) ( 24,438)
<br />Distributions to members ( 3,165,600) ( 3,420,000)
<br />Net cash used in financing activities ( 3,174,202) ( 3,444,438)
<br />NET DECREASE IN CASH AND CASH EQUIVALENTS ( 2,532,035) ( 2,957,982)
<br />CASH AND CASH EQUIV ALENTS - BEGINNING 5,366,957 8,324,939
<br />CASH AND CASH EQUIVALENTS - ENDING $ 2,834,922 $ 5,366,957
<br />Supplemental Disclosure of Cash Flow Information:
<br />Interest paid $ 920 $ 2,252
<br />Income taxes paid $ $
<br />
<br />See accompanying notes.
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