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<br />TLC ENGINEERING FOR ARCHITECTURE, INC.
<br />
<br />STATEMENTS OF CASH FLOWS
<br />For the Years Ended December 31, 2008 and 2007
<br /> 2008 2007
<br /> (Consolidated) (Unconsolidated)
<br />CASH FLOWS FROM OPERATING ACTIVITIES:
<br />Net income $ 360,839 $ 362,549
<br />Adjustments to reconcile net income to net cash
<br />from operating activities:
<br />Provision for bad debts 961,632 625,453
<br />Depreciation and amortization 1,201,383 1,071,899
<br />Loss on disposal of equipment 29,295
<br />Deferred income taxes 431,300 241,700
<br />Increase (decrease) in cash flows from
<br />changes in:
<br />Accounts receivable (1,387,634 ) (879,156)
<br />UnbiIled revenue 1,912,065 0,018,787)
<br />Prepaid expenses (106,790) (229,844)
<br />Cash value of life insurance policies 69,746 (82,304)
<br />Accounts payable (84,598) (132,363)
<br />Accrued expenses (502,955) 1,042,983
<br />Net cash provided by operating activities 2,854,988 1,031,425
<br />CASH FLOWS FROM INVESTING ACTIVITIES:
<br />Purchases of property and equipment (1,096,907) (926,520)
<br />Purchase of business (552,967)
<br />Change in deposits 1,641
<br />Net cash used in investing activities (1,648,233) (926,520)
<br />CASH FLOWS FROM FINANCING ACTIVITIES:
<br />Net borrowings (repayment) on line of credit (876,887) 511,702
<br />Borrowings of long-term debt 500,000
<br />Repayments on long-term debt (1,030,073) 0,046,707)
<br />Proceeds from issuance of cornman stock 692,170 948,860
<br />Payments to acquire cornmon stock (491,965) (517 ,560)
<br />Net cash used in financing activities (1,206,755) (103,705)
<br />NET INCREASE IN CASH 1,200
<br />CASH - Beginning of year 4,400 3,200
<br />CASH - End of year $ 4,400 $ 4,400
<br />
<br />(Continued)
<br />See independent accountant's review report
<br />and notes to financial statements.
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