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. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . BERM:ELLO,AJAMIL & PARTNERS, INC. ST A TEM.ENTS OF CASH FLOWS FOR THE YEARS ENDED DECH1BER 31, 2005 2004 CASH FLOWS FROM OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depreciation and amortization Gain on disposal of assets Recovery of investment in debt security Accrued interest on subscription notes receivable Change in operating assets and liabilities: Contract receiv;ables, net Other receivables Costs and estimated earnings in excess of billings on uncompleted contracts Other assets Accounts payable and accrued expenses Billings in excess of costs and estimated earnings on uncompleted contracts TOTAL ADJUSTMENTS "NET CASH PROVIDED BY OPERATING ACTIVTfIES CASH FLOWS FROM INVESTING ACTIVITIES: Repayments from advances to related parties, net Disposal of property and equipment Purchase of property and equipment Proceeds from investment in debt equity NET CASH USED IN INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES: Decrease in line of credit Net repayments of long-term debt and obligations under capital leases Collections on subscription receivable NET CASH USED IN FINANCmG ACTIVITIES NET CHANGE IN" CASH CASH - BEGINNING Of YEAR CASH - END OF YEAR The accompanying notes arc an integral part of these financial stilLements. -5- $ 1.456.188 $ 958.105 304,494 337,836 (2,414) (34,709) (125,000) (2,876) (14,341) (2,991,315) (551,314) (1,300) 7,315 166,029 389,164 (98,409) (143,701) 880,784 562,659 1.668,103 927.404 (76.904) 1.355,3 13 1.379,284 _-1.313,418 490,399 (1,895,657) 65,198 145,270 (562,190) (382,132) 250,000 (6,593) ---Ll,882,519) (1,255,000) (350,000) (174,626) (168,268) 56.935 87,369 0.372,691) ( 430,899) ::; $