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<br />Ceres Environmental Services, Inc.
<br />
<br />STATEMENTS OF CASH FLOWS
<br />Years Ended December 31,2006 and 2005
<br />
<br />CASH FLOWS FROM OPERATING ACTIVITIES
<br />Net income
<br />Adjustments to reconcile net income to net
<br />cash provided by operating activities
<br />Depreciation
<br />Provision for bad debts
<br />Loss on sale of equipment
<br />(Increase) decrease in assets
<br />Accounts receivable
<br />Due from related parties
<br />Note receivable
<br />Prepaid expenses and refundable income taxes
<br />Costs and estimated earnings in excess of billings
<br />Increase (decrease) in liabilities
<br />Accounts payable
<br />Due to related parties
<br />Accrued liabilities
<br />Billings in excess of costs and estimated earnings
<br />Net cash provided by operating activities
<br />
<br />CASH FLOWS FROM INVESTING ACTMTIES
<br />Advances to related parties, net
<br />Expenditures for property and equipment
<br />Proceeds from sale of equipment
<br />Net cash provided (used) by investing activities
<br />
<br />CASH FLOWS FROM FINANCING ACTIVITIES
<br />Payments on line of credit, net
<br />Proceeds from additional long-tenn debt
<br />Principal payments on long-term debt
<br />Advances from related parties, net
<br />Dividends paid
<br />Net cash provided (used) by financing activities
<br />
<br />2006 2005
<br />$ 29,369,487 $ 38,686,599
<br />
<br />NET INCREASE IN CASH AND
<br />CASH EQUIVALENTS
<br />
<br />CASH AND CASH EQUIVALENTS
<br />Beginning of year
<br />. End of year
<br />
<br />SUPPLEMENTAL DISCLOSURES
<br />Interest paid
<br />
<br /> 1,078,914 460,217
<br /> (384,683) 30,034
<br /> -0- 2,807
<br /> (3,683,171 ) (13,372,601)
<br /> (2,416,031 ) (552,210)
<br /> (18,864) -0-
<br /> (49,505) 84,607
<br /> 74,918,224 (54,710,095)
<br /> (7,717,979) 53,244,526
<br /> -0- (272,653)
<br /> 5,419,206 12,712,893
<br /> (728,143) 489,986
<br /> 95,787,455 36,804,110
<br /> -0- (3,367,184)
<br /> (2,768,166)" (2,162,844)
<br /> -0- 38,265
<br /> (2,768,166) (5,491,763)
<br /> -0- (2,000,000)
<br /> 154,828 3,966,139
<br /> (4,120,967) (849,221)
<br /> 30~234,571 -0-
<br /> (65,376,895) -0-
<br /> (39.108.463) 1.116.918
<br /> 53,910,826 32,429,265
<br /> 33,400,794 971,529
<br />$ 87,311 ,620 $ 3j,400,794
<br />$ 79,478 $ 53,547
<br /> -4-
<br />
<br />See Notes to Financial Statements.
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