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<br />E · ~ DEVELOPMENT COUNSELLORS INTERNATIONAL, LTD.
<br />I '1;; (AN S CORPORATION)
<br />accou ntants &: advisors
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<br />STATEMENTS OF CASH FLOWS
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<br />FOR THE YEARS ENDED DECEMBER 31,
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<br />Net cash (used In) provided by financing activities
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<br /> 2008 2007
<br />$ 195,834 $ 337,710
<br /> 109,252 74,722
<br /> 8,716 (7,258)
<br /> 0 0
<br /> (185.730) (176,604)
<br /> {42,897} (50,214)
<br /> (15,641) 4,586
<br /> {141 ,985) 398,745
<br /> 68,779 237,935
<br /> 0 0
<br /> (9,096) 111386
<br /> (24,070) 25,843
<br /> (36,838) 856.851
<br /> 45,170 (790,553)
<br /> 139,005 (360,409)
<br /> 0 (53)
<br /> 184,175 (1,151,015)
<br /> 48,497 468,458
<br /> (185,483) 0
<br /> 0 (155,980)
<br /> (136,986) 312.478
<br /> 10,351 18,314
<br /> 18,448 134
<br />$ 28.799 $ 18,448
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<br />Cash Flows From Operating Activities:
<br />Net income
<br />Adjustments to reconcile net income
<br />to net cash provided by operatIng activities:
<br />Depreciation and amortization
<br />Deferred income taxes
<br />Deferred rent
<br />Change in operating assets and liabilities:
<br />Accounts receivable
<br />Work in progress
<br />Loans and exchanges
<br />Prepaid expenses
<br />Accounts payable
<br />Deferred income
<br />Accrued pension payable
<br />,
<br />Income taxes payable
<br />Net cash (used in) provided by operating activities
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<br />Cash Flows From Investing Activities:
<br />Additions to property and equipment
<br />Security deposits
<br />Investments
<br />Net cash provided by (used in) investing activities
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<br />Cash Flows From Financing Activities:
<br />Loans payable
<br />Distributions
<br />Officers' loan payable
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<br />Net decrease in cash and cash equivalents
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<br />Cash, beginning of year
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<br />Cash, end of year
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<br />Supplemental Disclosure for Cash Flow Information:
<br />Cash paid during the year for:
<br />Income taxes
<br />Interest '
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<br />$
<br />$
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<br />37,060
<br />35,677
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<br />$
<br />$
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<br />13.991
<br />30,920
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<br />See accountanfs review report and notes to financial statements,
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