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<br />BUDGET CONSTRUCTION CO., INC. AND BUDGET HOLDINGS, LLC
<br />COMBINED STATEMENTS OF CASH FLOWS
<br />
<br /> Years Ended December 31,
<br /> 2008 2007
<br />Cash flows from operating activities:
<br />Net income $ 400,362 $ 693,377
<br />Adjustments to reconcile net income to
<br />net cash provided by operating activities
<br />Depreciation 534,640 512,241
<br />Gain on sale of equipment (78,622) (22,116)
<br />Provision for bad debt 126,116 187,000
<br />Changes in operating assets and liabilities:
<br />Decrease (Increase) in contracts receivable 778,220 (1,660,579)
<br />Decrease (Increase) in costs and estimated earnings
<br />in excess of billings on uncompleted contracts 115,950 (14,653)
<br />Decrease (Increase) in prepaid expenses 7,473 (24,768)
<br />(Decrease) Increase iIi accounts payable (657,685) 1,408,199
<br />(Decrease) in billings in excess of costs and
<br />estimated earnings on uncompleted contracts (288,686) (634,378)
<br />Total adjustments 537,406 (249,054)
<br />Net cash provided by operating activities 937,768 444,323
<br />Cash flows from investing activities:
<br />Acquisition of property and equipment (91,520) (33,327)
<br />Proceeds from sale of equipment 373,329 146,761
<br />Net cash provided by investing activities 281,809 113,434
<br />Cash flows from financing activities:
<br />(Principal payments on) Proceeds from credit line facility (145,704) 416,127
<br />Proceeds from debt restructuring 49,000 1,900,000
<br />Principal payments on long-term debt and capital lease obligations (906,534) (1,652,916)
<br />Distributions to stockholders (416,000)
<br />Net cash (provided by) used in financing activities (1,003,238) 247,211
<br />Net increase in cash and cash equivalents 216,339 804,968
<br />Cash and cash equivalents, beginning of year 1,074,360 269,392
<br />Cash and cash equivalents, end of year (Note - 13) $ 1,290,699 $ 1,074,360
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<br />The accompanying notes are an integral pm1
<br />of the combined financial statements.
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<br />Benitez & Company. CPA's
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