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0 <br /> • 1 1 <br /> • FINANCIAL BACKGROUND 5 <br /> • <br /> • <br /> 0 <br /> ® Fahlgren, Inc. and Subsidiaries <br /> • dba Fahlgren Martine <br /> • Consolidated Statements of Cash Flows <br /> • December 31, 2015 2014 <br /> O Cash Flows from Operating Activities <br /> • Net income $ 259,787 $ 268,428 <br /> Adjustments to reconcile net income to net cash <br /> • provided by(used in)operating activities: <br /> Depreciation and amortization 724,059 719,999 <br /> • Loss on disposal of property and equipment 1,446 • <br /> Bad debt expense 314,468 - <br /> • Provision for deferred income taxes (158,603) (140,000) <br /> 0 Lease incentive accretion (21,873) (21,873) <br /> Adjustments to contingent acquisition payable 438,775 <br /> • (Increase)decrease in: <br /> Receivables (2,271,876) (1,041,419) <br /> • Expenditures billable to clients (777,999) 53,518 <br /> Prepaid expenses and other assets 99,198 (271,627) <br /> • Increase(decrease)in: <br /> Accounts payable 1,158,146 3,409,739 <br /> • Client prebillings (590,716) (390,652) <br /> ® Other accrued expenses and liabilities 387,430 87,448 <br /> • Net Cash(Used in)Provided by Operating Activities (876,533) 3,112,336 <br /> • <br /> Cash Flows from Investing Activities <br /> • Purchases of property and equipment (93,531) (633,267) <br /> Proceeds from the disposal of property and equipment 2,351 <br /> • From the acquisition of Turner - 89,965 <br /> ® Cash paid for Turner - (600000) <br /> • Net Cash Used in Investing Activities (91,180) (1,143,302) <br /> • See accompanying notes to the consolidated financial statements. <br /> 0 <br /> 0 <br /> 0 <br /> 0 <br /> 0 <br /> 0 <br /> • <br /> 7 <br /> • <br /> • <br /> 0 <br /> 0 <br /> • TURNER 59 RFP: 17-10-01 <br /> 0 <br /> I <br /> 0 <br /> AA <br />