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CERES ENVIRONMENTAL SERVICES, INC.
<br /> STATEMENT OF CASH FLOWS
<br /> • For the Year Ended December 31, 2016
<br /> CASH FLOWS FROM OPERATING ACTIVITIES
<br /> Net income $ 5,285,187
<br /> Adjustments to reconcile net income to net cash flows from operating activities:
<br /> Depreciation, depletion and amortization 2,123,704
<br /> Provision for bad debt, net of recoveries (144,807)
<br /> Write-off of contract claim receivable 950,532
<br /> Loss on sale and disposal of property and equipment 25,762 .
<br /> Changes in operating assets and liabilities:
<br /> Accounts receivable (33,179,577)
<br /> Inventories (106,577)
<br /> Prepaid expenses and other assets (338,041)
<br /> Costs and estimated earnings in excess of billings on uncompleted
<br /> contracts (192,867)
<br /> Accounts payable 11,029,621
<br /> Accrued liabilities 907,526
<br /> Billings in excess of costs and estimated earnings on uncompleted
<br /> contracts 874,345
<br /> Accrued loss on uncompleted contracts (1,047,695)
<br /> Net Cash Flows from Operating Activities (13,812,887)
<br /> CASH FLOWS FROM INVESTING ACTIVITIES
<br /> Purchases of property and,equipment (1,819,534)
<br /> Proceeds from sale of property and equipment 157,490
<br /> Net advances to related parties (637,396)
<br /> Purchases of short-term investments (219,177)
<br /> Proceeds from maturity of short-term investments 267.364
<br /> Net Cash Flows from Investing Activities (2,251,253)
<br /> CASH FLOWS FROM FINANCING ACTIVITIES
<br /> Borrowings on line of credit • 3,000,000
<br /> Proceeds from issuance of equipment notes payable 707,692
<br /> Principal payments on equipment notes payable (2,671,445)
<br /> Proceeds from stockholder note payable 3,100,000
<br /> Proceeds from related party notes payable 14,720,000
<br /> Net Cash Flows from Financing Activities 18,856,247
<br /> Net Change in Cash and Cash Equivalents 2,792,107
<br /> CASH AND CASH EQUIVALENTS-Beginning of Year 694,833
<br /> CASH AND CASH EQUIVALENTS-END OF YEAR $, ry3,486,940
<br /> Supplemental cash flow disclosures:
<br /> Cash paid for interest $ 450,865
<br /> Noncash investing and financing activities:
<br /> Purchases of property and equipment financed with equipment notes payable $ 911,406
<br /> Purchases of property and equipment included in accounts payable 470,222
<br /> See accompanying notes to financial statements.
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<br /> CONFIDENTIAL& PROPRIETARY
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