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® T.F.R. ENTERPRISES, INC.AND SUBSIDE-1 RIES <br /> CONSOLIDATED STATEMENTS OF CASH FLOWS <br /> For the years ended December 31,2017 and 2016 <br /> • <br /> 2017 2016 <br /> CASH FLOWS FROM OPERATING ACTIVITIES <br /> Net income attributable to controlling interest S 4,559236 S 2,141,142 <br /> Net income attributable to noncontrollin interest 1.703 1.599 <br /> Net Income 4,560,939 2.142,741 <br /> Adjustments to reconcile net income to net cash <br /> provided by operating activities: <br /> Depreciation 644,720 1.121.921 <br /> Amortization 1,033 1.034 <br /> Loss on investments - 2.105,669 <br /> Gain on sale of property and equipment - (145,784) <br /> Accounts receivable,net (4.358,269) (14,058,286) <br /> Accounts receivable -employees - 118.446 <br /> Re fundable income taxes 731 (731) <br /> Federal income taxes payable 958,893 - <br /> State income taxes payable 235,369 - <br /> Deferred income taxes 1.632.177 1.767.009 <br /> Inventor• 181,236 - <br /> Accounts payable 2.391.856 8.361,378 <br /> Accrued expenses (74,195) 680,689 <br /> NET CASH PROVIDED BY OPERATING ACTIVITIES 6.174,390 2.094,086 <br /> CASH FLOWS FROM INVESTING ACTIVITIES <br /> Purchases of property and equipment (248,691) (118,900) <br /> Proceeds from sale of investments - 86.756 <br /> Proceeds from sale of property and equipment - 638.111 <br /> NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES (248,691) 605,967 <br /> CASH FLOWS FROM FINANCING ACTIVITIES <br /> Stockholder loans (58,946) 2.362 <br /> Dividends (3.000) (3.000) <br /> Repayment of line of credit (2,500,000) <br /> Issuance of notes payable 1,500,000 68,740 • <br /> Payments on notes payable (926.47S) (1,392.294) <br /> NET CASH (USED) BY FINANCING ACTIVITIES (1.988,424) (1,324.192) <br /> See notes to consolidated financial statements <br /> 7 <br />