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See accompanying notes to the financial statements <br />and independent accountants’ review report. <br />-4- <br />TGSV ENTERPRISES, INC. <br /> STATEMENT OF CASH FLOWS <br />YEAR ENDED DECEMBER 31, 2017 <br />Cash flows from operating activities: <br />Net income 410,242$ <br />Adjustments to reconcile net income to net cash provided by <br />operating activities: <br />Depreciation 12,202 <br />Net unrealized gains on marketable equity securities (69,076) <br />Realized losses from early redemptions of short-term investments 1,434 <br />Realized losses from sales of marketable equity securities 3,630 <br />Change in operating assets and liabilities: <br />Contracts receivable 4,925,389 <br />Costs and estimated earnings in excess of billings <br />on uncompleted contracts (27,365) <br />Other current assets 1,969 <br />Accounts payable and accrued liabilities (3,468,033) <br />Billings in excess of costs and estimated earnings <br />on uncompleted contracts (916,564) <br />Net cash provided by operating activities 873,828 <br />Cash flows from investing activities: <br />Redemption and maturities of short-term investments 938,566 <br />Purchase of short-term investments (1,135,000) <br />Purchase of marketable equity securities (23,671) <br />Proceeds from sales of marketable equity securities 1,000 <br />Purchase of property and equipment (16,787) <br />Net cash used for investing activities (235,892) <br />Cash flows from financing activities: <br />Distributions to stockholders (273,000) <br />Net cash used for financing activities (273,000) <br />Net increase in cash and cash equivalents 364,936 <br />Cash and cash equivalents, January 1, 2017 156,064 <br />Cash and cash equivalents, December 31, 2017 521,000$