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<br /> Consui-Tech Enterprises, Inc. and Subsidiaries
<br /> Consolidated Statements of Cash Flows
<br /> I For the years ended December 31, 2006 and 2005
<br /> 2006 2005
<br /> I Cash Flows from Operating Activities
<br /> Cash received from customers $ 25,142,333 $ 39,247,464
<br /> Cash paid to sub-contractors, suppliers and employees (23,027,445) (34,074,302)
<br /> I Interest paid (448,423) (154,838)
<br /> Interest received 424 68
<br /> Income taxes paid (1,683,000)
<br /> I Cash Provided by (Used in) Operating Activities (16,111) 5,018,392
<br /> Cash Flows from Investing Activities
<br /> Purchases of computer equipment and furniture and fixtures (70,816) (796,634 )
<br /> I Proceeds from the sale of fixed assets 83,366
<br /> Repayments from (loans to) shareholders 27,378 (2,304)
<br /> Repayments from (loans to) related party 1,705,226 (3,035,217)
<br /> I Loan to ESOP (6,800,000)
<br /> I Payments received on ESOP loan 474,905 3,000,000
<br /> Cash Provided by (Used in) Investing Activities 2,136,693 (7,550,789)
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<br /> Cash Flows from Financing Activities
<br /> Net borrowings from line of credit 283,145 (239,000)
<br /> I Repayments oflong-term debt (1,008,473) (3,420,182)
<br /> , Proceeds from long-term debt 275,667 8,004,144
<br /> Payments for the purchase of treasury stock (16,946) (648,917)
<br /> Shareholder distributions (1,000,000)
<br /> I Preferred dividends paid (453,203) (119,192)
<br />I Cash Provided by (Used in) Financing Activities (919,810) 2,576,853
<br />I Net Increase in Cash and Cash Equivalents 1,200,772 44,456
<br />I Cash and Cash Equivalents - Beginning of period 329,621 285,165
<br /> Cash and Cash Equivalents - End of period $ 1,530,393 $ 329,621
<br /> I Reconciliation of Net Income (Loss) to Cash Provided- by (Used in)
<br /> Operating Activities
<br />I I Net Income (Loss) $ 1,439,730 $ (2,270,538)
<br />I Adjustments to reconcile net income (loss) to
<br /> cash flows from operating activities
<br />I Depreciation 342,738 337,307
<br /> Gain on sale of fixed assets (400) (51,793)
<br /> (Increase) decrease in contracts receivable (4,271,523) 5,099,281
<br /> I Decrease in costs in excess of billings 3,070,550 2,346,914
<br /> (Increase) in other assets (97,053) (55,908)
<br /> Increase (decrease) in accounts payable and accrued expenses 886,420 (1,726,567)
<br /> (Decrease) in billings in excess of costs (630,462) (1,083,419)
<br /> I (Decrease) increase in income taxes payable (645,861) 618,876
<br /> (Decrease) increase in deferred taxes payable (110,250) 1,804,239
<br /> Total adjustments (1,455,841) 7,288,930
<br /> I Cash Provided by (Used in) Operating Activities $ (16,111) $ 5,018,392
<br />, Non Cash Transactions
<br />I Transportation equipment obtained under capital leases $ 400,920 $
<br />I Read the independent accountants' review report and notes to the financial statements,
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