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<br /> - <br />. <br />. <br />. <br />. BERMELLO, AJAMIL & PARTNERS, INC. <br />. AND SUBSIDIARY <br />. <br />. CONSOLIDATED STATEMENTS OF CASH FLOWS <br />. FOR THE YEARS ENDED DECEMBER 31. <br />. <br />. 2006 2005 <br />. CASH FLOWS FROM OPERATING ACTIVITIES: <br />. Net income $ 1.011.331 $ 1.456.188 <br />. Adjustments to reconcile net income to net <br />. cash provided by operating activities: <br />. Depreciation and amortization 439,897 342,111 <br />. Gain (loss) attributable to minority interest 1,140.146 (292,793 ) <br />. Gain on sale of securities available for sale (36, 195) <br />. Gain on disposal of assets (2,414) <br />. Accrued interest on subscription notes receivable 6,764 (2,876) <br />. Deferred income taxes 162.188 <br />Change in operating assets and liabilities: <br />. Contract receivables, net (596.155) (3,259,889) <br />. Other receivables (266,985) ( 1,300) <br />. Costs and estimated earnings <br />. in excess of billings on uncompleted contracts (642,681) 166,029 <br />. Other current and long-term assets 232,695 (98,409) <br />. Accounts payable and accrued expenses 516, I 4 I 1,241,766 <br />. Billings in excess of costs and estimated earnings <br />. on uncompleted contracts ( 1.554.433) 1.668.103 <br />. TOTAL ADJUSTMENTS (598.618) (239.672) <br />. NET CASH PROVIDED BY OPERATING ACTIVITIES 412.713 1.216.516 <br />. <br />. CASH FLOWS FROM INVESTING ACTIVITIES: <br />. Repayments from advances to related parties, net 1,407,135 664,883 <br />. Disposal of property and equipment 65,198 <br />. Purchase of property and equipment (932.093) (984.488) <br />. NET CASH PROVIDED BY (USED IN) INVESTING <br />. <br />. ACTIVITIES 475.042 (254.407) <br />. CASH FLOWS FROM FINANCING ACTIVITIES: <br />. Repayments of line of credit (250,000) ( 1,255,000) <br />. Net proceeds from long-term and short-term debt and <br />. obligations under capital leases 288,656 292,180 <br />. Distributions (666,926) <br />. (Repurchase of) issuance of common stock ( 195,800) 8 <br />. Collections on subscription receivable 221.619 56.935 <br />. NET CASH USED IN FINANCING ACTIVITIES (602.451 ) (905.877) <br />. NET INCREASE IN CASH AND CASH EQUIVALENTS 285,304 56,232 <br />. <br />. CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR 56.232 <br />. CASH AND CASH EQUIVALENTS - END OF YEAR S 341.536 S 56.232 <br />. <br />. The accompanying notes are an integral part of these consolidated financial statements. <br />. <br />. -5- <br />0 <br />