|
| STATEMENTS OF CASH FLOWS |
| FOR THE YEARS ENDED MAY 31, 2005 AND 2004 |
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|
2005 |
2004 |
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|
(As Restated) |
| Operating Activities: |
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|
| Receipts from customers |
|
|
|
|
$ 647,686 |
$ 1,184,939 |
| Payments to suppliers |
|
|
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|
(552,996) |
(1,595,579) |
| Payments to employees |
|
|
|
|
(88,099) |
(78,398) |
| Net cash provided (used) by operating activities |
|
|
6,591 |
(489,038) |
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| Capital and Related Financing Activities: |
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| Capital contribution |
|
|
|
|
- |
100,000 |
| Purchase of capital assets |
|
|
|
(539) |
(580) |
| Repayment on financing lease |
|
|
|
664,277 |
46,827 |
| Net
cash provided by capital and related financing activities |
|
663,738
|
146,247
|
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| Investing Activities: |
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| Interest earned |
|
|
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|
60,119 |
66,510 |
| Purchase of property held for sale |
|
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|
- |
(211,476) |
| Issuance of notes receivable |
|
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|
(500,000) |
(91,430) |
| Collection on notes receivable |
|
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|
113,935 |
24,240 |
| Net
cash used for investing activities |
|
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|
(325,946) |
(212,156) |
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| Increase
(decrease) in cash |
|
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|
344,383
|
(554,947) |
| Cash at
beginning of year |
|
|
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|
712,176 |
1,267,123 |
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| Cash at
end of year |
|
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|
$ 1,056,559
|
$ 712,176
|
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| Reconciliation of operating
loss to net cash provided (used) |
|
|
| by operating activities: |
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| Operating loss |
|
|
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|
$ (108,723) |
$ (57,849) |
|
Depreciation |
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|
1,274 |
1,172 |
| (Increase) decrease in assets: |
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| Grant receivable |
|
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|
8,600 |
(8,600) |
| Pilot receivable |
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|
(19,433) |
175,250 |
| Other receivable |
|
|
|
|
- |
33,102 |
| Prepaid insurance |
|
|
|
|
1,130 |
(1,947) |
| Increase (decrease) in liabilities: |
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|
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| Accrued payroll taxes |
|
|
|
|
1,476 |
71 |
| Accrued expenses |
|
|
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|
(17,250) |
(4,987) |
| Refundable advance |
|
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|
- |
(450,000) |
| Pilot payable |
|
|
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|
139,517 |
(175,250) |
| Net
cash provided (used) by operating activities |
|
|
$
6,591 |
$ (489,038) |
|