Page 30 - 2019 Apple Supply Chain Co-op, Inc. Annual Report

CENTRALIZED SUPPLY CHAIN SERVICES, LLC
STATEMENTS OF CASH FLOWS
December 31, 2019 and 2018

2019 2018
Cash flows from operating activities
Net earnings $ 3,057,504 $ 2,632,352
Adjustment to reconcile net earnings
to net cash provided by operating activities
Depreciation 13,217 13,216
Increase (decrease) in cash from changes in
operating assets and liabilities
Accounts receivable (14,898) (580,398)
Prepaid expenses (687,190) (42,469)
Accounts payable 167,315 (181,750)
Accrued payroll 499,452 214,671
Due to related party 5,258 -
Net cash provided by operating activities 3,040,658 2,055,622

Cash flows from financing activities
Borrowings on note payable 725,000 -
Dividends paid to members (2,622,738) (2,960,208)
Net cash used in financing activities (1,897,738) (2,960,208)

Net change in cash and cash equivalents 1,142,920 (904,586)

Cash and cash equivalents at beginning of year 3,528,384 4,432,970

Cash and cash equivalents at end of year $ 4,671,304 $ 3,528,384

See accompanying notes to financial statements.

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