Page 42 - 2019 Apple Supply Chain Co-op, Inc. Annual Report

APPLE SUPPLY CHAIN CO-OP, INC.
STATEMENTS OF CASH FLOWS
Years ended December 31, 2019 and 2018

2019 2018
Cash flows from operating activities
Net earnings $ 1,321,674 $ 1,497,530
Adjustment to reconcile net earnings
to net cash provided from operating activities
Equity in earnings from equity investment (1,329,134) (1,519,532)
Distributions received from equity investment 1,365,803 1,197,085
Decrease in cash from changes in
operating assets and liabilities
Income tax receivable (12,311) 7,292
Accrued income taxes (13,946) 13,946
Net cash provided from operating activities 1,332,086 1,196,321

Cash flows from investing activities
Issuance of notes receivable (906,496) -
Principal payments received on notes receivable 430,587 2,425
Net cash provided from (used in) investing activities (475,909) 2,425

Cash flows from financing activities
Patronage paid to members (1,331,151) (1,196,285)
Issuance of common stock 200 200
Redemption of common stock (400) (100)
Borrowings on long-term debt 1,200,000 -
Principal payments on long-term debt (675,107) -
Net cash used in financing activities (806,458) (1,196,185)

Net change in cash and cash equivalents 49,719 2,561)

Cash and cash equivalents at beginning of year 5,602 3,041

Cash and cash equivalents at end of year $ 55,321 $ 5,602

Supplemental disclosures of cash flow information
Cash paid for income taxes $ 19,922 $ 800
Cash paid for interest 23,026 -

See accompanying notes to financial statements.

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