Page 42 - 2019 Pancake Supply Chain Co-op, Inc. Annual Report
P. 42
PANCAKE 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 $ 1,727,276 $ 1,109,610
Adjustment to reconcile net earnings to net
cash provided from operating activities
Equity in earnings from equity investment (1,728,370) (1,112,820)
Distributions received from equity investment 1,256,935 1,763,123
Increase in cash from changes in operating
assets and liabilities
Income tax receivable (31) 2,177
Due from related party (5,258) -
Trade accounts payable - (4,721)
Net cash provided from operating activities 1,250,552 1,757,369
Cash flows from financing activities
Patronage paid to members (1,255,810) (1,762,171)
Issuance of common stock 500 900
Redemption of common stock (2,500) (1,700)
Net cash used in financing activities (1,257,810) (1,762,971)
Net change in cash and cash equivalents (7,258) (5,602)
Cash and cash equivalents at beginning of year 30,718 36,320
Cash and cash equivalents at end of year $ 23,460 $ 30,718
Supplemental disclosures of cash flow information
Cash paid for income taxes $ 275 $ 1,000
See accompanying notes to financial statements.
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