Page 174 - Tom Finocchiaro - RPI Apple Onboarding

APPLE SUPPLY CHAIN CO-OP, INC.
STATEMENTS OF CASH FLOWS
Years ended December 31, 2017 and 2016

2017 2016
Cash flows from operating activities
Net earnings $ 1,510,821 $ 2,506,380
Adjustment to reconcile net earnings
to net cash provided from operating activities
Equity in earnings from equity investment (1,522,452) (2,504,854)
Distributions received from equity investment 1,999,963 2,444,154
Provision for bad debts (25,615) 17,342
Decrease in cash from changes in
operating assets and liabilities
Income tax receivable 1,276 (8,568)
Interest receivable - 10,697
Accounts payable - (147,216)
Accrued interest expense - (1,988)
Accrued income taxes - (6,226)
Net cash provided from operating activities 1,963,993 2,309,721

Cash flows from investing activities
Issuance of notes receivable - (3,175,762)
Principal payments received on notes receivable 1,678,146 2,320,666
Net cash used in investing activities 1,678,146 (855,096)

Cash flows from financing activities
Patronage paid to members (1,999,163) (2,468,401)
Issuance of common stock 200 200
Redemption of common stock (100) -
Borrowings on long-term debt - 2,900,000
Principal payments on long-term debt (1,937,565) (2,462,435)
Net cash used in financing activities (3,936,628) (2,030,636)

Net change in cash and cash equivalents (294,489) (576,011)

Cash and cash equivalents at beginning of year 297,530 873,541

Cash and cash equivalents at end of year $ 3,041 $ 297,530

Supplemental disclosures of cash flow information
Cash paid for income taxes $ 800 $ 7,871
Cash paid for interest 41,044 96,020

See accompanying notes to financial statements.

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