Page 260 - Board Member Onboardin August 2019

PANCAKE SUPPLY CHAIN CO-OP, INC.
STATEMENTS OF CASH FLOWS
Years ended December 31, 2018 and 2017

2018 2017
Cash flows from operating activities
Net earnings $ 1,109,610 $ 1,922,597
Adjustment to reconcile net earnings to net
cash provided from operating activities
Equity in earnings from equity investment (1,112,820) (1,926,023)
Distributions received from equity investment 1,763,123 2,398,871
Increase in cash from changes in operating
assets and liabilities
Income tax receivable 2,177 2,525
Trade accounts payable (4,721) 4,721
Net cash provided from operating activities 1,757,369 2,402,691

Cash flows from financing activities
Patronage paid to members (1,762,171) (2,397,971)
Issuance of common stock 900 600
Redemption of common stock (1,700) (1,400)
Net cash used in financing activities (1,762,971) (2,398,771)

Net change in cash and cash equivalents (5,602) 3,920

Cash and cash equivalents at beginning of year 36,320 32,400

Cash and cash equivalents at end of year $ 30,718 $ 36,320

Supplemental disclosures of cash flow information
Cash paid for income taxes $ 1,000 $ -

See accompanying notes to financial statements.

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