Consolidated Statement of Cash Flows
(unaudited-Prepared by management)
March 31 March 31
For the three months ended 2000 1999
Cash provided by (used in):
Cash flows from operating activities:
Net income $ 584,531 $ 515,106
Items not involving cash:
Deferred income taxes 19,147 (126,457)
Depreciation 451,132 334,353
Goodwill amortization 278,755 130,885
Net changes in non-cash working capital balances:
Accounts receivable 627,503 (3,378,405)
Contract work in process (2,653,871) 485,290
Prepaid expenses (285,551) (76,436)
Accounts payable and accrued liabilities 4,198,791 2,810,731
Income taxes payable (147,428) 284,778
Deferred revenue 989,548 855,868
Other - 132,264
Net cash provided by (used in)
operating activities 4,062,557 1,967,977
Cash flows from financing activities:
Long-term debt 150,000 -
Long-term debt repayments (1,185,100) (396,093)
Issuance of common shares for cash 294,150 214,508
Redemption of common shares - (65,965)
Increase in restricted cash (369,809) -
Net cash provided by financing activities (1,110,759) (247,550)
Cash flows from investing activities:
Acquisition of subsidiaries (115,552) (1,430,928)
Purchase of capital assets (933,551) (429,466)
Net cash used in investing activities (1,049,103) (1,860,394)
Change in cash balance due to foreign exchange 20,045 (106,776)
(Decrease)/Increase in cash 1,922,740 (246,743)
Cash, beginning of period 9,234,663 9,243,232
Cash, end of period $ 11,157,403 $ 8,996,489
Supplementary Information:
Interest paid $ 91,261 $ 109,178
Income taxes paid 841,916 7,701
Shares issued for non-cash consideration - 925,000
