Consolidated Statement of Cash Flows
(unaudited-Prepared by management)
March 31 March 31
For the six months ended 2000 1999
Cash provided by (used in):
Cash flows from operating activities:
Net income $ 1,231,462 $ 1,191,462
Items not involving cash:
Deferred income taxes (25,157) (303,844)
Depreciation 830,217 679,700
Goodwill amortization 547,323 229,917
Net changes in non-cash working capital balances:
Accounts receivable (1,422,065) 1,157,454
Contract work in process (4,927,078) 813,506
Prepaid expenses (181,695) 23,504
Accounts payable and accrued liabilities 3,335,056 (1,808,747)
Income taxes payable (2,365,252) 643,162
Deferred revenue 3,751,307 711,478
Net cash provided by (used in)
operating activities 774,118 3,337,592
Cash flows from financing activities:
Long-term debt 550,000 5,000,000
Long-term debt repayments (1,626,866) (668,871)
Issuance of common shares for cash 563,650 531,050
Redemption of common shares - (65,965)
Increase in restricted cash (594,823) -
Net cash provided by financing activities (1,108,039) 4,796,214
Cash flows from investing activities:
Acquisition of subsidiaries (net of cash
acquired of nil; 1999 - $5,792,069) (2,186,205) (1,457,701)
Purchase of capital assets (1,546,202) (692,998)
Net cash used in investing activities (3,732,407) (2,150,699)
Change in cash balance due to foreign exchange (76,723) (106,776)
(Decrease)/Increase in cash (4,143,051) 5,876,331
Cash, beginning of period 15,300,454 3,120,158
Cash, end of period $ 11,157,403 $ 8,996,489
Supplementary information:
Interest paid $ 162,388 $ 172,337
Income taxes paid 2,469,983 71,936
Shares issued for non-cash consideration 2,430,200 3,221,800
