AMERICAN WELDING SOCIETY, INC., AND AWS FOUNDATION COMBINED STATEMENTS OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2015 The accompanying notes are an integral part of these combined financial statements. JUNE 2016 / WELDING JOURNAL 45 (WITH COMPARATIVE TOTALS FOR THE YEAR ENDED DECEMBER 31, 2014) 2015 2014 CASH FLOWS FROM OPERATING ACTIVITIES: Change in net assets $ 10,886,430 $ 13,752,311 Adjustments to reconcile change in net assets to net cash provided by operating activities: Depreciation and amortization 1,922,078 1,397,443 Loss (income) on investments, net 3,393,295 (1,375,409) Changes in assets and liabilities: (Increase) decrease in accounts and other receivables (2,237,625) 494,291 (Increase) decrease in inventory (220,344) 947 Decrease (increase) in prepaid expenses 290,219 (110,632) Increase in deposits (240,153) (297,424) Increase in accounts payable, accrued expenses and other liabilities 163,046 316,689 Increase in deferred membership, subscription and seminar income 1,016,895 276,884 NET CASH PROVIDED BY OPERATING ACTIVITIES 14,973,841 14,455,100 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from note receivable 3,680,000 - Business acquisition (551,509) - Purchases of property and equipment (1,911,202) (2,302,485) Purchase of investments, net of sales (12,266,537) (13,802,787) NET CASH USED IN INVESTING ACTIVITIES (11,049,248) (16,123,272) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 3,924,593 (1,668,172) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 1,556,424 3,224,596 CASH AND CASH EQUIVALENTS, END OF YEAR $ 5,481,017 $ 1,556,424 SUPPLEMENTAL DISCLOSURE OF INVESTING ACTIVITY: Assets acquired through business acquisition (NOTE 6) $ 274,814 $ - Accounts receivable settled through business acquisition $ 1,348,491 $ - Business acquisition cost allocated to goodwill $ 1,625,186 $ -
Welding Journal | June 2016
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