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Mike Gaffron -Orno model (1).xls FORECASTED STATEMENTS OF CASH FLOWS Page 22
<br /> L_._ FOR THE TWO MONTHS-ENDING DECEMBER31,2001 AND
<br /> THE YEARS ENDING DECEMBER 31,2002,2003,2004,2005 AND 2006
<br /> 2001 2002 2003 2004 2005 2006
<br /> Cash flows from operating activities:
<br /> Increase(decrease)in net assets(deficit),unrestric $9,734 $(41,010) $(204,408) $(146,505) $(113,663) $(79,128)
<br /> Adjustments to reconcile increase(decrease)in net
<br /> assets(deficit),unrestricted to cash flows from
<br /> operating activities:
<br /> Depreciation and amortization - 53,614 321,683 321,683 321,683 321,683
<br /> Change in operating assets and liabilities:
<br /> Resident receivables - (2,402) (13,865) (1,290) (527) (543)
<br /> Accounts payable - 6,677 25,891 149 (246) (276)
<br /> Cash flows from operating activities 9,734 16,878 129,301 174,036 207,247 241,736
<br /> Cash flows from investing activities:
<br /> Change in project fund (4,058,723) 4,058.723 - - - -
<br /> Change in capitalized interest fund (545,529) 488,976 56,552 - - -
<br /> Payments for construction in progress (2,794,295) (4,428,259) - - - -
<br /> Cash received from note receivable 3,225 20,158 21,615 23,178 24,854 26,650
<br /> Payment to debt service reserve fund (573,806) - - - - -
<br /> Cash flows from investing activities (7,969,128) 139,599 78,168 23,178 24,854 26,650
<br /> Cash flows from financing activities:
<br /> Proceeds from bonds payable 7,940,000 - - - - -
<br /> Proceeds from subordinated debt 250,000 - - - - -
<br /> Payments for debt issuance costs (344,367) - - - - -
<br /> Payments on bonds payable - - - (85,000) (95,000) (100,000)
<br /> Payments on subordinated debt - - - (56,107) (68,550) (84,193)
<br /> Proceeds from deferred note payable 200,000 - - - - -
<br /> Cash flows from financing activities 8,045,633 - - (141,107) (163,550) (184,193)
<br /> Increase in cash and cash equivalents 86,239 156,477 207,468 56,107 68,550 84,193
<br /> Cash and cash equivalents,beginning of perioc - 16,239 182,716 450,184 506,291 574,841
<br /> Cash and cash equivalents,end of period $86,239, $172,716. $390,184, $506.291_ $574,841 $659,034
<br /> Supplemental cash flows information:
<br /> Cash paid for interest,net of capitalized interest $-. $122,638. $510,830_ $504,905. $492,096 $478,087
<br /> Noncash investing and financing activities:
<br /> Note receivable received for sale of land $837,558 $- $- $- $- $-
<br /> Construction in progress transferred to property $- $7,222,554 $- $- $- $-
<br /> See accompanying summary of significant assumptions and accounting policies and report of independent public accountants.
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