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<br />NORTH METRO TELECOMMUNICATIONS COMl\flSSION <br />STATEMENTS OF CASH FLOWS <br />For the Years Ended December 31, 2003 and 2002 <br /> 2003 2002 <br />CASH FLOWS FROM OPERATING ACTIVITIES <br />Change in net assets $ 56,650 $ 102,571 <br />Adjustments to reconcile change in net assets to net cash <br />provided by operating activities: <br />Depreciation and amortization 143,313 131,574 <br />Gain on sale of fixed asset (2,000) <br />Decrease (increase) in: <br />Accounts receivable (139,721) <br />Prepaid expenses 344 (865) <br />Increase in: <br />Accounts payable 81,125 17,373 <br />Accrued expenses 13,929 8,509 <br />Deferred revenue 380,849 <br />NET CASH PROVIDED BY OPERATING ACTIVITIES 534,489 259,162 <br />CASH FLOWS FROM INVESTING ACTIVITIES <br />Proceeds from the sale of fixed asset 2,000 <br />Payments on construction in progress (368,690) <br />Purchases of equipment (56,088) (113,722) <br />Purchase of investments (576,803) <br />NET CASH USED BY INVESTING ACTIVITIES (999,581) (113,722) <br />CASH FLOWS FROM FINANCING ACTIVITIES <br />Payments ofloan fees (92,700) <br />Proceeds from the issuance of debt 2,000,000 <br />Principal payments on debt (150,000) <br />NET CASH PROVIDED BY FINANCING ACTIVITIES 1,757,300 <br />INCREASE IN CASH AND CASH EQUIVALENTS 1,292,208 145,440 <br />CASH AND CASH EQUN ALENTS, BEGINNING OF YEAR 854,758 709,318 <br />CASH AND CASH EQUIVALENTS, END OF YEAR $ 2,146,966 $ 854,758 <br />SUPPLEMENTAL CASH FLOWS DISCLOSURES <br />Interest paid $ 25,644 $ <br />Income taxes paid $ $ <br />See notes to financial statements 5 <br />