EX-99.1(C)5 19 dex991c5.htm TECHRX INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Prepared by R.R. Donnelley Financial -- TechRx Inc. Consolidated Statements of Cash Flows
 
Exhibit 99.1 (c) 5
 
TechRx Incorporated
 
Consolidated Statements of Cash Flows
 
    
Years ended June 30
  
    
2000
     
1999
  
Operating activities
                  
Net loss
   
$
(3,857,716
)
   
$
(1,033,416
)
Adjustments to reconcile net loss to net cash used by operating activities:
                  
Noncash compensation expense
   
 
83,257
 
   
 
18,000
 
Depreciation and amortization
   
 
260,475
 
   
 
36,483
 
Deferred income taxes
   
 
(385,635
)
   
 
(7,545
)
Loss on disposal of assets
   
 
—  
 
   
 
10,023
 
Working capital items:
                  
Accounts receivable
   
 
595,809
 
   
 
(74,621
)
Prepaid expenses and other
   
 
(145,560
)
   
 
(18,640
)
Inventory
   
 
(37,365
)
   
 
—  
 
Income tax receivable
   
 
(61,136
)
   
 
(284,856
)
Deferred costs
   
 
(259,638
)
   
 
(354,000
)
Accounts payable
   
 
(102,834
)
   
 
368,757
 
Income tax payable
   
 
—  
 
   
 
(426,042
)
Accrued expenses
   
 
745,591
 
   
 
107,942
 
Interest payable
   
 
58,791
 
   
 
(18,725
)
Deferred revenues
   
 
1,141,510
 
   
 
869,187
 
    
  
Net cash used by operating activities
   
 
(1,964,451
)
   
 
(807,453
)
Investing activities
                  
Net cash used in purchase of Condor
   
 
(4,118,093
)
   
 
—  
 
Deferred acquisition costs
   
 
(189,194
)
   
 
—  
 
Purchase of furniture, fixtures, and equipment
   
 
(467,603
)
   
 
(60,620
)
Change in deposits
   
 
(143,855
)
   
 
(7,457
)
    
  
Net cash used by investing activities
   
 
(4,918,745
)
   
 
(68,077
)
Financing activities
                  
Repayment of capital lease payable
   
 
—  
 
   
 
(2,359
)
Repayment of loans from shareholder
   
 
(38,679
)
   
 
—  
 
Net proceeds from equipment line of credit
   
 
358,178
 
   
 
—  
 
Proceeds from issuance of stock, net of expenses
   
 
2,783,338
 
   
 
3,437,356
 
Proceeds from bridge loan
   
 
4,500,000
 
   
 
—  
 
    
  
Net cash provided by financing activities
   
 
7,602,837
 
   
 
3,434,997
 
    
  
Net increase in cash
   
 
719,641
 
   
 
2,559,467
 
Cash, beginning of year
   
 
3,019,823
 
   
 
460,356
 
    
  
Cash, end of year
   
$
3,739,464
 
   
$
3,019,823
 
    
  
Supplemental disclosures of cash flow information
                  
Cash paid for income taxes
   
$
—  
 
   
$
333,049
 
    
  
Cash paid for interest
   
$
109,387
 
   
$
10,888
 
    
  
 
See accompanying notes.