Tallinn Stock Exchange,
5. Cash Flow Statement
| 1997 | 1996 | |
| Cash flow from operating activities | ||
| Net profit (loss) | 3,877,846 | -499,240 |
| Depreciation | 310,726 | 110,144 |
| Subsidy's depreciation to profit | -54,629 | 0 |
| Write-off of fixed assets | 5,488 | 0 |
| Financial expenses (net) | -475,035 | 59,978 |
| Change in accounts receivable and current liabilities | ||
| Increase of accounts receivable | -3,527,087 | -1,584,450 |
| Decrease of current liabilities | 1,450,414 | 678,789 |
| Income tax calculated | -689,861 | 0 |
| Total net cash from operating activities | 897,862 | -1,234,779 |
| Cash flow from investing activities | ||
| Acquired fixed assets | -482,395 | -840,202 |
| incl. tangible assets | -482,395 | -321,722 |
| intangible assets | -518,480 | |
| Total net cash from investing activities | -482,395 | -840,202 |
| Cash flow from financing activities | ||
| Guarantee fund | 1,020,000 | 1,460,000 |
| Subsidy | 0 | 182,094 |
| Issuance of shares | 200,000 | 100,000 |
| Paid in capital | 200,000 | 25,000 |
| Total net cash from financing activities | 1,420,000 | 1,767,094 |
| Total cash flows | 1,835,467 | -307,887 |
| Cash and cash equivalents at the beginning of period | 1,636,387 | 1,944,274 |
| Cash and cash equivalents at the end of period | 3,471,854 | 1,636,387 |
| Change in cash and cash equivalents | 1,835,467 | -307,887 |
