25 EPRA ANNUAL REPORT 2017 2017 2016 Cash provided by (used in): Operating activities: Excess of expenses over revenue $ (3,487,032) $ (9,825,383) Amortization which does not involve cash 65,022 44,316 Change in non-cash operating working capital: Accounts receivable (3,672,302) (142,733) Prepaid expenses 28,443 (66,139) Accounts payable and accrued liabilities 507,461 (719,478) (6,558,408) (10,709,417) Investing activities: Investments, net 4,314,140 (104,648) Capital assets acquired (254,846) (6,525) 4,059,294 (111,173) Decrease in cash (2,499,114) (10,820,590) Cash, beginning of year 103,311,729 114,132,319 Cash, end of year $ 100,812,615 $ 103,311,729 See accompanying notes to financial statements. Year ended December 31, 2017, with comparative information for 2016 ELECTRONIC PRODUCTS RECYCLING ASSOCIATION Statement of Cash Flows