25 EPRA ANNUAL REPORT 2018 2018 2017 Cash provided by (used in): Operating activities: Excess of expenses over revenue $ (1,703,350) $ (3,487,032) Amortization which does not involve cash 115,417 65,022 Change in non-cash operating working capital: Accounts receivable 2,071,517 (3,672,302) Prepaid expenses (37,342) 28,443 Accounts payable and accrued liabilities (1,465,181) 507,461 (1,018,939) (6,558,408) Investing activities: Investments, net 2,482,581 4,314,140 Capital assets acquired (105,007) (254,846) 2,377,574 4,059,294 Decrease (decrease) in cash 1,358,635 (2,499,114) Cash, beginning of year 100,812,615 103,311,729 Cash, end of year $ 102,171,250 $ 100,812,615 See accompanying notes to financial statements. Year ended December 31, 2018, with comparative information for 2017 ELECTRONIC PRODUCTS RECYCLING ASSOCIATION Statement of Cash Flows