b'EPRA ANNUAL REPORT 2014ELECTRONIC PRODUCTS RECYCLING ASSOCIATIONstatement of Cash flowsYear ended December 31, 2014, with comparative information for 2013 2014 2013 Cash provided by (used in):Operating activities:Excess of revenue over expenses$33,062,003 $45,408,339Amortization which does not involve cash174,357 151,272Change in non-cash operating working capital:Accounts receivable3,876,726 (3,803,714)Prepaid expenses(7,001) (51,831)Accounts payable and accrued liabilities(505,334)(5,315,200) 36,600,751 36,388,866Investing activities:Investments, net(2,141,250) (4,448,073)Net asset transfer (note 8) 11,019,191Capital assets acquired(47,034) (156,340)(2,188,284) 6,414,778 Increase in cash and cash equivalents34,412,467 42,803,644Cash and cash equivalents, beginning of year75,070,319 32,266,675Cash and cash equivalents, end of year$109,482,786 $75,070,319See accompanying notes to financial statements.22'