RecycleNet Corporation
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RECYCLENET CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
 
For 2002: |Balance Sheets| |Statements of Cash Flows| |Statements of Operation|
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  For the Years Ended
December 31st
  2002 2001
Cash Flows From Operating Activities

Net Income (loss)

 $24,015 ($62,482)

Adjustments to reconcile net income (loss) to net cash used by operating activities:

    
Depreciation
 3,707 8,175

Foreign currency net exchange (gain)loss

 (1,314) 7,601
Changes in assets and liabilities:    

Accounts and other receivables

 (178) 54,467

Inventory

 61,452 (61,452)

Prepaid expenses

 (4,028) -

Accounts payable and accrued liabilities

 26,999 6,616
Deferred revenue
 (16,396) 20,590

Net Cash Provided by (Used in) Operating Activities

 94,257 (26,485)
Cash Flows From Investing Activities    

Cash from aquisition of fiberglass.com, Inc.

 - 2,059

Collection of advances to related party

 1,380 -

Net Cash Provided by Investing Activities

 1,380 2,059
Cash Flows From Financing Activities    

Collection of receivable from shareholder received in aquisition of fiberglass.com, Inc.

 - 104,767

Cash paid in redemption of Class N and (Class X) common shares

 (75,000) -

Net Cash Provided by (Used in) Financing Activities

 (75,000) 104,767
Effect of Exchange Rate Changes on Cash 1,314 (7,601)
Increase in Cash 21,951 72,740
Cash at Beginning of Year 190,245 117,505
Cash at End of Year $212,196 $190,245
 
For 2002: |Balance Sheets| |Statements of Cash Flows| |Statements of Operation|
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File No.: 2805

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