Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32AUDITED FINANCIAL STATEMENTS Ontario Electronic Stewardship Statement of Cash Flows 5 1 0 2 1 3 r e b m e c e D d e d n e r a e y e h t r o F 2014 Cash provided by (used in) Operating activities Excess of revenue over expenses for the year $ 4,194,559 $ 17,617,536 Adjustments to reconcile excess of revenue over expenses for the year to cash provided by operating activities Amortization of capital assets 153,923 339,063 Non-cash component of investment income (112,454) (137,158) Loss on disposal of capital assets 2,564 61,201 Changes in non-cash working capital balances Accounts receivable 6,732,694 (2,383,721) Prepaid expenses (9,719) (2,253) Accounts payable and accrued liabilities 353,947 (8,817,485) 11,315,514 6,677,183 Investing activities Purchase of investments (15,187,500) (15,000,000) Proceeds from investments 15,137,158 - Purchase of capital assets (16,945) - (67,287) (15,000,000) Increase (decrease) in cash 7 2 2 , 8 4 2 , 1 1 r a e y e h t g n i r u d (8,322,817) Cash, beginning of year 5,296,662 13,619,479 Cash, end of year $ 16,544,889 $ 5,296,662 The accompanying notes are an integral part of these ļ¬nancial statements. Ontario Electronic Stewardship 2015 Annual Report 25