BIFS TECHNOLOGIES CORPORATION
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CONSOLIDATED STATEMENTS OF CASH FLOWS
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FOR THE THREE MONTHS ENDED
MARCH 31, 2001 AND 2000
--------------------------
Three-months ended
-------------------------
2000 2000
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(Unaudited) (Unaudited)
RECONCILIATION OF NET LOSS TO
CASH FLOWS FROM OPERATING ACTIVITIES
------------------------------------
NET LOSS $(732,608) $( 92,272)
RECONCILING ADJUSTMENTS
Depreciation and amortization 73,140 1,291
Increase in accounts receivable ( 20,933) -
Decrease in inventory 1,137 -
Increase in prepaid expenses (185,446) ( 97,500)
Decrease in accounts payable and
accrued expenses (151,914) ( 7,512)
Decrease in other assets 15,064 -
Stock issued for services 233,750 130,000
Contribution of accrued interest
to paid-in capital 12,240 9,567
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CASH FLOWS FROM OPERATING ACTIVITIES $(755,570) $( 56,426)
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NONCASH INVESTING AND FINANCING ACTIVITIES
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DECREASE IN ACCRUED INTEREST
PAYABLE THROUGH CONTRIBUTION
TO PAID-IN CAPITAL $ 12,240 $ 9,567
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ISSUE OF STOCK FOR ADVANCE
TO RELATED COMPANY $ - $ 562,020
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ISSUE OF STOCK FOR ADVANCE ON
EMPLOYMENT AGREEMENT $ - $ 270,000
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ISSUE OF STOCK FOR SERVICES $ 233,750 $ 130,000
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