10 Q again: I thought MTXX was going to have positive cash flow for once?!? Didn't their PR say that? Of course, net income was stated at $2.76 M positive and the reality: Cash flow from operations: NEGATIVE $2.5 M. Is this GAAP accounting?
MATRIXX INITIATIVES, INC. AND SUBSIDIARY
CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
Nine months ended September 30,
--------------------------------------------------------------------------------
2003 2002
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Cash Flows From Operating Activities:
Net income $ 2,313,353 $ 1,080,204
Adjustments to reconcile net income to net cash provided (used) by
operating activities:
Depreciation 117,143 40,030
Amortization 50,310 50,310
Amortization of imputed interest on notes payable 216,805 462,111
Amortization of debt issuance costs 14,583 11,667
Deferred income taxes 1,547,216 —
Loss on disposal of property and equipment — 20,104
Other 2,401 3,912
Changes in assets and liabilities:
Restricted cash — 1,503,150
Accounts receivable (2,556,840 ) 257,997
Inventories (2,203,164 ) 155,728
Prepaid expenses and other 43,001 (178,013 )
Accounts payable and accrued expenses (2,270,269 ) (4,305,845 )
Sales returns and allowances 224,047 (769,142 )
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Cash (Used) By Operating Activities (2,501,414 ) (1,667,787 |
