INTL FCStone 2005 Annual Report Download - page 46

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INTERNATIONAL ASSETS HOLDING CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
Years Ended September 30, 2005 and 2004
2005 2004
as restated
Cash flows from operating activities:
Netincome(loss) ............................................... $ 2,613,635 $ (118,207)
Adjustments to reconcile net income (loss) to net cash provided by (used in)
operating activities:
Depreciation, amortization and loss on disposals ................... 320,617 185,769
Amortization of beneficial conversion feature ..................... 2,483,478
Amortization of debt issuance costs ............................. 78,824
Deferred income taxes ....................................... 280,553 (22,352)
Equity in (income) loss from asset management joint venture ........ (217,585) 40,925
Amortization of stock option expense for consultant ................ 34,867
Unrealized investment gain from INTL Consilium Sponsored Fund . . . (249,626) (20,805)
Changes in operating assets and liabilities:
Receivable from brokers, dealers and clearing organization .......... 4,089,890 10,123,615
Receivable from customers ................................... (3,270,976) (8,450,764)
Financial instruments owned, at fair value ........................ (52,570,762) (12,660,726)
Other assets ................................................ (62,075) 125,870
Foreign currency sold, not yet purchased, at fair value .............. (1,964,767) 2,521,566
Financial instruments sold, not yet purchased, at fair value .......... 55,147,358 6,115,394
Accounts payable ........................................... (154,048) 213,501
Payable to brokers, dealers and clearing organization ............... (5,765,525) 9,191,412
Payabletocustomers ........................................ (1,459,194) (3,432,505)
Accrued compensation and benefits ............................. (42,866) 924,207
Accrued expenses ........................................... (144,148) 264,684
Incometaxespayable ........................................ 1,120,298 191,233
Other liabilities ............................................. 258,900 3,984
Net cash provided by (used in) operating activities ............. (2,070,321) 7,793,970
Cash flows from investing activities:
Investment in asset management joint venture ..................... (500,000)
Investment in INTL Consilium Sponsored Fund ................... (3,000,000)
Payments related to acquisition of INTL Global Currencies .......... (1,562,158) (4,594,440)
Purchase of fixed assets and leasehold improvements ............... (302,922) (254,057)
Net cash used in investing activities ......................... (1,865,080) (8,348,497)
Cash flows from financing activities:
Issuance of convertible subordinated notes payable, net ............. 11,002,021
Payable to banks under loans and overdrafts ...................... 2,399,965 3,231,931
Exercise of stock options ..................................... 692,855 338,470
Net cash provided by financing activities .................... 3,092,820 14,572,422
Net increase (decrease) in cash and cash equivalents ........... (842,581) 14,017,895
Cash and cash equivalents at beginning of year ............................ 21,084,467 7,066,572
Cash and cash equivalents at end of year ................................. $20,241,886 $ 21,084,467
See accompanying notes to consolidated financial statements.
F-6