KENTUCKY STATE UNIVERSITY
Statements of Cash Flows, Continued
Years ended June 30, 2011 and 2010
20112010
Reconciliation of net operating loss to net cash from operating activities
Operating loss$(24,126,184)$(22,276,081)
Adjustments to reconcile operating loss to net cash from operating activities:
Depreciation expense4,841,9214,914,432
Changes in assets and liabilities:
Receivables, net$(2,193,974)$(195,122)
Inventory and other current assets$(14,388)$(50,902)
Accounts payable and accrued liabilities574,790(433,076)
Accrued compensation and expenses360,623257,015
Other liabilities(108,227)(80,630)
Deferred revenue9,943402,755
Net cash from operating activities$(20,655,496)$(17,461,609)