KENTUCKY STATE UNIVERSITY

Statements of Cash Flows, continued

Years ended June 30, 2013 and 2012

20132012
Reconciliation of net operating loss to net cash from operating activities
Operating loss$(31,367,576)$(32,902,061)
Adjustments to reconcile operating loss to net cash from operating activities:
Depreciation expense4,511,0684,485,779
Bad debt expense1,637,1733,146,807
Changes in assets and liabilities:
Receivables, net(39,795)(8,151,253)
Inventory and other current assets(307,373)132,778
Accounts payable and accrued liabilities(990,898)1,550,274
Accrued compensation and expenses(96,819)(400,649)
Other liabilities(58,900)(38,914)
Unearned revenue(931,256)65,327
Net cash from operating activities$(27,644,376)$(32,111,912)