KENTUCKY STATE UNIVERSITY STATEMENTS OF CASH FLOWS Years ended June 30, 2010 and 2009

20102009
Reconciliation of net operating loss to net cash from operating activities
Operating loss$ (22,276,081)$ (26,942,064)
Adjustments to reconcile operating loss to net cash from operating activities:
Depreciation expense4,914,4323,407,432
Changes in assets and liabilities:
Receivables, net(195,122)3,288,223
Inventory and other current assets(50,902)2,504
Accounts payable and accrued liabilities(433,076)1,428,436
Accrued compensated absences257,01529,772
Other current liabilities(80,630)12,399
Deferred revenue402,755399,254
Net cash from operating activities$ (17,461,609)$ (18,374,044)

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