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The following is an excerpt from a 10QSB SEC Filing, filed by STAN LEE MEDIA INC on 8/14/2000.
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STAN LEE MEDIA INC - 10QSB - 20000814 - CASH_FLOW

STAN LEE MEDIA, INC. AND SUBSIDIARY

(a development stage company)

CONSOLIDATED STATEMENTS OF CASH FLOWS

                                                                            Six Months Ended        Period from Inception
                                                                                June 30,            (October 13, 1998) to
                                                                       2000                1999          June 30, 2000
                                                                    (unaudited)        (unaudited)        (unaudited)
                                                                   ------------------------------------------------------
Cash flows from operating activities
   Net loss                                                        $(12,530,217)      $   (795,271)      $(20,491,503)
   Adjustments to reconcile net loss to net cash and cash
     equivalents provided by (used in) operating activities:
      Non-cash items resulting from issuance of common stock,
         stock options and warrants                                   3,235,998                400          3,236,006
      Depreciation and amortization                                     230,157             12,290            230,150
      Allowance for accounts receivable                                  16,833               --               16,833
      Changes in:
         Inventory                                                         --                 --              (11,883)
         Accounts receivable                                           (277,818)              --             (277,818)
         Production costs                                            (1,086,186)              --           (1,086,186)
         Prepaid expenses and other current assets                     (105,690)            (2,500)          (116,140)
         Deposits                                                       (84,668)              --             (132,132)
         Debt offering costs                                               --                 --                 --
         Accounts payable                                               803,862             75,464            976,129
                                                                   --------------------------------------------------
Net cash used in operating activities                                (9,797,729)          (709,617)       (17,656,544)
                                                                   --------------------------------------------------
Cash flows from investing activities
   Purchase of property and equipment                                (1,022,111)          (122,613)        (1,624,121)
   Licensing rights                                                        --                 --             (173,686)
   Application for trademarks                                           (86,285)            (6,638)          (189,921)
                                                                   --------------------------------------------------
Net cash used in investing activities                                (1,108,396)          (129,251)        (1,987,728)
                                                                   --------------------------------------------------
Cash flows from financing activities
   Debt offering costs                                                  245,030               --              227,274
   Proceeds from notes and loans payable                              3,230,000             30,000          3,730,000
   Repayment of notes and loans payable                              (1,175,000)              --           (1,175,000)
   Proceeds from convertible note                                     2,500,000               --                 --
   Payments under capital lease obligations                             (28,789)            71,815             98,054
   Receipt of subscriptions                                                --              564,000          2,500,000
   Issuance of preferred stock                                             --                 --            5,000,002
   Proceeds from issuance of common stock                             4,263,831            275,000          9,413,051
                                                                   --------------------------------------------------
Net cash provided by financing activities:                            9,035,072            940,815         19,793,381
                                                                   --------------------------------------------------
Increase (decrease) in cash and cash equivalents                     (1,871,053)           101,947            149,109

Cash and cash equivalents, beginning of period                        2,020,162             21,276               --
                                                                   --------------------------------------------------
Cash and cash equivalents, end of period                           $    149,109       $    123,223       $    149,109
                                                                   ==================================================

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