PAO Group Inc (PAOG)

[SooS416]

That's not how it works, cash flow statement must reflect actual cash received, in your example fees or any other expense would reflect a use of cash incorporated in net income which is starting point for cash flow.

The total debt taken on which is a cash receipt should be shown at it's full value which in this case is $96k yet they are reporting only $75k in cash received thereby understating ending cash balance.