1) Embraer reported net sales of R$1,990.1 million in the third quarter of 2001, a 28.4% increase from the third quarter of 2000. Net income was R$177.7 million. 2) For the first nine months of 2001, Embraer reported net sales of R$5,631.8 million, a 36.2% increase from the same period in 2000. Net income was R$522.9 million. 3) In the third quarter, Embraer delivered 42 aircraft, including 38 for the regional market and 3 for the corporate market.

1. US Gaap Earnings Release – 3rd Quarter 2001
EMBRAER – EMPRESA BRASILEIRA DE AERONÁUTICA S/A
3 rd QUARTER 2001 US GAAP EARNIINGS RELEASE
Unless otherwise indicated, the company's operational and financial information is based on
consolidated figures in Brazilian reais in accordance with US GAAP. The amounts expressed in US
dollars were obtained using the exchange rate as of September 30, 2001 of R$ 2.6713 .
São José dos Campos, November 29, 2001 – Embraer (BOVESPA: EMBR3, EMBR4)
(NYSE: ERJ), the fourth largest commercial aircraft manufacturer and largest Brazilian exporter,
closed the first nine months of 2001 with a total net sales of R$ 5,631.8 million, and net income of
R$ 522.9 million.
Economic and Financial Performance in accordance with US Gaap
The following table sets forth a comparative analysis of the principal economic and financial
indicators for the third quarters of 2001 and 2000 and the first nine months of 2001 and 2000.
Balance Sheet and Income
Statement 2nd Quarter 3rd Quarter Nine Months
Data and Other Information 2001 2000 2001 2000 2001
R$ R$ R$ US$ R$ R$ US$
Stated in millions except % and earnings per ADS
Net sales 2,008.3 1,550.4 1,990.1 745.0 4,136.1 5,631.8 2,108.3
Gross profit 742.4 563.0 782.4 292.9 1,414.1 2,141.0 801.5
Gross margin (%) 37.0% 36.3% 39.3% 39.3% 34.2% 38.0% 38.0%
Administrative and selling expenses (188.7) (129.9) (213.7) (80.0) (367.2) (572.0) (214.1)
Employee Profit sharing (49.3) (3.5) (2.9) (1.1) (44.9) (63.3) (23.7)
Research and development (72.1) (32.9) (101.9) (38.1) (58.0) (218.3) (81.7)
Other operating expenses, net (19.9) (18.5) 4 .7 1 .8 (59.3) (18.6) (7.0)
Income from operations before
financial income (expenses) 412.4 378.1 468.6 175.5 884.8 1,268.8 475.0
Operating Margin (%) 20.5% 24.4% 23.5% 23.5% 21.4% 22.5% 22.5%
Depreciation and amortization 21.6 15.2 33.6 12.6 50.9 81.2 30.4
EBITDA 434.0 393.3 502.2 188.1 935.7 1,350.0 505.4
EBITDA margin (%) 21.6% 25.4% 25.2% 25.2% 22.6% 24.0% 24.0%
Financial income (expenses), net (5.1) (44.5) 0.3 0.1 (103.9) 19.3 7.2
Income from operations after
financial income (expenses) 407.3 333.6 468.9 175.6 780.9 1,288.1 482.2
Monetary & exchange variations, net (54.2) 22.3 (207.7) (77.7) (6.4) (415.5) (155.5)
Net income 175.9 198.9 177.7 66.5 509.1 522.9 195.7
Net margin (%) 8.8% 12.8% 8.9% 8.9% 12.3% 9.3% 9.3%
Average ON shares - diluted 242,544,448 242,544,448 242,544,448 242,544,448 242,544,448 242,544,448 242,544,448
Average PN shares - diluted 393,054,532 350,301,052 393,627,052 393,627,052 350,301,052 393,627,052 393,627,052
Earnings per ADS – diluted 1.15 1.41 1.16 0.43 3.60 3.42 1.28
Total Assets 7,324.5 5,188.3 8,560.5 3,204.6 5,188.3 8,560.5 3,204.6
Property, Plant and Equipment 794.6 538.2 998.9 373.9 538.2 998.9 373.9
Total Debt 1,349.5 987.3 2,016.6 754.9 987.3 2,016.6 754.9
Total Liabilities 5,132.6 3,539.8 6,181.1 2,313.9 3,539.8 6,181.1 2,313.9
Shareholders’ Equity 2,191.6 1,648.5 2,379.4 890.7 1,648.5 2,379.4 890.7
1

2. US Gaap Earnings Release – 3rd Quarter 2001
The company’s financial statements are prepared and disclosed in accordance with generally
accepted accounting principles in Brazil, which differ in certain material aspects from the
generally accepted accounting principles in the United States (US GAAP). For further details see
Note 30 of the company’s financial statements for December 31, 2000. In order to provide
further information to shareholders, the company has also disclosed approximate information on
the income and equity positions in accordanc e with generally accepted accounting principles in
the United States. The preparation of this approximate information in US GAAP requires that the
company’s financial statements be adjusted to reflect the effects of Brazilian inflation (full
monetary restatement), and subsequently adjusted to reflect the effects of accounting principles,
including adopting the US dollar as a functional currency, and therefore the information disclosed
here is affected by Brazilian inflation, measured by the variation in the General Market Price
Index (IGP -M), and the devaluation of the real against the dollar.
The company is currently implementing accounting and control processes for presentation of the
information in full US GAAP. As this process proceeds, the company has sought to improve the
information disclosed quarterly. Therefore the information for the quarter ended June 30, 2001
presented previously was reclassified to incorporate these improvements.
Net Sales:
Net sales for the third quarter of 2001 of R$ 1,990.1 million increased by 28.4 % compared with
net sales for the corresponding period of 2000 of R$ 1,550.4 million. The increase in net sales is
due to the devaluation of the real over the period, considering that approximately 97% of total
sales are related to overseas sales.
In the third quarter of 2001, 42 aircraft were delivered, 38 for the regional market, of which 22
ERJ 145, 7 ERJ 135, 8 ERJ 140 and 1 EMB 120 – Brasília, 1 ERJ 135 for the defense market,
which will be used for transportation of government authorities, and 3 ERJ 135 for the corporate
market. In the same period of 2000, a total of 44 jets of the ERJ 135/140/145 family were
delivered, consisting of 34 ERJ 145 and 10 ERJ 135.
Therefore, accrued net sales for the first nine months of 2001 of R$ 5,631.8 million were 36.2%
higher than the net revenues of R$ 4,136.1 million for the corresponding period in the prior year.
2

3. US Gaap Earnings Release – 3rd Quarter 2001
nd rd
Deliveries 2 Quarter 3 Quarter Nine Months
By Market 2000 2001 2000 2001 2000 2001
Commercial
ERJ 135 14 4 10 7 33 25
ERJ 145 24 39 34 22 82 89
ERJ 140 - - - 8 - 8
EMB 120 - 1 - 1 - 2
Corporate
ERJ 135 - - - 3 - 3
Defense
ERJ 135 - 1 - 1 1 2
EMB 120 - - - 1 -
Total 38 45 44 42 117 129
Cost of Products Sold:
The cost of products sold during the third quarter of 2001 of R$ 1,207.8 million increased by
22.3% as compared to the R$ 987.4 million for the corresponding period of 2000 (compared with
a 28.4% increase in net sales). During the first nine months of the year, the cost of products sold
was R$ 3,490.8 million, as compared with R$ 2,722.0 million for the same period in the prior year.
The increase in the cost of products sold to a percentage less than the sales increase is
principally due to the devaluation of the real against the US dollar by 44.9% over the period from
September 30, 2000 to September 30, 2001, since approximately 16% of company costs are reais
denominated.
Gross Profit:
Embraer’s gross profit in the third quarter of 2001 was R$ 782.4 million, 39.0% higher than gross
profit in the third quarter of 2000 of R$ 563.0 million.
The gross profit for the first nine months of 2001 of R$ 2,141.0 million, increased by 51.4% as
compared to the R$ 1,414.1 million for the equivalent period of the prior year.
Therefore Embraer obtained a gross margin of 39.3% in the third quarter of 2001, compared with
36.3% for the same period of 2000. This increase is basically due to devaluation of the real
against the US dollar, since approximately 16% of costs are reais denominated and 97% of sales
are US dollars denominated.
The accrued gross margin for 2001 is 38.0%, corresponding to a 3.8% increase compared with
the 34.2% recorded during the equivalent period of the prior year.
3

4. US Gaap Earnings Release – 3rd Quarter 2001
Operating Expenses:
Operating expenses, including profit-sharing and before financial income and expenses, increased
69.7% from R$ 184.8 million for the third quarter of 2000 to R$ 313.7 million in the same period
of 2001.
In the periods compared, administrative and selling expenses increased by 64.5% from R$ 129.9
million for the third quarter of 2000 to R$ 213.7 million for the corresponding period of 2001.
Expenses related with investments in the research and development of new products increased
from R$ 32.9 million in the third quarter of 2000 to R$ 101.9 million in the same period of 2001.
Other net operating expenses changed from an expense of R$ 18.5 million in the third quarter of
2000 to a revenue of R$ 4.7 million in the same period of 2001. Finally a reduction occurred in
employee profit -sharing of 20.0% from R$ 3.5 million in the third quarter of 2000 to R$ 2.9
million in the same period of 2001.
Administrative and selling expenses as a percentage of net sales in the third quarter of 2000
represented 8.4% and 10.7% in the quarter ended September 30, 2001.
The increase in administrative expenses was basically due to adjustments to the administrative
structure to enable the company to expand into new markets, develop new business areas and
increase the production that had been programmed before the terrorist attacks on September
11th. In order to adjust to the new scenario and together with the measures announced on
September 28 by the company, the entire policy of hiring new employees is being reviewed, and
cost reduction programs are being implemented.
The increase in selling expenses is a result of increased expenses related with presales and post-
sales support to the ERJ 135/140/145 family of regional jet aircraft for the corporate and defense
markets, in addition to marketing efforts related with Embraer products such as the Mock-up
Tour of the EMBRAER 190 held in June and July in the United States, in addition to taking part
in trade fairs and events. Also in the third quarter of 2001, the sales area exclusively dedicated to
the corporate aviation market and the sales team for the defense market of the company were
also expanded as part of Embraer’s restructuring.
The increase in research and development expenses on new products is principally due to
investments related with development of the new EMBRAER 170/175/190/95 jet family,
development of the new version of the ERJ 145 - the extra long-range (XR) and development
and certification of the Legacy executive jet. In the third quarter of 2000 the company was at the
initial phase of developing the new jet family and had recently launched the new version of the
ERJ 145-XR and the Legacy executive jet in July.
In the third quarter of 2001 and as a result of the factors described above, research and
development costs represented 5.1% of total net revenue compared with 2.1% for the equivalent
period of 2000. Of the total of R$ 101.9 in research and development investments made in the
third quarter of 2001, approximately 91% investments related to the new family of jets.
The Variable Remuneration Program, in which employee profit sharing is established according
to a performance appraisal of each employee/team, is linked to income from operations and the
distribution of dividends to Embraer shareholders. As a result, the provision made in the third
quarter of 2001 for profit-sharing was based on the distribution of interest on shareholders' equity
during the period.
4

5. US Gaap Earnings Release – 3rd Quarter 2001
In addition, other net operating revenue (expense) represented a revenue of R$ 4.7 million in the
third quarter of 2001, compared with an expense of R$ 18.5 million in the equivalent period of the
prior year. An extraordinary provision of R$ 13.1 million was made in the quarter ended
September 30, 2001 for costs associated with the staff reduction announced on September 28,
which was partially compensated by revenue of R$ 16.4 million related with the inflationary
affects of unindexed accounts. In the third quarter of the prior year revenue from the inflationary
effects of unindexed accounts totaled R$ 6.6 million, which was compensated by a provision of
R$ 12.2 million related with covering the contractual obligation with the development program of
the ALX aircraft, resulting from an accident with this aircraft, the amount being covered by
insurance.
Operating Income:
In the third quarter of 2001, operating income before financial income and expenses, including the
provision for employee profit sharing, was R$ 468.6 million, an increase of 24.0% from the R$
378.1 million for the same period of 2000, which correspond to operating margins of 23.6% and
24.4% respectively.
For the first nine months of 2001, the operating income was R$ 1,268.8 million, an increase of
43.4% compared to the operating profit for the same period of 2000 of R$ 884.8 million, which
correspond to operating margins of 22.5% and 21.4%, respectively.
EBITDA - Earnings before interest, taxes, depreciation and amortization:
The EBITDA - Earnings before interest, taxes, depreciation and amortization for the third quarter
of 2001 were R$ 502.2 million, compared with R$ 393.3 million in the equivalent period of 2000.
The EBITDA margin had a slight reduction from 25.4% in the third quarter of 2000 to 25.2% in
the third quarter ended September 30, 2001.
EBITDA for the first nine months of 2001 increased 44.3% from R$ 935,7 million for the first
nine months of 2000 to R$ 1,350.0 million for the same period in 2001.
Net Financial Income (Expense):
In the third quarter of 2001, net financial income (expense), without taking into account the
effects of the distribution of interest on Embraer shareholders' equity and monetary and
exchange rate variation effects, improved from an expense of R$ 44.5 million for the third
quarter of 2000 to a revenue of R$ 0.3 million for the same period of 2001. This result is basically
due to the increased cash availability and short-term cash investments during the period, which
generated an increase in nominal interest revenue, partially offset by losses derived from
exposure of the same cash volume to the effect of inflation over the period, which was 3.2%.
Net Monetary and Exchange Variations:
Net monetary and exchange rate variations increased from an expense of R$ 22.3 million for the
third quarter of 2000 to an expense of R$ 207.7 million for the same period in 2001. This result is
due to the 15.9% devaluation of the real against the US dollar (12.3% net of inflation for the
period) during the third quarter of 2001, compared to a devaluation of 2.4% ( or -2.6% excluding
inflation for the period) in the same period of 2000, and also an increase in the amount of net
5

6. US Gaap Earnings Release – 3rd Quarter 2001
assets denominated in reais, which generated exchange variations in the financial statements in
US GAAP, since the company adopted the dollar as the functional currency.
A similar effect occurs when considering accrued net monetary and exchange rate variations
over the first nine months of 2000 and 2001. In the period ended September 30, 2000, it
represented an expense of R$ 6.4 million and increased to R$ 415.5 million in the same period of
2001.
Other Net Non-operating Revenue (Expense):
Net non-operating expenses in the third quarter of 2001 totaled R$ 20.3 million, compared with an
expense o R$ 12.6 million in the same period of the prior year. This increase was principally
f
due to a provision made for losses on tax incentives (Finam), based on the market value of the
investment certificates.
Income Tax:
Income tax for the nine-month period ended September 30, 2001 was R$ 332.3 million, or 38.8%
of net pre-tax income. The income tax expense in excess of the current rate of 34% is
principally due to the portion of income tax on the restatement of monetary assets to the amount
of R$ 40.7 million, which according to US GAAP is recorded under income and according to
generally accepted accounting principles in Brazil is recorded under shareholders’ equity.
Net Income:
Finally, Embraer's net income was R$ 177.7 million for the third quarter of 2001 compared to the
net income of R$ 198.9 million for the same period of 2000. Accrued income for the first nine
months of 2001 reached R$ 522.9 million.
Financial Management
As of September 30, 2001, the company's cash position totaled R$ 2,360.9 million. On the same
date total indebtedness was R$ 2.016.6 million, of which R$ 1,915.0 million, equivalent to 95.0%
of total indebtedness, was indexed in foreign currency and R$ 371.7 million was related to long-
term debt. At the end of the first nine months of 2001, the company had a net cash position of
R$ 344.3 million.
Balance Sheet September 30 June 30
and Other Data 2001 2001
In millions
R$ US$ R$ US$
Cash and cash equivalents 2,360.9 883.8 3,006.0 1,125.3
Total debt 2,016.6 754.9 1,349.5 505.2
Net cash (debt) 344.3 128.9 1,656.5 620.1
Shareholders' equity 2,379.4 890.7 2,191.6 820.4
The reduction in the net cash position over the periods compared above is a result of the increase
in inventories from R$ 1,949.7 million (equivalent to US$ 729.9 million) as of June 30, 2001 to R$
2,519.8 million (equivalent to US$ 943.3 million) as of September 30, 2001, and also an increase
6

7. US Gaap Earnings Release – 3rd Quarter 2001
in accounts receivable from R$ 886.1 million (equivalent to US$ 331.7 million) as of June 30,
2001 to R$ 1,968.6 million (equivalent to US$ 736.9 million) as of September 30, 2001.
The rescheduling of aircraft deliveries, initially caused by the economic slowdown as reported in
August, and subsequently by the tragic events in September, caused inventories to increase by
29.2%. However, negotiations with suppliers, given the flexibility of existing contracts, will ensure
that these inventories are consumed during the first six months of 2002.
Also during the third quarter of 2001, Embraer provided financial support to the deliveries of
certain aircraft for clients in the process of concluding financing contracts. Therefore, at the end
of September, the Company had a total accounts receivable of R$ 1,392.9 million (equivalent to
US$ 521,4 million) with respect to these deliveries, out of a total accounts receivable of R$
1.816,6 million (equivalent to US$ 680,0 million), of which more than 35.1% was received during
October and November and the remainder is currently awaiting final structuring of the financing.
The situation is expected to be fully settled by the end of the financial year.
*******
rd
Embraer will host a conference call to review the 3 Quarter 2001 US GAAP results on
November 30, 2001 (Friday), at 11:30 am Eastern Standard Time.
International Dial in: 1-334-323.9854
Domestica (US) Dial in: 1-888-318.6428
Access Code : Embraer
For additional information contact:
Embraer - Empresa Brasileira de Aeronáutica S/A
Investor Relations Department:
Anna Cecilia Bettencourt
(12) 3945 1106
acecilia@embraer.com.br
Milene Petrelluzzi
(12) 3945 3054
milene.petrelluzzi@embraer.com.br
7

8. US Gaap Earnings Release – 3rd Quarter 2001
EMBRAER - EMPRESA BRASILEIRA DE AERONÁUTICA S.A.
CONSOLIDATED BALANCE SHEETS
Expressed in thousands Reais – Corporate Law
ASSETS
September 30, June 30,
2001 2001
CURRENT ASSETS:
Cash and cash equivalents 2,360,940 3,006,038
Trade accounts receivable 1,762,599 779,093
Inventories 2,519,837 1,949,719
Other 413,504 317,124
-------------- --------------
Total current assets 7,056,880 6,051,974
:
NONCURRENT ASSETS : 483,381 459,208
PERMANENT ASSETS:
Investments 20,843 17,504
Property, plant and equipment 998,924 794,589
Deferred charges 498 1,243
------------- --------------
Total permanent assets 1,020,265 813,336
-------------- --------------
Total assets 8,560,526 7,324,518
======== ========
8

9. US Gaap Earnings Release – 3rd Quarter 2001
EMBRAER - EMPRESA BRASILEIRA DE AERONÁUTICA S.A.
CONSOLIDATED BALANCE SHEETS
Expressed in thousands Reais – US GAAP
LIABILITIES AND SHAREHOLDERS’ EQUITY
September 30, June 30,
2001 2001
CURRENT LIABILITIES:
Loans 1,644,909 1,046,863
Suppliers 1,215,250 1,101,274
Customers’ advances 984,191 671,574
Other 1,072,994 1,007,699
------------- --------------
Total current liabilities 4,917,344 3,827,410
LONG-TERM LIABILITIES :
Loans 371,738 302,613
Customers’ advances 208,860 381,001
Other 658,076 596,654
------------- -------------
Total long-term liabilities 1,238,674 1,280,268
DEFERRED INCOME 545 490
MINORITY INTEREST 24,593 24,791
SHAREHOLDERS’ EQUITY 2,379,370 2,191,559
-------------- -------------
Total liabilities and shareholders’ equity 8,560,526 7,324,518
======== =======
9

10. US Gaap Earnings Release – 3rd Quarter 2001
EMBRAER - EMPRESA BRASILEIRA DE AERONÁUTICA S.A.
INCOME STATEMENT - CONSOLIDATED
Expressed in thousands Reais – US GAAP
Third Quarter Nine Months
2001 2000 2001 2000
NET SALES 1,990,136 1,550,356 5,631,810 4,136,095
COST OF SALES (1,207,765) (987,368) (3,490,818) (2,722,006)
--------------- -------------- --------------- ---------------
GROSS PROFIT 782,371 562,988 2,140,992 1,414,089
--------------- -------------- --------------- ---------------
OPERATING EXPENSES: :
Selling & Administrative (213,700) (129,880) (571,981) (367,156)
Other, net 4,741 (18,522) (18,581) (59,236)
Research & Development (101,934) (32,944) (218,329) (58,040)
Employee Profit Sharing (2,875) (3,544) (63,326) (44,905)
-------------- -------------- -------------- --------------
INCOME FROM OPERATIONS BEFORE
FINANCIAL INCOME (EXPENSES) 468,603 378,098 1,268,775 884,752
-------------- ------------- -------------- --------------
FINANCIAL INCOME (EXPENSES), NET 250 (44,534) 19,252 (103,883)
------------- ------------- ------------- --------------
INCOME FROM OPERATIONS AFTER
FINANCIAL INCOME (EXPENSES) 468,853 333,564 1,288,027 780,869
MONETARY AND EXCHANGE VARIATIONS, (207,708) 22,268 (415,458) (6,436)
NET
NONOPERATING INCOME (EXPENSE), NET (20,342) (12,590) (15,332) 27,890
------------- ------------- ------------- -------------
INCOME BEFORE TAXES ON INCOME 240,803 343,242 857,237 802,323
PROVISION FOR INCOME TAX (63,545) (142,573) (332,282) (284,299)
MINORITY INTEREST 448 (1,785) (2,069) (8,926)
------------- ------------- ------------- ------------
NET INCOME 177,706 198,884 522,886 509,098
======= ======= ======= =======
10

11. US Gaap Earnings Release – 3rd Quarter 2001
EMBRAER – EMPRESA BRASILEIRA DE AERONÁUTICA S.A.
CASH FLOW - CONSOLIDATED
Expressed in thousands Reais - USGAAP
Nine Months Nine Months
ended September ended June 30,
30, 2001 2001
Operating activities :
Net income 522,886 345,180
Adjustments to reconcile net income to net cash
provided by operating activities-
Depreciation and amortization 81,199 47,620
Provision for doubtful accounts 23,359 12,067
Loss (Gain) on permanent asset disposals 521 (324)
Write -off of deferred charges 58 275
Reversal of deferred income (33) (8)
Provision for losses 27,249 20,353
Deferred income and social contribution taxes 191,338 119,237
Interest on loans, tax installments and debentures
57,901 35,976
Provision for (Reversal of) contingencies 726 733
Monetary and exchange variations, net 291,714 79,692
Equity in unconsolidated subsidiary
(476) (381)
Minority interest 2,069 2,517
Exchange variations in consolidated subsidiary (65,806) (27,612)
Investments write off 6 -
Cumulative translation adjustments 336,189 186,897
-------------- ----------
1,468,900 822,222
======== ======
Changes in current assets and liabilities:
Accounts receivable (1,447,848) (453,052)
Inventories (1,216,797) (646,679)
Prepaid expenses (17,760) (1,070)
Recoverable taxes (26,557) (29,414)
Other receivables (62,817) (12,489)
Suppliers 654,101 540,125
Accrued taxes on income 787 26,455
Accrued liabilities 104,521 84,309
Customer advances 366,798 54,183
Taxes and social charges payable 79,432 44,534
Other 44,428 13,710
-------------- -------------
(1,521,712) (379,388)
11

12. US Gaap Earnings Release – 3rd Quarter 2001
Nine Months Nine Months
ended September ended June 30,
30, 2001 2001
Changes in noncurrent assets and liabilities:
Accounts receivable (104,149) (16,432)
Recoverable taxes (2,591) 3,916
Other receivables 62,393 16,782
Accounts payable 84,754 40,251
Customer advances 37,896 210,037
Deferred income (34) (18)
Accrued liabilities (2,769) (1,930)
Taxes payable (3,532) (2,370)
Minority interest 866 616
--------- --------
72,834 250,852
---------- ---------
Net cash provided by operating activities 20,022 693,686
====== ======
Investing activities::
Sale of property, plant and equipment 698 900
Compulsory loans (4,562) (2,455)
Additions to property, plant and equipment (496,938) (259,739)
Additions to deferred charges - (224)
Additions to investments (6,825) (3,486)
---------------- ----------------
Net cash used in investing activities (507,627) (265,004)
========= =========
Financing activities:
Loans repaid (2,115,264) (1,447,153)
New loans obtained 2,838,267 1,728,606
Payment of refinanced taxes (3,543) (2,380)
Guarantee deposits (36,827) (21,936)
Dividends paid (253,019) (125,065)
Interest on capital (121,073) (76,835)
Payment of debentures (3,267) (3,267)
Grants from risk sharing suppliers 36,133 18,248
Increase in capital 3,187 3,187
-------------- --------------
Net cash provided by (used in) financing activities 344,594 73,405
======== ========
Net increase in cash and cash equivalents (143,011) 502,087
Cash and cash equivalents, beginning of the period 2,503,951 2,503,951
-------------- --------------
Cash and cash equivalents, end of the period 2,360,940 3,006,038
======== ========
12