A construction project is carried out by a general contractor with the following descriptions:

• Project Duration: 3 months (Start: May 1st; End: July 31st)
• Contract Amount: 22,000+35,000+57,000+45,000+67,000+75,000+37,000+100,000+156,000
• Budget Amount: 104,000+205,000+304,000
• Contract Terms and Conditions
  • Materials: The construction company pays material suppliers in full when it receives payment from the owner. On the last day of each month the construction company may bill the owner for the work completed during the month. The owner pays the monthly bills one month after they are received.
  • Labor: The construction company pays for labor on the 25th of each month.
  • Subcontractor: The construction company pays subcontractors when it receives payment from the owner but withholds 5% from the subcontractors payment. Final payment will include payment of the retention.
  • Between the contractor and the owner: On the last day of each month the construction company may bill the owner for the work completed during the month. The owner pays the monthly bills one month after they are received. The owner withholds 5% from the construction company's payment. Final payment will include payment of the retention.
• Cost-loaded schedule and billing schedule to the owner

	Month	May	June	July
Cost-Loaded Schedule	Materials	22,000	35,000	57,000
	Labor	45,000	67,000	75,000
	Subcontractor	37,000	100,000	156,000
Bill to Owner		104,000	205,000	304,000

What is the cash flow on May 25th?