A firm is considering a project with the following information: Project will require purchase of a machine for $90,879.00 that is MACRS depreciable over a five-year schedule. (no depreciation until end of year 1). Project will require immediate non-depreciable expenses of $28,000.00 TODAY (year 0). Project will have the following projected balance sheet values of NWC:

YEAR	0	1	2
NWC Level	$4,000	8.00% of sales	9.00% of sales

Sales for the project will be $48,521.00 per year, with all other expenses (excluding depreciation) at 44.00% of sales.

The tax rate for the firm is 36.00%, while the cost of capital is 13.00%

*assume project goes beyond two years

What is the projects cash flow for year 1?