Cash Flow Statement

James Co. manufactures and sells tshirts. It has been in business for three years and is contemplating raising capital. Because everyone you know owns at least five tshirts, you are considering investing in James Co. To help you make a decision, you want to examine the financial statements. When you ask James Co., it provides you comparative income statements and its current balance sheet. James Co doesnt give you a cash flow statement and you are wondering if one needs to be presented.

Required: Utilize the FASBs Codification to determine if a cash flow statement is required, and if so, is it required for only the current period or for both the current and prior period? Provide specific Codification references.