Joe Collectibles projects revenues of $20 million, operating expenses of $10 million, and taxes of $2 million for the coming year. Projected operating expenses include depreciation of $1.2 million. Joe Collectibles plans to make $0.75 million capital investments during the period, and it anticipates the following changes in its working capital accounts:

Beginning

End

Accounts Receivable

$1.5m

$2.7m

Inventory

0.5m

2.2m

Less: Accounts Payable

Net Working Capital

0.1m

$1.9m

0.4m

$4.5m

Calculate projected net cash flow for this coming year.