Pomeral & Sons currently produces patio umbrellas and is considering expanding its operations to include tents for automobiles and travel trailers. The company owns land beside its current manufacturing facility that could be used for the expansion. The company bought this land 5 years ago at a cost of $310,981. At the time of purchase, the company paid $33,000 to level out the land so it would be suitable for future use.

Today, the land is valued at $295,000. The company has some unused equipment that it owns currently valued at $39,765. This equipment could be used for producing tents if $12,000 is spent for equipment modifications. Other equipment costing $487,162 will also be required.

What is the amount of the initial cash flow for this expansion project? (express your answer as a positive number)