Income statements lie politely. Cash flow does not. This episode unpacks UCA cash flow the way an experienced credit officer reads it, walking through the four phases of trading, cash after operations, cash after debt amortization, and financing. We use TRAP to keep your reasoning anchored, and we return to Halsted to find out where the cash they reported actually went. Inventory that grew 34 percent over two years while revenue declined 9 percent. Receivables stretching out. A line of credit that never gets paid down. None of it is dramatic on its own. Together it is the story of a company quietly running out of room.