As an investment term, cash flow means the amount of cash received annually from an investment, which is the annual net income from the property less the annual debt service on the property. Cash flow is positive if the net income exceeds the debt service. The cash flow is negative if the debt service exceeds the net income. As used in securities laws, cash flow means cash funds provided from business operations, including lease payments on net leases from builders and sellers, without deduction for depreciation, but after deducting cash funds used to pay all other expenses, debt payments, capital improvements and replacements.