(20) Financial Instruments  (21) Reconciliation of Net Loss to Net Cash Used in Operating Activities  (22) Non-Cash Financing and Investing Activities  Most of Euro n e t ’s financial instruments (cash and cash equivalents, trade accounts receivable, investment securities, prepaid expenses and other current assets, trade accounts payable, accrued expenses and other current liabilities, advance payments on contracts, billings in excess of costs and estimated earnings on software installation contracts, costs and estimated earnings in excess of billings on software installation contracts) are short - t e rm in nature. Accord i n g l y, the carrying value of these instruments approximates their fair values. The fair value of notes payable was determined based on quoted market prices for the same issue and amounted to $37.5 million (carrying value of $77.2 million) at December 31, 2000 and $52.0 million (carrying value of $72.8 million) at December 31, 1999. See Note 14 for details of the Company's foreign exchange contracts.  The reconciliation of net loss to net cash used in operating activities for the years ended December 31, 2000, 1999, and 1998 follows.  Capital lease obligations of $5.1 million, $5.2 million and $3.9 million during the years ended December 31, 2000, 1999 and 1998, re s p e c t i v e l y, were incurred when the Company entered into leases primarily for new automated teller machines.  During the years ended December 31, 2000, 1999 and 1998, the Company issued warrants to purchase common stock totaling $ 372,000, $0, and $1,725,000, re s p e c t i v e l y.  4 3 2 0 0 0 1 9 9 9 1 9 9 8 (in thousands) Net loss  $( 4 9 , 5 5 1). $ ( 3 0 , 9 1 5) . $( 2 8 , 3 7 5 ) Adjustments to reconcile net loss to net cash used in operating activities:  S h a re compensation expense —. 1 27 . 1 08. D e p reciation and amort i z a t i o n 1 0 , 3 8 3. 1 0 , 2 38 . 4 , 9 55. Asset write downs 1 1 , 9 6 8. — . —. U n realized foreign exchange (losses)/gains ( 4 , 2 6 1 ) ( 8 , 2 9 4 ) 5 , 6 90 . Loss/(gain) on disposal of fixed assets 2 , 1 8 2. ( 7 1 5 ) 28. I n - p rocess re s e a rch and development write-off —. — . 1 , 0 20. A m o rtization of deferred financing costs 2 3 2. 2 69 . 1 47. A c c retion of discount on notes payable 8 , 7 5 3. 9 , 5 06 . 5 , 7 72. E x t r a o rd i n a ry gain on extinguishment of debt —. ( 2 , 7 6 0 ) ( 4 , 3 7 7 ) Realization of deferred tax benefit from stock compensation credited to additional  paid-in capital —. — . 9 51. D e c re a s e / ( i n c rease) in deferred income tax 3 6. ( 2 , 7 9 7 ) —. I n c re a s e / ( d e c rease) in income tax payable, net 8 1 8. ( 2 , 6 6 7 ) 1 , 9 69. D e c re a s e / ( i n c rease) in restricted cash 9 , 7 5 5. 2 , 0 43. ( 1 2 , 1 2 5 ) I n c rease in trade accounts re c e i v a b l e ( 1 , 5 9 7 ) ( 2 , 0 2 8 ) ( 4 7 3 ) I n c re a s e / ( d e c rease) in costs and estimated  e a rnings in excess of billings on software  installation contracts ( 4 5 0 ) 78. ( 3 2 6 ) I n c re a s e / ( d e c rease) in prepaid expenses and other current assets ( 4 5 7 ) 1 84 . ( 1 , 6 9 2 ) D e c re a s e / ( i n c rease) in deposits for ATM leases 1 , 3 1 0. 8 02. 3 85. D e c rease in cash surrender value of life insurance policies —. — . 4 89. ( D e c re a s e ) / i n c rease in trade accounts payable ( 4 3 2 ) 1 , 1 19 . 94. I n c re a s e / ( d e c rease) in advance payments  on contracts 8 3 4. 3 50 . ( 3 2 ) ( D e c re a s e ) / i n c rease in accrued expenses and  other long term liabilities ( 5 , 7 2 5 ) 3 , 0 4 9. 2 , 5 23. ( D e c re a s e ) / i n c rease in billings in excess  of costs and estimated earn i n g s on software installation costs ( 1 5 5 ) 2 , 0 40 . 5 01. Net cash used in operating activities $ ( 1 6 , 3 5 7 ) $ ( 2 0 , 3 7 1 ) $( 2 2 , 7 6 8 ) Year Ended December 31,