Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.20.4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net income (loss) $ 1,044,289 $ (1,714,323)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 1,864,360 1,871,883
Provision for bad debts (175,575) (20,699)
Share of net loss from investment under equity method 151,535 354,020
Loss on sale of assets 74,273 (239)
Stock based compensation 165,164 328,585
Changes in operating assets and liabilities:    
Accounts receivable 5,479,516 4,554,558
Accounts receivable - related party 2,229,695
Revenues in excess of billing 4,540,271 (1,088,693)
Revenues in excess of billing - related party 14,823
Other current assets (252,781) (208,065)
Accounts payable and accrued expenses 313,869 490,875
Unearned revenue (554,077) (3,019,493)
Net cash provided by operating activities 12,650,844 3,792,927
Cash flows from investing activities:    
Purchases of property and equipment (1,249,895) (785,999)
Sales of property and equipment 123,194 32,524
Convertible note receivable - related party (535,000)
Investment in associates (93,000)
Net cash used in investing activities (1,219,701) (1,288,475)
Cash flows from financing activities:    
Proceeds from exercise of subsidiary options 11,621
Purchase of treasury stock (1,392,671)
Dividend paid by subsidiary to non-controlling interest (1,920,618)
Proceeds from bank loans 705,338 2,074,341
Payments on finance lease obligations and loans - net (175,352) (102,499)
Net cash provided by (used in) financing activities (862,685) 62,845
Effect of exchange rate changes 1,268,359 2,149,923
Net increase in cash and cash equivalents 11,836,817 4,717,220
Cash and cash equivalents at beginning of the period 20,166,830 17,366,364
Cash and cash equivalents at end of period 32,003,647 22,083,584
SUPPLEMENTAL DISCLOSURES:    
Interest 219,412 149,210
Taxes 366,695 805,709
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Assets acquired under finance lease 222,391
Provided services for investment in Drivemate 1,300,000
Assets recognized under operating lease $ 3,571,947