Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 2,971,571 $ 69,119
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,869,671 2,896,203
Provision for bad debts 6,897 (280,363)
Share of net loss from investment under equity method 317,581 232,488
Loss on sale of assets 181,955 127,285
Stock based compensation 78,225 239,333
Changes in operating assets and liabilities:    
Accounts receivable (3,404,247) (777,953)
Revenues in excess of billing (385,971) 7,485,646
Other current assets 53,173 (791,849)
Accounts payable and accrued expenses 14,918 (69,021)
Unearned revenue 2,822,178 1,256,456
Net cash provided by operating activities 5,525,951 10,387,344
Cash flows from investing activities:    
Purchases of property and equipment (1,680,856) (2,109,058)
Sales of property and equipment 321,251 131,293
Investment in associates (155,500)
Net cash used in investing activities (1,359,605) (2,133,265)
Cash flows from financing activities:    
Purchase of treasury stock (100,106) (2,064,800)
Proceeds from bank loans 312,467 2,109,572
Payments on finance lease obligations and loans - net (1,045,464) (533,344)
Net cash used in financing activities (833,103) (488,572)
Effect of exchange rate changes (6,465,085) 2,666,800
Net increase (decrease) in cash and cash equivalents (3,131,842) 10,432,307
Cash and cash equivalents at beginning of the period 33,705,154 20,166,830
Cash and cash equivalents at end of period 30,573,312 30,599,137
SUPPLEMENTAL DISCLOSURES:    
Interest 332,239 392,950
Taxes 694,161 468,628
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Assets acquired under finance lease 222,391
Drivemate shares acquired for services rendered 1,300,000
Shares issued to vendor for services received $ 19,525