Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ 291,063 $ (437,971)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 530,786 845,003
Provision for bad debts 7,880 (47,479)
Gain on sale of assets (98) (23,296)
Stock based compensation 60,354 81,834
Changes in operating assets and liabilities:    
Accounts receivable 4,608,881 815,132
Revenues in excess of billing (1,478,386) 337,996
Other current assets 92,686 (340,390)
Accounts payable and accrued expenses 341,722 687,453
Unearned revenue (2,791,269) (619,425)
Net cash provided by operating activities 1,663,619 1,298,857
Cash flows from investing activities:    
Purchases of property and equipment (371,630) (1,347,601)
Sales of property and equipment 1,230 453,607
Net cash used in investing activities (370,400) (893,994)
Cash flows from financing activities:    
Payments on finance lease obligations and loans - net (44,474) (445,737)
Net cash used in financing activities (44,474) (445,737)
Effect of exchange rate changes (230,322) (2,999,975)
Net increase (decrease) in cash and cash equivalents 1,018,423 (3,040,849)
Cash and cash equivalents at beginning of the period 15,533,254 23,963,797
Cash and cash equivalents at end of period 16,551,677 20,922,948
Cash paid during the period for:    
Interest 315,136 94,942
Taxes $ 111,782 $ 172,064