Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statement of Cash Flows (Unaudited)

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Condensed Consolidated Statement of Cash Flows (Unaudited) (USD $)
 3 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Cash flows from operating activities:    
Net income (loss) $ 1,261,404 $ (1,321,450)
Depreciation and amortization 1,300,152 980,778
Provision for bad debts   192,250
Share of net loss from investment under equity method   100,000
(Gain) loss on sale of assets (14,296) 1,641
Stock issued for interest on notes payable 211,111  
Stock issued for services 29,670 118,300
Fair market value of warrants and stock options granted 227,926 59,852
Beneficial conversion feature 367,744 21,583
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (4,320,159) 1,658,238
Decrease in other current assets 1,892,625 169,558
Increase (decrease) in accounts payable and accrued expenses 1,942,654 (1,096,850)
Net cash provided by operating activities 2,898,831 883,900
Cash flows from investing activities:    
Purchases of property and equipment (1,457,134) (1,427,884)
Sales of property and equipment 60,501 2,591
Investment under equity method   (100,000)
Increase in intangible assets (1,091,966) (1,768,681)
Net cash used in investing activities (2,488,599) (3,293,974)
Cash flows from financing activities:    
Proceeds from the exercise of stock options and warrants 252,900 140,000
Payment to common shareholders against fractional shares (194)  
Proceeds from convertible notes payable   4,000,000
Payments on convertible notes payable   (2,758,330)
Restricted cash (1,571,442) 3,000,000
Bank overdraft 59,913 40,201
Proceeds from bank loans 2,591,135 1,873,486
Payments on capital lease obligations & loans - net (1,160,684) (4,885,224)
Net cash provided by financing activities 171,628 1,410,133
Effect of exchange rate changes in cash (161,679) (49,175)
Net increase (decrease) in cash and cash equivalents 420,181 (1,049,116)
Cash and cash equivalents, beginning of year 7,599,607 4,172,802
Cash and cash equivalents, end of year $ 8,019,788 $ 3,123,686