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 $)
 6 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Cash flows from operating activities:    
Net (loss) income $ (175,580) $ 5,560,017
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,082,319 1,844,528
Provision for bad debts 192,250 254,279
Share of net loss from investment under equity method 100,000 142,236
Loss on sale of assets 3,274 15,586
Stock issued for interest on notes payable   35,808
Stock issued for services 155,500 577,943
Fair market value of warrants and stock options granted 256,479 175,341
Beneficial conversion feature 74,247 295,574
Changes in operating assets and liabilities:    
Increase/ decrease in accounts receivable 3,322,973 (1,863,668)
Increase/ decrease in other current assets (2,042,183) (1,377,332)
Increase/ decrease in accounts payable and accrued expenses (11,801) (353,493)
Net cash provided by operating activities 3,957,478 5,306,820
Cash flows from investing activities:    
Purchases of property and equipment (2,832,212) (2,450,222)
Sales of property and equipment 73,048 19,988
Purchase of treasury stock (19,417)  
Purchase of non-controlling interest in subsidiary   (180,000)
Short-term investments held for sale   (256,706)
Investment under equity method (100,000)  
Acquisition, net of cash acquired (253,192)  
Increase in intangible assets (3,713,090) (3,127,234)
Net cash used in investing activities (6,844,863) (5,994,175)
Cash flows from financing activities:    
Proceeds from sale of common stock   2,566,750
Proceeds from the exercise of stock options and warrants 368,000 667,300
Proceeds from convertible notes payable 4,000,000  
Payments on convertible notes payable (2,758,330)  
Restricted cash 2,996,382  
Proceeds from bank loans 3,866,758 2,588,773
Payments on bank loans   (44,455)
Payments on capital lease obligations & loans - net (5,123,981) (3,192,089)
Net cash provided by financing activities 3,348,830 2,586,278
Effect of exchange rate changes in cash 89,119 (118,318)
Net increase in cash and cash equivalents 550,564 1,780,605
Cash and cash equivalents, beginning of year 4,172,802 4,075,546
Cash and cash equivalents, end of year $ 4,723,366 $ 5,856,150