Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statement of Cash Flows (Unaudited)

v2.3.0.15
Condensed Consolidated Statement of Cash Flows (Unaudited) (USD $)
 3 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Cash flows from operating activities:    
Net (loss) income $ (1,321,451) $ 2,541,489
Depreciation and amortization 980,778 897,383
Provision for bad debts 192,250 254,632
Share of net loss from investment under equity method 100,000 70,438
Loss on sale of assets 1,641 14,794
Stock issued for interest on notes payable   14,419
Stock issued for services 118,300 383,950
Fair market value of warrants and stock options granted 59,852 53,594
Beneficial conversion feature 21,583 177,411
Changes in operating assets and liabilities:    
Increase/ decrease in accounts receivable 1,658,236 (2,708,406)
Increase/ decrease in other current assets 169,558 (1,453,577)
Increase/ decrease in accounts payable and accrued expenses (1,096,849) (359,946)
Net cash provided by (used in) operating activities 883,900 (113,820)
Cash flows from investing activities:    
Purchases of property and equipment (1,427,884) (682,676)
Sales of property and equipment 2,591 4,550
Purchase of non-controlling interest in subsidiary   (180,000)
Short-term investments held for sale   (254,632)
Investment under equity method (100,000)  
Increase in intangible assets (1,768,681) (1,574,143)
Net cash used in investing activities (3,293,974) (2,686,900)
Cash flows from financing activities:    
Proceeds from sale of common stock   2,021,139
Proceeds from the exercise of stock options and warrants 140,000 186,875
Proceeds from convertible notes payable 4,000,000  
Payments on convertible notes payable (2,758,330)  
Restricted cash 3,000,000  
Bank overdraft 40,201 90,944
Proceeds from bank loans 1,731,634 1,064,554
Payments on bank loans 141,852 (45,427)
Payments on capital lease obligations & loans - net (4,885,224) (2,365,852)
Net cash provided by financing activities 1,410,133 952,233
Effect of exchange rate changes in cash (49,174) (72,246)
Net increase in cash and cash equivalents (1,049,115) (1,920,733)
Cash and cash equivalents, beginning of year 4,172,802 4,075,546
Cash and cash equivalents, end of year 3,123,686 2,154,813
SUPPLEMENTAL DISCLOSURES:    
Interest 464,156 429,289
Taxes (6,810) 659
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Stock issued for the conversion of Notes Payable   $ 1,900,598,000,000