Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
 3 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from operating activities:    
Net (loss) income $ (462,948) $ 1,261,404
Depreciation and amortization 1,473,286 1,300,152
Provision for bad debts 251,673  
Share of net (income) loss from investment under equity method (9,192)  
(Gain) loss on sale of assets 13,795 (14,296)
Stock issued for interest on notes payable   211,111
Stock issued for services 318,857 29,670
Fair market value of warrants and stock options granted 125,568 227,926
Amortization of financing costs   367,744
Changes in operating assets and liabilities:    
Increase in accounts receivable (3,928,230) (4,320,159)
Decrease in revenue in execss of billing 3,565,290 1,601,584
(Increase) decrease in other current assets (438,780) 291,041
Increase in accounts payable and accrued expenses 2,014,051 1,942,654
Net cash provided by operating activities 2,923,370 2,898,831
Cash flows from investing activities:    
Purchases of property and equipment (2,691,066) (1,457,134)
Sales of property and equipment 80,287 60,501
Increase in intangible assets (1,362,026) (1,091,966)
Net cash used in investing activities (3,972,805) (2,488,599)
Cash flows from financing activities:    
Proceeds from the exercise of stock options and warrants 560,500 252,900
Payment to common shareholders against fractional shares   (194)
Proceeds from exercise of subsidiary options 176,280  
Restricted cash (426,585) (1,571,442)
Proceeds from bank loans 519,040 2,651,048
Payments on capital lease obligations and loans - net (198,853) (1,160,684)
Net cash provided by financing activities 630,382 171,628
Effect of exchange rate changes in cash (699,315) (161,679)
Net (decrease) increase in cash and cash equivalents (1,118,368) 420,181
Cash and cash equivalents, beginning of period 7,874,318 7,599,607
Cash and cash equivalents, end of period $ 6,755,950 $ 8,019,788