Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statement of Cash Flows (Unaudited)

v2.4.0.6
Condensed Consolidated Statement of Cash Flows (Unaudited) (USD $)
 9 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Cash flows from operating activities:    
Net income $ 2,180,969 $ 10,291,875
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,316,142 2,998,443
Provision for bad debts 192,250 254,996
Share of net loss from investment under equity method 240,554 220,506
Loss on sale of assets 3,940 13,302
Stock issued for interest on notes payable   155,808
Stock issued for services 190,076 698,843
Fair market value of warrants and stock options granted 303,807 335,918
Beneficial conversion feature 126,912 401,019
Changes in operating assets and liabilities:    
Increase/ decrease in accounts receivable 877,725 (5,350,512)
Increase/ decrease in other current assets (2,286,804) (2,099,813)
Increase/ decrease in accounts payable and accrued expenses 112,422 (581,418)
Net cash provided by operating activities 5,257,993 7,338,965
Cash flows from investing activities:    
Purchases of property and equipment (3,729,571) (6,242,399)
Sales of property and equipment 72,516 18,358
Purchase of treasury stock (19,417)  
Purchase of non-controlling interest in subsidiary   (671,460)
Short-term investments held for sale   (258,271)
Investment under equity method (100,000)  
Acquisition, net of cash acquired (253,192)  
Increase in intangible assets (5,280,833) (4,752,261)
Net cash used in investing activities (9,310,497) (11,906,033)
Cash flows from financing activities:    
Proceeds from sale of common stock 5,743,300 2,899,250
Proceeds from the exercise of stock options and warrants 715,500 1,116,175
Proceeds from convertible notes payable 4,000,000  
Payments on convertible notes payable (2,758,330)  
Restricted cash 5,610,000  
Dividend Paid (341,657)  
Proceeds from bank loans 4,371,555 2,969,146
Payments on capital lease obligations & loans - net (7,981,217) (2,948,489)
Net cash provided by financing activities 9,359,151 4,036,082
Effect of exchange rate changes in cash (361,243) (169,951)
Net increase in cash and cash equivalents 4,945,404 (700,938)
Cash and cash equivalents, beginning of year 4,172,802 4,075,546
Cash and cash equivalents, end of year $ 9,118,206 $ 3,374,608