Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net income (loss) $ (12,937,722) $ 12,088,055
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 8,730,736 5,702,749
Provision for bad debts 1,023,796 415,482
Share of net loss (income) from investment under equity method 545,483 (482,664)
(Gain) loss on sale of assets 229,805 (3,682)
Gain on sale of subsidiary (1,870,871)  
Stock issued for interest on notes payable   211,111
Stock issued for services 1,076,610 38,790
Fair market value of warrants and stock options granted 189,937 678,494
Impairment of goodwill 136,762 0
Amortization of financing costs   635,882
Changes in operating assets and liabilities:    
Accounts receivable 7,094,977 (2,024,814)
Accounts receivable-related party (309,773) (100,070)
Revenue in excess of billing 12,825,849 (4,002,140)
Other current assets 216,357 412,036
Accounts payable and accrued expenses 1,682,956 276,590
Net cash provided by operating activities 18,634,902 13,845,819
Cash flows from investing activities:    
Purchases of property and equipment (13,236,136) (8,958,876)
Sales of property and equipment 88,641 118,432
Sale of subsidiary 1,810,700  
Purchase of non-controlling interest in subsidiaries (17,852) (799,349)
Increase in intangible assets (3,385,151) (4,832,459)
Net cash used in investing activities (14,739,798) (14,472,252)
Cash flows from financing activities:    
Proceeds from the exercise of stock options and warrants 709,435 2,537,712
Payment to common shareholders for fractional shares   (194)
Proceeds from exercise of subsidiary options 356,029 111,330
Restricted cash (653,607) (1,734,006)
Dividend paid by subsidiary to Non controlling interest (1,008,543) (388,997)
Proceeds from bank loans 3,244,382 1,795,663
Payments on capital lease obligations and loans - net (2,880,840) (630,714)
Net cash provided by (used in) financing activities (233,144) 1,690,794
Effect of exchange rate changes (73,583) (789,650)
Net increase in cash and cash equivalents 3,588,377 274,711
Cash and cash equivalents, beginning of the period 7,874,318 7,599,607
Cash and cash equivalents, end of period $ 11,462,695 $ 7,874,318