Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Cash Flows

v2.4.0.6
Consolidated Statement of Cash Flows (USD $)
 12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash flows from operating activities:    
Net income $ 6,649,271 $ 9,702,970
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,641,987 4,288,512
Provision for bad debts 192,250 367,064
Gain on settlement of finance lease (110,990)  
Share of net loss from investment under equity method 300,000 220,506
Loss on sale of assets 18,979 21,462
Gain on settlement of lease abandonment provision   (858,969)
Stock issued for interest on notes payable 5,743,300 191,808
Stock issued for services 216,446 886,218
Fair market value of warrants and stock options granted 453,100 459,174
Beneficial conversion feature 179,577 453,989
Changes in operating assets and liabilities:    
Decrease (increase) in accounts receivable 1,774,837 (3,422,252)
(Increase) decrease in other current assets (5,124,497) 1,987,996
Decrease in accounts payable and accrued expenses (1,078,245) (376,287)
Net cash provided by operating activities 8,112,715 13,922,191
Cash flows from investing activities:    
Purchases of property and equipment (4,912,322) (9,085,148)
Sales of property and equipment 44,690 313,935
Purchase of treasury stock (19,417)  
Purchase of non-controlling interest in subsidiary   (671,460)
Short-term investments held for sale   (256,522)
Investment under equity method (100,000)  
Acquisition, net of cash acquired (253,192)  
Increase in intangible assets (6,167,105) (8,096,401)
Net cash used in investing activities (11,407,346) (17,795,596)
Cash flows from financing activities:    
Proceeds from sale of common stock 5,743,300 4,099,250
Proceeds from the exercise of stock options and warrants 728,500 1,615,050
Proceeds from convertible notes payable 4,000,000  
Payments on convertible notes payable (2,758,330)  
Restricted cash 5,558,769  
Dividend Paid (341,657) (1,291,313)
Bank overdraft 59,913 39,026
Proceeds from bank loans 4,190,395 2,969,146
Payments on bank loans   (46,033)
Payments on capital lease obligations & loans - net (8,089,139) (3,118,344)
Net cash provided by financing activities 9,091,751 4,266,782
Effect of exchange rate changes in cash (2,370,315) (296,121)
Net increase in cash and cash equivalents 3,426,805 97,256
Cash and cash equivalents, beginning of year 4,172,802 4,075,546
Cash and cash equivalents, end of year $ 7,599,607 $ 4,172,802