Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:    
Net income (loss) $ 1,538,935 $ (3,735,156)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 3,512,489 $ 4,621,096
Provision for bad debts 37,043
Loss on sale of assets 14,206 $ 80,595
Stock issued for services 326,019 606,536
Fair market value of warrants and stock options granted 145,716 311,244
Changes in operating assets and liabilities:    
Accounts receivable 111,967 (2,279,774)
Accounts receivable - related party (2,383,828) 40,907
Revenues in excess of billing 535,937 (765,672)
Other current assets (758,802) 286,838
Accounts payable and accrued expenses 142,008 59
Unearned revenue (1,190,072) 4,857,469
Net cash provided by operating activities 2,031,618 4,024,142
Cash flows from investing activities:    
Purchases of property and equipment (1,177,443) (1,772,866)
Sales of property and equipment 357,933 179,904
Purchase of non-controlling interest in subsidiaries (347,623) (577,222)
Net cash used in investing activities (1,167,133) (2,170,184)
Cash flows from financing activities:    
Proceeds from sale of common stock 64,931 1,610,000
Proceeds from the exercise of stock options and warrants $ 194,680 116,400
Restricted cash 2,438,844
Dividend paid by subsidiary to non-controlling interest (780,106)
Proceeds from bank loans $ 306,750 57,405
Payments on capital lease obligations and loans - net (530,733) (2,867,974)
Net cash provided by financing activities 35,628 574,569
Effect of exchange rate changes (1,082,297) (404,696)
Net increase (decrease) in cash and cash equivalents (182,184) 2,023,831
Cash and cash equivalents, beginning of the period 14,168,957 11,462,695
Cash and cash equivalents, end of period 13,986,773 13,486,526
Cash paid during the period for:    
Interest 132,764 107,418
Taxes $ 156,737 $ 74,850