Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net income (loss) $ 5,057,141 $ (5,249,172)
Adjustments to reconcile net income (loss)to net cash provided by operating activities:    
Depreciation and amortization 7,152,139 10,343,814
Provision for bad debts 237,703 (434,928)
(Gain) loss on sale of assets (23,930) 64,598
Stock issued for services 1,264,618 1,375,149
Fair market value of warrants and stock options granted 268,591 622,488
Changes in operating assets and liabilities:    
Accounts receivable (3,758,422) (871,959)
Accounts receivable - related party (2,564,819) (1,179,931)
Revenues in excess of billing (4,987,772) (2,997,449)
Revenues in excess of billing - related party (884,738) (16,281)
Other current assets (729,359) 580,618
Accounts payable and accrued expenses 558,033 726,700
Unearned revenue 69,851 2,114,635
Net cash provided by operating activities 1,659,036 5,078,282
Cash flows from investing activities:    
Purchases of property and equipment (3,335,921) (3,558,712)
Sales of property and equipment 986,433 1,102,615
Investment (555,556)
Purchase of subsidiary shares from open market (767,397) (577,222)
Net cash used in investing activities (3,672,441) (3,033,319)
Cash flows from financing activities:    
Proceeds from sale of common stock 64,931 2,294,599
Proceeds from the exercise of stock options and warrants 1,137,480 191,400
Proceeds from exercise of subsidiary options 16,744 12,185
Restricted cash 2,438,844
Dividend paid by subsidiary to Non controlling interest (1,003,853) (806,937)
Proceeds from bank loans 1,333,406 1,410,313
Payments on capital lease obligations and loans - net (950,529) (4,079,174)
Net cash provided by financing activities 598,179 1,461,230
Effect of exchange rate changes (1,196,204) (799,931)
Net increase (decrease) in cash and cash equivalents (2,611,430) 2,706,262
Cash and cash equivalents, beginning of the period 14,168,957 11,462,695
Cash and cash equivalents, end of period 11,557,527 14,168,957
SUPPLEMENTAL DISCLOSURES:    
Interest 251,551 162,904
Taxes 391,285 503,924
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Provided services for investment in eeGeo, Inc. 164,794
Assets acquired under capital lease 269,427
Adjustment of uncollectable subscription receivable with additional paid in capital $ 982,181