Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.6.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:    
Net income (loss) $ (1,289,212) $ 1,538,935
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 3,190,218 3,512,489
Provision for bad debts 1,026 37,043
Loss on sale of assets 34,742 14,206
Stock issued for services 1,525,775 326,019
Fair market value of warrants and stock options granted 21,804 145,716
Changes in operating assets and liabilities:    
Accounts receivable 3,678,110 111,967
Accounts receivable - related party 829,285 (2,383,828)
Revenues in excess of billing (7,219,089) 520,071
Revenues in excess of billing - related party 285,791 15,866
Other current assets 585,147 (758,802)
Accounts payable and accrued expenses 334,241 142,008
Unearned revenue (1,908,440) (1,190,072)
Net cash provided by operating activities 69,398 2,031,618
Cash flows from investing activities:    
Purchases of property and equipment (1,074,316) (1,177,443)
Sales of property and equipment 181,087 357,933
Purchase of treasury stock (38,885)
Purchase of non-controlling interest in subsidiary (347,623)
Investment (705,555)
Net cash used in investing activities (1,637,669) (1,167,133)
Cash flows from financing activities:    
Proceeds from sale of common stock 64,931
Proceeds from the exercise of stock options and warrants 429,452 194,680
Proceeds from exercise of subsidiary options 18,089
Dividend paid by subsidiary to Non-controlling interest (968,657)
Proceeds from bank loans 306,750
Payments on capital lease obligations and loans - net (69,998) (530,733)
Net cash provided by (used in) financing activities (591,114) 35,628
Effect of exchange rate changes 107,241 (1,082,297)
Net decrease in cash and cash equivalents (2,052,144) (182,184)
Cash and cash equivalents, beginning of the period 11,557,527 14,168,957
Cash and cash equivalents, end of period 9,505,383 13,986,773
SUPPLEMENTAL DISCLOSURES:    
Interest 123,682 132,764
Taxes 77,414 156,737
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Provided services for investment in eeGeo, Inc. 549,621
Assets acquired under capital lease $ 312,632