Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities:    
Net income $ 1,144,590 $ 2,695,549
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 4,815,048 5,317,414
Provision for bad debts 732 49,605
(Gain) Loss on sale of assets 33,095 (642)
Stock issued for services 1,998,968 694,693
Fair market value of warrants and stock options granted 26,956 145,716
Changes in operating assets and liabilities:    
Accounts receivable (649,776) 115,428
Accounts receivable - related party 405,009 (3,111,316)
Revenues in excess of billing (10,388,695) (3,078,655)
Revenues in excess of billing - related party 553,767 15,507
Other current assets 419,704 (838,913)
Accounts payable and accrued expenses 337,890 617,112
Unearned revenue (715,880) (1,490,697)
Net cash provided by (used in) operating activities (2,018,592) 1,130,801
Cash flows from investing activities:    
Purchases of property and equipment (1,315,922) (2,523,865)
Sales of property and equipment 149,430 556,280
Purchase of treasury stock (38,885)
Investment in eeGeo (905,555) (555,556)
Purchase of subsidiary shares from open market (767,397)
Net cash used in investing activities (2,110,932) (3,290,538)
Cash flows from financing activities:    
Proceeds from sale of common stock 64,931
Proceeds from the exercise of stock options and warrants 785,479 728,699
Proceeds from exercise of subsidiary options 54,377 16,744
Dividend paid by subsidiary to non-controlling interest (968,657)
Proceeds from bank loans 1,484,162 1,334,285
Payments on capital lease obligations and loans - net (251,040) (736,405)
Net cash provided by financing activities 1,104,321 1,408,254
Effect of exchange rate changes (82,209) (1,536,315)
Net decrease in cash and cash equivalents (3,107,412) (2,287,798)
Cash and cash equivalents, beginning of the period 11,557,527 14,168,957
Cash and cash equivalents, end of period 8,450,115 11,881,159
SUPPLEMENTAL DISCLOSURES:    
Interest 201,670 195,737
Taxes 215,424 195,104
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Provided services for investment in eeGeo, Inc. 836,070
Assets acquired under capital lease $ 466,528