Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Net income (loss) $ (1,736,436) $ 5,057,141
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 6,562,334 7,152,139
Provision for bad debts 1,407,751 237,703
(Gain) Loss on sale of assets 30,147 (23,930)
Stock issued for services 2,522,158 1,264,618
Fair market value of warrants and stock options granted 241,165 268,591
Changes in operating assets and liabilities:    
Accounts receivable 2,292,980 (3,758,422)
Accounts receivable - related party 2,803,520 (2,564,819)
Revenues in excess of billing (13,966,522) (4,987,772)
Revenues in excess of billing - related party 211,615 (884,738)
Other current assets 72,522 (729,359)
Accounts payable and accrued expenses 751,835 558,033
Unearned revenue (738,704) 69,851
Net cash provided by operating activities 454,365 1,659,036
Cash flows from investing activities:    
Purchases of property and equipment (2,203,203) (3,335,921)
Sales of property and equipment 781,018 986,433
Convertible note receivable - related party (200,000)
Investment in WRLD3D (1,105,555) (555,556)
Purchase of subsidiary shares from open market (767,397)
Net cash used in investing activities (2,727,740) (3,672,441)
Cash flows from financing activities:    
Proceeds from sale of common stock 64,931
Proceeds from the exercise of stock options and warrants 866,438 1,137,480
Proceeds from exercise of subsidiary options 75,382 16,744
Purchase of treasury stock (38,885)
Dividend paid by subsidiary to non-controlling interest (2,156,273) (1,003,853)
Proceeds from bank loans 6,184,635 1,333,406
Payments on capital lease obligations and loans - net (554,048) (950,529)
Net cash provided by financing activities 4,377,249 598,179
Effect of exchange rate changes 511,553 (1,196,204)
Net increase (decrease) in cash and cash equivalents 2,615,427 (2,611,430)
Cash and cash equivalents, beginning of the period 11,557,527 14,168,957
Cash and cash equivalents, end of period 14,172,954 11,557,527
SUPPLEMENTAL DISCLOSURES:    
Interest 225,641 251,551
Taxes 195,726 391,285
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Provided services for investment in WRLD3D 1,231,115 164,794
Assets acquired under capital lease $ 498,333 $ 269,427