Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.8.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net income (loss) $ (181,265) $ 383,103
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 1,418,986 1,599,969
Share of net loss from investment under equity method 67,562
Loss on sale of assets 7,130 2,403
Stock issued for services 427,809 865,456
Fair market value of warrants and stock options granted 21,804
Changes in operating assets and liabilities:    
Accounts receivable (903,730) 2,336,894
Accounts receivable - related party (1,251,994) 121,800
Revenues in excess of billing (3,230,619) (4,821,828)
Revenues in excess of billing - related party (130) 93,208
Other current assets (478,390) 306,339
Accounts payable and accrued expenses 243,144 (780,569)
Unearned revenue (270,743) (346,108)
Net cash used in operating activities (4,152,240) (217,529)
Cash flows from investing activities:    
Purchases of property and equipment (328,163) (554,873)
Sales of property and equipment 116,023 151,818
Convertible note receivable - related party (500,000)
Investment in WRLD3D (555,555)
Net cash used in investing activities (712,140) (958,610)
Cash flows from financing activities:    
Proceeds from the exercise of stock options and warrants 162,385 276,861
Proceeds from exercise of subsidiary options 14,013
Purchase of treasury stock (500,663)
Payments on capital lease obligations and loans - net (148,707) (49,117)
Net cash provided by (used in) financing activities (486,985) 241,757
Effect of exchange rate changes (266,774) 533,292
Net decrease in cash and cash equivalents (5,618,139) (401,090)
Cash and cash equivalents, beginning of the period 14,172,954 11,557,527
Cash and cash equivalents, end of period 8,554,815 11,156,437
SUPPLEMENTAL DISCLOSURES:    
Interest 97,547 83,672
Taxes 20,961 17,351
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Provided services for investment in WRLD3D 268,300 248,658
Assets acquired under capital lease $ 41,695