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 ($)
 9 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash flows from operating activities:    
Net income $ 6,340,051 $ 1,144,590
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 4,168,259 4,815,048
Provision for bad debts 732
Share of net loss from investment under equity method 534,576
(Gain) loss on sale of assets (24,468) 33,095
Stock based compensation 1,281,763 1,998,968
Fair market value of warrants and stock options granted 26,956
Changes in operating assets and liabilities:    
Accounts receivable (17,848,921) (649,776)
Accounts receivable - related party (2,634,063) 405,009
Revenues in excess of billing 5,904,161 (10,388,695)
Revenues in excess of billing - related party (85,743) 553,767
Other current assets (796,126) 419,704
Accounts payable and accrued expenses 1,139,509 337,890
Unearned revenue 4,273,007 (715,880)
Net cash provided by (used in) operating activities 2,252,005 (2,018,592)
Cash flows from investing activities:    
Purchases of property and equipment (1,107,732) (1,315,922)
Sales of property and equipment 348,762 149,430
Convertible note receivable - related party (550,000)
Investment in WRLD3D (50,000) (905,555)
Purchase of subsidiary shares from open market (33,987)
Net cash used in investing activities (1,392,957) (2,072,047)
Cash flows from financing activities:    
Proceeds from the exercise of stock options and warrants 215,311 785,479
Proceeds from exercise of subsidiary options 10,349 54,377
Restricted cash 90,000
Purchase of treasury stock (750,714) (38,885)
Dividend paid by subsidiary to non-controlling interest (417,853) (968,657)
Proceeds from bank loans 696,936 1,484,162
Payments on capital lease obligations and loans - net (961,901) (251,040)
Net cash provided by (used in) financing activities (1,117,872) 1,065,436
Effect of exchange rate changes (1,202,147) (82,209)
Net decrease in cash and cash equivalents (1,460,971) (3,107,412)
Cash and cash equivalents at beginning of the period 14,172,954 11,557,527
Cash and cash equivalents at end of period 12,711,983 8,450,115
SUPPLEMENTAL DISCLOSURES:    
Interest 300,688 201,670
Taxes 388,549 215,424
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Provided services for investment in WRLD3D 601,869 836,070
Assets acquired under capital lease $ 304,533 $ 466,528