Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.2.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 1,100,803 $ 2,261,632
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 3,812,273 3,956,314
Provision for bad debts 23,388 (332,325)
Goodwill impairment 214,044
Share of net loss from investment under equity method 2,021,480 253,819
Loss on sale of assets 205,288 191,935
Gain on forgiveness of loan (469,721)
Stock based compensation 104,347 342,153
Changes in operating assets and liabilities:    
Accounts receivable (5,669,262) 6,861,454
Revenues in excess of billing (1,273,693) 2,839,709
Other current assets 469,194 (857,708)
Accounts payable and accrued expenses 1,121,308 474,098
Unearned revenue 931,452 204,563
Net cash provided by operating activities 3,060,622 15,725,923
Cash flows from investing activities:    
Purchases of property and equipment (2,609,205) (2,551,283)
Sales of property and equipment 349,058 188,233
Investment in associates (155,500)
Net cash used in investing activities (2,260,147) (2,518,550)
Cash flows from financing activities:    
Purchase of treasury stock (100,106) (2,364,781)
Purchase of subsidiary treasury stock (950,352)
Proceeds from bank loans 941,841 1,898,013
Payments on finance lease obligations and loans - net (1,270,104) (698,797)
Net cash used in financing activities (1,378,721) (1,165,565)
Effect of exchange rate changes (9,163,111) 1,496,516
Net increase (decrease) in cash and cash equivalents (9,741,357) 13,538,324
Cash and cash equivalents at beginning of the period 33,705,154 20,166,830
Cash and cash equivalents at end of period 23,963,797 33,705,154
SUPPLEMENTAL DISCLOSURES:    
Interest 433,083 455,647
Taxes 1,234,793 601,703
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Assets acquired under finance lease 49,189 222,391
Drivemate shares acquired for services rendered 1,300,000
Shares issued to vendor for services received $ 19,525