Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.23.3
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities:    
Net income (loss) $ (4,144,473) $ 1,100,803
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 3,244,538 3,812,273
Provision for bad debts 1,702,744 23,388
Goodwill impairment 214,044
Impairment and share of net loss from investment under equity method 2,113,430 2,021,480
Loss on sale of assets 19,721 205,288
Stock based compensation 317,451 104,347
Changes in operating assets and liabilities:    
Accounts receivable (6,860,983) (5,669,262)
Revenues in excess of billing 1,514,305 (1,273,693)
Other current assets (131,108) 469,194
Accounts payable and accrued expenses 709,758 1,121,308
Unearned revenue 3,524,188 931,452
Net cash provided by operating activities 2,009,571 3,060,622
Cash flows from investing activities:    
Purchases of property and equipment (1,639,438) (2,609,205)
Sales of property and equipment 240,207 349,058
Net cash used in investing activities (1,399,231) (2,260,147)
Cash flows from financing activities:    
Purchase of treasury stock (100,106)
Purchase of subsidiary treasury stock (61,124) (950,352)
Proceeds from bank loans 270,292 941,841
Payments on finance lease obligations and loans - net (928,160) (1,270,104)
Net cash used in financing activities (718,992) (1,378,721)
Effect of exchange rate changes (8,321,891) (9,163,111)
Net decrease in cash and cash equivalents (8,430,543) (9,741,357)
Cash and cash equivalents at beginning of the period 23,963,797 33,705,154
Cash and cash equivalents at end of period 15,533,254 23,963,797
Cash paid during the period for:    
Interest 679,925 433,083
Taxes 982,731 1,234,793
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Assets acquired under finance lease 49,189
Shares issued to vendor for services received $ 67,500 $ 19,525