Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
 12 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash flows from operating activities:    
Net income $ 12,088,055 $ 6,649,271
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,702,749 4,641,987
Provision for bad debts 415,482 192,250
Gain on settlement of finance lease   (110,990)
Share of net (income) loss from investment under equity method (482,664) 300,000
(Gain) loss on sale of assets (3,682) 18,979
Stock issued for interest on notes payable 211,111 (5,743,300)
Stock issued for services 38,790 216,446
Fair market value of warrants and stock options granted 678,494 453,100
Amortization of financing costs 635,882 179,576
Changes in operating assets and liabilities:    
(Increase) decrease in accounts receivable (2,124,884) 1,774,837
Increase in other current assets (3,590,104) (5,124,497)
Increase (decrease) in accounts payable and accrued expenses 276,590 (1,078,245)
Net cash provided by operating activities 13,845,819 8,112,715
Cash flows from investing activities:    
Purchases of property and equipment (8,958,876) (4,912,322)
Sales of property and equipment 118,432 44,690
Purchase of treasury stock   (19,417)
Investment under equity method   (100,000)
Purchase of non-controlling interest in subsidiaries (799,349)  
Acquisition, net of cash acquired   (253,192)
Increase in intangible assets (4,832,459) (6,167,105)
Net cash used in investing activities (14,472,252) (11,407,346)
Cash flows from financing activities:    
Proceeds from sale of common stock   5,743,300
Proceeds from the exercise of stock options and warrants 2,537,712 728,500
Payment to common shareholders against fractional shares (194)  
Proceeds from exercise of subsidiary options 111,330  
Proceeds from convertible notes payable   4,000,000
Payments on convertible notes payable   (2,758,330)
Restricted cash (1,734,006) 5,558,769
Dividend Paid (388,997) (341,657)
Bank overdraft   59,913
Proceeds from bank loans 1,795,663 4,190,395
Payments on capital lease obligations and loans - net (630,714) (8,089,139)
Net cash provided by financing activities 1,690,794 9,091,751
Effect of exchange rate changes in cash (789,650) (2,370,315)
Net increase in cash and cash equivalents 274,711 3,426,805
Cash and cash equivalents, beginning of year 7,599,607 4,172,802
Cash and cash equivalents, end of year $ 7,874,318 $ 7,599,607