Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:    
Net income (loss) $ (1,714,323) $ 5,612,119
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 1,871,883 2,223,663
Provision for bad debts (20,699)
Share of net loss from investment under equity method 354,020 597,984
Gain on sale of assets (239) (48,790)
Stock based compensation 328,585 869,743
Changes in operating assets and liabilities:    
Accounts receivable 4,554,558 4,208,751
Accounts receivable - related party 2,229,695 (219,538)
Revenues in excess of billing (1,088,693) (7,633,216)
Revenues in excess of billing - related party 14,823 (91,279)
Other current assets (208,065) (1,409,746)
Accounts payable and accrued expenses 490,875 139,331
Unearned revenue (3,019,493) (1,094,375)
Net cash provided by operating activities 3,792,927 3,154,647
Cash flows from investing activities:    
Purchases of property and equipment (785,999) (1,441,237)
Sales of property and equipment 32,524 519,645
Convertible note receivable - related party (535,000) (1,033,000)
Net cash used in investing activities (1,288,475) (1,954,592)
Cash flows from financing activities:    
Proceeds from the exercise of stock options and warrants 65,000
Proceeds from exercise of subsidiary options 11,621 2,650
Dividend paid by subsidiary to non-controlling interest (1,920,618) (566,465)
Proceeds from bank loans 2,074,341 382,240
Payments on finance lease obligations and loans - net (102,499) (289,027)
Net cash provided by (used in) financing activities 62,845 (405,602)
Effect of exchange rate changes 2,149,923 (2,562,502)
Net increase (decrease) in cash and cash equivalents 4,717,220 (1,768,049)
Cash and cash equivalents at beginning of the period 17,366,364 22,088,853
Cash and cash equivalents at end of period 22,083,584 20,320,804
SUPPLEMENTAL DISCLOSURES:    
Interest 149,210 170,571
Taxes 805,709 435,659
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Assets acquired under finance lease 66,256
Assets recognized under operating lease $ 3,571,947