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 ($)
 9 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 1,402,597 $ 2,971,571
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,519,469 2,869,671
Provision for bad debts 7,648 6,897
Share of net (gain) loss from investment under equity method (7,510) 317,581
(Gain) loss on sale of assets 56,494 181,955
Stock based compensation 198,559 78,225
Changes in operating assets and liabilities:    
Accounts receivable (1,855,899) (3,404,247)
Revenues in excess of billing 240,324 (385,971)
Other current assets (621,731) 53,173
Accounts payable and accrued expenses 1,321,289 14,918
Unearned revenue (696,621) 2,822,178
Net cash provided by operating activities 2,564,619 5,525,951
Cash flows from investing activities:    
Purchases of property and equipment (1,575,059) (1,680,856)
Sales of property and equipment 153,402 321,251
Net cash used in investing activities (1,421,657) (1,359,605)
Cash flows from financing activities:    
Purchase of treasury stock (100,106)
Proceeds from bank loans 270,292 312,467
Payments on finance lease obligations and loans - net (787,641) (1,045,464)
Net cash used in financing activities (517,349) (833,103)
Effect of exchange rate changes (9,329,913) (6,465,085)
Net decrease in cash and cash equivalents (8,704,300) (3,131,842)
Cash and cash equivalents at beginning of the period 23,963,797 33,705,154
Cash and cash equivalents at end of period 15,259,497 30,573,312
Cash paid during the period for:    
Interest 378,720 332,239
Taxes 706,658 694,161
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Shares issued to vendor for services received $ 19,525