Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.4.0.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 9 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities:    
Net income (loss) $ 2,695,549 $ (5,056,328)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 5,317,414 $ 7,084,715
Provision for bad debts 49,605
(Gain) loss on sale of assets (642) $ 74,099
Stock issued for services 694,693 1,119,721
Fair market value of warrants and stock options granted 145,716 466,866
Changes in operating assets and liabilities:    
Accounts receivable 115,428 (2,369,950)
Accounts receivable - related party (3,111,316) (198,640)
Revenues in excess of billing (3,248,121) (2,734,788)
Other current assets (838,913) 188,048
Accounts payable and accrued expenses 617,112 1,008,270
Unearned revenue (1,305,724) 2,984,297
Net cash provided by operating activities 1,130,801 2,566,310
Cash flows from investing activities:    
Purchases of property and equipment (2,523,865) (2,499,314)
Sales of property and equipment 556,280 $ 209,718
Investment (555,556)
Purchase of subsidiary shares from open market (767,397) $ (577,222)
Net cash used in investing activities (3,290,538) (2,866,818)
Cash flows from financing activities:    
Proceeds from sale of common stock 64,931 1,863,000
Proceeds from the exercise of stock options and warrants 728,699 116,400
Proceeds from exercise of subsidiary options $ 16,744 12,306
Restricted cash 2,438,844
Dividend paid by subsidiary to Non controlling interest $ (780,106)
Proceeds from bank loans $ 1,334,285
Payments on capital lease obligations and loans - net (736,405) $ (3,459,143)
Net cash provided by financing activities 1,408,254 191,301
Effect of exchange rate changes (1,536,315) (466,130)
Net decrease in cash and cash equivalents (2,287,798) (575,337)
Cash and cash equivalents, beginning of the period 14,168,957 11,462,695
Cash and cash equivalents, end of period 11,881,159 10,887,358
SUPPLEMENTAL DISCLOSURES:    
Interest 195,737 107,418
Taxes $ 195,104 $ 74,850