|
Consolidated Statements of Cash Flows (USD $)
|
3 Months Ended |
|
Sep. 30, 2012
|
Sep. 30, 2011
|
| Cash flows from operating activities: |
|
|
| Net income (loss) |
$ 198,314 |
$ (50,234) |
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
| Depreciation and amortization |
74,326 |
70,138 |
| Common stock issued for services |
10,308 |
8,114 |
| Compensation expense recorded for stock options issued |
15,905 |
18,259 |
| Non-cash costs associated with exit or disposal activities |
|
49,296 |
| Changes in operating assets and liabilities: |
|
|
| Trade and other receivables, net |
(431,032) |
(37,023) |
| Inventories |
(101,703) |
(27,440) |
| Prepaid expenses and other assets, net |
(54,028) |
(9,774) |
| Accounts payable |
220,577 |
44,029 |
| Accrued payroll and related liabilities |
(56,696) |
12,531 |
| Accrued interest and other liabilities |
(6,381) |
(58,343) |
| Net cash provided by (used in) operating activities |
(130,410) |
19,553 |
| Cash flows used in investing activities: |
|
|
| Additions to equipment |
(14,265) |
(13,788) |
| Net cash used in investing activities |
(14,265) |
(13,788) |
| Cash flows provided by (used in) financing activities: |
|
|
| Increase (decrease) in amount due to factor |
|
(791,325) |
| Increase (decrease) in inventory loan |
|
(163,460) |
| Proceeds from issuance of common stock, net of financing costs |
134,268 |
533,998 |
| Proceeds received from revolving line of credit |
1,900,509 |
2,199,642 |
| Payments on revolving line of credit |
(1,896,872) |
(1,377,589) |
| Payments on notes payable |
(18,116) |
(47,760) |
| Payments on capital lease obligations |
(26,198) |
(24,790) |
| Net cash provided by financing activities |
93,591 |
328,716 |
| Net increase (decrease) in cash and cash equivalents |
(51,084) |
334,481 |
| Cash and cash equivalents at beginning of period |
1,248,537 |
1,095,239 |
| Cash and cash equivalents at end of period |
1,197,453 |
1,429,720 |
| Supplemental cash flow disclosures: |
|
|
| Cash paid for interest |
6,423 |
62,743 |
| Noncash investing and financing activities |
|
|
| Accreted dividends on redeemable common and redeemable preferred stock |
$ 3,074 |
$ 5,078 |