|
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (USD $)
|
3 Months Ended |
|
Jun. 30, 2012
|
Jun. 30, 2011
|
| Cash flows from operating activities: |
|
|
| Net income (loss) |
$ (540,754) |
$ (870,954) |
| Adjustment to reconcile net income (loss) to net cash: |
|
|
| Non-cash compensation expense |
0 |
235,267 |
| Deferred taxes |
(3,538) |
0 |
| Depreciation |
83,594 |
51,244 |
| Non-cash financial expense (including amortization of debt discount) |
0 |
307,514 |
| Share in profits of joint venture |
0 |
(36,219) |
| Unrealized exchange losses/(gains) |
346,577 |
(24,163) |
| Changes in: |
|
|
| Accounts receivable |
54,454 |
380,930 |
| Inventories |
(48,128) |
(49,206) |
| Prepaid expenses and other assets |
(47,530) |
(683,382) |
| Trade payables |
75,216 |
(601,646) |
| Other current liabilities |
10,118 |
900,849 |
| Other non – current liabilities |
(207,571) |
(418,218) |
| Non-current assets |
(82,804) |
459,280 |
| Accrued Expenses |
279,862 |
(76,635) |
| Net cash used in operating activities |
(80,504) |
(425,339) |
| Cash flow from investing activities: |
|
|
| Purchase of short term investment |
244,223 |
(3,235) |
| Purchase of property and equipment |
0 |
0 |
| Proceeds from sale of property and equipment |
4,277 |
0 |
| Deposit towards acquisitions, net of cash acquired |
0 |
0 |
| Restricted cash |
0 |
23,426 |
| Net cash provided/(used) by investing activities |
248,500 |
20,191 |
| Cash flows from financing activities: |
|
|
| Net movement in other short-term borrowings |
8,808 |
0 |
| Proceeds from loans |
0 |
0 |
| Issuance of equity shares |
0 |
0 |
| Net cash provided/(used) by financing activities |
8,808 |
0 |
| Effects of exchange rate changes on cash and cash equivalents |
(20,315) |
(684) |
| Net increase/(decrease) in cash and cash equivalents |
156,489 |
(405,832) |
| Cash and cash equivalent at the beginning of the period |
562,948 |
1,583,284 |
| Cash and cash equivalent at the end of the period |
$ 719,437 |
$ 1,177,452 |