|
Consolidated Statements of Cash Flows (USD $)
|
12 Months Ended |
|
Jun. 30, 2013
|
Jun. 30, 2012
|
| Cash flow from operating activities: |
|
|
| Net income (loss) |
$ 191,922 |
$ (6,532,289) |
| Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
| Depreciation and amortization |
617,898 |
1,529,222 |
| Fair value of vested stock options |
323,776 |
175,951 |
| Fair value of warrants issued for services, net of adjustment |
0 |
(237,126) |
| Fair value of warrant extensions |
0 |
264,714 |
| Fair value of common stock issued for services |
62,787 |
0 |
| (Gain) loss on sale of fixed assets |
(476,904) |
315 |
| Impairment loss on intangible assets related to intellectual property licenses |
0 |
688,138 |
| Deferred income tax liability |
0 |
(350,000) |
| Loss on facility sublease |
233,015 |
0 |
| Changes in assets and liabilities: |
|
|
| Accounts receivable |
1,132,754 |
591,191 |
| Inventory |
191,959 |
395,866 |
| Due from factor |
31,068 |
159,501 |
| Prepaid expenses and other current assets |
(152,309) |
141,788 |
| Prepaid royalties |
63,487 |
830,533 |
| Deposits and other assets |
(41,871) |
64,755 |
| Accounts payable and accrued expenses |
(2,257,735) |
2,509,219 |
| Deferred revenue |
(15,685) |
(89,339) |
| Net cash provided by (used in) operating activities |
(95,838) |
1,968,462 |
| Cash flow from investing activities: |
|
|
| Purchase of property and equipment |
(101,028) |
(183,108) |
| Purchase of intangible assets |
(21,526) |
(227,599) |
| Proceeds from sale of fixed assets |
573,574 |
750 |
| Net cash provided by (used in) investing activities |
451,020 |
(409,957) |
| Cash flow from financing activities: |
|
|
| Advances (payments) to factor |
(10,415) |
256,636 |
| Payment of notes payable |
(40,552) |
(56,428) |
| Payment of capital lease obligations |
(738,783) |
(868,006) |
| Payment of related parties |
0 |
(71,902) |
| Advances (payments) under line of credit |
(1,000,000) |
(748,673) |
| Net cash used in financing activities |
(1,789,750) |
(1,488,373) |
| Effect of exchange rate changes |
(16,441) |
212,586 |
| Net increase (decrease) in cash and cash equivalents |
(1,451,009) |
282,718 |
| Cash and cash equivalents, beginning of period |
3,150,978 |
2,868,260 |
| Cash and cash equivalents, end of period |
1,699,969 |
3,150,978 |
| Supplemental disclosures of cash flow information: |
|
|
| Cash paid for income taxes |
(1,671) |
27,894 |
| Cash paid for interest |
89,411 |
220,665 |
| Supplemental disclosures of non-cash investing and financing activities: |
|
|
| Acquisition of customer list through the issuance of common shares |
154,908 |
0 |
| Capital lease obligation incurred for purchase of equipment |
0 |
375,722 |
|
Taag [Member]
|
|
|
| Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
| Impairment loss related to the acquisition |
0 |
1,602,638 |
|
Pools Press [Member]
|
|
|
| Adjustment to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
| Impairment loss related to the acquisition |
$ 0 |
$ 223,385 |