XML 16 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Net income $ 3,367,433 $ 3,861,518
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 312,472 152,346
Loss on disposal of equipment 6,105
(Increase) decrease in current assets:    
Accounts receivable 162,446 181,292
Accounts receivable - related party 258,050 (538,832)
Deferred taxes (197,188) 362,883
Loss on sale of investments (1,371) 208
Prepaid income taxes (471,717) 213,368
Inventory (36,231) 68,194
Other current assets (154,503) (47,095)
Increase (decrease) in current liabilities:    
Accounts payable and accrued expenses 72,991 1,427,693
Expense waivers payable - related party 779,688 (180,000)
Net cash provided by operating activities 4,098,175 5,501,575
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash paid for acquisition of subsidiary net of subsidiary cash acquired (214,035) (1,679,039)
Purchase of equipment (222,477) (196,597)
Purchase of investments (3,342,994) (43,047)
Sale of investments 59,367
Net cash used in investing activities (3,720,139) (1,918,683)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Equipment loan 90,574
Repayment of related party loan (5,000)
Purchase of treasury stock (2,200,557)
Net cash used in financing activities 85,574 (2,200,557)
Effect of exchange rate change on cash and cash equivalents (102,070) 902
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 361,540 1,383,237
CASH AND CASH EQUIVALENTS, BEGINNING BALANCE 5,454,107 3,353,274
CASH AND CASH EQUIVALENTS, ENDING BALANCE 5,815,647 4,736,511
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:    
Interest paid 5,000
Income taxes paid $ 2,200,800 $ 2,160,000