XML 38 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES    
Net (loss) income $ (1,595,937) $ 104,082
Adjustments to reconcile net income to net cash provided by operating activities:    
Deferred income tax benefit (1,098,027) (248,225)
Depreciation expense 224,128 188,705
Provision for doubtful accounts (244) 57,403
Amortization of intangibles 655,441 688,742
Amortization of deferred financing costs 4,728 5,819
Share-based compensation expense 166,704 112,268
Gain on change in fair value of contingent obligation 0 (589,000)
Loss on disposal of equipment 4,510 0
Changes in assets and liabilities:    
Accounts receivable and unbilled receivables 1,459,732 3,330,619
Inventories 76,051 27,927
Prepaid expenses and other current assets 141,598 118,204
Other assets excluding deferred financing costs (2,910) (3,637)
Accounts payable and accrued expenses (1,006,496) (2,509,034)
Income tax (payable) receivable (184,780) 214,135
Deferred revenue (112,747) 59,902
Net cash (used in) provided by operating activities (1,268,249) 1,557,910
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property and equipment (176,543) (235,375)
Software development costs (138,781) 0
Business combination, net of cash acquired (4,079,628) 0
Net cash used in investing activities (4,394,952) (235,375)
CASH FLOWS FROM FINANCING ACTIVITIES    
Advances on bank line of credit 4,266,689 481,018
Repayments of bank line of credit advances (5,183,352) (481,018)
Principal repayments of long term debt (736,261) (655,059)
Principal repayments under capital lease obligations (22,922) (21,036)
Proceeds from public stock offering, net of offering costs 11,425,118 0
Proceeds from exercise of stock options 34,000 0
Net cash provided by (used in) financing activities 9,783,272 (676,095)
Net effect of exchange rate on cash and equivalents (16,760) 0
NET INCREASE IN CASH 4,103,311 646,440
CASH, beginning of period 0 1,857,614
CASH, end of period 4,103,311 2,504,054
SUPPLEMENTAL CASH FLOW INFORMATION    
Cash paid for interest 99,677 93,632
Cash paid for income taxes 91,527 0
NONCASH INVESTING AND FINANCING ACTIVITIES    
Insurance policies financed by short term notes payable $ 0 $ 50,662