XML 43 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Jun. 30, 2013
Jun. 30, 2012
OPERATING ACTIVITIES:    
Net loss $ (288,485) $ (756,376)
Less: loss from discontinued operations    (26,041)
Loss from continuing operations (288,485) (756,376)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 176,946 342,855
Stock-based compensation expense 34,380 71,946
Loss on disposal of fixed assets 87,853   
Common stock issued for services    65,000
Provision for bad debt 17,771 14,489
Amortization of debt issuance costs    52,241
Deferred rent payable (56,658) (46,018)
Change in operating assets and liabilities:    
Accounts receivable 214,632 (59,012)
Inventory (267,934) (16,346)
Prepaid expenses (5,287) (15,087)
Accounts payable (35,639) (100,967)
Accrued expenses and interest 59,651 7,909
Accrued payroll and related (40,995) 26,924
Cash used in operating activities- continuing operations (103,765) (412,442)
Cash used in operating activities- discontinued operations    (56,099)
Net cash used in operating activities (103,765) (468,541)
INVESTING ACTIVITIES:    
Cash proceeds from sale of Web Merchants, Inc.    529,428
Investment in equipment and leasehold improvements (262,261) (99,616)
Cash (used in) provided by investing activities- continuing operations (262,261) 429,812
Cash provided by investing activities- discontinued operations    238,345
Net cash (used in) provided by investing activities (262,261) 668,157
FINANCING ACTIVITIES:    
Net proceeds from sale of common stock    248,750
Net cash (used in) provided by line of credit (140,557) 45,995
Repayment of related party loans    (29,948)
Repayment of unsecured line of credit (26,446) (32,413)
Proceeds from credit card advance 400,000   
Repayment of credit card advance (50,048) (389,926)
Proceeds from short-term debt 630,000 480,000
Repayment of short-term debt (508,415) (336,921)
Principle payments on capital leases (35,068) (36,851)
Cash provided by (used in) financing activities- continuing operations 269,466 (51,314)
Cash used in financing activities- discontinued operations 0 0
Net cash provided by (used in) financing activities 269,466 (51,314)
Net (decrease) increase in cash and cash equivalents (96,560) 148,302
Cash and cash equivalents at beginning of period 494,420 346,118
Cash and cash equivalents at end of period 397,860 494,420
Non cash items:    
Stock cancellation in the disposal of Web Merchants, Inc.   (2,539,440)
Additions to capital leases 23,851 46,678
Cash paid during the year for: Interest 366,805 333,109
Cash paid during the year for: Income taxes