XML 33 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (Unaudited) (USD $)
3 Months Ended 6 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2013
Dec. 31, 2012
OPERATING ACTIVITIES:        
Net income $ 409,191 $ 153,758 $ 702,845 $ 192,897
Adjustments to reconcile net income to net cash provided by operating activities:        
Charges incurred in connection with the vesting and issuance of common stock for employee and director compensation 104,464 94,891 188,856 220,224
(Gain) loss on disposal of property and equipment (5,451) (3,600) 9,484 (3,600)
Non-cash interest and amortization of debt discount     2,095  
Bad debt expense, net 51,619 15,187 78,050 9,058
Depreciation 1,278,518 904,580 2,496,589 1,738,586
Amortization   185,600 21,953 371,200
Change in fair value of warrant liabilities 37,896 403,635 (181,201) (59,498)
Provision for deferred tax liability 6,912 6,902 13,823 13,823
Changes in operating assets and liabilities:        
Accounts receivable 344,611 1,195,158 1,049,726 1,276,479
Finance receivables 104,076 (6,129) 65,405 24,702
Inventory 45,903 (1,249,295) 123,920 82,095
Prepaid expenses and other current assets (63,026) (87,740) (114,986) (8,111)
Accounts payable (68,081) 426,592 (1,315,867) 311,140
Accrued expenses (503,280) (117,364) (485,516) (1,568,810)
Net cash provided by operating activities 1,743,352 1,922,175 2,655,176 2,600,185
INVESTING ACTIVITIES:        
Purchase of property and equipment (10,601) (48,753) (25,227) (50,278)
Purchase of property for rental program (2,493,247) (2,466,780) (4,568,222) (4,542,170)
Proceeds from the sale of property and equipment 24,862   24,862  
Net cash used in investing activities (2,478,986) (2,515,533) (4,568,587) (4,592,448)
FINANCING ACTIVITIES:        
Net proceeds from the exercise of common stock warrants and the retirement of common stock 1,679,433 (87,315) 1,765,087 (87,315)
Proceeds from (repayments of) line of credit   (337,779) 1,000,000 1,000,000
Repayment of long-term debt (100,700) (138,905) (177,677) (300,721)
Net cash provided by (used in) financing activities 1,578,733 (563,999) 2,587,410 611,964
Net increase (decrease) in cash and cash equivalents 843,099 (1,157,357) 673,999 (1,380,299)
Cash and cash equivalents at beginning of period 5,811,900 6,203,703 5,981,000 6,426,645
Cash and cash equivalents at end of period 6,654,999 5,046,346 6,654,999 5,046,346
Supplemental disclosures of cash flow information:        
Cash paid for interest 60,069 25,519 129,804 51,669
Depreciation expense allocated to cost of sales 1,151,643 757,323 2,233,158 1,433,541
Reclass of rental program property to inventory, net (7,544) 4,068 13,117 9,627
Prepaid items financed with debt     101,850 128,062
Equipment and software acquired under capital lease     22,036  
Disposal of property and equipment $ 44,512   $ 218,716