XML 56 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $)
6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 420,870 $ 450,958
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 1,753,994 1,412,115
Stock-based compensation expense 237,581 344,963
Provision for doubtful accounts 122,140 255,156
Provision for (benefit from) deferred income taxes (236,501) 0
Changes in assets and liabilities net of effects from acquisitions:    
Accounts receivable (1,395,365) (414,677)
Prepaid expenses and other assets (246,744) (77,770)
Deferred charges and other assets (3,596) 2,808
Accounts payable (31,573) (100,829)
Accrued expenses 41,389 (485,227)
Accrued payroll and related expenses 762,984 484,532
Income taxes payable/(receivable) 602,334 248,317
Other long-term obligations 3,668 (12,606)
Net cash provided by operating activities 2,031,181 2,107,740
CASH FLOWS FROM INVESTING ACTIVITIES:    
Capital expenditures (1,528,508) (1,853,017)
Notes receivable 10,884 17,859
Net cash used in investing activities (1,517,624) (1,835,158)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Advances - line of credit 9,404,695 10,866,077
Repayments - line of credit (11,489,396) (11,940,645)
Advances - Term loan 2,000,000 2,000,000
Repayments - Term loan (100,000) 0
Proceeds from exercise of Common Stock options 43,000 0
Purchase and retirement of Common Stock 0 (621,697)
Tax expense of Common Stock options exercised (31,852) 0
Common Stock cash dividends (811,537) (812,456)
Net cash used in financing activities (985,090) (508,721)
NET CHANGE IN CASH AND CASH EQUIVALENTS (471,533) (236,139)
CASH AND CASH EQUIVALENTS, beginning of year 1,112,511 923,878
CASH AND CASH EQUIVALENTS, end of year 640,978 687,739
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Cash paid for interest 70,285 57,095
Cash paid for income taxes 157,000 40,000
Cash received for income taxes $ 221,900 $ 0