XML 47 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Jun. 30, 2012
Jun. 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (635,200) $ (57,800)
Depreciation and amortization 2,700 462,500
Stock issued for services 26,500 15,000
Stock-based compensation 24,900 423,800
Shares issued for payment of compensation 0 296,800
Gain on sale of marketable securities (386,700) 0
Gain on sale of Wireless Asset Management segment assets 0 (1,294,000)
Income recognized on dissolution of subsidiary 0 (1,372,800)
Distribution of marketable securities from escrow (9,700) 0
Changes in operating assets and liabilities:    
Accounts receivable, net 0 839,800
Other receivables 85,100 0
Inventories, net 0 (995,300)
Prepaid expenses and other current assets (57,600) 415,800
Accounts payable and accrued expenses 225,700 (283,200)
Deferred revenue 0 82,700
Costs and estimated earnings in excess of billings on uncompleted contracts 0 12,800
Billings in excess of costs and estimated earnings on uncompleted contracts 0 7,300
Customer advances 0 38,500
Other assets (50,000) 21,600
Net cash used in operating activities (774,300) (1,386,500)
CASH FLOWS FROM INVESTING ACTIVITIES    
Purchase of property, plant, and equipment (1,756,800) (39,300)
Proceeds from sale of net RFID Technology segment assets 0 2,000,000
Cash received for sale of Wireless Asset Management segment assets 0 2,047,200
Cash paid for Wireless Asset Management segment closing costs 0 (658,700)
Proceeds from sale of marketable securities 3,278,000 0
Issuance of note receivable to American Citizenship Center, LLC (300,000) 0
Issuance of note receivable to Symbius Financial, Inc. (100,000) 0
Investment in Symbius Financial, Inc. (162,100) 0
Cash forfeited in sale of Wireless Asset Management segment assets 0 (321,600)
Other 0 (1,000)
Net cash provided by investing activities 959,100 3,026,600
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from borrowings 0 784,800
Repayment on borrowings (800,000) (3,212,700)
Repayment on capital leases 0 (13,200)
Cash dividends paid 0 (51,600)
Proceeds from exercise of warrants and stock options 151,200 620,800
Net proceeds from sale of common stock 0 642,400
Purchase of treasury shares (30,300) 0
Other (4,600) (27,900)
Net cash used in financing activities (683,700) (1,257,400)
NET INCREASE (DECREASE) IN CASH (498,900) 382,700
CASH AND CASH EQUIVALENTS, beginning of period 783,200 400,500
CASH AND CASH EQUIVALENTS, end of period 284,300 783,200
SUPPLEMENTAL SCHEDULE OF CASH FLOW INFORMATION    
Net cash paid during the period for interest 0 442,900
Non-Cash Activities:    
Unrealized gain on marketable securities 82,900 0
Stock issued for services 26,500 15,000
Gain on redemption of Series B Preferred Stock, net of legal fees 443,200  
Marketable securities paid for services 100,000 0
Settlement of Series B Preferred Stock for a note payable 800,000 0
Assumption of note in land purchase 200,000 0
Fair value - contingent payments 1,125,000 0
Asset retirement cost accrual 410,000 0
Distribution of marketable securities from escrow 9,700 0
Issuance of common stock for asset acquisition 28,800  
Shares issued for payment on debt and interest   2,100
Series D preferred stock converted to Common 0 518,900
Series D preferred stock retired in exchange for ORBCOMM Series A Preferred Stock 0 814,900
Series E preferred stock converted to Common 0 45,000
Series E preferred stock received and retired in sale of Wireless Asset Management segment assets 0 2,250,000
Series E preferred stock retired in exchange for ORBCOMM Series A Preferred Stock 0 915,900
Common shares received and retired in sale of Wireless Asset Management segment assets 0 1,249,100
Debt assumed in sale of Wireless Asset Management segment assets 0 3,900,000
Non cash adjustment to equity to clear Series D and Series E preferred stock 0 105,700
Fees on line of credit paid with debt 0 30,000
Value of shares issued for payment of compensation 0 296,800
Value of stock-based compensation 24,900 423,800
Non cash transfers to fixed assets 0 118,900
Change in dividend payable 0 56,400
Series B preferred stock dividend, paid in kind 30,500 114,800
Series D preferred stock dividend, paid in common stock 0 47,700
Series E preferred stock dividend, paid in common stock 0 111,000
Change in Accumulated Other Comprehensive Income 82,900 466,500
ORBCOMM Common shares received in Sale of Wireless Asset Management segment assets 0 6,170,600
ORBCOMM Preferred Series A shares received in the sale of Wireless Asset Management segment assets 0 1,835,500
Capital lease assumed by ORBCOMM in the sale of Wireless Asset Management segment assets 0 9,900
Goodwill and Intangible Assets sold in the sale of Wireless Asset Management segment and RFID Technology segment assets 0 13,545,500
Fixed assets sold in the sale of Wireless Asset Management segment and RFID Technology segment assets $ 0 $ 359,000