Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating activities:    
Net income (loss) $ (327,289) $ 5,500,617
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 1,828,359 1,620,009
Deferred rent payable 2,155,300 2,452,009
Deferred taxes (3,745,744) (5,526,146)
Equity in income of investee companies (492,130) (728,504)
Derivative income (100,000) (3,917,000)
Stock-based compensation 723,433 666,853
Changes in operating assets and liabilities:    
Accounts receivable (495,008) 123,178
Inventory (10,815) 72,740
Prepaid expenses and other current assets 1,275,194 (679,436)
Due from related parties, net 604,690 (232,269)
Security deposits (39,745) 10,444
Other assets (317,050) 3,784
Accounts payable 1,080,069 (386,199)
Accrued expenses 640,926 114,788
Deferred revenue 555,662 (7,148)
Net cash provided by (used in) operating activities 3,335,852 (912,280)
Investing activities:    
Purchase of property and equipment (8,601,376) (9,003,733)
Distributions from equity investees 268,770 539,340
Net cash used in investing activities (8,332,606) (8,464,393)
Financing activities:    
Cash overdraft (569,211) 523,171
Proceeds from term loan 0 4,215,000
Proceeds from promissory note 4,000,000 502,548
Repayment of term loan (1,787,916) (1,184,361)
Repayment of equipment financing agreement (154,232)
Proceeds from rights offering 3,862,990 0
Distributions to noncontrolling interest (252,985) (524,445)
Net cash provided by financing activities 5,098,646 3,531,913
Effect of exchange rate changes on cash and cash equivalents (152,514) (264,397)
Net decrease in cash and cash equivalents (50,622) (6,109,157)
Cash and cash equivalents, beginning of period 1,841,872 7,905,004
Cash and cash equivalents, end of period 1,791,250 1,795,847
Supplemental disclosure of cash flow data:    
Interest paid 585,138 246,745
Income taxes paid 149,065 80,148
Noncash investing and financing activities:    
Noncash property and equipment additions 991,141 502,548
Noncash loan discount attributable to issuance of warrant $ 505,000 $ 0