Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Operating activities:    
Net income $ 7,326,888 $ 2,104,331
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 989,760 758,526
Deferred rent payable 1,711,923 187,472
Deferred taxes (7,329,564) 140,333
Equity in income of investee companies (523,231) (320,336)
Derivative income (2,778,000) (2,784,711)
Stock-based compensation 504,400 167,368
Changes in operating assets and liabilities:    
Accounts receivable (747,743) (449,750)
Inventory 70,164 12,501
Prepaid expenses and other current assets (889,963) 139,151
Security deposits 12,587 109,465
Other assets 112,381 (923,884)
Accounts payable (970,536) (605,824)
Accrued expenses 2,379,783 (1,509,169)
Deferred revenue 29,447 51,993
Net cash used in operating activities (101,704) (2,922,534)
Investing activities:    
Purchase of property and equipment (5,013,099) (2,752,083)
Distributions from equity investees 321,131 358,855
Due from related parties (343,563) 177,701
Net cash used in investing activities (5,035,531) (2,215,527)
Financing activities:    
Cash overdraft 151,118 309,954
Proceeds from term loan 600,000 4,027,460
Proceeds from equipment financing agreement 502,548 0
Repayment of term loan (747,500) (3,350,476)
Repayment of notes payable 0 (10,000)
Distributions to members (194,815) (444,304)
Net cash provided by financing activities 311,351 532,634
Effect of exchange rate changes on cash (230,843) 43,693
Net decrease in cash (5,056,727) (4,561,734)
Cash and cash equivalents, beginning of period 7,905,004 11,681,086
Cash and cash equivalents, end of period 2,848,277 7,119,352
Supplemental disclosure of cash flow data:    
Interest paid 89,203 107,806
Income taxes paid $ 301,165 $ 278,910