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 ($)
 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Operating activities:    
Net income (loss) $ (2,005,397) $ 7,326,888
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 1,070,077 989,760
Deferred rent payable 1,030,652 1,711,923
Deferred taxes (125,862) (7,329,564)
Equity in income of investee companies (313,788) (523,231)
Derivative income (100,000) (2,778,000)
Stock-based compensation 379,928 504,400
Changes in operating assets and liabilities:    
Accounts receivable (88,159) (747,743)
Inventory 7,390 70,164
Prepaid expenses and other current assets 759,479 (889,963)
Due from related parties, net 632,062 (343,563)
Security deposits (47,712) 12,587
Other assets 69,384 112,381
Accounts payable 687,881 (970,536)
Accrued expenses 802,317 2,379,783
Deferred revenue 378,198 29,447
Net cash provided by (used in) operating activities 3,136,450 (445,267)
Investing activities:    
Purchase of property and equipment (6,018,596) (4,510,551)
Distributions from equity investees 184,450 321,131
Net cash used in investing activities (5,834,146) (4,189,420)
Financing activities:    
Cash overdraft (353,533) 151,118
Proceeds from term loan 0 600,000
Proceeds from promissory note 1,000,000 0
Repayment of term loan (1,080,833) (747,500)
Repayment of equipment financing agreement (95,151) 0
Proceeds from rights offering 3,862,990 0
Distributions to noncontrolling interest (59,085) (194,815)
Net cash provided by (used in) financing activities 3,274,388 (191,197)
Effect of exchange rate changes on cash and cash equivalents (19,563) (230,843)
Net increase (decrease) in cash and cash equivalents 557,129 (5,056,727)
Cash and cash equivalents, beginning of period 1,841,872 7,905,004
Cash and cash equivalents, end of period 2,399,001 2,848,277
Supplemental disclosure of cash flow data:    
Interest paid 330,959 157,252
Income taxes paid 228,353 301,165
Noncash investing and financing activities:    
Noncash property and equipment additions 278,955 502,548
Noncash loan discount attributable to issuance of warrant $ 125,000 $ 0