Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Operating activities:    
Net income $ 5,500,617 $ 3,131,299
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,620,009 1,129,064
Deferred rent payable 2,452,009 289,275
Deferred taxes (8,389,145) 140,333
Equity in income of investee companies (728,504) (588,996)
Derivative income (3,917,000) (1,793,124)
Stock-based compensation 666,853 326,753
Changes in operating assets and liabilities:    
Accounts receivable 123,178 (805,422)
Inventory 72,740 33,708
Prepaid expenses and other current assets (679,436) 263,438
Security deposits 10,444 109,200
Other assets 3,784 (43,109)
Accounts payable (386,199) (1,418,169)
Accrued expenses 2,977,787 (1,417,458)
Deferred revenue (7,148) 83,963
Net cash used in operating activities (680,011) (559,245)
Investing activities:    
Purchase of property and equipment (9,003,733) (4,562,397)
Purchase of minority interest 0 (75,000)
Distributions from equity investees 539,340 502,753
Due from related parties (232,269) (60,487)
Net cash used in investing activities (8,696,662) (4,195,131)
Financing activities:    
Cash overdraft 523,171 442,515
Proceeds from term loan 4,215,000 6,897,940
Proceeds from equipment financing agreement 502,548 0
Repayment of term loan (1,184,361) (5,087,551)
Repayment of notes payable 0 (15,000)
Distributions to members (524,445) (760,605)
Net cash provided by financing activities 3,531,913 1,477,299
Effect of exchange rate changes on cash (264,397) (34,115)
Net decrease in cash (6,109,157) (3,311,192)
Cash and cash equivalents, beginning of period 7,905,004 11,681,086
Cash and cash equivalents, end of period 1,795,847 8,369,894
Supplemental disclosure of cash flow data:    
Interest paid 246,745 107,070
Income taxes paid $ 80,148 $ 217,172