XML 36 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Consolidated Statements of Cash Flows (Unaudited) (USD $)
 3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Operating activities:    
Net income for the period $ 476,839 $ 76,579
Items not involving cash:    
Depreciation of property and equipment 239,278 188,011
Amortization of intangible assets 219,030 219,030
Impairment of indefinite life intangible asset 250,688  
Deferred income taxes (recovery) (343,231) (92,065)
Excess tax benefits from share-based compensation expense (1,013,800)  
Amortization of deferred rent 3,212 5,504
Disposal of domain names 1,622 14,493
Loss on change in the fair value of forward contracts 87,146 451,141
Stock-based compensation 100,977 74,842
Change in non-cash operating working capital:    
Accounts receivable (1,262,921) (548,318)
Inventory (199,747) 278,300
Prepaid expenses and deposits (366,836) (338,298)
Prepaid domain name registry and ancillary services fees (1,815,683) (1,041,714)
Income taxes recoverable (433,301) 109,153
Accounts payable 1,670,415 605,924
Accrued liabilities (422,398) (524,202)
Customer deposits (29,129) (561,421)
Deferred revenue 2,748,933 1,419,584
Accreditation fees payable 50,087 43,999
Net cash (used in) / provided by operating activities (38,819) 416,452
Financing activities:    
Proceeds received on exercise of stock options 911,081 38,509
Excess tax benefits from share-based compensation expense 1,013,800  
Repurchase of common stock (82,286) (6,537,616)
Proceeds received on loan payable   5,200,000
Repayment of loan payable (616,667) (800,000)
Net cash provided by / (used in) financing activities 1,225,928 (2,099,107)
Investing activities:    
Additions to property and equipment (68,745) (446,705)
Net cash used in investing activities (68,745) (446,705)
Increase (decrease) in cash and cash equivalents 1,118,364 (2,129,360)
Cash and cash equivalents, beginning of period 12,418,888 6,415,679
Cash and cash equivalents, end of period 13,537,252 4,286,319
Supplemental cash flow information:    
Interest paid 73,949 99,504
Income taxes paid, net 669,624 11,150
Supplementary disclosure of non-cash investing and financing activities:    
Property and equipment acquired during the period not yet paid for 285,821 161,223
Other Intangible Assets [Member]
    
Items not involving cash:    
Amortization of intangible assets $ 219,030 $ 254,940