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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended
--- | ---
Jun. 30, 2014 | Jun. 30, 2013
Operating activities: |  |
Net income | $ 1,057,050 | $ 90,862
Adjustments to reconcile net income to net cash provided by operating activities: |  |
Depreciation and amortization | 896,309 | 1,955,701
Deferred income taxes | (75,698) | (158,699)
Amortization of financing fees | 12,980 | 20,833
Adjustment of European liabilities related to discontinued operations | (59,063) | (306,036)
Provision for doubtful accounts | 15,032 | 0
Stock based compensation | 378,830 | 300,413
Other, net | (96,289) | 2,830
Change in operating assets and liabilities, net of acquisition: |  |
Accounts receivable and unbilled revenue | (161,440) | 724,454
Prepaid expenses and other assets | 43,086 | (208,521)
Accounts payable | (728,227) | (2,311,397)
Accrued expenses and other liabilities | 217,644 | 722,267
Other, net | 0 | (170,088)
Net cash provided by operating activities | 1,500,214 | 662,619
Investing activities: |  |
Purchases of equipment and capitalized development costs | (375,285) | (681,231)
Grant funds received for equipment and office construction | 0 | 360,812
Net cash used in investing activities | (375,285) | (320,419)
Financing activities: |  |
Deposit to collateralize letter of credit | 0 | 301,158
Proceeds from revolving line of credit | 1,350,000 | 3,500,000
Prepaid financing fees and other | 0 | 37,600
Payments on revolving line of credit | (1,261,469) | (3,717,309)
Payments on term note payable and capital leases | (949,576) | (692,908)
Net cash used in financing activities | (861,045) | (571,459)
Effect of exchange rate changes | 0 | (124)
Net change – cash | 263,884 | (229,383)
Cash, beginning of year | 3,137,153 | 3,381,018
Cash, end of period | 3,401,037 | 3,151,635
Supplemental information: |  |
Interest paid | $ 161,564 | $ 173,074

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