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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended
--- | ---
Jun. 30, 2014 | Jun. 30, 2013
Net income (loss) | $ (5,553,554) | $ 5,427,715
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |
Provision for (recoveries of previously written off) doubtful accounts | (182,020) | 13,561
Loss on disposals of fixed assets | 0 | 212,300
Impairment of capitalized software, inventory and related items | 6,305,947 | 0
Depreciation of equipment and leasehold improvements | 734,664 | 840,224
Amortization of product software development expenditures | 364,539 | 1,558,318
Stock-based compensation expense | 684,554 | 583,069
Deferred income taxes | (2,608,369) | 729,720
Change in cash surrender value of life insurance | (120,627) | (51,972)
Deferred compensation | (210,204) | 198,642
Net changes in operating assets and liabilities (see note 17) | 4,176,502 | (6,015,360)
Cash provided by operating activities | 3,591,432 | 3,496,217
Investing activities: |  |
Life insurance premiums paid | (243,940) | (259,279)
Purchase of equipment and leasehold improvements | (535,868) | (655,480)
Cash used in investing activities | (779,808) | (914,759)
Financing activities: |  |
Dividends paid to stockholders | (1,771,849) | (1,771,849)
Cash used in financing activities | (1,771,849) | (1,771,849)
Net increase in cash and cash equivalents | 1,039,775 | 809,609
Cash and cash equivalents at beginning of year | 859,636 | 50,027
Cash and cash equivalents at end of year | $ 1,899,411 | $ 859,636

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