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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended
--- | ---
Jun. 30, 2016 | Jun. 30, 2015
Net income | $ 1,389,000 | $ 482,613
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |
Provision for doubtful accounts | 28,514 | 25,725
Loss on disposal of equipment and leasehold improvements | 40,710 | 14,953
Depreciation of equipment and leasehold improvements | 487,134 | 559,631
Stock-based compensation expense | 444,175 | 630,539
Deferred income taxes | 702,013 | 284,783
Change in cash surrender value of life insurance | 177,740 | 150,312
Change in deferred compensation accrual | 230,228 | (12,605)
Deferred compensation paid | (150,000) | (50,000)
Net changes in operating assets and liabilities (see note 14) | (2,679,409) | (2,125,917)
Cash provided by (used in) operating activities | 314,625 | (340,590)
Investing activities: |  |
Life insurance premiums paid | (129,702) | (231,942)
Purchase of equipment and leasehold improvements | (449,796) | (326,613)
Cash (used in) investing activities | (579,498) | (558,555)
Financing activities: |  |
Net (decrease) in cash and cash equivalents | (264,873) | (899,145)
Cash and cash equivalents at beginning of year | 1,000,266 | 1,899,411
Cash and cash equivalents at end of year | $ 735,393 | $ 1,000,266

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