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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended
--- | ---
Jun. 30, 2017 | Jun. 30, 2016
Net (loss) income | $ (963,636) | $ 1,389,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |
(Recovery of) provision for doubtful accounts | (1,872) | 28,514
Loss on disposal of equipment and leasehold improvements | 6,230 | 40,710
Depreciation of equipment and leasehold improvements | 503,585 | 487,134
Stock-based compensation expense | 349,754 | 444,175
Deferred income taxes | 170,299 | 702,013
Change in cash surrender value of life insurance | 223,896 | 177,740
Change in deferred compensation accrual | 256,704 | 230,228
Deferred compensation paid | (150,000) | (150,000)
Net changes in operating assets and liabilities (see note 14) | 287,084 | (2,679,409)
Cash provided by operating activities | 234,252 | 314,625
Investing activities: |  |
Life insurance premiums paid | (133,928) | (129,702)
Purchase of equipment and leasehold improvements | (403,434) | (449,796)
Cash (used in) investing activities | (537,362) | (579,498)
Financing activities: |  |
Net (decrease) in cash and cash equivalents | (303,110) | (264,873)
Cash and cash equivalents at beginning of year | 735,393 | 1,000,266
Cash and cash equivalents at end of year | $ 432,283 | $ 735,393

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