Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows (USD $)
12 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Operating activities:    
Net earnings $ 1,607,238 $ 511,689
Adjustments to reconcile net income to net cash and cash equivalents provided (used) by operating activities:    
Depreciation and amortization 57,865 49,924
Bad debt expense 20,018 26,269
Inventory reserve (19,839) 519
Provision for deferred income taxes 28,426 25,752
(Increase) decrease in operating assets:    
Accounts and trade notes receivables (859,877) (199,551)
Inventories 393,465 (81,059)
Lease and mortgage receivables (8,892) 31,313
Refundable income taxes 18,700 (18,700)
Other current assets (369,739) (25,197)
Increase (decrease) in operating liabilities:    
Accounts payable and accrued expenses 331,055 (98,683)
Accrued employee expenses 895,140 (56,748)
Income taxes payable 166,250 (47,547)
Deferred income (3,218) 20,000
Customer deposits 1,403,506 (99,928)
Net cash provided by operating activities 3,660,098 38,053
Capital expenditures (23,540) (65,446)
Net cash used by investing activities (23,540) (65,446)
Dividends paid (4,220,238) (351,687)
Net cash used by financing activities (4,220,238) (351,687)
Net decrease in cash and cash equivalents (583,680) (379,080)
Cash and cash equivalents at beginning of year 6,527,940 6,907,020
Cash and cash equivalents at end of year 5,944,260 6,527,940
Cash paid for income taxes $ 766,000 $ 357,700