• Filing Date: 2013-08-09
  • Form Type: 10-Q
  • Description: Quarterly report
v2.4.0.8
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
6 Months Ended
Jun. 28, 2013
Jun. 29, 2012
Cash flows from operating activities:    
Net income $ 484,779 $ 281,087
Adjustments to reconcile net income to net cash used by operations:    
Depreciation and amortization 217,049 203,400
Change in allowance for doubtful accounts 648,299 (76,574)
Change in fair value of derivative liabilities (97,404) 154,645
Common stock issued for interest and services 0 26,880
Stock based compensation 90,052 52,013
Change in assets and liabilities:    
Accounts receivable - trade 1,940,147 (3,053,377)
Restricted cash 21,295 (47,055)
Prepaid workers' compensation (100,366) (50,771)
Other receivables 10 57
Prepaid expenses, deposits and other 21,573 (155,652)
Loss on disposition of property and equipment 34,563 0
Deferred tax asset 0 290,500
Workers' compensation risk pool deposits (592,061) (433,607)
Accounts payable (176,001) (295,563)
Checks issued and payable (118,421) 179,299
Other current liabilities (150,469) 8,180
Accrued wages and benefits (389,039) 739,402
Workers' compensation premiums and claims liability (697,946) 835,953
Net cash provided (used) by operating activities 1,136,060 (1,341,183)
Cash flows from investing activities:    
Purchases of property and equipment (18,097) (98,607)
Sale of property and equipment 30,000 0
Cash paid for acquisition of subsidiary 0 (150,000)
Net cash provided (used) by investing activities 11,903 (248,607)
Cash flows from financing activities:    
Net proceeds from account purchase agreement facility (1,482,775) 949,091
Payments on notes payable 0 (125,000)
Net cash (used) provided by financing activities (1,482,775) 824,091
Net decrease in cash (334,812) (765,699)
Cash, beginning of period 1,632,993 1,131,296
Cash, end of period 1,298,181 365,597
Non-cash investing and financing activities    
Common stock issued for subsidiary 0 411,101
Contingent consideration recorded in acquisition of subsidiary 0 851,727
Note payable issued for subsidiary 0 150,000
Shares to be issued for contingent consideration 322,874 0
Supplemental disclosure of cash flow information    
Interest paid 215,313 254,063
Income taxes paid $ 0 $ 0