• Filing Date: 2013-11-07
  • Form Type: 10-Q
  • Description: Quarterly report
v2.4.0.8
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended
Sep. 27, 2013
Sep. 28, 2012
Cash flows from operating activities:    
Net income $ 1,712,722 $ 1,002,930
Adjustments to reconcile net income to net cash used by operations:    
Depreciation and amortization 283,861 285,271
Change in allowance for doubtful accounts 292,184 (5,794)
Change in fair value of derivative liabilities 786,695 (217,543)
Common stock issued for interest and services    36,720
Stock based compensation 112,264 95,306
Change in assets and liabilities:    
Accounts receivable - trade 1,119,420 (5,628,352)
Restricted cash 21,295 (39,956)
Prepaid workers' compensation (82,951) (7,947)
Other receivables (3,578) (4,848)
Prepaid expenses, deposits and other (16,280) (147,789)
Loss on disposition of property and equipment 61,940   
Deferred tax asset    698,195
Workers' compensation risk pool deposits (1,170,806) (828,367)
Accounts payable 167,345 (380,888)
Checks issued and payable (262,530) 235,656
Other current liabilities 80,030 184,577
Accrued wages and benefits (208,834) 1,294,034
Workers' compensation premiums and claims liability (588,929) 1,396,112
Net cash provided (used) by operating activities 2,303,848 (2,032,683)
Cash flows from investing activities:    
Purchases of property and equipment (37,843) (190,429)
Sale of property and equipment 40,300   
Cash paid for acquisition of subsidiary    (150,000)
Net cash provided (used) by investing activities 2,457 (340,429)
Cash flows from financing activities:    
Net proceeds from account purchase agreement facility (883,499) 2,731,103
Payments on notes payable    (150,000)
Net cash (used) provided by financing activities (883,499) 2,581,103
Net increase in cash 1,422,806 207,991
Cash, beginning of period 1,632,993 1,131,296
Cash, end of period 3,055,799 1,339,287
Non-cash investing and financing activities    
Common stock issued for subsidiary    460,539
Contingent consideration recorded in acquisition of subsidiary    851,171
Note payable issued for subsidiary    150,000
Shares to be issued for contingent consideration 322,874   
Supplemental disclosure of cash flow information    
Interest paid 267,543 396,966
Income taxes paid