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EXCEL - IDEA: XBRL DOCUMENT - VERAMARK TECHNOLOGIES INCFinancial_Report.xls
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v2.4.0.6
Condensed Statements of Cash Flows (Unaudited) (USD $)
9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
OPERATING ACTIVITIES:    
Net income (Loss) $ 474,877 $ (532,349)
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 941,031 1,122,836
Increase (decrease) in Bad Debt Reserve 10,200 (7,000)
Change in acquisition liabilities (140,828) (239,400)
Compensation expense - equity grants 81,625 36,523
Loss on Disposal of Assets 1,698 39
Changes in assets and liabilities:    
Accounts receivable (281,499) 182,299
Prepaid expenses (56,936) (788,720)
Pension assets (21,251) (91,470)
Deposits and other assets 147,610 (42,222)
Accounts payable (71,814) (83,048)
Accrued compensation and related taxes 147,960 69,547
Deferred revenue (18,103) 265,880
Other accrued liabilities (182,910) 541,287
Note Payable (250,000) 250,000
Prepaid rent liability (4,291) 52,334
Pension obligation (218,495) (196,544)
Net cash provided by operating activities 558,874 539,992
INVESTING ACTIVITIES:    
Acquisition of Source Loop 0 (450,000)
Sale of investments 40,160 92,934
Additions to property and equipment (117,656) (120,306)
Capitalized software development costs (524,439) (648,325)
Net cash flows used by investing activities (601,935) (1,125,697)
FINANCING ACTIVITY:    
Borrowing (repayment) - line of credit 0 (180,000)
Bank borrowing - repayment of term loan (50,000) (50,000)
Exercise of stock options 0 161,259
Employee Stock Purchase Plan 18,107 12,414
Net cash used by financing activities (31,893) (56,327)
Net change in cash and cash equivalents (74,954) (642,032)
Cash and cash equivalents, beginning of year 679,405 1,236,375
Cash and cash equivalents, end of period 604,451 594,343
SUPPLEMENTAL CASH FLOW INFORMATION    
Income taxes paid (refunded) 2,862 (8,306)
Interest paid $ 5,881 $ 9,446