VIRTUAL MEDICAL CENTRE INC

VIRTUAL MEDICAL CENTRE, INC.
Consolidated Statements of Cash Flows
For the Year Ended
June 30,
2010 2009
OPERATING ACTIVITIES
Loss from Operations $ (1,465,928) $ (1,149,232)
Adjustments to reconcile loss from operations to the net cash used in operating activities:
Impairment of investments - 95,976
Amortization of discount on debt 12,366 -
Allowance for doubtful accounts 1,000 -
Depreciation 15,810 26,214
Common stock issued for services 79,803 58,268
Changes in Operating Assets and Liabilities
Prepaid expenses 9,926 (54,730)
Accounts receivable 26,459 63,323
Tax refund receivable (23,035) 102,982
Accounts payable and accrued expenses 725,843 (25,992)
Employee benefits 71,455 56,415
Deferred revenue 47,497 126,699
Net Cash Used in Operating Activities (498,804) (700,077)
INVESTING ACTIVITIES
Sale of investment - 7,284
Purchase of property and equipment (9,966) -
Net Cash Provided by (Used in) Investing Activities (9,966) 7,284
FINANCING ACTIVITIES
Proceeds from the issuance of share capital 162,955 617,603
Proceeds from notes payable 297,411 -
Repayment of notes payable (21,658) -
Repayment of capital leases and credit lines payable (5,889) (15,036)
Net Cash Provided by Financing Activities 432,819 602,567
NET INCREASE (DECREASE) IN CASH (75,951) (90,226)
EFFECT OF FOREIGN CURRENCY TRANSLATION (17,693) (56,824)
CASH AT BEGINNING OF YEAR 135,119 282,169
CASH AT END OF YEAR $ 41,475 $ 135,119
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
CASH PAID FOR:
Interest $ 20,427 $ 12,590
Income Taxes $ - $ -
The accompanying notes are an integral part of these consolidated financial statements.
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