June 30, 2013, we are in compliance with all of the covenants of the SVB Agreement for all applicable measurement periods in fiscal 2013. Our outstanding borrowings totaled $2.3 millionwith $2.0 millionin available credit remaining as of June 30, 2013. 41 Cash flows
In summary, our cash flows were as follows for fiscal 2013 and fiscal 2012:
June 30, 20132012 (In thousands)
Net cash provided by operating activities
Operating activities Net cash flows used in operating activities were
$3.9 millionfor fiscal 2013, as compared to net cash flows provided by operating activities of $3.2 millionfor fiscal 2012. Cash flows from operating activities are comprised of net losses, adjustments to reconcile the net loss to net cash provided by or used in operating activities, and the change in balance sheet accounts. Adjustments had a $4.6 millionpositive effect on cash flows from operating activities in fiscal 2013, including $3.3 millionin amortization and depreciation, $0.8 millionin stock-based compensation, $0.3of provision for bad debt, $0.3 millionimpairment of our SiteWit investment offset by an increase of $0.1 millionin deferred income taxes. Changes in assets and liabilities had a $0.5 millionnegative effect on cash flows provided by operating activities in fiscal 2013, due largely to a $0.6 milliondecrease in accounts payable and accrued expense, and a $0.4 milliondecrease in deferred revenue, offset by a $0.5 millionincrease in accounts receivable. Investing activities Net cash flows used in investing activities were $4.6 millionfor fiscal 2013 as compared to net cash flows used in investing activities of $4.9 millionfor fiscal 2012, primarily reflecting capitalized software expenditures. The net cash flow used in investing activities for fiscal 2013 consisted of a $4.1 millionin capitalized software expenditures, $0.5 millionin purchase of property and equipment. Financing activities
Net cash flows provided by financing activities was
$1.5 millionfor fiscal 2013 as compared to net cash flows provided by financing activities of $3.0 millionfor fiscal 2012. Financing cash flows for 2013 consisted primarily of proceeds from issuance of Series A preferred stock of $5.0 million, proceeds of $0.1 millionfrom issuance of our common stocks and was offset by our net payments over proceeds from our revolving line of credit with the Bank, of $2.7 million, $0.8 millionin payments under our capital lease obligations in connection with acquiring computer equipment for our data center operations and $0.1 millionin connection with our payment to Hartford Insurance Companyas collateral.