Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash and cash equivalents $ 7,130,983 $ 10,608,420
Restricted collateral deposits 268,980 89,985
Trade receivables 16,821,737 17,401,479
Unbilled receivables 10,981,577 12,132,484
Other accounts receivable and prepaid expenses 2,156,896 1,007,358
Inventories 10,318,021 9,607,836
Total current assets 47,678,194 50,847,562
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 3,177,238 5,370,755
Other long term receivables 56,662 23,403
Property and equipment, net 5,915,240 6,385,238
Other intangible assets, net 6,823,346 9,334,730
Goodwill 45,489,517 45,463,027
Discontinued operations 270,139 68,301
Total long term assets 61,732,142 66,645,454
Total assets 109,410,336 117,493,016
CURRENT LIABILITIES:    
Trade payables 4,362,804 5,914,042
Other accounts payable and accrued expenses 5,597,558 5,560,040
Current portion of long term debt 1,828,840 4,362,438
Short term bank credit 2,973,032 4,060,000
Severance payable 2,577,472 0
Deferred revenues 6,421,271 6,879,815
Total current liabilities 23,760,977 26,776,335
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 3,891,710 7,497,685
Long term portion of debt 8,703,736 11,856,522
Deferred income tax liability 7,868,125 7,031,564
Other long term liabilities 100,742 264,244
Discontinued operations 0 19,295
Total long-term liabilities 20,564,313 26,669,310
Total liabilities 44,325,290 53,445,645
Share capital –    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of December 31, 2016 and 2015; Issued and outstanding: 26,438,234 and 24,697,335 shares as of December 31, 2016 and 2015, respectively 264,382 246,973
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of December 31, 2016 and 2015; No shares issued or outstanding as of December 31, 2016 and 2015 0 0
Additional paid-in capital 250,405,012 246,591,415
Accumulated deficit (185,402,893) (182,554,637)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 726,599 671,674
Total stockholders’ equity 65,085,046 64,047,371
Total liabilities and stockholders’ equity $ 109,410,336 $ 117,493,016