Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ (2,848,256) $ (2,945,026) $ 3,486,961
Adjustments required to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 1,789,041 1,851,982 1,558,506
Amortization of intangible assets 2,875,543 3,043,536 2,696,740
Stock based compensation 878,007 622,315 1,411,970
Change in fair value of acquisition earn out liabilities 0 0 (2,000,000)
(Gain) loss from sale of property and equipment 8,680 (781,023) 12,809
Deferred tax expense 836,561 914,543 598,500
Changes in operating assets and liabilities:      
Trade receivables 659,468 194,332 (2,529,966)
Unbilled receivables 1,155,454 3,804,576 2,337,691
Other accounts receivable and prepaid expenses (1,176,895) 148,269 582,502
Inventories (652,391) 203,947 809,827
Severance pay, net 1,210,662 43,244 38,463
Trade payables (1,532,471) (858,040) (1,143,632)
Other accounts payable and accrued expenses (103,186) (944,376) 6,480
Deferred revenues (458,544) (946,363) (464,211)
Net cash provided by operating activities 2,641,673 4,351,916 7,402,640
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of UEC(1) 0 0 (29,113,655)
Changes in restricted collateral deposits (176,354) 146,443 262,067
Purchase of property and equipment (1,555,788) (2,002,104) (2,122,886)
Additions to capitalized software development (364,159) (537,901) (377,954)
Proceeds from sale of property and equipment 31,343 953,824 25,892
Net cash used in investing activities (2,064,958) (1,439,738) (31,326,536)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repayment of long term debt (16,682,823) (5,096,130) (3,110,640)
Proceeds from long term debt 11,000,000 0 22,500,000
Change in short term bank credit (1,086,968) 4,026,762 33,238
Purchase of treasury stock 0 0 (229,042)
Payment of acquisition related earnout 0 (2,500,000) 0
Proceeds from sale of common stock, net of offering costs 2,952,999 0 10,698,173
Net cash provided by (used in) financing activities (3,816,792) (3,569,368) 29,891,729
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (3,240,077) (657,190) 5,967,833
CASH DIFFERENCES DUE TO EXCHANGE RATE CHANGES (237,360) (26,174) (497,374)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 10,608,420 11,291,784 5,821,325
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 7,130,983 10,608,420 11,291,784
SUPPLEMENTARY CASH FLOW INFORMATION:      
Interest paid during the year 712,558 1,084,710 1,004,052
Taxes on income paid during the year 221,654 679,055 256,246
SUPPLEMENTARY INFORMATION ON NON-CASH TRANSACTIONS:      
Common stock issued in acquisition of UEC $ 0 $ 0 $ 4,216,000