Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash and cash equivalents $ 8,534,408 $ 7,130,983
Restricted collateral deposits 284,754 268,980
Trade receivables 17,791,248 16,821,737
Unbilled receivables 9,383,884 10,981,577
Other accounts receivable and prepaid expenses 2,388,834 2,156,896
Inventories 9,798,557 10,318,021
Total current assets 48,181,685 47,678,194
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 3,270,715 3,177,238
Other long term receivables 71,735 56,662
Property and equipment, net 6,198,754 5,915,240
Other intangible assets, net 6,180,413 6,823,346
Goodwill 45,838,351 45,489,517
Long term assets of discontinued operations 270,139 270,139
Total long term assets 61,830,107 61,732,142
Total assets 110,011,792 109,410,336
CURRENT LIABILITIES:    
Trade payables 5,254,493 4,362,804
Other accounts payable and accrued expenses 5,691,062 5,597,558
Current portion of long term debt 2,081,199 1,828,840
Short term bank credit 5,803,114 2,973,032
Severance payable   2,577,472
Deferred revenues 5,362,215 6,421,271
Total current liabilities 24,192,083 23,760,977
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 4,106,451 3,891,710
Long term portion of debt 8,173,483 8,703,736
Deferred income tax liability 8,096,761 7,868,125
Other long term liabilities 104,410 100,742
Total long-term liabilities 20,481,105 20,564,313
Total liabilities 44,673,188 44,325,290
Share capital –    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of March 31, 2017 and December 31, 2016; Issued and outstanding: 26,409,932 shares and 26,438,234 shares as of March 31, 2017 and December 31, 2016, respectively 264,099 264,382
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of March 31, 2017 and December 31, 2016; No shares issued or outstanding as of March 31, 2017 and December 31, 2016 0 0
Additional paid-in capital 250,512,129 250,405,012
Accumulated deficit (186,171,201) (185,402,893)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 1,641,631 726,599
Total stockholders’ equity 65,338,604 65,085,046
Total liabilities and stockholders’ equity $ 110,011,792 $ 109,410,336