Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

v3.7.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (768,308) $ (643,777)
Adjustments required to reconcile net loss to net cash provided by operating activities:    
Depreciation 419,469 407,035
Amortization of intangible assets 697,993 768,003
Stock based compensation 106,833 491,806
Deferred tax provision 228,636 150,653
Changes in operating assets and liabilities:    
Trade receivables (639,508) 2,632,488
Unbilled receivables 1,615,635 2,353,344
Other accounts receivable and prepaid expenses (199,253) (279,914)
Inventories 751,980 (182,125)
Severance pay, net (2,228,122) 241,038
Trade payables 961,693 (635,503)
Other accounts payable and accrued expenses 187,371 (367,644)
Deferred revenues (1,059,056) (1,283,464)
Net cash provided by operating activities 75,363 3,651,940
CASH FLOWS FROM INVESTING ACTIVITIES:    
Decrease in restricted collateral deposits 0 26,083
Purchase of property and equipment (629,115) (405,926)
Additions to capitalized software (55,060) (27,951)
Net cash used in investing activities (684,175) (407,794)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from long term debt 0 10,000,000
Repayment of long term debt (264,372) (15,889,151)
Proceeds from issuance of common stock 0 2,952,999
Change in short term bank credit 2,833,401 893,579
Net cash provided by (used in) financing activities 2,569,029 (2,042,573)
INCREASE IN CASH AND CASH EQUIVALENTS 1,960,217 1,201,573
CASH DIFFERENCES DUE TO EXCHANGE RATE DIFFERENCES (556,792) (395,983)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 7,130,983 10,608,420
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 8,534,408 11,414,010
SUPPLEMENTARY CASH FLOW INFORMATION:    
Interest paid during the period 162,504 188,461
Taxes paid on income during the period $ 18,800 $ 51,331