Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash and cash equivalents $ 5,099,402 $ 7,130,983
Restricted collateral deposits 295,832 268,980
Trade receivables 15,431,615 16,821,737
Unbilled receivables 10,053,686 10,981,577
Other accounts receivable and prepaid expenses 2,701,332 2,156,896
Inventories 10,709,647 10,318,021
Total current assets 44,291,514 47,678,194
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 3,500,109 3,177,238
Other long term receivables 108,374 56,662
Property and equipment, net 8,335,773 5,915,240
Other intangible assets, net 5,732,060 6,823,346
Goodwill 46,083,315 45,489,517
Long term assets of discontinued operations 270,139 270,139
Total long term assets 64,029,770 61,732,142
Total assets 108,321,284 [1],[2] 109,410,336
CURRENT LIABILITIES:    
Trade payables 4,441,883 4,362,804
Other accounts payable and accrued expenses 4,778,372 5,597,558
Current portion of long term debt 2,252,741 1,828,840
Short term bank credit 3,830,875 2,973,032
Severance payable 0 2,577,472
Deferred revenues 4,945,282 6,421,271
Total current liabilities 20,249,153 23,760,977
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 4,441,206 3,891,710
Long term portion of debt 9,706,879 8,703,736
Deferred income tax liability 8,325,397 7,868,125
Other long term liabilities 97,437 100,742
Total long-term liabilities 22,570,919 20,564,313
Total liabilities 42,820,072 44,325,290
Share capital –    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of June 30, 2017 and December 31, 2016; Issued and outstanding: 26,427,586 shares and 26,438,234 shares as of June 30, 2017 and December 31, 2016, respectively 264,276 264,382
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of June 30, 2017 and December 31, 2016; No shares issued or outstanding as of June 30, 2017 and December 31, 2016 0 0
Additional paid-in capital 250,598,045 250,405,012
Accumulated deficit (186,765,828) (185,402,893)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 2,312,773 726,599
Total stockholders’ equity 65,501,212 65,085,046
Total liabilities and stockholders’ equity $ 108,321,284 $ 109,410,336
[1] Cash balances previously reporting in the Training and Simulation Division in 2016 are now reported in Corporate in 2017.
[2] Out of those amounts, goodwill in the Company's Training and Simulation and Power Systems Divisions totaled $24,435,641 and $21,647,674, respectively, as of June 30, 2017 and $24,435,641 and $21,052,329, respectively, as of June 30, 2016.