Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,362,935) $ (1,443,722)
Adjustments required to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation 862,555 868,026
Amortization of intangible assets 1,219,653 1,466,640
Stock based compensation 192,926 648,487
Deferred tax provision 457,272 379,289
Changes in operating assets and liabilities:    
Trade receivables 1,922,996 1,279,533
Unbilled receivables 954,274 4,151,347
Other accounts receivable and prepaid expenses (506,040) (1,064,293)
Inventories 20,873 (18,417)
Severance pay, net (1,954,264) 112,116
Trade payables 194,400 (2,820,561)
Other accounts payable and accrued expenses (676,302) (163,487)
Deferred revenues (1,475,989) (1,133,853)
Net cash provided by (used in) operating activities (150,581) 2,261,105
CASH FLOWS FROM INVESTING ACTIVITIES:    
Decrease in restricted collateral deposits 0 25,813
Purchase of property and equipment (3,155,303) (803,444)
Additions to capitalized software (128,367) (27,951)
Net cash used in investing activities (3,283,670) (805,582)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from long term debt 2,150,000 11,000,000
Repayment of long term debt (701,211) (16,175,141)
Proceeds from the issuance of common stock 0 2,952,999
Change in short term bank credit 857,843 266,083
Net cash provided by (used in) financing activities 2,306,632 (1,956,059)
DECREASE IN CASH AND CASH EQUIVALENTS (1,127,619) (500,536)
CASH DIFFERENCES DUE TO EXCHANGE RATE DIFFERENCES (903,962) (211,332)
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 5,099,402 9,896,552
SUPPLEMENTARY CASH FLOW INFORMATION:    
Interest paid during the period 339,058 381,609
Taxes paid on income during the period $ 112,822 $ 60,331