Financials

v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash and cash equivalents $ 10,322,578 $ 10,608,420
Restricted collateral deposits 235,292 89,985
Trade receivables 17,226,850 17,401,479
Unbilled receivables 11,709,032 12,132,484
Other accounts receivable and prepaid expenses 2,403,509 1,007,358
Inventories 10,569,742 9,607,836
Current assets of discontinued operations 40,000 0
Total current assets 52,507,003 50,847,562
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 4,787,795 5,370,755
Other long term receivables 24,301 23,403
Property and equipment, net 6,010,908 6,385,238
Other intangible assets, net 7,197,744 9,334,730
Goodwill 45,627,221 45,463,027
Long term assets of discontinued operations 307,957 68,301
Total long term assets 63,955,926 66,645,454
Total assets 116,462,929 117,493,016
CURRENT LIABILITIES:    
Trade payables 4,693,744 5,914,042
Other accounts payable and accrued expenses 4,808,672 5,560,040
Current portion of long term debt 1,664,831 4,362,438
Short term bank credit 7,409,208 4,060,000
Deferred revenues 5,808,304 6,879,815
Current liabilities of discontinued operations 524,052  
Total current liabilities 24,908,811 26,776,335
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 7,215,612 7,497,685
Long term portion of debt 9,164,244 11,856,522
Deferred income tax liability 7,639,489 7,031,564
Other long term liabilities 93,914 264,244
Long term liabilities of discontinued operations 55,678 19,295
Total long-term liabilities 24,168,937 26,669,310
Total liabilities 49,077,748 53,445,645
Share capital –    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of September 30, 2016 and December 31, 2015; Issued and outstanding: 26,438,224 shares and 24,697,335 shares as of September 30, 2016 and December 31, 2015, respectively 264,382 246,973
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of September 30, 2016 and December 31, 2015; No shares issued or outstanding as of September 30, 2016 and December 31, 2015 0 0
Additional paid-in capital 250,312,743 246,591,415
Accumulated deficit (183,362,456) (182,554,637)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 1,078,566 671,674
Total stockholders' equity 67,385,181 64,047,371
Total liabilities and stockholders' equity $ 116,462,929 $ 117,493,016
v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Revenues $ 24,300,120 $ 23,289,448 $ 71,486,478 $ 69,160,381
Cost of revenues 16,436,276 16,254,419 48,933,171 49,005,379
Research and development expenses 752,847 680,414 2,367,964 2,697,121
Selling and marketing expenses 1,458,622 1,187,872 4,913,076 3,810,662
General and administrative expenses 3,122,853 4,089,442 11,149,640 12,270,493
Amortization of intangible assets 698,297 720,117 2,164,937 2,286,384
Total operating costs and expenses 22,468,895 22,932,264 69,528,788 70,070,039
Operating income (loss) 1,831,225 357,184 1,957,690 (909,658)
Other income (expense) 3,481 (105,709) 49,913 (55,678)
Financial expense, net (227,474) (316,766) (769,328) (887,771)
Total other expense (223,993) (422,475) (719,415) (943,449)
Income (loss) from continuing operations before income tax expense 1,607,232 (65,291) 1,238,275 (1,853,107)
Income tax expense 101,992 289,905 684,272 899,629
Income (loss) from continuing operations 1,505,240 (355,196) 554,003 (2,752,736)
Loss from discontinued operations (869,302) (262,775) (1,361,787) (590,882)
Net income (loss) 635,938 (617,971) (807,784) (3,343,618)
Other comprehensive income (loss), net of income tax:        
Foreign currency translation adjustment 344,837 (489,365) 406,892 (106,019)
Comprehensive income (loss) $ 980,775 $ (1,107,336) $ (400,892) $ (3,449,637)
Income (loss) per share of common stock:        
Basic – continuing operations (in Dollars per share) $ 0.06 $ (0.02) $ 0.02 $ (0.12)
Basic – discontinued operations (in Dollars per share) (0.04) (0.01) (0.05) (0.02)
Basic net income (loss) per share (in Dollars per share) 0.02 (0.03) (0.03) (0.14)
Diluted – continuing operations (in Dollars per share) 0.06 (0.02) 0.02 (0.12)
Diluted – discontinued operations (in Dollars per share) (0.04) (0.01) (0.05) (0.02)
Diluted net income (loss) per share (in Dollars per share) $ 0.02 $ (0.03) $ (0.03) $ (0.14)
Weighted average number of shares used in computing basic net income (loss) per share (in Shares) 26,215,049 23,684,904 26,125,819 23,452,773
Weighted average number of shares used in computing diluted net income (loss) per share (in Shares) 26,215,049 23,684,904 26,125,819 23,452,773
v3.5.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (807,784) $ (3,343,618)
Adjustments required to reconcile net loss to net cash used in operating activities:    
Amortization of intangible assets 2,164,937 2,286,384
Depreciation 1,322,595 1,376,036
Deferred tax provision 607,925 685,907
Stock based compensation 785,738 475,330
(Gain) on dispositions, net 0 (782,659)
Changes in operating assets and liabilities:    
Unbilled receivables 433,010 5,235,597
Trade receivables 372,779 1,422,092
Severance payable 436,682 83,639
Inventories (819,411) (162,571)
Other accounts receivable and prepaid expenses (1,420,274) (368,649)
Trade payables (1,166,222) (1,938,581)
Deferred revenues (1,071,511) (2,621,311)
Other accounts payable and accrued expenses (341,418) (3,935,623)
Net cash provided by (used in) operating activities 497,046 (1,588,027)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of property and equipment 0 895,000
Increase (decrease) in restricted collateral deposits (139,192) 783
Purchase of property and equipment (1,108,356) (1,352,805)
Additions to capitalized software (27,951) (350,942)
Net cash used in investing activities (1,275,499) (807,964)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of long term debt (16,380,225) (3,542,154)
Change in short term bank credit 3,349,208 5,726,762
Proceeds from long term debt 11,000,000 0
Proceeds from the issuance of common stock 2,952,999 0
Net cash provided by financing activities 921,982 2,184,608
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 143,529 (211,383)
CASH DIFFERENCES DUE TO EXCHANGE RATE CHANGES (429,371) (55,050)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 10,608,420 11,291,784
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 10,322,578 11,025,351
SUPPLEMENTARY CASH FLOW INFORMATION:    
Interest paid during the period 574,547 746,681
Taxes paid on income during the period $ 111,441 $ 594,652