Financials

v3.6.0.2
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash and cash equivalents $ 7,130,983 $ 10,608,420
Restricted collateral deposits 268,980 89,985
Trade receivables 16,821,737 17,401,479
Unbilled receivables 10,981,577 12,132,484
Other accounts receivable and prepaid expenses 2,156,896 1,007,358
Inventories 10,318,021 9,607,836
Total current assets 47,678,194 50,847,562
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 3,177,238 5,370,755
Other long term receivables 56,662 23,403
Property and equipment, net 5,915,240 6,385,238
Other intangible assets, net 6,823,346 9,334,730
Goodwill 45,489,517 45,463,027
Discontinued operations 270,139 68,301
Total long term assets 61,732,142 66,645,454
Total assets 109,410,336 117,493,016
CURRENT LIABILITIES:    
Trade payables 4,362,804 5,914,042
Other accounts payable and accrued expenses 5,597,558 5,560,040
Current portion of long term debt 1,828,840 4,362,438
Short term bank credit 2,973,032 4,060,000
Severance payable 2,577,472 0
Deferred revenues 6,421,271 6,879,815
Total current liabilities 23,760,977 26,776,335
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 3,891,710 7,497,685
Long term portion of debt 8,703,736 11,856,522
Deferred income tax liability 7,868,125 7,031,564
Other long term liabilities 100,742 264,244
Discontinued operations 0 19,295
Total long-term liabilities 20,564,313 26,669,310
Total liabilities 44,325,290 53,445,645
Share capital –    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of December 31, 2016 and 2015; Issued and outstanding: 26,438,234 and 24,697,335 shares as of December 31, 2016 and 2015, respectively 264,382 246,973
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of December 31, 2016 and 2015; No shares issued or outstanding as of December 31, 2016 and 2015 0 0
Additional paid-in capital 250,405,012 246,591,415
Accumulated deficit (185,402,893) (182,554,637)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 726,599 671,674
Total stockholders’ equity 65,085,046 64,047,371
Total liabilities and stockholders’ equity $ 109,410,336 $ 117,493,016
v3.6.0.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Revenues $ 92,975,752 $ 96,573,947 $ 103,562,349
Cost of revenues 64,825,416 68,456,322 70,854,737
Research and development expenses 2,722,965 3,075,362 2,926,228
Selling and marketing expenses 7,029,090 5,373,421 5,921,338
General and administrative expenses 15,308,461 16,339,027 17,261,358
Amortization of intangible assets 2,875,543 3,043,536 2,696,740
Total operating costs and expenses 92,761,475 96,287,668 99,660,401
Operating income 214,277 286,279 3,901,948
Other income (expense), net 64,832 (24,181) 2,512,560
Financial expense, net (975,263) (1,152,121) (1,507,489)
Total other income (expense) (910,431) (1,176,302) 1,005,071
Income (loss) from continuing operations before income tax expense (696,154) (890,023) 4,907,019
Income tax expense 783,420 1,160,946 1,023,837
Income (loss) from continuing operations (1,479,574) (2,050,969) 3,883,182
Loss from discontinued operations (1,368,682) (894,057) (396,221)
Net income (loss) (2,848,256) (2,945,026) 3,486,961
Other comprehensive income (loss), net of $0 income tax      
Foreign currency translation adjustment 54,925 14,634 (1,205,589)
Comprehensive income (loss) $ (2,793,331) $ (2,930,392) $ 2,281,372
Income (loss) per share of common stock:      
Basic – continuing operations (in Dollars per share) $ (0.06) $ (0.08) $ 0.18
Basic – discontinued operations (in Dollars per share) (0.05) (0.04) (0.02)
Basic net income (loss) per share (in Dollars per share) (0.11) (0.12) 0.16
Diluted – continuing operations (in Dollars per share) (0.06) (0.08) 0.17
Diluted – discontinued operations (in Dollars per share) (0.05) (0.04) (0.02)
Diluted net income (loss) per share (in Dollars per share) $ (0.11) $ (0.12) $ 0.15
Weighted average number of shares used in computing basic net income (loss) per share (in Shares) 25,494,097 23,687,733 21,934,532
Weighted average number of shares used in computing diluted net income (loss) per share (in Shares) 25,494,097 23,687,733 22,537,272
v3.6.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ (2,848,256) $ (2,945,026) $ 3,486,961
Adjustments required to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 1,789,041 1,851,982 1,558,506
Amortization of intangible assets 2,875,543 3,043,536 2,696,740
Stock based compensation 878,007 622,315 1,411,970
Change in fair value of acquisition earn out liabilities 0 0 (2,000,000)
(Gain) loss from sale of property and equipment 8,680 (781,023) 12,809
Deferred tax expense 836,561 914,543 598,500
Changes in operating assets and liabilities:      
Trade receivables 659,468 194,332 (2,529,966)
Unbilled receivables 1,155,454 3,804,576 2,337,691
Other accounts receivable and prepaid expenses (1,176,895) 148,269 582,502
Inventories (652,391) 203,947 809,827
Severance pay, net 1,210,662 43,244 38,463
Trade payables (1,532,471) (858,040) (1,143,632)
Other accounts payable and accrued expenses (103,186) (944,376) 6,480
Deferred revenues (458,544) (946,363) (464,211)
Net cash provided by operating activities 2,641,673 4,351,916 7,402,640
CASH FLOWS FROM INVESTING ACTIVITIES:      
Acquisition of UEC(1) 0 0 (29,113,655)
Changes in restricted collateral deposits (176,354) 146,443 262,067
Purchase of property and equipment (1,555,788) (2,002,104) (2,122,886)
Additions to capitalized software development (364,159) (537,901) (377,954)
Proceeds from sale of property and equipment 31,343 953,824 25,892
Net cash used in investing activities (2,064,958) (1,439,738) (31,326,536)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repayment of long term debt (16,682,823) (5,096,130) (3,110,640)
Proceeds from long term debt 11,000,000 0 22,500,000
Change in short term bank credit (1,086,968) 4,026,762 33,238
Purchase of treasury stock 0 0 (229,042)
Payment of acquisition related earnout 0 (2,500,000) 0
Proceeds from sale of common stock, net of offering costs 2,952,999 0 10,698,173
Net cash provided by (used in) financing activities (3,816,792) (3,569,368) 29,891,729
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (3,240,077) (657,190) 5,967,833
CASH DIFFERENCES DUE TO EXCHANGE RATE CHANGES (237,360) (26,174) (497,374)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 10,608,420 11,291,784 5,821,325
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 7,130,983 10,608,420 11,291,784
SUPPLEMENTARY CASH FLOW INFORMATION:      
Interest paid during the year 712,558 1,084,710 1,004,052
Taxes on income paid during the year 221,654 679,055 256,246
SUPPLEMENTARY INFORMATION ON NON-CASH TRANSACTIONS:      
Common stock issued in acquisition of UEC $ 0 $ 0 $ 4,216,000