Financials

v3.7.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash and cash equivalents $ 8,534,408 $ 7,130,983
Restricted collateral deposits 284,754 268,980
Trade receivables 17,791,248 16,821,737
Unbilled receivables 9,383,884 10,981,577
Other accounts receivable and prepaid expenses 2,388,834 2,156,896
Inventories 9,798,557 10,318,021
Total current assets 48,181,685 47,678,194
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 3,270,715 3,177,238
Other long term receivables 71,735 56,662
Property and equipment, net 6,198,754 5,915,240
Other intangible assets, net 6,180,413 6,823,346
Goodwill 45,838,351 45,489,517
Long term assets of discontinued operations 270,139 270,139
Total long term assets 61,830,107 61,732,142
Total assets 110,011,792 109,410,336
CURRENT LIABILITIES:    
Trade payables 5,254,493 4,362,804
Other accounts payable and accrued expenses 5,691,062 5,597,558
Current portion of long term debt 2,081,199 1,828,840
Short term bank credit 5,803,114 2,973,032
Severance payable   2,577,472
Deferred revenues 5,362,215 6,421,271
Total current liabilities 24,192,083 23,760,977
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 4,106,451 3,891,710
Long term portion of debt 8,173,483 8,703,736
Deferred income tax liability 8,096,761 7,868,125
Other long term liabilities 104,410 100,742
Total long-term liabilities 20,481,105 20,564,313
Total liabilities 44,673,188 44,325,290
Share capital –    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of March 31, 2017 and December 31, 2016; Issued and outstanding: 26,409,932 shares and 26,438,234 shares as of March 31, 2017 and December 31, 2016, respectively 264,099 264,382
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of March 31, 2017 and December 31, 2016; No shares issued or outstanding as of March 31, 2017 and December 31, 2016 0 0
Additional paid-in capital 250,512,129 250,405,012
Accumulated deficit (186,171,201) (185,402,893)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 1,641,631 726,599
Total stockholders’ equity 65,338,604 65,085,046
Total liabilities and stockholders’ equity $ 110,011,792 $ 109,410,336
v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Revenues $ 22,347,445 $ 25,406,481
Cost of revenues 15,867,498 17,712,174
Research and development expenses 995,434 836,082
Selling and marketing expenses 1,995,967 1,654,866
General and administrative expenses 3,017,218 4,292,413
Amortization of intangible assets 697,993 768,003
Total operating costs and expenses 22,574,110 25,263,538
Operating income (loss) (226,665) 142,943
Other income, net 12,154 26,037
Financial expense, net (333,857) (337,658)
Total other expense (321,703) (311,621)
Loss from continuing operations before income tax expense (548,368) (168,678)
Income tax expense 219,940 213,453
Loss from continuing operations (768,308) (382,131)
Loss from discontinued operations 0 (261,646)
Net loss (768,308) (643,777)
Other comprehensive income (loss), net of income tax:    
Foreign currency translation adjustment 915,032 360,098
Comprehensive income (loss) $ 146,724 $ (283,679)
Loss per share of common stock:    
Basic – continuing operations (in Dollars per share) $ (0.03) $ (0.02)
Basic – discontinued operations (in Dollars per share) 0 (0.01)
Basic net loss per share (in Dollars per share) (0.03) (0.03)
Diluted – continuing operations (in Dollars per share) (0.03) (0.02)
Diluted – discontinued operations (in Dollars per share) 0 (0.01)
Diluted net loss per share (in Dollars per share) $ (0.03) $ (0.03)
Weighted average number of shares used in computing basic net loss per share (in Shares) 26,169,228 24,797,875
Weighted average number of shares used in computing diluted net loss per share (in Shares) 26,169,228 24,797,875
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