Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (USD $)
Mar. 31, 2014
Dec. 31, 2013
CURRENT ASSETS:    
Cash and cash equivalents $ 6,376,204 $ 5,821,325
Restricted collateral deposits 496,244 498,495
Trade receivables 14,869,141 12,362,871
Unbilled receivables 7,441,988 8,463,920
Other accounts receivable and prepaid expenses 1,714,469 1,379,621
Inventories 8,532,339 10,074,766
Total current assets 39,430,385 38,600,998
LONG TERM ASSETS:    
Severance pay fund 4,944,849 4,968,811
Other long term receivables 89,273 73,979
Property and equipment, net 4,924,193 4,926,949
Other intangible assets, net 1,046,742 1,059,151
Goodwill 30,994,520 31,024,754
Total long term assets 41,999,577 42,053,644
Total assets 81,429,962 [1] 80,654,642
CURRENT LIABILITIES:    
Trade payables 3,636,395 5,107,208
Other accounts payable and accrued expenses 5,040,750 6,012,041
Current portion of long term debt 96,184 95,382
Short term bank credit 2,473,403 0
Deferred revenues 6,406,342 7,020,079
Total current liabilities 17,653,074 18,234,710
LONG TERM LIABILITIES:    
Accrued Israeli statutory/contractual severance pay 7,128,805 7,020,060
Long term portion of debt 1,810,340 1,830,348
Deferred tax liability 5,667,440 5,518,521
Other long term liabilities 96,046 74,027
Total long-term liabilities 14,702,631 14,442,956
Share capital –    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of March 31, 2014 and December 31, 2013; Issued and outstanding: 20,185,408 shares and 20,163,163 shares as of March 31, 2014 and December 31, 2013, respectively 201,854 201,632
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of March 31, 2014 and December 31, 2013; No shares issued or outstanding as of March 31, 2014 and December 31, 2013 0 0
Additional paid-in capital 230,046,391 229,917,341
Accumulated deficit (182,082,480) (183,096,572)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 1,816,546 1,862,629
Total stockholders’ equity 49,074,257 47,976,976
Total liabilities and stockholders’ equity $ 81,429,962 $ 80,654,642
[1] Out of those amounts, goodwill in the Company's Training and Simulation and Battery and Power Systems Divisions totaled $24,435,640 and $6,558,879, respectively, as of March 31, 2014 and $24,435,640 and $6,269,412, respectively, as of March 31, 2013.