Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

v2.4.1.9
CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2014
Dec. 31, 2013
CURRENT ASSETS:    
Cash and cash equivalents $ 11,291,784us-gaap_CashAndCashEquivalentsAtCarryingValue $ 5,821,325us-gaap_CashAndCashEquivalentsAtCarryingValue
Restricted collateral deposits 236,428us-gaap_RestrictedCashAndInvestmentsCurrent 498,495us-gaap_RestrictedCashAndInvestmentsCurrent
Trade receivables 17,595,811us-gaap_AccountsReceivableNetCurrent 12,362,871us-gaap_AccountsReceivableNetCurrent
Unbilled receivables 15,937,060us-gaap_UnbilledReceivablesCurrent 8,463,920us-gaap_UnbilledReceivablesCurrent
Other accounts receivable and prepaid expenses 1,155,548us-gaap_PrepaidExpenseAndOtherAssetsCurrent 1,379,621us-gaap_PrepaidExpenseAndOtherAssetsCurrent
Inventories 9,811,783us-gaap_InventoryNet 10,074,766us-gaap_InventoryNet
Total current assets 56,028,414us-gaap_AssetsCurrent 38,600,998us-gaap_AssetsCurrent
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 4,961,918artx_PostEmploymentBenefitSeveranceBenefits 4,968,811artx_PostEmploymentBenefitSeveranceBenefits
Other long term receivables 23,482us-gaap_LongTermInvestmentsAndReceivablesNet 73,979us-gaap_LongTermInvestmentsAndReceivablesNet
Property and equipment, net 6,462,949us-gaap_PropertyPlantAndEquipmentNet 4,926,949us-gaap_PropertyPlantAndEquipmentNet
Other intangible assets, net 11,840,365us-gaap_IntangibleAssetsNetExcludingGoodwill 1,059,151us-gaap_IntangibleAssetsNetExcludingGoodwill
Goodwill 45,422,219us-gaap_Goodwill 31,024,754us-gaap_Goodwill
Total long term assets 68,710,933us-gaap_AssetsNoncurrent 42,053,644us-gaap_AssetsNoncurrent
Total assets 124,739,347us-gaap_Assets 80,654,642us-gaap_Assets
CURRENT LIABILITIES:    
Trade payables 6,772,082us-gaap_AccountsPayableTradeCurrent 5,107,208us-gaap_AccountsPayableTradeCurrent
Other accounts payable and accrued expenses 9,105,214us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent 6,012,041us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent
Current portion of long term debt 4,380,730us-gaap_LongTermDebtCurrent 95,382us-gaap_LongTermDebtCurrent
Short term bank credit 33,238us-gaap_ShortTermBorrowings 0us-gaap_ShortTermBorrowings
Deferred revenues 7,826,178us-gaap_DeferredRevenueCurrent 7,020,079us-gaap_DeferredRevenueCurrent
Total current liabilities 28,117,442us-gaap_LiabilitiesCurrent 18,234,710us-gaap_LiabilitiesCurrent
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 7,051,630us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent 7,020,060us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent
Long term portion of debt 16,934,360us-gaap_OtherLongTermDebtNoncurrent 1,830,348us-gaap_OtherLongTermDebtNoncurrent
Deferred income tax liability 6,117,021us-gaap_DeferredTaxLiabilitiesNoncurrent 5,518,521us-gaap_DeferredTaxLiabilitiesNoncurrent
Other long term liabilities 163,446us-gaap_OtherLiabilitiesNoncurrent 74,027us-gaap_OtherLiabilitiesNoncurrent
Total long-term liabilities 30,266,457us-gaap_LiabilitiesNoncurrent 14,442,956us-gaap_LiabilitiesNoncurrent
Total liabilities 58,383,899us-gaap_Liabilities 32,677,666us-gaap_Liabilities
Share capital –    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of December 31, 2014 and 2013; Issued and outstanding: 24,533,121 shares and 20,163,163 shares as of December 31, 2014 and 2013, respectively 245,331us-gaap_CommonStockValueOutstanding 201,632us-gaap_CommonStockValueOutstanding
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of December 31, 2014 and 2013; No shares issued or outstanding as of December 31, 2014 and 2013 0us-gaap_PreferredStockValueOutstanding 0us-gaap_PreferredStockValueOutstanding
Additional paid-in capital 245,970,742us-gaap_AdditionalPaidInCapitalCommonStock 229,917,341us-gaap_AdditionalPaidInCapitalCommonStock
Accumulated deficit (179,609,611)us-gaap_RetainedEarningsAccumulatedDeficit (183,096,572)us-gaap_RetainedEarningsAccumulatedDeficit
Notes receivable from stockholders (908,054)us-gaap_ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock (908,054)us-gaap_ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock
Accumulated other comprehensive income 657,040us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax 1,862,629us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax
Total stockholders’ equity 66,355,448us-gaap_StockholdersEquity 47,976,976us-gaap_StockholdersEquity
Total liabilities and stockholders’ equity $ 124,739,347us-gaap_LiabilitiesAndStockholdersEquity $ 80,654,642us-gaap_LiabilitiesAndStockholdersEquity