Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENT OF CASH FLOWS

v2.4.1.9
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 3,486,961us-gaap_NetIncomeLoss $ 2,152,351us-gaap_NetIncomeLoss
Adjustments required to reconcile net income to net cash provided by operating activities:    
Depreciation 1,558,506us-gaap_Depreciation 1,196,425us-gaap_Depreciation
Amortization of intangible assets 2,696,740us-gaap_AmortizationOfIntangibleAssets 1,091,126us-gaap_AmortizationOfIntangibleAssets
Stock based compensation 1,411,970us-gaap_ShareBasedCompensation 437,306us-gaap_ShareBasedCompensation
Change in fair value of acquisition earn out liabilities (2,000,000)us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 0us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
Capital loss from sale of property and equipment 12,809us-gaap_GainLossOnSaleOfPropertyPlantEquipment 16,418us-gaap_GainLossOnSaleOfPropertyPlantEquipment
Deferred tax provision 598,500us-gaap_DeferredIncomeTaxesAndTaxCredits 598,500us-gaap_DeferredIncomeTaxesAndTaxCredits
Changes in continuing operating assets and liabilities:    
Trade receivables (2,529,966)us-gaap_IncreaseDecreaseInAccountsReceivable (2,723,162)us-gaap_IncreaseDecreaseInAccountsReceivable
Unbilled receivables 2,337,691us-gaap_IncreaseDecreaseInUnbilledReceivables 4,910,084us-gaap_IncreaseDecreaseInUnbilledReceivables
Other accounts receivable and prepaid expenses 582,502us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (219,664)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Inventories 809,827us-gaap_IncreaseDecreaseInInventories (41,241)us-gaap_IncreaseDecreaseInInventories
Severance pay, net 38,463us-gaap_PaymentsForPostemploymentBenefits 95,695us-gaap_PaymentsForPostemploymentBenefits
Trade payables (1,143,632)us-gaap_IncreaseDecreaseInAccountsPayableTrade (2,049,119)us-gaap_IncreaseDecreaseInAccountsPayableTrade
Other accounts payable and accrued expenses 6,480us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities 1,805,568us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Deferred revenues (464,211)us-gaap_IncreaseDecreaseInDeferredRevenue 3,221,993us-gaap_IncreaseDecreaseInDeferredRevenue
Discontinued operations 0us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations (291,410)us-gaap_CashProvidedByUsedInFinancingActivitiesDiscontinuedOperations
Net cash provided by (used in) operating activities 7,402,640us-gaap_NetCashProvidedByUsedInOperatingActivities 10,200,870us-gaap_NetCashProvidedByUsedInOperatingActivities
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of UEC(1) (29,113,655)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
Changes in restricted collateral deposits 262,067us-gaap_IncreaseDecreaseInRestrictedCash (312,189)us-gaap_IncreaseDecreaseInRestrictedCash
Purchase of property and equipment (2,122,886)us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities (1,701,110)us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities
Additions to capitalized software development (377,954)us-gaap_PaymentsToDevelopSoftware (3,675)us-gaap_PaymentsToDevelopSoftware
Proceeds from sale of property and equipment 25,892us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 25,898us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment
Discontinued operations 0us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations 44,827us-gaap_CashProvidedByUsedInInvestingActivitiesDiscontinuedOperations
Net cash provided by (used in) investing activities (31,326,536)us-gaap_NetCashProvidedByUsedInInvestingActivities (1,946,249)us-gaap_NetCashProvidedByUsedInInvestingActivities
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of long term debt (3,110,640)us-gaap_RepaymentsOfLongTermDebt (878,490)us-gaap_RepaymentsOfLongTermDebt
Proceeds from long term debt 22,500,000us-gaap_ProceedsFromIssuanceOfLongTermDebt 0us-gaap_ProceedsFromIssuanceOfLongTermDebt
Change in short term bank credit 33,238us-gaap_ProceedsFromRepaymentsOfShortTermDebt (9,787,779)us-gaap_ProceedsFromRepaymentsOfShortTermDebt
Purchase of treasury stock (229,042)us-gaap_PaymentsForRepurchaseOfEquity 0us-gaap_PaymentsForRepurchaseOfEquity
Proceeds from sale of common stock, net of offering costs 10,698,173us-gaap_PaymentsForRepurchaseOfOtherEquity 6,338,449us-gaap_PaymentsForRepurchaseOfOtherEquity
Discontinued operations 0artx_DiscontinuedOperationsNetChangeInOperatingAssetsAndLiabilities (49,634)artx_DiscontinuedOperationsNetChangeInOperatingAssetsAndLiabilities
Net cash provided by (used in) financing activities 29,891,729us-gaap_NetCashProvidedByUsedInFinancingActivities (4,377,454)us-gaap_NetCashProvidedByUsedInFinancingActivities
INCREASE IN CASH AND CASH EQUIVALENTS 5,967,833us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 3,877,167us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
CASH DIFFERENCES DUE TO EXCHANGE RATE CHANGES (497,374)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsDiscontinuedOperations 256,983us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsDiscontinuedOperations
NET CHANGE IN CASH AND CASH EQUIVALENTS - DISCONTINUED 0us-gaap_NetCashProvidedByUsedInDiscontinuedOperations 106,548us-gaap_NetCashProvidedByUsedInDiscontinuedOperations
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 5,821,325us-gaap_CashAndCashEquivalentsAtCarryingValue 1,580,627us-gaap_CashAndCashEquivalentsAtCarryingValue
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 11,291,784us-gaap_CashAndCashEquivalentsAtCarryingValue 5,821,325us-gaap_CashAndCashEquivalentsAtCarryingValue
SUPPLEMENTARY INFORMATION ON NON-CASH AND OTHER TRANSACTIONS:    
Interest paid during the year 1,004,052us-gaap_InterestPaid 420,505us-gaap_InterestPaid
Taxes on income paid during the year $ 256,246us-gaap_IncomeTaxesPaidNet $ 93,004us-gaap_IncomeTaxesPaidNet