Annual report pursuant to Section 13 and 15(d)

NOTE 18: - ACQUISITION OF UEC ELECTRONICS, LLC (Tables)

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NOTE 18: - ACQUISITION OF UEC ELECTRONICS, LLC (Tables)
12 Months Ended
Dec. 31, 2014
Business Combinations [Abstract]  
Schedule of Business Acquisitions, by Acquisition [Table Text Block] Based upon a valuation of tangible and intangible assets acquired, the Company has allocated the cost of the Acquisition to UEC’s net assets as follows (unaudited):

Tangible assets acquired:
       
               Cash:
 
$
92,590
 
               Accounts receivable and unbilled revenues
   
12,513,805
 
               Other current assets
   
854,776
 
               Property and equipment, net
   
1,010,321
 
Intangible assets
       
Customer list
   
7,400,000
 
Contracts in place (backlog)
   
2,100,000
 
Technology
   
3,200,000
 
Covenant not to compete.
   
400,000
 
Goodwill (intangibles that did not qualify for separate recognition)
   
15,105,680
 
Total asset value
   
42,677,172
 
Less: liabilities assumed
   
(4,754,927
)
Net fair value of assets acquired
 
$
37,922,245
 
Business Acquisition, Pro Forma Information [Table Text Block] In April 2014, the Company acquired UEC, as more fully described above (the “Acquisition”). The following summary pro forma information includes the effects of the Acquisition on the operating results of the Company. The pro forma data for the years ended December 31, 2014 and 2013 are presented as if the Acquisition had been completed on January 1, 2013. This pro forma financial information does not purport to be indicative of the results of operations that would have occurred had the Acquisition taken place on January 1, 2013, nor do they purport to be indicative of the results of operations that will be obtained in the future.

   
Year Ended December 31,
 
   
2014
   
2013
 
Revenues
  $ 116,113,345     $ 120,854,708  
Income – continuing operations before income tax
  $ 8,050,164     $ 2,562,522  
Net income
  $ 7,026,327     $ 1,388,183  
Basic net income per share
  $ 0.32     $ 0.08  
Diluted net income per share
  $ 0.31     $ 0.08  
Weighted average number of shares used in computing basic net income per share
    22,127,751       17,282,848  
Weighted average number of shares used in computing diluted net income per share
    22,730,491       17,885,588