Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v2.4.1.9
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2015
Dec. 31, 2014
CURRENT ASSETS:    
Cash and cash equivalents $ 11,959,596us-gaap_CashAndCashEquivalentsAtCarryingValue $ 11,291,784us-gaap_CashAndCashEquivalentsAtCarryingValue
Restricted collateral deposits 234,364us-gaap_RestrictedCashAndInvestmentsCurrent 236,428us-gaap_RestrictedCashAndInvestmentsCurrent
Trade receivables 16,513,109us-gaap_AccountsReceivableNetCurrent 17,595,811us-gaap_AccountsReceivableNetCurrent
Unbilled receivables 14,454,220us-gaap_UnbilledReceivablesCurrent 15,937,060us-gaap_UnbilledReceivablesCurrent
Other accounts receivable and prepaid expenses 1,709,861us-gaap_PrepaidExpenseAndOtherAssetsCurrent 1,155,548us-gaap_PrepaidExpenseAndOtherAssetsCurrent
Inventories 9,091,854us-gaap_InventoryNet 9,811,783us-gaap_InventoryNet
Total current assets 53,963,004us-gaap_AssetsCurrent 56,028,414us-gaap_AssetsCurrent
LONG TERM ASSETS:    
Severance pay fund 4,938,010artx_PostEmploymentBenefitSeveranceBenefits 4,961,918artx_PostEmploymentBenefitSeveranceBenefits
Other long term receivables 22,944us-gaap_LongTermInvestmentsAndReceivablesNet 23,482us-gaap_LongTermInvestmentsAndReceivablesNet
Property and equipment, net 6,395,904us-gaap_PropertyPlantAndEquipmentNet 6,462,949us-gaap_PropertyPlantAndEquipmentNet
Other intangible assets, net 10,979,592us-gaap_IntangibleAssetsNetExcludingGoodwill 11,840,365us-gaap_IntangibleAssetsNetExcludingGoodwill
Goodwill 45,287,756us-gaap_Goodwill 45,422,219us-gaap_Goodwill
Total long term assets 67,624,206us-gaap_AssetsNoncurrent 68,710,933us-gaap_AssetsNoncurrent
Total assets 121,587,210us-gaap_Assets 124,739,347us-gaap_Assets
CURRENT LIABILITIES:    
Trade payables 4,664,424us-gaap_AccountsPayableTradeCurrent 6,772,082us-gaap_AccountsPayableTradeCurrent
Other accounts payable and accrued expenses 7,636,645us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent 9,105,214us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent
Current portion of long term debt 4,330,839us-gaap_LongTermDebtCurrent 4,380,730us-gaap_LongTermDebtCurrent
Short term bank credit 3,760,000us-gaap_ShortTermBorrowings 33,238us-gaap_ShortTermBorrowings
Deferred revenues 6,489,188us-gaap_DeferredRevenueCurrent 7,826,178us-gaap_DeferredRevenueCurrent
Total current liabilities 26,881,096us-gaap_LiabilitiesCurrent 28,117,442us-gaap_LiabilitiesCurrent
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 6,975,295us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent 7,051,630us-gaap_AccountsPayableAndAccruedLiabilitiesNoncurrent
Long term portion of debt 15,489,096us-gaap_OtherLongTermDebtNoncurrent 16,934,360us-gaap_OtherLongTermDebtNoncurrent
Deferred income tax liability 6,266,646us-gaap_DeferredTaxLiabilitiesNoncurrent 6,117,021us-gaap_DeferredTaxLiabilitiesNoncurrent
Other long term liabilities 188,945us-gaap_OtherLiabilitiesNoncurrent 163,446us-gaap_OtherLiabilitiesNoncurrent
Total long-term liabilities 28,919,982us-gaap_LiabilitiesNoncurrent 30,266,457us-gaap_LiabilitiesNoncurrent
Total liabilities 55,801,078us-gaap_Liabilities 58,383,899us-gaap_Liabilities
Share capital –    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of March 31, 2015 and December 31, 2014; Issued and outstanding: 24,568,351 shares and 24,533,121 shares as of March 31, 2015 and December 31, 2014, respectively 245,684us-gaap_CommonStockValueOutstanding 245,331us-gaap_CommonStockValueOutstanding
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of March 31, 2015 and December 31, 2014; No shares issued or outstanding as of March 31, 2015 and December 31, 2014 0us-gaap_PreferredStockValueOutstanding 0us-gaap_PreferredStockValueOutstanding
Additional paid-in capital 246,129,264us-gaap_AdditionalPaidInCapitalCommonStock 245,970,742us-gaap_AdditionalPaidInCapitalCommonStock
Accumulated deficit (180,092,288)us-gaap_RetainedEarningsAccumulatedDeficit (179,609,611)us-gaap_RetainedEarningsAccumulatedDeficit
Notes receivable from stockholders (908,054)us-gaap_ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock (908,054)us-gaap_ReceivableFromShareholdersOrAffiliatesForIssuanceOfCapitalStock
Accumulated other comprehensive income 411,526us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax 657,040us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax
Total stockholders’ equity 65,786,132us-gaap_StockholdersEquity 66,355,448us-gaap_StockholdersEquity
Total liabilities and stockholders’ equity $ 121,587,210us-gaap_LiabilitiesAndStockholdersEquity $ 124,739,347us-gaap_LiabilitiesAndStockholdersEquity