Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

v2.4.1.9
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (482,677)us-gaap_NetIncomeLoss $ 1,014,092us-gaap_NetIncomeLoss
Adjustments required to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 479,460us-gaap_Depreciation 303,754us-gaap_Depreciation
Amortization of intangible assets 860,773us-gaap_AmortizationOfIntangibleAssets 74,119us-gaap_AmortizationOfIntangibleAssets
Disposal of assets 57,840us-gaap_GainLossOnDispositionOfAssets1 0us-gaap_GainLossOnDispositionOfAssets1
Capital gain on sale of property and equipment (895,000)us-gaap_GainLossOnSaleOfPropertyPlantEquipment 0us-gaap_GainLossOnSaleOfPropertyPlantEquipment
Stock based compensation 158,874us-gaap_ShareBasedCompensation 129,273us-gaap_ShareBasedCompensation
Deferred tax provision 149,625us-gaap_DeferredIncomeTaxesAndTaxCredits 148,919us-gaap_DeferredIncomeTaxesAndTaxCredits
Changes in operating assets and liabilities:    
Trade receivables 1,082,702us-gaap_IncreaseDecreaseInAccountsReceivable (2,506,270)us-gaap_IncreaseDecreaseInAccountsReceivable
Unbilled receivables 1,482,840us-gaap_IncreaseDecreaseInUnbilledReceivables 1,021,932us-gaap_IncreaseDecreaseInUnbilledReceivables
Other accounts receivable and prepaid expenses (553,775)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (350,142)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Inventories 719,929us-gaap_IncreaseDecreaseInInventories 1,542,427us-gaap_IncreaseDecreaseInInventories
Severance pay, net (52,427)us-gaap_PaymentsForPostemploymentBenefits 132,707us-gaap_PaymentsForPostemploymentBenefits
Trade payables (2,107,658)us-gaap_IncreaseDecreaseInAccountsPayableTrade (1,470,813)us-gaap_IncreaseDecreaseInAccountsPayableTrade
Other accounts payable and accrued expenses (1,443,069)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities (949,273)us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
Deferred revenues (1,336,990)us-gaap_IncreaseDecreaseInDeferredRevenue (613,737)us-gaap_IncreaseDecreaseInDeferredRevenue
Net cash provided by (used in) operating activities (1,879,553)us-gaap_NetCashProvidedByUsedInOperatingActivities (1,523,012)us-gaap_NetCashProvidedByUsedInOperatingActivities
CASH FLOWS FROM INVESTING ACTIVITIES:    
Decrease in restricted collateral deposits 2,064us-gaap_IncreaseDecreaseInRestrictedCash 2,251us-gaap_IncreaseDecreaseInRestrictedCash
Purchase of property and equipment (470,255)us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities (300,998)us-gaap_ProceedsFromSaleAndMaturityOfMarketableSecurities
Proceeds from sale of property and equipment 895,000us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment 0us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment
Additions to capitalized software 0us-gaap_PaymentsToDevelopSoftware (61,710)us-gaap_PaymentsToDevelopSoftware
Net cash provided by (used in) investing activities 426,809us-gaap_NetCashProvidedByUsedInInvestingActivities (360,457)us-gaap_NetCashProvidedByUsedInInvestingActivities
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of long term debt (1,495,155)us-gaap_RepaymentsOfLongTermDebt (19,206)us-gaap_RepaymentsOfLongTermDebt
Change in short term bank credit 3,726,762us-gaap_ProceedsFromRepaymentsOfShortTermDebt 2,473,403us-gaap_ProceedsFromRepaymentsOfShortTermDebt
Net cash provided by (used in) financing activities 2,231,607us-gaap_NetCashProvidedByUsedInFinancingActivities 2,454,197us-gaap_NetCashProvidedByUsedInFinancingActivities
INCREASE IN CASH AND CASH EQUIVALENTS 778,863us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 570,728us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
CASH DIFFERENCES DUE TO EXCHANGE RATE DIFFERENCES (111,051)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsDiscontinuedOperations (15,849)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalentsDiscontinuedOperations
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 11,291,784us-gaap_CashAndCashEquivalentsAtCarryingValue 5,821,325us-gaap_CashAndCashEquivalentsAtCarryingValue
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 11,959,596us-gaap_CashAndCashEquivalentsAtCarryingValue 6,376,204us-gaap_CashAndCashEquivalentsAtCarryingValue
SUPPLEMENTARY INFORMATION ON NON-CASH TRANSACTIONS:    
Interest paid during the period 185,981us-gaap_InterestPaid 37,686us-gaap_InterestPaid
Taxes paid on income during the period $ 414,615us-gaap_IncomeTaxesPaidNet $ 3,877us-gaap_IncomeTaxesPaidNet