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CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (USD $)
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3 Months Ended | |
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Mar. 31, 2015
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Mar. 31, 2014
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| 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 |
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- Definition
The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets. As a noncash expense, this element is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of deferred income tax expense (benefit) and income tax credits. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The effect of exchange rate changes on cash balances in discontinuing operations held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of gain (loss) on sale or disposal of assets, including but not limited to property plant and equipment, intangible assets and equity in securities of subsidiaries or equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of gain (loss) on sale or disposal of property, plant and equipment assets, including oil and gas property and timber property. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Change in recurring obligations of a business that arise from the acquisition of merchandise, materials, supplies and services used in the production and sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period of the amount of revenue for work performed for which billing has not occurred, net of uncollectible accounts. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Cash outflows for payments of postemployment benefits (such as severance pay and health insurance benefits) recognized during the period. Postemployment benefits are benefits paid to employees after employment but before retirement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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The cash outflow associated with the development or modification of software programs or applications for internal use (that is, not to be sold, leased or otherwise marketed to others) that qualify for capitalization. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The net cash inflow or outflow for borrowing having initial term of repayment within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow associated with the aggregate amount received by the entity through sale or maturity of marketable securities (held-to-maturity or available-for-sale) during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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