Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2012
Dec. 31, 2011
CURRENT ASSETS:    
Cash and cash equivalents $ 1,391,605 $ 2,324,163
Restricted collateral deposits 93,023 1,679,609
Trade receivables net of allowance for doubtful accounts 11,322,057 11,883,779
Unbilled receivables 10,144,178 5,722,781
Other accounts receivable and prepaid expenses 1,342,523 1,453,152
Inventories 10,376,391 9,503,171
Discontinued operations – short term 2,609,750 6,032,625
Total current assets 37,279,527 38,599,280
LONG TERM ASSETS:    
Severance pay fund 3,853,535 3,554,877
Other long term receivables 46,111 58,596
Property and equipment, net 4,390,011 4,631,007
Other intangible assets, net 2,649,604 3,153,104
Goodwill 30,265,570 30,421,198
Discontinued operations – long term 379,895 683,883
Total long term assets 41,584,726 42,502,665
Total assets 78,864,253 [1] 81,101,945
CURRENT LIABILITIES:    
Trade payables 10,252,425 6,694,127
Other accounts payable and accrued expenses 3,284,659 3,634,133
Current portion of capitalized leases 3,343 11,053
Current portion of long term debt 62,643 94,595
Short term bank credit 8,541,324 6,618,431
Deferred revenues 3,939,213 4,019,425
Discontinued operations – short term 3,356,374 7,306,967
Total current liabilities 29,439,981 28,378,731
LONG TERM LIABILITIES:    
Accrued severance pay 5,692,068 5,268,827
Long term portion of capitalized leases   495
Long term debt 1,045,000 1,018,750
Deferred tax liability 4,620,771 4,321,521
Other long term liabilities 23,054 24,345
Discontinued operations – long term 931,955 963,814
Total long term liabilities 12,312,848 11,597,752
Share capital    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of June 30, 2012 and December 31, 2011; Issued and outstanding: 15,939,741 shares and 15,570,491 shares as of June 30, 2012 and December 31, 2011, respectively 159,397 155,705
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of June 30, 2012 and December 31, 2011; No shares issued or outstanding as of June 30, 2012 and December 31, 2011 0 0
Additional paid-in capital 222,901,310 222,786,426
Accumulated deficit (186,193,349) (182,232,246)
Notes receivable from stockholders (954,647) (954,647)
Accumulated other comprehensive income 1,198,713 1,370,224
Total stockholders’ equity 37,111,424 41,125,462
Total liabilities and stockholders’ equity $ 78,864,253 $ 81,101,945
[1] Out of those amounts, goodwill in the Company's Training and Simulation and Battery and Power Systems Divisions totaled $24,435,641 and $5,829,929, respectively, as of June 30, 2012 and $24,435,641 and $6,697,163, respectively, as of June 30, 2011.