Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash and cash equivalents $ 9,896,552 $ 10,608,420
Restricted collateral deposits 65,294 89,985
Trade receivables 16,200,451 17,401,479
Unbilled receivables 7,985,180 12,132,484
Other accounts receivable and prepaid expenses 2,078,376 1,007,358
Inventories 9,673,232 9,607,836
Total current assets 45,899,085 50,847,562
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 5,661,255 5,384,024
Other long term receivables 23,745 23,403
Property and equipment, net 6,393,384 6,440,270
Other intangible assets, net 7,896,041 9,334,730
Goodwill 45,487,970 45,463,027
Total long term assets 65,462,395 66,645,454
Total assets 111,361,480 117,493,016
CURRENT LIABILITIES:    
Trade payables 3,075,639 5,914,042
Other accounts payable and accrued expenses 5,551,619 5,560,040
Current portion of long term debt 1,383,380 4,362,438
Short term bank credit 4,326,083 4,060,000
Deferred revenues 5,745,962 6,879,815
Total current liabilities 20,082,683 26,776,335
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 7,857,174 7,516,980
Long term portion of debt 9,656,601 11,856,522
Deferred income tax liability 7,410,853 7,031,564
Other long term liabilities 86,979 264,244
Total long-term liabilities 25,011,607 26,669,310
Total liabilities 45,094,290 53,445,645
Share capital –    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of June 30, 2016 and December 31, 2015; Issued and outstanding: 26,438,224 shares and 24,697,335 shares as of June 30, 2016 and December 31, 2015, respectively 264,382 246,973
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of June 30, 2016 and December 31, 2015; No shares issued or outstanding as of June 30, 2016 and December 31, 2015 0 0
Additional paid-in capital 250,175,492 246,591,415
Accumulated deficit (183,998,359) (182,554,637)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 733,729 671,674
Total stockholders' equity 66,267,190 64,047,371
Total liabilities and stockholders' equity $ 111,361,480 $ 117,493,016