Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

v3.5.0.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (1,443,722) $ (2,725,647)
Adjustments required to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation 868,026 916,218
Amortization of intangible assets 1,466,640 1,566,267
Loss on disposal of assets 0 57,840
Capital gain on sale of property and equipment 0 (895,000)
Stock based compensation 648,487 334,595
Deferred tax provision 379,289 299,250
Changes in operating assets and liabilities:    
Trade receivables 1,279,533 2,807,519
Unbilled receivables 4,151,347 3,304,996
Other accounts receivable and prepaid expenses (1,064,293) (830,565)
Inventories (18,417) (114,667)
Severance pay, net 112,116 93,317
Trade payables (2,820,561) (2,248,761)
Other accounts payable and accrued expenses (163,487) (3,727,310)
Deferred revenues (1,133,853) (2,014,376)
Net cash provided by (used in) operating activities 2,261,105 (3,176,324)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Decrease (increase) in restricted collateral deposits 25,813 (2,875)
Purchase of property and equipment (803,444) (1,104,344)
Proceeds from sale of property and equipment 0 895,000
Additions to capitalized software (27,951) 0
Net cash used in investing activities (805,582) (212,219)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of long term debt (16,175,141) (2,441,651)
Proceeds from the issuance of common stock 2,952,999 0
Change in short term bank credit 266,083 6,426,762
Proceeds from long term debt 11,000,000 0
Net cash provided by (used in) financing activities (1,956,059) 3,985,111
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (500,536) 596,568
CASH DIFFERENCES DUE TO EXCHANGE RATE CHANGES (211,332) 196,106
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 10,608,420 11,291,784
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 9,896,552 12,084,458
SUPPLEMENTARY CASH FLOW INFORMATION    
Interest paid during the period 381,609 448,128
Taxes paid on income during the period $ 60,331 $ 483,147