Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

v3.5.0.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash and cash equivalents $ 10,322,578 $ 10,608,420
Restricted collateral deposits 235,292 89,985
Trade receivables 17,226,850 17,401,479
Unbilled receivables 11,709,032 12,132,484
Other accounts receivable and prepaid expenses 2,403,509 1,007,358
Inventories 10,569,742 9,607,836
Current assets of discontinued operations 40,000 0
Total current assets 52,507,003 50,847,562
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 4,787,795 5,370,755
Other long term receivables 24,301 23,403
Property and equipment, net 6,010,908 6,385,238
Other intangible assets, net 7,197,744 9,334,730
Goodwill 45,627,221 45,463,027
Long term assets of discontinued operations 307,957 68,301
Total long term assets 63,955,926 66,645,454
Total assets 116,462,929 117,493,016
CURRENT LIABILITIES:    
Trade payables 4,693,744 5,914,042
Other accounts payable and accrued expenses 4,808,672 5,560,040
Current portion of long term debt 1,664,831 4,362,438
Short term bank credit 7,409,208 4,060,000
Deferred revenues 5,808,304 6,879,815
Current liabilities of discontinued operations 524,052  
Total current liabilities 24,908,811 26,776,335
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 7,215,612 7,497,685
Long term portion of debt 9,164,244 11,856,522
Deferred income tax liability 7,639,489 7,031,564
Other long term liabilities 93,914 264,244
Long term liabilities of discontinued operations 55,678 19,295
Total long-term liabilities 24,168,937 26,669,310
Total liabilities 49,077,748 53,445,645
Share capital –    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of September 30, 2016 and December 31, 2015; Issued and outstanding: 26,438,224 shares and 24,697,335 shares as of September 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 September 30, 2016 and December 31, 2015; No shares issued or outstanding as of September 30, 2016 and December 31, 2015 0 0
Additional paid-in capital 250,312,743 246,591,415
Accumulated deficit (183,362,456) (182,554,637)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 1,078,566 671,674
Total stockholders' equity 67,385,181 64,047,371
Total liabilities and stockholders' equity $ 116,462,929 $ 117,493,016