Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (807,784) $ (3,343,618)
Adjustments required to reconcile net loss to net cash used in operating activities:    
Amortization of intangible assets 2,164,937 2,286,384
Depreciation 1,322,595 1,376,036
Deferred tax provision 607,925 685,907
Stock based compensation 785,738 475,330
(Gain) on dispositions, net 0 (782,659)
Changes in operating assets and liabilities:    
Unbilled receivables 433,010 5,235,597
Trade receivables 372,779 1,422,092
Severance payable 436,682 83,639
Inventories (819,411) (162,571)
Other accounts receivable and prepaid expenses (1,420,274) (368,649)
Trade payables (1,166,222) (1,938,581)
Deferred revenues (1,071,511) (2,621,311)
Other accounts payable and accrued expenses (341,418) (3,935,623)
Net cash provided by (used in) operating activities 497,046 (1,588,027)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Proceeds from sale of property and equipment 0 895,000
Increase (decrease) in restricted collateral deposits (139,192) 783
Purchase of property and equipment (1,108,356) (1,352,805)
Additions to capitalized software (27,951) (350,942)
Net cash used in investing activities (1,275,499) (807,964)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of long term debt (16,380,225) (3,542,154)
Change in short term bank credit 3,349,208 5,726,762
Proceeds from long term debt 11,000,000 0
Proceeds from the issuance of common stock 2,952,999 0
Net cash provided by financing activities 921,982 2,184,608
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 143,529 (211,383)
CASH DIFFERENCES DUE TO EXCHANGE RATE CHANGES (429,371) (55,050)
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 10,322,578 11,025,351
SUPPLEMENTARY CASH FLOW INFORMATION:    
Interest paid during the period 574,547 746,681
Taxes paid on income during the period $ 111,441 $ 594,652