Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash and cash equivalents $ 4,990,824 $ 5,205,246
Restricted collateral deposits 191,364 283,508
Trade receivables 14,189,909 19,258,960
Unbilled receivables 19,549,492 16,094,515
Other accounts receivable and prepaid expenses 3,126,811 2,342,220
Inventories 9,749,759 8,654,878
Total current assets 51,798,159 51,839,327
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 3,761,829 3,754,789
Other long term receivables 590,337 184,331
Property and equipment, net 9,150,586 9,276,088
Other intangible assets, net 4,313,179 5,205,605
Goodwill 46,138,036 46,138,036
Total long term assets 63,953,967 64,558,849
Total assets 115,752,126 116,398,176
CURRENT LIABILITIES:    
Trade payables 5,889,008 5,560,196
Other accounts payable and accrued expenses 5,591,956 6,640,154
Current portion of long term debt 2,220,500 2,248,043
Short term bank credit 4,774,358 5,092,088
Deferred revenues 6,514,101 6,778,313
Total current liabilities 24,989,923 26,318,794
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 4,746,186 4,709,807
Long term portion of debt 6,908,172 8,570,524
Deferred income tax liability 6,107,265 5,600,721
Other long term liabilities 116,398 105,112
Total long-term liabilities 17,878,021 18,986,164
Total liabilities 42,867,944 45,304,958
STOCKHOLDERS’ EQUITY:    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of September 30, 2018 and December 31, 2017; Issued and outstanding: 26,486,152 shares and 26,395,048 shares as of September 30, 2018 and December 31, 2017, respectively 264,862 263,951
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of September 30, 2018 and December 31, 2017; No shares issued or outstanding as of September 30, 2018 and December 31, 2017 0 0
Additional paid-in capital 251,263,461 250,826,873
Accumulated deficit (180,149,130) (181,568,757)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 2,413,043 2,479,205
Total stockholders’ equity 72,884,182 71,093,218
Total liabilities and stockholders’ equity $ 115,752,126 $ 116,398,176