Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 1,419,627 $ (574,717)
Adjustments required to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 1,465,716 1,277,985
Amortization of intangible assets 1,298,573 1,728,956
Stock based compensation 491,654 309,053
Deferred tax provision 506,544 685,908
Changes in operating assets and liabilities:    
Trade receivables 4,992,521 3,416,571
Unbilled receivables (3,454,977) (4,008,309)
Other accounts receivable and prepaid expenses (1,195,029) (391,646)
Inventories (1,116,401) 620,751
Severance pay, net (12,886) (1,981,943)
Trade payables 319,488 1,815,709
Other accounts payable and accrued expenses (1,068,136) (223,856)
Deferred revenues (264,212) (1,831,183)
Net cash provided by operating activities 3,382,482 843,279
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (1,342,060) (3,733,323)
Additions to capitalized software (406,147) (131,169)
Decrease in restricted collateral deposits 0 (33,398)
Net cash used in investing activities (1,748,207) (3,897,890)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from long term debt 0 2,150,000
Repayment of long term debt (1,689,895) (1,284,278)
Other financing activities (54,155) 0
Change in short term bank credit (317,730) 104,927
Net cash (used in) provided by financing activities (2,061,780) 970,649
DECREASE IN CASH, RESTRICTED CASH, AND CASH EQUIVALENTS (427,505) (2,083,962)
CASH DIFFERENCES DUE TO EXCHANGE RATE DIFFERENCES 120,939 (712,004)
CASH, RESTRICTED CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 5,488,754 7,130,983
CASH, RESTRICTED CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 5,182,188 4,335,017
SUPPLEMENTARY CASH FLOW INFORMATION:    
Interest paid during the period 658,134 531,210
Taxes paid on income during the period $ 79,983 $ 152,444