Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2019
Dec. 31, 2018
CURRENT ASSETS:    
Cash and cash equivalents $ 5,196,806 $ 4,222,246
Restricted collateral deposits 157,775 222,712
Trade receivables, net 17,163,788 16,259,809
Contract assets 24,970,939 17,867,896
Other accounts receivable and prepaid expenses 3,628,600 5,989,263
Inventories, net 8,905,529 9,912,748
Total current assets 60,023,437 54,474,674
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 3,883,947 3,427,705
Other long term receivables 537,007 543,205
Property and equipment, net 9,504,583 8,914,247
Right of use asset 5,887,243  
Other intangible assets, net 4,919,657 4,465,778
Goodwill 46,138,036 46,138,036
Total long term assets 70,870,473 63,488,971
Total assets 130,893,910 117,963,645
CURRENT LIABILITIES:    
Trade payables 7,882,797 6,442,919
Other accounts payable and accrued expenses 6,245,907 6,498,045
Current portion of lease obligations 628,294  
Current portion of long term debt 2,983,905 2,204,653
Short term bank credit 10,334,840 5,500,416
Contract liabilities 7,504,965 7,054,779
Total current liabilities 35,580,708 27,700,812
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 4,682,611 4,125,675
Long term portion of lease obligations 5,569,696  
Long term portion of debt 5,856,494 6,360,569
Deferred income tax liability 3,219,008 2,863,098
Other long term liabilities 42,364 137,774
Total long-term liabilities 19,370,173 13,487,116
Total liabilities 54,950,881 41,187,928
STOCKHOLDERS’ EQUITY:    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of September 30, 2019 and December 31, 2018; Issued and outstanding: 26,665,240 shares and 26,486,152 shares as of September 30, 2019 and December 31, 2018, respectively 266,653 264,862
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of September 30, 2019 and December 31, 2018; No shares issued or outstanding as of September 30, 2019 and December 31, 2018 0 0
Additional paid-in capital 251,727,312 251,551,001
Accumulated deficit (177,576,117) (176,498,057)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 2,433,235 2,365,965
Total stockholders’ equity 75,943,029 76,775,717
Total liabilities and stockholders’ equity $ 130,893,910 $ 117,963,645