Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (1,078,060) $ 1,419,627
Adjustments required to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Depreciation 1,534,133 1,465,716
Amortization of intangible assets 931,527 1,298,573
Stock based compensation 291,023 491,654
Deferred tax provision 355,910 506,544
Changes in operating assets and liabilities:    
Trade receivables (903,979) 4,992,521
Contract assets (7,103,043) (3,454,977)
Other accounts receivable and prepaid expenses 2,677,608 (1,195,029)
Inventories 1,008,749 (1,116,401)
Severance pay, net 136,914 (12,886)
Trade payables 1,439,873 319,488
Other accounts payable and accrued expenses (335,589) (1,068,136)
Contract liabilities 450,186 (264,212)
Net cash (used in) provided by operating activities (594,748) 3,382,482
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (2,124,469) (1,342,060)
Additions to capitalized software (1,385,406) (406,147)
Net cash used in investing activities (3,509,875) (1,748,207)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from long term debt 1,917,577 0
Repayment of long term debt (1,642,400) (1,689,895)
Other financing activities (118,649) (54,155)
Change in short term bank credit 4,834,424 (317,730)
Net cash provided by (used in) financing activities 4,990,952 (2,061,780)
INCREASE (DECREASE) IN CASH, RESTRICTED CASH, AND CASH EQUIVALENTS 886,329 (427,505)
CASH DIFFERENCES DUE TO EXCHANGE RATE DIFFERENCES 23,294 120,939
CASH, RESTRICTED CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 4,444,958 5,488,754
CASH, RESTRICTED CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD $ 5,354,581 $ 5,182,188