Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2012
Dec. 31, 2011
CURRENT ASSETS:    
Cash and cash equivalents $ 1,723,954 $ 2,324,163
Restricted collateral deposits 98,232 1,679,609
Trade receivables net of allowance for doubtful accounts 7,465,904 11,883,779
Unbilled receivables 8,281,136 5,722,781
Other accounts receivable and prepaid expenses 1,285,532 1,453,152
Inventories 9,847,890 9,503,171
Discontinued operations – short term 4,427,387 6,032,625
Total current assets 33,130,035 38,599,280
LONG TERM ASSETS:    
Severance pay fund 3,993,914 3,554,877
Other long term receivables 48,693 58,596
Property and equipment, net 4,660,876 4,631,007
Other intangible assets, net 2,861,589 3,153,104
Goodwill 30,591,983 30,421,198
Discontinued operations – long term 726,615 683,883
Total long term assets 42,883,670 42,502,665
Total assets 76,013,705 81,101,945
CURRENT LIABILITIES:    
Trade payables 5,011,013 6,694,127
Other accounts payable and accrued expenses 3,725,806 3,634,133
Current portion of capitalized leases 4,690 11,053
Current portion of long term debt 89,132 94,595
Short term bank credit 5,415,467 6,618,431
Deferred revenues 3,445,309 4,019,425
Discontinued operations – short term 5,827,024 7,306,967
Total current liabilities 23,518,441 28,378,731
LONG TERM LIABILITIES:    
Accrued severance pay 5,751,741 5,268,827
Long term portion of capitalized leases   495
Long term debt 1,000,000 1,018,750
Deferred tax liability 4,471,146 4,321,521
Other long term liabilities 23,922 24,345
Discontinued operations – long term 952,157 963,814
Total long term liabilities 12,198,966 11,597,752
STOCKHOLDERS’ EQUITY:    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of March 31, 2012 and December 31, 2011; Issued and outstanding: 15,622,159 shares and 15,570,491 shares as of March 31, 2012 and December 31, 2011, respectively 156,222 155,705
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of March 31, 2012 and December 31, 2011; No shares issued or outstanding as of March 31, 2012 and December 31, 2011 0 0
Additional paid-in capital 222,849,113 222,786,426
Accumulated deficit (183,291,689) (182,232,246)
Notes receivable from stockholders (954,647) (954,647)
Accumulated other comprehensive income 1,537,299 1,370,224
Total stockholders’ equity 40,296,298 41,125,462
Total liabilities and stockholders’ equity $ 76,013,705 $ 81,101,945