Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2012
Dec. 31, 2011
CURRENT ASSETS:    
Cash and cash equivalents $ 1,580,627 $ 2,324,163
Restricted collateral deposits 186,306 1,679,609
Trade receivables 9,639,709 11,883,779
Unbilled receivables 13,374,004 5,722,781
Other accounts receivable and prepaid expenses 1,178,780 1,453,152
Inventories 10,033,525 9,503,171
Discontinued operations – short term 389,272 6,032,625
Total current assets 36,382,223 38,599,280
LONG TERM ASSETS:    
Severance pay fund 4,177,488 3,554,877
Other long term receivables 55,156 58,596
Property and equipment, net 4,464,580 4,631,007
Other intangible assets, net 2,238,273 3,153,104
Goodwill 30,562,298 30,421,198
Discontinued operations – long term 0 683,883
Total long term assets 41,497,795 42,502,665
Total assets 77,880,018 81,101,945
CURRENT LIABILITIES:    
Trade payables 7,156,327 6,694,127
Other accounts payable and accrued expenses 4,252,910 3,634,133
Current portion of capitalized leases 0 11,053
Current portion of long term debt 888,839 94,595
Short term bank credit 9,787,779 6,618,431
Deferred revenues 3,798,086 4,019,425
Discontinued operations – short term 588,592 7,306,967
Total current liabilities 26,472,533 28,378,731
LONG TERM LIABILITIES:    
Accrued severance pay 6,133,042 5,268,827
Long term portion of capitalized leases 0 495
Long term portion of debt 992,917 1,018,750
Deferred tax liability 4,920,021 4,321,521
Other long term liabilities 27,590 24,345
Discontinued operations – long term 912,813 963,814
Total long-term liabilities 12,986,383 11,597,752
STOCKHOLDERS’ EQUITY:    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of December 31, 2012 and 2011; Issued and outstanding: 16,151,298 shares and 15,570,491 shares as of December 31, 2012 and 2011, respectively 161,513 155,705
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of December 31, 2012 and 2011; No shares issued or outstanding as of December 31, 2012 and 2011 0 0
Additional paid-in capital 223,181,705 222,786,426
Accumulated deficit (185,248,923) (182,232,246)
Notes receivable from stockholders (908,054) (954,647)
Accumulated other comprehensive income 1,234,861 1,370,224
Total stockholders’ equity 38,421,102 41,125,462
Total liabilities and stockholders’ equity $ 77,880,018 $ 81,101,945