Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED BALANCE SHEETS

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CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash and cash equivalents $ 4,222,246 $ 5,205,246
Restricted collateral deposits 222,712 283,508
Trade receivables, net 16,259,809 19,258,960
Contract assets 17,867,896 16,094,515
Other accounts receivable and prepaid expenses 5,989,263 2,342,220
Inventories 9,912,748 8,654,878
Total current assets 54,474,674 51,839,327
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 3,427,705 3,754,789
Other long term receivables 543,205 184,331
Property and equipment, net 8,914,247 9,276,088
Other intangible assets, net 4,465,778 5,205,605
Goodwill 46,138,036 46,138,036
Total long term assets 63,488,971 64,558,849
Total assets 117,963,645 116,398,176
CURRENT LIABILITIES:    
Trade payables 6,442,919 5,560,196
Other accounts payable and accrued expenses 6,498,045 6,640,154
Current portion of long term debt 2,204,653 2,248,043
Short term bank credit 5,500,416 5,092,088
Contract liabilities 7,054,779 6,778,313
Total current liabilities 27,700,812 26,318,794
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 4,125,675 4,709,807
Long term portion of debt 6,360,569 8,570,524
Deferred income tax liability 2,863,098 2,399,976
Other long term liabilities 137,774 105,112
Total long-term liabilities 13,487,116 15,785,419
Total liabilities 41,187,928 42,104,213
STOCKHOLDERS’ EQUITY:    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of December 31, 2018 and 2017; Issued and outstanding: 26,486,152 and 26,395,048 shares as of December 31, 2018 and 2017, respectively 264,862 263,951
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of December 31, 2018 and 2017; No shares issued or outstanding as of December 31, 2018 and 2017, respectively 0 0
Additional paid-in capital 251,551,001 250,826,873
Accumulated deficit (176,498,057) (178,368,012)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 2,365,965 2,479,205
Total stockholders’ equity 76,775,717 74,293,963
Total liabilities and stockholders’ equity $ 117,963,645 $ 116,398,176