Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 1,869,955 $ 7,034,881 $ (2,848,256)
Adjustments required to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 1,990,577 1,835,308 1,789,041
Amortization of intangible assets 1,677,443 2,205,755 2,875,543
Stock based compensation 779,194 421,430 878,007
Loss from sale of property and equipment 47,818 5,651 8,680
Deferred tax (benefit) expense 463,122 (5,468,149) 836,561
Changes in operating assets and liabilities:      
Trade receivables 2,536,905 (1,857,393) 659,468
Unbilled receivables (5,501,385) (5,085,759) 1,155,454
Other accounts receivable and prepaid expenses 44,770 (252,560) (1,176,895)
Inventories (1,295,031) 2,067,853 (652,391)
Severance pay, net (329,857) (1,894,037) 1,210,662
Trade payables 866,633 1,282,162 (1,532,471)
Other accounts payable and accrued expenses (154,023) 1,252,630 (103,186)
Deferred revenues 276,466 357,041 (458,544)
Net cash provided by operating activities 3,272,587 1,904,813 2,641,673
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchases of property and equipment (1,774,166) (4,824,493) (1,555,788)
Additions to capitalized software (937,616) (588,014) (364,159)
Proceeds from sale of property and equipment 94,424 33,766 31,343
Net cash used in investing activities (2,617,358) (5,378,741) (1,888,604)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repayment of long term debt (2,253,345) (1,842,998) (16,682,823)
Proceeds from long term debt 0 2,150,000 11,000,000
Other financing activities (54,155) 0 0
Change in short term bank credit 408,328 2,119,056 (1,086,968)
Proceeds from sale of common stock, net of offering costs 0 0 2,952,999
Net cash provided by (used in) financing activities (1,899,172) 2,426,058 (3,816,792)
DECREASE IN CASH, RESTRICTED COLLATERAL DEPOSITS, AND CASH EQUIVALENTS (1,243,943) (1,047,870) (3,063,723)
CASH DIFFERENCES DUE TO EXCHANGE RATE DIFFERENCES 200,147 (863,339) (234,719)
CASH, RESTRICTED COLLATERAL DEPOSITS AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 5,488,754 7,399,963 10,698,405
CASH, RESTRICTED COLLATERAL DEPOSITS AND CASH EQUIVALENTS AT THE END OF THE YEAR 4,444,958 5,488,754 7,399,963
SUPPLEMENTARY CASH FLOW INFORMATION:      
Interest paid during the year 855,917 765,941 712,558
Income tax paid during the year $ 415,724 $ 169,584 $ 221,654