Financials

v3.10.0.1
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
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]      
Revenues $ 96,599,741 $ 98,722,678 $ 92,975,752
Cost of revenues 67,402,263 71,082,708 64,825,416
Research and development expenses 3,030,469 3,041,130 2,722,965
Selling and marketing expenses 8,175,503 7,874,364 7,029,090
General and administrative expenses 12,919,437 11,623,900 15,308,461
Amortization of intangible assets 1,677,443 2,205,755 2,875,543
Total operating costs and expenses 93,205,115 95,827,857 92,761,475
Operating income 3,394,626 2,894,821 214,277
Other income (expense), net (39,077) (8,156) 64,832
Financial expense, net (921,953) (1,076,659) (975,263)
Total other expense (961,030) (1,084,815) (910,431)
Income (loss) from continuing operations before income tax (benefit) expense 2,433,596 1,810,006 (696,154)
Income tax (benefit) expense 563,641 (5,224,875) 783,420
Income (loss) from continuing operations 1,869,955 7,034,881 (1,479,574)
Loss from discontinued operations 0 0 (1,368,682)
Net income (loss) 1,869,955 7,034,881 (2,848,256)
Other comprehensive income (loss), net of $0 income tax      
Foreign currency translation adjustment (113,240) 1,752,606 54,925
Comprehensive income (loss) $ 1,756,715 $ 8,787,487 $ (2,793,331)
Income (loss) per share of common stock:      
Basic – continuing operations (in dollars per share) $ 0.07 $ 0.27 $ (0.06)
Basic – discontinued operations (in dollars per share) 0.00 0.00 (0.05)
Basic net income (loss) per share (in dollars per share) 0.07 0.27 (0.11)
Diluted – continuing operations (in dollars per share) 0.07 0.27 (0.06)
Diluted – discontinued operations (in dollars per share) 0.00 0.00 (0.05)
Diluted net income (loss) per share (in dollars per share) $ 0.07 $ 0.27 $ (0.11)
Weighted average number of shares used in computing basic net income (loss) per share (in shares) 26,471,507 26,380,312 25,494,097
Weighted average number of shares used in computing diluted net income (loss) per share (in shares) 26,471,507 26,380,312 25,494,097
v3.10.0.1
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