Financials

v3.8.0.1
CONSOLIDATED BALANCE SHEETS - USD ($)
Dec. 31, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash and cash equivalents $ 5,205,246 $ 7,130,983
Restricted collateral deposits 283,508 268,980
Trade receivables 19,258,960 16,821,737
Unbilled receivables 16,094,515 10,981,577
Other accounts receivable and prepaid expenses 2,342,220 2,156,896
Inventories 8,654,878 10,318,021
Total current assets 51,839,327 47,678,194
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 3,754,789 3,177,238
Other long term receivables 184,331 56,662
Property and equipment, net 9,276,088 5,915,240
Other intangible assets, net 5,205,605 6,823,346
Goodwill 46,138,036 45,489,517
Discontinued operations 0 270,139
Total long term assets 64,558,849 61,732,142
Total assets 116,398,176 109,410,336
CURRENT LIABILITIES:    
Trade payables 5,560,196 4,362,804
Other accounts payable and accrued expenses 6,640,154 5,597,558
Current portion of long term debt 2,248,043 1,828,840
Short term bank credit 5,092,088 2,973,032
Severance payable 0 2,577,472
Deferred revenues 6,778,313 6,421,271
Total current liabilities 26,318,794 23,760,977
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 4,709,807 3,891,710
Long term portion of debt 8,570,524 8,703,736
Deferred income tax liability 5,600,721 7,868,125
Other long term liabilities 105,112 100,742
Total long-term liabilities 18,986,164 20,564,313
Total liabilities 45,304,958 44,325,290
Share capital –    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of December 31, 2017 and 2016; Issued and outstanding: 26,395,048 and 26,438,234 shares as of December 31, 2017 and 2016, respectively 263,951 264,382
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of December 31, 2017 and 2016; No shares issued or outstanding as of December 31, 2017 and 2016 0 0
Additional paid-in capital 250,826,873 250,405,012
Accumulated deficit (181,568,757) (185,402,893)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 2,479,205 726,599
Total stockholders’ equity 71,093,218 65,085,046
Total liabilities and stockholders’ equity $ 116,398,176 $ 109,410,336
v3.8.0.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Revenues $ 98,722,678 $ 92,975,752 $ 96,573,947
Cost of revenues 71,082,708 64,825,416 68,456,322
Research and development expenses 3,041,130 2,722,965 3,075,362
Selling and marketing expenses 7,874,364 7,029,090 5,373,421
General and administrative expenses 11,623,900 15,308,461 16,339,027
Amortization of intangible assets 2,205,755 2,875,543 3,043,536
Total operating costs and expenses 95,827,857 92,761,475 96,287,668
Operating income 2,894,821 214,277 286,279
Other income (expense), net (8,156) 64,832 (24,181)
Financial expense, net (1,076,659) (975,263) (1,152,121)
Total other expense (1,084,815) (910,431) (1,176,302)
Income (loss) from continuing operations before income tax (benefit) expense 1,810,006 (696,154) (890,023)
Income tax (benefit) expense (2,024,130) 783,420 1,160,946
Income (loss) from continuing operations 3,834,136 (1,479,574) (2,050,969)
Loss from discontinued operations 0 (1,368,682) (894,057)
Net income (loss) 3,834,136 (2,848,256) (2,945,026)
Other comprehensive income (loss), net of $0 income tax      
Foreign currency translation adjustment 1,752,606 54,925 14,634
Comprehensive income (loss) $ 5,586,742 $ (2,793,331) $ (2,930,392)
Income (loss) per share of common stock:      
Basic – continuing operations (in Dollars per share) $ 0.15 $ (0.06) $ (0.08)
Basic – discontinued operations (in Dollars per share) 0 (0.05) (0.04)
Basic net income (loss) per share (in Dollars per share) 0.15 (0.11) (0.12)
Diluted – continuing operations (in Dollars per share) 0.15 (0.06) (0.08)
Diluted – discontinued operations (in Dollars per share) 0 (0.05) (0.04)
Diluted net income (loss) per share (in Dollars per share) $ 0.15 $ (0.11) $ (0.12)
Weighted average number of shares used in computing basic net income (loss) per share (in Shares) 26,380,312 25,494,097 23,687,733
Weighted average number of shares used in computing diluted net income (loss) per share (in Shares) 26,380,312 25,494,097 23,687,733
v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 3,834,136 $ (2,848,256) $ (2,945,026)
Adjustments required to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation 1,835,308 1,789,041 1,851,982
Amortization of intangible assets 2,205,755 2,875,543 3,043,536
Stock based compensation 421,430 878,007 622,315
Loss (gain) from sale of property and equipment 5,651 8,680 (781,023)
Deferred tax expense (2,267,404) 836,561 914,543
Changes in operating assets and liabilities:      
Trade receivables (1,857,393) 659,468 194,332
Unbilled receivables (5,085,759) 1,155,454 3,804,576
Other accounts receivable and prepaid expenses (252,560) (1,176,895) 148,269
Inventories 2,067,853 (652,391) 203,947
Severance pay, net (1,894,037) 1,210,662 43,244
Trade payables 1,282,162 (1,532,471) (858,040)
Other accounts payable and accrued expenses 1,252,630 (103,186) (944,376)
Deferred revenues 357,041 (458,544) (946,363)
Net cash provided by operating activities 1,904,813 2,641,673 4,351,916
CASH FLOWS FROM INVESTING ACTIVITIES:      
Changes in restricted collateral deposits 14,033 (176,354) 146,443
Purchase of property and equipment (4,824,493) (1,555,788) (2,002,104)
Additions to capitalized software development (588,014) (364,159) (537,901)
Proceeds from sale of property and equipment 33,766 31,343 953,824
Net cash used in investing activities (5,364,708) (2,064,958) (1,439,738)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Repayment of long term debt (1,842,998) (16,682,823) (5,096,130)
Proceeds from long term debt 2,150,000 11,000,000 0
Change in short term bank credit, net 2,119,056 (1,086,968) 4,026,762
Payment of acquisition related earnout 0 0 (2,500,000)
Proceeds from sale of common stock, net of offering costs 0 2,952,999 0
Net cash provided by (used in) financing activities 2,426,058 (3,816,792) (3,569,368)
DECREASE IN CASH AND CASH EQUIVALENTS (1,033,837) (3,240,077) (657,190)
CASH DIFFERENCES DUE TO EXCHANGE RATE CHANGES (891,900) (237,360) (26,174)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 7,130,983 10,608,420 11,291,784
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 5,205,246 7,130,983 10,608,420
SUPPLEMENTARY CASH FLOW INFORMATION:      
Interest paid during the year 765,941 712,558 1,084,710
Income tax paid during the year $ 169,584 $ 221,654 $ 679,055