Financials

v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash and cash equivalents $ 4,990,824 $ 5,205,246
Restricted collateral deposits 191,364 283,508
Trade receivables 14,189,909 19,258,960
Unbilled receivables 19,549,492 16,094,515
Other accounts receivable and prepaid expenses 3,126,811 2,342,220
Inventories 9,749,759 8,654,878
Total current assets 51,798,159 51,839,327
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 3,761,829 3,754,789
Other long term receivables 590,337 184,331
Property and equipment, net 9,150,586 9,276,088
Other intangible assets, net 4,313,179 5,205,605
Goodwill 46,138,036 46,138,036
Total long term assets 63,953,967 64,558,849
Total assets 115,752,126 116,398,176
CURRENT LIABILITIES:    
Trade payables 5,889,008 5,560,196
Other accounts payable and accrued expenses 5,591,956 6,640,154
Current portion of long term debt 2,220,500 2,248,043
Short term bank credit 4,774,358 5,092,088
Deferred revenues 6,514,101 6,778,313
Total current liabilities 24,989,923 26,318,794
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 4,746,186 4,709,807
Long term portion of debt 6,908,172 8,570,524
Deferred income tax liability 6,107,265 5,600,721
Other long term liabilities 116,398 105,112
Total long-term liabilities 17,878,021 18,986,164
Total liabilities 42,867,944 45,304,958
STOCKHOLDERS’ EQUITY:    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of September 30, 2018 and December 31, 2017; Issued and outstanding: 26,486,152 shares and 26,395,048 shares as of September 30, 2018 and December 31, 2017, respectively 264,862 263,951
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of September 30, 2018 and December 31, 2017; No shares issued or outstanding as of September 30, 2018 and December 31, 2017 0 0
Additional paid-in capital 251,263,461 250,826,873
Accumulated deficit (180,149,130) (181,568,757)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 2,413,043 2,479,205
Total stockholders’ equity 72,884,182 71,093,218
Total liabilities and stockholders’ equity $ 115,752,126 $ 116,398,176
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Statement [Abstract]        
Revenues $ 23,844,477 $ 25,930,441 $ 72,967,596 $ 69,726,579
Cost of revenues 16,516,663 18,673,955 51,328,827 50,007,949
Research and development expenses 753,792 1,031,669 2,518,787 2,791,519
Selling and marketing expenses 1,837,823 1,707,209 5,647,284 5,674,653
General and administrative expenses 3,201,566 2,732,171 9,413,379 8,588,759
Amortization of intangible assets 391,831 509,303 1,298,573 1,728,956
Total operating costs and expenses 22,701,675 24,654,307 70,206,850 68,791,836
Operating income 1,142,802 1,276,134 2,760,746 934,743
Other income (expense), net (1,521) (23,758) 5,878 (13,498)
Financial expense, net (173,345) (200,923) (696,232) (749,967)
Total other expense (174,866) (224,681) (690,354) (763,465)
Income before income tax expense 967,936 1,051,453 2,070,392 171,278
Income tax expense 227,380 263,235 650,765 745,995
Net income (loss) 740,556 788,218 1,419,627 (574,717)
Other comprehensive income, net of income tax:        
Foreign currency translation adjustment 13,100 (166,075) (66,162) 1,420,099
Comprehensive income $ 753,656 $ 622,143 $ 1,353,465 $ 845,382
Income (loss) per share of common stock:        
Basic net income (loss) per share (in dollars per shares) $ 0.03 $ 0.03 $ 0.05 $ (0.02)
Diluted net income (loss) per share (in dollars per shares) $ 0.03 $ 0.03 $ 0.05 $ (0.02)
Weighted average number of shares used in computing basic net income (loss) per share (in shares) 26,486,152 26,394,613 26,466,948 26,202,386
Weighted average number of shares used in computing diluted net income (loss) per share (in shares) 26,486,152 26,394,613 26,466,948 26,202,386
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 1,419,627 $ (574,717)
Adjustments required to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 1,465,716 1,277,985
Amortization of intangible assets 1,298,573 1,728,956
Stock based compensation 491,654 309,053
Deferred tax provision 506,544 685,908
Changes in operating assets and liabilities:    
Trade receivables 4,992,521 3,416,571
Unbilled receivables (3,454,977) (4,008,309)
Other accounts receivable and prepaid expenses (1,195,029) (391,646)
Inventories (1,116,401) 620,751
Severance pay, net (12,886) (1,981,943)
Trade payables 319,488 1,815,709
Other accounts payable and accrued expenses (1,068,136) (223,856)
Deferred revenues (264,212) (1,831,183)
Net cash provided by operating activities 3,382,482 843,279
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (1,342,060) (3,733,323)
Additions to capitalized software (406,147) (131,169)
Decrease in restricted collateral deposits 0 (33,398)
Net cash used in investing activities (1,748,207) (3,897,890)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from long term debt 0 2,150,000
Repayment of long term debt (1,689,895) (1,284,278)
Other financing activities (54,155) 0
Change in short term bank credit (317,730) 104,927
Net cash (used in) provided by financing activities (2,061,780) 970,649
DECREASE IN CASH, RESTRICTED CASH, AND CASH EQUIVALENTS (427,505) (2,083,962)
CASH DIFFERENCES DUE TO EXCHANGE RATE DIFFERENCES 120,939 (712,004)
CASH, RESTRICTED CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 5,488,754 7,130,983
CASH, RESTRICTED CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 5,182,188 4,335,017
SUPPLEMENTARY CASH FLOW INFORMATION:    
Interest paid during the period 658,134 531,210
Taxes paid on income during the period $ 79,983 $ 152,444