Financials

v3.19.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2019
Dec. 31, 2018
CURRENT ASSETS:    
Cash and cash equivalents $ 4,523,949 $ 4,222,246
Restricted collateral deposits 229,830 222,712
Trade receivables, net 11,801,182 16,259,809
Contract Assets - Current 22,319,968 17,867,896
Other accounts receivable and prepaid expenses 6,548,213 5,989,263
Inventories, net 9,452,464 9,912,748
Total current assets 54,875,606 54,474,674
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 3,637,590 3,427,705
Other long term receivables 541,139 543,205
Property and equipment, net 8,931,136 8,914,247
Right of use asset 6,035,660  
Other intangible assets, net 4,841,152 4,465,778
Goodwill 46,138,036 46,138,036
Total long term assets 70,124,713 63,488,971
Total assets 125,000,319 117,963,645
CURRENT LIABILITIES:    
Trade payables 6,360,287 6,442,919
Other accounts payable and accrued expenses 4,689,993 6,498,045
Current portion of lease obligations 622,065  
Current portion of long term debt 2,235,089 2,204,653
Short term bank credit 9,703,764 5,500,416
Contract liabilities 6,750,785 7,054,779
Total current liabilities 30,361,983 27,700,812
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 4,465,209 4,125,675
Long term portion of lease obligations 5,714,132  
Long term portion of debt 6,006,573 6,360,569
Deferred income tax liability 2,970,978 2,863,098
Other long term liabilities 46,800 137,774
Total long-term liabilities 19,203,692 13,487,116
Total liabilities 49,565,675 41,187,928
STOCKHOLDERS’ EQUITY:    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of March 31, 2019 and December 31, 2018; Issued and outstanding: 26,617,460 shares and 26,486,152 shares as of March 31, 2019 and December 31, 2018, respectively 266,175 264,862
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of March 31, 2019 and December 31, 2018; No shares issued or outstanding as of March 31, 2019 and December 31, 2018 0 0
Additional paid-in capital 251,572,736 251,551,001
Accumulated deficit (177,905,070) (176,498,057)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 2,408,857 2,365,965
Total stockholders’ equity 75,434,644 76,775,717
Total liabilities and stockholders’ equity $ 125,000,319 $ 117,963,645
v3.19.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Income Statement [Abstract]    
Revenues $ 20,778,639 $ 27,248,509
Cost of revenues 14,959,111 19,537,081
Research and development expenses 1,074,064 1,036,702
Selling and marketing expenses 2,152,557 1,878,073
General and administrative expenses 3,170,391 3,225,934
Amortization of intangible assets 370,203 514,911
Total operating costs and expenses 21,726,326 26,192,701
Operating income (loss) (947,687) 1,055,808
Other income (expense), net (14) 3
Financial expense, net (298,431) (213,108)
Total other expense (298,445) (213,105)
Income (loss) before income tax expense (1,246,132) 842,703
Income tax expense 160,881 247,114
Net income (loss) (1,407,013) 595,589
Other comprehensive income (loss), net of income tax:    
Foreign currency translation adjustment 42,892 (24,260)
Comprehensive income (loss) $ (1,364,121) $ 571,329
Income (loss) per share of common stock:    
Basic net income (loss) per share (in dollars per shares) $ (0.05) $ 0.02
Diluted net income (loss) per share (in dollars per shares) $ (0.05) $ 0.02
Weighted average number of shares used in computing basic net income (loss) per share (in shares) 26,387,285 26,447,090
Weighted average number of shares used in computing diluted net income (loss) per share (in shares) 26,387,285 26,447,090
v3.19.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (1,407,013) $ 595,589
Adjustments required to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Depreciation 493,117 481,491
Amortization of intangible assets 370,203 514,911
Stock based compensation 135,969 108,495
Deferred tax provision 107,880 227,313
Changes in operating assets and liabilities:    
Trade receivables 4,458,627 4,907,024
Contract assets (4,452,072) (2,513,952)
Other accounts receivable and prepaid expenses (256,347) 546,999
Inventories 460,927 (324,646)
Severance pay, net 145,123 32,042
Trade payables (82,634) (292,733)
Other accounts payable and accrued expenses (1,896,369) (1,489,424)
Contract liabilities (303,994) (278,267)
Net cash (used in) provided by operating activities (2,226,583) 2,514,842
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (510,006) (330,820)
Additions to capitalized software (745,577) 0
Net cash used in investing activities (1,255,583) (330,820)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from long term debt 220,264 0
Repayment of long term debt (543,824) (563,591)
Other financing activities (112,921) (54,155)
Change in short term bank credit 4,203,348 1,131,418
Net cash provided by financing activities 3,766,867 513,672
INCREASE IN CASH, RESTRICTED CASH, AND CASH EQUIVALENTS 284,701 2,697,694
CASH DIFFERENCES DUE TO EXCHANGE RATE DIFFERENCES 24,120 33,831
CASH, RESTRICTED CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 4,444,958 5,488,754
CASH, RESTRICTED CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 4,753,779 8,220,279
SUPPLEMENTARY CASH FLOW INFORMATION:    
Interest paid during the period 201,078 220,607
Taxes paid on income during the period $ 2,468 $ 300