Financials

v3.19.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2019
Dec. 31, 2018
CURRENT ASSETS:    
Cash and cash equivalents $ 3,732,159 $ 4,222,246
Restricted collateral deposits 154,058 222,712
Trade receivables, net 15,572,079 16,259,809
Contract assets 25,442,771 17,867,896
Other accounts receivable and prepaid expenses 3,628,432 5,989,263
Inventories, net 9,236,969 9,912,748
Total current assets 57,766,468 54,474,674
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 3,727,353 3,427,705
Other long term receivables 539,073 543,205
Property and equipment, net 9,398,550 8,914,247
Right of use asset 5,879,845  
Other intangible assets, net 4,857,478 4,465,778
Goodwill 46,138,036 46,138,036
Total long term assets 70,540,335 63,488,971
Total assets 128,306,803 117,963,645
CURRENT LIABILITIES:    
Trade payables 7,303,070 6,442,919
Other accounts payable and accrued expenses 5,115,437 6,498,045
Current portion of lease obligations 634,005  
Current portion of long term debt 2,397,206 2,204,653
Short term bank credit 12,052,008 5,500,416
Contract liabilities 6,430,106 7,054,779
Total current liabilities 33,931,832 27,700,812
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 4,509,731 4,125,675
Long term portion of lease obligations 5,551,511  
Long term portion of debt 5,273,595 6,360,569
Deferred income tax liability 3,078,859 2,863,098
Other long term liabilities 43,817 137,774
Total long-term liabilities 18,457,513 13,487,116
Total liabilities 52,389,345 41,187,928
STOCKHOLDERS’ EQUITY:    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of June 30, 2019 and December 31, 2018; Issued and outstanding: 26,665,240 shares and 26,486,152 shares as of June 30, 2019 and December 31, 2018, respectively 266,653 264,862
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of June 30, 2019 and December 31, 2018; No shares issued or outstanding as of June 30, 2019 and December 31, 2018 0 0
Additional paid-in capital 251,638,418 251,551,001
Accumulated deficit (177,512,794) (176,498,057)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 2,433,235 2,365,965
Total stockholders’ equity 75,917,458 76,775,717
Total liabilities and stockholders’ equity $ 128,306,803 $ 117,963,645
v3.19.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Income Statement [Abstract]        
Revenues $ 23,266,564 $ 21,874,609 $ 44,045,203 $ 49,123,118
Cost of revenues 15,628,411 15,275,082 30,587,522 34,812,163
Research and development expenses 1,021,858 728,293 2,095,922 1,764,995
Selling and marketing expenses 2,190,904 1,931,388 4,343,461 3,809,461
General and administrative expenses 3,215,569 2,985,879 6,385,960 6,211,813
Amortization of intangible assets 280,662 391,831 650,865 906,742
Total operating costs and expenses 22,337,404 21,312,473 44,063,730 47,505,174
Operating income (loss) 929,160 562,136 (18,527) 1,617,944
Other income (expense), net (9,077) 7,396 (9,091) 7,399
Financial expense, net (371,426) (309,779) (669,857) (522,887)
Total other expense (380,503) (302,383) (678,948) (515,488)
Income (loss) before income tax expense 548,657 259,753 (697,475) 1,102,456
Income tax expense 156,381 176,271 317,262 423,385
Net income (loss) 392,276 83,482 (1,014,737) 679,071
Other comprehensive income (loss), net of income tax:        
Foreign currency translation adjustment 24,378 (55,002) 67,270 (79,262)
Comprehensive income (loss) $ 416,654 $ 28,480 $ (947,467) $ 599,809
Income (loss) per share of common stock:        
Basic net income (loss) per share (in dollars per shares) $ 0.01 $ 0.00 $ (0.04) $ 0.03
Diluted net income (loss) per share (in dollars per shares) $ 0.01 $ 0.00 $ (0.04) $ 0.03
Weighted average number of shares used in computing basic net income (loss) per share (in shares) 26,551,466 26,432,094 26,522,553 26,457,133
Weighted average number of shares used in computing diluted net income (loss) per share (in shares) 26,551,466 26,432,094 26,522,553 26,457,133
v3.19.2
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (1,014,737) $ 679,071
Adjustments required to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Depreciation 1,011,904 960,557
Amortization of intangible assets 650,865 906,742
Stock based compensation 202,129 190,269
Deferred tax provision 215,761 361,834
Changes in operating assets and liabilities:    
Trade receivables 687,730 4,840,684
Contract assets (7,574,875) (384,226)
Other accounts receivable and prepaid expenses 2,670,634 (250,515)
Inventories 676,863 (1,157,602)
Severance pay, net 110,288 (26,425)
Trade payables 860,165 (719,743)
Other accounts payable and accrued expenses (1,466,402) (2,022,522)
Contract liabilities (624,673) 270,362
Net cash (used in) provided by operating activities (3,594,348) 3,648,486
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (1,496,207) (652,156)
Additions to capitalized software (1,042,565) (244,324)
Net cash used in investing activities (2,538,772) (896,480)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from long term debt 220,264 0
Repayment of long term debt (1,114,685) (1,129,505)
Other financing activities (118,649) (54,155)
Change in short term bank credit 6,551,592 478,936
Net cash provided by (used in) financing activities 5,538,522 (704,724)
(DECREASE) INCREASE IN CASH, RESTRICTED CASH, AND CASH EQUIVALENTS (594,598) 2,047,282
CASH DIFFERENCES DUE TO EXCHANGE RATE DIFFERENCES 35,857 132,419
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 $ 3,886,217 $ 7,668,455