Financials

v3.10.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Jun. 30, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash and cash equivalents $ 7,477,354 $ 5,205,246
Restricted collateral deposits 191,101 283,508
Trade receivables 14,331,028 19,258,960
Unbilled receivables 16,478,741 16,094,515
Other accounts receivable and prepaid expenses 2,272,989 2,342,220
Inventories 9,787,946 8,654,878
Total current assets 50,539,159 51,839,327
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 3,688,152 3,754,789
Other long term receivables 499,161 184,331
Property and equipment, net 8,965,582 9,276,088
Other intangible assets, net 4,543,187 5,205,605
Goodwill 46,138,036 46,138,036
Total long term assets 63,834,118 64,558,849
Total assets 114,373,277 [1] 116,398,176
CURRENT LIABILITIES:    
Trade payables 4,850,996 5,560,196
Other accounts payable and accrued expenses 4,645,437 6,640,154
Current portion of long term debt 2,232,803 2,248,043
Short term bank credit 5,571,024 5,092,088
Deferred revenues 7,048,675 6,778,313
Total current liabilities 24,348,935 26,318,794
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 4,663,751 4,709,807
Long term portion of debt 7,456,259 8,570,524
Deferred income tax liability 5,962,555 5,600,721
Other long term liabilities 112,636 105,112
Total long-term liabilities 18,195,201 18,986,164
Total liabilities 42,544,136 45,304,958
STOCKHOLDERS’ EQUITY:    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of June 30, 2018 and December 31, 2017; Issued and outstanding: 26,486,152 shares and 26,395,048 shares as of June 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 June 30, 2018 and December 31, 2017; No shares issued or outstanding as of June 30, 2018 and December 31, 2017 0 0
Additional paid-in capital 250,962,076 250,826,873
Accumulated deficit (180,889,686) (181,568,757)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 2,399,943 2,479,205
Total stockholders’ equity 71,829,141 71,093,218
Total liabilities and stockholders’ equity $ 114,373,277 $ 116,398,176
[1] Out of those amounts, goodwill in the Company's Training and Simulation Division and Power Systems Division totaled $24,435,641 and $21,702,395, respectively, as of June 30, 2018 and $24,435,641 and $21,647,674, respectively, as of June 30, 2017.
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Revenues $ 21,874,609 $ 21,448,693 $ 49,123,118 $ 43,796,138
Cost of revenues 15,275,082 15,466,496 34,812,163 31,333,994
Research and development expenses 728,293 764,416 1,764,995 1,759,850
Selling and marketing expenses 1,931,388 1,971,477 3,809,461 3,967,444
General and administrative expenses 2,985,879 2,839,370 6,211,813 5,856,588
Amortization of intangible assets 391,831 521,660 906,742 1,219,653
Total operating costs and expenses 21,312,473 21,563,419 47,505,174 44,137,529
Operating income (loss) 562,136 (114,726) 1,617,944 (341,391)
Other income (expense), net 7,396 (1,894) 7,399 10,260
Financial expense, net (309,779) (215,187) (522,887) (549,044)
Total other expense (302,383) (217,081) (515,488) (538,784)
Income (loss) before income tax expense 259,753 (331,807) 1,102,456 (880,175)
Income tax expense 176,271 262,820 423,385 482,760
Net income (loss) 83,482 (594,627) 679,071 (1,362,935)
Other comprehensive income, net of income tax:        
Foreign currency translation adjustment (55,002) 671,142 (79,262) 1,586,174
Comprehensive income $ 28,480 $ 76,515 $ 599,809 $ 223,239
Loss per share of common stock:        
Basic net income (loss) per share (in Dollars per share) $ 0.00 $ (0.02) $ 0.03 $ (0.05)
Diluted net income (loss) per share (in Dollars per share) $ 0.00 $ (0.02) $ 0.03 $ (0.05)
Weighted average number of shares used in computing basic net loss per share (in Shares) 26,432,094 26,216,775 26,457,133 26,193,509
Weighted average number of shares used in computing diluted net loss per share (in Shares) 26,432,094 26,216,775 26,457,133 26,193,509
v3.10.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 679,071 $ (1,362,935)
Adjustments required to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 960,557 862,555
Amortization of intangible assets 906,742 1,219,653
Stock based compensation 190,269 192,926
Deferred tax provision 361,834 457,272
Changes in operating assets and liabilities:    
Trade receivables 4,840,684 1,922,996
Unbilled receivables (384,226) 954,274
Other accounts receivable and prepaid expenses (250,515) (506,040)
Inventories (1,157,602) 20,873
Severance pay, net (26,425) (1,954,264)
Trade payables (719,743) 194,400
Other accounts payable and accrued expenses (2,022,522) (676,302)
Deferred revenues 270,362 (1,475,989)
Net cash provided by (used in) operating activities 3,648,486 (150,581)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (652,156) (3,155,303)
Additions to capitalized software (244,324) (128,367)
Net cash used in investing activities (896,480) (3,283,670)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from long term debt 0 2,150,000
Repayment of long term debt (1,129,505) (701,211)
Other financing activities (54,155) 0
Change in short term bank credit 478,936 857,843
Net cash (used in) provided by financing activities (704,724) 2,306,632
INCREASE (DECREASE) IN CASH, RESTRICTED CASH, AND CASH EQUIVALENTS 2,047,282 (1,127,619)
CASH DIFFERENCES DUE TO EXCHANGE RATE DIFFERENCES 132,419 (903,962)
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 7,668,455 5,099,402
SUPPLEMENTARY CASH FLOW INFORMATION:    
Interest paid during the period 455,797 339,058
Taxes paid on income during the period $ 51,410 $ 112,822