Financials

v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2017
Dec. 31, 2016
CURRENT ASSETS:    
Cash and cash equivalents $ 4,335,017 $ 7,130,983
Restricted collateral deposits 327,041 268,980
Trade receivables 13,827,915 16,821,737
Unbilled receivables 15,010,930 10,981,577
Other accounts receivable and prepaid expenses 2,519,266 2,156,896
Inventories 10,060,720 10,318,021
Total current assets 46,080,889 47,678,194
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 3,581,316 3,177,238
Other long term receivables 146,209 56,662
Property and equipment, net 8,484,577 5,915,240
Other intangible assets, net 5,225,559 6,823,346
Goodwill 46,022,141 45,489,517
Long term assets of discontinued operations 270,139 270,139
Total long term assets 63,729,941 61,732,142
Total assets 109,810,830 [1] 109,410,336
CURRENT LIABILITIES:    
Trade payables 6,095,039 4,362,804
Other accounts payable and accrued expenses 5,243,990 5,597,558
Current portion of long term debt 2,248,417 1,828,840
Short term bank credit 3,077,959 2,973,032
Severance payable 0 2,577,472
Deferred revenues 4,590,088 6,421,271
Total current liabilities 21,255,493 23,760,977
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 4,530,550 3,891,710
Long term portion of debt 9,131,490 8,703,736
Deferred income tax liability 8,554,033 7,868,125
Other long term liabilities 99,782 100,742
Total long-term liabilities 22,315,855 20,564,313
Total liabilities 43,571,348 44,325,290
STOCKHOLDERS’ EQUITY:    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of September 30, 2017 and December 31, 2016; Issued and outstanding: 26,395,048 shares and 26,438,234 shares as of September 30, 2017 and December 31, 2016, respectively 263,951 264,382
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of September 30, 2017 and December 31, 2016; No shares issued or outstanding as of September 30, 2017 and December 31, 2016 0 0
Additional paid-in capital 250,714,497 250,405,012
Accumulated deficit (185,977,610) (185,402,893)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 2,146,698 726,599
Total stockholders’ equity 66,239,482 65,085,046
Total liabilities and stockholders’ equity $ 109,810,830 $ 109,410,336
[1] Out of those amounts, goodwill in the Company's Training and Simulation and Power Systems Divisions totaled $24,435,641 and $21,586,500, respectively, as of September 30, 2017 and $24,435,641 and $21,191,580, respectively, as of September 30, 2016.
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Revenues $ 25,930,441 $ 24,300,120 $ 69,726,579 $ 71,486,478
Cost of revenues 18,673,955 16,436,276 50,007,949 48,933,171
Research and development expenses 1,031,669 752,847 2,791,519 2,367,964
Selling and marketing expenses 1,707,209 1,458,622 5,674,653 4,913,076
General and administrative expenses 2,732,171 3,122,853 8,588,759 11,149,640
Amortization of intangible assets 509,303 698,297 1,728,956 2,164,937
Total operating costs and expenses 24,654,307 22,468,895 68,791,836 69,528,788
Operating income 1,276,134 1,831,225 934,743 1,957,690
Other income (expense), net (23,758) 3,481 (13,498) 49,913
Financial expense, net (200,923) (227,474) (749,967) (769,328)
Total other expense (224,681) (223,993) (763,465) (719,415)
Income from continuing operations before income tax expense 1,051,453 1,607,232 171,278 1,238,275
Income tax expense 263,235 101,992 745,995 684,272
Income (loss) from continuing operations 788,218 1,505,240 (574,717) 554,003
Loss from discontinued operations 0 (869,302) 0 (1,361,787)
Net income (loss) 788,218 635,938 (574,717) (807,784)
Other comprehensive income (loss), net of income tax:        
Foreign currency translation adjustment (166,075) 344,837 1,420,099 406,892
Comprehensive income (loss) $ 622,143 $ 980,775 $ 845,382 $ (400,892)
Income (loss) per share of common stock:        
Basic – continuing operations (in Dollars per share) $ 0.03 $ 0.06 $ (0.02) $ 0.02
Basic – discontinued operations (in Dollars per share) 0 (0.04) 0 (0.05)
Basic net income (loss) per share (in Dollars per share) 0.03 0.02 (0.02) (0.03)
Diluted – continuing operations (in Dollars per share) 0.03 0.06 (0.02) 0.02
Diluted – discontinued operations (in Dollars per share) 0 (0.04) 0 (0.05)
Diluted net income (loss) per share (in Dollars per share) $ 0.03 $ 0.02 $ (0.02) $ (0.03)
Weighted average number of shares used in computing basic net income (loss) per share (in Shares) 26,394,613 26,215,049 26,202,386 25,410,494
Weighted average number of shares used in computing diluted net income (loss) per share (in Shares) 26,394,613 26,215,049 26,202,386 25,410,494
v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (574,717) $ (807,784)
Adjustments required to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation 1,277,985 1,322,595
Amortization of intangible assets 1,728,956 2,164,937
Stock based compensation 309,053 785,738
Deferred tax provision 685,908 607,925
Changes in operating assets and liabilities:    
Trade receivables 3,416,571 372,779
Unbilled receivables (4,008,309) 433,010
Other accounts receivable and prepaid expenses (391,646) (1,420,274)
Inventories 620,751 (819,411)
Severance pay, net (1,981,943) 436,682
Trade payables 1,815,709 (1,166,222)
Other accounts payable and accrued expenses (223,856) (341,418)
Deferred revenues (1,831,183) (1,071,511)
Net cash provided by operating activities 843,279 497,046
CASH FLOWS FROM INVESTING ACTIVITIES:    
Decrease in restricted collateral deposits (33,398) (139,192)
Purchase of property and equipment (3,733,323) (1,108,356)
Additions to capitalized software (131,169) (27,951)
Net cash used in investing activities (3,897,890) (1,275,499)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from long term debt 2,150,000 11,000,000
Repayment of long term debt (1,284,278) (16,380,225)
Proceeds from the issuance of common stock 0 2,952,999
Change in short term bank credit 104,927 3,349,208
Net cash provided by financing activities 970,649 921,982
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (2,083,962) 143,529
CASH DIFFERENCES DUE TO EXCHANGE RATE DIFFERENCES (712,004) (429,371)
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 7,130,983 10,608,420
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 4,335,017 10,322,578
SUPPLEMENTARY CASH FLOW INFORMATION:    
Interest paid during the period 531,210 574,547
Taxes paid on income during the period $ 152,444 $ 111,441