Financials

v3.8.0.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Mar. 31, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash and cash equivalents $ 8,027,749 $ 5,205,246
Restricted collateral deposits 192,530 283,508
Trade receivables 14,329,092 19,258,960
Unbilled receivables 18,608,467 16,094,515
Other accounts receivable and prepaid expenses 1,797,475 2,342,220
Inventories 8,972,001 8,654,878
Total current assets 51,927,314 51,839,327
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 3,745,437 3,754,789
Other long term receivables 180,615 184,331
Property and equipment, net 9,124,343 9,276,088
Other intangible assets, net 4,690,694 5,205,605
Goodwill 46,138,036 46,138,036
Total long term assets 63,879,125 64,558,849
Total assets 115,806,439 [1] 116,398,176
CURRENT LIABILITIES:    
Trade payables 5,270,494 5,560,196
Other accounts payable and accrued expenses 5,156,714 6,640,154
Current portion of long term debt 2,244,816 2,248,043
Short term bank credit 6,223,506 5,092,088
Deferred revenues 6,500,046 6,778,313
Total current liabilities 25,395,576 26,318,794
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 4,744,908 4,709,807
Long term portion of debt 8,010,160 8,570,524
Deferred income tax liability 5,828,034 5,600,721
Other long term liabilities 108,874 105,112
Total long-term liabilities 18,691,976 18,986,164
Total liabilities 44,087,552 45,304,958
STOCKHOLDERS’ EQUITY:    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of March 31, 2018 and December 31, 2017; Issued and outstanding: 26,452,462 shares and 26,395,048 shares as of March 31, 2018 and December 31, 2017, respectively 264,525 263,951
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of March 31, 2018 and December 31, 2017; No shares issued or outstanding as of March 31, 2018 and December 31, 2017 0 0
Additional paid-in capital 250,880,639 250,826,873
Accumulated deficit (180,973,168) (181,568,757)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 2,454,945 2,479,205
Total stockholders’ equity 71,718,887 71,093,218
Total liabilities and stockholders’ equity $ 115,806,439 $ 116,398,176
[1] Out of those amounts, goodwill in the Company's Training and Simulation and Power Systems Divisions totaled $24,435,641 and $21,702,395, respectively, as of March 31, 2018 and $24,435,641 and $21,402,710, respectively, as of March 31, 2017.
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Revenues $ 27,248,509 $ 22,347,445
Cost of revenues 19,537,081 15,867,498
Research and development expenses 1,036,702 995,434
Selling and marketing expenses 1,878,073 1,995,967
General and administrative expenses 3,225,934 3,017,218
Amortization of intangible assets 514,911 697,993
Total operating costs and expenses 26,192,701 22,574,110
Operating income (loss) 1,055,808 (226,665)
Other income, net 3 12,154
Financial expense, net (213,108) (333,857)
Total other expense (213,105) (321,703)
Income (loss) before income tax expense 842,703 (548,368)
Income tax expense 247,114 219,940
Net income (loss) 595,589 (768,308)
Other comprehensive income (loss), net of income tax:    
Foreign currency translation adjustment (24,260) 915,032
Comprehensive income $ 571,329 $ 146,724
Loss per share of common stock:    
Basic net income (loss) per share (in Dollars per share) $ 0.02 $ (0.03)
Diluted net income (loss) per share (in Dollars per share) $ 0.02 $ (0.03)
Weighted average number of shares used in computing basic net income (loss) per share (in Shares) 26,447,090 26,169,228
Weighted average number of shares used in computing diluted net income (loss) per share (in Shares) 26,447,090 26,169,228
v3.8.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ 595,589 $ (768,308)
Adjustments required to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation 481,491 419,469
Amortization of intangible assets 514,911 697,993
Stock based compensation 108,495 106,833
Deferred tax provision 227,313 228,636
Changes in operating assets and liabilities:    
Trade receivables 4,907,024 (639,508)
Unbilled receivables (2,513,952) 1,615,635
Other accounts receivable and prepaid expenses 546,999 (199,253)
Inventories (324,646) 751,980
Severance pay, net 32,042 (2,228,122)
Trade payables (292,733) 961,693
Other accounts payable and accrued expenses (1,489,424) 187,371
Deferred revenues (278,267) (1,059,056)
Net cash provided by operating activities 2,514,842 75,363
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (330,820) (629,115)
Additions to capitalized software 0 (55,060)
Net cash used in investing activities (330,820) (684,175)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of long term debt (563,591) (264,372)
Other financing activities (54,155) 0
Change in short term bank credit 1,131,418 2,833,401
Net cash provided by financing activities 513,672 2,569,029
INCREASE IN CASH, RESTRICTED CASH, AND CASH EQUIVALENTS 2,697,694 1,960,217
CASH DIFFERENCES DUE TO EXCHANGE RATE DIFFERENCES 33,831 (541,018)
CASH, RESTRICTED CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 5,488,754 7,399,963
CASH, RESTRICTED CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 8,220,279 8,819,162
SUPPLEMENTARY CASH FLOW INFORMATION:    
Interest paid during the period 220,607 162,504
Taxes paid on income during the period $ 300 $ 18,800