Financials

v3.19.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
Sep. 30, 2019
Dec. 31, 2018
CURRENT ASSETS:    
Cash and cash equivalents $ 5,196,806 $ 4,222,246
Restricted collateral deposits 157,775 222,712
Trade receivables, net 17,163,788 16,259,809
Contract assets 24,970,939 17,867,896
Other accounts receivable and prepaid expenses 3,628,600 5,989,263
Inventories, net 8,905,529 9,912,748
Total current assets 60,023,437 54,474,674
LONG TERM ASSETS:    
Contractual and Israeli statutory severance pay fund 3,883,947 3,427,705
Other long term receivables 537,007 543,205
Property and equipment, net 9,504,583 8,914,247
Right of use asset 5,887,243  
Other intangible assets, net 4,919,657 4,465,778
Goodwill 46,138,036 46,138,036
Total long term assets 70,870,473 63,488,971
Total assets 130,893,910 117,963,645
CURRENT LIABILITIES:    
Trade payables 7,882,797 6,442,919
Other accounts payable and accrued expenses 6,245,907 6,498,045
Current portion of lease obligations 628,294  
Current portion of long term debt 2,983,905 2,204,653
Short term bank credit 10,334,840 5,500,416
Contract liabilities 7,504,965 7,054,779
Total current liabilities 35,580,708 27,700,812
LONG TERM LIABILITIES:    
Contractual and accrued Israeli statutory severance pay 4,682,611 4,125,675
Long term portion of lease obligations 5,569,696  
Long term portion of debt 5,856,494 6,360,569
Deferred income tax liability 3,219,008 2,863,098
Other long term liabilities 42,364 137,774
Total long-term liabilities 19,370,173 13,487,116
Total liabilities 54,950,881 41,187,928
STOCKHOLDERS’ EQUITY:    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of September 30, 2019 and December 31, 2018; Issued and outstanding: 26,665,240 shares and 26,486,152 shares as of September 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 September 30, 2019 and December 31, 2018; No shares issued or outstanding as of September 30, 2019 and December 31, 2018 0 0
Additional paid-in capital 251,727,312 251,551,001
Accumulated deficit (177,576,117) (176,498,057)
Notes receivable from stockholders (908,054) (908,054)
Accumulated other comprehensive income 2,433,235 2,365,965
Total stockholders’ equity 75,943,029 76,775,717
Total liabilities and stockholders’ equity $ 130,893,910 $ 117,963,645
v3.19.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Sep. 30, 2019
Sep. 30, 2018
Income Statement [Abstract]        
Revenues $ 23,573,731 $ 23,844,477 $ 67,618,934 $ 72,967,596
Cost of revenues 15,597,611 16,516,663 46,185,133 51,328,827
Research and development expenses 1,110,285 753,792 3,206,207 2,518,787
Selling and marketing expenses 1,870,739 1,837,823 6,214,200 5,647,284
General and administrative expenses 4,193,949 3,201,566 10,579,909 9,413,379
Amortization of intangible assets 280,662 391,831 931,527 1,298,573
Total operating costs and expenses 23,053,246 22,701,675 67,116,976 70,206,850
Operating income 520,485 1,142,802 501,958 2,760,746
Other income (expense), net (853) (1,521) (9,944) 5,878
Financial expense, net (396,170) (173,345) (1,066,027) (696,232)
Total other expense (397,023) (174,866) (1,075,971) (690,354)
Income (loss) before income tax expense 123,462 967,936 (574,013) 2,070,392
Income tax expense 186,785 227,380 504,047 650,765
Net income (loss) (63,323) 740,556 (1,078,060) 1,419,627
Other comprehensive income (loss), net of income tax:        
Foreign currency translation adjustment 0 13,100 67,270 (66,162)
Comprehensive income (loss) $ (63,323) $ 753,656 $ (1,010,790) $ 1,353,465
Income (loss) per share of common stock:        
Basic net income (loss) per share (in dollars per shares) $ 0.00 $ 0.03 $ (0.04) $ 0.05
Diluted net income (loss) per share (in dollars per shares) $ 0.00 $ 0.03 $ (0.04) $ 0.05
Weighted average number of shares used in computing basic net income (loss) per share (in shares) 26,547,045 26,486,152 26,547,045 26,466,948
Weighted average number of shares used in computing diluted net income (loss) per share (in shares) 26,547,045 26,486,152 26,547,045 26,466,948
v3.19.3
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (1,078,060) $ 1,419,627
Adjustments required to reconcile net income (loss) to net cash (used in) provided by operating activities:    
Depreciation 1,534,133 1,465,716
Amortization of intangible assets 931,527 1,298,573
Stock based compensation 291,023 491,654
Deferred tax provision 355,910 506,544
Changes in operating assets and liabilities:    
Trade receivables (903,979) 4,992,521
Contract assets (7,103,043) (3,454,977)
Other accounts receivable and prepaid expenses 2,677,608 (1,195,029)
Inventories 1,008,749 (1,116,401)
Severance pay, net 136,914 (12,886)
Trade payables 1,439,873 319,488
Other accounts payable and accrued expenses (335,589) (1,068,136)
Contract liabilities 450,186 (264,212)
Net cash (used in) provided by operating activities (594,748) 3,382,482
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (2,124,469) (1,342,060)
Additions to capitalized software (1,385,406) (406,147)
Net cash used in investing activities (3,509,875) (1,748,207)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from long term debt 1,917,577 0
Repayment of long term debt (1,642,400) (1,689,895)
Other financing activities (118,649) (54,155)
Change in short term bank credit 4,834,424 (317,730)
Net cash provided by (used in) financing activities 4,990,952 (2,061,780)
INCREASE (DECREASE) IN CASH, RESTRICTED CASH, AND CASH EQUIVALENTS 886,329 (427,505)
CASH DIFFERENCES DUE TO EXCHANGE RATE DIFFERENCES 23,294 120,939
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 $ 5,354,581 $ 5,182,188