Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Jun. 30, 2011
Dec. 31, 2010
CURRENT ASSETS:    
Cash and cash equivalents $ 1,172,996 $ 6,335,307
Available for sale securities   399,449
Restricted collateral deposits 1,936,146 1,842,143
Trade receivables (net of allowance for doubtful accounts in the amount of $46,000 as of June 30, 2011 and $47,000 as of December 31, 2010) 13,671,736 13,812,906
Unbilled receivables 3,143,248 3,280,821
Other accounts receivable and prepaid expenses 1,469,648 852,935
Inventories 13,923,522 9,654,009
Total current assets 35,317,296 36,177,570
LONG TERM ASSETS:    
Deferred tax assets 677,887 652,292
Severance pay fund 4,478,479 4,126,835
Other long term assets and receivables 348,644 381,517
Property and equipment, net 4,530,272 4,639,511
Other intangible assets, net 3,942,244 4,878,754
Goodwill 33,092,956 32,780,460
Total long term assets 47,070,482 47,459,369
Total assets 82,387,778 83,636,939
CURRENT LIABILITIES:    
Trade payables 7,062,654 4,382,160
Other accounts payable and accrued expenses 5,503,680 6,527,347
Current portion of capitalized leases 23,887 39,181
Current portion of long term debt 559,324 1,417,543
Short term bank credit 4,836,170 2,488,206
Deferred revenues 4,947,432 5,926,460
Total current liabilities 22,933,147 20,780,897
LONG TERM LIABILITIES:    
Accrued severance pay 6,295,559 5,843,305
Long term portion of capitalized leases 3,343 11,549
Long term debt 998,861 1,023,008
Deferred tax liability 3,540,002 3,315,000
Other long term liabilities 23,415 178,811
Total long term liabilities 10,861,180 10,371,673
STOCKHOLDERS’ EQUITY:    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of June 30, 2011 and December 31, 2010; Issued and outstanding: 15,107,309 shares and 14,842,283 shares as of June 30, 2011 and December 31, 2010, respectively 151,073 148,423
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of June 30, 2011 and December 31, 2010; No shares issued and outstanding as of June 30, 2011 and December 31, 2010 0 0
Additional paid-in capital 222,355,164 221,856,095
Accumulated deficit (175,419,825) (170,705,241)
Notes receivable from stockholders (954,647) (954,647)
Accumulated other comprehensive income 2,461,686 2,139,739
Total stockholders’ equity 48,593,451 52,484,369
Total liabilities and stockholders’ equity $ 82,387,778 $ 83,636,939