Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED BALANCE SHEETS

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CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)
Sep. 30, 2011
Dec. 31, 2010
CURRENT ASSETS:    
Cash and cash equivalents $ 1,848,512 $ 6,335,307
Available for sale securities   399,449
Restricted collateral deposits 1,789,190 1,842,143
Trade receivables (net of allowance for doubtful accounts in the amount of $72,000 as of September 30, 2011 and $47,000 as of December 31, 2010) 10,351,372 13,812,906
Unbilled receivables 4,747,464 3,280,821
Other accounts receivable and prepaid expenses 1,493,752 852,935
Inventories 14,592,269 9,654,009
Total current assets 34,822,559 36,177,570
LONG TERM ASSETS:    
Deferred tax assets 623,649 652,292
Severance pay fund 4,252,631 4,126,835
Other long term assets and receivables 342,307 381,517
Property and equipment, net 6,223,238 4,639,511
Other intangible assets, net 3,328,022 4,878,754
Goodwill 32,430,746 32,780,460
Total long term assets 47,200,593 47,459,369
Total assets 82,023,152 83,636,939
CURRENT LIABILITIES:    
Trade payables 12,229,189 4,382,160
Other accounts payable and accrued expenses 4,179,339 6,527,347
Current portion of capitalized leases 16,118 39,181
Current portion of long term debt 659,339 1,417,543
Short term bank credit 36,301 2,488,206
Deferred revenues 6,679,356 5,926,460
Total current liabilities 23,799,642 20,780,897
LONG TERM LIABILITIES:    
Accrued severance pay 5,987,844 5,843,305
Long term portion of capitalized leases 1,946 11,549
Long term debt 2,013,535 1,023,008
Deferred tax liability 3,652,500 3,315,000
Other long term liabilities 23,880 178,811
Total long term liabilities 11,679,705 10,371,673
STOCKHOLDERS’ EQUITY:    
Common stock – $0.01 par value each; Authorized: 50,000,000 shares as of September 30, 2011 and December 31, 2010; Issued and outstanding: 15,570,491 shares and 14,842,283 shares as of September 30, 2011 and December 31, 2010, respectively 155,705 148,423
Preferred shares – $0.01 par value each; Authorized: 1,000,000 shares as of September 30, 2011 and December 31, 2010; No shares issued and outstanding as of September 30, 2011 and December 31, 2010 0 0
Additional paid-in capital 222,623,306 221,856,095
Accumulated deficit (176,945,667) (170,705,241)
Notes receivable from stockholders (954,647) (954,647)
Accumulated other comprehensive income 1,665,108 2,139,739
Total stockholders’ equity 46,543,805 52,484,369
Total liabilities and stockholders’ equity $ 82,023,152 $ 83,636,939