XML 60 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (USD $)
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income $ 2,796,777 $ 1,881,184
Adjustments required to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation 694,342 582,905
Amortization of intangible assets 961,183 550,112
Stock based compensation 257,631 167,215
Deferred tax provision 298,544 299,250
Changes in operating assets and liabilities:    
Trade receivables 2,142,182 (9,988,376)
Unbilled receivables (2,564,763) 4,794,812
Other accounts receivable and prepaid expenses (492,154) 160,764
Inventories 1,061,142 229,754
Severance pay (required Israeli statutory/contractual), net 250,379 75,170
Trade payables (3,694,029) (567,882)
Other accounts payable and accrued expenses (992,180) (342,702)
Deferred revenues (1,455,223) 3,630,085
Discontinued operations 0 (284,934)
Net cash provided by (used in) operating activities (736,169) 1,187,357
CASH FLOWS FROM INVESTING ACTIVITIES:    
Acquisition of UEC(1) (29,113,655) 0
Decrease (increase) in restricted collateral deposits 249,745 (305,125)
Purchase of property and equipment (907,879) (1,271,714)
Additions to capitalized software (61,710) (3,675)
Discontinued operations 0 44,827
Net cash provided by (used in) investing activities (29,833,499) (1,535,687)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of long term debt (642,804) (836,756)
Proceeds from long term debt 22,500,000 0
Changes in short term bank credit 3,825,614 427,391
Discontinued operations 0 (40,374)
Net cash provided by (used in) financing activities 25,682,810 (449,739)
DECREASE IN CASH AND CASH EQUIVALENTS (4,886,858) (798,069)
CASH DIFFERENCES DUE TO EXCHANGE RATE CHANGES 37,863 111,469
NET CHANGE IN CASH AND EQUIVALENTS – DISCONTINUED OPERATIONS 0 59,268
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 5,821,325 1,580,627
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 972,330 953,295
SUPPLEMENTARY INFORMATION ON NON-CASH TRANSACTIONS:    
Common stock issued in acquisition of UEC 4,216,000 0
Interest paid during the period 265,084 217,649
Taxes paid on income during the period $ 51,098 $ 95,900