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CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income (loss) $ (2,725,647) $ 2,796,777
Adjustments required to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation 916,218 694,342
Amortization of intangible assets 1,566,267 961,183
Loss on disposal of assets 57,840 0
Capital gain on sale of property and equipment (895,000) 0
Stock based compensation 334,595 257,631
Deferred tax provision 299,250 298,544
Changes in operating assets and liabilities:    
Trade receivables 2,807,519 2,142,182
Unbilled receivables 3,304,996 (2,564,763)
Other accounts receivable and prepaid expenses (830,565) (492,154)
Inventories (114,667) 1,061,142
Severance pay, net 93,317 250,379
Trade payables (2,248,761) (3,694,029)
Other accounts payable and accrued expenses (3,727,310) (992,180)
Deferred revenues (2,014,376) (1,455,223)
Net cash used in operating activities (3,176,324) (736,169)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Increase (decrease) in restricted collateral deposits (2,875) 249,745
Purchase of property and equipment (1,104,344) (907,879)
Proceeds from sale of property and equipment 895,000 0
Acquisition of UEC 0 (29,113,655)
Additions to capitalized software 0 (61,710)
Net cash used in investing activities (212,219) (29,833,499)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Repayment of long term debt (2,441,651) (642,804)
Change in short term bank credit 6,426,762 3,825,614
Proceeds from long term debt 0 22,500,000
Net cash provided by financing activities 3,985,111 25,682,810
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 596,568 (4,886,858)
CASH DIFFERENCES DUE TO EXCHANGE RATE CHANGES 196,106 37,863
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 11,291,784 5,821,325
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 12,084,458 972,330
SUPPLEMENTARY INFORMATION ON NON-CASH TRANSACTIONS:    
Common stock issued in acquisition of UEC 0 4,216,000
SUPPLEMENTARY CASH FLOW INFORMATION    
Interest paid during the period 448,128 265,084
Taxes paid on income during the period $ 483,147 $ 51,098