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Share Name | Share Symbol | Market | Type |
---|---|---|---|
On Track Innovations Ltd | NASDAQ:OTIV | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.17 | 0.1701 | 0.18 | 0 | 01:00:00 |
ON TRACK INNOVATIONS LTD.
|
(Exact name of registrant as specified in its charter)
|
Israel
|
N/A
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification No.)
|
Z.H.R. Industrial Zone, P.O. Box 32, Rosh Pina, Israel
1200001
|
(Address of principal executive offices)
|
+ 972-4-6868000
|
(Registrant’s telephone number)
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
o
(do not check if a smaller reporting
company)
|
Smaller reporting company
x
|
Part I - Financial Information
|
|||
4
|
|||
5
|
|||
14
|
|||
Part II - Other Information
|
|||
14
|
|||
15
|
16
|
On Track Innovations Ltd.
and its Subsidiaries
Interim Condensed
Consolidated
Financial Statements
As of March 31, 2016
(Unaudited)
|
Page | |
F-2 - F-3
|
|
F-4
|
|
F-5
|
|
F-6
|
|
F-7 - F-8
|
|
F-9 - F-17
|
March 31
|
December 31
|
|||||||
2016
|
2015
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$ | 5,053 | $ | 5,450 | ||||
Short-term investments
|
4,584 | 5,454 | ||||||
Trade receivables (net of allowance for doubtful
|
||||||||
accounts of $788 and $778 as of March 31, 2016
|
||||||||
and December 31, 2015, respectively)
|
3,909 | 2,418 | ||||||
Other receivables and prepaid expenses
|
2,208 | 2,183 | ||||||
Inventories
|
2,990 | 3,330 | ||||||
Total current assets
|
18,744 | 18,835 | ||||||
Long-term restricted deposit for employees benefit
|
501 | 524 | ||||||
Severance pay deposits
|
337 | 455 | ||||||
Property, plant and equipment, net
|
8,709 | 8,668 | ||||||
Intangible assets, net
|
217 | 180 | ||||||
Total Assets
|
$ | 28,508 | $ | 28,662 |
March 31
|
December 31
|
|||||||
2016
|
2015
|
|||||||
Liabilities and Equity
|
||||||||
Current Liabilities
|
||||||||
Short-term bank credit and current maturities
|
||||||||
of long-term bank loans
|
$ | 4,165 | $ | 3,815 | ||||
Trade payables
|
6,135 | 5,441 | ||||||
Other current liabilities
|
2,628 | 2,724 | ||||||
Total current liabilities
|
12,928 | 11,980 | ||||||
Long-Term Liabilities
|
||||||||
Long-term loans, net of current maturities
|
2,192 | 2,359 | ||||||
Accrued severance pay
|
921 | 1,148 | ||||||
Deferred tax liability
|
377 | 352 | ||||||
Total long-term liabilities
|
3,490 | 3,859 | ||||||
Total Liabilities
|
16,418 | 15,839 | ||||||
Commitments and Contingencies
|
||||||||
Equity
|
||||||||
Shareholders' Equity
|
||||||||
Ordinary shares of NIS 0.1 par value: Authorized –
|
||||||||
50,000,000 shares as of March 31, 2016 and
|
||||||||
December 31, 2015; issued: 42,029,673 and 42,014,673 shares as
|
||||||||
of March 31, 2016 and December 31, 2015, respectively;
|
||||||||
outstanding: 40,850,974 and 40,835,974 shares
|
||||||||
as of March 31, 2016 and December 31, 2015, respectively
|
1,055 | 1,055 | ||||||
Additional paid-in capital
|
225,952 | 225,925 | ||||||
Treasury shares at cost - 1,178,699 shares as of March 31,
|
||||||||
2016 and December 31, 2015
|
(2,000 | ) | (2,000 | ) | ||||
Accumulated other comprehensive loss
|
(916 | ) | (1,084 | ) | ||||
Accumulated deficit
|
(210,119 | ) | (209,254 | ) | ||||
Total Shareholder’s equity
|
13,972 | 14,642 | ||||||
Non-controlling interest
|
(1,882 | ) | (1,819 | ) | ||||
Total Equity
|
12,090 | 12,823 | ||||||
Total Liabilities and Equity
|
$ | 28,508 | $ | 28,662 |
Three months ended March 31
|
||||||||
2016
|
2015
|
|||||||
Revenues
|
||||||||
Sales
|
$ | 3,493 | $ | 3,597 | ||||
Licensing and transaction fees
|
1,384 | 1,378 | ||||||
Total revenues
|
4,877 | 4,975 | ||||||
Cost of revenues
|
||||||||
Cost of sales
|
2,332 | 2,505 | ||||||
Total cost of revenues
|
2,332 | 2,505 | ||||||
Gross profit
|
2,545 | 2,470 | ||||||
Operating expenses
|
||||||||
Research and development
|
751 | 968 | ||||||
Selling and marketing
|
1,586 | 1,886 | ||||||
General and administrative
|
938 | 1,241 | ||||||
Patent litigation and maintenance
|
17 | 176 | ||||||
Other expenses
|
- | 77 | ||||||
Total operating expenses
|
3,292 | 4,348 | ||||||
Operating loss from continuing operations
|
(747 | ) | (1,878 | ) | ||||
Financial expenses, net
|
(104 | ) | (225 | ) | ||||
Loss from continuing operations before taxes on income
|
(851 | ) | (2,103 | ) | ||||
Income tax
|
(16 | ) | (19 | ) | ||||
Net loss from continuing operations
|
(867 | ) | (2,122 | ) | ||||
Net (loss) income from discontinued operations
|
(61 | ) | 362 | |||||
Net loss
|
(928 | ) | (1,760 | ) | ||||
Net loss (income) attributable to non-controlling interest
|
63 | (9 | ) | |||||
Net loss attributable to shareholders
|
$ | (865 | ) | $ | (1,769 | ) | ||
Basic and diluted net (loss) profit attributable to
|
||||||||
shareholders per ordinary share
|
||||||||
From continuing operations
|
$ | (0.02 | ) | $ | (0.05 | ) | ||
From discontinued operations
|
$ | - | $ | 0.01 | ||||
$ | (0.02 | ) | $ | (0.04 | ) | |||
Weighted average number of ordinary shares used in computing basic and diluted net (loss) income per ordinary share
|
40,874,474 | 40,856,403 |
Three months ended March 31
|
||||||||
2016
|
2015
|
|||||||
Total comprehensive loss:
|
||||||||
Net loss
|
$ | (928 | ) | $ | (1,760 | ) | ||
Foreign currency translation adjustments
|
168 | (224 | ) | |||||
Total comprehensive loss
|
$ | (760 | ) | $ | (1,984 | ) | ||
Comprehensive loss (income) attributable to the non-controlling interest
|
63 | (9 | ) | |||||
Total comprehensive loss attributable to shareholders
|
$ | (697 | ) | $ | (1,993 | ) |
Accumulated
|
||||||||||||||||||||||||||||||||
Additional
|
Treasury
|
other
|
|
|||||||||||||||||||||||||||||
Number of
|
Share
|
paid-in
|
Shares
|
comprehensive
|
Accumulated
|
Noncontrolling
|
Total
|
|||||||||||||||||||||||||
Shares issued
|
capital
|
capital
|
(at cost)
|
Income (loss)
|
deficit
|
interest
|
equity
|
|||||||||||||||||||||||||
Balance as of December 31, 2014
|
41,996,602 | $ | 1,055 | $ | 224,234 | $ | (2,000 | ) | $ | (800 | ) | $ | (202,103 | ) | $ | (503 | ) | $ | 19,883 | |||||||||||||
Changes during the
three month
period
ended March 31, 2015:
|
||||||||||||||||||||||||||||||||
Stock-based
compensation related
to
options
and shares issued
to employees
|
- | - | 180 | - | - | - | - | 180 | ||||||||||||||||||||||||
Foreign currency
translation adjustments
|
- | - | - | - | (224 | ) | - | - | (224 | ) | ||||||||||||||||||||||
Net loss
|
- | - | - | - | - | (1,769 | ) | 9 | (1,760 | ) | ||||||||||||||||||||||
Balance as of March 31, 2015
|
41,996,602 | $ | 1,055 | $ | 224,414 | $ | (2,000 | ) | $ | (1,024 | ) | $ | (203,872 | ) | $ | (494 | ) | $ | 18,079 | |||||||||||||
Balance as of December 31, 2015
|
42,014,673 | $ | 1,055 | $ | 225,925 | $ | (2,000 | ) | $ | (1,084 | ) | $ | (209,254 | ) | $ | (1,819 | ) | $ | 12,823 | |||||||||||||
Changes during the
three month
period
ended March 31, 2016:
|
||||||||||||||||||||||||||||||||
Stock-based compensation related
to options
issued to employees
|
- | - | 27 | - | - | - | - | 27 | ||||||||||||||||||||||||
Foreign currency translation
adjustments
|
- | - | - | - | 168 | - | - | 168 | ||||||||||||||||||||||||
Exercise of options
|
15,000 | (* | ) | - | - | - | - | - | (* | ) | ||||||||||||||||||||||
Net loss
|
- | - | - | - | - | (865 | ) | (63 | ) | (928 | ) | |||||||||||||||||||||
Balance as of March 31, 2016
|
42,029,673 | $ | 1,055 | $ | 225,952 | $ | (2,000 | ) | $ | (916 | ) | $ | (210,119 | ) | $ | (1,882 | ) | $ | 12,090 |
Three months ended March 31
|
||||||||
2016
|
2015
|
|||||||
Cash flows from continuing operating activities
|
||||||||
Net loss from continuing operations
|
$ | (867 | ) | $ | (2,122 | ) | ||
Adjustments required to reconcile net loss to
|
||||||||
net cash used in continuing operating activities:
|
||||||||
Stock-based compensation related to options issued
|
||||||||
to employees
|
27 | 180 | ||||||
Accrued interest and linkage differences
|
(7 | ) | (2 | ) | ||||
Depreciation
|
308 | 298 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accrued severance pay, net
|
(109 | ) | (20 | ) | ||||
Deferred tax, net
|
16 | 19 | ||||||
(Increase) decrease in trade receivables, net
|
(1,408 | ) | 1,383 | |||||
Decrease in other receivables and prepaid expenses
|
3 | 31 | ||||||
Decrease in inventories
|
377 | 501 | ||||||
Increase (decrease) in trade payables
|
506 | (288 | ) | |||||
Decrease in other current liabilities
|
(139 | ) | (148 | ) | ||||
Net cash used in continuing operating activities
|
(1,293 | ) | (168 | ) | ||||
Cash flows from continuing investing activities
|
||||||||
Purchase of property and equipment
|
(83 | ) | (111 | ) | ||||
Decrease in short-term investments, net
|
901 | 816 | ||||||
Investment in capitalized product costs
|
(54 | ) | (6 | ) | ||||
Net cash provided by continuing investing activities
|
764 | 699 | ||||||
Cash flows from continuing financing activities
|
||||||||
Increase in short-term bank credit, net
|
286 | 108 | ||||||
Proceeds from long-term bank loans
|
27 | - | ||||||
Repayment of long-term bank loans
|
(263 | ) | (229 | ) | ||||
Proceeds from exercise of options
|
(* | ) | - | |||||
|
||||||||
Net cash provided by (used in) continuing financing activities
|
50 | (121 | ) | |||||
Cash flows from discontinued operations
|
||||||||
Net cash used in discontinued operating activities
|
- | (25 | ) | |||||
Net cash used in discontinued investing activities
|
(61 | ) | - | |||||
Total net cash used in discontinued operations
|
(61 | ) | (25 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents
|
143 | (167 | ) | |||||
(Decrease) increase in cash and cash equivalents
|
(397 | ) | 218 | |||||
Cash and cash equivalents at the beginning of the period
|
5,450 | 5,351 | ||||||
Cash and cash equivalents at the end of the period
|
$ | 5,053 | $ | 5,569 |
Three months ended March 31
|
||||||||
2016
|
2015
|
|||||||
Supplementary cash flows activities:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest paid
|
$ | 53 | $ | 69 |
A.
|
Description of business
|
B.
|
Interim Unaudited Financial Information
|
March 31
|
December 31
|
|||||||
2016
|
2015
|
|||||||
Government institutions
|
$ | 409 | $ | 463 | ||||
Prepaid expenses
|
735 | 624 | ||||||
Receivables under contractual obligations to be transferred to others *
|
412 | 533 | ||||||
Other receivables
|
652 | 563 | ||||||
$ | 2,208 | $ | 2,183 |
*
|
The Company’s subsidiary in Poland is required to collect certain fees that are to be transferred to local authorities.
|
March 31
|
December 31
|
|||||||
2016
|
2015
|
|||||||
Raw materials
|
$ | 973 | $ | 944 | ||||
Work in progress
|
470 | 174 | ||||||
Finished products
|
1,547 | 2,212 | ||||||
$ | 2,990 | $ | 3,330 |
March 31
|
December 31
|
|||||||
2016
|
2015
|
|||||||
Employees and related expenses
|
$ | 730 | $ | 1,065 | ||||
Accrued expenses
|
1,207 | 1,101 | ||||||
Customer advances
|
381 | 283 | ||||||
Other current liabilities
|
310 | 275 | ||||||
$ | 2,628 | $ | 2,724 |
|
A.
|
Legal claims
|
|
1.
|
In June 2013, prior to the Company's divestiture of its SmartID division, Merwell Inc. (“Merwell”) filed a claim against the Company before an agreed-upon arbitrator alleging breach of contract in connection with certain commissions claimed to be owed to Merwell with respect to the division’s activities in Tanzania. These activities, along with all other activities of the SmartID division, were later assigned to and assumed by SuperCom in its purchase of the division. SuperCom undertook to indemnify the Company and hold it harmless against any liabilities the Company may incur in connection with Merwell’s consulting agreement and the arbitration. An arbitration decision was issued on February 21, 2016, awarding Merwell approximately $855 for outstanding commissions, subject to further evaluation. The arbitration decision is being appealed and is thus not yet ripe for enforcement. Regardless, as mentioned above, SuperCom is liable for all costs and liabilities arising out of this claim.
|
|
2.
|
On October 3, 2013, a financial claim was filed against the Company and its then French subsidiary, Parx France (in this paragraph, together, the “Defendants”), in the Commercial Court of Paris, France (in this paragraph, the “Court”). The sum of the claim is Euro 1,500 (approximately $1,707), and is based on the allegation that the plaintiff sustained certain losses in connection with Defendants not granting the plaintiff exclusive marketing rights to distribute and operate the Defendants’ PIAF Parking System in Paris and the Ile of France.
|
|
A.
|
Legal claims
(cont’d)
|
|
3.
|
On July 29, 2014, a former employee of the Company's Smart ID division filed a financial claim against the Company in the Regional Labor Court in Tel Aviv. The sum of the claim is NIS 4,744 (approximately $1,260), and is based on the allegation that the Company owes the plaintiff certain commissions. On April 19, 2016, the parties entered into a settlement agreement pursuant to which the Company will pay an aggregate sum of NIS 400 (approximately $106). On April 19, 2016, with the submittal of the settlement agreement, the Court dismissed the proceeding.
|
|
4.
|
On October 19, 2015, the Company filed a claim for breach of contract against SuperCom at the Israeli Central District Court in Lod. The sum of the claim was NIS 28,862 (approximately $7,664) for consideration not paid for the Company's SmartID division sold to SuperCom in 2013. On December 24, 2015, SuperCom filed a counter claim against the Company in the amount of NIS 68,163 (approximately $18,100) for breach of contract and alleged damages caused to SuperCom by the Company in connection with certain representations we made, all with respect to the sale of our SmartID division to SuperCom in 2013 under the APA, we signed with SuperCom
.
|
|
B.
|
Guarantees
|
Three months ended March 31
|
||||||||
2016
|
2015
|
|||||||
Expenses
|
$ | (61 | ) | $ | (25 | ) | ||
Other income, net
|
- | 387 | ||||||
Net (loss) income from discontinued operations
|
$ | (61 | ) | $ | 362 |
·
|
Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.
|
·
|
Level 2 Inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability.
|
·
|
Level 3 Inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date.
|
A.
|
Stock option plans
|
|
During the three months ended March 31, 2016 and March 31, 2015, 270,000 and 125,000 options were granted, respectively. The vesting period for the options ranges from three years to four years. The exercise prices for the options range from $0.44 to $1.68. Those options expire up to five years after the date of the grant. Any options which are forfeited or cancelled before expiration become available for future grants under the Company’s option plan.
|
|
The fair value of each option granted to employees and non-employee during the three months ended March 31, 2016 and March 31, 2015, for which the exercise price was greater than par value, was estimated on the date of grant, using the Black-Scholes model and the following assumptions:
|
|
A.
|
Stock option plans (cont’d)
|
|
1.
|
Dividend yield of zero percent for all periods.
|
|
2.
|
Risk-free interest rate of 1.18% and 1.21% for grants during the three months ended March 31, 2016 and March 31, 2015, respectively, based on U.S. Treasury yield curve in effect at the time of grant.
|
|
3.
|
Estimated expected lives of 3.56 and 3.5 years for grants during the three months ended March 31, 2016 and March 31, 2015, respectively, using the simplified method.
|
|
4.
|
Expected average volatility of 72% and 69% for grants during the three months ended March 31, 2016 and March 31, 2015, respectively, which represent a weighted average standard deviation rate for the price of the Company's Ordinary Shares on the NASDAQ Global Market.
|
Number of
|
Weighted
|
|||||||
options
|
average exercise
|
|||||||
outstanding
|
price per share
|
|||||||
Outstanding – December 31, 2015
|
1,601,379 | $ | 1.71 | |||||
Options granted
|
270,000 | 0.76 | ||||||
Options expired or forfeited
|
(255,393 | ) | 2.12 | |||||
Options exercised
|
(15,000 | ) | 0.03 | |||||
Outstanding – March 31, 2016
|
1,600,986 | 1.50 | ||||||
Exercisable as of:
|
||||||||
December 31, 2015
|
799,473 | $ | 1.85 | |||||
March 31, 2016
|
717,334 | $ | 1.78 |
|
The weighted average fair value of options granted during the three months ended March 31, 2016 and during the three months ended March 31, 2015 is $0.41 and $0.8, respectively, per option. The aggregate intrinsic value of outstanding options as of March 31, 2016 and December 31, 2015 is approximately $137 and $8, respectively. The aggregate intrinsic value of exercisable options as of March 31, 2016 and December 31, 2015 is approximately $9 and $8, respectively.
|
Options outstanding
|
Options Exercisable
|
|||||||||||||||||||||||||
Number
|
Weighted
|
Number
|
Weighted
|
|||||||||||||||||||||||
outstanding
|
average
|
Weighted
|
Outstanding
|
average
|
Weighted
|
|||||||||||||||||||||
as of
|
remaining
|
Average
|
As of
|
remaining
|
Average
|
|||||||||||||||||||||
Range of
|
March 31,
|
contractual
|
Exercise
|
March 31,
|
contractual
|
Exercise
|
||||||||||||||||||||
exercise price
|
2016
|
life (years)
|
Price
|
2016
|
life (years)
|
Price
|
||||||||||||||||||||
$ | 0.03 | 3,000 | 0.67 | $ | 0.03 | 3,000 | 0.67 | $ | 0.03 | |||||||||||||||||
0.44-0.90
|
683,148 | 4.34 | 0.77 | 88,148 | 1.6 | 0.90 | ||||||||||||||||||||
1.08-1.29 | 138,000 | 0.92 | 1.09 | 138,000 | 0.92 | 1.09 | ||||||||||||||||||||
1.46 | 76,666 | 1.54 | 1.46 | 56,666 | 1.27 | 1.46 | ||||||||||||||||||||
1.67-1.76 | 116,667 | 1.81 | 1.68 | 81,667 | 1.12 | 1.68 | ||||||||||||||||||||
2.23-2.84
|
521,283 | 2.75 | 2.34 | 317,631 | 2.52 | 2.34 | ||||||||||||||||||||
3.03-3.18 | 62,222 | 2.33 | $ | 3.08 | 32,222 | 1.25 | $ | 3.13 | ||||||||||||||||||
1,600,986 | 3.13 | 717,334 | 1.78 |
Warrants outstanding
|
Warrants Exercisable
|
|||||||||||||||||||||||||
Number
|
Weighted
|
Number
|
Weighted
|
|||||||||||||||||||||||
outstanding
|
average
|
Weighted
|
Outstanding
|
average
|
Weighted
|
|||||||||||||||||||||
as of
|
remaining
|
Average
|
As of
|
remaining
|
Average
|
|||||||||||||||||||||
Range of
|
March 31,
|
contractual
|
Exercise
|
March 31,
|
contractual
|
Exercise
|
||||||||||||||||||||
exercise price
|
2016
|
life (years)
|
Price
|
2016
|
life (years)
|
Price
|
||||||||||||||||||||
$ | - | 56,648 | 0.68 | $ | - | 20,500 | 0.11 | $ | - | |||||||||||||||||
56,648 | 0.68 | 20,500 | 0.11 |
Three months ended March 31, 2016
|
||||||||||||||||||||
Petroleum
|
Retail and
Mass Transit
Ticketing
|
Parking
|
Other
|
Consolidated
|
||||||||||||||||
Revenues
|
$ | 1,109 | $ | 2,899 | $ | 305 | $ | 564 | $ | 4,877 | ||||||||||
Reportable segment gross profit *
|
701 | 1,524 | 213 | 292 | 2,730 | |||||||||||||||
Reconciliation of reportable segment
|
||||||||||||||||||||
gross profit to gross profit for the period
|
||||||||||||||||||||
Depreciation
|
(189 | ) | ||||||||||||||||||
Stock-based compensation
|
4 | |||||||||||||||||||
Gross profit for the period
|
$ | 2,545 |
Three months ended March 31, 2015
|
||||||||||||||||||||
Petroleum
|
Retail and
Mass Transit
Ticketing
|
Parking
|
Other
|
Consolidated
|
||||||||||||||||
Revenues
|
$ | 1,140 | $ | 3,107 | $ | 341 | $ | 387 | $ | 4,975 | ||||||||||
Reportable segment gross profit *
|
642 | 1,598 | 218 | 197 | 2,655 | |||||||||||||||
Reconciliation of reportable segment
|
||||||||||||||||||||
gross profit to gross profit for the period
|
||||||||||||||||||||
Depreciation
|
(172 | ) | ||||||||||||||||||
Stock-based compensation
|
(13 | ) | ||||||||||||||||||
Gross profit for the period
|
$ | 2,470 |
|
the expected development and potential benefits from our existing or future products or our intellectual property, or IP;
|
|
·
|
generation of revenues from licensing, transaction fees and/or other arrangements;
|
|
·
|
future sources of revenue, ongoing relationships with current and future suppliers, customers, end-user customers and resellers;
|
|
·
|
future costs and expenses and adequacy of capital resources;
|
|
·
|
our intention to continue to expand our market presence via strategic partnerships around the globe;
|
|
·
|
our plans to increase our cash resources, such as by capitalizing on our patent portfolio, sales of assets or parts of our business or raising funds;
|
|
·
|
our plans to reduce our financial expenses;
|
|
·
|
our expectations regarding our short-term and long-term capital requirements;
|
|
·
|
our intention to continue to invest in research and development;
|
|
·
|
our outlook for the coming months; and
|
|
·
|
information with respect to any other plans and strategies for our business.
|
Three months ended
March 31,
|
||||||||
2016
|
2015
|
|||||||
Sales
|
$ | 3,493 | $ | 3,597 | ||||
Licensing and transaction fees
|
$ | 1,384 | $ | 1,378 | ||||
Total revenues
|
$ | 4,877 | $ | 4,975 |
Three months ended March 31,
|
Africa
|
Europe
|
Asia
|
Americas
|
||||||||||||||||||||||||||||
2016
|
$
|
836
|
17
|
%
|
$
|
1,534
|
31
|
%
|
$
|
271
|
6
|
%
|
$
|
2,236
|
46
|
%
|
||||||||||||||||
2015
|
$
|
869
|
17
|
%
|
$
|
1,480
|
30
|
%
|
$
|
377
|
8
|
%
|
$
|
2,249
|
45
|
%
|
Three months ended March 31,
|
Petroleum
|
Parking
|
Retail and Mass Transit Ticketing
|
Other
|
||||||||||||||||||||||||||||
2016
|
$
|
1,109
|
23
|
%
|
$
|
305
|
6
|
%
|
$
|
2,899
|
59
|
%
|
$
|
564
|
12
|
%
|
||||||||||||||||
2015
|
$
|
1,140
|
23
|
%
|
$
|
341
|
7
|
%
|
$
|
3,107
|
62
|
%
|
$
|
387
|
8
|
%
|
Cost of revenues
|
Three months ended March 31,
|
|||||||
2016
|
2015
|
|||||||
Cost of sales
|
$
|
2,332
|
$
|
2,505
|
||||
Gross profit
|
$
|
2,545
|
$
|
2,470
|
||||
Gross margin percentage
|
52%
|
50%
|
Operating expenses
|
Three months ended March 31,
|
|||||||
2016
|
2015
|
|||||||
Research and development
|
$ | 751 | $ | 968 | ||||
Selling and marketing
|
$ | 1,586 | $ | 1,886 | ||||
General and administrative
|
$ | 938 | $ | 1,241 | ||||
Patent litigation and maintenance
|
$ | 17 | $ | 176 | ||||
Other expenses
|
$ | - | $ | 77 | ||||
Total operating expenses
|
$ | 3,292 | $ | 4,348 |
Three months ended March 31,
|
||||||||
2016
|
2015
|
|||||||
Financing income
|
$ | 23 | $ | 48 | ||||
Financing expenses
|
$ | (127 | ) | $ | (273 | ) | ||
Financing expenses, net
|
$ | (104 | ) | $ | (225 | ) |
Three months ended March 31,
|
||||||||
2016
|
2015
|
|||||||
Net loss from continuing operations
|
$ | (867 | ) | $ | (2,122 | ) |
Three months ended March 31,
|
||||||||
2016
|
2015
|
|||||||
Net profit (loss) from discontinued operations
|
$ | (61 | ) | $ | 362 |
Three months ended March 31,
|
||||||||
2016
|
2015
|
|||||||
Net loss
|
$ | (928 | ) | $ | (1,760 | ) |
March 31, 2016
|
||||
Long-term loans
|
$ | 3,259 | ||
Less - current maturities
|
1,067 | |||
$ | 2,192 |
March 31, 2016
|
||||||||
Interest rate
|
||||||||
In NIS
|
4.35 | % | $ | 767 | ||||
In U.S. dollars
|
4.92 | % | 1,549 | |||||
In Polish Zloty
|
3.15 | % | 782 | |||||
3,098 | ||||||||
Current maturities of long-term loans
|
1,067 | |||||||
$ | 4,165 |
3.1
|
Amended and Restated Articles of Incorporation (incorporated by reference to the Company’s Report on Form 6-K filed with the SEC on October 31, 2013).
|
3.2
|
Memorandum of Association, dated February 14, 1990 (incorporated by reference to the Company’s Registration Statement on Form F-1, filed with the SEC on June 14, 2002).
|
31.1*
|
Rule 13a-14(a) Certification of Chief Executive Officer.
|
31.2*
|
Rule 13a-14(a) Certification of Chief Financial Officer.
|
32.1**
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350.
|
32.2**
|
Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350.
|
101 *
|
The following materials from our Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 formatted in XBRL (eXtensible Business Reporting Language): (i) the Interim Condensed Consolidated Balance Sheets, (ii) the Interim Condensed Consolidated Statements of Operations, (iii) the Interim Condensed Consolidated Statements of Comprehensive Loss, (iv) the Interim Condensed Statements of Changes in Equity, (v) the Interim Condensed Consolidated Statements of Cash Flows, and (vi) the Notes to Interim Condensed Consolidated Financial Statements, tagged as blocks of text and in detail.
|
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