on Track Innovations (OTIVF) 8-K Completion of Acquisition or Disposition of Assets

Exhibit 99.1

ON TRACK INNOVATION LTD.

PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

(US dollars in thousands)

	December 31, 2020		Pro Forma Adjustments			December 31, 2020 Adjusted
Assets
Current assets
Cash and cash equivalents	$	1,377	$	600		$	1,977
Short-term investments		105		-			105
Trade receivables (net of allowance for doubtful accounts of $620)		1,148		-			1,148
Other receivables and prepaid expenses		695		-			695
Inventories		2,479		-			2,479
Assets from discontinued operations - held for sale		6,358		(6,358	)		-
Total current assets		12,162		(5,758	)		6,404
Non-current assets
Long term restricted deposit for employee benefits		511		-			511
Severance pay deposits		411		-			411
Property, plant and equipment, net		752		-			752
Intangible assets, net		247		-			247
Right-of-use assets due to operating leases		2,903		-			2,903
Total non-current assets		4,824		-			4,824
Total Assets	$	16,986	$	(5,758	)	$	11,228

ON TRACK INNOVATION LTD.

PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET

(US dollars in thousands)

	December 31, 2020			Pro forma Adjustments			December 31, 2020 Adjusted
Liabilities and Equity
Current Liabilities
Short-term bank credit and current maturities of long-term bank loans	$	542			-		$	542
Convertible short-term loan from a controlling shareholder		625			-			625
Trade payables		1,667			-			1,667
Other current liabilities		2,283			-			2,283
Liabilities from discontinued operations - held for sale		5,829			(5,829	)		-
Total current liabilities		10,946			(5,829	)		5,117
Long-Term Liabilities
Long-term loans, net of current maturities		14			-			14
Long-term liabilities due to operating leases, net of current maturities		2,343			-			2,343
Accrued severance pay		977			-			977
Total long-term liabilities		3,334			-			3,334
Total Liabilities		14,280			(5,829	)		8,451
Commitments and Contingencies
Equity
Shareholders' Equity
Ordinary shares of NIS 0.1 par value: Authorized 100,000,000, issued 55,073,076, outstanding 52,824,377 shares		1,423			-			1,423
Additional paid-in capital		227,209			-			227,209
Treasury shares at cost - 1,178,699 shares		(2,000	)		-			(2,000	)
Accumulated other comprehensive loss		(961	)		-			(961	)
Accumulated deficit		(222,965	)		71			(220,594	)
Total Equity		2,706			71			2,777
Total Liabilities and Equity	$	16,986		$	(5,758	)	$	11,228

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ON TRACK INNOVATIONS LTD.

CONSOLIDATED STATEMENT OF OPERATIONS

(US dollars in thousands)

	Year ended December 31
	2020			2019
Revenues
Sales	$	11,191		$	9,144
Licensing and transaction fees		1,551			1,505
Total revenues		12,742			10,649
Cost of revenues
Total cost of revenues		7,641			6,402
Gross profit		5,101			4,247
Operating expenses
Research and development		3,531			3,287
Selling and marketing		3,233			2,934
General and administrative		3,028			3,449
Other (income) expenses, net		(11	)		(326	)
Total operating expenses		9,781			9,344
Operating loss from continuing operations		(4,680	)		(5,097	)
Financial expense, net		(370	)		(353	)
Loss from continuing operations before taxes on income		(5,050	)		(5,450	)
Income tax benefit, net		10			106
Net loss from continuing operations	$	(5,040	)	$	(5,344	)

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