December 31, | March 31, | |||||||
2013 | 2014 | |||||||
(Unaudited) | ||||||||
| A s s e t s | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | 1,841 | $ | 1,118 | ||||
| Restricted cash | 117 | 117 | ||||||
| Trade receivables | 2,021 | 2,274 | ||||||
| Inventories | 1,076 | 1,000 | ||||||
| Other current assets | 1,340 | 1,019 | ||||||
| T o t a l current assets | 6,395 | 5,528 | ||||||
| LONG-TERM TRADE RECEIVABLES | 662 | 738 | ||||||
| SEVERANCE PAY FUND | 6 | 34 | ||||||
PROPERTY AND EQUIPMENT, net | 303 | 209 | ||||||
INTENGIBALE ASSETS, net | 146 | 109 | ||||||
T o t a l assets | $ | 7,512 | $ | 6,618 | ||||
| Liabilities and capital deficiency | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Trade payables | $ | 1,229 | $ | 534 | ||||
| Accrued expenses and other payables | 4,451 | 5,820 | ||||||
| Deferred income | 1,204 | 1,190 | ||||||
| Convertible subordinated notes, series A | 12,562 | 12,459 | ||||||
| Convertible subordinated notes, series B | 44 | 37 | ||||||
T o t a l current liabilities | 19,490 | 20,040 | ||||||
| LONG-TERM LIABILITIES: | ||||||||
| Deferred income | 775 | 783 | ||||||
| Convertible subordinated notes, Series A | - | - | ||||||
| Convertible subordinated notes, Series B | 877 | 423 | ||||||
| Long-term liabilities | - | - | ||||||
| Long-term convertible loan from shareholders | 400 | 400 | ||||||
| T o t a l long-term liabilities | 2,052 | 1,606 | ||||||
| COMMITMENTS AND CONTINGENT LIABILITY | ||||||||
T o t a l liabilities | 21,542 | 21,646 | ||||||
| CAPITAL DEFICIENCY | ||||||||
| Share capital - ordinary shares of no par value | 362,983 | 362,983 | ||||||
| Warrants | 3,588 | 3,588 | ||||||
| Accumulated deficit | (374,871 | ) | (375,869 | ) | ||||
| Accumulated other comprehensive income | (86 | ) | (86 | ) | ||||
| Treasury shares, at cost (2,644,839 ordinary shares) | (5,644 | ) | (5,644 | ) | ||||
T o t a l capital deficiency | (14,030 | ) | (15,028 | ) | ||||
T o t a l liabilities and capital deficiency | $ | 7,512 | $ | 6,618 | ||||
| INTERIM CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS |
| (U.S dollars in thousands, except per share data) |
Three months ended March 31, | ||||||||
2013 | 2014 | |||||||
(Unaudited) | ||||||||
| REVENUES | $ | 2,280 | $ | 1,238 | ||||
| COST OF REVENUES | (974 | ) | (385 | ) | ||||
| GROSS PROFIT | 1,306 | 853 | ||||||
RESEARCH AND DEVELOPMENT EXPENSES - net | (785 | ) | - | |||||
| SELLING, GENERAL AND ADMINISTRATIVE EXPENSES | (1,265 | ) | (1,129 | ) | ||||
| OTHER EXPENSES | (237 | ) | (1,046 | ) | ||||
| OPERATING LOSS | (981 | ) | (1,322 | ) | ||||
FINANCIAL INCOME (EXPENSES) - net | (1,375 | ) | 324 | |||||
| NET LOSS | $ | (2,356 | ) | $ | (998 | ) | ||
| COMPREHENSIVE LOSS FOR PERIOD | $ | (2,356 | ) | $ | (998 | ) | ||
| LOSS PER SHARE (“EPS”): | ||||||||
Basic | $ | (0.08 | ) | $ | (0.03 | ) | ||
Diluted | $ | (0.08 | ) | $ | (0.04 | ) | ||
| WEIGHTED AVERAGE NUMBER OF SHARES | ||||||||
USED IN COMPUTATION OF EPS (in thousands): | ||||||||
| Basic | 31,050 | 31,101 | ||||||
| Diluted | 31,050 | 37,953 | ||||||
