000-1021604
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N/A
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(Commission File Number)
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(IRS Employer Identification No.)
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Z.H.R. Industrial Zone, P.O. Box 32, Rosh-Pina, Israel
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12000
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(Address of Principal Executive Offices)
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(Zip Code)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
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Description
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99.1
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Press Release dated November 12, 2015
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On Track Innovations Ltd.
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Date: November 12, 2015
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By:
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/s/ Shlomi Cohen
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Name:
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Shlomi Cohen
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Title:
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Chief Executive Officer
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![]() |
Press Release
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·
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Appointed Shlomi Cohen as CEO, who brings more than 25 years of experience managing global organizations to advance the sales of oti's cashless payment solutions.
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·
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Implemented a new go-to-market strategy designed to advance the company's NFC market leadership and drive growth.
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·
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Filed patent infringement lawsuits against AT&T and Verizon.
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Three months ended
September 30,
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Nine months ended
September 30,
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|||||||||||||||
2015
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2014
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2015
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2014
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|||||||||||||
(Unaudited)
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(Unaudited)
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(Unaudited)
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(Unaudited)
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|||||||||||||
Net Loss
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$ | (1,986 | ) | $ | (1,951 | ) | $ | (5,795 | ) | $ | (7,543 | ) | ||||
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||||||||||||||||
Net income from discontinued operations
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(461 | ) | (311 | ) | (823 | ) | (41 | ) | ||||||||
Financial expenses, net
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122 | 44 | 542 | 397 | ||||||||||||
Depreciation
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324 | 311 | 941 | 959 | ||||||||||||
Income tax
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35 | 29 | 38 | 202 | ||||||||||||
TOTAL EBITDA FROM CONTINUING OPERATIONS
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$ | (1,966 | ) | $ | (1,878 | ) | $ | (5,097 | ) | $ | (6,026 | ) | ||||
Patent litigation and maintenance
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371 | 194 | 830 | 1,213 | ||||||||||||
Other expenses
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408 | - | 918 | - | ||||||||||||
Stock-based compensation
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37 | 206 | 369 | 642 | ||||||||||||
TOTAL ADJUSTED EBITDA FROM CONTINUING OPERATIONS
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$ | (1,150 | ) | $ | (1,478 | ) | $ | (2,980 | ) | $ | (4,171 | ) |
September 30,
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December 31,
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|||||||
2015
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2014
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|||||||
Assets
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||||||||
Current assets
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||||||||
Cash and cash equivalents
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$ | 4,419 | $ | 5,351 | ||||
Short-term investments
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7,056 | 11,048 | ||||||
Trade receivables (net of allowance for doubtful
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||||||||
accounts of $696 and $671 as of September 30, 2015
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||||||||
and December 31, 2014, respectively)
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2,719 | 4,299 | ||||||
Other receivables and prepaid expenses
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2,917 | 2,530 | ||||||
Inventories
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3,961 | 3,703 | ||||||
Total current assets
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21,072 | 26,931 | ||||||
Long-term restricted deposit for employees benefit
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519 | 555 | ||||||
Severance pay deposits
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469 | 614 | ||||||
Property, plant and equipment, net
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8,828 | 9,234 | ||||||
Intangible assets, net
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145 | - | ||||||
Deferred tax asset
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39 | 47 | ||||||
Total Assets
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$ | 31,072 | $ | 37,381 |
September 30,
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December 31,
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|||||||
2015
|
2014 | |||||||
Liabilities and Equity
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||||||||
Current Liabilities
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||||||||
Short-term bank credit and current maturities
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||||||||
of long-term bank loans
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$ | 3,280 | $ | 3,617 | ||||
Trade payables
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7,297 | 7,306 | ||||||
Other current liabilities
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2,730 | 2,656 | ||||||
Total current liabilities
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13,307 | 13,579 | ||||||
Long-Term Liabilities
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||||||||
Long-term loans, net of current maturities
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2,050 | 2,161 | ||||||
Accrued severance pay
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1,232 | 1,456 | ||||||
Deferred tax liability
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318 | 302 | ||||||
Total long-term liabilities
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3,600 | 3,919 | ||||||
Total Liabilities
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16,907 | 17,498 | ||||||
Equity
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||||||||
Shareholders' Equity
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||||||||
Ordinary shares of NIS 0.1 par value: Authorized –
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||||||||
50,000,000 shares as of September 30, 2015 and
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||||||||
December 31, 2014; issued: 42,014,673 and 41,996,602
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||||||||
shares as of September 30, 2015 and December 31, 2014, respectively;
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||||||||
outstanding: 40,835,974 and 40,817,903 shares
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as of September 30, 2015 and December 31, 2014, respectively
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1,055 | 1,055 | ||||||
Additional paid-in capital | ||||||||
Treasury shares at cost - 1,178,699 shares as of September 30,
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224,603 | 224,234 | ||||||
2015 and December 31, 2014
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(2,000 | ) | (2,000 | ) | ||||
Accumulated other comprehensive loss
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(1,092 | ) | (800 | ) | ||||
Accumulated deficit
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(207,895 | ) | (202,103 | ) | ||||
Total Shareholder’s equity
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14,671 | 20,386 | ||||||
Non-controlling interest
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(506 | ) | (503 | ) | ||||
Total Equity
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14,165 | 19,883 | ||||||
Total Liabilities and Equity
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$ | 31,072 | $ | 37,381 |
Three months ended
September 30,
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Nine months ended
September 30,
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2015
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2014
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2015
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2014
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Revenues
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Sales
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$ | 2,361 | $ | 3,691 | $ | 10,015 | $ | 13,381 | ||||||||
Licensing and transaction fees
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1,394 | 1,564 | 4,131 | 4,226 | ||||||||||||
Total revenues
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3,755 | 5,255 | 14,146 | 17,607 | ||||||||||||
Cost of revenues
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Cost of sales
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1,673 | 2,619 | 6,896 | 9,066 | ||||||||||||
Gross profit
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2,082 | 2,636 | 7,250 | 8,541 | ||||||||||||
Operating expenses
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Research and development
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807 | 1,281 | 2,712 | 3,662 | ||||||||||||
Selling and marketing
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1,730 | 1,968 | 5,388 | 6,160 | ||||||||||||
General and administrative
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1,056 | 1,382 | 3,440 | 4,491 | ||||||||||||
Patent litigation and maintenance
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371 | 194 | 830 | 1,213 | ||||||||||||
Other expenses
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408 | - | 918 | - | ||||||||||||
Total operating expenses
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4,372 | 4,825 | 13,288 | 15,526 | ||||||||||||
Operating loss from continuing operations
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(2,290 | ) | (2,189 | ) | (6,038 | ) | (6,985 | ) | ||||||||
Financial expenses, net
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(122 | ) | (44 | ) | (542 | ) | (397 | ) | ||||||||
Loss from continuing operations
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before taxes on income
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(2,412 | ) | (2,233 | ) | (6,580 | ) | (7,382 | ) | ||||||||
Income tax
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(35 | ) | (29 | ) | (38 | ) | (202 | ) | ||||||||
Net loss from continuing operations
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(2,447 | ) | (2,262 | ) | (6,618 | ) | (7,584 | ) | ||||||||
Net income from discontinued operations
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461 | 311 | 823 | 41 | ||||||||||||
Net loss
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(1,986 | ) | (1,951 | ) | (5,795 | ) | (7,543 | ) | ||||||||
Net (income) loss attributable to noncontrolling interest
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(23 | ) | (46 | ) | 3 | (37 | ) | |||||||||
Net loss attributable to shareholders
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$ | (2,009 | ) | $ | (1,997 | ) | $ | (5,792 | ) | $ | (7,580 | ) | ||||
Basic and diluted net gain (loss) attributable to shareholders per ordinary share
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||||||||||||||||
From continuing operations
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(0.06 | ) | (0.07 | ) | (0.16 | ) | (0.23 | ) | ||||||||
From discontinued operations
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0.01 | 0.01 | 0.02 | ** | ||||||||||||
$ | (0.05 | ) | $ | (0.06 | ) | $ | (0.14 | ) | $ | (0.23 | ) | |||||
Weighted average number of ordinary shares
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||||||||||||||||
used in computing basic and diluted net loss
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||||||||||||||||
per ordinary share
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40,874,474 | 33,310,672 | 40,868,252 | 33,245,249 |
Nine months ended September 30,
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||||||||
2015
|
2014 | |||||||
Cash flows from continuing operating activities
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Net loss from continuing operations
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$ | (6,618 | ) | $ | (7,584 | ) | ||
Adjustments required to reconcile net loss to
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||||||||
net cash used in continuing operating activities:
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||||||||
Stock-based compensation related to options and shares issued
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to employees
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369 | 642 | ||||||
Gain on sale of property and equipment
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(8 | ) | (5 | ) | ||||
Accrued interest and linkage differences
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30 | 55 | ||||||
Depreciation
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941 | 959 | ||||||
Changes in operating assets and liabilities:
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||||||||
Accrued severance pay, net
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(79 | ) | (112 | ) | ||||
Deferred tax, net
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36 | 135 | ||||||
Decrease in trade receivables
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1,936 | 240 | ||||||
Decrease (increase) in other receivables and prepaid expenses
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131 | (308 | ) | |||||
Increase in inventories
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(382 | ) | (689 | ) | ||||
Increase in trade payables
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402 | 235 | ||||||
Increase (decrease) in other current liabilities
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197 | (772 | ) | |||||
Net cash used in continuing operating activities
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(3,045 | ) | (7,204 | ) | ||||
Cash flows from continuing investing activities
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||||||||
Purchase of property and equipment
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(1,117 | ) | (340 | ) | ||||
Purchase of short-term investments
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(4,181 | ) | (2,434 | ) | ||||
Investment in capitalized product costs
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(153 | ) | - | |||||
Investment in restricted deposit for employees benefit
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(281 | ) | - | |||||
Proceeds from restricted deposit for employees benefit
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144 | - | ||||||
Proceeds from maturity or sale of short-term investments
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8,179 | 1,317 | ||||||
Proceeds from sale of property and equipment
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31 | 6 | ||||||
Net cash provided by (used in) continuing investing activities
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2,622 | (1,451 | ) | |||||
Cash flows from continuing financing activities
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(Decrease) increase in short-term bank credit, net
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(783 | ) | 179 | |||||
Proceeds from long-term bank loans
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716 | 29 | ||||||
Repayment of long-term bank loans
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(606 | ) | (811 | ) | ||||
Proceeds from exercise of options and warrants
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(* | ) | 965 | |||||
Net cash provided by (used in) continuing financing activities
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(673 | ) | 362 | |||||
Cash flows from discontinued operations
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||||||||
Net cash used in discontinued operating activities
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(25 | ) | (1,325 | ) | ||||
Net cash provided by discontinued investing activities
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387 | 925 | ||||||
Net cash used in discontinued financing activities
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- | (154 | ) | |||||
Total net cash provided by (used in) discontinued operations
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362 | (554 | ) | |||||
Effect of exchange rate changes on cash and cash equivalents
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(198 | ) | (227 | ) | ||||
Decrease in cash and cash equivalents
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(932 | ) | (9,074 | ) | ||||
Cash and cash equivalents at the beginning of the period
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5,351 | 14,962 | ||||||
Cash and cash equivalents at the end of the period
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$ | 4,419 | $ | 5,888 |
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