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 May 10, 2016
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On Track Innovations Ltd.
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Date: May 12, 2016
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By:
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/s/ Shlomi Cohen | |
Name: Shlomi Cohen | |||
Title: Chief Executive Officer | |||
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·
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Expanded support of payment processing services for vending machines and kiosks across the European Union.
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Formed a strategic partnership with Apriva to bring a unified mobile and cashless payment solution to the global kiosk market.
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Secured partnerships with leading vending distributors to the Spanish, Portuguese, Italian, Slovakian, and Czech markets.
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Partnered with NEXTEP SYSTEMS to equip drive-thru kiosks with oti's SATURN 6500 TRIO reader.
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Received a series of follow-on orders totaling more than 25,000 NFC readers from two major North American customers.
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Continued the implementation of the company’s efficiency program, which significantly reduced operating expenses and enhanced gross margins.
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Demonstrated prototypes of NFC-based cashless payments solutions at the RETAILTECH JAPAN trade show with development partner Billing System Corporation.
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Three months ended March 31
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||||||||
2016
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2015
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|||||||
(Unaudited)
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(Unaudited)
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|||||||
Net loss
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$ | (928 | ) | $ | (1,760 | ) | ||
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||||||||
Net (income) loss from discontinued operations
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61 | (362 | ) | |||||
Financial expenses, net
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104 | 225 | ||||||
Depreciation
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308 | 298 | ||||||
Taxes on income
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16 | 19 | ||||||
TOTAL EBITDA FROM CONTINUING OPERATIONS
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$ | (439 | ) | $ | (1,580 | ) | ||
Patent litigation and maintenance
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17 | 176 | ||||||
Other expenses
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- | 77 | ||||||
Stock-based compensation
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27 | 180 | ||||||
TOTAL ADJUSTED EBITDA FROM CONTINUING OPERATIONS
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$ | (395 | ) | $ | (1,147 | ) |
March 31
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December 31
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2016
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2015
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Assets
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Current assets
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||||||||
Cash and cash equivalents
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$ | 5,053 | $ | 5,450 | ||||
Short-term investments
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4,584 | 5,454 | ||||||
Trade receivables (net of allowance for doubtful
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||||||||
accounts of $788 and $778 as of March 31, 2016
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and December 31, 2015, respectively)
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3,909 | 2,418 | ||||||
Other receivables and prepaid expenses
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2,208 | 2,183 | ||||||
Inventories
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2,990 | 3,330 | ||||||
Total current assets
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18,744 | 18,835 | ||||||
Long-term restricted deposit for employees benefit
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501 | 524 | ||||||
Severance pay deposits
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337 | 455 | ||||||
Property, plant and equipment, net
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8,709 | 8,668 | ||||||
Intangible assets, net
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217 | 180 | ||||||
Total Assets
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$ | 28,508 | $ | 28,662 |
March 31
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December 31
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|||||||
2016
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2015
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|||||||
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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$ | 4,165 | $ | 3,815 | ||||
Trade payables
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6,135 | 5,441 | ||||||
Other current liabilities
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2,628 | 2,724 | ||||||
Total current liabilities
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12,928 | 11,980 | ||||||
Long-Term Liabilities
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Long-term loans, net of current maturities
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2,192 | 2,359 | ||||||
Accrued severance pay
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921 | 1,148 | ||||||
Deferred tax liability
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377 | 352 | ||||||
Total long-term liabilities
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3,490 | 3,859 | ||||||
Total Liabilities
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16,418 | 15,839 | ||||||
Commitments and Contingencies
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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 March 31, 2016 and
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December 31, 2015; issued: 42,029,673 and 42,014,673 shares as
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of March 31, 2016 and December 31, 2015, respectively;
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outstanding: 40,850,974 and 40,835,974 shares
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as of March 31, 2016 and December 31, 2015, respectively
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1,055 | 1,055 | ||||||
Additional paid-in capital
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225,952 | 225,925 | ||||||
Treasury shares at cost - 1,178,699 shares as of March 31,
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2016 and December 31, 2015
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(2,000 | ) | (2,000 | ) | ||||
Accumulated other comprehensive loss
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(916 | ) | (1,084 | ) | ||||
Accumulated deficit
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(210,119 | ) | (209,254 | ) | ||||
Total Shareholder’s equity
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13,972 | 14,642 | ||||||
Non-controlling interest
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(1,882 | ) | (1,819 | ) | ||||
Total Equity
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12,090 | 12,823 | ||||||
Total Liabilities and Equity
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$ | 28,508 | $ | 28,662 |
Three months ended March 31
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2016
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2015
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Revenues
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Sales
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$ | 3,493 | $ | 3,597 | ||||
Licensing and transaction fees
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1,384 | 1,378 | ||||||
Total revenues
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4,877 | 4,975 | ||||||
Cost of revenues
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Cost of sales
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2,332 | 2,505 | ||||||
Total cost of revenues
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2,332 | 2,505 | ||||||
Gross profit
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2,545 | 2,470 | ||||||
Operating expenses
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Research and development
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751 | 968 | ||||||
Selling and marketing
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1,586 | 1,886 | ||||||
General and administrative
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938 | 1,241 | ||||||
Patent litigation and maintenance
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17 | 176 | ||||||
Other expenses | - | 77 | ||||||
Total operating expenses
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3,292 | 4,348 | ||||||
Operating loss from continuing operations
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(747 | ) | (1,878 | ) | ||||
Financial expenses, net
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(104 | ) | (225 | ) | ||||
Loss from continuing operations before taxes on income
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(851 | ) | (2,103 | ) | ||||
Income tax
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(16 | ) | (19 | ) | ||||
Net loss from continuing operations
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(867 | ) | (2,122 | ) | ||||
Net (loss) income from discontinued operations
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(61 | ) | 362 | |||||
Net loss
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(928 | ) | (1,760 | ) | ||||
Net loss (income) attributable to non-controlling interest
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63 | (9 | ) | |||||
Net loss attributable to shareholders
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$ | (865 | ) | $ | (1,769 | ) | ||
Basic and diluted net (loss) profit attributable to
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||||||||
shareholders per ordinary share
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From continuing operations
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$ | (0.02 | ) | $ | (0.05 | ) | ||
From discontinued operations
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$ | - | $ | 0.01 | ||||
$ | (0.02 | ) | $ | (0.04 | ) | |||
Weighted average number of ordinary shares used in computing basic and diluted net loss per ordinary share
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40,874,474 | 40,856,403 |
Three months ended March 31
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2016
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2015
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Cash flows from continuing operating activities
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Net loss from continuing operations
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$ | (867 | ) | $ | (2,122 | ) | ||
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 issued
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to employees
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27 | 180 | ||||||
Accrued interest and linkage differences
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(7 | ) | (2 | ) | ||||
Depreciation
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308 | 298 | ||||||
Changes in operating assets and liabilities:
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Accrued severance pay, net
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(109 | ) | (20 | ) | ||||
Deferred tax, net
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16 | 19 | ||||||
(Increase) decrease in trade receivables, net
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(1,408 | ) | 1,383 | |||||
Decrease in other receivables and prepaid expenses
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3 | 31 | ||||||
Decrease in inventories
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377 | 501 | ||||||
Increase (decrease) in trade payables
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506 | (288 | ) | |||||
Decrease in other current liabilities
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(139 | ) | (148 | ) | ||||
Net cash used in continuing operating activities
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(1,293 | ) | (168 | ) | ||||
Cash flows from continuing investing activities
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Purchase of property and equipment
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(83 | ) | (111 | ) | ||||
Decrease in short-term investments, net
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901 | 816 | ||||||
Investment in capitalized product costs
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(54 | ) | (6 | ) | ||||
Net cash provided by continuing investing activities
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764 | 699 | ||||||
Cash flows from continuing financing activities
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Increase in short-term bank credit, net
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286 | 108 | ||||||
Proceeds from long-term bank loans
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27 | - | ||||||
Repayment of long-term bank loans
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(263 | ) | (229 | ) | ||||
Proceeds from exercise of options
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(* | ) | - | |||||
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Net cash provided by (used in) continuing financing activities
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50 | (121 | ) | |||||
Cash flows from discontinued operations
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Net cash used in discontinued operating activities
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- | (25 | ) | |||||
Net cash used in discontinued investing activities
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(61 | ) | - | |||||
Total net cash used in discontinued operations
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(61 | ) | (25 | ) | ||||
Effect of exchange rate changes on cash and cash equivalents
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143 | (167 | ) | |||||
(Decrease) increase in cash and cash equivalents
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(397 | ) | 218 | |||||
Cash and cash equivalents at the beginning of the period
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5,450 | 5,351 | ||||||
Cash and cash equivalents at the end of the period
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$ | 5,053 | $ | 5,569 |