zk1618480.htm

0001178913-16-005439.txt : 20160516 0001178913-16-005439.hdr.sgml : 20160516 20160516102522 ACCESSION NUMBER: 0001178913-16-005439 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 53 CONFORMED PERIOD OF REPORT: 20160331 FILED AS OF DATE: 20160516 DATE AS OF CHANGE: 20160516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ON TRACK INNOVATIONS LTD CENTRAL INDEX KEY: 0001021604 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-49877 FILM NUMBER: 161651362 BUSINESS ADDRESS: STREET 1: P O BOX 32 STREET 2: ZHR INDUSTRIAL ZONE CITY: ROSH PINAISRAEL STATE: L3 BUSINESS PHONE: 2126616500 MAIL ADDRESS: STREET 1: ZHR INDUSTRIAL ZONE STREET 2: PO BOX 32 CITY: ROSH PINA IARAEL STATE: L3 ZIP: 00000 10-Q 1 zk1618480.htm 10-Q zk1618480.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2016

o TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from

__________ to __________

Commission file number 000-49877

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)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registration was required to submit and post such files).

Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o

Accelerated filer o

Non-accelerated filer o

(do not check if a smaller reporting

company)

Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes o No x

State the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date: 40,887,116 Ordinary Shares outstanding as of May 12, 2016.

ON TRACK INNOVATIONS LTD.

TABLE OF CONTENTS


Part I - Financial Information

Item 1.	Financial Statement	4

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	5

Item 4.	Controls and Procedures	14

Part II - Other Information

Item 1.	Legal Proceedings	14

Item 6.	Exhibits	15

Signatures

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements.

ON TRACK INNOVATIONS LTD. AND ITS SUBSIDIARIES

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As of March 31, 2016

(Unaudited)

On Track Innovations Ltd.

and its Subsidiaries

Interim Condensed Consolidated

Financial Statements

As of March 31, 2016

(Unaudited)

On Track Innovations Ltd.

and its Subsidiaries

Interim Unaudited Condensed Consolidated Financial Statements as of March 31, 2016

Contents

	Page

Interim Unaudited Condensed Consolidated Balance Sheets	F-2 - F-3

Interim Unaudited Condensed Consolidated Statements of Operations	F-4

Interim Unaudited Condensed Consolidated Statements of Comprehensive Loss	F-5

Interim Unaudited Condensed Consolidated Statements of Changes in Equity	F-6

Interim Unaudited Condensed Consolidated Statements of Cash Flows	F-7 - F-8

Notes to the Interim Unaudited Condensed Consolidated Financial Statements	F-9 - F-17

On Track Innovations Ltd.

and its Subsidiaries

Interim Unaudited Condensed Consolidated Balance Sheets

US dollars in thousands except share data

	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

The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.

F - 2

On Track Innovations Ltd.

and its Subsidiaries

Interim Unaudited Condensed Consolidated Balance Sheets

US dollars in thousands except share data

	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

The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.

F - 3

On Track Innovations Ltd.

and its Subsidiaries

Interim Unaudited Condensed Consolidated Statements of Operations

US dollars in thousands except share and per share data

	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

The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.

F - 4

On Track Innovations Ltd.

and its Subsidiaries

Interim Unaudited Condensed Consolidated Statements of Comprehensive Loss

US dollars in thousands

	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	)

The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.

F - 5

On Track Innovations Ltd.

and its Subsidiaries

Interim Unaudited Condensed Consolidated Statements of Changes in Equity

US dollars in thousands

											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

(*) Less than $1.

The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.

F - 6

On Track Innovations Ltd.

and its Subsidiaries

Interim Unaudited Condensed Consolidated Statements of Cash Flows

US dollars in thousands

	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

(*) Less than $1.

The accompanying notes are an integral part of these interim unaudited condensed consolidated financial statements.

F - 7

On Track Innovations Ltd.

and its Subsidiaries

Interim Unaudited Condensed Consolidated Statements of Cash Flows (cont’d)

US dollars in thousands

	Three months ended March 31
	2016		2015
Supplementary cash flows activities:
Cash paid during the period for:

Interest paid	$	53	$	69

F - 8

On Track Innovations Ltd.

and Subsidiaries

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

US dollars in thousands

Note 1 - Organization and Basis of Presentation

A.	Description of business

On Track Innovations Ltd. (the “Company”) was founded in 1990, in Israel. The Company and its subsidiaries (together the “Group”) are principally engaged in the field of design and development of cashless payment solutions. The Company’s shares are listed for trading on the NASDAQ Capital Market (formerly listed on the NASDAQ Global Market until April 13, 2016).

B.	Interim Unaudited Financial Information

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and therefore should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

In the opinion of management, all adjustments considered necessary for a fair presentation, consisting of normal recurring adjustments, have been included. Operating results for the three month period ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016.

Use of Estimates:

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the assets, liabilities, revenue, costs, expenses and accumulated other comprehensive income/(loss) that are reported in the Interim Consolidated Financial Statements and accompanying disclosures. These estimates are based on management’s best knowledge of current events, historical experience, actions that the Company may undertake in the future and on various other assumptions that are believed to be reasonable under the circumstances. As a result, actual results may be different from these estimates.

C. Divestiture of operations

In December 2013, the Company completed the sale of certain assets, subsidiaries and intellectual property ("IP") relating to its Smart ID division. Accordingly the results and the cash flows of this operation for all reporting periods are presented in the statements of operations and in the statements of cash flows, respectively, as discontinued operations separately from continuing operations. In connection with this discontinued operation, see also Note 7.

On October 19, 2015, the Company filed a claim for breach of contract against SuperCom Ltd. (“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 a certain Asset Purchase Agreement, or the APA, the Company signed with SuperCom. Prior to the filing of the Company's response to the counterclaim, the parties mutually agreed to attend mediation, and in April 2016 the parties reached a settlement, which was approved by the court (see also Note 6).

F - 9

On Track Innovations Ltd.

and Subsidiaries

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

US dollars in thousands

Note 1 - Organization and Basis of Presentation (cont’d)

C. Divestiture of operations (cont’d)

During the three month period ended March 31, 2016, the Company did not record any profit from contingent consideration according to an earn-out mechanism (see also Note 7).

D. Other expenses

Other operating expenses presented in the statement of operations for the three months ended March 31, 2015 consist of compensation expenses related to the termination of employment of the Company’s former Chief Executive Office (“CEO”), Mr. Ofer Tziperman, according to his employment terms, following his resignation from the Company and its subsidiaries on February 10, 2015.

Note 2 – Significant Accounting Policies

These interim unaudited condensed consolidated financial statements have been prepared according to the same accounting policies as those discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015.

Note 3 - Other Receivables and Prepaid Expenses

	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.

F - 10

On Track Innovations Ltd.

and Subsidiaries

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

US dollars in thousands

Note 4 - Inventories

Inventories consist of the following:

	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

Note 5 - Other Current Liabilities

	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

Note 6 - Commitments and Contingencies

Legal claims

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.

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.

F - 11

On Track Innovations Ltd.

and Subsidiaries

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

US dollars in thousands

Legal claims (cont’d)

The Company filed an initial memorandum of defense rejecting the plaintiff’s allegations and claims. A technical hearing regarding this matter is scheduled for May 23, 2016. Based on the advice of counsel, the Company currently believes that it has no material obligations to the plaintiff and that there is no need for a provision for the claim.

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.

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 .

On April 20, 2016, SuperCom and the Company jointly made a motion to the court to end and dismiss all related legal proceedings and notified the court that the parties had settled their claims. Pursuant to the settlement, each party waived certain claims against each other and SuperCom (i) has paid the Company $2,050 which will be recorded in the second quarter of 2016, and (ii) will pay the Company up to $1,500 in accordance with and subject to a certain earn-out mechanism previously stipulated in the Asset Purchase Agreement between the parties (the “APA”). SuperCom’s payment of the amounts set forth in the settlement completes SuperCom’s payment obligations under the APA with respect to the purchase price for the purchase of the Smart ID division.

Guarantees

As of March 31, 2016, the Company has granted performance guarantees and guarantees to secure customer advances in the sum of $724.The expiration dates of the guarantees range from May 2016 to January 2017.

F - 12

On Track Innovations Ltd.

and Subsidiaries

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

US dollars in thousands

Note 7 – Discontinued operations

As described in Note 1C, the Company divested the SmartID division and presented these activities as discontinued operations. During the three month period ended March 31, 2016, the Company did not record any profit from contingent consideration according to an earn-out mechanism.

During the three months ended March 31, 2015, the Company recorded profit from contingent consideration in the amount of $387 according to the earn-out mechanism derived from the Smart ID division divesture. This profit is presented below as ‘other income, net’ within income from discontinued operations for the three months ended March 31, 2015.

Set forth below are the results of the discontinued operations:

	Three months ended March 31
	2016			2015
Expenses	$	(61	)	$	(25	)
Other income, net		-			387

Net (loss) income from discontinued operations	$	(61	)	$	362

Note 8 - Fair Value of Financial Instruments

The Company's financial instruments consist mainly of cash and cash equivalents, short-term interest bearing investments, accounts receivable, restricted deposits for employee benefits, accounts payable and short-term and long-term loans.

Fair value for the measurement of financial assets and liabilities is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company utilizes a valuation hierarchy for disclosure of the inputs for fair value measurement. This hierarchy prioritizes the inputs into three broad levels as follows:

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.

F - 13

On Track Innovations Ltd.

and Subsidiaries

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

US dollars in thousands

Note 8 - Fair Value of Financial Instruments (cont'd)

By distinguishing between inputs that are observable in the market place, and therefore more objective, and those that are unobservable and therefore more subjective, the hierarchy is designed to indicate the relative reliability of the fair value measurements. A financial asset or liability's classification within the hierarchy is determined based on the lowest level input that is significant to the fair value measurement.

The Company, in estimating fair value for financial instruments, used the following methods and assumptions:

The carrying amounts of cash and cash equivalents, short-term interest bearing investments, trade receivables, short-term bank credit and trade payables are equivalent to, or approximate their fair value due to the short-term maturity of these instruments.

The carrying amounts of variable interest rate long-term loans are equivalent or approximate to their fair value as they bear interest at approximate market rates. As of March 31, 2016, the fair value of bank loans with fixed interest rates did not differ materially from the carrying amount.

As of March 31, 2016, the Company held approximately $4,584 of short-term bank deposits (as of December 31, 2015, $5,454). Short-term deposits in the amount of $2,284 have been pledged as security in respect of guarantees granted in respect of performance guarantees, loans and credit lines received from a bank (as of December 31, 2015, $2,254) and cannot be pledged to others or withdrawn without the consent of the bank.

Note 9 – Equity

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:

F - 14

On Track Innovations Ltd.

and Subsidiaries

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

US dollars in thousands

Note 9 – Equity (cont’d)

Stock option plans (cont’d)

Dividend yield of zero percent for all periods.

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.

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.

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.

The Company’s options activity (including options to non-employees) and options outstanding and options exercisable as of December 31, 2015 and March 31, 2016, are summarized in the following table:

	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.

F - 15

On Track Innovations Ltd.

and Subsidiaries

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

US dollars in thousands

Note 9 – Equity (cont’d)

The following table summarizes information about options outstanding and exercisable (including options to non-employees) as of March 31, 2016:

		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

As of March 31, 2016, there was approximately $430 of total unrecognized compensation cost related to non-vested stock-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of approximately 1.5 years.

During the three months ended March 31, 2016 and March 31, 2015, the Company recorded stock-based compensation expenses in the amount of $27 and $180, respectively, in accordance with ASC 718 “Compensation-Stock Compensation.”

B. Warrants

During the three months ended March 31, 2016, 260,869 warrants expired.

The following table summarizes information about warrants outstanding and exercisable as of March 31, 2016:

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

F - 16

On Track Innovations Ltd.

and Subsidiaries

Notes to the Interim Unaudited Condensed Consolidated Financial Statements

US dollars in thousands

Note 10 - Operating segments

In addition to its three reportable segments, certain products for the medical industry and other secure smart card solutions are classified under the Company’s "Other" segment.

The strategic business unit's allocation of resources and evaluation of performance are managed separately. The CODM does not examine assets or liabilities for those segments and therefore they are not presented.

Information regarding the results of each reportable segment is included below based on the internal management reports that are reviewed by the CODM.

	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

* Gross profit as reviewed by the CODM, represents gross profit, adjusted to exclude depreciation and stock-based compensation.

F - 17

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward - Looking Statements

The statements contained in this Quarterly Report on Form 10-Q, or Quarterly Report, that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as "believes", "intends", "plans", "expects", "may", "will", "should", or "anticipates" or the negative thereof or other variations thereon or comparable terminology, and similar expressions are intended to identify forward-looking statements. We remind readers that forward-looking statements are merely predictions and therefore are inherently subject to uncertainties and other factors and involve known and unknown risks that could cause the actual results, performance, levels of activity, or our achievements, or industry results, to be materially different from any actual future results, performance, levels of activity, or our achievements, or industry results, expressed or implied by such forward-looking statements. Such forward-looking statements may appear in this Item 2 “Management’s Discussion and Analysis of Financial Condition and Results of Operations” as well as elsewhere in this Quarterly Report and include, among other statements, statements regarding the following:

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.

The factors discussed herein, including those risk factors expressed from time to time in our press releases or filings with the Securities and Exchange Commission, or the SEC, could cause actual results and developments to be materially different from those expressed in or implied by such statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak and are made only as of the date of this filing.

Our business and operations are subject to substantial risks, which increase the uncertainty inherent in the forward-looking statements contained in this Quarterly Report. Except as required by law, we undertake no obligation to release publicly the result of any revision to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Further information on potential factors that could affect our business is described among others under the heading “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 filed with SEC. Readers are also urged to carefully review and consider the various disclosures we have made in that report.

As used in this Quarterly Report, the terms "we", "us", "our", “the Company”, and "OTI" mean On Track Innovations Ltd. and our subsidiaries and affiliates, unless otherwise indicated or as otherwise required by the context.

All figures in this Quarterly Report are stated in United States dollars, unless otherwise specified in.

Overview

We are a pioneer and leading developer of cutting-edge secure cashless payment solutions, providing global enterprises with innovative technology for over two decades. We operate in three main segments: Petroleum, Retail and Mass Transit Ticketing and Parking. In addition to our three reportable segments, products of our MediSmart solutions and other secure smart card solutions are classified under “Other” in segment analyses appearing in this Quarterly Report.

Our field-proven suite of cashless payment solutions is based on an extensive IP portfolio boasting 26 patent families, including registered patents and patent applications worldwide. Since our incorporation in 1990, we have built an international reputation for reliability and innovation, deploying hundreds of solutions for banking, mobile network operators, vending, mass transit, petroleum and parking.

We operate a global network of regional offices, franchisees, distributors and partners to support various solutions deployed across the globe.

We focus our efforts on our core business of providing innovative cashless payment solutions based among other things on our contactless near field communications, or NFC, technology. To this end, and since 2013, we have divested businesses in the Company that are not within our core business scope. We have increased our efforts to further develop existing and new products and solutions, including among others by the introduction of our new telemetry and Internet of Things, or IoT, technology, and increased our sales and marketing activities and taskforce. We also focus on developing strategic channel partnerships around the globe to increase our revenues and on maximizing the value of our IP through licensing, customized technology solutions, strategic partnerships and enforcing our patent portfolio. Recently, we have significantly cut costs and reduced operating expenses, in part by outsourcing part of our manufacturing activities.

RESULTS OF OPERATIONS – THREE MONTHS ENDED MARCH 31, 2016 COMPARED TO THREE MONTHS ENDED MARCH 31, 2015

This discussion and analysis should be read in conjunction with our interim condensed consolidated financial statements and notes thereto contained in “Item 1. Financial Statements” of this Quarterly Report.

Results of Operations

Discontinued operations. In December 2013, we completed the sale of certain assets, certain subsidiaries and IP directly related to our SmartID division. The results from such operations and the cash flows for the reporting periods are presented in the statements of operations and in the statements of cash flow, respectively, as discontinued operations separately from continuing operations. All the data in this Quarterly Report that are derived from our financial statements, unless otherwise specified, exclude the results of those discontinued operations.

Sources of Revenue

We have historically derived a substantial majority of our revenues from the sale of our products, including both complete systems and original equipment manufacturer components and also, less significantly, from engineering services, customer services and technical support. In addition, we generate revenues from licensing and transaction fees. During the three months ended March 31, 2016 and March 31, 2015, the revenues that we derived from sales and licensing and transaction fees were as follows (in thousands):

	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

Sales. Sales decreased by $104,000, or 3%, in the three months ended March 31, 2016, compared to the three months ended March 31, 2015. The decrease is mainly attributed to a decrease in Retail and Mass Transit Ticketing segment sales in the United States, partially offset by an increase in sales of MediSmart products.

Licensing and transaction fees. Licensing and transaction fees include single and periodic payments for distribution rights for our products as well as licensing our IP rights to third parties. Transaction fees are paid by customers based on the volume of transactions processed by systems that contain our products. Our licensing and transaction fees in the three months ended March 31, 2016, compared to the three months ended March 31, 2015, remained consistent.

We have historically derived revenues from different geographical areas. The following table sets forth our revenues, by dollar amount (in thousands) and as a percentage of quarterly revenues in different geographical areas, in the three months ended March 31, 2016 and March 31, 2015:

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	%

Our revenues from sales in Africa decreased by $33,000, or 4%, in the three months ended March 31, 2016, compared to the three months ended March 31, 2015, mainly due to a decrease in sales of our Petroleum products due to fluctuation in the currency exchange rate for South African Rand versus the U.S. dollar, partially offset by an increase in sales of MediSmart products.

Our revenues from sales in Europe increased by $54,000, or 4%, in the three months ended March 31, 2016, compared to the three months ended March 31, 2015, mainly due to an increase in our Mass Transit Ticketing sales in Poland and from an increase in sales of our otiMetry solution, partially offset by a decrease in Parking products sales.

Our revenues from sales in Asia decreased by $106,000, or 28%, in the three months ended March 31, 2016, compared to the three months ended March 31, 2015, mainly due to a decrease in sales of our access control products.

Our revenues from sales in Americas decreased by $13,000, or 1%, in the three months ended March 31, 2016, compared to the three months ended March 31, 2015, mainly due to a decrease in sales of NFC readers to the U.S. market, partially offset by an increase in sales of Petroleum products to the South American market.

Our revenues derived from outside the United States, which are primarily received in currencies other than the U.S. dollar, will have a varying impact upon our total revenues, as a result of fluctuations in such currencies’ exchange rates versus the U.S. dollar.

The following table sets forth our revenues by dollar amount (in thousands) and as a percentage of revenues by segments, during the three months ended March 31, 2016 and March 31, 2015:

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	%

Our revenues in the three months ended March 31, 2016 from Petroleum decreased by $31,000, or 3%, compared to the three months ended March 31, 2015, mainly due to a decrease in sales in Africa due to fluctuation in the currency exchange rate for South African Rand versus the U.S. dollar, partially offset by an increase in sales of Petroleum products in South America.

Our revenues in the three months ended March 31, 2016 from the Parking segment decreased by $36,000, or 11%, compared to the three months ended March 31, 2015, mainly due to a decrease in revenues generated from the European market, partially offset by an increase in sales of our Parking solution in the United States.

Our revenues from Retail and Mass Transit Ticketing in the three months ended March 31, 2016 decreased by $208,000, or 7%, compared to the three months ended March 31, 2015, mainly due to a decrease in sales of NFC readers in the United States, partially offset by an increase in our Mass Transit Ticketing sales in Poland and from an increase in sales of our otiMetry solution in the European market.

Our revenues in the three months ended March 31, 2016, from our Other segment increased by $177,000, or 46%, compared to the three months ended March 31, 2015, mainly due to an increase in sales of MediSmart products in East Africa, partially offset by a decrease in access control products sales in Asia.

Cost of Revenues and Gross Margin

Our cost of revenues, presented by gross profit and gross margin percentage, in the three months ended March 31, 2016 and March 31, 2015, were as follows (dollar amounts in thousands):

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%

Cost of sales. Cost of sales consists primarily of materials, as well as salaries, fees to subcontractors and related costs of our technical staff that assemble our products. The decrease of $173,000, or 7%, in the three months ended March 31, 2016, compared to the three months ended March 31, 2015, resulted primarily from our strategic decision to cease in-house manufacturing activities and from a decrease in our revenues.

Gross margin. The increase in gross margin in the three months ended March 31, 2016, compared to the three months ended March 31, 2015, is primarily attributed to a decrease in employment expenses due to our strategic decision to outsource all of our manufacturing and product assembly to third-party vendors.

Operating expenses

Our operating expenses in the three months ended March 31, 2016 and March 31, 2015, were as follows (in thousands):

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

Research and development. Our research and development expenses consist primarily of the salaries and related expenses of our research and development staff, as well as subcontracting expenses. The decrease of $217,000, or 22%, in the three months ended March 31, 2016, compared to the three months ended March 31, 2015, is primarily attributed to a decrease in the number of research and development employees due to our cost cutting plan, and to a lesser extent, to a decrease in subcontractor expenses.

Selling and marketing. Our selling and marketing expenses consist primarily of salaries and substantially all of the expenses of our sales and marketing subsidiaries and offices in the United States, South Africa and Europe, as well as expenses related to advertising, professional expenses and participation in exhibitions and tradeshows. The decrease of $300,000, or 16%, in the three months ended March 31, 2016, compared to the three months ended March 31, 2015, is primarily attributed to a decrease in employment expenses of selling and marketing employees who left the Company by the end of 2015, and to a lesser extent to a decrease in exhibitions and advertising expenses and to a decrease in professional expenses. Our selling and marketing expenses may increase in the future as we continue to expand our local sales and marketing efforts, open new offices and in the event that we hire additional personnel.

General and administrative. Our general and administrative expenses consist primarily of salaries and related expenses of our executive management and financial and administrative staff. These expenses also include costs of our professional advisors (such as lawyers and accountants), office expenses, insurance and provision for doubtful accounts. The decrease of $303,000, or 24%, in the three months ended March 31, 2016, compared to the three months ended March 31, 2015, is primarily attributed to a decrease in professional consulting expenses and to a decrease in stock-based compensation related to options granted to employees.

Patent litigation and maintenance expenses. Our patent litigation and maintenance expenses consist primarily of professional advisors related to our patents and other IP, such as lawyers or other consultants, as part of the Company's plan to maximize the value of our IP, and also consist of salaries and related expenses of our team of employees executing this strategy. The decrease of $159,000, or 90%, in the three months ended March 31, 2016, compared to the three months ended March 31, 2015, is primarily attributed to a decrease in employment expenses related to the termination of employment of one of our former directors as chief executive officer of our U.S. subsidiary, who led the Company's efforts to maximize the value of our patents portfolio until August 2015.

Other expenses. Our other expenses in the three months ended March 31, 2015 consist of partial compensation expenses provision related to the termination of employment of our former Chief Executive Officer, or CEO, Mr. Ofer Tziperman, according to his employment terms, following his resignation from the Company and its subsidiaries on February 10, 2015. No other expenses were recorded in the three months ended March 31, 2016.

Financing expenses, net

Our financing expenses, net, in the three months ended March 31, 2016 and March 31, 2015, were as follows (in thousands):

	Three months ended March 31,
	2016			2015
Financing income	$	23		$	48
Financing expenses	$	(127	)	$	(273	)
Financing expenses, net	$	(104	)	$	(225	)

Financing expenses consist primarily of interest payable on bank loans, bank commissions and foreign exchange losses. Financing income consists primarily of foreign exchange gains and from interest earned on investments in short-term deposits. The decrease in financing income in the three months ended March 31, 2016, compared to the three months ended March 31, 2015, of $25,000, or 52%, is mainly due to exchange rate differentials and a decrease in interest income from deposits. The decrease in financing expenses in the three months ended March 31, 2016, compared to the three months ended March 31, 2015, of $146,000, or 53%, is mainly due to decreased foreign exchange losses from exchange rate differentials of the U.S. dollar against the South African Rand.

Net loss from continuing operations

Our net loss from continuing operations in the three months ended March 31, 2016 and March 31, 2015, was as follows (in thousands):

	Three months ended March 31,
	2016			2015
Net loss from continuing operations	$	(867	)	$	(2,122	)

The decrease of $1.3 million, or 59%, in the three months ended March 31, 2016, compared to the three months ended March 31, 2015, is primarily due to an increase in our gross profit, a decrease in our operating expenses and a decrease in financing expenses, net, as described above.

Net profit (loss) from discontinued operations

Our net profit (loss) from discontinued operations in the three months ended March 31, 2016 and March 31, 2015, was as follows (in thousands):

	Three months ended March 31,
	2016			2015
Net profit (loss) from discontinued operations	$	(61	)	$	362

In December 2013, we completed the sale of certain assets, certain subsidiaries and IP assets directly related to our SmartID division.

The results from these operations for the reporting periods are presented in the statements of operations as discontinued operations separately from continuing operations.

The decrease in net profit (loss) from discontinued operations of $423,000 in the three months ended March 31, 2016, compared to the three months ended March 31, 2015, is due to a decrease of $387,000 profit we recorded in 2015 from contingent consideration according to an earn out mechanism as part of our SmartID divestiture. The loss of $61,000 in 2016 resulted from legal expenses related to the SmartID divestiture.

Net loss

Our net loss in the three months ended March 31, 2016 and March 31, 2015, was as follows (in thousands):

	Three months ended March 31,
	2016			2015
Net loss	$	(928	)	$	(1,760	)

The decrease in net loss of $832,000, or 47%, in the three months ended March 31, 2016, compared to the three months ended March 31, 2015, is primarily due to an increase in our gross profit, a decrease in our operating expenses and a decrease in financing expenses, net, partially offset by a decrease in net profit from discontinued operations, as described above.

Liquidity and Capital Resources

Our principal sources of liquidity since our inception have been sales of equity securities, borrowings from banks, cash from the exercise of options and warrants and proceeds from divestitures of parts of our businesses. We had cash, cash equivalents and short-term investments representing bank deposits of $9.6 million (of which an amount of $2.3 million has been pledged as a security in respect of performance guarantees granted to third parties and guarantees to secure customer advances, loans and credit lines received from a bank) as of March 31, 2016, and $10.9 million as of December 31, 2015 (of which an amount of $2.3 million had then been pledged as a security in respect of performance guarantees granted to third parties and guarantees to secure customer advances, loans and credit lines received from a bank). In addition, on May 2, 2016, we received $2.05 million pursuant to a settlement of litigation with SuperCom Ltd., or SuperCom, as described further under Part II, Item 1, of this Quarterly Report on Form 10-Q. This amount is not reflected in the financial statements as of March 31, 2016. We believe that we have sufficient capital resources to fund our operations in the next 12 months.

We adhere to an investment policy which is intended to enable the Company to avoid being classified as a “passive foreign investment company,” or PFIC, under U.S. law. That said, we cannot provide complete assurance that PFIC status will be avoided in the future. In addition, our investment policy requires investment in high-quality investment-grade securities.

As of March 31, 2016, the bank loans are denominated in the following currencies: U.S. dollars ($328,000, with maturity dates ranging from 2016 through 2019), NIS ($333,000, with maturity dates ranging from 2016 through 2019), South African Rand ($644,000, with maturity dates ranging from 2016 through 2023) and Polish Zloty ($2.0 million, with maturity dates ranging from 2016 through 2019). As of March 31, 2016 these loans bear interest at rates ranging from 3.15%-9.75% per annum. Our composition of long-term loans as of March 31, 2016, was as follows (in thousands):

	March 31, 2016
Long-term loans	$	3,259
Less - current maturities		1,067
	$	2,192

Our composition of short-term loans, bank credit and current maturities of long-term loans as of March 31, 2016 was as follows (in thousands):

	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

On November 4, 2014, the Company signed a financial and restrictive covenant with Bank Leumi in order to secure bank services and obtain bank credit and loans. Under the covenant, we are obligated to meet the following: (i) our total liquid deposits will not be less than $6.0 million at any time; (ii) beginning January 1, 2015, our annual operational profit on an Earnings Before Interest, Taxes, Depreciation and Amortization, or EBITDA, basis will not be less than $1.0 million; (iii) our annual revenues will not be less than $20.0 million; and (iv) for 2015, equity is required to be at a level of 28% of the total assets and equity sum of no less than $10.5 million; for 2016 and onwards, equity is required to be at a level of 30% of the total assets and equity sum of no less than $11.0 million. As of December 31, 2015, the Company has not been in compliance with the covenants regarding annual operational profit on an EBITDA basis and annual revenues. On December 31, 2015, the bank issued a waiver waiving its right to demand prepayment of the Company’s liabilities. The bank’s waiver was conditioned on our compliance with the covenants in our 2016 annual financial statements to be submitted to the bank by March 31, 2017. We believe it is reasonably possible that no covenant violation will occur that will require prepayment of our liabilities.

For the three months ended March 31, 2016, we had a negative cash flow from continuing operations of $1.3 million. We may continue to suffer from negative cash flow from operations. We are looking for ways to increase our cash resources, such as capitalizing on our patent portfolio, sales of assets or parts of our business or raising funds. Accordingly, as noted above, we recently received $2.05 million pursuant to a settlement of litigation with SuperCom. In addition, we are looking for ways to reduce our financial expenses, including repayment of debt instruments and reduction in operating expenses.

We have an effective Form S-3 registration statement, filed under the Securities Act of 1933, as amended, with the SEC using a “shelf” registration process. Under this shelf registration process, we may, from time to time, sell ordinary shares, warrants to purchase ordinary shares, and units of such securities in one or more offerings up to a total dollar amount of $50,000,000.

Operating activities related to continuing operations

For the three months ended March 31, 2016, net cash used in continuing operating activity was $1.3 million primarily due to a $1.4 million increase in trade receivables, a $867,000 net loss from continuing operations, a $139,000 decrease in other current liabilities, a $109,000 decrease in accrued severance pay, and a $7,000 decrease in accrued interest partially offset by a $506,000 increase in trade payables, a $377,000 decrease in inventory, $308,000 of depreciation, a $16,000 increase in deferred tax, a $27,000 expense due to stock based compensation issued to employees and a $3,000 decrease in other receivables and prepaid expenses.

For the three months ended March 31, 2015, net cash used in continuing operating activity was $168,000 primarily due to a $2.1 million net loss from continuing operations, a $288,000 decrease in trade payables, a $148,000 decrease in other current liabilities, a $20,000 decrease in accrued severance pay and a $2,000 decrease in accrued interest partially offset by a $1.4 million decrease in trade receivables, a $501,000 decrease in inventory, $298,000 of depreciation, a $180,000 expense due to stock based compensation issued to employees and others, a $31,000 decrease in other receivables and prepaid expenses and a $19,000 increase in deferred tax.

Operating activities related to discontinued operations

We had no cash flows provided by or used in discontinued operating activities in the three months ended March 31, 2016.

For the three months ended March 31, 2015, net cash used in discontinued operating activities was $25,000, related to the SmartID division.

Investing and financing activities related to continuing operations

For the three months ended March 31, 2016, net cash provided by continuing investing activities was $764,000, mainly due to a $901,000 decrease in short-term investments, net, partially offset by $83,000 of purchases of property and equipment and a $54,000 investment in capitalized product costs.

For the three months ended March 31, 2015, net cash provided by continuing investing activities was $699,000, mainly due to $816,000 in proceeds from the maturity and sale of short-term investments, $111,000 of purchases of property and equipment and a $6,000 investment in capitalized product costs.

For the three months ended March 31, 2016, net cash provided by continuing financing activities was $50,000, mainly due to a $286,000 increase in short-term bank credit, net and $27,000 of proceeds from long-term bank loans, partially offset by $263,000 repayment of long-term bank loans.

For the three months ended March 31, 2015, net cash used in continuing financing activities was $121,000, mainly due to a $229,000 repayment of long-term bank loans, partially offset by a $108,000 increase in short-term bank credit, net.

Investing and financing activities related to discontinued operations

For the three months ended March 31, 2016, net cash used in discontinued investing activities was $61,000, related to the SmartID division.

We had no cash flows provided by or used in discontinued investing activities in the three months ended March 31, 2015.

We had no cash flows provided by or used in discontinued financing activities in the three months ended March 31, 2016 and March 31, 2015.

Off Balance Sheet Arrangements

As of March 31, 2016, we had no off balance sheet arrangements that have had or that we expect would be reasonably likely to have a future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Item 4. Controls and Procedures.

Evaluation of Disclosure Controls and Procedures - We maintain a system of disclosure controls and procedures that are designed for the purposes of ensuring that information required to be disclosed in our SEC reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our CEO and our Chief Financial Officer, or CFO, as appropriate to allow timely decisions regarding required disclosures.

As of the end of the period covered by this report, we carried out an evaluation, under the supervision and with the participation of our CEO and our CFO, of the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934, as amended. Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures are effective.

Changes in Internal Control Over Financial Reporting - There has been no change in our internal control over financial reporting during the first quarter of fiscal 2016 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

In June 2013, prior to our divestiture of our SmartID division, Merwell Inc., or Merwell, filed a claim against us 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 $854,912 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.

As previously reported on our Quarterly Report on Form 10-Q, our Current Report on Form 8-K and our Annual Report on Form 10-K filed with the SEC on November 16, 2015, December 30, 2015 and March 28, 2016, respectively, we filed a claim for breach of contract against SuperCom in the District Court in Lod, Israel, and SuperCom filed a counter-claim against us for breach of contract and in connection with certain representations we made, all with respect to the sale of our SmartID division to SuperCom in 2013 under a certain Asset Purchase Agreement, or the APA, we signed with SuperCom.

On April 20, 2016, SuperCom and we jointly made a motion to the court to end and dismiss all related legal proceedings and notified the court that the parties had settled their claims. Pursuant to the settlement, each party waived certain claims against each other and SuperCom (i) has paid us $2.05 million on account of earn-out which will be recorded in the second quarter of 2016, and (ii) will pay us up to $1.5 million in accordance with and subject to a certain earn-out mechanism previously stipulated in the APA. SuperCom’s payment of the amounts set forth in the settlement completes SuperCom’s payment obligations under the APA with respect to the purchase price for the purchase of the Smart ID division.

Item 6. Exhibits.

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.

*Filed herewith.

** Furnished herewith.

Signatures

In accordance with the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

ON TRACK INNOVATIONS LTD.

By: /s/ Shlomi Cohen

Shlomi Cohen, Chief Executive Officer

(Principal Executive Officer)

Dated: May 16, 2016

By: /s/ Yishay Curelaru

Yishay Curelaru, Chief Financial Officer

(Principal Financial and Accounting Officer)

Dated: May 16, 2016

EX-31.1 2 exhibit_31-1.htm EXHIBIT 31.1 exhibit_31-1.htm

Exhibit 31.1

CERTIFICATION

I, Shlomi Cohen, certify that:

1. I have reviewed this quarterly report on Form 10-Q of On Track Innovations Ltd.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13(a)-15(f) and 15d-15(f)) of the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	Date: May 16, 2016
			/s/ Shlomi Cohen —————————————— Shlomi Cohen Chief Executive Officer (Principal Executive Officer)

EX-31.2 3 exhibit_31-2.htm EXHIBIT 31.2 exhibit_31-2.htm

Exhibit 31.2

CERTIFICATION

I, Yishay Curelaru, certify that:

1. I have reviewed this quarterly report on Form 10-Q of On Track Innovations Ltd.;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	Date: May 16, 2016
			/s/ Yishay Curelaru —————————————— Yishay Curelaru Chief Financial Officer (Principal Financial Officer)

EX-32.1 4 exhibit_32-1.htm EXHIBIT 32.1 exhibit_32-1.htm

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

In connection with the Quarterly Report of On Track Innovations Ltd. (the “Company”) on Form 10-Q for the period ended March 31, 2016 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, Shlomi Cohen, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1.	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 16, 2016

By: /s/ Shlomi Cohen

——————————————

Shlomi Cohen

Chief Executive Officer

EX-32.2 5 exhibit_32-2.htm EXHIBIT 32.2 exhibit_32-2.htm

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

In connection with the Quarterly Report of On Track Innovations Ltd. (the “Company”) on Form 10-Q for the period ended March 31, 2016 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, Yishay Curelaru, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

1.	The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.	The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 16, 2016

By: /s/ Yishay Curelaru

——————————————

Yishay Curelaru

Chief Financial Officer

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border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">2016</div> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">2015</div> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="76%" style="background-color: #cceeff;"> <div style="text-indent: 0pt; 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display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Customer advances</div> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">381</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">283</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Other current liabilities</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">310</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">275</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> </div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="76%" style="padding-bottom: 4px;">  </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">$</td> <td valign="bottom" width="9%" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">2,628</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">$</td> <td valign="bottom" width="9%" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">2,724</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> </div>

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div> <table cellpadding="0" cellspacing="0" width="91%" style="font-family: 'times new roman';font-size: 10pt;margin-left: 0.1px;margin-right: 0.1px;"> <tr> <td valign="bottom" style="padding-bottom: 2px;">  </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="6" valign="bottom" style="border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Three months ended March 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom: 2px;">  </td> <td align="right" valign="bottom" style="padding-bottom: 2px;"> </td> <td align="right" valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">2016</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td align="right" valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="text-align: center; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">2015</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" style="width: 75%; background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">Expenses</div> </td> <td align="right" valign="bottom" style="width: 1%; background-color: #cceeff;"> </td> <td align="right" valign="bottom" style="width: 1%; background-color: #cceeff;"> </td> <td valign="bottom" style="text-align: left; width: 1%; background-color: #cceeff;">$</td> <td valign="bottom" style="text-align: right; width: 9%; background-color: #cceeff;">(61</td> <td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; background-color: #cceeff;">) </td> <td align="right" valign="bottom" style="width: 1%; background-color: #cceeff;"> </td> <td valign="bottom" style="text-align: left; width: 1%; background-color: #cceeff;">$</td> <td valign="bottom" style="text-align: right; width: 9%; background-color: #cceeff;">(25</td> <td nowrap="nowrap" valign="bottom" style="text-align: left; width: 1%; background-color: #cceeff;">)</td> </tr> <tr> <td valign="bottom" style="padding-bottom: 2px;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">Other income, net</div> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td valign="bottom" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td valign="bottom" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">-</td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td valign="bottom" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td valign="bottom" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">387</td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> </div> </td> <td valign="bottom" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" style="text-align: left; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" style="text-align: right; width: 20px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" style="text-align: left; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" style="text-align: right; width: 20px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom: 2px;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">Net (loss) income from discontinued operations </div> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td valign="bottom" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">$</td> <td valign="bottom" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">(61</td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding: 0px 0px 1px;">) </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td valign="bottom" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">$</td> <td valign="bottom" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">362</td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> </table> </div> </div>

83000

111000

-901000

27000

180000

308000

298000

-109000

-20000

-16000

-19000

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="text-indent: 0pt; display: block;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">Note 9 Equity</div> <div style="text-indent: 0pt; display: block;"> </div> <div> <table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"> <tr valign="top"> <td style="width: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;">A.</div> </td> <td> <div align="left">Stock option plans</div> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div> <table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"> <tr valign="top"> <td style="width: 37pt;"> <div>  </div> </td> <td> <div align="justify">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.</div> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div> <table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"> <tr valign="top"> <td style="width: 37pt;"> <div>  </div> </td> <td> <div align="justify">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:</div> </td> </tr> </table> </div> <div> </div> <table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"> <tr valign="top"> <td style="width: 37pt;"> <div>  </div> </td> <td style="width: 18pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;">1.</div> </td> <td> <div align="justify"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Dividend yield of zero percent for all periods.</div> </div> </td> </tr> </table> <div> </div> <div> <table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"> <tr valign="top"> <td style="width: 37pt;"> <div>  </div> </td> <td style="width: 18pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;">2.</div> </td> <td> <div align="justify">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.</div> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div> <table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"> <tr valign="top"> <td style="width: 37pt;"> <div>  </div> </td> <td style="width: 18pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;">3.</div> </td> <td> <div align="justify">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.</div> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div> <table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"> <tr valign="top"> <td style="width: 37pt;"> <div>  </div> </td> <td style="width: 18pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;">4.</div> </td> <td> <div align="justify">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.</div> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <table border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"> <tr valign="top"> <td align="right" style="width: 36pt;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> </td> <td align="left"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">The Company's options activity (including options to non-employees) and options outstanding and options exercisable as of December 31, 2015 and March 31, 2016, are summarized in the following table:</div> </div> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="right"> <table cellpadding="0" cellspacing="0" width="92%" style="font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px;"> <tr> <td valign="bottom">  </td> <td align="right" valign="bottom"> </td> <td colspan="2" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Number of</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Weighted</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;">  </td> <td valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">options</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">average exercise</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td valign="bottom" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;">  </td> <td valign="bottom" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">outstanding</div> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">price per share</div> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="76%" style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; background-color: #cceeff;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Outstanding December 31, 2015</div> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">1,601,379</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">1.71</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="76%" style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Options granted</div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">270,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">0.76</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="76%" style="text-align: left; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; background-color: #cceeff;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Options expired or forfeited</div> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">(255,393</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding: 0px; background-color: #cceeff;">)</td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; background-color: #cceeff;">2.12</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="76%" style="text-align: left; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; width: 20px;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> Options exercised </div> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">(15,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding: 0px; width: 20px;">) </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; width: 20px;">0.03</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="76%" style="text-align: left; padding-bottom: 4px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; background-color: #cceeff;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Outstanding March 31, 2016</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: right; background-color: #cceeff;">1,600,986</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; background-color: #cceeff;">1.50</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="76%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="76%" style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; background-color: #cceeff;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Exercisable as of:</div> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="76%" style="text-align: left; padding-bottom: 4px; text-indent: 10px; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;"> <div style="text-align: left; display: block; margin-right: 0pt;">December 31, 2015</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"> </td> <td valign="bottom" width="9%" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">799,473</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">$</td> <td valign="bottom" width="9%" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">1.85</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="76%" style="text-align: left; padding-bottom: 4px; text-indent: 10px; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt; background-color: #cceeff;"> <div style="text-align: left; display: block; margin-right: 0pt;">March 31, 2016</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: right; background-color: #cceeff;">717,334</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: right; background-color: #cceeff;">1.78</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> </tr> </table> </div> </div> </div> <div style="text-indent: 0pt; display: block; margin-left: 72pt; margin-right: 0pt;" align="justify"> </div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify">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.</div> <div style="text-indent: 0pt; display: block;"> </div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify">The following table summarizes information about options outstanding and exercisable (including options to non-employees) as of March 31, 2016: </div> <div style="text-indent: 0pt; display: block;"> </div> <div> <div> <div align="right"> <table cellpadding="0" cellspacing="0" width="92%" style="font-family: 'times new roman';font-size: 10pt;margin-left: 0.1px;"> <tr> <td valign="bottom" width="10%" style="padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="10" valign="bottom" width="34%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Options outstanding</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="10" valign="bottom" width="34%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Options Exercisable</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Number</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Weighted</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Number</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Weighted</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">outstanding</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">average</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Weighted</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Outstanding</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">average</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Weighted</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">as of</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">remaining</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Average</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">As of</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">remaining</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Average</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left;">Range of</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">March 31,</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">contractual</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Exercise</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">March 31,</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">contractual</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Exercise</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td valign="bottom" width="10%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left;">exercise price</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">2016</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">life (years)</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Price</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">2016</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">life (years)</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Price</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$ 0.03</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">3,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">0.67</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">0.03</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">3,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">0.67</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">0.03</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="9%" style="text-align: left; text-indent: 10px; margin-left: 0pt; margin-right: 0pt;">0.44-0.90</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">683,148</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">4.34</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">0.77</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">88,148</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">1.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">0.90</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="9%" style="text-align: left; text-indent: 10px; margin-left: 0pt; margin-right: 0pt; background-color: #cceeff;">1.08-1.29</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">138,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">0.92</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">1.09</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">138,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">0.92</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">1.09</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="9%" style="text-align: left; text-indent: 10px; margin-left: 0pt; margin-right: 0pt;">1.46</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">76,666</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">1.54</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">1.46</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">56,666</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">1.27</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">1.46</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="9%" style="text-align: left; text-indent: 10px; margin-left: 0pt; margin-right: 0pt; background-color: #cceeff;">1.67-1.76</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">116,667</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">1.81</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">1.68</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">81,667</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">1.12</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">1.68</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="9%" style="text-align: left; text-indent: 10px; margin-left: 0pt; margin-right: 0pt;">2.23-2.84</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">521,283</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">2.75</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">2.34</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">317,631</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">2.52</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">2.34</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="1%" style="text-align: left; text-indent: 10px; background-color: #cceeff;">3.03-3.18</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">62,222</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; background-color: #cceeff;">2.33</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; background-color: #cceeff;">3.08</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">32,222</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; background-color: #cceeff;">1.25</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; background-color: #cceeff;">3.13</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">1,600,986</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">3.13</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">717,334</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">1.78</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> </div> </div> </div> <div style="text-indent: 0pt; display: block;"> </div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify">As of March 31, 2016, there was approximately $430 of total unrecognized compensation cost related to non-vested stock-based compensation arrangements. That cost is expected to be recognized over a weighted-average period of approximately 1.5 years.</div> <div style="text-indent: 0pt; display: block;"> </div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify">During the three months ended March 31, 2016 and March 31, 2015, the Company recorded stock-based compensation expenses in the amount of $27 and $180, respectively, in accordance with ASC 718 Compensation-Stock Compensation.</div> <div style="text-indent: 0pt; display: block;"> </div> <div> <table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"> <tr valign="top"> <td style="width: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;">B.</div> </td> <td> <div align="left">Warrants</div> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify">During the three months ended March 31, 2016, 260,869 warrants expired.</div> <div style="text-indent: 0pt; display: block;"> </div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify">The following table summarizes information about warrants outstanding and exercisable as of March 31, 2016:</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"> </div> <div style="text-indent: 0pt; display: block;" align="right"> <div> <div> <div align="right"><table cellpadding="0" cellspacing="0" width="92%" style="font-family: times new roman;font-size: 10pt;"> <tr> <td colspan="2" valign="bottom" width="10%" style="padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="10" valign="bottom" width="34%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Warrants outstanding</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="10" valign="bottom" width="34%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Warrants Exercisable</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Number</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Weighted</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Number</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Weighted</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">outstanding</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">average</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Weighted</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Outstanding</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">average</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Weighted</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">as of</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">remaining</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Average</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">As of</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">remaining</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Average</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left;">Range of</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">March 31,</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">contractual</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Exercise</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">March 31,</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">contractual</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Exercise</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td colspan="2" valign="bottom" width="10%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left;">exercise price</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">2016</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">life (years)</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Price</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">2016</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">life (years)</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Price</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; text-align: left; background-color: #cceeff;">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">56,648</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; background-color: #cceeff;">0.68</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; background-color: #cceeff;">- </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">20,500</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; background-color: #cceeff;">0.11</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$ </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; background-color: #cceeff;">- </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; width: 20px;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; width: 20px;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; width: 20px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">56,648</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; background-color: #cceeff;">0.68</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">20,500</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; background-color: #cceeff;">0.11</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> </tr> </table></div> </div></div> </div> </div> </div>

1408000

-1383000

-3000

-31000

-377000

-501000

506000

-288000

-139000

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">Note 10 - Operating segments</div> <div style="text-indent: 0pt; display: block;"> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">For the purposes of allocating resources and assessing performance in order to improve profitability, the Company's chief operating decision maker ("CODM") examines three segments which are the Company's strategic business units: Retail and Mass Transit Ticketing, Petroleum and Parking. In addition to its three reportable segments, certain products for the medical industry and other secure smart card solutions are classified under the Company's "Other" segment.</div> <div style="text-indent: 0pt; display: block;"> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">The strategic business unit's allocation of resources and evaluation of performance are managed separately. The CODM does not examine assets or liabilities for those segments and therefore they are not presented.</div> <div style="text-indent: 0pt; display: block;"> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">Information regarding the results of each reportable segment is included below based on the internal management reports that are reviewed by the CODM.</div> <div style="text-indent: 0pt; display: block;"> </div> <div> <div align="left"> <div align="left"> <table cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"> <tr> <td valign="bottom" style="padding-bottom: 2px;">  </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="18" valign="bottom" style="border-bottom: black 2px solid;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Three months ended March 31, 2016</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom: 2px;">  </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Petroleum</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Retail and</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"> Mass Transit</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Ticketing</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Parking</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Other</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Consolidated</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr> <td valign="bottom">  </td> <td align="right" valign="bottom"> </td> <td align="right" colspan="2" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td> <td align="right" valign="bottom"> </td> <td align="right" colspan="2" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td> <td align="right" valign="bottom"> </td> <td align="right" colspan="2" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td> <td align="right" valign="bottom"> </td> <td align="right" colspan="2" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td> <td align="right" valign="bottom"> </td> <td align="right" colspan="2" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px; background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Revenues</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">1,109</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">2,899</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">305</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">564</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td align="left" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">4,877</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="40%">  </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px; background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Reportable segment gross profit *</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">701</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">1,524</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">213</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">292</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">2,730</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="40%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Reconciliation of reportable segment gross  profit to gross profit for the period </div> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="40%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Depreciation</div> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">(189</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">)</td> </tr> <tr> <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Stock-based compensation</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left;"> </td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right;">4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="40%" style="background-color: #cceeff;">  </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%" style="padding-bottom: 4px;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Gross profit for the period</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: left;">$</td> <td valign="bottom" width="9%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: right;">2,545</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> </div> </div>   <div align="left"> <table cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"> <tr> <td valign="bottom" style="padding-bottom: 2px;">  </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="18" valign="bottom" style="border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Three months ended March 31, 2015</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom: 2px;">  </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Petroleum</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Retail and</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Mass Transit Ticketing</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Parking</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Other</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Consolidated</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" style="width: 20px;" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" style="width: 20px;" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" style="width: 20px;" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" style="width: 20px;" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" style="width: 20px;" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px; background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Revenues</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">1,140</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">3,107</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">341</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">387</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">4,975</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px; width: 20px;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> </div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px; background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Reportable segment gross profit *</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">642</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">1,598</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">218</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">197</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">2,655</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px; width: 20px;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> </div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -12.5pt;" align="left">Reconciliation of reportable segment gross profit to gross profit for the period </div> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Depreciation</div> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">(172</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">)</td> </tr> <tr> <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Stock-based compensation</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">(13</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding: 0px;">)</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> </div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding: 0px; width: 20px; background-color: #cceeff;"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%" style="padding-bottom: 4px;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Gross profit for the period</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">$</td> <td valign="bottom" width="9%" style="text-align: right; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">2,470</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">* Gross profit as reviewed by the CODM, represents gross profit, adjusted to exclude depreciation and stock-based compensation.</div> </div> </div>

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="text-indent: 0pt; display: block;"> <div align="left"> <div align="left"> <table cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"> <tr> <td valign="bottom">  </td> <td align="left" valign="bottom"> </td> <td colspan="2" valign="bottom" style="text-align: right;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">March 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: right;"> </td> <td colspan="3" valign="bottom" style="text-align: right;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">December 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom: 2px;">  </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">2016</div> </div> </td> <td nowrap="nowrap" valign="bottom" style="padding-bottom: 2px; text-align: right;"> </td> <td colspan="3" valign="bottom" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">2015</div> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="76%" style="background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Government institutions</div> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">409</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">463</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td align="left" valign="bottom" width="76%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Prepaid expenses</div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">735</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">624</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="76%" style="background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Receivables under contractual obligations to be transferred to others *</div> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">412</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">533</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Other receivables</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">652</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">563</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> </div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="76%" style="padding-bottom: 4px;">  </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: left;">$</td> <td valign="bottom" width="9%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: right;">2,208</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: left;">$</td> <td valign="bottom" width="9%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: right;">2,183</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> </div> </div> </div> <div> </div> <div> <table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"> <tr valign="top"> <td style="width: 3%;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;">*</div> </td> <td style="width: 97%;"> <div align="left">The Company's subsidiary in Poland is required to collect certain fees that are to be transferred to local authorities.</div> </td> </tr> </table> </div> </div>

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <table cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"> <tr> <td valign="bottom">  </td> <td align="left" valign="bottom"> </td> <td colspan="2" valign="bottom" style="text-align: center;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">March 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td> <td align="right" valign="bottom"> </td> <td colspan="2" valign="bottom" style="text-align: center;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">December 31,</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom: 2px;">  </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">2016</div> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">2015</div> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="76%" style="background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Raw materials</div> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">973</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">944</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td align="left" valign="bottom" width="76%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Work in progress</div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">470</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">174</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Finished products</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">1,547</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">2,212</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> </tr> <tr> <td align="left" valign="bottom" width="76%" style="padding-bottom: 2px; width: 20px;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> </div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="76%" style="padding-bottom: 4px; background-color: #cceeff;">  </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: right; background-color: #cceeff;">2,990</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: right; background-color: #cceeff;">3,330</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> </tr> </table> </div>

-816000

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div align="right"> <table cellpadding="0" cellspacing="0" width="92%" style="font-family: 'times new roman'; font-size: 10pt; margin-left: 0.1px;"> <tr> <td valign="bottom">  </td> <td align="right" valign="bottom"> </td> <td colspan="2" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Number of</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Weighted</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;">  </td> <td valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">options</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">average exercise</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td valign="bottom" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;">  </td> <td valign="bottom" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">outstanding</div> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">price per share</div> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="76%" style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; background-color: #cceeff;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Outstanding December 31, 2015</div> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">1,601,379</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">1.71</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="76%" style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Options granted</div> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">270,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">0.76</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="76%" style="text-align: left; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; background-color: #cceeff;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Options expired or forfeited</div> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">(255,393</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding: 0px; background-color: #cceeff;">)</td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; background-color: #cceeff;">2.12</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="76%" style="text-align: left; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; width: 20px;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> Options exercised </div> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;">(15,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding: 0px; width: 20px;">) </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; width: 20px;">0.03</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="76%" style="text-align: left; padding-bottom: 4px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; background-color: #cceeff;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Outstanding March 31, 2016</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: right; background-color: #cceeff;">1,600,986</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; background-color: #cceeff;">1.50</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="76%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="76%" style="text-align: left; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; background-color: #cceeff;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Exercisable as of:</div> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="76%" style="text-align: left; padding-bottom: 4px; text-indent: 10px; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt;"> <div style="text-align: left; display: block; margin-right: 0pt;">December 31, 2015</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;"> </td> <td valign="bottom" width="9%" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">799,473</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: left;">$</td> <td valign="bottom" width="9%" style="border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double; text-align: right;">1.85</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="76%" style="text-align: left; padding-bottom: 4px; text-indent: 10px; padding-left: 0pt; margin-left: 9pt; margin-right: 0pt; background-color: #cceeff;"> <div style="text-align: left; display: block; margin-right: 0pt;">March 31, 2016</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: right; background-color: #cceeff;">717,334</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: right; background-color: #cceeff;">1.78</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> </tr> </table> </div> </div> </div>

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div> <div align="right"> <table cellpadding="0" cellspacing="0" width="92%" style="font-family: 'times new roman';font-size: 10pt;margin-left: 0.1px;"> <tr> <td valign="bottom" width="10%" style="padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="10" valign="bottom" width="34%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Options outstanding</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="10" valign="bottom" width="34%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Options Exercisable</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Number</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Weighted</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Number</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Weighted</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">outstanding</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">average</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Weighted</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Outstanding</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">average</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Weighted</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">as of</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">remaining</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Average</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">As of</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">remaining</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Average</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left;">Range of</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">March 31,</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">contractual</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Exercise</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">March 31,</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">contractual</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Exercise</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td valign="bottom" width="10%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left;">exercise price</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">2016</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">life (years)</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Price</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">2016</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">life (years)</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Price</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$ 0.03</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">3,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">0.67</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">0.03</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">3,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">0.67</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">0.03</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="9%" style="text-align: left; text-indent: 10px; margin-left: 0pt; margin-right: 0pt;">0.44-0.90</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">683,148</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">4.34</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">0.77</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">88,148</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">1.6</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">0.90</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="9%" style="text-align: left; text-indent: 10px; margin-left: 0pt; margin-right: 0pt; background-color: #cceeff;">1.08-1.29</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">138,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">0.92</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">1.09</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">138,000</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">0.92</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">1.09</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="9%" style="text-align: left; text-indent: 10px; margin-left: 0pt; margin-right: 0pt;">1.46</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">76,666</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">1.54</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">1.46</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">56,666</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">1.27</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">1.46</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="9%" style="text-align: left; text-indent: 10px; margin-left: 0pt; margin-right: 0pt; background-color: #cceeff;">1.67-1.76</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">116,667</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">1.81</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">1.68</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">81,667</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">1.12</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">1.68</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="9%" style="text-align: left; text-indent: 10px; margin-left: 0pt; margin-right: 0pt;">2.23-2.84</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">521,283</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">2.75</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">2.34</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">317,631</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">2.52</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">2.34</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="1%" style="text-align: left; text-indent: 10px; background-color: #cceeff;">3.03-3.18</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">62,222</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; background-color: #cceeff;">2.33</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; background-color: #cceeff;">3.08</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">32,222</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; background-color: #cceeff;">1.25</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; background-color: #cceeff;">3.13</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">1,600,986</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">3.13</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">717,334</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">1.78</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> </div> </div> </div>

764000

699000

286000

108000

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div> <div align="right"><table cellpadding="0" cellspacing="0" width="92%" style="font-family: times new roman;font-size: 10pt;"> <tr> <td colspan="2" valign="bottom" width="10%" style="padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="10" valign="bottom" width="34%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Warrants outstanding</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="10" valign="bottom" width="34%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">Warrants Exercisable</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Number</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Weighted</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Number</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Weighted</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">outstanding</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">average</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Weighted</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Outstanding</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">average</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Weighted</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">as of</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">remaining</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Average</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">As of</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">remaining</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Average</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left;">Range of</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">March 31,</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">contractual</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Exercise</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">March 31,</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">contractual</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Exercise</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> </tr> <tr> <td colspan="2" valign="bottom" width="10%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: left;">exercise price</div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">2016</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">life (years)</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Price</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">2016</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">life (years)</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td valign="bottom" width="1%" style="text-align: center; padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> </td> <td colspan="2" valign="bottom" width="10%" style="text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt; text-align: right;">Price</div> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="padding-bottom: 2px; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt; text-align: left; background-color: #cceeff;">-</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">56,648</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; background-color: #cceeff;">0.68</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; background-color: #cceeff;">- </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">20,500</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; background-color: #cceeff;">0.11</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">$ </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; background-color: #cceeff;">- </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; width: 20px;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; width: 20px;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; width: 20px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">56,648</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; background-color: #cceeff;">0.68</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important; background-color: #cceeff;">20,500</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> <td align="right" valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; background-color: #cceeff;">0.11</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px; background-color: #cceeff;"> </td> </tr> </table></div> </div></div>

<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <div align="left"> <div align="left"> <table cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"> <tr> <td valign="bottom" style="padding-bottom: 2px;">  </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="18" valign="bottom" style="border-bottom: black 2px solid;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Three months ended March 31, 2016</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom: 2px;">  </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Petroleum</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Retail and</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"> Mass Transit</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Ticketing</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Parking</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Other</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom: black 2px solid;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Consolidated</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr> <td valign="bottom">  </td> <td align="right" valign="bottom"> </td> <td align="right" colspan="2" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td> <td align="right" valign="bottom"> </td> <td align="right" colspan="2" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td> <td align="right" valign="bottom"> </td> <td align="right" colspan="2" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td> <td align="right" valign="bottom"> </td> <td align="right" colspan="2" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td> <td align="right" valign="bottom"> </td> <td align="right" colspan="2" valign="bottom"> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px; background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Revenues</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">1,109</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">2,899</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">305</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">564</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td align="left" valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">4,877</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="40%">  </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td align="right" valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px; background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Reportable segment gross profit *</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">701</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">1,524</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">213</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">292</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right; background-color: #cceeff;">2,730</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="40%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Reconciliation of reportable segment gross  profit to gross profit for the period </div> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td valign="bottom" width="40%">  </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Depreciation</div> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">(189</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">)</td> </tr> <tr> <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Stock-based compensation</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: left;"> </td> <td valign="bottom" width="9%" style="border-bottom-width: 2px; border-bottom-style: solid; border-bottom-color: black; text-align: right;">4</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td valign="bottom" width="40%" style="background-color: #cceeff;">  </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%" style="padding-bottom: 4px;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Gross profit for the period</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: left;">$</td> <td valign="bottom" width="9%" style="border-bottom-width: 4px; border-bottom-style: double; border-bottom-color: black; text-align: right;">2,545</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> </div> </div>   <div align="left"> <table cellpadding="0" cellspacing="0" width="100%" style="font-family: times new roman; font-size: 10pt;"> <tr> <td valign="bottom" style="padding-bottom: 2px;">  </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="18" valign="bottom" style="border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Three months ended March 31, 2015</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom: 2px;">  </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Petroleum</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Retail and</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Mass Transit Ticketing</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Parking</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Other</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td colspan="2" valign="bottom" style="border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center">Consolidated</div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr> <td valign="bottom" style="padding-bottom: 2px;"> </td> <td valign="bottom" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" style="width: 20px;" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" style="width: 20px;" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" style="width: 20px;" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" style="width: 20px;" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" style="width: 20px;" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"> </div> </td> <td nowrap="nowrap" valign="bottom" style="text-align: left; padding-bottom: 2px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px; background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Revenues</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">1,140</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">3,107</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">341</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">387</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">$</td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">4,975</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px; width: 20px;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> </div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px; background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Reportable segment gross profit *</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">642</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">1,598</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">218</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">197</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; border-bottom-width: 1pt !important; border-bottom-style: solid !important; border-bottom-color: #000000 !important; background-color: #cceeff;">2,655</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; background-color: #cceeff;"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px; width: 20px;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> </div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: -12.5pt;" align="left">Reconciliation of reportable segment gross profit to gross profit for the period </div> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> </div> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="1%"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left;"> </td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Depreciation</div> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; background-color: #cceeff;">(172</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; background-color: #cceeff;">)</td> </tr> <tr> <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Stock-based compensation</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right;">(13</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding: 0px;">)</td> </tr> <tr style="background-color: #cceeff;"> <td align="left" valign="bottom" width="40%" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> </div> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 2px; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="1%" style="text-align: left; width: 20px; background-color: #cceeff;"> </td> <td valign="bottom" width="9%" style="text-align: right; width: 20px; background-color: #cceeff;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding: 0px; width: 20px; background-color: #cceeff;"> </td> </tr> <tr> <td align="left" valign="bottom" width="40%" style="padding-bottom: 4px;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">Gross profit for the period</div> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left;"> </td> <td valign="bottom" width="9%" style="text-align: right; padding-bottom: 4px;"> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="padding-bottom: 4px;"> </td> <td valign="bottom" width="1%" style="text-align: left; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">$</td> <td valign="bottom" width="9%" style="text-align: right; border-top-width: 1pt !important; border-top-style: solid !important; border-top-color: #000000 !important; border-bottom-width: 2.8pt !important; border-bottom-style: double !important; border-bottom-color: #000000 !important;">2,470</td> <td nowrap="nowrap" valign="bottom" width="1%" style="text-align: left; padding-bottom: 4px;"> </td> </tr> </table> </div> <div style="text-indent: 0pt; display: block;"> </div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left">* Gross profit as reviewed by the CODM, represents gross profit, adjusted to exclude depreciation and stock-based compensation.</div> </div>

27000

263000

229000

50000

-121000

-25000

-61000

-25000

143000

-167000

-397000

218000

5351000

5569000

53000

69000

7000

2000

54000 6000

28862000

7664000

68163000

18100000

855000

400000

106000

2050000

1500000

15000

P4Y

2332000

2505000

0.03

0.44

0.90

The Company's subsidiary in Poland is required to collect certain fees that are to be transferred to local authorities. Gross profit as reviewed by the CODM, represents gross profit, adjusted to exclude depreciation and stock-based compensation. Less than $1. Less than $1.

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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2016	May. 12, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2016
Document Fiscal Period Focus	Q1
Entity Registrant Name	ON TRACK INNOVATIONS LTD
Entity Central Index Key	0001021604
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		40,887,116

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Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
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
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
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

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Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands	Mar. 31, 2016 USD ($) shares	Mar. 31, 2016 ₪ / shares	Dec. 31, 2015 USD ($) shares	Dec. 31, 2015 ₪ / shares
Condensed Consolidated Balance Sheets [Abstract]
Allowance for doubtful accounts \| $	$ 788		$ 778
Ordinary shares, par value \| ₪ / shares		₪ 0.1		₪ 0.1
Ordinary shares, shares authorized	50,000,000		50,000,000
Ordinary shares, shares issued	42,029,673		42,014,673
Ordinary shares, shares outstanding	40,850,974		40,835,974
Treasury shares held	1,178,699		1,178,699

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 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
Total	$ (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

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Condensed Consolidated Statements of Comprehensive Loss [Abstract]
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)

XML 17 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands

Total

Share capital [Member]

Additional paid-in capital [Member]

Treasury Shares (at cost) [Member]

Accumulated other comprehensive Income (loss) [Member]

Accumulated deficit [Member]

Noncontrolling interest [Member]

Balance at Dec. 31, 2014

$ 19,883

$ 1,055

$ 224,234

$ (2,000)

$ (800)

$ (202,103)

$ (503)

Balance, shares at Dec. 31, 2014

41,996,202

Changes during the three months period ended

Stock-based compensation related to options and shares issued to employees

180

$ 180

Foreign currency translation adjustments

(224)

$ (224)

Net loss

(1,760)

$ (1,769)

$ 9

Balance at Mar. 31, 2015

18,079

$ 1,055

$ 224,414

$ (2,000)

$ (1,024)

(203,872)

(494)

Balance, shares at Mar. 31, 2015

41,996,602

Balance at Dec. 31, 2015

12,823

$ 1,055

225,925

$ (2,000)

$ (1,084)

$ (209,254)

$ (1,819)

Balance, shares at Dec. 31, 2015

42,014,673

Changes during the three months period ended

Stock-based compensation related to options and shares issued to employees

$ 27

Foreign currency translation adjustments

$ 168

Exercise of options

^[1]

Exercise of options, shares

15,000

Net loss

$ (928)

$ (865)

$ (63)

Balance at Mar. 31, 2016

$ 12,090

$ 1,055

$ 225,952

$ (2,000)

$ (916)

$ (210,119)

$ (1,882)

Balance, shares at Mar. 31, 2016

42,029,673

[1]	Less than $1.

XML 18 R7.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2016

Mar. 31, 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

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

(Increase) decrease in trade receivables, net

(1,408)

1,383

Decrease in other receivables and prepaid expenses

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

Repayment of long-term bank loans

$ (263)

$ (229)

Proceeds from exercise of options

^[1]

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

Cash paid during the period for:

Interest paid

$ 53

$ 69

[1]	Less than $1.

XML 19 R8.htm IDEA: XBRL DOCUMENT

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2016

Organization and Basis of Presentation [Abstract]

Organization and Basis of Presentation

Note 1 - Organization and Basis of Presentation

A.	Description of business

On Track Innovations Ltd. (the “Company”) was founded in 1990, in Israel. The Company and its subsidiaries (together the “Group”) are principally engaged in the field of design and development of cashless payment solutions. The Company's shares are listed for trading on the NASDAQ Capital Market (formerly listed on the NASDAQ Global Market until April 13, 2016).

B.	Interim Unaudited Financial Information

The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and therefore should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2015.

Use of Estimates:

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the assets, liabilities, revenue, costs, expenses and accumulated other comprehensive income/(loss) that are reported in the Interim Consolidated Financial Statements and accompanying disclosures. These estimates are based on management's best knowledge of current events, historical experience, actions that the Company may undertake in the future and on various other assumptions that are believed to be reasonable under the circumstances. As a result, actual results may be different from these estimates.

C.	Divestiture of operations

During the three month period ended March 31, 2016, the Company did not record any profit from contingent consideration according to an earn-out mechanism (see also Note 7).

D.	Other expenses

Other operating expenses presented in the statement of operations for the three months ended March 31, 2015 consist of compensation expenses related to the termination of employment of the Company's former Chief Executive Office (“CEO”), Mr. Ofer Tziperman, according to his employment terms, following his resignation from the Company and its subsidiaries on February 10, 2015.

XML 20 R9.htm IDEA: XBRL DOCUMENT

Significant Accounting Policies	3 Months Ended
Significant Accounting Policies	Mar. 31, 2016
Significant Accounting Policies [Abstract]
Significant Accounting Policies	Note 2 – Significant Accounting Policies These interim unaudited condensed consolidated financial statements have been prepared according to the same accounting policies as those discussed in the Company's Annual Report on Form 10-K for the year ended December 31, 2015.

XML 21 R10.htm IDEA: XBRL DOCUMENT

Other Receivables and Prepaid Expenses

3 Months Ended

Mar. 31, 2016

Other Receivables and Prepaid Expenses [Abstract]

Other Receivables and Prepaid Expenses

Note 3 - Other Receivables and Prepaid Expenses

	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.

XML 22 R11.htm IDEA: XBRL DOCUMENT

Inventories

3 Months Ended

Mar. 31, 2016

Inventories [Abstract]

Inventories

Note 4 - Inventories

Inventories consist of the following:

	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

XML 23 R12.htm IDEA: XBRL DOCUMENT

Other Current Liabilities

3 Months Ended

Mar. 31, 2016

Other Current Liabilities [Abstract]

Other Current Liabilities

Note 5 - Other Current Liabilities

	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

XML 24 R13.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

3 Months Ended

Mar. 31, 2016

Commitments and Contingencies [Abstract]

Commitments and Contingencies

Note 6 - Commitments and Contingencies

Legal claims

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.

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.

The Company filed an initial memorandum of defense rejecting the plaintiff's allegations and claims. A technical hearing regarding this matter is scheduled for May 23, 2016. Based on the advice of counsel, the Company currently believes that it has no material obligations to the plaintiff and that there is no need for a provision for the claim.

On April 20, 2016, SuperCom and the Company jointly made a motion to the court to end and dismiss all related legal proceedings and notified the court that the parties had settled their claims. Pursuant to the settlement, each party waived certain claims against each other and SuperCom (i) has paid the Company $2,050 which will be recorded in the second quarter of 2016, and (ii) will pay the Company up to $1,500 in accordance with and subject to a certain earn-out mechanism previously stipulated in the Asset Purchase Agreement between the parties (the “APA”). SuperCom's payment of the amounts set forth in the settlement completes SuperCom's payment obligations under the APA with respect to the purchase price for the purchase of the Smart ID division.

Guarantees

XML 25 R14.htm IDEA: XBRL DOCUMENT

Discontinued operations

3 Months Ended

Mar. 31, 2016

Discontinued operations [Abstract]

Discontinued operations

Note 7 – Discontinued operations

During the three months ended March 31, 2015, the Company recorded profit from contingent consideration in the amount of $387 according to the earn-out mechanism derived from the Smart ID division divesture. This profit is presented below as ‘other income, net' within income from discontinued operations for the three months ended March 31, 2015.

Set forth below are the results of the discontinued operations:

	Three months ended March 31,
	2016			2015
Expenses	$	(61	)	$	(25	)
Other income, net		-			387

Net (loss) income from discontinued operations	$	(61	)	$	362

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
-Section 45
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-Topic 205
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-Section 50
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760

Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
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-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760

Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 3A
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Reference 6: http://www.xbrl.org/2003/role/presentationRef
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Reference 7: http://www.xbrl.org/2003/role/presentationRef
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Reference 8: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/presentationRef
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 13: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
-Topic 205
-SubTopic 20
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-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760

+ Details

XML 26 R15.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments

3 Months Ended

Mar. 31, 2016

Fair Value of Financial Instruments [Abstract]

Fair Value of Financial Instruments

Note 8 - Fair Value of Financial Instruments

•

Level 1 Inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date.

•

The Company, in estimating fair value for financial instruments, used the following methods and assumptions:

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

XML 27 R16.htm IDEA: XBRL DOCUMENT

Equity

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Equity

Note 9 – Equity

A.	Stock option plans

Dividend yield of zero percent for all periods.

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.

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.

The Company's options activity (including options to non-employees) and options outstanding and options exercisable as of December 31, 2015 and March 31, 2016, are summarized in the following table:

	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 following table summarizes information about options outstanding and exercisable (including options to non-employees) as of March 31, 2016:

	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

During the three months ended March 31, 2016, 260,869 warrants expired.

The following table summarizes information about warrants outstanding and exercisable as of March 31, 2016:

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

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
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-Subparagraph (SX 210.4-08.(d),(e))
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Reference 12: http://www.xbrl.org/2003/role/presentationRef
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-Name Accounting Standards Codification
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Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
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-Number Topic 4
-Section E

Reference 15: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
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+ Details

XML 28 R17.htm IDEA: XBRL DOCUMENT

Operating segments

3 Months Ended

Mar. 31, 2016

Operating segments [Abstract]

Operating segments

Note 10 - Operating segments

For the purposes of allocating resources and assessing performance in order to improve profitability, the Company's chief operating decision maker ("CODM") examines three segments which are the Company's strategic business units: Retail and Mass Transit Ticketing, Petroleum and Parking. In addition to its three reportable segments, certain products for the medical industry and other secure smart card solutions are classified under the Company's "Other" segment.

Information regarding the results of each reportable segment is included below based on the internal management reports that are reviewed by the CODM.

	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

* Gross profit as reviewed by the CODM, represents gross profit, adjusted to exclude depreciation and stock-based compensation.

XML 29 R18.htm IDEA: XBRL DOCUMENT

Other Receivables and Prepaid Expenses (Tables)

3 Months Ended

Mar. 31, 2016

Other Receivables and Prepaid Expenses [Abstract]

Schedule of Other Receivables and Prepaid Expenses

	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.

XML 30 R19.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

3 Months Ended

Mar. 31, 2016

Inventories [Abstract]

Schedule of Inventory

	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

XML 31 R20.htm IDEA: XBRL DOCUMENT

Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2016

Other Current Liabilities [Abstract]

Summary of Other Current Liabilities

	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

XML 32 R21.htm IDEA: XBRL DOCUMENT

Discontinued operations (Tables)

3 Months Ended

Mar. 31, 2016

Discontinued operations [Abstract]

Schedule of Results of Discontinued Operations

	Three months ended March 31,
	2016			2015
Expenses	$	(61	)	$	(25	)
Other income, net		-			387

Net (loss) income from discontinued operations	$	(61	)	$	362

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 11
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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+ Details

XML 33 R22.htm IDEA: XBRL DOCUMENT

Equity (Tables)

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

Schedule of Stock Option Activity

	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

Summary of Options Outstanding and Exercisable

	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

Schedule of Warrants Outstanding and Exercisable

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

- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References + Details

XML 34 R23.htm IDEA: XBRL DOCUMENT

Operating segments (Tables)

3 Months Ended

Mar. 31, 2016

Operating segments [Abstract]

Reconciliation of Segment Information to Consolidated Financial Information

	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

* Gross profit as reviewed by the CODM, represents gross profit, adjusted to exclude depreciation and stock-based compensation.

XML 35 R24.htm IDEA: XBRL DOCUMENT

Organization and Basis of Presentation (Divestiture of Operations) (Details) ₪ in Thousands, $ in Thousands	Dec. 24, 2015 USD ($)	Dec. 24, 2015 ILS (₪)	Oct. 19, 2015 USD ($)	Oct. 19, 2015 ILS (₪)
SuperCom Breach of Contract [Member]
Loss Contingencies [Line Items]
Lawsuit, damages sought	$ 18,100	₪ 68,163	$ 7,664	₪ 28,862

XML 36 R25.htm IDEA: XBRL DOCUMENT

Other Receivables and Prepaid Expenses (Details) - USD ($)
$ in Thousands

Mar. 31, 2016

Dec. 31, 2015

Other Receivables and Prepaid Expenses [Abstract]

Government institutions

$ 409

$ 463

Prepaid expenses

735

624

Receivables under contractual obligations to be transferred to others

^[1]

412

533

Other receivables

652

563

Total other receivables and prepaid expenses

$ 2,208

$ 2,183

[1]	The Company's subsidiary in Poland is required to collect certain fees that are to be transferred to local authorities.

XML 37 R26.htm IDEA: XBRL DOCUMENT

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventories [Abstract]
Raw materials	$ 973	$ 944
Work in progress	470	174
Finished products	1,547	2,212
Inventories	$ 2,990	$ 3,330

XML 38 R27.htm IDEA: XBRL DOCUMENT

Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Other Current Liabilities [Abstract]
Employees and related expenses	$ 730	$ 1,065
Accrued expenses	1,207	1,101
Customer advances	381	283
Other current liabilities	310	275
Total other current liabilities	$ 2,628	$ 2,724

XML 39 R28.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Legal Claims) (Details) € in Thousands, ₪ in Thousands, $ in Thousands									1 Months Ended
	Apr. 20, 2016 USD ($)	Apr. 19, 2016 USD ($)	Apr. 19, 2016 ILS (₪)	Feb. 21, 2016 USD ($)	Dec. 24, 2015 USD ($)	Dec. 24, 2015 ILS (₪)	Oct. 19, 2015 USD ($)	Oct. 19, 2015 ILS (₪)	Jul. 31, 2014 USD ($)	Jul. 31, 2014 ILS (₪)	Oct. 31, 2013 USD ($)	Oct. 31, 2013 EUR (€)
Former Employee One [Member]
Loss Contingencies [Line Items]
Lawsuit, damages sought									$ 1,260	₪ 4,744
Former Employee One [Member] \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Loss Contingency settlement payments		$ 106	₪ 400
French Subsidiary [Member]
Loss Contingencies [Line Items]
Lawsuit, damages sought											$ 1,707	€ 1,500
SuperCom Breach of Contract [Member]
Loss Contingencies [Line Items]
Lawsuit, damages awarded				$ 855
Lawsuit, damages sought					$ 18,100	₪ 68,163	$ 7,664	₪ 28,862
SuperCom Breach of Contract [Member] \| Subsequent Event [Member]
Loss Contingencies [Line Items]
Loss Contingency settlement payments	$ 2,050
SuperCom Breach of Contract [Member] \| Subsequent Event [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Loss Contingency earn-out payments	$ 1,500

XML 40 R29.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Guarantees) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016 USD ($)
Commitments and Contingencies [Abstract]
Granted guarantee to third party	$ 724
Gurantee obligation expiration month, earliest	2016-05
Gurantee obligation expiration month, latest	2017-01

XML 41 R30.htm IDEA: XBRL DOCUMENT

Discontinued operations (Schedule of Results) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Discontinued operations [Abstract]
Gain from contingent consideration		$ 387
Expenses	$ (61)	(25)
Other income, net		387
Net (loss) income from discontinued operations	$ (61)	$ 362

- Definition

Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 225
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04.12)
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Reference 10: http://www.xbrl.org/2003/role/presentationRef
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+ Details

XML 42 R31.htm IDEA: XBRL DOCUMENT

Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value of Financial Instruments [Abstract]
Short-term investments	$ 4,584	$ 5,454
Short-term deposit pledged as security	$ 2,284	$ 2,254

XML 43 R32.htm IDEA: XBRL DOCUMENT

Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Equity [Abstract]
Options granted	270,000	125,000
Unrecognized compensation cost	$ 430
Unrecognized compensation cost, period for recognition	1 year 6 months
Share-based compensation expense	$ 27	$ 180
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price	$ 0.76
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Exercise price	$ 0.44
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	4 years
Expiration period	5 years
Exercise price	$ 1.68

XML 44 R33.htm IDEA: XBRL DOCUMENT

Equity (Schedule of Fair Value Assumptions) (Details)	3 Months Ended
Equity (Schedule of Fair Value Assumptions) (Details)	Mar. 31, 2016	Mar. 31, 2015
Stock option plans
Dividend yield	0.00%	0.00%
Risk-free interest rate	1.18%	1.21%
Expected life	3 years 6 months 22 days	3 years 6 months
Expected volatility	72.00%	69.00%

XML 45 R34.htm IDEA: XBRL DOCUMENT

Equity (Schedule of Stock Options Activity) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Number of options outstanding
Outstanding - Beginning Balance	1,601,379
Options granted	270,000	125,000
Options expired or forfeited	(255,393)
Options exercised	(15,000)
Outstanding - Ending Balance	1,600,986
Exercisable	717,334		799,473
Weighted average exercise price per share
Outstanding - Beginning Balance	$ 1.71
Options granted	0.76
Options expired or forfeited	2.12
Options exercised	0.03
Outstanding - Ending Balance	1.50
Exercisable	$ 1.78		$ 1.85
Aggregate intrinsic value
Outstanding	$ 137		$ 8
Exercisable	$ 9		$ 8
Weighted average fair value of options granted	$ 0.41	$ 0.8

XML 46 R35.htm IDEA: XBRL DOCUMENT

Equity (Schedule of Options Outstanding and Exercisable) (Details)	3 Months Ended
	Mar. 31, 2016 $ / shares shares
Options outstanding
Number outstanding \| shares	1,600,986
Weighted average remaining contractual life	3 years 1 month 17 days
Options exercisable
Number outstanding \| shares	717,334
Weighted average remainging cotractual life	1 year 9 months 11 days
$0.03 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower limit	$ 0.03
Upper limit	$ 0.03
Options outstanding
Number outstanding \| shares	3,000
Weighted average remaining contractual life	8 months 1 day
Weighted average exercise price	$ 0.03
Options exercisable
Number outstanding \| shares	3,000
Weighted average remainging cotractual life	8 months 1 day
Weighted average exercise price	$ 0.03
$0.44 - $0.90 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower limit	0.44
Upper limit	$ 0.90
Options outstanding
Number outstanding \| shares	683,148
Weighted average remaining contractual life	4 years 4 months 2 days
Weighted average exercise price	$ 0.77
Options exercisable
Number outstanding \| shares	88,148
Weighted average remainging cotractual life	1 year 7 months 6 days
Weighted average exercise price	$ 0.90
$1.08 - $1.29 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower limit	1.08
Upper limit	$ 1.29
Options outstanding
Number outstanding \| shares	138,000
Weighted average remaining contractual life	11 months 1 day
Weighted average exercise price	$ 1.09
Options exercisable
Number outstanding \| shares	138,000
Weighted average remainging cotractual life	11 months 1 day
Weighted average exercise price	$ 1.09
$1.46 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower limit	1.46
Upper limit	$ 1.46
Options outstanding
Number outstanding \| shares	76,666
Weighted average remaining contractual life	1 year 6 months 14 days
Weighted average exercise price	$ 1.46
Options exercisable
Number outstanding \| shares	56,666
Weighted average remainging cotractual life	1 year 3 months 7 days
Weighted average exercise price	$ 1.46
$1.67 - $1.76 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower limit	1.67
Upper limit	$ 1.76
Options outstanding
Number outstanding \| shares	116,667
Weighted average remaining contractual life	1 year 9 months 22 days
Weighted average exercise price	$ 1.68
Options exercisable
Number outstanding \| shares	81,667
Weighted average remainging cotractual life	1 year 1 month 13 days
Weighted average exercise price	$ 1.68
$2.23 - $2.84 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower limit	2.23
Upper limit	$ 2.84
Options outstanding
Number outstanding \| shares	521,283
Weighted average remaining contractual life	2 years 9 months
Weighted average exercise price	$ 2.34
Options exercisable
Number outstanding \| shares	317,631
Weighted average remainging cotractual life	2 years 6 months 7 days
Weighted average exercise price	$ 2.34
$3.03 - $3.18 [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Lower limit	3.03
Upper limit	$ 3.18
Options outstanding
Number outstanding \| shares	62,222
Weighted average remaining contractual life	2 years 3 months 29 days
Weighted average exercise price	$ 3.08
Options exercisable
Number outstanding \| shares	32,222
Weighted average remainging cotractual life	1 year 3 months
Weighted average exercise price	$ 3.13

XML 47 R36.htm IDEA: XBRL DOCUMENT

Equity (Schedule of Warrants Outstanding and Exercisable) (Details)	3 Months Ended
	Mar. 31, 2016 $ / shares shares
Warrants outstanding
Number outstanding	56,648
Weighted average remaining contractual life	8 months 5 days
Warrants exercisable
Number outstanding	20,500
Weighted average remaining contractual life	1 month 10 days
Warrants exercised	260,869
$0.00 [Member]
Warrants outstanding
Number outstanding	56,648
Weighted average remaining contractual life	8 months 5 days
Weighted average exercise price \| $ / shares
Warrants exercisable
Number outstanding	20,500
Weighted average remaining contractual life	1 month 10 days
Weighted average exercise price \| $ / shares

XML 48 R37.htm IDEA: XBRL DOCUMENT

Operating segments (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2016

Mar. 31, 2015

Segment Reporting Information [Line Items]

Revenues

$ 4,877

$ 4,975

Reportable segment gross profit

^[1]

2,730

2,655

Reconciliation of reportable segment gross profit to gross profit for the period

Depreciation

(189)

(172)

Stock based compensation

(13)

Gross profit

2,545

2,470

Petroleum [Member]

Segment Reporting Information [Line Items]

Revenues

1,109

1,140

Reportable segment gross profit

^[1]

701

642

Retail and Mass Transit Ticketing [Member]

Segment Reporting Information [Line Items]

Revenues

2,899

3,107

Reportable segment gross profit

^[1]

1,524

1,598

Parking [Member]

Segment Reporting Information [Line Items]

Revenues

305

341

Reportable segment gross profit

^[1]

213

218

Other [Member]

Segment Reporting Information [Line Items]

Revenues

564

387

Reportable segment gross profit

^[1]

$ 292

$ 197

[1]	Gross profit as reviewed by the CODM, represents gross profit, adjusted to exclude depreciation and stock-based compensation.

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