0001213900-17-005614.txt : 20170522 0001213900-17-005614.hdr.sgml : 20170522 20170522082753 ACCESSION NUMBER: 0001213900-17-005614 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 41 CONFORMED PERIOD OF REPORT: 20170331 FILED AS OF DATE: 20170522 DATE AS OF CHANGE: 20170522 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MICRONET ENERTEC TECHNOLOGIES, INC. CENTRAL INDEX KEY: 0000854800 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRONIC COMPONENTS & ACCESSORIES [3670] IRS NUMBER: 270016420 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-35850 FILM NUMBER: 17859732 BUSINESS ADDRESS: STREET 1: 28 WEST GRAND AVENUE, SUITE 3 CITY: MONTVALE STATE: NJ ZIP: 07645 BUSINESS PHONE: 201-225-0190 MAIL ADDRESS: STREET 1: 28 WEST GRAND AVENUE, SUITE 3 CITY: MONTVALE STATE: NJ ZIP: 07645 FORMER COMPANY: FORMER CONFORMED NAME: LAPIS TECHNOLOGIES INC DATE OF NAME CHANGE: 19890829 10-Q 1 f10q0317_micronetenertec.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended: March 31, 2017

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER 001-35850

MICRONET ENERTEC TECHNOLOGIES, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware

27-0016420

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

28 West Grand Avenue, Suite 3, Montvale, NJ		07645
(Address of principal executive offices)		(Zip Code)

	(201) 225-0190
	(Registrant’s telephone number, including area code)

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 preceding 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 ☒ No ☐

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 registrant was required to submit and post such files).

Yes ☒ No ☐

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

Large accelerated filer ☐	Accelerated filer ☐
Non-accelerated filer ☐ (do not check if a smaller reporting company)	Smaller reporting company ☒
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 22, 2017, there were 6,823,629 issued and outstanding shares of the registrant’s Common Stock, $0.001 par value per share.

TABLE OF CONTENTS

	PART I - FINANCIAL INFORMATION

Item 1.	Financial Statements.	1

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	14

Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	22

Item 4.	Controls and Procedures.	22

	PART II - OTHER INFORMATION

Item 6.	Exhibits.	23

SIGNATURES		24

EXHIBIT INDEX		25

PART I - FINANCIAL INFORMATION

Item 1.

Financial Statements.

MICRONET ENERTEC TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(USD In Thousands, Except Share and Par Value Data)

	March 31, 2017		December 31, 2016
ASSETS
Current assets:
Cash and cash equivalents	$	2,465	$	668
Restricted cash		4,625		4,488
Marketable securities		-		2,978
Trade accounts receivable, net		12,297		11,558
Inventories		5,646		5,758
Other accounts receivable		853		319
Total current assets		25,886		25,769

Property and equipment, net		1,700		1,641
Intangible assets and others, net		2,707		2,961
Long term deposit		83		86
Goodwill		1,466		1,466
Total long term assets		5,956		6,154
Total assets	$	31,842	$	31,923

MICRONET ENERTEC TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(USD In Thousands, Except Share and Par Value Data)

	March 31, 2017			December 31, 2016
LIABILITIES AND EQUITY

Short term bank credit and current portion of long term bank loans	$	9,947		$	9,993
Short term credit from others and current portion of long term loans from others		3,416			3,114
Trade accounts payable		3,684			4,130
Other accounts payable		2,197			2,383
Total current liabilities		19,244			19,620

Long term loans from banks		1,157			1,093
Long term loans from others		-			188
Accrued severance pay, net		32			57
Deferred tax liabilities, net		4			7
Total long term liabilities		1,193			1,345

Stockholders’ Equity:
Preferred stock; $.001 par value, 5,000,000 shares authorized, none issued and outstanding
Common stock; $.001 par value, 25,000,000 shares authorized, 6,490,660 and 6,385,092 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively.		6			6
Additional paid in capital		8,911			8,748
Accumulated other comprehensive income (loss)		(167	)		11
Accumulated loss		(3,602	)		(1,990	)
Micronet Enertec stockholders' equity		5,148			6,775

Non-controlling interests		6,257			4,183

Total equity		11,405			10,958

Total liabilities and equity	$	31,842		$	31,923

MICRONET ENERTEC TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(USD In Thousands, Except Share and Earnings Per Share Data)

(Unaudited)

	Three months ended March 31,
	2017			2016

Revenues	$	5,259		$	6,482
Cost of revenues		4,572			4,403
Gross profit		687			2,079
Operating expenses:
Research and development		533			700
Selling and marketing		546			358
General and administrative		1,464			1,136
Amortization of intangible assets		235			228
Total operating expenses		2,778			2,422

Loss from operations		(2,091	)		(343	)
Financial expenses, net		138			130
Loss before provision for income taxes		(2,229	)		(473	)
Provision for income taxes		(73	)		(31	)

Net loss		(2,302	)		(504	)
Net loss attributable to non-controlling interests		(690	)		(165	)

Net loss attributable to Micronet Enertec Technologies, Inc.		(1,612	)		(339	)

Loss per share attributable to Micronet Enertec Technologies, Inc.
Basic	$	(0.25	)	$	(0.06	)

Weighted average common shares outstanding:
Basic		6,430,762			5,865,221

MICRONET ENERTEC TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(USD In Thousands)

(Unaudited)

	Three months ended March 31,
	2017			2016

Net loss	$	(2,302	)	$	(504	)
Other comprehensive loss, net of tax:
Currency translation adjustment		111			228
Total comprehensive loss		(2,191	)		(276	)
Comprehensive loss attributable to non-controlling interests		400			219
Comprehensive loss attributable to Micronet Enertec Technologies, Inc.	$	(1,791	)	$	(57	)

MICRONET ENERTEC TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(USD In Thousands)

(Unaudited)

	Three months ended March 31,
	2017			2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$	(2,302	)	$	(504	)

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		334			337
Marketable securities		(70	)		(105	)
Change in fair value of derivatives, net		(3	)		(14	)
Change in deferred taxes, net		35			(39	)
Accrued interest and exchange rate differences on bank loans		608			482
Accrued interest and exchange rate differences on loans from others		110			24
Stock-based compensation		33			82
Increase in trade account receivables		(739	)		(882	)
Decrease in inventories		112			240
Increase (decrease) in accrued severance pay, net		(25	)		3
Decrease (increase) in other accounts receivables		(531	)		27
Decrease in trade accounts payables		(446	)		(1,303	)
Decrease in other accounts payables		(183	)		(194	)
Net cash used in operating activities	$	(3,067	)	$	(1,846	)

MICRONET ENERTEC TECHNOLOGIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(USD In Thousands)

(Unaudited)

	Three months ended March 31,
	2017			2016
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment		(71	)		(32	)
Restricted cash		(137	)		(532	)
Marketable securities		3,048			(22	)
Net cash provided by (used in) investing activities	$	2,840		$	(586	)

CASH FLOWS FROM FINANCING ACTIVITIES:
Short term bank credit	$	2,263		$	1,419
Short term credit from others, net		4			4
Repayment of short term loans		(2,853	)		(256	)
Issuance of shares, net		130			-
Repayment of long term bank loans		-			(181	)
Issuance of shares by subsidiary, net		2,474			-
Net cash provided by financing activities	$	2,018		$	986

NET CASH INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		1,791			(1,446	)

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		668			2,361

TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS		6			49
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	2,465		$	964

NOTE 1 — DESCRIPTION OF BUSINESS

Overview

Micronet Enertec Technologies, Inc., a U.S.-based Delaware corporation, was formed on January 31, 2002. On March 14, 2013, we changed our corporate name from Lapis Technologies, Inc. to Micronet Enertec Technologies, Inc., or we, Micronet Enertec or the Company.

We operate primarily through two Israel-based companies, Enertec Systems 2001 Ltd., or Enertec, our wholly-owned subsidiary, and Micronet Ltd., or Micronet, in which we held 50.07% as of March 31, 2017 and is controlled by us.

On February 23, 2017, Micronet filed an immediate report with the TASE announcing that it had closed on a public offering of its ordinary shares and sold an aggregate of 6,100,000 shares of its ordinary shares for aggregate gross proceeds of 9,844,020 NIS. As a result of the public offering, the Company’s ownership interest in Micronet was diluted from 62.9% to 49.31%. In order to maintain a controlling interest of Micronet, on February 27, 2017, the Company purchased an additional 140,000 shares of Micronet in a separate transaction with a shareholder of Micronet. In addition, on February 28, 2017, Mr. David Lucatz, our President and Chief Executive Officer, executed an irrevocable proxy assigning his voting power over 45,000 shares of Micronet for our benefit. As a result, our voting interest of Micronet was increased to 50.07% of the issued and outstanding shares of Micronet.

Micronet is a publicly traded company on the Tel Aviv Stock Exchange and operates in the growing commercial Mobile Resource Management, or MRM, market. Micronet through both its Israeli and U.S. operational offices designs, develops, manufactures and sells rugged mobile computing devices that provide fleet operators and field workforces with computing solutions in challenging work environments. Micronet’s vehicle cabin installed and portable tablets increase workforce productivity and enhance corporate efficiency by offering computing power and communication capabilities that provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage. Micronet’s customers consist primarily of application service providers and solution providers specializing in the MRM market.

Enertec operates in the Aerospace and Defense markets and designs, develops, manufactures and supplies various customized military computer-based systems, simulators, automatic test equipment and electronic instruments. Enertec’s solutions and systems are designed according to major aerospace integrators’ requirements and are integrated by them into critical systems such as command and control, missile fire control, maintenance of military aircraft and missiles for use by the Israeli Air Force and Navy and by foreign defense entities.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America, or U.S. GAAP.

The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company transactions and balances among the Company and its subsidiaries are eliminated upon consolidation.

Functional Currency

The functional currency of Micronet Enertec is the U.S. dollar. The functional currency of certain subsidiaries is their local currency. The financial statements of those companies are included in consolidation, based on translation into U.S. dollars. Assets and liabilities are translated at year-end-exchange rates, while revenues and expenses are translated at monthly average exchange rates during the year. Differences resulting from translation are presented in the consolidated statements of comprehensive income.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.

Principles of Consolidation

The consolidated financial statements comprise the results and position of the Company and its subsidiaries. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its operating activities. In assessing control, legal and contractual rights, are taken into account. The consolidated financial statements of subsidiaries are included in the consolidated financial statements from the date that control is achieved until the date that control is lost. Intercompany transactions and balances are eliminated upon consolidation.

Cash and Cash Equivalents

Cash equivalents are considered by the Company to be highly-liquid investments, including inter-alia, short-term deposits with banks, which do not exceed maturities of three months at the time of deposit and which are not restricted.

Revenue Recognition

The Company’s subsidiary, Enertec, enters into long-term fixed-price contracts with customers to manufacture test systems, simulators and airborne applications. Revenues on these long-term fixed-price contracts are recognized under the percentage-of-completion method. In using the percentage of completion method, revenues are generally recorded based on the percentage of cost incurred to date on a contract relative to the estimated total expected contract cost. Management uses historical experience, project plans and an assessment of the risks and uncertainties inherent in the arrangement to establish the total estimated costs. The percentage of completion is established by the costs incurred to date as a percentage of the estimated total costs of each contract (cost-to-cost method). Contract costs include all direct material and labor costs.

The Company recognizes revenues on a project when persuasive evidence of an arrangement exists, recoverability is probable, and project costs are incurred. The Company recognizes anticipated contract losses, if any, in the period in which they first became evident. As of March 31, 2017, approximately $6,068 (on December 31, 2016: $4,805) of the accounts receivable balance was unbilled due to the customers’ payment terms.

Revenues from the sales of MRM products are recognized when persuasive evidence of an arrangement exists, delivery has occurred, consideration is fixed and determinable and collection of the resulting receivable is reasonably assured. The title and risk of loss passes to the customer, delivery has occurred and acceptance is satisfied as the product leaves the Company premises.

Allowance for Doubtful Accounts

The Company establishes an allowance for doubtful accounts to ensure trade and financing receivables are not overstated due to uncollectability. The allowance for doubtful accounts was based on specific receivables, which their collection, in the opinion of Company’s management, is in doubt. Trade receivables are charged off in the period in which they are deemed to be uncollectible. As of March 31, 2017 and December 31, 2016 the allowance for doubtful accounts amounted to $ 618 and $ 563, respectively.

Reclassifications

Certain balance sheet amounts and cash flow amounts have been reclassified to conform with the current year presentation.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)

Inventories

Inventories of raw materials are stated at the lower of cost (first-in, first-out basis) or realizable value. Cost of work in process comprise direct materials, direct production costs and an allocation of production overheads based on normal operating capacity.

Property and Equipment

Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated by the straight-line method over their estimated useful lives. Annual rates of depreciation are as follows:

Leasehold improvements		Over the shorter of the lease term or the life of the assets
Machinery and equipment		7-14 years
Furniture and fixtures		10-14 years
Transportation equipment		7 years
Computer equipment		3 years

Stock-Based Compensation

The Company accounts for stock-based compensation under the fair market value method under which compensation cost is measured at the grant date based on the value of the award and is recognized over the vesting period, which is usually the service period. For stock options, fair value is determined using an option-pricing model that takes into account the stock price at the grant date, the exercise price, the expected life of the option, the volatility of the underlying stock, the expected dividends on it, and the risk-free interest rate over the expected life of the option.

Research and Development Costs

Research and development costs are charged to statements of income as incurred net of grants from the Israel Innovation Authority (formerly known as the Israel Office of the Chief Scientist of the Ministry of Economy.

Loss per Share

Basic net earnings per share are computed based on the weighted average number of shares of common stock outstanding during each year.

Long-Lived Assets and Intangible assets

Intangible assets that are not considered to have an indefinite useful life are amortized using the straight-line basis over their estimated useful lives. The Company evaluates property and equipment and purchased intangible assets with finite lives for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flow and recognizes an impairment loss when the estimated undiscounted future cash flow expected to result from the use of the asset plus the net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When the Company identifies an impairment, it reduces the carrying amount of the asset to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. During the three months ended March 31, 2017 and the year ended December 31, 2016, no indicators of impairment have been identified.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)

Goodwill

Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. Goodwill is not amortized, but rather is subject to an annual impairment test. The Company has two operating segments: MRM and Aerospace and Defense. The goodwill was allocated to one reporting unit which included in the MRM division. The goodwill impairment tests are conducted in two steps. In the first step, the Company determines the fair value of the reporting unit. If the net book value of the reporting unit exceeds its fair value, the Company would then perform the second step of the impairment test which requires allocation of the reporting unit’s fair value of all of its assets and liabilities in a manner similar to an acquisition cost allocation, with any residual fair value being allocated to goodwill. The implied fair value of the goodwill is then compared to the carrying value to determine impairment, if any.

Comprehensive Income (Loss)

Financial Accounting Standards Board, or FASB, ASC 220-10, “Reporting Comprehensive Income,” requires the Company to report in its consolidated financial statements, in addition to its net income, comprehensive income (loss), which includes all changes in equity during a period from non-owner sources including, as applicable, foreign currency items and other items.

The Company’s other comprehensive income for all periods presented is related to the translation from functional currency to the presentation currency.

Income Taxes

Deferred taxes are determined utilizing the “asset and liability” method, whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, when it is more likely than not that deferred tax assets will not be realized in the foreseeable future. Deferred tax liabilities and assets are classified as current or non-current based on the expected reversal dates of the specific temporary differences.

The Company applied FASB ASC Topic 740-10-25, “Income Taxes,” which provides guidance for recognizing and measuring uncertain tax positions and prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax positions. The Company’s policy on classification of all interest and penalties related to unrecognized income tax positions, if any, is to present them as a component of income tax expense.

Financial Instruments

Concentration of credit risks:

Financial instruments that have the potential to expose the Company to credit risks are mainly cash and cash equivalents, bank deposit accounts, marketable securities and trade receivables.

The Company holds cash and cash equivalents, securities and deposit accounts at large banks in Israel, thereby substantially reducing the risk of loss.

With respect to trade receivables, the risk is limited due to the geographically spreading, nature and size of the entities that constitute the Company’s customer base. The Company assesses the financial position of its customers prior to the engagement with them.

The Company performs ongoing credit evaluations of its customers for the purpose of determining the appropriate allowance for doubtful accounts and generally does not require collateral. An appropriate allowance for doubtful accounts is included in the accounts.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)

Financial Instruments (Cont.)

Fair value measurement:

The Company measures fair value and discloses fair value measurements for financial and non-financial assets and liabilities. Fair value is based on 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.

The accounting standard establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:

Level 1:

Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2:

Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.

Level 3:

Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value.

Recent Accounting Pronouncements

In January 2017, the FASB issued ASU No. 2017-01, which is intended to help companies evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. When substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. This introduces an initial required screening that, if met, eliminates the need for further assessment. To be considered a business, an acquisition would have to include at least one input and a substantive process that together significantly contribute to the ability to create outputs. In order for an integrated set of assets and activities to be a business without outputs, there will need to be an organized workforce. The ASU also narrows the definition of the term “outputs” to be consistent with how it is described in Topic 606, Revenue from Contracts with Customers. The amendments are effective for reporting periods (interim and annual) beginning after December 15, 2017, with early adoption permitted under certain conditions. The Company is currently assessing the potential impact of this ASU on its consolidated financial statements

In January 2017, the FASB issued ASU No. 2017-04, which eliminates Step 2 from the goodwill impairment test. The goodwill impairment test will be performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. The amendments also eliminate the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment. The amendments should be applied on a prospective basis. For public business entities that are SEC filers, the amendments are effective for annual or any interim impairment tests in reporting periods beginning after December 15, 2019, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently assessing the potential impact of this ASU on its consolidated financial statements.

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)

Recent Accounting Pronouncements (Cont.)

In May 2014, the FASB issued ASU No. 2014-09, Revenue from contracts with customers (Topic 606). Under the new standard, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The FASB has recently issued several amendments to the standard, including clarification on accounting for licenses of intellectual property, identifying performance obligations, principal versus agent considerations and other narrow technical corrections.

The new revenue standard (and its related amendments) is effective for reporting periods (interim and annual) beginning after December 15, 2017, with early adoption permitted for reporting periods (interim and annual) beginning after December 15, 2016. The standard permits two methods of adoption: retrospectively to each reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the modified retrospective method). The Company is currently expecting to adopt the standard using the modified retrospective method. Based on preliminary analysis completed to date, the Company expects the accounting treatment to remain substantially unchanged.

NOTE 3 – FAIR VALUE MEASUREMENTS

Items carried at fair value as of March 31, 2017 and December 31, 2016, are summarized below:

	Fair value measurements using input type
	March 31, 2017
	Level 1		Level 2			Level 3		Total

Cash and cash equivalents	$	2,465	$	-		$	-	$	2,465
Restricted cash		4,625		-			-		4,625
Derivative assets		-		187			-		187
Derivative liabilities - phantom option		-		(1	)		-		(1	)
	$	7,090	$	186		$	-	$	7,276

	Fair value measurements using input type
	December 31, 2016
	Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	668		-			-		668
Restricted cash		4,488		-			-		4,488
Marketable securities		2,978		-			-		2,978
Derivative liability		-		(9	)		-		(9	)
Derivative liability- phantom option		-		(4	)		-		(4	)
	$	8,134		(13	)		-		8,121

NOTE 4 – INVENTORIES

Inventories are stated at the lower of cost or market, computed using the first-in, first-out method. Inventories consist of the following:

	March 31, 2017		December 31, 2016

Raw materials	$	4,131	$	5,103
Work in process		1,515		655
	$	5,646	$	5,758

NOTE 5 – SEGMENTS

Operating segments are based upon our internal organization structure, the manner in which our operations are managed and the availability of separate financial information. We have two operating segments: a Aerospace and Defense segment operated by Enertec and a MRM segment operated by Micronet.

The following table summarizes the financial performance of our operating segments:

	Three months ended March 31, 2017
	Aerospace and Defense			Mobile resource management			Consolidated
Revenues from external customers	$	2,558		$	2,701		$	5,259
Segment operating loss		(417	)		(1)(1,370	)		(1,787	)
Non allocated expenses								(304	)
Finance expenses and other								(138	)
Consolidated loss before provision for income taxes							$	(2,229	)

	Three months ended March 31, 2016
	Aerospace and Defense		Mobile resource management			Consolidated
Revenues from external customers	$	2,531	$	3,951		$	6,482
Segment operating income (loss)		159		(2)(290	)		(131	)
Non allocated expenses							(212	)
Finance expenses and other							(130	)
Consolidated loss before provision for income taxes						$	(473	)

(1)	Includes $235 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions.
(2)	Includes $228 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions.

NOTE 6 –SUBSEQUENT EVENTS

On April 17 and May 12, 2017 the Company offered and sold to YA II PV Ltd., or YA II, a Cayman Island exempt limited partnership and affiliate of Yorkville Advisors Global, LLC, 57,969 and 275,000 shares of its common stock, respectively, for an aggregate sales price of $414 pursuant to the Standby Distribution Agreement dated June 30, 2016 and executed by and between the Company and YA II, and under the Company’s Registration Statement on Form S-3 (Registration No. 333-196760).

Item 2.

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

This Quarterly Report on Form 10-Q contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws, and is subject to the safe-harbor created by such Act and laws. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential” or “continue,” the negative of such terms, or other variations thereon or comparable terminology. The statements herein and their implications are merely predictions and therefore inherently subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, performance levels of activity, or our achievements, or industry results to be materially different from those contemplated by the forward-looking statements. Such forward-looking statements appear in this Item 2 – “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and may appear elsewhere in this Quarterly Report on Form 10-Q and include, but are not limited to, statements regarding the following:

●

Demand for our products as well as future growth, either through internal efforts, development of new products, potential segments and markets or through acquisitions;

●

Leveraging our experience and other assets we possess to enhance Enertec’s (as defined below) product offerings;

	●	Levels of research and development costs in the future;

	●	The organic and non-organic growth of our business;

	●	The proposed spin-off of our Aerospace and Defense division into a standalone company;

	●	Our financing needs; and

	●	The sufficiency of our capital resources.

Our business and operations are subject to substantial risks, which increase the uncertainty inherent in the forward-looking statements contained or implied in this report. Except as required by law, we assume no obligation to update these forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements. Further information on potential factors that could affect our business is described 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, 2016. Readers are also urged to carefully review and consider the various disclosures we have made in that report. The following discussion and analysis should be read in conjunction with the Consolidated Financial Statements and related notes included elsewhere in this Quarterly Report on Form 10-Q.

Overview

We provide high tech solutions for severe environments and the battlefield, including missile defense technologies for Aerospace and Defense and rugged mobile devices for the growing commercial Mobile Resource Management, or MRM, market. We design, develop, manufacture and supply customized military computer-based systems, simulators, automatic test equipment and electronic instruments, addressing a multi-billion-dollar defense industry. Solutions and systems are integrated into critical systems such as command and control, missile fire control, maintenance of military aircraft and missiles for the Israeli Air Force, Israeli Navy and by foreign defense entities. Our MRM division develops, manufactures and provides mobile computing platforms for the multibillion dollar mobile logistics management market in the U.S., Europe and Israel. American-manufactured systems are designed for outdoor and challenging work environments in trucking, distribution, logistics, public safety and construction.

We operate primarily through two Israel-based companies, Enertec Systems 2001 Ltd., or Enertec, our wholly-owned subsidiary, and Micronet Ltd, or Micronet, in which we have a controlling interest, which develop, manufacture, integrate and globally market rugged computers, tablets and computer-based systems and instruments for the commercial, Aerospace and Defense markets. Our products, solutions and services are designed to perform in severe environments and battlefield conditions.

Micronet is a publicly-traded company on Tel-Aviv Stock Exchange and operates in the growing commercial MRM market and is a global developer, manufacturer and provider of mobile computing platforms, designed for integration into fleet management and mobile workforce management solutions. In June 2014, Micronet expanded its MRM business and operations in the U.S. market through the acquisition of Beijer, or the Vehicle Business, and as a result adding to its business U.S.-based facilities which include manufacturing and technical support infrastructure, sales and marketing capabilities as well as expanding its U.S. customer base and presence with local fleets and local MRM service providers. As a result of this acquisition, Micronet currently operates via its Israeli and U.S. facilities, the first located in Azur, Israel, near Tel Aviv, and the second located in Salt Lake City, Utah.

Enertec operates in the Aerospace and Defense markets and designs, develops, manufactures and supplies various customized military computer-based systems, simulators, automatic test equipment and electronic instruments. Enertec’s solutions and systems are designed according to major aerospace integrators’ requirements and market technological needs and are integrated by them into critical systems such as command and control, missile fire control, maintenance of military aircraft and missiles for use by the Israeli Air Force, Israeli Navy and by foreign defense entities.

On March 30, 2017, the Company's Board of Directors approved a spinoff of the Aerospace and Defense division of the Company into a stand-alone entity. Upon completion, if such spinoff moves forward, the Company's shareholders will own 100% of the outstanding shares of common stock in a new entity, or NewCo, on a pro-rata basis. The spinoff will be subject to certain customary conditions and shareholder approval of the spinoff is not required. The Company’s Board of Directors is still considering whether, and when, to move forward with the spinoff. There is no guarantee that the Company will proceed with implementing the spinoff or whether it will be successful in doing so.

Our strategy is driven and focused on continued internal growth through diligent efforts in our traditional growing markets with new technologies and innovative systems and products as well as the development of new potential segments and markets. Concurrent with our efforts to grow organically and in line with our strategy, we will continue to seek acquisitions that will complement and expand our product offerings, support our goals and increase our competitiveness. In order to help achieve our internal growth, we have expanded our production capacity and facilities. We strongly believe that by utilizing Micronet as our commercial arm we will be able to access new market segments and new customers, thereby increase our overall customer base. Our current target markets, in which we concentrate the majority of our resources, include the Israeli domestic market, the U.S. market and the European market.

Results of Operations

Three Months Ended March 31, 2017 Compared to Three Months Ended March 31, 2016

Revenues for the three months ended March 31, 2017 were $5,259,000, compared to $6,482,000 for the three months ended March 31, 2016. This represents a decrease of $1,223,000, or 19%, for the three months ended March 31, 2017. The decrease in revenues for the three months ended March 31, 2017, is mainly due to a decrease in revenues in the MRM segment.

Total revenues related to the Aerospace and Defense segment for the three months ended March 31, 2017 were $2,558,000, as compared to $2,531,000 for the three months ended March 31, 2016. This represents an increase of $27,000, or 1%, for the three months ended March 31, 2017.

Total revenues related to the MRM segment for the three months ended March 31, 2017 were $2,701,000, as compared to $3,951,000 for the three months ended March 31, 2016. This represents a decrease of $1,250,000 or 32% for the three months ended March 31, 2017. The decrease is mainly due to a delay in Micronet’s new product line.

Gross profit decreased by $1,392,000, to $687,000, and represents 13% of the revenues for the three months ended March 31, 2017. This is in comparison to gross profit of $2,079,000 which represented 32% of the revenues for the three months ended March 31, 2016. Micronet’s gross profit decreased from 34% in the three months ended March 31, 2016 to 14% for the three months ended March 31, 2017, due to an increase in cost associated with the introduction of a new line of products. Enertec’s gross profit decreased from 29% in the three months ended March 31, 2016 to 12% for the three months ended March 31, 2017, due to engaging in strategic defense contracts with lower profitability.

Selling and Marketing

Selling and marketing costs are part of operating expenses. Selling and marketing costs for the three months ended March 31, 2017 were $546,000, compared to $358,000 for the three months ended March 31, 2016. This represents an increase of $188,000, or 53%, for the three months ended March 31, 2017. The increases are mainly due to increases in the number of sales and sales support employees.

General and Administrative

General and administrative costs are part of operating expenses. General and administrative costs for the three months ended March 31, 2017 were $1,464,000, compared to $1,136,000 for the three months ended March 31, 2016. This represents an increase of $328,000, or 29%, for the three months ended March 31, 2017. The increase is mainly due to increases in professional expenses relating to the Company’s contemplated spinoff.

Research and Development Costs

Research and development costs are part of operating expenses. Research and development costs, which mainly includes wages, materials and sub-contractors, for the three months ended March 31, 2017 were $533,000, compared to $700,000 for the three months ended March 31, 2016. This represents a decrease of $167,000, or 24%, for the three months ended March 31, 2017. The decrease in research and development costs is mainly due to a reduction in the number of outside contractors and development scientists.

Loss from operations

Our loss from operations for the three months ended March 31, 2017 was $2,091,000, or 40% of revenues, compared to loss from operations of $343,000, or 5% of revenues, for the three months ended March 31, 2016. The decrease is mainly a result of the increase in operating expenses and a decrease in revenues as described above.

Financial Expenses, net

Financial expenses, net for the three months ended March 31, 2017 were $138,000, compared to expenses of $130,000 for the three months ended March 31, 2016. This represents an increase of $8,000, or 6%, for the three months ended March 31, 2017. The increase in financial expenses in the three months ended March 31, 2017 as compared to the three months ended March 31, 2016 was primarily due to changes in currency exchange rates.

Net loss attributed to Micronet Enertec Technologies, Inc.

Our net loss attributed to Micronet Enertec Technologies, Inc. was $1,612,000 in the three months ended March 31, 2017, compared to net loss of $339,000 in the three months ended March 31, 2016. This represents an increase in net loss of $1,273,000, or 375%, as compared to the same period last year. The increase in net loss is attributed to the decrease in revenues and the increase in operating expenses as mentioned above.

Non-GAAP Financial Measures

In addition to providing financial measurements based on generally accepted accounting principles in the United States of America, or GAAP, we provide additional financial metrics that are not prepared in accordance with GAAP, or non-GAAP financial measures. Management uses non-GAAP financial measures, in addition to GAAP financial measures, to understand and compare operating results across accounting periods, for financial and operational decision making, for planning and forecasting purposes and to evaluate our financial performance.

Management believes that these non-GAAP financial measures reflect our ongoing business in a manner that allows for meaningful comparisons and analysis of trends in our business, as they exclude expenses and gains that are not reflective of our ongoing operating results. Management also believes that these non-GAAP financial measures provide useful information to investors in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies.

The non-GAAP financial measures do not replace the presentation of our GAAP financial results and should only be used as a supplement to, not as a substitute for, our financial results presented in accordance with GAAP.

The non-GAAP adjustments, and the basis for excluding them from non-GAAP financial measures, are outlined below:

●

Amortization of acquired intangible assets - We are required to amortize the intangible assets, included in our GAAP financial statements, related to our acquisition of Micronet in 2012 and the Vehicle Business of Beijer in 2014. The amount of an acquisition’s purchase price allocated to intangible assets and term of its related amortization are unique to these transactions. The amortization of acquired intangible assets are non-cash charges. We believe that such changes do not reflect our operational performance. Therefore, we exclude amortization of acquired intangible assets to provide investors with a consistent basis for comparing pre- and post-transaction operating results.

●

Stock-based compensation - Stock based compensation consists of share based awards granted to certain individuals. They are non-cash and affected by our historical stock prices which are irrelevant to forward-looking analyses and are not necessarily linked to our operational performance.

The following table reconciles, for the periods presented, GAAP net loss attributable to Micronet Enertec to non-GAAP net loss attributable to Micronet Enertec and GAAP loss per diluted share attributable to Micronet Enertec to non-GAAP net loss per diluted share attributable to Micronet Enertec:

	Three months ended March 31,
	(Dollars in Thousands, other than share and per share amounts)
	2017			2016
GAAP net loss attributable to Micronet Enertec	$	(1,612	)	$	(339	)
Amortization of acquired intangible assets		132			143
Stock-based compensation and shares issued to service providers		33			82
Income tax-effect of above non-GAAP adjustments		(1	)		(2	)
Total Non-GAAP net loss attributable to Micronet Enertec	$	(1,448	)	$	(116	)
Non-GAAP net loss per share attributable to Micronet Enertec	$	(0.23	)	$	(0.02	)
Shares used in per share calculations		6,430,762			5,865,221
GAAP net loss per share attributable to Micronet Enertec	$	(0.25	)	$	(0.06	)
Shares used in per share calculations		6,430,762			5,865,221

Liquidity and Capital Resources

The Company finances its operations through current revenues, loans and securities offerings. The loans are divided into bank loans, a loan from Meydan Family Trust No 3, or Meydan, as described below and loans from YA II, as described below.

As of March 31, 2017, our total cash and cash equivalents, restricted cash and marketable securities balance was $7,090,000 (of which marketable securities amounted to $0), as compared to $8,134,000 (of which marketable securities amounted to $2,978,000) as of December 31, 2016. This reflects a decrease of $1,044,000 in cash and cash equivalents, restricted cash and marketable securities. The decrease in cash and cash equivalents is primarily a result of loss from operations.

On June 30, 2016, the Company and Enertec, collectively, the Borrowers, entered into a Note Purchase Agreement with YA II, whereby YA II purchased $600,000 of notes from the Borrowers, or the Notes. The outstanding principal balance of the notes bears interest at 7% per annum. On a quarterly basis commencing on October 10, 2016, the Borrowers are required to make payments of $150,000 of principal plus accrued interest. All amounts payable are due on July 10, 2017. Upon the occurrence of an event of default under the Notes, all amounts payable may be due immediately.

On October 28, 2016, the Borrowers entered into an additional Note Purchase Agreement with YA II whereby YA II loaned an additional $500,000 to the Borrowers pursuant to an additional secured promissory note. The outstanding principal balance of the additional note bears interest at 7% per annum. The additional note matures on November 20, 2017. The Borrowers have agreed to make payments of $125,000 from the principal balance of the additional note plus all accrued and unpaid interest on each of March 20, 2017, June 20, 2017, September 20, 2017 and November 20, 2017. Upon the occurrence of an event of default under the additional note, all amounts payable may be due immediately.

On December 22, 2016, the Borrowers entered into a Supplemental Agreement with YA II, whereby YA II agreed to lend the Company an additional $1,000,000 pursuant to a secured promissory note. The outstanding principal balance of this note bears interest at 7% per annum. The note matures on December 20, 2017. The Borrowers have agreed to use 50% of the net proceeds of any cash raised from financing transactions completed while the note is outstanding to repay the principal and interest on the note. Upon the occurrence of an event of default, all amounts payable may be due immediately. The note, along with the other notes held by YA II, are secured by a pledge of shares of Micronet owned by Enertec.

Pursuant to the Supplemental Agreement, YA II agreed to revise the payment schedule of the June 2016 note such that the Company shall be required to make payments of $150,000 from the principal balance of such note plus all accrued and unpaid interest on each of October 10, 2016, May 1, 2017 and September 1, 2017. In addition, pursuant to the Supplemental Agreement, YA II agreed to revise the payment schedule of the October 2016 note such that the Company shall be required to make payments of $150,000 from the principal balance of the such note plus all accrued and unpaid interest on each of May 1, 2017 and September 1, 2017. The Borrowers agreed to pay to YA Global II SPV LLC (as designee of YA II) a commitment fee in the amount of $100,000, with $50,000 of such commitment fee due and payable in cash upon the closing of the note, and the remaining balance of $50,000 of the commitment fee paid in cash or in freely tradable shares of the Company’s common stock as follows: (i) $25,000 on or before July 1, 2017, and (ii) $25,000 on or before December 31, 2017, provided that these remaining portions shall be waived if the Borrowers have repaid at least $500,000 of the principal amount of the Note on or before July 1, 2017. In connection with the Supplemental Agreement and issuance of the Note, the Company issued to YA II a five-year warrant, or the Warrant, to purchase 120,000 shares of the Company’s common stock at an exercise price of $3.00 per share.

On September 2, 2015, Enertec entered into a Credit Line Agreement, or the Credit Line Agreement, with a financing firm, or the Financing Firm, pursuant to which the Financing Firm agreed to grant Enertec a credit line. The maximum aggregate amount of the Credit Line Agreement is $675,000 and up to 85% of open trade receivables invoices. The annual interest rate is Prime plus 1.75%. The Credit Line Agreement will expire on May 31, 2017. As of March 31, 2017, Enertec had financed $673,000 pursuant to the Credit Line Agreement.

Subsequent to the balance sheet date of March 31, 2017, a commercial bank advised Enertec that, following two years of consecutive losses, a portion of its credit line agreement would be suspended. Such suspension may have (i) a material adverse effect on Enertec’s current on-going working capital needs and (ii) its ability to meet its growth targets. We have commenced negotiations with several financial institutions, including this commercial bank, in order to add an additional credit facility to ensure Enertec's ability to meet its growth objectives.

On December 30, 2015, the Company entered into a Loan Agreement, or the Meydan Loan, with Meydan, pursuant to which Meydan agreed to loan the Company $750,000 on certain terms and conditions. The proceeds of the Meydan Loan have been used by the Company for working capital and general corporate purposes. The Meydan loan bears interest at the rate of Libor plus 8% per annum and is due and payable in 4 equal installments beginning on May 31, 2017.

In connection with our acquisition of the Vehicle Business, Micronet entered into a loan agreement, or the FIBI Loan Agreement, with the First International Bank of Israel, or FIBI. Under this agreement, FIBI loaned Micronet $4.85 million for the financing of this acquisition. Pursuant to the terms of the FIBI Loan Agreement, $2.425 million of the loan bears interest at a quarterly adjustable rate of Prime plus 1.5 percent (3.75% percent as of the date of the loan), or the Long Term Portion. The Long Term Portion plus interest is due and payable in twelve equal consecutive quarterly installments beginning on August 29, 2014. The balance of the loan in the amount of $2.425 million bears interest at a quarterly adjustable rate of Prime plus 1.2% (3.45% as of the date of the loan), or the Short Term Portion. The Short Term Portion was initially due and payable within one year from the date of the loan, but has subsequently been renewed several times and is not due and payable on November 29, 2016. Interest on the Short Term Portion is due and payable every quarter beginning on August 29, 2014. The loan is secured mainly by a floating charge against Micronet’s assets and a mortgage on a building owned by Micronet. The loan is subject to customary covenants, terms, conditions, events of default and certain pre-payment provisions. As of May 28, 2015, Micronet repaid the Short Term Portion and borrowed a new loan for the same amount and on the same terms as the prior Short Term Portion for a period of nine months ending on November 29, 2016. As of November 29, 2016, Micronet repaid the Short Term Portion and borrowed a new loan for the same amount and on the same terms as the prior Short Term Portion until January 29, 2017. Micronet repaid the loan at January 30, 2017.

On June 17, 2014, Enertec Electronics entered into a loan agreement, or the Mercantile Loan Agreement, with Mercantile Discount Bank Ltd., or Mercantile Bank, pursuant to which Mercantile Bank agreed to loan the Company approximately $3,631,000 on certain terms and conditions, or the Mercantile Loan. The proceeds of the Mercantile Loan were used by the Company: (1) to refinance previous loans granted to the Company in the amount of approximately $1,333,000; (2) to complete the purchase by the Company, via Enertec, of 1.2 million shares of Micronet constituting 6.3% of the issued and outstanding shares of Micronet; and (3) for working capital and general corporate purposes.

Pursuant to the terms of the Mercantile Loan Agreement: (1) approximately $3,050,000 of the Mercantile Loan bears interest at a quarterly adjustable rate of Prime plus 2.45%, or the Mercantile Long Term Portion, and (2) approximately $581,000 of the Mercantile Loan bears interest at a quarterly adjustable rate of Prime plus 1.7%, or the Mercantile Short Term Portion. The Mercantile Long Term Portion is due and payable in five equal consecutive annual installments beginning on July 1, 2015, and the interest on the Mercantile Long Term Portion is due and payable in ten equal consecutive annual installments beginning at January 1, 2015. The Mercantile Short Term Portion in the amount of approximately $581,000 bears interest of Prime plus 1.7%. The Mercantile Loan is secured mainly by (1) a negative pledge on Enertec’s assets, (2) a pledge of Enertec’s financial deposits which shall be equal to 25% of Enertec’s outstanding credit balance, and (3) a fixed charge of Micronet shares at such value equal to at least 200% of the outstanding net balance of the Mercantile Loan. The Mercantile Loan is subject to customary covenants, terms, conditions, events of default and certain pre-payment provisions. As of March 31, 2017, the balance on the Mercantile Loan was $2,303,000 and the interest rates were Prime plus 2.45% and Prime plus 1.7% for the Mercantile Long Term Portion and the Mercantile Short Term Portion, respectively.

Pursuant to the terms of the Mercantile Loan Agreement, Enertec agreed to grant Mercantile Bank a five-year Phantom Stock Option, or the Phantom Stock Option, pursuant to which Mercantile Bank is entitled to participate in the future appreciation of the Company’s shares and receive a cash amount equal to the increase in the value of the shares underlying the Phantom Stock Option on certain terms and conditions. The Phantom Stock Option allows Mercantile Bank to theoretically exercise, on a cashless basis, options to purchase 1,144,820 shares of Micronet, or the Option Shares, and to receive a cash amount equal to the difference between approximately 4 million NIS, (representing 110 percent of the average market value of Micronet Option Shares during the 30 trading days prior to the date of the Mercantile Loan) and the actual market price of such Option Shares on the date of the exercise of the Phantom Stock Option. Pursuant to the Mercantile Loan Agreement, the parties further agreed that the potential gain to Mercantile Bank resulting from the Phantom Stock Option shall not exceed NIS 3 million. In the event the Mercantile Loan is repaid prior to the third anniversary of the Mercantile Loan, the gain to Mercantile Bank resulting from the Phantom Stock Option shall not exceed NIS 2 million. As of the date of the Mercantile Loan the exercise price of the Phantom Stock Options is higher than the market price of the Option Shares. As of March 31, 2017, the fair value of this Phantom Stock Option was $2,000.

As of March 31, 2017, our total current assets were $25,886,000, as compared to $25,769,000 at December 31, 2016. The decrease is mainly due to the decrease in cash and cash equivalents and an increase in trade accounts receivable.

Our trade accounts receivable at March 31, 2017 were $12,297,000 as compared to $11,558,000 at December 31, 2016. The increase is primarily due an increase in Enertec's accounts receivable.

As of March 31, 2017, our working capital was $6,642,000, as compared to $6,149,000 at December 31, 2016. The increase in the working capital is primarily due to the increase in our trade accounts receivable and cash and cash equivalents.

As of March 31, 2017, our total debt was $14,520,000 as compared to $14,388,000 at December 31, 2016.

Our bank and other debt is composed of short-term loans amounting to $13,363,000 as of March 31, 2017 compared to $13,107,000 at December 31, 2016, and long-term loans amounting to $1,157,000 as of March 31, 2017 compared to $1,281,000 at December 31, 2016.

Our debt includes our bank debt described above, a working capital credit facility, a loan from Meydan, loans from YA II and the Credit Line Agreement:

●

Our bank debt is composed of short-term loans to Enertec Electronics Ltd, Enertec and Micronet amounting to $9,947,000 as of March 31, 2017 compared to $9,993,000, at December 31, 2016, and long-term loans amounting to $1,157,000 as of March 31, 2017 compared to $1,093,000 at December 31, 2016. The short-term loans bear interest rates between Israeli prime (currently 1.60%) plus 0.7% to 2.45%. The long-term loans have maturity dates between April 2017 and July 2019 and bear interest rates between Israeli Prime plus 1.25% to 2.45%.

●

Enertec has covenanted under its bank loans at June 30 and December 31 of each year, among other things that (1) its shareholder’s equity according to its financial statements will not fall below NIS 17 million, and (2) its shareholder’s equity will not be lower than 30% of the total liabilities on its balance sheet.

	●	Enertec Electronics has covenanted under its bank loan mainly that the Company will present separate financial statements equity of not less than 32.5% of total assets. Certain restricted cash stands as a collateral for the loan.

	●	On September 2, 2015, Enertec entered into the Credit Line Agreement with the Financing Firm pursuant to which the Financing Firm agreed to grant Enertec a credit line. The maximum aggregate amount of the Credit Line Agreement is $675,000 and up to 85% of open trade receivables invoices. The annual interest rate is Prime plus 1.75%. The Credit Line Agreement will expire on May 31, 2017. As of March 31, 2017, Enertec had financed $673,000 pursuant to the Credit Line Agreement.
	●	The Company has an outstanding balance of $836,000 under the Meydan loan with interest at the rate of Libor plus 8% per annum. The Meydan loan is due and payable in 4 equal quarterly installments beginning on May 31, 2017.
	●	On June 30, October 28 and December 22, 2016, the Company and its wholly-owned subsidiary, Enertec, entered into Note Purchase Agreements with YA II, or the Note Purchase Agreements, whereby YA II purchased $600, $500 and $1,000 of notes from the Company, or the Notes, respectively. The outstanding principal balance of the Notes bears interest at 7% per annum. Upon the occurrence of an Event of Default (as defined in the Notes), all amounts payable may be due immediately. In connection with the Note Purchase Agreements, the Company granted to YA II a five-year warrant, or the Warrants, to purchase 252,000 shares of the Company’s common stock at an exercise price of $3.00 per share.

Financing Needs

Although we currently do not have any material commitments for capital expenditures, we expect our capital requirements to increase over the next several years as we continue to support the organic and non-organic growth of our business. Among other activities, we plan to develop, manufacture and market larger-scale solutions, support our growing manufacturing and finance needs, continue the development and testing of our suite of products and systems, increase management, marketing and administration infrastructure, and embark on developing in-house business capabilities and facilities. Our future liquidity and capital funding requirements will depend on numerous factors, including but not limited to (1) the levels and costs of our research and development initiatives, (2) the cost of hiring, training and certifying additional highly skilled professionals (mainly engineers and technicians), and maintaining our management including sales and marketing personnel to promote our products, and (3) the cost and timing of the expansion of our development, manufacturing and marketing efforts.

In 2017, we expect to pay off the current portion of certain bank loans in the amount $613,000 and the Meydan and YA II loans in the aggregate amount of $2,743,000, using its cash flow from operations or possibly additional debt or equity financings.

The Company has an effective Form S-3 registration statement, filed under the Securities Act of 1933, as amended, with the Securities and Exchange Commission using a “shelf” registration process. Under this shelf registration process, the Company may, from time to time, sell common stock, warrants or units in one or more offerings up to a total dollar amount of $30 million.

In addition, the Company has utilized its SEDA for purposes of raising capital and may continue to do so in the future.

On June 30, 2016, the Borrowers, entered into a Note Purchase Agreement with YA II, whereby YA II purchased $600,000 of notes from the Borrowers. The outstanding principal balance of the notes bears interest at 7% per annum. On a quarterly basis commencing on October 10, 2016, the Borrowers are required to make payments of $150,000 of principal plus accrued interest. All amounts payable are due on July 10, 2017. Thereafter, on October 28, 2016, the Borrowers entered into an additional Note Purchase Agreement with YA II whereby YA II loaned an additional $500,000 to the Borrowers pursuant to an additional secured promissory note. The outstanding principal balance of the additional note bears interest at 7% per annum. The additional note matures on November 20, 2017. The Borrowers have agreed to make payments of $125,000 from the principal balance of the additional note plus all accrued and unpaid interest on each of March 20, 2017, June 20, 2017, September 20, 2017 and November 20, 2017. Finally, on December 22, 2016, the Borrowers entered into a Supplemental Agreement with YA II, whereby YA II agreed to lend the Company an additional $1,000,000 pursuant to a secured promissory note. The outstanding principal balance of this note bears interest at 7% per annum. The note matures on December 20, 2017.

As of May 22, 2017, pursuant to the SEDA, including the sale of $413,750 worth of shares of our common stock on April 17 and May 12, 2017, we have offered securities with an aggregate market value of $2,390,000, and we have sold $1,311,750 of our securities, pursuant to General Instruction I.B.6. of Form S-3 during the prior twelve calendar month period. The Company is not obligated to utilize any of the remaining $1,078,250 available under the SEDA and there are no minimum commitments or minimum use penalties. The total amount of funds that ultimately can be raised under the SEDA over the three-year term will depend on the market price for the Company’s common stock and the number of shares actually sold.

The SEDA does not impose any restrictions on the Company’s operating activities. During the term of the SEDA, YA II is prohibited from engaging in any short selling or hedging transactions related to the Company’s common stock.

Based on our current business plan and existing credit lines, we anticipate that our existing cash balances and cash generated from future sales will be sufficient to permit us to conduct our operations and to carry out our contemplated business plans for the next twelve months. However, we believe that we may need to raise additional funds if we want to materially decrease our dependence on our existing cash and other liquidity resources. Currently, the only external sources of liquidity are our banks, the additional YA II loans and the SEDA, and we may seek additional financing from them or through securities offerings. We intend to use such funds in order to expand our operations, develop new products, enhance existing products or respond to competitive pressures. However, we may also undertake additional debt or equity financings (including sales of common stock, warrants or units under our shelf registration statement) to better enable us to grow and meet our future operating and capital requirements. There is no assurance that we will be able to consummate such offerings on favorable terms or at all. Further, there is no assurance that we will be able to borrow additional funds on favorable terms or at all.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect that is material to investors on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

Item 3.

Quantitative and Qualitative Disclosures about Market Risks.

Not applicable

Item 4.

Controls and Procedures.

Evaluation of Disclosure Controls and Procedures

Pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the Company carried out an evaluation with the participation of the Company’s management, including Mr. David Lucatz, the Company’s Chief Executive Officer, and Mr. Oren Harari, the Company’s Chief Financial Officer (our principal executive officer and principal financial officer, respectively), of the effectiveness of the Company’s disclosure controls and procedures (as defined under Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act) as of March 31, 2017. Based upon that evaluation, the Company’s principal executive officer and principal financial officer concluded that the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, 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 the Company’s management, including the Company’s principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in internal control over financial reporting

No change occurred in the Company’s internal control over financial reporting during the quarterly period ended March 31, 2017 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II- OTHER INFORMATION

Item 6.

Exhibits.

Exhibit Number		Description

3.1		Composite Copy of the Certificate of Incorporation of the Company, as amended to date (Incorporated by reference to Exhibit 4.1 of the Company's Registration Statement on Form S-8 (File No. 333-199752), filed with the Securities and Exchange Commission on October 31, 2014.).

3.2		Amended and Restated Bylaws of the Company (Incorporated by reference to Exhibit 3.5 of Amendment No. 2 to our Registration Statement on Form S-1 (File No. 333-185470), filed with the Securities and Exchange Commission on March 18, 2013).

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 Micronet Enertec Technologies, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, formatted in XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Cash Flows, and (v) Notes to Condensed Consolidated Financial Statements.

*	Filed herewith

**	Furnished herewith

SIGNATURES

Pursuant to 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.

	MICRONET ENERTEC TECHNOLOGIES, INC.

Date: May 22, 2017	By:	/s/ David Lucatz
		Name: David Lucatz
		Title: Chairman, President and Chief Executive Officer (Principal Executive Officer)

Date: May 22, 2016	By:	/s/ Oren Harari
		Name: Oren Harari
		Title: Chief Financial Officer (Principal Financial Officer)

EXHIBIT INDEX

Exhibit Number		Description
3.1		Composite Copy of the Certificate of Incorporation of the Company, as amended to date (Incorporated by reference to Exhibit 4.1 of the Company's Registration Statement on Form S-8 (File No. 333-199752), filed with the Securities and Exchange Commission on October 31, 2014.).

3.2		Amended and Restated Bylaws of the Company (Incorporated by reference to Exhibit 3.5 of Amendment No. 2 to our Registration Statement on Form S-1 (File No. 333-185470), filed with the Securities and Exchange Commission on March 18, 2013).

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 Micronet Enertec Technologies, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2017, formatted in XBRL (Extensible Business Reporting Language): (i) Condensed Consolidated Balance Sheets, (ii) Condensed Consolidated Statements of Income, (iii) Condensed Consolidated Statements of Comprehensive Income, (iv) Condensed Consolidated Statements of Cash Flows, and (v) Notes to Condensed Consolidated Financial Statements.

Filed herewith

Furnished herewith

EX-31.1 2 f10q0317ex31i_micronetener.htm CERTIFICATION

Exhibit 31.1

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER PURSUANT

TO RULE 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE

ACT OF 1934, AS AMENDED

I, David Lucatz, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Micronet Enertec Technologies, Inc. for the quarter ended March 31, 2017;

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 13a-15(f) and 15d-15(f)) for the Registrant and have:

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;

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;

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

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):

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

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.

May 22, 2017

/s/ David Lucatz
David Lucatz
Chief Executive Officer (Principal Executive Officer)

EX-31.2 3 f10q0317ex31ii_micronetener.htm CERTIFICATION

Exhibit 31.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER PURSUANT

RULE 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE

ACT OF 1934, AS AMENDED

I, Oren Harari, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Micronet Enertec Technologies, Inc. for the quarter ended March 31, 2017;

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.

May 22, 2017

/s/ Oren Harari
Oren Harari
Chief Financial Officer (Principal Financial Officer)

EX-32.1 4 f10q0317ex32i_micronetener.htm CERTIFICATION

Exhibit 32.1

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER PURSUANT TO

18 U.S.C. SECTION 1350

In connection with the quarterly report of Micronet Enertec Technologies, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, David Lucatz, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 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, as amended; and

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

May 22, 2017	/s/ David Lucatz
	David Lucatz
	Chief Executive Officer (Principal Executive Officer)

EX-32.2 5 f10q0317ex32ii_micronetener.htm CERTIFICATION

Exhibit 32.2

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350

In connection with the quarterly report of Micronet Enertec Technologies, Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2017 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Oren Harari, Chief Financial Officer, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 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, as amended; and

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

May 22, 2017	/s/ Oren Harari
	Oren Harari
	Chief Financial Officer (Principal Financial Officer)

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<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left; background-color: white;">NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Basis of Presentation<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America, or U.S. GAAP.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">The consolidated financial statements include the financial statements of the Company and its subsidiaries.   All significant inter-company transactions and balances among the Company and its subsidiaries are eliminated upon consolidation.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Functional Currency<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">The functional currency of Micronet Enertec is the U.S. dollar. The functional currency of certain subsidiaries is their local currency. The financial statements of those companies are included in consolidation, based on translation into U.S. dollars. Assets and liabilities are translated at year-end-exchange rates, while revenues and expenses are translated at monthly average exchange rates during the year. Differences resulting from translation are presented in the consolidated statements of comprehensive income.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Use of Estimates<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Principles of Consolidation<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">The consolidated financial statements comprise the results and position of the Company and its subsidiaries. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its operating activities. In assessing control, legal and contractual rights, are taken into account. The consolidated financial statements of subsidiaries are included in the consolidated financial statements from the date that control is achieved until the date that control is lost. Intercompany transactions and balances are eliminated upon consolidation.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Cash and Cash Equivalents<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Cash equivalents are considered by the Company to be highly-liquid investments, including inter-alia, short-term deposits with banks, which do not exceed maturities of three months at the time of deposit and which are not restricted.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Revenue Recognition<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">The Company’s subsidiary, Enertec, enters into long-term fixed-price contracts with customers to manufacture test systems, simulators and airborne applications. Revenues on these long-term fixed-price contracts are recognized under the percentage-of-completion method. In using the percentage of completion method, revenues are generally recorded based on the percentage of cost incurred to date on a contract relative to the estimated total expected contract cost. Management uses historical experience, project plans and an assessment of the risks and uncertainties inherent in the arrangement to establish the total estimated costs. The percentage of completion is established by the costs incurred to date as a percentage of the estimated total costs of each contract (cost-to-cost method). Contract costs include all direct material and labor costs.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">The Company recognizes revenues on a project when persuasive evidence of an arrangement exists, recoverability is probable, and project costs are incurred. The Company recognizes anticipated contract losses, if any, in the period in which they first became evident. As of March 31, 2017, approximately $6,068 (on December 31, 2016: $4,805) of the accounts receivable balance was unbilled due to the customers’ payment terms.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Revenues from the sales of MRM products are recognized when persuasive evidence of an arrangement exists, delivery has occurred, consideration is fixed and determinable and collection of the resulting receivable is reasonably assured. The title and risk of loss passes to the customer, delivery has occurred and acceptance is satisfied as the product leaves the Company premises.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Allowance for Doubtful Accounts<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin-top: 0pt; margin-right: 0px; margin-bottom: 0pt; text-align: left;">The Company establishes an allowance for doubtful accounts to ensure trade and financing receivables are not overstated due to uncollectability. The allowance for doubtful accounts was based on specific receivables, which their collection, in the opinion of Company’s management, is in doubt. Trade receivables are charged off in the period in which they are deemed to be uncollectible. As of March 31, 2017 and December 31, 2016 the allowance for doubtful accounts amounted to $ 618 and $ 563, respectively.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Reclassifications<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Certain balance sheet amounts and cash flow amounts have been reclassified to conform with the current year presentation.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Inventories<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Inventories of raw materials are stated at the lower of cost (first-in, first-out basis) or realizable value. Cost of work in process comprise direct materials, direct production costs and an allocation of production overheads based on normal operating capacity.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Property and Equipment<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated by the straight-line method over their estimated useful lives. Annual rates of depreciation are as follows:<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; background-color: #cceeff; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><td style="width: 941px; text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Leasehold improvements</td><td style="width: 15px; text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="width: 611px; text-align: center; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Over the shorter of the lease term or the life of the assets</td></tr><tr style="vertical-align: top; background-color: white; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><td style="text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Machinery and equipment</td><td style="text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="text-align: center; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">7-14 years</td></tr><tr style="vertical-align: top; background-color: #cceeff; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><td style="text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Furniture and fixtures</td><td style="text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="text-align: center; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">10-14 years</td></tr><tr style="vertical-align: top; background-color: white; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><td style="text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Transportation equipment</td><td style="text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="text-align: center; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">7 years</td></tr><tr style="vertical-align: top; background-color: #cceeff; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><td style="text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Computer equipment</td><td style="text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="text-align: center; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">3 years</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">  <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Stock-Based Compensation<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">The Company accounts for stock-based compensation under the fair market value method under which compensation cost is measured at the grant date based on the value of the award and is recognized over the vesting period, which is usually the service period. For stock options, fair value is determined using an option-pricing model that takes into account the stock price at the grant date, the exercise price, the expected life of the option, the volatility of the underlying stock, the expected dividends on it, and the risk-free interest rate over the expected life of the option.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Research and Development Costs<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Research and development costs are charged to statements of income as incurred net of grants from the Israel Innovation Authority (formerly known as the Israel Office of the Chief Scientist of the Ministry of Economy.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Loss per Share<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Basic net earnings per share are computed based on the weighted average number of shares of common stock outstanding during each year.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Long-Lived Assets and Intangible assets<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Intangible assets that are not considered to have an indefinite useful life are amortized using the straight-line basis over their estimated useful lives. The Company evaluates property and equipment and purchased intangible assets with finite lives for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flow and recognizes an impairment loss when the estimated undiscounted future cash flow expected to result from the use of the asset plus the net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When the Company identifies an impairment, it reduces the carrying amount of the asset to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. During the three months ended March 31, 2017 and the year ended December 31, 2016, no indicators of impairment have been identified.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Goodwill<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. Goodwill is not amortized, but rather is subject to an annual impairment test.  The Company has two operating segments: MRM and Aerospace and Defense. The goodwill was allocated to one reporting unit which included in the MRM division. The goodwill impairment tests are conducted in two steps. In the first step, the Company determines the fair value of the reporting unit. If the net book value of the reporting unit exceeds its fair value, the Company would then perform the second step of the impairment test which requires allocation of the reporting unit’s fair value of all of its assets and liabilities in a manner similar to an acquisition cost allocation, with any residual fair value being allocated to goodwill. The implied fair value of the goodwill is then compared to the carrying value to determine impairment, if any.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Comprehensive Income (Loss)<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Financial Accounting Standards Board, or FASB, ASC 220-10, “Reporting Comprehensive Income,” requires the Company to report in its consolidated financial statements, in addition to its net income, comprehensive income (loss), which includes all changes in equity during a period from non-owner sources including, as applicable, foreign currency items and other items.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">The Company’s other comprehensive income for all periods presented is related to the translation from functional currency to the presentation currency.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Income Taxes<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Deferred taxes are determined utilizing the “asset and liability” method, whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, when it is more likely than not that deferred tax assets will not be realized in the foreseeable future. Deferred tax liabilities and assets are classified as current or non-current based on the expected reversal dates of the specific temporary differences.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">The Company applied FASB ASC Topic 740-10-25, “Income Taxes,” which provides guidance for recognizing and measuring uncertain tax positions and prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax positions. The Company’s policy on classification of all interest and penalties related to unrecognized income tax positions, if any, is to present them as a component of income tax expense. <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Financial Instruments<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><td style="width: 63px; text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">1.</td><td style="width: 1504px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0pt 0px; text-align: left;">Concentration of credit risks:<p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0pt 0px; text-align: left;"> <p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0pt 0px; text-align: left;">Financial instruments that have the potential to expose the Company to credit risks are mainly cash and cash equivalents, bank deposit accounts, marketable securities and trade receivables.<p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0pt 0px; text-align: left;"> <p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0pt 0px; text-align: left;">The Company holds cash and cash equivalents, securities and deposit accounts at large banks in Israel, thereby substantially reducing the risk of loss.<p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0pt 0px; text-align: left;"> <p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0pt 0px; text-align: left;">With respect to trade receivables, the risk is limited due to the geographically spreading, nature and size of the entities that constitute the Company’s customer base. The Company assesses the financial position of its customers prior to the engagement with them.<p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0pt 0px; text-align: left;"> <p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0pt 0px; text-align: left;">The Company performs ongoing credit evaluations of its customers for the purpose of determining the appropriate allowance for doubtful accounts and generally does not require collateral. An appropriate allowance for doubtful accounts is included in the accounts.</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><td style="width: 63px; text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">2.</td><td style="width: 1504px; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0pt 0px; text-align: left;">Fair value measurement:<p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0pt 0px; text-align: left;"> <p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0pt 0px; text-align: left;">The Company measures fair value and discloses fair value measurements for financial and non-financial assets and liabilities. Fair value is based on 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.<p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0pt 0px; text-align: left;"> <p style="font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif; margin: 0pt 0px; text-align: left;">The accounting standard establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><td style="width: 63px; text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="width: 126px; text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Level 1:</td><td style="width: 1378px; text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><td style="width: 63px; text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="width: 126px; text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Level 2:</td><td style="width: 1378px; text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"><td style="width: 63px; text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;"> </td><td style="width: 126px; text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Level 3:</td><td style="width: 1378px; text-align: left; direction: ltr; unicode-bidi: embed; font-style: normal; font-variant: normal; font-weight: normal; font-stretch: normal; font-size: 10pt; line-height: normal; font-family: 'times new roman', times, serif;">Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.</td></tr></table><p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">Recent Accounting Pronouncements<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">In January 2017, the FASB issued ASU No. 2017-01, which is intended to help companies evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. When substantially all of the fair value of gross assets acquired is concentrated in a single asset (or a group of similar assets), the assets acquired would not represent a business. This introduces an initial required screening that, if met, eliminates the need for further assessment. To be considered a business, an acquisition would have to include at least one input and a substantive process that together significantly contribute to the ability to create outputs. In order for an integrated set of assets and activities to be a business without outputs, there will need to be an organized workforce. The ASU also narrows the definition of the term “outputs” to be consistent with how it is described in Topic 606, Revenue from Contracts with Customers. The amendments are effective for reporting periods (interim and annual) beginning after December 15, 2017, with early adoption permitted under certain conditions. The Company is currently assessing the potential impact of this ASU on its consolidated financial statements<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">In January 2017, the FASB issued ASU No. 2017-04, which eliminates Step 2 from the goodwill impairment test. The goodwill impairment test will be performed by comparing the fair value of a reporting unit with its carrying amount. An impairment charge should be recognized for the amount by which the carrying amount exceeds the reporting unit’s fair value. However, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. In addition, income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit should be considered when measuring the goodwill impairment loss, if applicable. The amendments also eliminate the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative assessment. The amendments should be applied on a prospective basis. For public business entities that are SEC filers, the amendments are effective for annual or any interim impairment tests in reporting periods beginning after December 15, 2019, with early adoption permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently assessing the potential impact of this ASU on its consolidated financial statements.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;">In May 2014, the FASB issued ASU No. 2014-09, Revenue from contracts with customers (Topic 606). Under the new standard, revenue is recognized when a customer obtains control of promised goods or services and is recognized in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the standard requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The FASB has recently issued several amendments to the standard, including clarification on accounting for licenses of intellectual property, identifying performance obligations, principal versus agent considerations and other narrow technical corrections.<p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: left;"> <p style="color: #000000; font-family: 'times new roman', times, serif; font-size: 10pt; font-style: normal; font-variant: normal; font-weight: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; white-space: normal; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial; font-stretch: normal; line-height: normal; margin: 0pt 0px; text-align: justify;">The new revenue standard (and its related amendments) is effective for reporting periods (interim and annual) beginning after December 15, 2017, with early adoption permitted for reporting periods (interim and annual) beginning after December 15, 2016. The standard permits two methods of adoption: retrospectively to each reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the modified retrospective method). The Company is currently expecting to adopt the standard using the modified retrospective method. Based on preliminary analysis completed to date, the Company expects the accounting treatment to remain substantially unchanged.

<div><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">NOTE 5 – SEGMENTS<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Operating segments are based upon our internal organization structure, the manner in which our operations are managed and the availability of separate financial information. We have two operating segments: a Aerospace and Defense segment operated by Enertec and a MRM segment operated by Micronet.<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">The following table summarizes the financial performance of our operating segments:<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: left; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-size: 10pt;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; text-indent: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="10">Three months ended March 31, 2017</td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: left; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-size: 10pt;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; text-indent: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Aerospace and  Defense</td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; text-indent: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Mobile resource management</td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; text-indent: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Consolidated</td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 1003px; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">Revenues from external customers</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; text-indent: 0px; padding-left: 0px; font-stretch: normal;">2,558</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; text-indent: 0px; padding-left: 0px; font-stretch: normal;">2,701</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; text-indent: 0px; padding-left: 0px; font-stretch: normal;">5,259</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">Segment operating loss</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-left: 0px; font-stretch: normal;">(417</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">)</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-left: 0px; font-stretch: normal;">(1)(1,370</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">)</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-left: 0px; font-stretch: normal;">(1,787</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">Non allocated expenses</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-left: 0px; font-stretch: normal;">(304</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;">Finance expenses and other</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">(138</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;">Consolidated loss before provision for income taxes</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">(2,229</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;">)</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-size: 10pt;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; text-indent: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="10">Three months ended March 31, 2016</td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-size: 10pt;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; text-indent: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Aerospace and  Defense</td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; text-indent: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Mobile resource management</td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; text-indent: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Consolidated</td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 1003px; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">Revenues from external customers</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">2,531</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">3,951</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">6,482</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">Segment operating  income (loss)</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">159</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">(2)(290</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">)</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">(131</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">Non allocated expenses</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">(212</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;">Finance expenses and other</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">(130</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;">Consolidated loss before provision for income taxes</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">(473</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;">)</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 48px; text-align: left; font-size: 10pt; unicode-bidi: embed; direction: ltr;">(1)</td><td style="width: 1519px; text-align: left; font-size: 10pt; unicode-bidi: embed; direction: ltr;">Includes $235 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions.</td></tr><tr style="vertical-align: top;"><td style="text-align: left; font-size: 10pt; unicode-bidi: embed; direction: ltr;">(2) </td><td style="text-align: left; font-size: 10pt; unicode-bidi: embed; direction: ltr;">Includes $228 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions.</td></tr></table></div>

<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">Financial Instruments<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 63px; text-align: left; unicode-bidi: embed; direction: ltr; font-stretch: normal;">1.</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1504px; font-stretch: normal;">Concentration of credit risks: Financial instruments that have the potential to expose the Company to credit risks are mainly cash and cash equivalents, bank deposit accounts, marketable securities and trade receivables. The Company holds cash and cash equivalents, securities and deposit accounts at large banks in Israel, thereby substantially reducing the risk of loss. With respect to trade receivables, the risk is limited due to the geographically spreading, nature and size of the entities that constitute the Company’s customer base. The Company assesses the financial position of its customers prior to the engagement with them. The Company performs ongoing credit evaluations of its customers for the purpose of determining the appropriate allowance for doubtful accounts and generally does not require collateral. An appropriate allowance for doubtful accounts is included in the accounts.</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 63px; text-align: left; unicode-bidi: embed; direction: ltr; font-stretch: normal;">2.</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1504px; font-stretch: normal;">Fair value measurement: The Company measures fair value and discloses fair value measurements for financial and non-financial assets and liabilities. Fair value is based on 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. The accounting standard establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 63px; text-align: left; unicode-bidi: embed; direction: ltr; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 126px; text-align: left; unicode-bidi: embed; direction: ltr; font-stretch: normal;">Level 1:</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1378px; text-align: left; unicode-bidi: embed; direction: ltr; font-stretch: normal;">Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 63px; text-align: left; unicode-bidi: embed; direction: ltr; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 126px; text-align: left; unicode-bidi: embed; direction: ltr; font-stretch: normal;">Level 2:</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1378px; text-align: left; unicode-bidi: embed; direction: ltr; font-stretch: normal;">Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="font: 10pt/normal 'times new roman', times, serif; vertical-align: top; font-stretch: normal;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 63px; text-align: left; unicode-bidi: embed; direction: ltr; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 126px; text-align: left; unicode-bidi: embed; direction: ltr; font-stretch: normal;">Level 3:</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 1378px; text-align: left; unicode-bidi: embed; direction: ltr; font-stretch: normal;">Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;">In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value.

<table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: left;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="14">Fair value measurements using input type</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: left;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="14">March 31, 2017</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: left;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: left;"> </td><td> </td><td style="text-align: left;" colspan="2"> </td><td> </td><td> </td><td style="text-align: left;" colspan="2"> </td><td> </td><td> </td><td style="text-align: left;" colspan="2"> </td><td> </td><td> </td><td style="text-align: left;" colspan="2"> </td><td> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; text-align: left;">Cash and cash equivalents</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">2,465</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">-       </td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">-        </td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;">$</td><td style="width: 141px; text-align: right;">2,465</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Restricted cash</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">4,625</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-       </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-        </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">4,625</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Derivative assets</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-      </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">187</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-        </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">187</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 1.5pt;">Derivative liabilities - phantom option</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-      </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(1</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-        </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(1</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">7,090</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">186</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">-        </td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">7,276</td><td style="text-align: left; padding-bottom: 4pt;"> </td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; text-align: center; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0pt; margin-bottom: 0pt; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: left;"> </td><td style="font-weight: bold;"> </td><td style="text-align: center; font-weight: bold;" colspan="14">Fair value measurements using input type</td><td style="font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="14">December 31, 2016</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: center;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 1</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 2</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Level 3</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td><td style="text-align: center; font-weight: bold; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;" colspan="2">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="width: 815px; text-align: left;">Cash and cash equivalents</td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;">$</td><td style="width: 142px; text-align: right;">668</td><td style="width: 16px; text-align: left;"> </td><td style="width: 16px;"> </td><td style="width: 16px; text-align: left;"> </td><td style="width: 142px; text-align: right;">-        </td><td style="width: 16px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 141px; text-align: right;">-        </td><td style="width: 15px; text-align: left;"> </td><td style="width: 15px;"> </td><td style="width: 15px; text-align: left;"> </td><td style="width: 141px; text-align: right;">668</td><td style="width: 15px; text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Restricted cash</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">4,488</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-        </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-        </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">4,488</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left;">Marketable securities</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,978</td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-        </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-        </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">2,978</td><td style="text-align: left;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left;">Derivative liability</td><td> </td><td style="text-align: center;"> </td><td style="text-align: right;">-      </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(9</td><td style="text-align: left;">)</td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">-        </td><td style="text-align: left;"> </td><td> </td><td style="text-align: left;"> </td><td style="text-align: right;">(9</td><td style="text-align: left;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="text-align: left; padding-bottom: 1.5pt;">Derivative liability- phantom option</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-      </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(4</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">-        </td><td style="text-align: left; padding-bottom: 1.5pt;"> </td><td style="padding-bottom: 1.5pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid;">(4</td><td style="text-align: left; padding-bottom: 1.5pt;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">$</td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">8,134</td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">(13</td><td style="text-align: left; padding-bottom: 4pt;">)</td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">-        </td><td style="text-align: left; padding-bottom: 4pt;"> </td><td style="padding-bottom: 4pt;"> </td><td style="text-align: left; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;"> </td><td style="text-align: right; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double;">8,121</td></tr></table>

<div><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: left; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-size: 10pt;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; text-indent: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="10">Three months ended March 31, 2017</td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: left; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-size: 10pt;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; text-indent: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Aerospace and  Defense</td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; text-indent: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Mobile resource management</td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; text-indent: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Consolidated</td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 1003px; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">Revenues from external customers</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; text-indent: 0px; padding-left: 0px; font-stretch: normal;">2,558</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; text-indent: 0px; padding-left: 0px; font-stretch: normal;">2,701</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; text-indent: 0px; padding-left: 0px; font-stretch: normal;">5,259</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">Segment operating loss</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-left: 0px; font-stretch: normal;">(417</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">)</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-left: 0px; font-stretch: normal;">(1)(1,370</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">)</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-left: 0px; font-stretch: normal;">(1,787</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">Non allocated expenses</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-left: 0px; font-stretch: normal;">(304</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; font-stretch: normal;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;">Finance expenses and other</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">(138</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;">Consolidated loss before provision for income taxes</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">(2,229</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;">)</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; border-collapse: collapse; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: bottom;"><td style="text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-size: 10pt;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; text-indent: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="10">Three months ended March 31, 2016</td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom;"><td style="text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-size: 10pt;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; text-indent: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Aerospace and  Defense</td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; text-indent: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Mobile resource management</td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-align: center; text-indent: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;" colspan="2">Consolidated</td><td style="font: bold 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; width: 1003px; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">Revenues from external customers</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 142px; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">2,531</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 16px; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">3,951</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 141px; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">6,482</td><td style="font: 10pt/normal 'times new roman', times, serif; width: 15px; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">Segment operating  income (loss)</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">159</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">(2)(290</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">)</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">(131</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">Non allocated expenses</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">(212</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; font-stretch: normal;">)</td></tr><tr style="vertical-align: bottom; background-color: white;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;">Finance expenses and other</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 1.5pt; border-bottom-style: solid; font-stretch: normal;">(130</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 1.5pt; padding-left: 0px; font-stretch: normal;">)</td></tr><tr style="vertical-align: bottom; background-color: #cceeff;"><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;">Consolidated loss before provision for income taxes</td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;"> </td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">$</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: right; text-indent: 0px; padding-right: 0px; padding-left: 0px; border-bottom-color: black; border-bottom-width: 4pt; border-bottom-style: double; font-stretch: normal;">(473</td><td style="font: 10pt/normal 'times new roman', times, serif; text-align: left; text-indent: 0px; padding-right: 0px; padding-bottom: 4pt; padding-left: 0px; font-stretch: normal;">)</td></tr></table><p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"> <p style="font: 10pt/normal 'times new roman', times, serif; margin: 0pt 0px; text-align: left; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; orphans: 2; widows: 2; font-stretch: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;"><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; font-size: 10pt; word-spacing: 0px; orphans: 2; widows: 2; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial;" cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 48px; text-align: left; font-size: 10pt; unicode-bidi: embed; direction: ltr;">(1)</td><td style="width: 1519px; text-align: left; font-size: 10pt; unicode-bidi: embed; direction: ltr;">Includes $235 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions.</td></tr><tr style="vertical-align: top;"><td style="text-align: left; font-size: 10pt; unicode-bidi: embed; direction: ltr;">(2) </td><td style="text-align: left; font-size: 10pt; unicode-bidi: embed; direction: ltr;">Includes $228 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions.</td></tr></table></div>

6100000

57969

275000

0.4931

0.629

45000

140000

0.5001

0.5007

9844020000

P7Y

P3Y

P14Y

P7Y

P10Y

Over the shorter of the lease term or the life of the assets

4805000

6068000

563000

618000

668000

2465000

2978000

187000

9000

4000 4000 1000 1000

8121000

8134000

-13000

7276000

7090000

186000

5103000

4131000

655000

1515000

159000 -290000 -131000 -417000 -1370000 -1787000 212000 304000

414000

Includes $228 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions. Includes $235 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions.

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Additional paid in capital Additional paid in capital Accumulated Other Comprehensive Income (Loss), Net of Tax Accumulated other comprehensive income (loss) Retained Earnings (Accumulated Deficit) Accumulated loss Stockholders' Equity Attributable to Parent Micronet Enertec stockholders' equity Beginning Balance Ending Balance Stockholders' Equity Attributable to Noncontrolling Interest Non-controlling interests Beginning Balance Ending Balance Total equity Total equity Balance Balance Liabilities and Equity Total Liabilities and equity Preferred stock, par value Preferred stock, par value Preferred stock, shares authorized Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares issued Preferred stock, shares outstanding Preferred stock, shares outstanding Common Stock, Par or Stated Value Per Share Common stock, par value Common stock, shares authorized Common stock, shares authorized Common stock, shares issued Common stock, shares issued Common stock, shares outstanding Common stock, shares outstanding Income Statement [Abstract] Revenues Revenues from external customers Revenues Total Cost of Revenue Cost of revenues Cost of revenues Gross Profit Gross profit Operating expenses: Research and development Research and development Selling and Marketing Expense Selling and marketing General and administrative General and administrative Amortization of Intangible Assets Amortization of intangible assets Operating Expenses Total operating expenses Segment operating income (loss) Segment operating income (loss) Loss from operations Financial Expenses Net Financial expenses, net Amount of net financial expense. Financial expenses, net Finance expenses and other Consolidated loss before provision for income taxes Consolidated loss before provision for income taxes Loss before provision for income taxes Loss before provision for income taxes Income Tax Expense (Benefit) Provision for income taxes Total provision for income taxes Provision for income taxes Net Income (Loss) Including Portion Attributable to Noncontrolling Interest Net loss Net loss Net loss Net loss Net loss attributable to non-controlling interests Net loss attributable to non-controlling interests Net loss attributable to non-controlling interests Net Income (Loss) Attributable to Parent Net loss attributable to Micronet Enertec Technologies, Inc. Earnings Per Share, Basic [Abstract] Loss per share attributable to Micronet Enertec Technologies, Inc. Earnings Per Share, Basic Basic earnings per share attributed to Micronet Enertec stockholders Basic Weighted Average Number of Shares Outstanding, Basic [Abstract] Weighted average common shares outstanding: Weighted Average Number of Shares Outstanding, Basic Denominator for basic earnings per share - weighted average of shares Basic Statement of Comprehensive Income [Abstract] Other comprehensive income (loss), net of tax: Other comprehensive loss, net of tax: Currency translation adjustment Currency translation adjustment Comprehensive Income (Loss), Net of Tax, Attributable to Parent Total comprehensive loss Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest Comprehensive income (loss) attributable to the non-controlling interests Comprehensive loss attributable to non-controlling interests Comprehensive loss attributable to non-controlling interests Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent Comprehensive loss attributable to Micronet Enertec Technologies, Inc. Statement of Cash Flows [Abstract] Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Adjustments to reconcile net income to net cash provided by operating activities: Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization Depreciation and amortization Increase (Decrease) in Marketable Securities, Restricted Marketable securities Unrealized Gain (Loss) on Derivatives and Commodity Contracts Change in fair value of derivatives, net Increase (Decrease) in Deferred Income Taxes Change in deferred taxes, net Accrued interest and exchange rate differences on bank loans Accrued interest and exchange rate differences on bank loans Accrued Interest And Exchange Rate Differences On Loans From Others Accrued interest and exchange rate differences on loans from others It represent accrued interest and exchange rate differences on loans from others for the reporting period. Share-based Compensation Stock based compensation Stock-based compensation Increase (Decrease) in Accounts Receivable Increase in trade account receivables Increase (Decrease) in Inventories Decrease in inventories Increase (decrease) in accrued severance pay, net Increase (decrease) in accrued severance pay, net Increase (Decrease) in Other Receivables Decrease (increase) in other accounts receivables Decrease in trade accounts payables Decrease in trade accounts payables Increase (Decrease) in Other Accounts Payable Decrease in other accounts payables Net Cash Provided by (Used in) Operating Activities, Continuing Operations Net cash used in operating activities Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract] CASH FLOWS FROM INVESTING ACTIVITIES: Payments to Acquire Property, Plant, and Equipment Purchase of property and equipment Increase (Decrease) in Restricted Cash Restricted cash Payments to Acquire Marketable Securities Marketable securities Net Cash Provided by (Used in) Investing Activities, Continuing Operations Net cash provided by (used in) investing activities Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract] CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from Short-term Debt Short term bank credit Proceeds from Other Short-term Debt Short term credit from others, net Repayments of Short-term Debt Repayment of short term loans Proceeds from Issuance or Sale of Equity Issuance of shares, net Repayments of Other Long-term Debt Repayment of loan from others Repayment of long term bank loans Share Issuance In Subsidiary, Net Issuance of shares by subsidiary, net Share issuance in subsidiary, net Net Cash Provided by (Used in) Financing Activities, Continuing Operations Net cash provided by financing activities Cash and Cash Equivalents, Period Increase (Decrease) NET CASH INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS Description of Business [Abstract] DESCRIPTION OF BUSINESS [Abstract] Business Description and Basis of Presentation [Text Block] DESCRIPTION OF BUSINESS Summary of Significant Accounting Policies [Abstract] Significant Accounting Policies [Text Block] SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Fair Value Measurements [Abstract] FAIR VALUE MEASUREMENTS Inventories [Abstract] Inventory Disclosure [Abstract] Inventory Disclosure [Text Block] INVENTORIES Segments [Abstract] Segment Reporting Disclosure [Text Block] SEGMENTS Subsequent Events [Abstract] Subsequent Events [Text Block] SUBSEQUENT EVENTS Basis of Accounting, Policy [Policy Text Block] Basis of Presentation Foreign Currency Transactions and Translations Policy [Policy Text Block] Functional Currency Use of Estimates, Policy [Policy Text Block] Use of Estimates Consolidation, Policy [Policy Text Block] Principles of Consolidation Cash and Cash Equivalents, Policy [Policy Text Block] Cash and Cash Equivalents Revenue Recognition, Policy [Policy Text Block] Revenue Recognition Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] Allowance for Doubtful Accounts Reclassification, Policy [Policy Text Block] Reclassifications Inventory, Policy [Policy Text Block] Inventories Property, Plant and Equipment, Policy [Policy Text Block] Property and Equipment Compensation Related Costs, Policy [Policy Text Block] Stock-Based Compensation Research and Development Expense, Policy [Policy Text Block] Research and Development Costs Earnings Per Share, Policy [Policy Text Block] Loss per Share Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] Long-Lived Assets and Intangible assets Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] Goodwill Comprehensive Income, Policy [Policy Text Block] Comprehensive Income (Loss) Income Tax, Policy [Policy Text Block] Income Taxes Fair Value of Financial Instruments, Policy [Policy Text Block] Financial Instruments New Accounting Pronouncements, Policy [Policy Text Block] Recent Accounting Pronouncements Schedule Of Property And Equipment Annual Depreciation Rates [Table Text Block] Schedule of annual rates of depreciation Schedule of property and equipment annual depreciation rates. Schedule of Fair Value Measurements Schedule of fair value measurements Schedule of Inventory, Current [Table Text Block] Schedule of inventories Schedule of Segment Reporting Information, by Segment [Table Text Block] Schedule of financial performance of our operating segments Schedule of Business Acquisitions, by Acquisition [Table] Business Acquisition [Axis] Business Acquisition, Acquiree [Domain] Micronet Ltd [Member] Micronet Ltd [Member] Micronet Ltd [Member] Micronet Limited [Member] Range [Axis] Range [Domain] Maximum [Member] Maximum [Member] Minimum [Member] Minimum [Member] Business Acquisition [Line Items] Description Of Business Textual [Abstract] Description of Business (Textual) Stock Issued During Period, Shares, New Issues Sale of an aggregate shares of gross proceeds Issuance of shares, net, shares Company offered YA II shares of its common stock Equity Method Investment, Ownership Percentage Ownership interest in Micronet was diluted Percentage of shareholders Stock Issued During Period, Shares, Other Irrevocable proxy assigning his voting power Purchase Of Additional Shares Purchased an additional shares It represent Stock Issued During Period Shares New Issues for the reporting period. Ownership percentage Ownership percentage Percentageofincreasedvotinginterest Voting interest of Micronet increased xxx_PercentageOfIncreasedVotingInterest Proceeds from Issuance Initial Public Offering Net proceeds from offering Ordinary shares for aggregate gross proceeds Property, Plant and Equipment [Table] Property, Plant and Equipment, Type [Axis] Property, Plant and Equipment, Type [Domain] Machinery and Equipment [Member] Machinery and equipment [Member] Machinery and Equipment [Member] Furniture and Fixtures [Member] Furniture and fixtures [Member] Furniture and fixtures [Member] Transportation Equipment [Member] Transportation equipment [Member] Transportation Equipment [Member] Computer Equipment [Member] Computer Equipment [Member] Computer equipment [Member] Leasehold Improvements [Member] Leasehold improvements [Member] Property, Plant and Equipment [Line Items] Schedule Of Annual Rates Of Depreciation [Abstract] Schedule of annual rates of depreciation Property, Plant and Equipment, Useful Life Property and equipment, estimated useful lives Property, Plant and Equipment, Estimated Useful Lives Property and equipment, estimated useful lives Accounting Policies Textual [Abstract] Summary of Significant Accounting Policies (Textual) Unbilled Receivables, Current Unbilled due to customers Allowance for Doubtful Accounts Receivable, Current Allowance for doubtful accounts Fair Value Measurements, Recurring and Nonrecurring [Table] Fair Value, Hierarchy [Axis] Fair Value Hierarchy [Domain] Level 1 [Member] Level 2 [Member] Level 3 [Member] Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] Schedule Of Fair Value Measurements [Abstract] Schedule of fair value measurements using input type EX-101.PRE 11 mict-20170331_pre.xml XBRL PRESENTATION FILE XML 12 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	May 22, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	MICRONET ENERTEC TECHNOLOGIES, INC.
Entity Central Index Key	0000854800
Document Type	10-Q
Amendment Flag	false
Trading Symbol	MICT
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		6,823,629

XML 13 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 2,465	$ 668
Restricted cash	4,625	4,488
Marketable securities		2,978
Trade accounts receivable, net	12,297	11,558
Inventories	5,646	5,758
Other accounts receivable	853	319
Total current assets	25,886	25,769
Property and equipment, net	1,700	1,641
Intangible assets and others, net	2,707	2,961
Long term deposit	83	86
Goodwill	1,466	1,466
Total long term assets	5,956	6,154
Total assets	31,842	31,923
LIABILITIES AND EQUITY
Short term bank credit and current portion of long term bank loans	9,947	9,993
Short term credit from others and current portion of long term loans from others	3,416	3,114
Trade accounts payable	3,684	4,130
Other accounts payable	2,197	2,383
Total current liabilities	19,244	19,620
Long term loans from banks	1,157	1,093
Long term loans from others		188
Accrued severance pay, net	32	57
Deferred tax liabilities, net	4	7
Total long term liabilities	1,193	1,345
Stockholders' Equity:
Preferred stock; $.001 par value, 5,000,000 shares authorized, none issued and outstanding
Common stock; $.001 par value, 25,000,000 shares authorized, 6,490,660 and 6,385,092 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively.	6	6
Additional paid in capital	8,911	8,748
Accumulated other comprehensive income (loss)	(167)	11
Accumulated loss	(3,602)	(1,990)
Micronet Enertec stockholders' equity	5,148	6,775
Non-controlling interests	6,257	4,183
Total equity	11,405	10,958
Total Liabilities and equity	$ 31,842	$ 31,923

XML 14 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	6,490,660	6,385,092
Common stock, shares outstanding	6,490,660	6,385,092

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Revenues	$ 5,259	$ 6,482
Cost of revenues	4,572	4,403
Gross profit	687	2,079
Operating expenses:
Research and development	533	700
Selling and marketing	546	358
General and administrative	1,464	1,136
Amortization of intangible assets	235	228
Total operating expenses	2,778	2,422
Loss from operations	(2,091)	(343)
Financial expenses, net	138	130
Loss before provision for income taxes	(2,229)	(473)
Provision for income taxes	(73)	(31)
Net loss	(2,302)	(504)
Net loss attributable to non-controlling interests	(690)	(165)
Net loss attributable to Micronet Enertec Technologies, Inc.	$ (1,612)	$ (339)
Loss per share attributable to Micronet Enertec Technologies, Inc.
Basic	$ (0.25)	$ (0.06)
Weighted average common shares outstanding:
Basic	6,430,762	5,865,221

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (2,302)	$ (504)
Other comprehensive loss, net of tax:
Currency translation adjustment	111	228
Total comprehensive loss	(2,191)	(276)
Comprehensive loss attributable to non-controlling interests	400	219
Comprehensive loss attributable to Micronet Enertec Technologies, Inc.	$ (1,791)	$ (57)

XML 17 R6.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,302)	$ (504)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	334	337
Marketable securities	(70)	(105)
Change in fair value of derivatives, net	(3)	(14)
Change in deferred taxes, net	35	(39)
Accrued interest and exchange rate differences on bank loans	608	482
Accrued interest and exchange rate differences on loans from others	110	24
Stock-based compensation	33	82
Increase in trade account receivables	(739)	(882)
Decrease in inventories	112	240
Increase (decrease) in accrued severance pay, net	(25)	3
Decrease (increase) in other accounts receivables	(531)	27
Decrease in trade accounts payables	(446)	(1,303)
Decrease in other accounts payables	(183)	(194)
Net cash used in operating activities	(3,067)	(1,846)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(71)	(32)
Restricted cash	(137)	(532)
Marketable securities	3,048	(22)
Net cash provided by (used in) investing activities	2,840	(586)
CASH FLOWS FROM FINANCING ACTIVITIES:
Short term bank credit	2,263	1,419
Short term credit from others, net	4	4
Repayment of short term loans	(2,853)	(256)
Issuance of shares, net	130
Repayment of long term bank loans		(181)
Issuance of shares by subsidiary, net	2,474
Net cash provided by financing activities	2,018	986
NET CASH INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	1,791	(1,446)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	668	2,361
TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS	6	49
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$ 2,465	$ 964

XML 18 R7.htm IDEA: XBRL DOCUMENT

Description of Business	3 Months Ended
Description of Business	Mar. 31, 2017
Description of Business [Abstract]
DESCRIPTION OF BUSINESS	NOTE 1 — DESCRIPTION OF BUSINESS *Overview* Micronet Enertec Technologies, Inc., a U.S.-based Delaware corporation, was formed on January 31, 2002. On March 14, 2013, we changed our corporate name from Lapis Technologies, Inc. to Micronet Enertec Technologies, Inc., or we, Micronet Enertec or the Company. We operate primarily through two Israel-based companies, Enertec Systems 2001 Ltd., or Enertec, our wholly-owned subsidiary, and Micronet Ltd., or Micronet, in which we held 50.07% as of March 31, 2017 and is controlled by us. On February 23, 2017, Micronet filed an immediate report with the TASE announcing that it had closed on a public offering of its ordinary shares and sold an aggregate of 6,100,000 shares of its ordinary shares for aggregate gross proceeds of 9,844,020 NIS. As a result of the public offering, the Company’s ownership interest in Micronet was diluted from 62.9% to 49.31%. In order to maintain a controlling interest of Micronet, on February 27, 2017, the Company purchased an additional 140,000 shares of Micronet in a separate transaction with a shareholder of Micronet. In addition, on February 28, 2017, Mr. David Lucatz, our President and Chief Executive Officer, executed an irrevocable proxy assigning his voting power over 45,000 shares of Micronet for our benefit. As a result, our voting interest of Micronet was increased to 50.07% of the issued and outstanding shares of Micronet. Micronet is a publicly traded company on the Tel Aviv Stock Exchange and operates in the growing commercial Mobile Resource Management, or MRM, market. Micronet through both its Israeli and U.S. operational offices designs, develops, manufactures and sells rugged mobile computing devices that provide fleet operators and field workforces with computing solutions in challenging work environments. Micronet’s vehicle cabin installed and portable tablets increase workforce productivity and enhance corporate efficiency by offering computing power and communication capabilities that provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage. Micronet’s customers consist primarily of application service providers and solution providers specializing in the MRM market. Enertec operates in the Aerospace and Defense markets and designs, develops, manufactures and supplies various customized military computer-based systems, simulators, automatic test equipment and electronic instruments. Enertec’s solutions and systems are designed according to major aerospace integrators’ requirements and are integrated by them into critical systems such as command and control, missile fire control, maintenance of military aircraft and missiles for use by the Israeli Air Force and Navy and by foreign defense entities.

XML 19 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2017

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America, or U.S. GAAP.

Functional Currency

Use of Estimates

Principles of Consolidation

Cash and Cash Equivalents

Revenue Recognition

Allowance for Doubtful Accounts

Reclassifications

Certain balance sheet amounts and cash flow amounts have been reclassified to conform with the current year presentation.

Inventories

Property and Equipment

Leasehold improvements		Over the shorter of the lease term or the life of the assets
Machinery and equipment		7-14 years
Furniture and fixtures		10-14 years
Transportation equipment		7 years
Computer equipment		3 years

Stock-Based Compensation

Research and Development Costs

Loss per Share

Basic net earnings per share are computed based on the weighted average number of shares of common stock outstanding during each year.

Long-Lived Assets and Intangible assets

Goodwill

Comprehensive Income (Loss)

The Company’s other comprehensive income for all periods presented is related to the translation from functional currency to the presentation currency.

Income Taxes

Financial Instruments

Concentration of credit risks:

Financial instruments that have the potential to expose the Company to credit risks are mainly cash and cash equivalents, bank deposit accounts, marketable securities and trade receivables.

The Company holds cash and cash equivalents, securities and deposit accounts at large banks in Israel, thereby substantially reducing the risk of loss.

Fair value measurement:

The accounting standard establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:

Level 1:

Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2:

Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.

Level 3:

Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

Recent Accounting Pronouncements

XML 20 R9.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

3 Months Ended

Mar. 31, 2017

Fair Value Measurements [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 3 – FAIR VALUE MEASUREMENTS

Items carried at fair value as of March 31, 2017 and December 31, 2016, are summarized below:

	Fair value measurements using input type
	March 31, 2017
	Level 1		Level 2			Level 3		Total

Cash and cash equivalents	$	2,465	$	-		$	-	$	2,465
Restricted cash		4,625		-			-		4,625
Derivative assets		-		187			-		187
Derivative liabilities - phantom option		-		(1	)		-		(1	)
	$	7,090	$	186		$	-	$	7,276

	Fair value measurements using input type
	December 31, 2016
	Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	668		-			-		668
Restricted cash		4,488		-			-		4,488
Marketable securities		2,978		-			-		2,978
Derivative liability		-		(9	)		-		(9	)
Derivative liability- phantom option		-		(4	)		-		(4	)
	$	8,134		(13	)		-		8,121

- 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 21 R10.htm IDEA: XBRL DOCUMENT

Inventories

3 Months Ended

Mar. 31, 2017

Inventories [Abstract]

INVENTORIES

NOTE 4 – INVENTORIES

Inventories are stated at the lower of cost or market, computed using the first-in, first-out method. Inventories consist of the following:

	March 31, 2017		December 31, 2016

Raw materials	$	4,131	$	5,103
Work in process		1,515		655
	$	5,646	$	5,758

XML 22 R11.htm IDEA: XBRL DOCUMENT

Segments

3 Months Ended

Mar. 31, 2017

Segments [Abstract]

SEGMENTS

NOTE 5 – SEGMENTS

The following table summarizes the financial performance of our operating segments:

	Three months ended March 31, 2017
	Aerospace and Defense			Mobile resource management			Consolidated
Revenues from external customers	$	2,558		$	2,701		$	5,259
Segment operating loss		(417	)		(1)(1,370	)		(1,787	)
Non allocated expenses								(304	)
Finance expenses and other								(138	)
Consolidated loss before provision for income taxes							$	(2,229	)

	Three months ended March 31, 2016
	Aerospace and Defense		Mobile resource management			Consolidated
Revenues from external customers	$	2,531	$	3,951		$	6,482
Segment operating income (loss)		159		(2)(290	)		(131	)
Non allocated expenses							(212	)
Finance expenses and other							(130	)
Consolidated loss before provision for income taxes						$	(473	)

(1)	Includes $235 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions.
(2)	Includes $228 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Paragraph 33
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8971-108599

Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8595-108599

Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8380-108599

Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 35
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8984-108599

Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599

Reference 10: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8538-108599

Reference 12: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8864-108599

Reference 13: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8924-108599

Reference 14: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8906-108599

+ Details

XML 23 R12.htm IDEA: XBRL DOCUMENT

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 6 –SUBSEQUENT EVENTS On April 17 and May 12, 2017 the Company offered and sold to YA II PV Ltd., or YA II, a Cayman Island exempt limited partnership and affiliate of Yorkville Advisors Global, LLC, 57,969 and 275,000 shares of its common stock, respectively, for an aggregate sales price of $414 pursuant to the Standby Distribution Agreement dated June 30, 2016 and executed by and between the Company and YA II, and under the Company’s Registration Statement on Form S-3 (Registration No. 333-196760).

XML 24 R13.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2017

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles in the United States of America, or U.S. GAAP.

Functional Currency

Functional Currency

Use of Estimates

Use of Estimates

Principles of Consolidation

Principles of Consolidation

Cash and Cash Equivalents

Cash and Cash Equivalents

Revenue Recognition

Revenue Recognition

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts

Reclassifications

Reclassifications

Certain balance sheet amounts and cash flow amounts have been reclassified to conform with the current year presentation.

Inventories

Inventories

Property and Equipment

Property and Equipment

Leasehold improvements		Over the shorter of the lease term or the life of the assets
Machinery and equipment		7-14 years
Furniture and fixtures		10-14 years
Transportation equipment		7 years
Computer equipment		3 years

Stock-Based Compensation

Stock-Based Compensation

Research and Development Costs

Research and Development Costs

Loss per Share

Loss per Share

Basic net earnings per share are computed based on the weighted average number of shares of common stock outstanding during each year.

Long-Lived Assets and Intangible assets

Long-Lived Assets and Intangible assets

Goodwill

Goodwill

Comprehensive Income (Loss)

Comprehensive Income (Loss)

The Company’s other comprehensive income for all periods presented is related to the translation from functional currency to the presentation currency.

Income Taxes

Income Taxes

related to unrecognized income tax positions, if any, is to present them as a component of income tax expense.

Financial Instruments

Financial Instruments

Concentration of credit risks:

Financial instruments that have the potential to expose the Company to credit risks are mainly cash and cash equivalents, bank deposit accounts, marketable securities and trade receivables.

The Company holds cash and cash equivalents, securities and deposit accounts at large banks in Israel, thereby substantially reducing the risk of loss.

Fair value measurement:

The accounting standard establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:

Level 1:

Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2:

Observable prices that are based on inputs not quoted on active markets, but corroborated by market data.

Level 3:

Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

XML 25 R14.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2017

Summary of Significant Accounting Policies [Abstract]

Schedule of annual rates of depreciation

Leasehold improvements		Over the shorter of the lease term or the life of the assets
Machinery and equipment		7-14 years
Furniture and fixtures		10-14 years
Transportation equipment		7 years
Computer equipment		3 years

XML 26 R15.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2017

Fair Value Measurements [Abstract]

Schedule of fair value measurements

	Fair value measurements using input type
	March 31, 2017
	Level 1		Level 2			Level 3		Total

Cash and cash equivalents	$	2,465	$	-		$	-	$	2,465
Restricted cash		4,625		-			-		4,625
Derivative assets		-		187			-		187
Derivative liabilities - phantom option		-		(1	)		-		(1	)
	$	7,090	$	186		$	-	$	7,276

	Fair value measurements using input type
	December 31, 2016
	Level 1		Level 2			Level 3		Total
Cash and cash equivalents	$	668		-			-		668
Restricted cash		4,488		-			-		4,488
Marketable securities		2,978		-			-		2,978
Derivative liability		-		(9	)		-		(9	)
Derivative liability- phantom option		-		(4	)		-		(4	)
	$	8,134		(13	)		-		8,121

XML 27 R16.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

3 Months Ended

Mar. 31, 2017

Inventories [Abstract]

Schedule of inventories

	March 31, 2017		December 31, 2016

Raw materials	$	4,131	$	5,103
Work in process		1,515		655
	$	5,646	$	5,758

XML 28 R17.htm IDEA: XBRL DOCUMENT

Segments (Tables)

3 Months Ended

Mar. 31, 2017

Segments [Abstract]

Schedule of financial performance of our operating segments

	Three months ended March 31, 2017
	Aerospace and Defense			Mobile resource management			Consolidated
Revenues from external customers	$	2,558		$	2,701		$	5,259
Segment operating loss		(417	)		(1)(1,370	)		(1,787	)
Non allocated expenses								(304	)
Finance expenses and other								(138	)
Consolidated loss before provision for income taxes							$	(2,229	)

	Three months ended March 31, 2016
	Aerospace and Defense		Mobile resource management			Consolidated
Revenues from external customers	$	2,531	$	3,951		$	6,482
Segment operating income (loss)		159		(2)(290	)		(131	)
Non allocated expenses							(212	)
Finance expenses and other							(130	)
Consolidated loss before provision for income taxes						$	(473	)

(1)	Includes $235 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions.
(2)	Includes $228 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions.

XML 29 R18.htm IDEA: XBRL DOCUMENT

Description of Business (Details) - Micronet Ltd [Member] - ILS (₪) ₪ in Thousands	1 Months Ended
	Feb. 23, 2017	Mar. 31, 2017
Description of Business (Textual)
Sale of an aggregate shares of gross proceeds	6,100,000
Irrevocable proxy assigning his voting power	45,000
Purchased an additional shares	140,000
Ownership percentage		50.01%
Voting interest of Micronet increased	50.07%
Ordinary shares for aggregate gross proceeds	₪ 9,844,020
Maximum [Member]
Description of Business (Textual)
Ownership interest in Micronet was diluted	62.90%
Minimum [Member]
Description of Business (Textual)
Ownership interest in Micronet was diluted	49.31%

XML 30 R19.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details)	3 Months Ended
Summary of Significant Accounting Policies (Details)	Mar. 31, 2017
Machinery and equipment [Member] \| Minimum [Member]
Schedule of annual rates of depreciation
Property and equipment, estimated useful lives	7 years
Machinery and equipment [Member] \| Maximum [Member]
Schedule of annual rates of depreciation
Property and equipment, estimated useful lives	14 years
Furniture and fixtures [Member] \| Minimum [Member]
Schedule of annual rates of depreciation
Property and equipment, estimated useful lives	10 years
Furniture and fixtures [Member] \| Maximum [Member]
Schedule of annual rates of depreciation
Property and equipment, estimated useful lives	14 years
Transportation equipment [Member]
Schedule of annual rates of depreciation
Property and equipment, estimated useful lives	7 years
Computer equipment [Member]
Schedule of annual rates of depreciation
Property and equipment, estimated useful lives	3 years
Leasehold Improvements [Member]
Schedule of annual rates of depreciation
Property and equipment, estimated useful lives	Over the shorter of the lease term or the life of the assets

XML 31 R20.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Summary of Significant Accounting Policies (Textual)
Unbilled due to customers	$ 6,068	$ 4,805
Allowance for doubtful accounts	$ 618	$ 563

XML 32 R21.htm IDEA: XBRL DOCUMENT

Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of fair value measurements using input type
Cash and cash equivalents	$ 2,465	$ 668
Restricted cash	4,625	4,488
Marketable securities		2,978
Derivative assets	187
Derivative liability		(9)
Derivative liability - phantom option	(1)	(4)
Fair value measurements, Total	7,276	8,121
Level 1 [Member]
Schedule of fair value measurements using input type
Cash and cash equivalents	2,465	668
Restricted cash	4,625	4,488
Marketable securities		2,978
Derivative assets
Derivative liability
Derivative liability - phantom option
Fair value measurements, Total	7,090	8,134
Level 2 [Member]
Schedule of fair value measurements using input type
Cash and cash equivalents
Restricted cash
Marketable securities
Derivative assets	187
Derivative liability		(9)
Derivative liability - phantom option	(1)	(4)
Fair value measurements, Total	186	(13)
Level 3 [Member]
Schedule of fair value measurements using input type
Cash and cash equivalents
Restricted cash
Marketable securities
Derivative assets
Derivative liability
Derivative liability - phantom option
Fair value measurements, Total

XML 33 R22.htm IDEA: XBRL DOCUMENT

Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of inventories
Raw materials	$ 4,131	$ 5,103
Work in process	1,515	655
Inventories	$ 5,646	$ 5,758

XML 34 R23.htm IDEA: XBRL DOCUMENT

Segments (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2017

Mar. 31, 2016

Schedule of internal financial reporting system

Revenues from external customers

$ 5,259

$ 6,482

Finance expenses and other

(138)

(130)

Consolidated loss before provision for income taxes

(2,229)

(473)

Aerospace and Defense [Member]

Schedule of internal financial reporting system

Revenues from external customers

2,558

2,531

Segment operating loss

(417)

159

Mobile resource Management [Member]

Schedule of internal financial reporting system

Revenues from external customers

2,701

3,951

Segment operating loss

(1,370)

^[1]

(290)

^[2]

Consolidated [Member]

Schedule of internal financial reporting system

Revenues from external customers

5,259

6,482

Segment operating loss

(1,787)

(131)

Non allocated expenses

(304)

(212)

Finance expenses and other

(138)

(130)

Consolidated loss before provision for income taxes

$ (2,229)

$ (473)

[1]	Includes $235 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions.
[2]	Includes $228 of intangible assets amortization, derived from Micronet and Micronet Inc. acquisitions.

XML 35 R24.htm IDEA: XBRL DOCUMENT

Segments (Details Textual) $ in Thousands	3 Months Ended
Segments (Details Textual) $ in Thousands	Mar. 31, 2017 USD ($) Segments	Mar. 31, 2016 USD ($)
Segments (Textual)
Number of operating segments \| Segments	2
Amortization of intangible assets \| $	$ 235	$ 228

XML 36 R25.htm IDEA: XBRL DOCUMENT

Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ in Thousands		1 Months Ended
	May 12, 2017	Apr. 17, 2017
YA II PV Ltd [Member]
Subsequent Events (Textual)
Company offered YA II shares of its common stock		57,969
Yorkville Advisors Global, LLC, [Member]
Subsequent Events (Textual)
Company offered YA II shares of its common stock	275,000
Standby Equity Distribution Agreement [Member]
Subsequent Events (Textual)
SEDA sale amount	$ 414

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