Actelis Networks, Inc. (NASDAQ: ASNS) (“Actelis”
or the “Company”), a market leader in cyber-hardened, rapid
deployment networking solutions for wide area IoT applications,
today reported financial results for the fiscal first quarter ended
March 31, 2023.
First Quarter 2023 Financial
Highlights:
- Revenue decreased 1.1%
year-over-year to $1.85 million for the first quarter ended March
31, 2023, due to a logistical and regulatory delay in product
delivery to a first-time customer destination.
- Gross Margin increased to 37% for
the first quarter ended March 31, 2023, compared to 31% for the
three months ended March 31, 2022, driven by a favorable product
mix and lower logistics cost.
- Net Loss decreased 59%
year-over-year to $1.9 million, compared to a net loss of $4.6
million for the first quarter ended March 31, 2022, primarily due
to the decrease in financial expenses, following the conversion of
financial instruments as a result of the Company’s IPO in May
2022.
- Non-GAAP adjusted EBITDA loss was
$1.6 million for the first quarter ended March 31, 2023, compared
to $1.0 million in the prior year period as the Company continues
to invest in sales and marketing and is incurring the costs of
operating as a public company following its IPO.
Recent Company Highlights:
- Announcing an expense reduction
program to be better prepared for economical headwinds. The Company
estimates that the program, which will affect expenses including
payroll and non-payroll in 2023, will result in savings measures
amounting to approximately 15% of its 2022 operating expenses
(excluding one-time expenses), on an annualized basis.
- Closed a $3.5 million private
placement of 944,670 shares of its common stock (or common stock
equivalents) and warrants to purchase up to 944,670 shares of its
common stock at a purchase price of $3.705 per share of common
stock (or common stock equivalent) and associated warrant priced
at-the-market under Nasdaq rules. The warrants have an exercise
price of $3.58 per share, are exercisable immediately upon issuance
and will expire five and one-half years following the issuance. The
Company may receive approximately $3.38 million in additional gross
proceeds if the warrants are exercised in full for cash and there
is no assurance that any of the warrants will be exercised.
- Completed the initial phase of the
previously announced engagement with Shareholder Intelligent
Services (“ShareIntel”). As a result of the analysis of the
Company’s stock trading patterns, Actelis has identified
preliminary markers of potential irregular trading activities.
Hence, the Company will continue to engage ShareIntel for the next
10 months to continuously monitor and actively approach identified
broker-dealers.
- Received approximately $210,000 in
new orders from nine new airports in six different countries as
part of the previously announced three-year contract with SITA, the
largest global provider of airport operations management
systems.
- Advanced the certification of
Federal Information Processing Standards (FIPS), which provides
advanced encryption for operating systems running on the Company’s
federal and military cyber security products.
- Successfully showcased the new
GL800 and GL900 next generation, gigabit-grade, hybrid fiber-copper
product families at the Broadband Communities Conference in the
U.S. The new product families are designed to enable rapid
deployment of cyber-hardened, gigabit connectivity utilizing
existing infrastructure of copper and coax to locations and
buildings (GL800) and to connect overnight end users and devices
inside buildings (GL900) – where fiber installation is difficult
and costly. The product families target a variety of IoT
applications for rail, military and campus networks, 4G/5G/mobile
base stations backhaul, as well as up to 18 million residential and
business multi-dwelling unit/buildings (MDUs) in the U.S. alone.
The showcase took place following successful testing with rail and
military customers that exceeded expectations.
Management Commentary:
“As we close out the quarter, Actelis continues
to drive momentum in customer acquisitions. Our solutions continue
to win customers domestically and internationally and our partner
network is expanding into new verticals and countries,” said Tuvia
Barlev, Chairman and CEO of Actelis. “We are also expanding our
product portfolio and are adding cutting edge solutions to help
solve major market pains for large IoT and critical infrastructure
projects. Despite macroeconomic headwinds, we are well positioned
to drive growth and provide lasting value to our shareholders and
customers alike, as the need for solutions that enable rapid
deployment at a fraction of the cost of new infrastructure keeps
growing and may even increase in times of economic downturn.
Looking ahead, our focus is on expanding our reach, investing in
global sales and marketing and optimizing internal operations to
ensure we deliver strong performance in the coming quarters.”
"We will continue to invest in developing our
target markets and take advantage of our newly developed and
growing global partner network to expand our market reach more
efficiently through realizing more indirect sales. At the same
time, we will prudently introduce cost savings measures as internal
projects are coming to completion and freeing up resources. As a
result, we are re-focusing our investment in the opportunities in
IoT and cyber aware networking while reducing the cash burn-rate of
our operation, including the general and administrative expenses
associated with being a publicly traded company,” Barlev added.
“Our newly raised funding of $3.5M in gross proceeds, alongside the
expense reduction efforts are important steps in pursuing the
opportunities in front of us. As we continue to make progress in
various directions noted in this release, we plan to hold an
investor day during the month of June, on which we will update
later-on.”
Fiscal First Quarter 2023 Financial
Results:
Revenues for the for the three
months ended March 31, 2023, amounted to $1.85 million, compared to
$1.87 million for the three months ended March 31, 2022. The
decrease from the corresponding period was primarily attributable
to an increase of $212,000 in revenues generated from North America
and Asia Pacific, offset by a decrease of $232,000 in revenues
generated from Europe, the Middle East and Africa.
Cost of revenues for the three
months ended March 31, 2023, amounted to $1.16 million compared to
$1.29 million for the three months ended March 31, 2022. The
decrease from the corresponding period was mainly due to a
favorable product mix and lower logistics costs.
Gross profit for the three
months ended March 31, 2023, amounted to $688,000 or 37% of
revenue, compared to $582,000, or 31% of revenue for the three
months ended March 31, 2022. The increase from the corresponding
period was mainly due to a favorable product mix and lower
logistics costs.
Research and development
expenses for the three months ended March 31, 2023,
amounted to $0.76 million compared to $0.65 million for the three
months ended March 31, 2022. The increase was mainly due to an
increase in payroll expenses for research and development personnel
in the amount of $59,000, and an increase in professional services
related to research and development in the amount of $21,000.
Sales and marketing expenses
for the three months ended March 31, 2023, amounted to $0.9 million
compared to $0.7 for the three months ended March 31, 2022. The
increase from the corresponding period was mainly a result of our
increased investments in sales and marketing, including in payroll
expenses for additional personnel in the amount of $117,000, and
increase in professional services expenses in the amount of $56,000
associated with an increase in our spending on marketing
programs.
General and administrative
expenses for the three months ended March 31, 2023,
amounted to $0.9 million compared to $0.6 million for the three
months ended March 31, 2022. This increase was mainly due to
payroll, insurance expenses and professional services expenses, in
connection with our IPO completed in May 2022 and those costs
associated with being a public company.
Operating loss for the three
months ended March 31, 2023, was $1.9 million, compared to an
operating income of $1.4 million for the three months ended March
31, 2022. The increase was mainly due to higher expenses associated
primarily with investment in sales and marketing and expenses
attributed to the IPO completed in May 2022 and those costs
associated with being a public company.
Other Financial expenses, net and
interest expenses for the three months ended March 31,
2023, were $0.1 million (including $0.2 million interest expenses)
compared to $3.2 million (including $0.2 million interest expenses)
for the three months ended March 31, 2022. During the three months
ended March 31, 2022, the Company incurred financial expenses in
connection with increases in fair value of various financial
instruments prior to the IPO completed in May 2022, such as a
convertible loan, note and warrants in the amount of $3.1
million.
Net loss for the three months
ended March 31, 2023, was $1.9 million, compared to net loss of
$4.6 million for the three months ended March 31, 2022. This
decrease was primarily due to the decrease in financial expenses,
resulting from the conversion of the financial instruments the
Company had such as a convertible loan, note and warrants in the
IPO completed in May 2022, offset by an increase in operating
expenses mainly due to investments in sales and marketing, as well
as expenses attributed to our IPO in May 2022 and expenses
associated with being a public company.
Adjusted EBITDA loss, a
non-GAAP measurement of operating performance (reconciled below to
Net Loss), for the three months ended March 31, 2023, was $1.6
million, compared to $1.0 million in the comparable year-ago
period. This was primarily a result of investments in sales and
marketing, as well as expenses associated with being a public
company.
The Company reported a balance
sheet with $12.0 million of total assets compared to $14.8
million as of December 31, 2022, $10.6 million of total liabilities
compared to $11.6 million as of December 31, 2022, and $1.4 million
of shareholders’ equity compared to shareholders equity of $3.3
million as of December 31, 2022.
The Company decided to not hold an earnings call
for the first quarter of 2023 – similar to other micro-cap
companies.
About Actelis Networks,
Inc.
Actelis Networks, Inc. (NASDAQ: ASNS) is a
market leader in cyber-hardened, rapid-deployment networking
solutions for wide-area IoT applications including federal, state
and local government, ITS, military, utility, rail, telecom and
campus applications. Actelis’ unique portfolio of hybrid
fiber-copper, environmentally hardened aggregation switches, high
density Ethernet devices, advanced management software and
cyber-protection capabilities, unlocks the hidden value of
essential networks, delivering safer connectivity for rapid,
cost-effective deployment. For more information, please visit
www.actelis.com.
Use of Non-GAAP Financial
Information
Non-GAAP Adjusted EBITDA, and backlog of open
orders are Non-GAAP financial measures. In addition to reporting
financial results in accordance with GAAP, we provide Non-GAAP
operating results adjusted for certain items, including: financial
expenses, which are interest, financial instrument fair value
adjustments, exchange rate differences of assets and liabilities,
stock based compensation expenses, depreciation and amortization
expense, tax expense, and impact of development expenses ahead of
product launch. We adjust for the items listed above and show
Non-GAAP financial measures in all periods presented, unless the
impact is clearly immaterial to our financial statements. When we
calculate the tax effect of the adjustments, we include all current
and deferred income tax expense commensurate with the adjusted
measure of pre-tax profitability.
Cautionary Statement Concerning
Forward-Looking StatementsThis press release contains
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 and other securities laws.
Words such as “expects,” “anticipates,” “intends,” “plans,”
“believes,” “seeks,” “estimates” and similar expressions or
variations of such words are intended to identify forward-looking
statements. Forward-looking statements are not historical facts,
and are based upon management’s current expectations, beliefs and
projections, many of which, by their nature, are inherently
uncertain. Such expectations, beliefs and projections are expressed
in good faith. However, there can be no assurance that management’s
expectations, beliefs and projections will be achieved, and actual
results may differ materially from what is expressed in or
indicated by the forward-looking statements. Forward-looking
statements are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those
expressed in the forward-looking statements. For a more detailed
description of the risks and uncertainties affecting the Company,
reference is made to the Company’s reports filed from time to time
with the SEC, including, but not limited to, the risks detailed in
the Company’s final prospectus (Registration No. 333-264321), filed
with the SEC on May 16, 2022. Investors and security holders are
urged to read these documents free of charge on the SEC's web site
at http://www.sec.gov. Forward-looking statements speak only as of
the date the statements are made. The Company assumes no obligation
to update forward-looking statements to reflect actual results,
subsequent events or circumstances, changes in assumptions or
changes in other factors affecting forward-looking information
except to the extent required by applicable securities laws. If the
Company does update one or more forward-looking statements, no
inference should be drawn that the Company will make additional
updates with respect thereto or with respect to other
forward-looking statements. References and links to websites have
been provided as a convenience, and the information contained on
such websites is not incorporated by reference into this press
release. Actelis is not responsible for the contents of third-party
websites.
Investor Relations Contact:Matt Glover and Ralf
EsperGateway Investor Relations+1
949-574-3860ASNS@gatewayir.com
-Financial Tables to Follow-
|
ACTELIS NETWORKS, INC.CONDENSED CONSOLIDATED
BALANCE SHEETSUNAUDITED(U. S. dollars in thousands except for share
and per share amounts) |
|
|
|
|
|
|
|
|
|
March 31, 2023 |
|
|
December 31,2022 |
|
Assets |
|
|
|
|
|
|
CURRENT
ASSETS: |
|
|
|
|
|
|
Cash and cash equivalents |
|
|
808 |
|
|
|
3,943 |
|
Short term deposits |
|
|
810 |
|
|
|
1,622 |
|
Restricted bank deposits |
|
|
780 |
|
|
|
451 |
|
Trade receivables, net of allowance for doubtful debts of $156 and
$125 as of March 31, 2023, and December 31, 2022,
respectively. |
|
|
2,473 |
|
|
|
3,034 |
|
Inventories |
|
|
1,274 |
|
|
|
1,179 |
|
Prepaid expenses and other current assets |
|
|
413 |
|
|
|
678 |
|
TOTAL CURRENT
ASSETS |
|
|
6,558 |
|
|
|
10,907 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT
ASSETS: |
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
76 |
|
|
|
80 |
|
Prepaid expenses |
|
|
492 |
|
|
|
492 |
|
Restricted cash |
|
|
1,190 |
|
|
|
336 |
|
Restricted bank deposits |
|
|
2,889 |
|
|
|
2,027 |
|
Severance pay fund |
|
|
233 |
|
|
|
239 |
|
Operating lease right of use assets |
|
|
548 |
|
|
|
726 |
|
Long term deposits |
|
|
15 |
|
|
|
12 |
|
TOTAL NON-CURRENT
ASSETS |
|
|
5,443 |
|
|
|
3,912 |
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS |
|
|
12,001 |
|
|
|
14,819 |
|
|
|
|
|
|
|
|
|
|
|
ACTELIS NETWORKS, INC.CONDENSED CONSOLIDATED
BALANCE SHEETS (continued)UNAUDITED(U. S. dollars in thousands
except for share and per share amounts) |
|
|
|
|
|
|
|
|
|
March 31,2023 |
|
|
December 31,2022 |
|
Liabilities and
redeemable convertible preferred stock and shareholders’
equity |
|
|
|
|
|
|
CURRENT
LIABILITIES: |
|
|
|
|
|
|
Current maturities of long-term loans |
|
|
1,206 |
|
|
|
553 |
|
Warrants |
|
|
8 |
|
|
|
8 |
|
Trade payables |
|
|
1,400 |
|
|
|
1,781 |
|
Deferred revenues |
|
|
574 |
|
|
|
484 |
|
Employee and employee-related obligations |
|
|
795 |
|
|
|
793 |
|
Accrued royalties |
|
|
931 |
|
|
|
900 |
|
Operating lease liabilities |
|
|
361 |
|
|
|
445 |
|
Other accrued liabilities |
|
|
1,097 |
|
|
|
1,238 |
|
TOTAL CURRENT LIABILITIES |
|
|
6,372 |
|
|
|
6,202 |
|
|
|
|
|
|
|
|
|
|
NON-CURRENT LIABILITIES: |
|
|
|
|
|
|
|
|
Long-term loan, net of current maturities |
|
|
3,712 |
|
|
|
4,625 |
|
Deferred revenues |
|
|
39 |
|
|
|
164 |
|
Operating lease liabilities |
|
|
159 |
|
|
|
237 |
|
Accrued severance |
|
|
271 |
|
|
|
278 |
|
Other long-term liabilities |
|
|
33 |
|
|
|
48 |
|
TOTAL NON-CURRENT
LIABILITIES |
|
|
4,214 |
|
|
|
5,352 |
|
TOTAL
LIABILITIES |
|
|
10,586 |
|
|
|
11,554 |
|
|
|
|
|
|
|
|
|
|
COMMITMENTS AND
CONTINGENCIES (Note 10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REDEEMABLE CONVERTIBLE
PREFERRED STOCK: |
|
|
|
|
|
|
|
|
Redeemable convertible preferred stock - $0.0001 par value,
10,000,000 authorized as of March 31, 2023, December 31, 2022. No
issued and outstanding as of March 31, 2023, December 31,
2022. |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY: |
|
|
|
|
|
|
|
|
Common stock, $0.0001 par value: 30,000,000 shares authorized as of
March 31, 2023, and December 31, 2022, respectively; 1,730,066 and
1,737,986 shares issued and outstanding as of March 31, 2023, and
December 31, 2022, respectively |
|
|
1 |
|
|
|
1 |
|
Non-voting common stock, $0.0001 par value: 2,803,774 shares
authorized as of March 31, 2023 and December 31, 2022,
respectively; No issued and outstanding as of March 31, 2023 and
December 31, 2022, respectively. |
|
|
- |
|
|
|
- |
|
Additional paid-in capital |
|
|
36,711 |
|
|
|
36,666 |
|
Accumulated deficit |
|
|
(35,297 |
) |
|
|
(33,402 |
) |
TOTAL SHAREHOLDERS’
EQUITY |
|
|
1,415 |
|
|
|
3,265 |
|
TOTAL LIABILITIES AND
REDEEMABLE CONVERTIBLE PREFERRED STOCK AND SHAREHOLDERS’
EQUITY |
|
|
12,001 |
|
|
|
14,819 |
|
|
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these
condensed consolidated financial statements (Unaudited).*
Represents an amount less than $1 thousands.
|
ACTELIS NETWORKS, INC.CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE LOSS(UNAUDITED)(U. S. dollars in
thousands except for share and per share amounts) |
|
|
|
|
|
|
For the Three months endedMarch
31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
REVENUES |
|
|
1,848 |
|
|
|
1,868 |
|
COST OF
REVENUES |
|
|
1,160 |
|
|
|
1,286 |
|
GROSS
PROFIT |
|
|
688 |
|
|
|
582 |
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
Research and development
expenses, net |
|
|
757 |
|
|
|
650 |
|
Sales and marketing expenses,
net |
|
|
929 |
|
|
|
730 |
|
General and administrative
expenses, net |
|
|
865 |
|
|
|
635 |
|
TOTAL OPERATING
EXPENSES |
|
|
2,551 |
|
|
|
2,015 |
|
|
|
|
|
|
|
|
|
|
OPERATING
LOSS |
|
|
(1,863 |
) |
|
|
(1,433 |
) |
Interest expenses |
|
|
(180 |
) |
|
|
(220 |
) |
Other Financial income
(expenses), net |
|
|
148 |
|
|
|
(2,986 |
) |
NET COMPREHENSIVE LOSS
FOR THE PERIOD |
|
|
(1,895 |
) |
|
|
(4,639 |
) |
|
|
|
|
|
|
|
|
|
Net loss per share
attributable to common shareholders – basic and diluted (*) |
|
$ |
(1.09 |
) |
|
$ |
(22.6 |
) |
Weighted average number of
shares of common stock used in computing net loss per share – basic
and diluted |
|
|
1,734,160 |
|
|
|
205,213 |
|
|
|
|
|
|
|
|
|
|
(*) Adjusted to reflect reverse stock split, see note
3(j).
The accompanying notes are an integral part of these
condensed consolidated financial statements
(Unaudited).
Non-GAAP Financial Measures
(U.S. dollars in thousands) |
|
Three monthsEndedMarch 31,2023 |
|
|
Three monthsEndedMarch 31,2022 |
|
Revenues |
|
$ |
1,848 |
|
|
$ |
1,868 |
|
GAAP net loss |
|
|
(1,895 |
) |
|
|
(4,639 |
) |
Interest Expense |
|
$ |
180 |
|
|
$ |
220 |
|
Other financial (income) expenses, net |
|
|
(148 |
) |
|
|
2,986 |
|
Tax Expense |
|
|
21 |
|
|
|
12 |
|
Fixed asset depreciation expense |
|
|
7 |
|
|
|
10 |
|
Stock based compensation |
|
|
95 |
|
|
|
14 |
|
Research and development, capitalization |
|
|
146 |
|
|
|
142 |
|
Net change in operating lease assets and liabilities |
|
|
- |
|
|
|
10 |
|
Other one time costs and expenses |
|
|
- |
|
|
|
288 |
|
Non-GAAP Adjusted EBITDA |
|
|
(1,594 |
) |
|
$ |
(957 |
) |
GAAP net loss margin |
|
|
(102.54 |
)% |
|
|
(248.35 |
)% |
Adjusted EBITDA margin |
|
|
(84.12 |
)% |
|
|
(51.23 |
)% |
(U.S. dollars in thousands) |
|
Three monthsEndedMarch 31,2023 |
|
|
Three monthsEndedMarch 31,2022 |
|
Revenues |
|
$ |
1,848 |
|
|
$ |
1,868 |
|
Non-GAAP Adjusted EBITDA |
|
|
(1,594 |
) |
|
|
(957 |
) |
as a percentage of revenues |
|
|
(84.12 |
)% |
|
|
(51.23 |
)% |
|
|
|
|
|
|
|
|
|
|
ACTELIS NETWORKS, INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(UNAUDITED) |
|
|
|
|
|
|
Three months endedMarch 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
U.S. dollars in thousands |
|
CASH FLOWS
FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
Net loss for the period |
|
|
(1,895 |
) |
|
|
(4,639 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
7 |
|
|
|
10 |
|
Changes in fair value related to warrants to lenders |
|
|
- |
|
|
|
1,058 |
|
Inventories write-downs |
|
|
7 |
|
|
|
43 |
|
Exchange rate differences |
|
|
(130 |
) |
|
|
(197 |
) |
Share-based compensation |
|
|
95 |
|
|
|
14 |
|
Changes in fair value related to convertible loan |
|
|
- |
|
|
|
966 |
|
Changes in fair value related to convertible note |
|
|
- |
|
|
|
1,075 |
|
Financial income from long term bank deposit |
|
|
(51 |
) |
|
|
- |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Trade receivables |
|
|
561 |
|
|
|
813 |
|
Net change in operating lease assets and liabilities |
|
|
16 |
|
|
|
(10 |
) |
Inventories |
|
|
(102 |
) |
|
|
(77 |
) |
Prepaid expenses and other current assets |
|
|
265 |
|
|
|
(161 |
) |
Trade payables |
|
|
(381 |
) |
|
|
(375 |
) |
Deferred revenues |
|
|
(35 |
) |
|
|
(61 |
) |
Other current liabilities |
|
|
(46 |
) |
|
|
247 |
|
Other long-term liabilities |
|
|
(16 |
) |
|
|
(13 |
) |
Net cash used in
operating activities |
|
|
(1,705 |
) |
|
|
(1,307 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS
FROM INVESTING ACTIVITIES: |
|
|
|
|
|
|
|
|
Short term
deposits |
|
|
812 |
|
|
|
(262 |
) |
Short term
Restricted bank deposits |
|
|
(329 |
) |
|
|
- |
|
Long term
Restricted bank deposits |
|
|
(811 |
) |
|
|
- |
|
Long term
deposits |
|
|
(3 |
) |
|
|
- |
|
Purchase of
property and equipment |
|
|
(3 |
) |
|
|
(15 |
) |
Net cash used in
investing activities |
|
|
(334 |
) |
|
|
(277 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS
FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
Proceeds from
private placement |
|
|
- |
|
|
|
1,847 |
|
Repurchase of
common stock |
|
|
(50 |
) |
|
|
- |
|
Repayment of
long-term loan |
|
|
(192 |
) |
|
|
(129 |
) |
Net cash provided
by (used in) financing activities |
|
|
(242 |
) |
|
|
1,718 |
|
|
|
|
|
|
|
|
|
|
EFFECT OF
EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS AND RESTRICTED
CASH |
|
|
(5 |
) |
|
|
(197 |
) |
|
|
|
|
|
|
|
|
|
INCREASE
(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED
CASH |
|
|
(2,281 |
) |
|
|
134 |
|
|
|
|
|
|
|
|
|
|
BALANCE OF
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE
PERIOD |
|
|
4,279 |
|
|
|
795 |
|
|
|
|
|
|
|
|
|
|
BALANCE OF
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE
PERIOD |
|
|
1,998 |
|
|
|
929 |
|
|
|
* |
Represents an amount less than $1 thousands. |
|
|
|
|
The accompanying notes are an integral part of these
condensed consolidated financial statements
(Unaudited).
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