Registration statement pursuant to section 12(b) or (g) of the securities exchange act of 1934


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- v -

 

 

C. 

Material Contracts

67

D. 

Exchange Controls

69

E.

Taxation

69

F.

Dividends and Paying Agents

77

G.

Statement by Experts

77

H.

Documents on Display

78

I.

Subsidiary Information

78

ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

78

ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

80

PART II

 

80

ITEM 13.

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

80

ITEM 14.

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

80

ITEM 15.

CONTROLS AND PROCEDURES

80

ITEM 16A.

AUDIT COMMITTEE FINANCIAL EXPERT

82

ITEM 16B.

CODE OF ETHICS

82

ITEM 16C.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

82

ITEM 16D.

EXEMPTIONS FROM THE LISTING REQUIREMENTS AND STANDARDS FOR AUDIT COMMITTEES

83

ITEM 16E.

PURCHASES OF EQUITY SECURITIES BY THE ISSUER  AND AFFILIATED PURCHASERS

83

ITEM 16F.

CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT

83

ITEM 16G.

CORPORATE GOVERNANCE

83

ITEM 16H.

MINE SAFETY DISCLOSURE

84

PART III

 

84

ITEM 17 

FINANCIAL STATEMENTS

84

ITEM 18. 

FINANCIAL STATEMENTS

84

ITEM 19. 

EXHIBITS

85

SIGNATURES

 

87

 

 
- vi -

 

PART I
 

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

 

Not applicable.

 

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE

 

Not applicable.

 

ITEM 3. KEY INFORMATION

 

A. Selected Financial Data

 

The following selected consolidated statements of operations data for the years ended December 31, 2016, 2015 and 2014 and the selected consolidated balance sheet data as of December 31, 2016 and 2015, which have been prepared in accordance with U.S. GAAP, are derived from our audited consolidated financial statements set forth elsewhere in this annual report.  The selected consolidated statements of operations data for the years ended December 31, 2013 and 2012 and the selected consolidated balance sheet data as of December 31, 2014, 2013 and 2012, which have also been prepared in accordance with U.S. GAAP, have been derived from audited consolidated financial statements not included in this annual report.

 

The selected consolidated financial data set forth below should be read in conjunction with, and are qualified by reference to, Item 5 “Operating and Financial Review and Prospects” and our consolidated financial statements and notes thereto and the other financial information appearing elsewhere in this annual report.

 

Balance Sheet Data:

 

 

 

December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

 

2013

 

 

2012

 

 

 

(dollars in thousands)

 

Working capital (deficiency) (1)

 

$

(1,224

)

 

$

203

 

 

$

11,387

 

 

$

12,146

 

 

$

(3,067

)

Total assets (1)

 

 

57,954

 

 

 

63,158

 

 

 

53,506

 

 

 

49,959

 

 

 

26,111

 

Current maturities of long term-debt, short-term convertible debt, including current maturities of long-term convertible debt

 

 

-

 

 

 

--

 

 

 

--

 

 

 

--

 

 

 

1,934

 

Contingent purchase consideration

 

 

271

 

 

 

2,234

 

 

 

4,262

 

 

 

3,280

 

 

 

--

 

Warrants and bifurcated conversion feature, and other liabilities presented at fair value

 

 

512

 

 

 

719

 

 

 

906

 

 

 

1,093

 

 

 

730

 

Shareholders’ equity

 

 

32,616

 

 

 

38,291

 

 

 

31,157

 

 

 

30,098

 

 

 

9,562

 

Additional paid-in capital

 

 

149,685

 

 

 

144,836

 

 

 

133,931

 

 

 

130,944

 

 

 

110,318

 

(1) In November 2015, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU, No. 2015-17, “Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes”, which simplifies the presentation of deferred income taxes by requiring deferred tax assets and liabilities to be classified as noncurrent on the balance sheet. We chose to early adopt this standard and, consequently, reclassified all of our current deferred tax assets to noncurrent deferred tax assets, which has resulted in a change to previously published figures for the years ended December 31, 2012, 2013 and 2014.

 

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