MER TELEMANAGEMENT SOLUTIONS LTD.
(Registrant)
|
|||
|
By:
|
/s/ Roy Hess | |
Roy Hess | |||
Chief Executive Officer | |||
December 31,
|
||||||||
2019
|
2018
|
|||||||
Unaudited
|
Audited
|
|||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
1,732
|
$
|
1,150
|
||||
Restricted cash
|
1,464
|
1,380
|
||||||
Trade receivables (net of allowance for doubtful accounts of $65 at December 31, 2019 and 2018)
|
499
|
604
|
||||||
Other accounts receivable and prepaid expenses
|
236
|
101
|
||||||
Assets of discontinued operations
|
172
|
187
|
||||||
Total current assets
|
4,103
|
3,422
|
||||||
SEVERANCE PAY FUND
|
653
|
541
|
||||||
PROPERTY AND EQUIPMENT, NET
|
62
|
60
|
||||||
OTHER ASSETS:
|
||||||||
Intangible assets, net
|
-
|
21
|
||||||
Goodwill
|
3,225
|
3,479
|
||||||
Total other assets
|
3,225
|
3,500
|
||||||
Total assets
|
$
|
8,043
|
$
|
7,523
|
December 31,
|
||||||||
2019
|
2018
|
|||||||
Unaudited
|
Audited
|
|||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
$
|
149
|
$
|
164
|
||||
Deferred revenues
|
962
|
1,053
|
||||||
Accrued expenses and other liabilities
|
2,317
|
2,394
|
||||||
Liabilities of discontinued operations
|
516
|
606
|
||||||
Total current liabilities
|
3,944
|
4,217
|
||||||
LONG-TERM LIABILITIES:
|
||||||||
Accrued severance pay
|
831
|
722
|
||||||
Deferred tax liability
|
163
|
181
|
||||||
Total long-term liabilities
|
994
|
903
|
||||||
COMMITMENTS AND CONTINGENT LIABILITIES
|
||||||||
SHAREHOLDERS' EQUITY:
|
||||||||
Share capital -
|
||||||||
Ordinary shares of NIS 0.03 par value: Authorized: 17,000,000 shares at December 31, 2019 and 2018; Issued: 3,614,208 and 3,296,123 shares at December 31, 2019 and
2018, respectively; Outstanding: 3,612,408 and 3,294,323 shares at December 31, 2019 and 2018, respectively
|
30
|
27
|
||||||
Preferred Shares of NIS 0.03 par value: Authorized: 3,000,000 shares at December 31, 2019 and 2018; Issued and Outstanding: 2,008,772 and 1,315,789 shares at December
31, 2019 and 2018, respectively
|
16
|
10
|
||||||
Additional paid-in capital
|
30,635
|
29,807
|
||||||
Treasury shares at cost (1,800 Ordinary shares at December 31, 2019 and 2018)
|
(29
|
)
|
(29
|
)
|
||||
Accumulated deficit
|
(27,547
|
)
|
(27,412
|
)
|
||||
Total shareholders' equity
|
3,105
|
2,403
|
||||||
Total liabilities and shareholders' equity
|
$
|
8,043
|
$
|
7,523
|
Twelve months ended
December 31,
|
Three months ended
December 31,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Unaudited
|
Audited
|
Unaudited
|
Audited
|
|||||||||||||
Revenues:
|
||||||||||||||||
Services
|
$
|
4,273
|
$
|
4,843
|
$
|
1,079
|
$
|
1,230
|
||||||||
Product sales
|
920
|
1,018
|
274
|
323
|
||||||||||||
Total revenues
|
5,193
|
5,861
|
1353
|
1553
|
||||||||||||
Cost of revenues:
|
||||||||||||||||
Services
|
1,486
|
1,719
|
336
|
420
|
||||||||||||
Product sales
|
371
|
430
|
83
|
105
|
||||||||||||
Total cost of revenues
|
1,857
|
2,149
|
419
|
525
|
||||||||||||
Gross profit
|
3,336
|
3,712
|
934
|
1028
|
||||||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
545
|
825
|
137
|
153
|
||||||||||||
Selling and marketing
|
817
|
1,471
|
253
|
276
|
||||||||||||
General and administrative
|
2,144
|
2,239
|
465
|
484
|
||||||||||||
Total operating expenses
|
3,506
|
4,545
|
855
|
913
|
||||||||||||
Operating income (loss)
|
(170
|
)
|
(823
|
)
|
79
|
115
|
||||||||||
Financial income (expenses), net
|
(18
|
)
|
(17
|
)
|
9
|
(18
|
)
|
|||||||||
Income (loss) before taxes on income
|
(188
|
)
|
(840
|
)
|
88
|
97
|
||||||||||
Taxes on income, net
|
4
|
46
|
42
|
49
|
||||||||||||
Net income (loss) from continuing operations
|
(192
|
)
|
(886
|
)
|
46
|
48
|
||||||||||
Income (loss) from discontinued operations
|
57
|
(284
|
)
|
53
|
62
|
|||||||||||
Net income (loss)
|
$
|
(135
|
)
|
$
|
(1,170
|
)
|
$
|
99
|
$
|
110
|
||||||
Net loss per share:
|
||||||||||||||||
Basic and diluted net profit (loss) per share from continuing operations
|
$
|
(0.04
|
)
|
$
|
(0.26
|
)
|
$
|
0.01
|
$
|
0.02
|
||||||
Basic and diluted net profit (loss) per share from discontinued operations
|
0.01
|
(0.08
|
)
|
0.01
|
0.01
|
|||||||||||
Basic and diluted net loss per share
|
$
|
(0.03
|
)
|
$
|
(0.34
|
)
|
$
|
0.02
|
$
|
0.03
|
||||||
Weighted average number of shares used in computing basic and diluted net profit (loss) per share
|
5,013,374
|
3,435,161
|
5,444,806
|
4,200,755
|
Twelve months ended
December 31,
|
Three months ended
December 31,
|
|||||||||||||||
2019
|
2018
|
2019
|
2018
|
|||||||||||||
Unaudited
|
Unaudited
|
Unaudited
|
Unaudited
|
|||||||||||||
GAAP net income (loss) from continuing operations
|
(192
|
)
|
(886
|
)
|
46
|
48
|
||||||||||
Stock-based compensation expenses
|
47
|
89
|
8
|
22
|
||||||||||||
Intangible assets amortization, net of tax effects
|
21
|
21
|
6
|
6
|
||||||||||||
Goodwill impairment, net of tax effect
|
203
|
-
|
-
|
-
|
||||||||||||
Non-GAAP net income (loss)
|
$
|
79
|
$
|
(776
|
)
|
$
|
60
|
$
|
76
|
|||||||
Net loss per share:
|
||||||||||||||||
GAAP basic and diluted net profit (loss) per share)
|
$
|
0.04
|
$
|
(0.26
|
)
|
$
|
0.01
|
$
|
0.02
|
|||||||
Non-GAAP basic and diluted net profit (loss) per share
|
$
|
0.02
|
$
|
(0.23
|
)
|
$
|
0.11
|
$
|
0.02
|
|||||||
Weighted average number of shares used in computing non-GAAP basic and diluted net profit (loss) per share
|
5,013,374
|
3,435,161
|
5,444,806
|
4,200,755
|