Exhibit 99.1
ON TRACK INNOVATION LTD.
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
(US dollars in thousands)
December 31, 2020 | Pro Forma Adjustments | December 31, Adjusted | ||||||||||
Assets | ||||||||||||
Current assets | ||||||||||||
Cash and cash equivalents | $ | 1,377 | $ | 600 | $ | 1,977 | ||||||
Short-term investments | 105 | - | 105 | |||||||||
Trade receivables (net of allowance for doubtful accounts of $620) | 1,148 | - | 1,148 | |||||||||
Other receivables and prepaid expenses | 695 | - | 695 | |||||||||
Inventories | 2,479 | - | 2,479 | |||||||||
Assets from discontinued operations - held for sale | 6,358 | (6,358 | ) | - | ||||||||
Total current assets | 12,162 | (5,758 | ) | 6,404 | ||||||||
Non-current assets | ||||||||||||
Long term restricted deposit for employee benefits | 511 | - | 511 | |||||||||
Severance pay deposits | 411 | - | 411 | |||||||||
Property, plant and equipment, net | 752 | - | 752 | |||||||||
Intangible assets, net | 247 | - | 247 | |||||||||
Right-of-use assets due to operating leases | 2,903 | - | 2,903 | |||||||||
Total non-current assets | 4,824 | - | 4,824 | |||||||||
Total Assets | $ | 16,986 | $ | (5,758 | ) | $ | 11,228 |
ON TRACK INNOVATION LTD.
PRO FORMA CONDENSED CONSOLIDATED BALANCE SHEET
(US dollars in thousands)
December 31, 2020 | Pro forma Adjustments | December 31, 2020 Adjusted | ||||||||||
Liabilities and Equity | ||||||||||||
Current Liabilities | ||||||||||||
Short-term bank credit and current maturities of long-term bank loans | $ | 542 | - | $ | 542 | |||||||
Convertible short-term loan from a controlling shareholder | 625 | - | 625 | |||||||||
Trade payables | 1,667 | - | 1,667 | |||||||||
Other current liabilities | 2,283 | - | 2,283 | |||||||||
Liabilities from discontinued operations - held for sale | 5,829 | (5,829 | ) | - | ||||||||
Total current liabilities | 10,946 | (5,829 | ) | 5,117 | ||||||||
Long-Term Liabilities | ||||||||||||
Long-term loans, net of current maturities | 14 | - | 14 | |||||||||
Long-term liabilities due to operating leases, net of current maturities | 2,343 | - | 2,343 | |||||||||
Accrued severance pay | 977 | - | 977 | |||||||||
Total long-term liabilities | 3,334 | - | 3,334 | |||||||||
Total Liabilities | 14,280 | (5,829 | ) | 8,451 | ||||||||
Commitments and Contingencies | ||||||||||||
Equity | ||||||||||||
Shareholders' Equity | ||||||||||||
Ordinary shares of NIS 0.1 par value: Authorized 100,000,000, issued 55,073,076, outstanding 52,824,377 shares | 1,423 | - | 1,423 | |||||||||
Additional paid-in capital | 227,209 | - | 227,209 | |||||||||
Treasury shares at cost - 1,178,699 shares | (2,000 | ) | - | (2,000 | ) | |||||||
Accumulated other comprehensive loss | (961 | ) | - | (961 | ) | |||||||
Accumulated deficit | (222,965 | ) | 71 | (220,594 | ) | |||||||
Total Equity | 2,706 | 71 | 2,777 | |||||||||
Total Liabilities and Equity | $ | 16,986 | $ | (5,758 | ) | $ | 11,228 |
2
ON TRACK INNOVATIONS LTD.
CONSOLIDATED STATEMENT OF OPERATIONS
(US dollars in thousands)
Year ended December 31 | ||||||||
2020 | 2019 | |||||||
Revenues | ||||||||
Sales | $ | 11,191 | $ | 9,144 | ||||
Licensing and transaction fees | 1,551 | 1,505 | ||||||
Total revenues | 12,742 | 10,649 | ||||||
Cost of revenues | ||||||||
Total cost of revenues | 7,641 | 6,402 | ||||||
Gross profit | 5,101 | 4,247 | ||||||
Operating expenses | ||||||||
Research and development | 3,531 | 3,287 | ||||||
Selling and marketing | 3,233 | 2,934 | ||||||
General and administrative | 3,028 | 3,449 | ||||||
Other (income) expenses, net | (11 | ) | (326 | ) | ||||
Total operating expenses | 9,781 | 9,344 | ||||||
Operating loss from continuing operations | (4,680 | ) | (5,097 | ) | ||||
Financial expense, net | (370 | ) | (353 | ) | ||||
Loss from continuing operations before taxes on income | (5,050 | ) | (5,450 | ) | ||||
Income tax benefit, net | 10 | 106 | ||||||
Net loss from continuing operations | $ | (5,040 | ) | $ | (5,344 | ) |
3