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The COVID-19 has spread rapidly to many parts of the world. The epidemic has resulted in quarantines, travel restrictions, and the temporary closure of stores and facilities in China and elsewhere. &#160;The Company's operation and financial performance could be adversely affected to the extent that coronavirus or any other epidemic harms the global economy.<font style="font-family: Times New Roman, Times, serif">&#160;</font>The Company may also experience impacts to certain of its customers and/or suppliers as a result of a health epidemic or other outbreak occurring in one or more of its markets. Further, its operations have and may further experience disruptions, such as temporary closure of its offices, manufacturing facility and/or those of its customers or suppliers and suspension of services, which may materially and adversely affect its business, cash flow, financial condition and results of operations. 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In addition, a substantial portion of the Company's and certain of its subsidiaries' costs is incurred in dollars. 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All amounts in the statements of operations have been translated into the dollar using the average exchange rate for the relevant periods. 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During 2017, 2018 and 2019, no impairment losses have been recognized.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="z0326cc18400b404a992246ff820de001" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">k.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Income taxes:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The Company account for income taxes in accordance with ASC topic 740, "Income Taxes", ("ASC 740"). This Statement prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities and for carry forward losses deferred taxes are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company and its subsidiaries provide a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value if it is more likely than not that some portion or all of the deferred tax asset will not be realized. For more information see note 14e.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The Company accounts for uncertain tax positions in accordance with ASC No. 740, "Income Taxes", ("ASC 740"). ASC 740 contains a two-step approach to recognizing and measuring uncertain tax positions accounted for in accordance with ASC 740. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company elected to classify interest expenses and penalties recognized in the financial statements as income taxes. For more information see note 14i.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt Times New Roman, Times, Serif; clear: both; margin-top: 10pt; margin-bottom: 10pt"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="z238a9cdce1a543cc91adef6901a5a2a2" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">l.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Intangible assets, net:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; text-indent: 0.45pt; margin-left: 85.05pt">Intangible assets consist of technology and incurred software development costs capitalized in accordance with ASC 985-20, "Software - Costs of Software to be Sold, Leased, or Marketed".</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">Intangible assets that are considered to have definite useful life are amortized using the straight-line basis over their estimated useful lives.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; text-indent: -28.35pt; margin-left: 85.05pt"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="ze9b9dfd8ce0a445384950045839bd938" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">m.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Revenue recognition:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin: 0px 0px 0px 85.05pt; text-align: justify">The Company recognizes revenue when (or as) it satisfies performance obligations by transferring promised products or services to its customers in an amount that reflects the consideration the Company expects to receive. The Company applies the following five steps: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin: 0px 0px 0px 85.05pt; text-align: justify">The Company considers customer purchase orders, which in some cases are governed by master sales agreements, to be the contracts with a customer. For each contract, the Company considers the promise to transfer tangible products, network roll-out, professional services and customer support, each of which are distinct, to be the identified performance obligations. In determining the transaction price, the Company evaluates whether the price is subject to rebates and adjustments to determine the net consideration to which the Company expects to receive. As the Company&#8217;s standard payment terms are less than one year, the contracts have no significant financing component. The Company allocates the transaction price to each distinct performance obligation based on their relative standalone selling price. Revenue from tangible products is recognized at a point in time when control of the product is transferred to the customer (i.e., when the Company&#8217;s performance obligation is satisfied).</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin: 0px 0px 0px 85.05pt; text-align: justify">The revenues from customer support and extended warranty is recognized ratably over the contract period and the costs associated with these contracts are recognized as incurred. Revenues from network roll-out and professional services are recognized when the Company's performance obligation is satisfied, usually upon customer acceptance.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin: 0px 0px 0px 85.05pt; text-align: justify; text-indent: 0pt">The Company accounts for rebates and stock rotations provided to customers as variable consideration, based on historical analysis of credit memo data, rebate plans and stock rotation arrangements, as a deduction from revenue in the period in which the revenue is recognized.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 56.7pt">n.&#160;&#160;&#160;&#160;&#160;&#160;&#160; Research and development expenses, net:</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">Research and development expenses, net of government grants, are charged to the statement of operations as incurred, except for development expenses which were capitalized in accordance with ASC 985-20 "Software &#8211; Costs of Software to be Sold, Leased, or Marketed" (see l above).</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt Times New Roman, Times, Serif; clear: both; margin-top: 10pt; margin-bottom: 10pt"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="z53b5fdf4f57c46b38e876cbf173c0ab6" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">o.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Warranty costs:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The Company generally offers a standard limited warranty, including parts and labor for an average period of 1-3 years for its products. The Company estimates the costs that may be incurred under its basic limited warranty and records a liability in the amount of such costs at the time product revenue is recognized. Factors that affect the Company's warranty liability include the number of installed units, historical and anticipated rates of warranty claims, and cost per claim. The Company periodically assesses the adequacy of its recorded warranty liability and adjusts the amounts as necessary.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The Company recorded income (expenses) from decrease (increase) of warranty provision for the years ended December 31, 2017, 2018 and 2019 in the amount of $ 437, $&#160;(83) and $ 654, respectively. As of December 31, 2018 and 2019, the warranty provision was $&#160;2,106 and $ 1,452, respectively.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="z6663769133e2468eb6f2a61c2a52d116" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">p.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Derivative instruments:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The Company has instituted a foreign currency cash flow hedging program using foreign currency forward contracts ("derivative instruments") in order to hedge the exposure to variability in expected future cash flows resulting from changes in related foreign currency exchange rates. These transactions are designated as cash flow hedges, as defined under ASC topic 815, "Derivatives and Hedging".</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">ASC 815 requires companies to recognize all of their derivative instruments as either assets or liabilities in the financial statements at fair value. The Company measured the fair value of the contracts in accordance with ASC topic 820, "Fair value Measurement and Disclosures" at Level 2 (see also note 2v). The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">For those derivative instruments that are designated and qualify as hedging instruments, a company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">For derivative instruments that are designated and qualify as a cash flow hedge (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the gain or loss on the derivative instrument is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. For derivative instruments that don&#8217;t meet the definition of a hedge, the changes in the fair value are included immediately in earnings in &#8220;Financial expenses and others, net&#8221;, in each reporting period.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt Times New Roman, Times, Serif; clear: both; margin-top: 10pt; margin-bottom: 10pt"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The Company's cash flow hedging program is to hedge against the risk of overall changes in cash flows resulting&#160;from forecasted foreign currency of salary and rent payments during the year. The Company hedges portions of its forecasted expenses denominated in NIS with forward exchange contracts.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" id="z1e1b0feb3a5b4323a86b9cba48b69b61" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">q.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Concentrations of credit risk:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">Financial instruments that potentially subject the Company and its subsidiaries to concentrations of credit risk consist principally of cash and cash equivalents, short-term bank deposits and trade receivables.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The majority of the Company's cash and cash equivalents are maintained in U.S. dollar. Generally, these cash and cash equivalents and deposits may be redeemed upon demand. Management believes that the financial institutions that hold the Company's and its subsidiaries' cash and cash equivalents are institutions with high credit standing, and accordingly, minimal credit risk exists with respect to these assets.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The Company's trade receivables are geographically diversified and derived from sales to customers all over the world. The Company and its subsidiaries generally do not require collateral; however, in certain circumstances, the Company and its subsidiaries may require letters of credit, additional guarantees or advance payments.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">The Company and its subsidiaries perform ongoing credit evaluations of their customers and insure certain trade receivables under credit insurance policies.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin-left: 55pt">r.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Allowance for doubtful debt:</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">An allowance for doubtful accounts is determined with respect to specific receivables, of which the collection may be doubtful. 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During the hearing the Company agreed to consider summoning to the second evidence hearing one of the abovementioned requested Company's officers, and on October 8, 2017 the Company filed a notice to the court that it agrees that Company's Chief Executive Officer will be summoned to the next evidence hearing. The second and final evidence hearing took place on January 8, 2018.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; text-indent: -0.8pt; margin-left: 85.5pt">Summaries were filed by the plaintiff on March 21, 2018 and the Company filed its summaries on June 12, 2018. The plaintiff filed their reply summaries on September 5, 2018.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">On October 4, 2018, an interim decision regarding dual listed companies, which corresponds with the Company&#8217;s arguments in this case, was rendered by the Supreme Court of Israel. This Supreme court decision upholds two recent rulings of District Court of Tel-Aviv (Economic Department), which determined that all securities litigation regarding dual listed companies should be decided only in accordance with US law (herein after: &#8220;Supreme Court Decision&#8221;).</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">In light of this, on October 15, 2018, the plaintiff asked from court to add a plea to his summaries. The court has approved plaintiff&#8217;s request and gave to the defendants the right to reply. In accordance, the Company&#8217;s response was submitted on December 4, 2018. 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width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">c.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Dividends:</div> </td> </tr> </table> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 85.05pt">In the event that cash dividends are declared in the future, such dividends will be paid in NIS or in foreign currency subject to any statutory limitations. The Company does not intend to pay cash dividends in the foreseeable future.</div></div></div></div></div></div></div> Represent an amount lower than $1 During 2018 the Company recorded $ 969 income upon collection of trade receivables balances from customer in Venezuela at a rate which was higher than the rate it could collect these receivables previously.