Incredimail 2012 Annual Report Download - page 118

PERION NETWORK LTD. AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
The facilities of the Company are rented under operating lease agreements that expire in 2015. The Company leases its motor
vehicles and servers under cancelable operating lease agreements.
Aggregate minimum lease commitments under operating leases as of December 31, 2012, were as follows:
Total rent expenses for the years ended December 31, 2010, 2011 and 2012 amounted to $ 503, $ 586 and $ 967, respectively.
Total lease expenses for the years ended December 31, 2010, 2011 and 2012 amounted to $ 395, $ 349 and $ 234, respectively.
NOTE 7:
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ACCRUED EXPENSES AND OTHER LIABILITIES
December 31,
2011 2012
Employees and payroll accruals
$
1,556
3,865
Government authorities
1,429
3,812
Uncertain tax position liability
2,151
3,952
Deferred tax liabilities, net
-
971
Accrued expenses and other
1,814
2,079
$
6,950
14,679
NOTE 8:
-
COMMITMENTS AND CONTINGENT LIABILITIES
2013
$
1,173
2014
1,145
2015
586
$
2,904
NOTE 9:
-
LONG
-
TERM LOAN
a.
On May 17, 2012, the Company entered into Loan Agreements (the "Agreements"), with two Israeli Banks (the "Banks"),
based on which the Company borrowed $10,000
The Agreements contain various provisions including a pledge of all the Company’
s assets under a floating charge,
compliance with certain financial covenants, restrictive covenants, including negative pledges, and other commitments,
typically contained in facility agreements of this type. As of December 31, 2012, the Company was in compliance with all
covenants.
The loans shall be repaid in 16 and 20 equal quarterly installments, respectively starting July 17, 2012. Interest rates
applicable are 4.35% and 4.64%, payable monthly starting May 17, 2012.
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