Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net loss $ (2,843,905) $ (1,621,400) $ (1,773,655)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 88,289 55,212 50,826
Amortization 37,694
Fair value of warrants granted for services 738,091
Interest and accretion back in connection with convertible loans (282,015)
Interest expense in connection with a short term loan 13,289
Share-based compensation 136,134 52,389 8,788
Professional service received in connection with issuance of ordinary shares 298,600
Beneficial conversion feature related to bridge financing notes 74,160
Change in accounts receivable 28,087 (18,807)
Change in other current assets 274,179 19,223 (60,243)
Change in inventories (11,311) 5,613 (20,228)
Change in trade payables (153,892) 164,926 234,939
Change in employees and payroll accruals 90,028 33,314 44,204
Change in accrued expenses and other current liabilities (91,273) (20,167) 428,227
Change in fair value of warrants and capital note (491,884) (25,936) (19,278)
Net cash used in operating activities (2,169,889) (1,281,273) (1,106,420)
Cash flows from investing activities:      
Purchase of property and equipment (2,185) (13,860) (42,074)
Net cash used in investing activities (2,185) (13,860) (42,074)
Cash flows from financing activities:      
Proceeds from convertible loans, net of issuance costs 774,400 206,000
Proceeds from issuance of shares, net 388,019 1,013,808 298,464
Proceeds from issuance of warrants 684,015
Receipt on account of shares and warrants 600,000
Proceeds from warrants exercise 26,251
Proceeds from stock options exercise 154
Proceeds from issuance of warrants presented as liability 183,260 142,470
Increase (decrease) in short term bank credit 37,723 (19,030) 37,707
Proceeds in connection with a promissory note 162,000
Repayment of the promissory note principal (150,000)
Net cash provided by financing activities 2,496,157 1,410,443 478,641
Increase (decrease) in cash 324,083 115,310 (669,853)
Cash at the beginning of the year 126,222 10,912 680,765
Cash at the end of the year 450,305 126,222 10,912
Supplemental information and disclosure of non-cash financing activities      
Issuance of shares in connection with acquisition (see also Note 3) 6,728,091
Conversion of convertible loans including interest in to shares 206,000
Purchase of property and equipment on credit $ 224,550