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

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2019
Dec. 31, 2018
CURRENT ASSETS:    
Cash and cash equivalents $ 34,382 $ 144,948
Restricted cash 15,915 14,674
Accounts receivable, net 86,494 200,776
Other current assets 194,173 65,011
Inventory, net 102,782 53,344
Total current assets 433,746 478,753
NON-CURRENT ASSETS:    
Property and equipment, net 248,316 300,702
Intangible asset, net 3,393,413 3,821,844
Goodwill 3,026,036 3,026,036
Total non-current assets 6,667,765 7,148,582
Total assets 7,101,511 7,627,335
CURRENT LIABILITIES:    
Short term bank credit 92,230  
Short-term loans 14,489  
Trade payables 783,592 709,269
Employees and payroll accruals 680,290 359,273
Accrued expenses and other current liabilities 790,097 842,142
Convertible loans 3,899,516 226,661
Warrants presented at fair value 158,112  
Total current liabilities 6,418,326 2,137,345
NON-CURRENT LIABILITIES:    
Capital note 40,000 32,000
Convertible loans 291,474 1,809,816
Warrants presented at fair value 1,346,000 945,025
Total non-current liabilities 1,677,474 2,786,841
Total liabilities 8,095,800 4,924,186
SHAREHOLDERS’ EQUITY (DEFICIT):    
Ordinary shares of NIS 0.01 par value - Authorized: 200,000,000 as of December 31, 2019 and 2018; Issued and outstanding: 24,393,218 and 23,491,948 ordinary shares as of December 31, 2019 and 2018, respectively 65,842 63,301
Additional paid in capital 19,951,632 19,698,606
Accumulated deficit (21,011,763) (17,058,758)
Total shareholders’ equity (deficit) (994,289) 2,703,149
Total liabilities and shareholders’ equity (deficit) $ 7,101,511 $ 7,627,335