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

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (3,953,005) $ (1,972,558) $ (2,843,905)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 73,714 149,307 88,289
Amortization 428,431 470,773 37,694
Warrants issued in exchange of services   119,779 738,091
Financial expenses in connection with convertible loans 950,292 1,019,402 (282,015)
Financial expenses in connection with a short-term loan     13,289
Share-based compensation 109,613 153,990 136,134
Restricted shares issued for services 25,644 221,476 298,600
Goodwill impairment 161,381
Change in operating assets and liabilities:      
Change in accounts receivable 114,282 (119,431) 28,087
Change in other current assets 20,838 (9,713) 274,179
Change in inventories (49,438) 47,539 (11,311)
Change in trade payables 64,901 (296,783) (153,892)
Change in employees and payroll accruals 321,017 (73,872) 90,028
Change in accrued expenses and other current liabilities (52,045) (183,019) (91,273)
Change in fair value of warrants and capital note (33,382) (2,280,318) (491,884)
Net cash used in operating activities (1,979,138) (2,592,047) (2,169,889)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Net cash acquired in acquisition of Digiflex (see also Note 3)     15,380
Purchase of property and equipment (11,906) (18,237) (2,185)
Net cash provided by (used in) investing activities (11,906) (18,237) 13,195
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from convertible loans, net of issuance costs 1,775,000 1,898,130 774,400
Proceeds from issuance of ordinary shares, net of issuance costs   567,615 388,019
Proceeds from issuance of warrants     684,015
Receipt on account of ordinary shares and warrants     600,000
Proceeds from stock options exercise   994  
Change in in short term bank credit 92,230 (64,900) 37,723
Proceeds in connection with a promissory note     162,000
Repayment of the promissory note principal   (25,510) (150,000)
Proceeds (repayment) of short-tern bank loan 14,489 (72,108)  
Net cash provided by financing activities 1,881,719 2,304,221 2,496,157
Increase (decrease) in cash and cash equivalents and restricted cash (109,325) (306,063) 339,463
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT THE BEGINNING OF THE YEAR 159,622 465,685 126,222
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT THE END OF THE YEAR 50,297 159,622 465,685
SUPPLEMENTAL INFORMATION AND DISCLOSURE OF NON-CASH FINANCING ACTIVITIES      
Issuance of ordinary shares in connection with acquisition (see also Note 3)     6,728,091
Receivable for Convertible loan (See also Note 4) 150,000    
Conversion of convertible loans including interest to ordinary shares 98,865 59,207  
Purchase of property and equipment that were not paid as of the balance sheet date 9,422    
Cash and cash equivalents 34,382 144,948 450,305
Restricted cash 15,915 14,674 15,380
Total $ 50,297 $ 159,622 $ 465,685