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, 2020
Dec. 31, 2019
Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (12,543,737) $ (3,953,005) $ (1,972,558)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 63,095 73,714 149,307
Amortization 428,434 428,431 470,773
Warrants issued in exchange of services 119,779
Financial expenses in connection with convertible loans 2,597,476 950,292 1,019,402
Share-based compensation 464,773 109,613 153,990
Restricted shares issued for services 34,045 25,644 221,476
Goodwill impairment 265,089 161,381
Capital loss 43,216
Change in operating assets and liabilities:      
Change in accounts receivable (112,873) 114,282 (119,431)
Change in other current assets 156,041 20,838 (9,713)
Change in inventories 17,539 (49,438) 47,539
Change in trade payables (171,463) 64,901 (296,783)
Change in employees and payroll accruals 70,582 321,017 (73,872)
Change in accrued expenses and other current liabilities 882,589 (52,045) (183,019)
Change in fair value of warrants and capital note 7,011,437 (33,382) (2,280,318)
Net cash used in operating activities (793,757) (1,979,138) (2,592,047)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Net cash acquired in acquisition of Jet CU (see also Note 3) 811,773
Purchase of property and equipment (2,860) (11,906) (18,237)
Net cash provided by (used in) investing activities 808,913 (11,906) (18,237)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from convertible loans, net of issuance costs 16,748 1,775,000 1,898,130
Proceeds from issuance of ordinary shares, net of issuance costs 567,615
Proceeds from stock options exercise 994
Change in in short term bank credit (36,385) 92,230 (64,900)
Repayment of the promissory note principal (25,510)
Proceeds (repayment) of short-tern bank loan (14,489) 14,489 (72,108)
Net cash provided by (used in) financing activities (34,126) 1,881,719 2,304,221
Decrease in cash and cash equivalents and restricted cash (18,970) (109,325) (306,063)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT THE BEGINNING OF THE YEAR 50,297 159,622 465,685
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT THE END OF THE YEAR 31,327 50,297 159,622
SUPPLEMENTAL INFORMATION AND DISCLOSURE OF NON-CASH FINANCING ACTIVITIES      
Issuance of ordinary shares and warrants in connection with acquisition (see also Note 3) 411,781
Receivable for Convertible loan (See also Note 4) 150,000
Conversion of convertible loans including interest to ordinary shares 65,745 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 31,327 34,382 144,948
Restricted cash 15,915 14,674
Total $ 31,327 $ 50,297 $ 159,622