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

Consolidated Statements of Cash Flows

v3.22.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (2,518,864) $ (12,543,737) $ (3,953,005)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 55,076 63,095 73,714
Amortization 428,431 428,434 428,431
Financial expenses in connection with convertible loans 7,892,632 2,597,476 950,292
Interest in connection with short term loans 4,004
Share-based compensation 458,373 464,773 109,613
Restricted shares issued for services 34,045 25,644
Goodwill impairment 265,089
Capital loss 43,216
Change in operating assets and liabilities:      
Change in accounts receivable 152,754 (112,873) 114,282
Change in other current assets (162,681) 156,041 20,838
Change in inventories 16,822 17,539 (49,438)
Change in trade payables 14,142 (171,463) 64,901
Change in employees and payroll accruals 433,313 70,582 321,017
Change in accrued expenses and other current liabilities 484,690 882,589 (52,045)
Change in Israel National Authority for Technology and Innovation (8,112,118) 7,011,437 (33,382)
Net cash used in operating activities (853,426) (793,757) (1,979,138)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Net cash acquired in acquisition of Jet CU (see also Note 3) 811,773
Purchase of property and equipment (1,869) (2,860) (11,906)
Net cash provided by (used in) investing activities (1,869) 808,913 (11,906)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Change in in short term bank credit 14,032 (36,385) 92,230
Change in in short term loans 230,000
Proceeds from convertible loans and related warrants 255,000 16,748 1,775,000
Advance payment on the account of issuing ordinary shares 350,000
Proceeds (repayment) of short-tern bank loan (14,489) 14,489
Net cash provided by (used in) financing activities 849,032 (34,126) 1,881,719
Decrease in cash and cash equivalents and restricted cash (6,263) (18,970) (109,325)
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT THE BEGINNING OF THE YEAR 31,327 50,297 159,622
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT THE END OF THE YEAR 25,064 31,327 50,297
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 150,000
Conversion of convertible loans including interest to ordinary shares 13,077,466 65,745 98,865
Allocation of the 8,000,000 warrants FV granted to former Jet CU shareholders to the consolidated statement of shareholders’ equity (deficit) as of September 23, 2021 in exchange for 5,428,572 additional ordinary shares 488,907
Purchase of property and equipment that were not paid as of the balance sheet date 9,422
Cash and cash equivalents 19,437 31,327 34,382
Restricted cash 5,627 15,915
Total $ 25,064 $ 31,327 $ 50,297