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

Consolidated Statements of Cash Flows

v3.23.1
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (4,509,547) $ (2,518,864) $ (12,543,737)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 59,278 55,076 63,095
Amortization 428,431 428,431 428,434
Financial expenses in connection with convertible loans (167,364) 7,892,632 2,597,476
Interest in connection with short term loans 819 4,004
Share-based compensation 480,942 458,373 464,773
Restricted shares issued for services 6,750 34,045
Goodwill impairment 265,089
Intangible asset impairment 2,108,117
Capital loss 43,216
Change in fair value of warrants and capital note (91,516) (8,112,118) 7,011,437
Change in operating assets and liabilities:      
Change in accounts receivable, net (64,074) 152,754 (112,873)
Change in other current assets 22,471 (162,681) 156,041
Change in inventory 29,691 16,822 17,539
Change in trade payables (117,555) 14,142 (171,463)
Change in employees and payroll accruals (489,476) 433,313 70,582
Change in accrued expenses and other current liabilities (586,393) 484,690 882,589
Net cash used in operating activities (2,889,426) (853,426) (793,757)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Net cash acquired in acquisition of Jet CU (see also Note 3) 811,773
Purchase of property and equipment (93,168) (1,869) (2,860)
Net cash provided by (used in) investing activities (93,168) (1,869) 808,913
CASH FLOWS FROM FINANCING ACTIVITIES:      
Change in in short term bank credit (69,877) 14,032 (36,385)
Proceeds in connection with issuance of ordinary shares 3,395,000
Change in in short term loans 230,000
Proceeds from convertible loans and related warrants 255,000 16,748
Advance payment on the account of issuing ordinary shares 350,000
Proceeds (repayment) of short-tern bank loan (14,489)
Net cash provided by (used in) financing activities 3,325,123 849,032 (34,126)
Decrease in cash and restricted cash 342,529 (6,263) (18,970)
CASH AND RESTRICTED CASH AT THE BEGINNING OF THE YEAR 25,064 31,327 50,297
CASH AND RESTRICTED CASH AT THE END OF THE YEAR 367,593 25,064 31,327
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
Conversion of convertible loans including interest to ordinary shares 13,077,466 65,745
Conversion of short term loans including interest to ordinary shares 234,823
Right of use asset recognized with corresponding lease liabilities 135,107
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
Cash 362,609 19,437 31,327
Restricted cash 4,984 5,627
Total $ 367,593 $ 25,064 $ 31,327