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

Consolidated Statements of Cash Flows

v3.5.0.2
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Net loss $ (1,773,655) $ (2,164,368) $ (1,591,189)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 50,826 46,435 23,589
Share-based compensation 8,788 382,595 35,492
Amortization of discount attribute to convertible loans 206,546
Change in fair value of embedded conversion feature of warrants, loans and capital note (19,278) 235,382 59,901
Change in other current assets (60,243) (56,732) 24,223
Change interest on convertible loans (13,905)
Change in inventory (20,228) (8,733) (7,208)
Change in trade payables 234,939 (64,420) (63)
Change in employees and payroll accruals 44,204 (12,040) 48,288
Change in other current liabilities 428,227 (28,811) 104,913
Net cash used in operating activities (1,106,420) (1,670,692) (1,109,413)
Cash flows from investing activities:      
Proceeds from short-term deposit, net 61,749
Purchase of property and equipment (42,074) (57,874) (42,415)
Net cash used in investing activities (42,074) (57,874) 19,334
Cash flows from financing activities:      
Proceeds from convertible loans 836,294 100,000
Proceeds from issuance of shares, net 298,464 1,007,420 1,064,903
Increase in short term bank credit 37,707
Proceeds from issuance of warrants presented as liability 142,470 457,501
Net cash provided by financing activities 478,641 2,301,215 1,164,903
Increase (decrease) in cash and cash equivalents (669,853) 572,649 74,824
Cash and cash equivalents at beginning of year 680,765 108,116 33,292
Cash and cash equivalents at the end of the year 10,912 680,765 108,116
Supplemental information and disclosure of non-cash financing activities      
Conversion of convertible loans including interest in to shares 720,276 1,687,621
Issuance of warrants presented as liability 334,517
Reclassification of warrants from liability to equity 16,883 117,500
Issuance of warrants and capital note in respect of equity restructuring $ 90,280