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

Consolidated Statements of Cash Flows

v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:      
Net loss $ (1,621,400) $ (1,773,655) $ (2,164,368)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 55,212 50,826 46,435
Share-based compensation 52,389 8,788 382,595
Beneficial conversion feature related to bridge financing notes 74,160
Change in other current assets 616 (60,243) (56,732)
Change in inventories 5,613 (20,228) (8,733)
Change in trade payables 164,926 234,939 (64,420)
Change in employees and payroll accruals 33,314 44,204 (12,040)
Change in other current liabilities (20,167) 428,227 (28,811)
Change in fair value of warrants and capital note (25,936) (19,278) 235,382
Net cash used in operating activities (1,281,273) (1,106,420) (1,670,692)
Cash flows from investing activities:      
Purchase of property and equipment (13,860) (42,074) (57,874)
Net cash used in investing activities (13,860) (42,074) (57,874)
Cash flows from financing activities:      
Proceeds from convertible loans 206,000 836,294
Proceeds from issuance of shares, net 1,013,808 298,464 1,007,420
Proceeds from warrants exercise 26,251
Proceeds from stock options exercise 154
Increase (decrease) in short term bank credit (19,030) 37,707
Proceeds from issuance of warrants presented as liability 183,260 142,470 457,501
Net cash provided by financing activities 1,410,443 478,641 2,301,215
Increase (decrease) in cash 115,310 (669,853) 572,649
Cash at the beginning of the year 10,912 680,765 108,116
Cash at the end of the year 126,222 10,912 680,765
Supplemental information and disclosure of non-cash financing activities      
Conversion of convertible loans including interest in to shares 206,000 720,276
Issuance of warrants presented as liability 334,517
Reclassification of warrants from liability to equity 16,883
Issuance of warrants and capital note in respect of equity restructuring 90,280
Purchase of property and equipment on credit $ 224,550