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

Consolidated Balance Sheets

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Consolidated Balance Sheets - USD ($)
Dec. 31, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash and cash equivalents $ 144,948 $ 450,305
Restricted cash 14,674 15,380
Accounts receivable, net 200,776 81,345
Other current assets 65,011 55,298
Inventory, net 53,344 100,883
Total current assets 478,753 703,211
NON-CURRENT ASSETS:    
Property and equipment, net 300,702 431,772
Intangible asset, net 3,821,844 4,292,617
Goodwill 3,026,036 3,187,417
Total non-current assets 7,148,582 7,911,806
Total assets 7,627,335 8,615,017
CURRENT LIABILITIES:    
Short term bank credit 64,900
Short-term loans 97,618
Trade payables 709,269 1,006,052
Employees and payroll accruals 359,273 433,145
Accrued expenses and other current liabilities 842,142 1,025,161
Convertible loans 226,661 492,385
Total current liabilities 2,137,345 3,119,261
NON-CURRENT LIABILITIES:    
Capital note 32,000 57,658
Receipt on account of ordinary shares and warrants 600,000
Convertible loans 1,809,816
Warrants presented at fair value 945,025 2,035,378
Total non-current liabilities 2,786,841 2,693,036
Total liabilities 4,924,186 5,812,297
SHAREHOLDERS' EQUITY:    
Ordinary shares of NIS 0.01 par value - Authorized: 200,000,000 and 100,000,000 ordinary shares as of December 31, 2018 and 2017, respectively; Issued and outstanding: 23,491,948 and 21,737,263 ordinary shares as of December 31, 2018 and 2017, respectively 63,301 58,559
Additional paid in capital 19,698,606 17,830,361
Accumulated deficit (17,058,758) (15,086,200)
Total shareholders' equity 2,703,149 2,802,720
Total liabilities and shareholders' equity $ 7,627,335 $ 8,615,017