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

Consolidated Statements of Cash Flows

v3.19.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (1,972,558) $ (2,843,905) $ (1,621,400)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 149,307 88,289 55,212
Amortization 470,773 37,694
Fair value of warrants issued for services 119,779 738,091  
Interest and accretion back in connection with convertible loans 1,019,402 (282,015)
Interest expense in connection with a short-term loan 13,289
Share-based compensation 153,990 136,134 52,389
Professional service received in connection with issuance of ordinary shares 221,476 298,600
Goodwill impairment 161,381  
Beneficial conversion feature related to bridge financing notes   74,160
Change in operating assets and liabilities:      
Change in restricted cash 706
Change in accounts receivable (119,431) 28,087 (18,807)
Change in other current assets (9,713) 274,179 (19,223)
Change in inventories 47,539 (11,311) (5,613)
Change in trade payables (296,783) (153,892) 164,926
Change in employees and payroll accruals (73,872) 90,028 33,314
Change in accrued expenses and other current liabilities (183,019) (91,273) (20,167)
Change in fair value of warrants and capital note (2,280,318) (491,884) (25,936)
Net cash used in operating activities (2,591,341) (2,169,889) (1,281,273)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (18,237) (2,185) (13,860)
Net cash used in investing activities (18,237) (2,185) (13,860)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from convertible loans, net of issuance costs 1,898,130 774,400 206,000
Proceeds from issuance of ordinary shares, net of issuance costs 567,615 388,019 1,013,808
Proceeds from issuance of warrants 684,015
Receipt on account of ordinary shares and warrants 600,000
Proceeds from warrants exercise 26,251
Proceeds from stock options exercise 994 154
Proceeds from issuance of warrants classified as liability 183,260
(Decrease) increase in short term bank credit (64,900) 37,723 (19,030)
Proceeds in connection with a promissory note 162,000
Repayment of the promissory note principal (25,510) (150,000)
Repayment of short-tern bank loan (72,108)
Net cash provided by financing activities 2,304,221 2,496,157 1,410,443
Increase (decrease) in cash and cash equivalents (305,357) 324,083 115,310
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR 450,305 126,222 10,912
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 144,948 450,305 126,222
SUPPLEMENTAL INFORMATION AND DISCLOSURE OF NON-CASH FINANCING ACTIVITIES      
Issuance of ordinary shares in connection with acquisition (see also Note 3) 6,728,091
Conversion of convertible loans including interest to ordinary shares 59,207 206,000
Purchase of property and equipment on credit $ 224,550
Issuance of ordinary shares $ 394,155