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

Significant Accounting Policies (Tables)

v3.21.1
Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Schedule of property and equipment, net of accumulated depreciation
    %
     
Computers   15 – 33
Equipment   7 – 33
Office furniture   7 – 15
Leasehold improvements   (*)
(*) Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term (including the extension option held by the Group and intended to be exercised) and the expected life of the improvement.
Schedule of intangible assets and estimated useful lives
    Estimated useful life
     
Technology   Ten (10) years
Backlog   One (1) year
Schedule of fair value for options granted using the black-scholes option-pricing model
    Year ended December 31,
    2019   2018   2017
             
Dividend yield   0%   0%   0%
Expected volatility   60%   60%   64%-70%
Risk-free interest   2.33%-2.71%   2.15%-2.91%   1.78%-2.28%
Expected life (in years)   4.15-7.00   3.50-4.37   4.50-7.00
Schedule of fair value, assets and liabilities measured on recurring basis
    Fair value measurements using input type  
    Level 1     Level 2     Level 3     Total  
                         
Warrants     -       -     $ 1,504,112     $ 1,504,112  
Capital note     -       -       40,000       40,000  
                                 
Total financial liabilities     -       -     $ 1,544,112     $ 1,554,112  
    Fair value measurements using input type  
    Level 1     Level 2     Level 3     Total  
                         
Warrants     -       -     $ 945,025     $ 945,025  
Capital note     -       -       32,000       32,000  
                                 
Total financial liabilities     -       -     $ 977,025     $ 977,025  
Schedule of liabilities measured at fair value on a recurring basis
    Level 3  
       
Balance as of January 1, 2017   $ 1,162,814  
         
Fair value of warrants issued     684,015  
Fair value of warrants granted for services     738,091  
Changes in Fair value of warrants and capital note     (491,884 )
         
Balance as of December 31, 2017     2,093,036  
         
Fair value of warrants issued     1,044,528  
Fair value of warrants granted for services     119,779  
Changes in Fair value of warrants and capital note     (2,280,318 )
         
Balance as of December 31, 2018   $ 977,025  
         
Fair value of warrants issued     600,469  
Changes in Fair value of warrants and capital note     (33,382 )
         
Balance as of December 31, 2019   $ 1,544,112  
Condensed Cash Flow Statement [Table Text Block]
    Year ended December 31, 2018  
    As previously
reported
    Adjustments     As adjusted  
                   
Changes in restricted cash   $ 706     $ (706 )   $ -  
Net cash used in operating activities     2,591,341       706       2,592,047  
Decrease in cash and cash equivalents     (305,357 )     (706 )     (306,063 )
Cash and cash equivalent at the beginning of the year     450,305       15,380       465,685  
Cash and cash equivalents at the end of the year   $ 144,948     $ 14,674     $ 159,622  
    Year ended December 31, 2017  
    As previously
reported
    Adjustments     As adjusted  
                   
Net cash acquired in acquisition of Digiflex   $ -     $ 15,380     $ 15,380  
Increase in cash and cash equivalents     324,083       15,380       339,463  
Cash and cash equivalents at the end of the year   $ 450,305     $ 15,380     $ 465,685