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

BALANCE SHEETS

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BALANCE SHEETS - USD ($)
Dec. 31, 2016
Dec. 31, 2015
CURRENT ASSETS:    
Cash and cash equivalents $ 439,077 $ 155,678
Other current assets 20,874 27,017
Total current assets 459,951 182,695
PROPERTY AND EQUIPMENT, Net 123,861 109,585
Total assets 583,812 292,280
CURRENT LIABILITIES:    
Accounts payables 21,874 7,383
Other current liabilities 28,303 36,125
Liability for minimum royalties - current maturity 85,000 35,000
Total current liabilities 135,177 78,508
LONG TERM LIABILITIES    
Long term loan from shareholders 592,868 608,435
Warrants liability, at fair value 259,716 132,847
Total long-term liabilities 852,584 741,282
Total liabilities 987,761 819,790
COMMITMENTS AND CONTINGENT LIABILITIES (note 9)
SHAREHOLDERS' DEFICIT:    
Preferred Shares of NIS 0.01 par value each: Authorized: 10,000,000 shares at December 31, 2016 and 2015. Issued and outstanding: 3,333,471 shares and 3,096,195 shares at December 31, 2016 and 2015, respectively 9,424 8,810
Ordinary Shares of NIS 0.01 par value each: Authorized: 990,000,000 shares at December 31, 2016 and 2015. Issued and outstanding: 63,577,734 shares and 58,955,900 shares at December 31, 2016 and 2015, respectively 166,723 154,781
Additional paid-in capital 1,980,344 1,215,878
Accumulated deficit (2,560,440) (1,906,979)
Total shareholders’ deficit (403,949) (527,510)
Total liabilities and shareholders’ deficit $ 583,812 $ 292,280