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

Significant Accounting Policies (Tables)

v3.20.2
Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Schedule of Restricted Cash and Cash Equivalents
  Restricted cash is invested in certificates of deposit, which are used to secure the Company’s line of credit. For presentation of statement of cash flows purposes, restrict cash balances are included with cash and cash equivalents, when reconciling the reported period total amounts.

 

   

As of

December 31,

  
    2019     2018  
Cash and cash equivalents   $ 12,155     $ 63,550  
Restricted cash     5,275       9,343  
Total cash, cash equivalents and restricted cash shown in statement of cash flows   $ 17,430     $ 72,893  

Schedule of Property Plant and Equipment Depreciation Rate
  Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. When an asset is retired or otherwise disposed of, the related cost and accumulated depreciation are removed from the respective accounts and the net difference less any amount realized from disposition is reflected in the statements of operations.

 

Rate of depreciation   %  
       
Laboratory equipment     15  
Furniture and equipment     7-15  
Computers     33  
Vehicle     15  

Schedule of Weighted Average Number of Ordinary Shares
  The loss and the weighted average number of ordinary shares used in computing basic and diluted loss per ordinary share for the years ended December 31, 2019, 2018 and 2017, are as follows:

 

    Year ended December 31,  
    2019     2018     2017  
                   
Loss for the year   $ 11,814,515     $ 457,541     $ 2,675,372  
Less: Loss attributed to preferred shares     -       -       31,950  
                         
Loss for the year attributable to ordinary shareholders   $ 11,814,515     $ 457,541     $ 2,643,422  
                         
Weighted average number of ordinary shares outstanding attributable to ordinary shareholders     92,024,188       70,869,924       68,587,261