Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.21.1
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:    
Net loss $ (29,773,000) $ (11,815,000)
Adjustments required to reconcile net loss to net cash used in operating activities:    
Depreciation 96,000 30,000
Liability for minimum royalties 53,000 50,000
Interest and royalty expenses related to receivables financing facility (Note 7) 1,006,000
Stock-based compensation 2,612,000 1,254,000
Impairment of investment in affiliated company (Notes 4A and 4B) 2,718,000 1,345,000
Revaluation of investment in affiliated company to fair value (Note 4A3) (1,623,000)
IPR&D acquired as part of asset acquisition (Note 4A3) 8,157,000
Expiration of call options to acquire potential acquiree (Note 14C7) 3,000,000
Share in losses of affiliated company (Note 4B) 105,000 448,000
Expiration of right to obtain control over affiliated company (Note 4A) 1,173,000
Modification of terms relating to loans from shareholders (Note 10) 1,423,000
Modification of convertible bridge loans transactions (Note 11) (3,375,000)
Issuance of ordinary shares and stock warrants upon modification of terms relating to convertible bridge loans transactions 55,000
Exchange differences relating to loans from shareholders (Note 10) 40,000 48,000
Change in fair value of convertible bridge loans (Note 11) 8,973,000 2,322,000
Amortization of discounts and accrued interest on convertible bridge loans (Note 11) 1,655,000
Amortization of discounts and accrued interest on straight loans (Note 8) 1,170,000 959,000
Direct and incremental issuance costs allocated to First Warrant related to convertible bridge loans transactions paid with Warrants (Note 11) 11,000
Issuance of shares as a settlement in excess of the carrying amount of financial liabilities (Notes 15B10, 15B11 and 15B12) 487,000
Change in fair value of derivative warrants liability and fair value of warrants expired (Note 12) 927,000 500,000
Change in fair value of liability related to conversion feature of convertible bridge loans (Note 13) (568,000)
Increase in trade receivables (537,000)
Increase in inventories (378,000)
Decrease (increase) in other current assets (385,000) 24,000
Increase in accounts payables 1,405,000 364,000
Increase in deferred revenues 844,000
Increase in other current liabilities 778,000 567,000
Net cash used in operating activities (2,558,000) (1,276,000)
Cash flows from investing activities:    
Loans granted to affiliated company (Note 4A2) (448,000)
Purchase of property and equipment (2,030,000) (1,000)
Purchase of intangible IPR&D (Note 4A3) (450,000)
Investment in affiliated companies (Note 4B) (911,000)
Investment in other company (Note 5) (225,000)
Net cash used in investing activities (3,616,000) (449,000)
Cash flows from financing activities:    
Proceeds from Receivables financing facility (Note 7) 2,617,000
Repayment of Receivables financing facility (Note 7) (2,317,000)
Proceeds from issuance of units consisting of straight loans and stock warrants (Note 8) 2,035,000 1,374,000
Proceeds from issuance of units consisting of convertible bridge loans, stock warrants and shares, net (Note 11) 2,390,000
Proceeds from issuance of units consisting of ordinary shares and stock warrants (Note 15B3, Note 15B4 and 15B5) 30,000 295,000
Proceeds from issuance of ordinary shares through equity line (Note 15B14) 2,339,000
Net cash provided by financing activities 7,092,000 1,669,000
Change in cash, cash equivalents and restricted cash 918,000 (56,000)
Cash, cash equivalents and restricted cash at beginning of year 17,000 73,000
Cash, cash equivalents and restricted cash at end of year 935,000 17,000
Supplemental disclosure of non-cash activities:    
Issuance of ordinary shares as consideration for unit consisting of investment in affiliated company and right to obtain control over affiliated company (Note 4A) 2,518,000
Conversion of loans from shareholders into ordinary shares and stock warrant (Note 10) 350,000 350,000
Partial conversion of convertible bridge loans and liability related to conversion feature of convertible bridge loans into ordinary shares (Note 11 and Note 13) 4,677,000 336,000
Fair value of derivative warrants liability and convertible bridge loans classified into equity in connection with convertible bridge loans converted (Note 12) 651,000 60,000
Direct and incremental issuance costs related to convertible bridge loans transactions paid in Warrants (Note 11) 68,000
Commitment for issuance of fixed number of ordinary shares and stock warrants upon modification of terms relating to convertible bridge loans transactions (Note 11) 162,000
Beneficial conversion feature upon modification of terms of convertible bridge loans (Note 11) 80,000
Issuance of ordinary shares as partial settlement of financial liability (Notes 15B10, 15B11 and 15B12) 530,000 13,000
Issuance of shares upon acquisition of an IPR&D (Note 4A3) 6,084,000
Issuance of ordinary shares as commitment shares in exchange for receivables financing facility granted (Note 7) 315,000
Issuance of ordinary shares as commitment shares in exchange for equity line granted (Note 15B14) 482,000
Investment in affiliated company by issuance shares and commitment for issued shares as contingent consideration and commitment for additional funding (Notes 4B and 4C) 2,657,000
Issuance of ordinary shares and stock warrants in exchange for convertible bridge loans granted (Note 11) $ 1,219,000