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

Balance Sheets

v3.8.0.1
Balance Sheets - USD ($)
Dec. 31, 2017
Dec. 31, 2016
Current assets:    
Cash and cash equivalents $ 683,202 $ 439,077
Restricted cash 10,099
Other current assets 19,754 20,874
Total current assets 713,055 459,951
Property and equipment, net 103,374 123,861
Total assets 816,429 583,812
Current liabilities:    
Liability for minimum royalties 135,000 85,000
Accounts payable 21,874
Other current liabilities 109,791 28,303
Total current liabilities 244,791 135,177
Non-current liabilities:    
Long-term loans from shareholders 659,526 592,868
Liability for minimum royalties - long-term 188,000
Derivative warrant liability 1,063,745 259,716
Total non-current liabilities 1,911,271 852,584
Commitments and contingent liabilities
Shareholders' deficit:    
Preferred Shares of NIS 0.01 par value each: Authorized: 10,000,000 shares at December 31, 2017 and 2016. Issued and outstanding: 0 shares and 3,333,471 shares at December 31, 2017 and 2016, respectively 9,424
Ordinary Shares of NIS 0.01 par value each: Authorized: 990,000,000 shares at December 31, 2017 and 2016. Issued and outstanding: 70,087,141 shares and 63,577,734 shares at December 31, 2017 and 2016, respectively 184,961 166,723
Additional paid-in capital 3,711,218 1,980,344
Accumulated deficit (5,235,812) (2,560,440)
Total shareholders' deficit (1,339,633) (403,949)
Total liabilities and shareholders' deficit $ 816,429 $ 583,812