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

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (2,675,372) $ (653,461) $ (818,541)
Adjustments required to reconcile net loss to net cash used in operating activities:      
Depreciation 24,083 20,695 11,898
Liability for minimum royalties 238,000 50,000 35,000
Changes in fair value of warrants liability 1,101,229 (117,577) (35,188)
Stock-based compensation 113,758 210,180 219,239
Inducement related to warrants exercised (see Note 8) 166,500
Financing expenses of long-term loans and other NIS denominated balances 66,658 7,962 (8,201)
Decrease in other current assets 1,120 6,143 37,374
Increase (decrease) in accounts payables (21,874) 14,491 (7,995)
Decrease (increase) in other current liabilities 81,488 (7,822) (48,240)
Net cash used in operating activities (904,410) (469,389) (614,654)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (3,596) (34,971) (117,788)
Restricted cash (10,099)
Net cash used in investing activities (13,695) (34,971) (117,788)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds allocated to ordinary shares, net 562,604 566,569 659,485
Proceeds allocated to warrants 244,446 168,035
Proceeds from exercise of warrants, net 599,400
Proceeds from exercise of stock options 226 273
Repayments of shareholders loans (23,529)  
Net cash provided by financing activities 1,162,230 787,759 827,520
INCREASE IN CASH AND CASH EQUIVALENTS 125,244 283,399 95,078
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 439,077 155,678 60,600
CASH AND CASH EQUIVALENTS AT END OF YEAR 683,202 439,077 155,678
Supplemental disclosure of non-cash activities:      
Fair value of warrants liability classified to equity in connection with warrants exercised during the period (see Note 8) 297,200
During the reported period, the entire balance of preferred shares were converted into ordinary shares (see Note 10) $ 9,424