XML 35 R7.htm IDEA: XBRL DOCUMENT v3.6.0.2
Consolidated Statements of Cash Flows - USD ($)
12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Nov. 28, 2016
OPERATING ACTIVITIES      
Net loss $ (9,663,000) $ (921,000)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation 10,000 17,000  
Interest and revaluation of convertible notes, net 333,000 7,000  
Share based transaction costs incurred in reverse recapitalization 7,258,000  
Changes in fair value of derivative warrant liability (262,000)  
Share-based compensation expense 676,000  
Changes in assets and liabilities:      
Increase in other receivables 538,000 66,000  
Increase in other payables and accrued liabilities 324,000 66,000  
Net cash used in operating activities (786,000) (765,000)  
INVESTMENT ACTIVITIES      
Purchase of property and equipment (25,000) (2,000)  
Net cash used in investing activities (25,000) (2,000)  
FINANCING ACTIVITIES      
Acquisition of a subsidiary in connection with reverse recapitalization 269,000  
Transaction costs incurred in reverse recapitalization (347,000)  
Inflows in connection with current assets and liabilities acquired in reverse recapitalization, net 2,002,000  
Exercise of warrants issued upon conversion of notes 409,000  
Issuance of convertible notes 750,000 413,000  
Net cash provided by financing activities 3,083,000 413,000  
Increase (decrease) in cash and cash equivalents 2,272,000 (354,000)  
Cash and cash equivalents at the beginning of the year 437,000 791,000  
Cash and cash equivalents at the end of the year 2,709,000 $ 437,000  
Assets acquired (liabilities assumed):      
Current assets excluding cash and cash equivalents $ 7,262,000   $ (3,618,000)
Current liabilities     811,000
Derivative warrant liability     575,000
Convertible note     2,029,000
Reverse recapitalization effect on equity     472,000
Cash acquired in connection with reverse recapitalization     $ 269,000