XML 16 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
9 Months Ended 120 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Cash flows from operating activities:      
Loss for the period $ (1,765,629) $ (2,155,190) $ (11,918,809)
Adjustments to reconcile net loss for the period to net cash used in operating activities:      
Depreciation 16,687 14,370 126,128
Increase in liability for employee rights upon retirement 34,754 24,844 257,329
Stock-based compensation 283,554 12,593 1,136,385
Stock-based interest compensation to convertible notes holders    945,468 1,214,943
Linkage difference on principal of loans from stockholders 27,502 9,777 179,617
Interest on convertible notes    50,497 78,192
Gain on sale of property and equipment       (912)
Gain in respect of trading marketable securities       (12,920)
Changes in assets and liabilities:      
Decrease (increase) in other current assets 17,885 (14,306) (41,434)
Increase (decrease) in accounts payable - trade 109,968 (7,950) 118,413
Increase (decrease) in accounts payable - other (62,131) 186,082 164,936
Net cash used in operating activities (1,337,410) (933,815) (8,698,132)
Cash flows from investment activities:      
Increase in funds in respect of employee rights upon retirement (16,080) (19,998) (133,320)
Purchase of property and equipment (53,388) (6,589) (207,542)
Proceeds from sale of property and equipment       4,791
Investment in marketable securities       (388,732)
Sale of marketable securities       406,995
Short-term loan granted to related party, net of repayments       (14,252)
Net cash used in investment activities (69,468) (26,587) (332,060)
Cash flows from financing activities      
Credit from banking institutions (18,943) (4,192) (6,492)
Proceeds from issuance of convertible notes       1,144,000
Repayment of convertible notes       (527,396)
Proceeds from issuance of Common Stock, net of issuance expenses 2,401,214    10,406,381
Deferred offering cost    (77,292)   
Proceeds from stockholders loans       347,742
Convertible notes - net cash received    999,000   
Net cash provided by financing activities 2,382,271 917,516 11,364,235
Effect of exchange rate changes on cash and cash equivalents 6,528 627 142,126
Increase (decrease) in cash and cash equivalents 981,921 (42,259) 2,476,169
Cash and cash equivalents at beginning of the period 1,494,248 62,032   
Cash and cash equivalents at end of the period $ 2,476,169 $ 19,773 $ 2,476,169