XML 20 R6.htm IDEA: XBRL DOCUMENT v3.3.1.900
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:      
Income (loss) for the year $ (5,842,172) $ 2,980,426 $ (9,796,853)
Adjustments to reconcile income (loss) for the year to net cash used in operating activities:      
Depreciation $ 44,891 $ 34,683 33,684
Decrease in liability for employee rights upon retirement (9,959)
Stock-based compensation $ 18,013 $ 50,380 35,619
Issuance costs allocated to warrants with down-round protection 390,928
Change in the fair value of warrants issued with down-round protection $ (149,092) $ (6,559,758) 6,251,242
Linkage difference on principal of loans from stockholders (2,521) $ (556) $ 14,382
Loss on partial extinguishment of Series A Preferred Stock and Series A Warrants 1,284,354
Changes in assets and liabilities:      
Decrease (increase) in accounts receivable 4,131 $ (24,539)
Increase in inventory (737,554) (94,895)
Increase in other current assets (156,302) (32,416) $ (5,234)
Increase (decrease) in accounts payable 982,215 68,838 (77,259)
Increase (decrease) in other current liabilities (11,187) 216,192 (54,317)
Net cash used in operating activities (4,565,224) (3,361,645) (3,217,767)
Cash flows from investment activities:      
Increase in funds in respect of employee rights upon retirement (24,279) (28,058) (40,029)
Purchase of property and equipment (143,736) $ (63,455) $ (64,252)
Increase in long-term restricted cash (35,152)
Net cash used in investment activities $ (203,167) $ (91,513) $ (104,281)
Cash flows from financing activities      
Repayment of credit from banking institutions (38,801)
Cash dividend on Series A Preferred Stock $ (57,061) $ (370,441) (288,248)
Proceeds allocated to convertible Preferred Stock, net of cash issuance expenses 3,710,860 3,960,958
Proceeds allocated to warrants, net of cash issuance expenses $ 3,632,531 $ 1,421,983
Proceeds from exercise of employees' stock options $ 36,137
Repayment of loan from stockholders (439,939)
Net cash provided by (used in) financing activities (460,863) $ 6,972,950 $ 5,055,892
Effect of exchange rate changes on cash and cash equivalents 10,395 (78,143) 108,656
Increase (decrease) in cash and cash equivalents (5,218,859) 3,441,649 1,842,500
Cash and cash equivalents at beginning of year 5,827,560 2,385,911 543,411
Cash and cash equivalents at end of year $ 608,701 $ 5,827,560 $ 2,385,911