XML 17 R6.htm IDEA: XBRL DOCUMENT v3.5.0.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities:    
Loss for the period $ (4,270,506) $ (4,297,307)
Adjustments to reconcile income (loss) for the period to net cash used in operating activities:    
Depreciation 41,951 29,709
Stock-based compensation 55,405 15,675
Incremental fair market value adjustments of modified warrants issued to placement agent 211,077
Change in the fair value of Warrants with down-round protection (110,498) (119,148)
Linkage difference on principal of loans from stockholders 27 (1,384)
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 (51,356) 1,251
Decrease (increase) in inventory 170,274 (180,144)
Decrease (increase) in other current assets 157,149 (135,485)
(Decrease) increase in accounts payable (815,795) 363,639
Increase (decrease) in other current liabilities 265,983 (68,374)
Net cash used in operating activities (4,346,289) (3,107,214)
Cash flows from investing activities:    
Increase in funds in respect of employee rights upon retirement (24,279)
Purchase of property and equipment (75,269) (94,714)
Net cash used in investing activities (75,269) (118,993)
Cash flows from financing activities    
Cash dividend on Series A Preferred Stock (13,529) (52,361)
Proceeds allocated to Series C Preferred Stock, net of cash issuance expenses 3,021,063
Proceeds allocated to Series C Warrants, net of cash issuance expenses 1,496,077
Repayment of loan from stockholders (439,939)
Net cash provided by (used in) financing activities 4,503,611 (492,300)
Effect of exchange rate changes on cash and cash equivalents 5,405 (4,195)
Increase (decrease) in cash and cash equivalents 87,458 (3,722,702)
Cash and cash equivalents at beginning of the period 608,701 5,827,560
Cash and cash equivalents at end of the period $ 696,159 $ 2,104,858