XML 19 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities:    
Loss for the period $ (5,087,526) $ (2,815,762)
Adjustments to reconcile loss for the period to net cash used in operating activities:    
Depreciation 33,024 27,980
Stock-based compensation 1,208,246 34,297
Remeasurement adjustment of warrants issued to placement agent 211,077
Change in the fair value of Warrants with down-round protection (191,075) (64,212)
Linkage difference on principal of loans from stockholders 26 (639)
Changes in assets and liabilities:    
(Increase) in accounts receivable (28,615) (51,053)
Decrease in inventory 49,255 130,203
Decrease in other current assets 222,952 147,697
(Decrease) increase in accounts payable 26,829 (638,908)
Increase in other current liabilities 171,018 132,153
Decrease in liability for employee rights upon retirement (10,148)
Net cash used in operating activities (3,606,014) (2,887,167)
Cash flows from investing activities:    
Purchase of property and equipment (4,849) (46,397)
Net cash used in investing activities (4,849) (46,397)
Cash flows from financing activities    
Cash dividend on Series A Preferred Stock 2,686 (4,753)
Proceeds allocated to Series C Preferred Stock, net of cash issuance expenses 3,022,002 2,508,321
Proceeds allocated to Series C Warrants, net of cash issuance expenses 1,495,541 1,242,158
Net cash provided by financing activities 4,520,229 3,745,726
Effect of exchange rate changes on cash and cash equivalents 74,420 (15,329)
Increase in cash and cash equivalents 983,786 796,833
Cash and cash equivalents at beginning of the period 148,836 608,701
Cash and cash equivalents at end of the period $ 1,132,622 $ 1,405,534