Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2020shares | |
Document And Entity Information | |
Entity Registrant Name | Save Foods Inc. |
Entity Central Index Key | 0001789192 |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2020 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business Flag | true |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 10,209,487 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2020 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 180,003 | $ 290,815 |
Restricted Cash | 37,027 | 38,194 |
Accounts receivable, net | 64,003 | |
Inventories | 11,267 | 16,302 |
Other current assets | 26,159 | 15,300 |
Total Current assets | 254,456 | 424,614 |
Right Of Use asset arising from operating lease | 37,314 | 48,982 |
Property and Equipment, Net | 73,703 | 81,119 |
Funds in Respect of Employee Rights Upon Retirement | 109,871 | 109,955 |
Total assets | 475,344 | 664,670 |
Current Liabilities | ||
Short-term loan from banking institution | 7,049 | 7,230 |
Accounts payable | 219,145 | 235,864 |
Other accounts liabilities | 392,148 | 380,732 |
Total current liabilities | 618,342 | 623,826 |
Convertible Loans | 403,011 | 285,917 |
Long term from banking institution | 12,717 | 14,955 |
Liability for employee rights upon retirement | 142,357 | 142,091 |
Total liabilities | 1,176,427 | 1,066,789 |
Stockholders' Deficit | ||
Common stocks of US$ 0.0001 par value each ("Common Stocks"): 495,000,000 shares authorized as of March 31, 2020 and December 31, 2019; issued and outstanding 10,209,487 shares as of March 31, 2020 and December 31, 2019. | 1,021 | 1,021 |
Preferred stocks of US$ 0.0001 par value ("Preferred stocks"): 5,000,000 shares authorized as of March 31, 2020 and December 31, 2019; issued and outstanding 0 shares as of March 31, 2020 and December 31, 2019. | ||
Additional paid-in capital | 10,398,420 | 10,328,696 |
Foreign currency translation adjustments | (26,275) | (26,275) |
Accumulated deficit | (11,050,155) | (10,684,508) |
Stockholders' Equity | (676,989) | (381,066) |
Non-controlling interests | (24,094) | (21,053) |
Total stockholders' deficit | (701,083) | (402,119) |
Total liabilities and stockholders' deficit | $ 475,344 | $ 664,670 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stocks, par value | $ 0.0001 | $ 0.0001 |
Common stocks, shares authorized | 495,000,000 | 495,000,000 |
Common stocks, shares issued | 10,209,487 | 10,209,487 |
Common stocks, shares outstanding | 10,209,487 | 10,209,487 |
Preferred stocks, par value | $ 0.0001 | $ 0.0001 |
Preferred stocks, shares authorized | 5,000,000 | 5,000,000 |
Preferred stocks, shares issued | 0 | 0 |
Preferred stocks, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Revenues from sales of products | $ 63,566 | $ 129,733 |
Cost of sales | (20,775) | (34,041) |
Gross profit | 42,791 | 95,692 |
Research and development expenses | (157,636) | (131,826) |
Selling and marketing expenses | (28,937) | (146,562) |
General and administrative expenses | (218,079) | (163,148) |
Operating loss | (361,861) | (345,844) |
Financing expenses, net | (7,202) | (13,502) |
Net loss | (369,063) | (359,346) |
Less: Net loss attributable to non-controlling interests | 3,416 | 3,584 |
Net loss attributable to the Company | $ (365,647) | $ (355,762) |
Loss per share (basic and diluted) | $ (0.04) | $ (0.04) |
Basic and diluted weighted average number of shares of common stock outstanding | 10,209,487 | 9,521,981 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Proceeds on Account of shares [Member] | Accumulated Deficit [Member] | Total Company's Stockholders' Equity [Member] | Non-controlling Interest [Member] | Total |
Beginning balance at Dec. 31, 2018 | $ 923 | $ 8,851,670 | $ (26,275) | $ 105,000 | $ (8,713,091) | $ 218,227 | $ (6,712) | $ 211,515 |
Beginning balance, shares at Dec. 31, 2018 | 9,228,339 | |||||||
Issuance of shares for cash | $ 61 | 561,606 | (105,000) | 456,667 | 456,667 | |||
Issuance of shares for cash, shares | 605,563 | |||||||
Stock based compensation | 67,235 | 67,235 | 720 | 67,955 | ||||
Comprehensive loss | (355,762) | (355,762) | (3,584) | (359,346) | ||||
Ending balance at Mar. 31, 2019 | $ 984 | 9,480,511 | (26,275) | (9,068,853) | 386,367 | (9,576) | 376,791 | |
Ending balance, shares at Mar. 31, 2019 | 9,833,902 | |||||||
Beginning balance at Dec. 31, 2019 | $ 1,021 | 10,328,696 | (26,275) | (10,684,508) | (381,066) | (21,053) | (402,119) | |
Beginning balance, shares at Dec. 31, 2019 | 10,209,487 | |||||||
Stock based compensation | 35,028 | 35,028 | 375 | 35,403 | ||||
Value of warrant issued in convertible loans | 34,696 | 34,696 | 34,696 | |||||
Comprehensive loss | (365,647) | (365,647) | (3,416) | (369,063) | ||||
Ending balance at Mar. 31, 2020 | $ 1,021 | $ 10,398,420 | $ (26,275) | $ (11,050,155) | $ (676,989) | $ (24,094) | $ (701,083) | |
Ending balance, shares at Mar. 31, 2020 | 10,209,487 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss for the period | $ (369,063) | $ (359,346) |
Adjustments required to reconcile net loss for the period to net cash used in operating activities: | ||
Depreciation and amortization | 19,084 | 3,757 |
Increase in liability for employee rights upon retirement | 266 | 6,021 |
Stock based compensation | 35,403 | 67,955 |
Interest on convertible loans | 17,325 | 1,011 |
Decrease (increase) in accounts receivable | 64,003 | (27,211) |
Decrease in inventory | 5,035 | 12,441 |
Increase in other current assets | (10,859) | (20,377) |
Decrease in accounts payable | (16,719) | (50,669) |
Increase in other accounts payable | 21,889 | 39,524 |
Net cash used in operating activities | (233,636) | (326,894) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Increase (decrease) in funds in respect of employee rights upon retirement | 84 | (4,484) |
Net cash provided by (used in) investing activities | 84 | (4,484) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Secured promissory notes | 135,000 | |
Repayments of right to use asset arising from operating lease | (10,473) | |
Repayments of long term banking institute | (1,787) | (5,795) |
Proceeds from stock issued for cash | 456,667 | |
Net cash provided by financing activities | 122,740 | 450,872 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (110,812) | 119,494 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 290,815 | 439,806 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 180,003 | 559,300 |
Non cash transactions: | ||
Issuance of shares in exchange for proceeds received in prior periods | 105,000 | |
Issuance of warrants in convertible loans | $ 34,696 |
General
General | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | NOTE 1 - GENERAL Save Foods Inc. (the “Company”) was incorporated on April 1, 2009, under the laws of the State of Delaware. On April 27, 2009, the Company acquired from its stockholders all of the issued and outstanding shares of Save Foods Ltd (formerly Pimi Agro Cleantech Ltd). (hereinafter: “Save Foods Israel”), including preferred and ordinary shares. Save Foods Israel was incorporated in 2004 and commenced its operations in 2005. Save Foods Israel develops, produces, and focuses on delivering innovative solutions for the food industry aimed at improving food safety and prolonging shelf life of fresh produce. In February 2010, the Company’s shares of common stock began quotation on the OTC Bulletin Board under the symbol “PIMZ.OB”. As of the date of the financial statements the Company’s shares of common stock are quoted on the OTC Pink under the symbol “SAFO”. Going Concern Since its incorporation (April 1, 2009), the Company has not had any operations other than those carried out by Save Foods Israel. The development and commercialization of Save Foods Israel’s products will require substantial expenditures. Save Foods Israel and the Company have not yet generated sufficient revenues from their operations to fund the Group activities and are therefore dependent upon external sources for financing their operations. There can be no assurance that Save Foods Israel and the Company will succeed in obtaining the necessary financing to continue their operations. As of March 31, 2020, the Company had $180,003 in cash, a negative working capital of $363,886 and an accumulated deficit of $11,050,155. The Company will need to secure additional capital in the future in order to meet its anticipated liquidity needs primarily through the sale of additional Common Stock or other equity securities and/or debt financing. Funds from these sources may not be available to the Company on acceptable terms, if at all, and the Company cannot give assurance that it will be successful in securing such additional capital. The Company focuses its solutions towards vegetables and fruits which are considered the largest in terms of worldwide consumption. Among other things, the Company tries to cooperate with major fruit packing houses in Israel and abroad. As of balance sheet date, the Company had not signed any significant agreements. These factors raise substantial doubt about Save Foods Israel and the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. On March 11, 2020, the World Health Organization declared the outbreak of a novel coronavirus (SARS-CoV-2) to be a global pandemic (COVID-19), which continues to spread throughout the United States and around the world. The COVID-19 pandemic is having significant effects on global markets, supply chains, businesses, and communities. Specific to the Company, COVID-19 may impact various parts of its 2020 operations and financial results including but not limited to reduction in sales, difficulties in obtaining additional financing, or potential shortages of personnel. The Company believes it is taking appropriate actions to mitigate the negative impact. However, the full impact of COVID-19 is unknown and cannot be reasonably estimated as these events occurred subsequent to year end and are still developing. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Basis of Presentation | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Unaudited Interim Financial Statements The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiary, prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q. In the opinion of management, the financial statements presented herein have not been audited by an independent registered public accounting firm but include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations and cash flows for the for three-months ended March 31, 2020. However, these results are not necessarily indicative of results for any other interim period or for the year ended December 31, 2020. The preparation of financial statements in conformity with GAAP requires the Company to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. Certain information and footnote disclosures normally included in financial statements in accordance with generally accepted accounting principles have been omitted pursuant to the rules of the U.S. Securities and Exchange Commission (“SEC”). These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on published on the OTCIQ Alternative Reporting System, for the year ended December 31, 2019 Principles of Consolidation The consolidated financial statements are prepared in accordance with US GAAP. The consolidated financial statements of the Company include the Company and its wholly-owned and majority-owned subsidiaries. All inter-company balances and transactions have been eliminated. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, certain revenues and expenses, and disclosure of contingent assets and liabilities as of the date of the financial statements. Actual results could differ from those estimates. As applicable to these financial statements, the most significant estimates and assumptions relate to the going concern assumptions and convertible loans. Recent Accounting Pronouncements In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. In November 2018, FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”, which amends the scope and transition requirements of ASU 2016-13. Topic 326 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. Topic 326 will originally become effective for the Company beginning January 1, 2020, with early adoption permitted, on a modified retrospective approach. As a smaller reporting company, the effective date for the Company has been delayed until fiscal years beginning after December 15, 2022, in accordance with ASU 2019-10, although early adoption is still permitted. This standard is not expected to have a material impact to the Company’s consolidated financial statements after evaluation. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes, eliminates certain exceptions to the general principles in Topic 740 and clarifies certain aspects of the current guidance to improve consistent application among reporting entities. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021 and interim periods within annual periods beginning after December 15, 2022, though early adoption is permitted, including adoption in any interim period for which financial statements have not yet been issued. This standard is not expected to have a material impact to the Company’s consolidated financial statements after evaluation. |
Convertible Loans
Convertible Loans | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Convertible Loans | NOTE 3 – CONVERTIBLE LOANS In December 2019, the Company entered into a series of Convertible Loan Agreements (each a “CLA”) with third parties and certain existing shareholders (the “Lenders”), pursuant to which the Lenders agreed to provide the Company loans in the aggregate amount of $379,000 and in exchange the Company issued to the Lenders (i) convertible promissory notes (the “Notes”) and (ii) warrants with an exercise price of $1.20. In January and March 2020, the Company entered into two additional CLA agreements in the aggregate amount of $135,000, in the same terms. The Notes will bear interest at a rate of 5% per annum. The loan amount represented by the Notes will be repaid to the Lenders according to the following schedule: (i) the principal amount represented by the Notes will be repaid in twenty four equal monthly installments, commencing on the twenty fifth month following the closing of each CLA and (ii) the interest accrued on the loan amount will be paid in two bi-annual installments, commencing on the first anniversary of the first payment of the principal amount. The outstanding loan amount will mature on the earlier of (i) the third anniversary of each CLA or (ii) a deemed liquidation event (as defined therein), and the Lenders may convert all or any portion of the Notes at any time prior to the one-year anniversary of each issuance into shares of Common Stock at a conversion price of US$1.20 per share. In accordance with ASC 815-15-25 the conversion feature was considered embedded derivative instruments, and is to be recorded at their fair value as its fair value can be separated from the convertible loan and its conversion is independent of the underlying note value. The Company recorded finance expenses in respect of the convertible component in the convertible loan in the excess amount of the convertible component fair value over the face loan amount. The conversion liability is then marked to market each reporting period with the resulting gains or losses shown in the statements of operations. As a result of the above issuances, the Company recorded in the periods ended March 31, 2020 and December 31, 2019 a total amounts of US$34,696 and US$97,406, respectively, in respect of the detachable warrants, as a credit to stockholders’ equity (additional paid in capital). The fair value of the Warrants was determined using the Black-Scholes pricing model, assuming a risk free rate of 1.6%, a volatility factor of 54.00 %, dividend yields of 0 % and an expected life of 3 years. During the periods ended March 31, 2020 and December 31, 2019, the Company recorded interest and amortization expenses in the amounts of $16,790 and $4,323, respectively, in respect of the discounts recorded on the debentures. |
Stock Options
Stock Options | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Options | NOTE 4 – STOCK OPTIONS The following table presents the Company’s stock option activity for employees and directors of the Company for the three months ended March 31, 2020: Number of Options Weighted Average Exercise Price Outstanding at December 31,2019 1,150,004 0.45 Granted - 0.45 Exercised - - Forfeited or expired (58,333 ) 0.45 Outstanding at March 31,2020 1,091,671 0.45 Number of options exercisable at March 31, 2020 625,002 - The aggregate intrinsic value of the awards outstanding as of March 31, 2020 is US$491,252. These amounts represent the total intrinsic value, based on the Company’s stock price of US$ 0.9 as of March 31, 2020, less the weighted exercise price. This represents the potential amount received by the option holders had all option holders exercised their options as of that date. Costs incurred in respect of stock-based compensation for employees and directors, for the three months ended March 31, 2020 and 2019 were $35,403 and $67,955, respectively |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 5 – RELATED PARTIES A. Transactions and balances with related parties Three months ended March 31 2020 2019 General and administrative expenses: Directors compensation (*) 52,002 43,148 Salaries and fees to officers (*) 78,003 26,438 130,005 69,586 (*) share based compensation 39,054 14,811 Research and development expenses: Salaries and fees to officers 25,272 38,139 (*) share based compensation - 4,387 B. Balances with related parties and officers: As of March 31, 2020 2019 Other accounts payables 227,309 128,327 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 6 – SUBSEQUENT EVENTS On May 9, 2020, the Company entered into Securities Purchase Agreement with an existing shareholder (the “Investor”), pursuant to which the Company sold to the Investor for an aggregate amount of $100,000, 91,743 units at a price per unit of $1.09 (the “Units”), whereby each Unit consists of (i) one share of common stock of the Company and (ii) one warrants to purchase one share of Company’s common stock with an exercise price of $1.20 for a period of 36 months following the issuance date. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiary, prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and with the instructions to Form 10-Q. In the opinion of management, the financial statements presented herein have not been audited by an independent registered public accounting firm but include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations and cash flows for the for three-months ended March 31, 2020. However, these results are not necessarily indicative of results for any other interim period or for the year ended December 31, 2020. The preparation of financial statements in conformity with GAAP requires the Company to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. Certain information and footnote disclosures normally included in financial statements in accordance with generally accepted accounting principles have been omitted pursuant to the rules of the U.S. Securities and Exchange Commission (“SEC”). These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on published on the OTCIQ Alternative Reporting System, for the year ended December 31, 2019 |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements are prepared in accordance with US GAAP. The consolidated financial statements of the Company include the Company and its wholly-owned and majority-owned subsidiaries. All inter-company balances and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, certain revenues and expenses, and disclosure of contingent assets and liabilities as of the date of the financial statements. Actual results could differ from those estimates. As applicable to these financial statements, the most significant estimates and assumptions relate to the going concern assumptions and convertible loans. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments”. In November 2018, FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses”, which amends the scope and transition requirements of ASU 2016-13. Topic 326 requires a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions and reasonable and supportable forecasts that affect the collectability of the reported amount. Topic 326 will originally become effective for the Company beginning January 1, 2020, with early adoption permitted, on a modified retrospective approach. As a smaller reporting company, the effective date for the Company has been delayed until fiscal years beginning after December 15, 2022, in accordance with ASU 2019-10, although early adoption is still permitted. This standard is not expected to have a material impact to the Company’s consolidated financial statements after evaluation. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this ASU simplify the accounting for income taxes, eliminates certain exceptions to the general principles in Topic 740 and clarifies certain aspects of the current guidance to improve consistent application among reporting entities. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021 and interim periods within annual periods beginning after December 15, 2022, though early adoption is permitted, including adoption in any interim period for which financial statements have not yet been issued. This standard is not expected to have a material impact to the Company’s consolidated financial statements after evaluation. |
Stock Options (Tables)
Stock Options (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Stock Option Activity | The following table presents the Company’s stock option activity for employees and directors of the Company for the three months ended March 31, 2020: Number of Options Weighted Average Exercise Price Outstanding at December 31,2019 1,150,004 0.45 Granted - 0.45 Exercised - - Forfeited or expired (58,333 ) 0.45 Outstanding at March 31,2020 1,091,671 0.45 Number of options exercisable at March 31, 2020 625,002 - |
Related Parties (Tables)
Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Transactions and Balances with Related Parties | A. Transactions and balances with related parties Three months ended March 31 2020 2019 General and administrative expenses: Directors compensation (*) 52,002 43,148 Salaries and fees to officers (*) 78,003 26,438 130,005 69,586 (*) share based compensation 39,054 14,811 Research and development expenses: Salaries and fees to officers 25,272 38,139 (*) share based compensation - 4,387 B. Balances with related parties and officers: As of March 31, 2020 2019 Other accounts payables 227,309 128,327 |
General (Details Narrative)
General (Details Narrative) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Cash | $ 180,003 | $ 290,815 |
Working capital | 363,886 | |
Accumulated deficit | $ (11,050,155) | $ (10,684,508) |
Convertible Loans (Details Narr
Convertible Loans (Details Narrative) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($)$ / shares | |
Convertible Loan Agreements [Member] | ||
Principal amount | $ 379,000 | |
Warrant exercise price per share | $ / shares | $ 1.20 | |
Interest rate | 5.00% | |
Conversion price per share | $ / shares | $ 1.20 | |
Detachable warrants | $ 34,696 | $ 97,406 |
Amortization expenses | $ 16,790 | 4,323 |
Convertible Loan Agreements [Member] | Risk Free Interest Rate [Member] | ||
Measurement input, percentage | 0.016 | |
Convertible Loan Agreements [Member] | Volatility [Member] | ||
Measurement input, percentage | 0.5400 | |
Convertible Loan Agreements [Member] | Dividend Yield [Member] | ||
Measurement input, percentage | 0 | |
Convertible Loan Agreements [Member] | Expected Term [Member] | ||
Measurement input, term | 3 years | |
Two Additional Convertible Loan Agreements [Member] | ||
Principal amount | $ 135,000 |
Stock Options (Details Narrativ
Stock Options (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Aggregate intrinsic value | $ 491,252 | |
Stock price | $ 0.9 | |
Share based compensation | $ 35,403 | $ 67,955 |
Employees and Directors [Member] | ||
Share based compensation | $ 35,403 | $ 67,955 |
Stock Options - Schedule of Sto
Stock Options - Schedule of Stock Option Activity (Details) | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Number of Options Outstanding, Beginning | shares | 1,150,004 |
Number of Options, Granted | shares | |
Number of Options, Exercised | shares | |
Number of Options, Forfeited or Expired | shares | (58,333) |
Number of Options Outstanding, Ending | shares | 1,091,671 |
Number of Options Exercisable | shares | 625,002 |
Weighted Average Exercise Price, Beginning | $ / shares | $ 0.45 |
Weighted Average Exercise Price, Granted | $ / shares | 0.45 |
Weighted Average Exercise Price, Exercised | $ / shares | |
Weighted Average Exercise Price, Forfeited or Expired | $ / shares | 0.45 |
Weighted Average Exercise Price, Ending | $ / shares | 0.45 |
Weighted Average Exercise Price, Exercisable | $ / shares |
Related Parties - Schedule of T
Related Parties - Schedule of Transactions and Balances with Related Parties (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
General and administrative expense | $ 218,079 | $ 163,148 |
Research and development expense | 157,636 | 131,826 |
Share based compensation | 35,403 | 67,955 |
Other accounts payables | 227,309 | 128,327 |
General and Administrative Expense [Member] | ||
General and administrative expense | 130,005 | 69,586 |
Share based compensation | 39,054 | 14,811 |
General and Administrative Expense [Member] | Directors Compensation[Member] | ||
General and administrative expense | 52,002 | 43,148 |
General and Administrative Expense [Member] | Salaries and Fees to Officers [Member] | ||
General and administrative expense | 78,003 | 26,438 |
Research and Development Expense [Member] | ||
Share based compensation | 4,387 | |
Research and Development Expense [Member] | Salaries and Fees to Officers [Member] | ||
Research and development expense | $ 25,272 | $ 38,139 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | May 09, 2020 | Mar. 31, 2020 |
Common stock exercise price | $ 0.9 | |
Investor [Member] | Securities Purchase Agreement [Member] | Subsequent Event [Member] | ||
Sale of stock, value | $ 100,000 | |
Sale of stock in units | 91,743 | |
Sale of stock price per unit | $ 1.09 | |
Common stock exercise price | $ 1.20 | |
Warrant description | One warrants to purchase one share of Company's common stock with an exercise price of $1.20 for a period of 36 months following the issuance date. |