Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 19, 2020 | |
Document And Entity Information | ||
Entity Registrant Name | Integrity Applications, Inc. | |
Entity Central Index Key | 0001506983 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity's Reporting Status Current | 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 | 200,525,067 | |
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 | $ 12,422,578 | $ 418,621 |
Accounts receivable, net | 69,876 | 70,161 |
Inventories | 225,262 | 184,602 |
Other current assets | 96,958 | 44,658 |
Total current assets | 12,814,674 | 718,042 |
Operating lease right-of-use assets, net | 149,411 | 187,232 |
Property and Equipment, Net | 132,652 | 133,795 |
Non-Current Restricted Cash | 55,439 | 57,092 |
Funds in Respect of Employee Rights Upon Retirement | 180,906 | 186,300 |
Total assets | 13,333,082 | 1,282,461 |
Current Liabilities | ||
Accounts payable | 1,397,170 | 1,534,078 |
Operating lease liabilities, current | 113,335 | 142,090 |
Other current liabilities | 473,234 | 596,087 |
Total current liabilities | 1,983,739 | 2,272,255 |
Non-Current Liabilities | ||
Non-Current Loans from Stockholders | 185,036 | 190,365 |
Operating lease liabilities, non-current | 36,076 | 45,143 |
Liability for Employee Rights Upon Retirement | 180,906 | 186,300 |
Total Non-Current liabilities | 402,018 | 421,808 |
Total liabilities | 2,385,757 | 2,964,063 |
Stockholders' Equity (Deficit) | ||
Common Stock of $ 0.001 par value ("Common Stock"): 200,000,000 shares authorized as of March 31, 2020 and 200,000,000 for December 31, 2019; 199,358,436 and 161,858,437 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively | 199,358 | 161,858 |
Additional paid in capital | 101,978,019 | 89,005,407 |
Receipts on account of shares | 63,293 | |
Accumulated other comprehensive income | 143,353 | 124,062 |
Accumulated deficit | (91,436,698) | (90,702,929) |
Total stockholders' equity (deficit) | 10,947,325 | (1,411,602) |
Total liabilities and stockholders' equity (deficit) | $ 13,333,082 | $ 1,282,461 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 199,358,436 | 161,858,437 |
Common stock, shares outstanding | 199,358,436 | 161,858,437 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Revenues | $ 2,174 | $ 25,562 |
Research and development expenses | 415,039 | 425,117 |
Selling and marketing expenses | 90,756 | 125,343 |
General and administrative expenses | 251,869 | 500,155 |
Total operating expenses | 757,664 | 1,050,615 |
Operating loss | 755,490 | 1,025,053 |
Financing income, net | 21,721 | 3,400 |
Loss for the period | (733,769) | (1,021,653) |
Other comprehensive income: | ||
Foreign currency translation income (loss) | 19,291 | (33,148) |
Comprehensive loss for the period | (714,478) | (1,054,801) |
Net loss for the period attributable to common stockholders | $ (714,478) | $ (1,054,801) |
Loss per share (Basic and Diluted) | $ 0 | $ (0.01) |
Common shares used in computing loss per share (Basic and Diluted) | 181,790,919 | 143,615,503 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes In Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Receipt on Account of Shares [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2018 | $ 141,638 | $ 84,007,612 | $ 164,232 | $ (87,186,783) | $ (2,873,301) | |
Balance, shares at Dec. 31, 2018 | 141,634,700 | |||||
Loss for the period of three months | (1,021,653) | (1,021,653) | ||||
Other comprehensive loss | (33,148) | (33,148) | ||||
Amounts allocated to Series D-1, D-2 and Series D-3 Warrants, net | 5,628 | 5,628 | ||||
Amounts allocated to issuance of Common Stock from Series D offering | $ 3,500 | 700,737 | 704,237 | |||
Amounts allocated to issuance of Common Stock from Series D offering, shares | 3,499,693 | |||||
Issuance of shares as settlement of financial liabilities | $ 1,190 | 305,866 | 307,056 | |||
Issuance of shares as settlement of financial liabilities, shares | 1,190,141 | |||||
Warrants issued as consideration for placement services | 46,246 | 46,246 | ||||
Stock-based compensation | $ 119 | 178,468 | 178,587 | |||
Stock-based compensation, shares | 116,280 | |||||
Balance at Mar. 31, 2019 | $ 146,447 | 85,244,557 | 131,084 | (88,208,436) | (2,686,348) | |
Balance, shares at Mar. 31, 2019 | 146,440,814 | |||||
Balance at Dec. 31, 2019 | $ 161,858 | 89,005,407 | 124,062 | (90,702,929) | (1,411,602) | |
Balance, shares at Dec. 31, 2019 | 161,858,436 | |||||
Loss for the period of three months | (733,769) | (733,769) | ||||
Other comprehensive loss | 19,291 | 19,291 | ||||
Issuance of Common Stock net of cash issuance costs | $ 37,500 | 12,215,682 | 12,253,182 | |||
Issuance of Common Stock net of cash issuance costs, shares | 37,500,000 | |||||
Issuance of shares as settlement of financial liabilities | 63,293 | 63,293 | ||||
Issuance of shares as settlement of financial liabilities, shares | ||||||
Warrants issued as consideration for placement services | 756,087 | 756,087 | ||||
Stock-based compensation | 843 | 843 | ||||
Stock-based compensation, shares | ||||||
Balance at Mar. 31, 2020 | $ 199,358 | $ 101,978,019 | $ 63,293 | $ 143,353 | $ (91,436,698) | $ 10,947,325 |
Balance, shares at Mar. 31, 2020 | 199,358,436 |
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: | ||
Loss for the period | $ (733,769) | $ (1,021,653) |
Adjustments to reconcile loss for the period to net cash used in operating activities: | ||
Depreciation | 12,078 | 13,518 |
Stock-based compensation | 843 | 178,587 |
Linkage difference on principal of loans from stockholders | 186 | 523 |
Changes in assets and liabilities: | ||
Increase in accounts receivable | (1,776) | (9,981) |
(Increase) decrease in inventory | (46,757) | 19,149 |
Increase in other current assets | (53,196) | (16,600) |
Decrease in accounts payable | (117,691) | (244,646) |
(Decrease) increase in other current liabilities | (49,023) | 260,080 |
Net cash used in operating activities | (989,105) | (821,023) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (14,615) | (6,378) |
Net cash used in investing activities | (14,615) | (6,378) |
Cash flows from financing activities | ||
Issuance of Common Stock net of cash issuance expenses | 13,009,269 | |
Amounts allocated to issuance of Common Stock from Series D offering | 750,116 | |
Proceeds allocated to Series D Warrants, net of cash issuance expenses | 5,995 | |
Net cash provided by financing activities | 13,009,269 | 756,111 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (3,245) | 6,467 |
Change in cash, cash equivalents, and restricted cash | 12,002,304 | (64,823) |
Cash, cash equivalents, and restricted cash at beginning of the period | 475,713 | 149,684 |
Cash, cash equivalents, and restricted cash at end of the period | $ 12,478,017 | $ 84,861 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Parenthetical) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Fair value of warrants issued as consideration for placement agent services | $ 756,087 |
Board Members [Member] | |
Payment of management fee | 63,293 |
Issuance of shares of common stock | $ 158,237 |
General
General | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | NOTE 1 – GENERAL A. Integrity Applications, Inc. (the “Company”) was incorporated on May 18, 2010 under the laws of the State of Delaware. On July 15, 2010, Integrity Acquisition Corp. Ltd. (hereinafter: “Integrity Acquisition”), a wholly owned Israeli subsidiary of the Company, which was established on May 23, 2010, completed a merger with A.D. Integrity Applications Ltd. (hereinafter: “Integrity Israel”), an Israeli corporation that was previously held by the stockholders of the Company. Pursuant to the merger, all equity holders of Integrity Israel received the same proportional ownership in the Company as they had in Integrity Israel prior to the merger. Following the merger, Integrity Israel became a wholly-owned subsidiary of the Company. As the merger transaction constituted a structural reorganization, the merger has been accounted for at historical cost in a manner similar to a pooling of interests. Integrity Israel was incorporated in 2001 and commenced its operations in 2002. Integrity Israel, a medical device company, focuses on the design, development and commercialization of non-invasive glucose monitoring devices for use by people with diabetes and prediabetes. B. Since its incorporation, the Company’s material operations have all been carried out by Integrity Israel. The development and commercialization of Integrity Israel’s product is expected to require substantial expenditures. The Group has not yet generated significant revenues from operations, and therefore they are dependent upon external sources for financing their operations. As of March 31, 2020, the Company has an accumulated deficit of $91,436,698. In addition, in each year since its inception, the Company reported losses from operations and negative cash flows from operating activities As described in Note 3, On February 14, 2020, the Company closed on a $15 million private placement of its common stock, for which it received net cash in excess of $13,009,269, which is expected to be sufficient to meet its capital needs for at least 12 months from the date of issuance of these financial statements, thus the Company is expected to be able to operate as a going concern for at least 12 months from the date hereof. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of presentation Accounting Principles The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with our consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the Securities and Exchange Commission (“SEC”) on April 14, 2020. The unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the SEC related to interim financial statements. As permitted under those rules, certain information and footnote disclosures normally required or included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The financial information contained herein is unaudited; however, management believes all adjustments have been made that are considered necessary to present fairly the results of the Company’s financial position and operating results for the interim periods. All such adjustments are of a normal recurring nature The results for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other interim period or for any future period. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiary. Significant intercompany balances and transactions have been eliminated in consolidation. Net (Loss) Income Per Share The Company computes net loss per share in accordance with ASC 260, “Earnings per share”. Basic loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, net of the weighted average number of treasury shares (if any). Diluted loss per common share is computed similar to basic loss per share, except that the denominator is increased to include the number of additional potential shares of common stock that would have been outstanding if the potential shares of common stock had been issued and if the additional shares of common stock were dilutive. Potential shares of common stock are excluded from the computation for a period in which a net loss is reported or if their effect is anti-dilutive. An amount of 82,442,314 and 76,597,357 outstanding stock options and stock warrants have been excluded from the calculation of the diluted net loss per share for the period of three months ended March 31, 2020 and 2019, respectively, because the effect of the common shares issuable as a result of the exercise or conversion of these instruments was determined to be anti-dilutive B. Use of estimates in the preparation of financial statements The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. As applicable to these consolidated financial statements, the most significant estimates and assumptions relate to (i) the measurement of the benefit to warrants with down round protection upon trigger event commencing January 1, 2018, (ii) the going concern assumptions, (iii) measurement of stock-based compensation, and, (iv) determination of net realizable value of inventory. C. Reclassified Amounts Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications did not have material effect on the reported results of operations, shareholder’s equity or cash flows . |
Recent Events
Recent Events | 3 Months Ended |
Mar. 31, 2020 | |
Official exchange rate of NIS 1 to US dollar | |
Recent Events | NOTE 3 – RECENT EVENTS A. On January 21, 2020, the Company announced that it has received CE Mark approval for a major enhancement to GlucoTrack, allowing for a user to perform the calibration process by themselves, without the need for a certified calibrator. The initial CE Mark approval received for GlucoTrack required a calibration process that took three hours to complete, required eight invasive finger stick reference measurements, needed to be repeated every thirty days and required a certified calibrator to perform the calibration. After a series of successful enhancements and approvals, the calibration process now takes just thirty minutes, requires just three invasive reference measurements, and needs to be repeated only once every six months. With self-calibration, a user can now perform this simplified process in the privacy and convenience of their own home. B. On February 14, 2020, the Company entered into a Securities Purchase Agreement and Registration Rights Agreement (collectively, the “Agreements”) with an accredited investor, pursuant to which the accredited investor purchased 37,500,000 shares of the Company’s common stock, par value $0.001 per share, for an aggregate gross purchase price of $15,000,000. The Company received net proceeds of $13,009,269 after payment of fees to its placement agent and legal and accounting fees. In connection with the agreement, our placement agent was paid $1,950,000 in fees in connection therewith, and issued five years warrant to purchase 3,750,000 shares at an exercise price per share of $0.40 with terms similar to the terms of the Placement Agent Warrants issued in 2019. The fair value of the warrants as of the agreement date was $756,087. C. We may be at risk as a result of the current COVID-19 pandemic. Risks that could affect our business include the duration and scope of the COVID-19 pandemic and the impact on the demand for our products; actions by governments, businesses and individuals taken in response to the pandemic; the length of time of the COVID-19 pandemic and the possibility of its reoccurrence; the timing required to develop effective treatments and a vaccine in the event of future outbreaks; the eventual impact of the pandemic and actions taken in response to the pandemic on global and regional economies; and the pace of recovery when the COVID-19 pandemic subsides. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | NOTE 4 – INVENTORIES US dollars March 31, December 31, 2020 2019 (unaudited) Raw materials 14,848 18,381 Work in process 1,618,178 1,541,932 Finished products 48,833 80,886 1,681,859 1,641,199 Less – provision for slow moving inventory (1,456,597 ) (1,456,597 ) 225,262 184,602 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | NOTE 5 – LEASES We have entered into several non-cancelable operating lease agreements for our offices and three vehicles. Our leases have original lease periods expiring between 2020 and 2022. Payments due under such lease contracts include primarily fix payments. We do not assume renewals in our determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease costs, lease term and discount rate are as follows: US dollars Three Months Ended March 31, 2020 (unaudited) Operating lease cost: Office space 30,000 Vehicles 9,666 39,666 Remaining Lease Term Office space 0.67 years vehicles 2.14 years Weighted Average Discount Rate Office space 10 % Vehicles 10 % The following is a schedule, by years, of maturities of operating lease liabilities as of March 31, 2020: US dollars March 31, 2020 (unaudited) Period: The remainder of 2020 109,289 2021 34,353 2022 18,820 Total operating lease payments 162,462 Less: imputed interest 13,051 Present value of lease liabilities 149,411 |
Financing Income, Net
Financing Income, Net | 3 Months Ended |
Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Financing Income, Net | NOTE 6 – FINANCING INCOME, NET US dollars Three-month period 2020 2019 (unaudited) Israeli CPI linkage difference on principal of loans from stockholders (186 ) (523 ) Exchange rate differences (121 ) 8,063 Interest Income (expenses) on credit from banks and others 22,028 (4,140 ) 21,721 3,400 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 7 – SUBSEQUENT EVENTS On April 23, 2020, the Company increased its authorized shares of common stock from 200,000,000 to 500,000,000. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | A. Basis of presentation Accounting Principles The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with our consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, filed with the Securities and Exchange Commission (“SEC”) on April 14, 2020. The unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the SEC related to interim financial statements. As permitted under those rules, certain information and footnote disclosures normally required or included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The financial information contained herein is unaudited; however, management believes all adjustments have been made that are considered necessary to present fairly the results of the Company’s financial position and operating results for the interim periods. All such adjustments are of a normal recurring nature The results for the three months ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any other interim period or for any future period. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiary. Significant intercompany balances and transactions have been eliminated in consolidation. Net (Loss) Income Per Share The Company computes net loss per share in accordance with ASC 260, “Earnings per share”. Basic loss per share is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, net of the weighted average number of treasury shares (if any). Diluted loss per common share is computed similar to basic loss per share, except that the denominator is increased to include the number of additional potential shares of common stock that would have been outstanding if the potential shares of common stock had been issued and if the additional shares of common stock were dilutive. Potential shares of common stock are excluded from the computation for a period in which a net loss is reported or if their effect is anti-dilutive. An amount of 82,442,314 and 76,597,357 outstanding stock options and stock warrants have been excluded from the calculation of the diluted net loss per share for the period of three months ended March 31, 2020 and 2019, respectively, because the effect of the common shares issuable as a result of the exercise or conversion of these instruments was determined to be anti-dilutive |
Use of Estimates in the Preparation of Financial Statements | B. Use of estimates in the preparation of financial statements The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. As applicable to these consolidated financial statements, the most significant estimates and assumptions relate to (i) the measurement of the benefit to warrants with down round protection upon trigger event commencing January 1, 2018, (ii) the going concern assumptions, |
Reclassified Amounts | C. Reclassified Amounts Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications did not have material effect on the reported results of operations, shareholder’s equity or cash flows . |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | US dollars March 31, December 31, 2020 2019 (unaudited) Raw materials 14,848 18,381 Work in process 1,618,178 1,541,932 Finished products 48,833 80,886 1,681,859 1,641,199 Less – provision for slow moving inventory (1,456,597 ) (1,456,597 ) 225,262 184,602 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Lease Costs, Lease Term and Discount | The components of lease costs, lease term and discount rate are as follows: US dollars Three Months Ended March 31, 2020 (unaudited) Operating lease cost: Office space 30,000 Vehicles 9,666 39,666 Remaining Lease Term Office space 0.67 years vehicles 2.14 years Weighted Average Discount Rate Office space 10 % Vehicles 10 % |
Schedule of Operating Lease Maturity Payments | The following is a schedule, by years, of maturities of operating lease liabilities as of March 31, 2020: US dollars March 31, 2020 (unaudited) Period: The remainder of 2020 109,289 2021 34,353 2022 18,820 Total operating lease payments 162,462 Less: imputed interest 13,051 Present value of lease liabilities 149,411 |
Financing Income, Net (Tables)
Financing Income, Net (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of Financing Income, Net | US dollars Three-month period 2020 2019 (unaudited) Israeli CPI linkage difference on principal of loans from stockholders (186 ) (523 ) Exchange rate differences (121 ) 8,063 Interest Income (expenses) on credit from banks and others 22,028 (4,140 ) 21,721 3,400 |
General (Details Narrative)
General (Details Narrative) - USD ($) | Feb. 14, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ (91,436,698) | $ (90,702,929) | |
Proceeds from issuance of private placement | $ 15,000,000 | ||
Excess of cash received, net | $ 13,009,269 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accounting Policies [Abstract] | ||
Diluted net loss per share | 82,442,314 | 76,597,357 |
Recent Events (Details Narrativ
Recent Events (Details Narrative) - USD ($) | Feb. 14, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Mar. 31, 2020 |
Common stock par value | $ 0.001 | $ 0.001 | ||
Number of common stock issued, value | $ 704,237 | |||
Proceeds from private placement | $ 15,000,000 | |||
Securities Purchase Agreement and Registration Rights Agreement [Member] | Accredited Investor [Member] | ||||
Number of common stock issued | 37,500,000 | |||
Common stock par value | $ 0.001 | |||
Number of common stock issued, value | $ 15,000,000 | |||
Securities Purchase Agreement and Registration Rights Agreement [Member] | Placement Agent [Member] | ||||
Proceeds from private placement | $ 13,009,269 | |||
Placement agent fees | $ 1,950,000 | |||
Warrant term | 5 years | |||
Warrant to purchase of common stock | 3,750,000 | |||
Warrant exercise price per share | $ 0.40 | |||
Fair value of warrant | $ 756,087 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 14,848 | $ 18,381 |
Work in process | 1,618,178 | 1,541,932 |
Finished products | 48,833 | 80,886 |
Total | 1,681,859 | 1,641,199 |
Less - provision for slow moving inventory | (1,456,597) | (1,456,597) |
Inventory, net | $ 225,262 | $ 184,602 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Costs, Lease Term and Discount (Details) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Operating lease cost | $ 39,666 |
Office Space [Member] | |
Operating lease cost | $ 30,000 |
Remaining Lease Term | 8 months 2 days |
Weighted Average Discount Rate | 10.00% |
Vehicles [Member] | |
Operating lease cost | $ 9,666 |
Remaining Lease Term | 2 years 1 month 20 days |
Weighted Average Discount Rate | 10.00% |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Maturity Payments (Details) | Mar. 31, 2020USD ($) |
Leases [Abstract] | |
The remainder of 2020 | $ 109,289 |
2021 | 34,353 |
2022 | 18,820 |
Total operating lease payments | 162,462 |
Less: imputed interest | 13,051 |
Present value of lease liabilities | $ 149,411 |
Financing Income, Net - Schedul
Financing Income, Net - Schedule of Financing Income, Net (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Other Income and Expenses [Abstract] | ||
Israeli CPI linkage difference on principal of loans from stockholders | $ (186) | $ (523) |
Exchange rate differences | (121) | 8,063 |
Interest Income (expenses) on credit from banks and others | 22,028 | (4,140) |
Financing (income) expenses, net | $ 21,721 | $ 3,400 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - shares | Apr. 23, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Common stock shares authorized | 200,000,000 | 200,000,000 | |
Subsequent Event [Member] | |||
Common stock shares authorized | 5,000,000,000 |