PIMI AGRO CLEANTECH, INC.

CIK:0001463191|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)

3 Months Ended

123 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Revenues from sales of products

$ 122,082

$ 148,516

$ 1,999,467

^[1]

Research and development expenses

(178,784)

(183,060)

(5,132,910)

^[1]

General and administrative expenses

(73,765)

(16,226)

(2,118,154)

^[1]

Operating loss

(130,467)

(50,770)

(5,251,597)

^[1]

Financing expenses, net

(10,076)

(17,185)

(284,841)

^[1]

Loss from continuing operation

(140,543)

(67,955)

(5,536,438)

^[1]

Loss from discontinued operation, net

(80,334)

^[1]

Loss for the period

(140,543)

^[1]

(67,955)

(5,616,772)

^[1]

Other comprehensive income (loss):

Foreign currency translation adjustments

1,755

(2,030)

(85,767)

^[1]

Comprehensive loss for the period

$ (138,788)

$ (69,985)

$ (5,702,539)

^[1]

Loss per share (basic and diluted) (Note 3) (in dollars per share)

$ (0.02)

$ (0.01)

[1]	As described in Note 1A, the financial statements were retroactively restated to reflect the historical financial statements of the subsidiary Pimi Agro Cleantech Ltd., which was acquired by the Company from its stockholders on April 27, 2009.

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)

3 Months Ended

123 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Cash flows from operating activities:

Loss for the period

$ (140,543)

^[1]

$ (67,955)

$ (5,616,772)

^[1]

Adjustments to reconcile net loss for the period to net cash used in operating activities:

Depreciation

2,581

1,890

58,076

^[1]

Increase in liability for employee rights upon retirement

3,035

2,909

99,209

^[1]

Stock based compensation

7,414

15,907

330,454

^[1]

Interest on convertible bonds

5,547

3,200

146,501

^[1]

Interest on stockholders loans

(2,409)

^[1]

Issuance costs of convertible preferred stock

62,600

^[1]

Change in fair value of convertible preferred stock

(54,775)

^[1]

Changes in assets and liabilities:

Decrease (increase) in accounts receivable

98,193

(107)

(82,759)

^[1]

Increase in other current assets

3,215

10,800

(107,509)

^[1]

Decrease (increase) in accounts payable - trade

(41,340)

(68,043)

64,440

^[1]

Decrease (increase) in accounts payable - other

67,972

36,544

608,232

^[1]

Net cash provided by (used in) operating activities from continuing operations

6,074

(64,855)

(4,494,712)

^[1]

Net cash provided from operating activities from discontinued operations

80,334

^[1]

Net cash provided by (used in) operating activities

6,074

(64,855)

(4,414,378)

^[1]

Cash flows from investment activities:

Increase in funds in respect of employee rights upon retirement

(902)

(5,087)

(95,165)

^[1]

Purchase of property and equipment

(10,999)

(14,812)

(95,387)

^[1]

Net cash used in investment activities

(11,901)

(19,899)

(190,552)

^[1]

Cash flows from financing activities:

Credit from banking institution

3,255

54,359

640

^[1]

Short-term loan from banking institute

41,639

^[1]

Issuance of convertible preferred stock, net

563,400

^[1]

Proceeds from issuance of common stock and warrants

3,319,267

^[1]

Payment on account of shares

233,644

^[1]

Proceeds from issuance of convertible bonds and warrants, net

253,708

^[1]

Proceeds from loans from stockholders

194,083

^[1]

Net cash provided by financing activities

3,255

54,359

4,606,381

^[1]

Effect of exchange rate changes on cash and cash equivalents

(2)

9,057

^[1]

Increase in cash and cash equivalents

(2,574)

(30,397)

10,508

^[1]

Cash and cash equivalents at beginning of the period

13,082

33,484

^[1]

Cash and cash equivalents at end of the period

$ 10,508

^[1]

$ 3,087

$ 10,508

^[1]

[1]	As described in Note 1A, the financial statements were retroactively restated to reflect the historical financial statements of the subsidiary Pimi Agro Cleantech Ltd., which was acquired by the Company from its stockholders on April 27, 2009.

CONSOLIDATED BALANCE SHEETS (USD $)

Mar. 31, 2014

Dec. 31, 2013

Current Assets

Cash and cash equivalents

$ 10,508

^[1]

$ 13,082

Accounts receivable

90,936

190,199

Other current assets

14,823

18,128

Total current assets

116,267

221,409

Property and Equipment, Net

42,830

34,553

Funds in Respect of Employee Rights Upon Retirement

105,119

104,695

Total assets

264,216

360,657

Current Liabilities

Short-term loan from banking institution

46,374

43,312

Accounts payable:

Trade

78,235

120,145

Other

600,587

534,933

Convertible Bonds

308,838

303,266

Total current liabilities

1,034,034

1,001,656

Liability for employee rights upon retirement

108,264

105,709

Total liabilities

1,142,298

1,107,365

Stockholders' Deficit

Common stocks of US$ 0.01 par value ("Common stocks"): 30,000,000 shares authorized as of March 31, 2014 and December 31, 2013; issued and outstanding 9,336,087 shares as of March 31, 2014 and December 31, 2013

93,360

Preferred stocks of US$ 0.01 par value ("Preferred stocks"): 600,000 shares authorized as of March 31, 2014 and December 31, 2013; issued and outstanding 0 shares as of March 31, 2014 and December 31, 2013

Additional paid in capital

4,816,915

4,809,501

Accumulated other comprehensive loss

(85,767)

(87,522)

Deficit accumulated during the development stage

(5,702,590)

(5,562,047)

Total stockholders' deficit

(878,082)

^[1]

(746,708)

^[1]

Total liabilities and stockholders' deficit

$ 264,216

$ 360,657

[1]	As described in Note 1A, the financial statements were retroactively restated to reflect the historical financial statements of the subsidiary Pimi Agro Cleantech Ltd., which was acquired by the Company from its stockholders on April 27, 2009.