PV Nano Cell, Ltd.

CIK:0001627480|SEC Filings

Consolidated Statements of Comprehensive Loss - USD ($)	12 Months Ended
Consolidated Statements of Comprehensive Loss - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenues	$ 478,584	$ 603,359	$ 568,704
Cost of revenues	331,466	375,877	271,817
Amortization of intangible assets		428,431	428,431
Gross loss (profit)	(147,118)	200,949	131,544
Operating expenses:
Research and development	685,571	705,646	783,665
Less - research and development grants	(405,268)	(437,045)	(315,967)
Research and development, net	280,303	268,601	467,698
Sales and marketing	393,785	566,896	625,031
General and administrative	1,415,632	1,893,179	1,345,495
Intangible asset impairment		2,108,117
Total operating expenses	2,089,720	4,836,793	2,438,224
Operating loss	1,942,602	5,037,742	2,569,768
Financial expenses (income), net (Note 13)	129,395	(528,195)	(50,904)
Net loss	$ 2,071,997	$ 4,509,547	$ 2,518,864
Net loss per ordinary share:
Basic net loss per ordinary share (in Dollars per share)	$ 0.01	$ 0.03	$ 0.06
Weighted average number of ordinary shares used in computing basic net loss per ordinary share (in Shares)	166,853,058	129,144,562	44,453,153

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,071,997)	$ (4,509,547)	$ (2,518,864)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	48,565	59,278	55,076
Amortization		428,431	428,431
Financial expenses (income) in connection with convertible loans	67,684	(167,364)	7,892,632
Change in fair value of warrants and capital note	(13,533)	(91,516)	(8,112,118)
Interest in connection with short term loans		819	4,004
Share-based compensation	68,251	480,942	458,373
Restricted shares issued for services		6,750
Intangible asset impairment		2,108,117
Change in operating assets and liabilities:
Change in accounts receivable, net	41,572	(64,074)	152,754
Change in other current assets	(94,338)	22,471	(162,681)
Change in inventory, net	(4,427)	29,691	16,822
Change in trade payables	13,871	(117,555)	14,142
Change in employees and payroll accruals	(1,302)	(489,476)	433,313
Change in accrued expenses and other current liabilities	(265,436)	(586,393)	484,690
Total adjustments	(139,093)	1,620,121	1,665,438
Net cash used in operating activities	(2,211,090)	(2,889,426)	(853,426)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(15,916)	(93,168)	(1,869)
Net cash used in investing activities	(15,916)	(93,168)	(1,869)
CASH FLOWS FROM FINANCING ACTIVITIES:
Change in in short term bank credit		(69,877)	14,032
Proceeds in connection with issuance of ordinary shares	2,506,534	3,395,000
Change in in short term loans			230,000
Proceeds from convertible loans and related warrants			255,000
Advance payment on the account of issuing ordinary shares			350,000
Net cash provided by financing activities	2,506,534	3,325,123	849,032
Increase (Decrease) in cash and restricted cash	279,528	342,529	(6,263)
CASH AND RESTRICTED CASH AT THE BEGINNING OF THE YEAR	367,593	25,064	31,327
CASH AND RESTRICTED CASH AT THE END OF THE YEAR	647,121	367,593	25,064
SUPPLEMENTAL INFORMATION AND DISCLOSURE OF NON-CASH FINANCING ACTIVITIES
Conversion of convertible loans including interest to ordinary shares			13,077,466
Allocation of the 8,000,000 warrants FV granted to former Jet CU shareholders to the consolidated statement of shareholders’ equity (deficit) as of September 23, 2021 in exchange for 5,428,572 additional ordinary shares			488,907
Conversion of short-term loans including interest to ordinary shares		234,823
Right of use asset recognized with corresponding lease liabilities		135,107
Cash	629,957	362,609	19,437
Restricted cash	17,164	4,984	5,627
Total	$ 647,121	$ 367,593	$ 25,064

Consolidated Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash	$ 629,957	$ 362,609
Restricted cash	17,164	4,984
Accounts receivables	69,115	110,687
Other current assets	324,657	230,319
Inventory, net	43,157	38,730
Total current assets	1,084,050	747,329
NON-CURRENT ASSETS:
Property and equipment, net	92,899	125,548
Goodwill	3,026,036	3,026,036
Right of use asset	243,376	135,107
Total non-current assets	3,362,311	3,286,691
Total assets	4,446,361	4,034,020
CURRENT LIABILITIES:
Trade payables	522,587	508,716
Employees and payroll accruals	693,407	694,709
Accrued expenses and other current liabilities	2,312,275	2,577,711
Convertible loans	1,537,897	1,470,213
Warrants presented at fair value	1,926
Current maturity of lease liability	72,959	60,071
Total current liabilities	5,141,051	5,311,420
NON-CURRENT LIABILITIES:
Capital note	40,000	40,000
Warrants presented at fair value		15,459
Lease liability, net of current maturity	170,417	75,036
Total non-current liabilities	210,417	130,495
Total liabilities	5,351,468	5,441,915
Commitment and Contingencies (Note 9)
SHAREHOLDERS’ DEFICIT:
Ordinary shares of NIS 0.01 par value - Authorized: 1,200,000,000 as of December 31, 2023 and 2022, respectively; Issued and outstanding: 182,942,418 and 147,134,792 ordinary shares as of December 31, 2023 and 2022, respectively	541,056	441,590
Additional paid in capital	41,332,227	38,856,908
Treasury stocks	(122,482)	(122,482)
Accumulated deficit	(42,655,908)	(40,583,911)
Total shareholders’ deficit	(905,107)	(1,407,895)
Total liabilities and shareholders’ deficit	$ 4,446,361	$ 4,034,020