Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
May 31, 2017
May 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (9,558) $ (3,667)
Adjustments required to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 2,708 1,657
Loss from extinguishment of a convertible loan 0 229
Share in losses of associated company 196 0
Depreciation and amortization expenses 1,207 1,335
Change in fair value of warrants and embedded derivatives 1,073 (1,721)
Change in fair value of convertible bonds (110) (132)
Interest expenses accrued on loans and convertible loans (including amortization of beneficial conversion feature) 589 56
Changes in operating assets and liabilities:    
Increase in accounts receivable (1,606) (471)
Increase in inventory (466) (94)
Increase in other assets (1) (9)
(Increase) decrease in prepaid expenses and other accounts receivable (645) 34
(Decrease) increase in accounts payable (1,268) 587
Increase in accrued expenses and other payables 168 150
Increase in employee and related payables 493 579
Increase in deferred income 2,814 332
Increase (decrease) in advance payments and receivables on account of grant, net 2,557 (87)
Increase (decrease) in deferred taxes 72 (944)
Net cash used in operating activities (1,777) (2,166)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (464) (708)
Disposals of property and equipment 22 0
Investments in Associates (460) 0
Net cash used in investing activities (902) (708)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Short-term line of credit (21) 0
Proceeds from issuance of shares and warrants (net of transaction costs) 2,810 975
Proceeds from issuance of convertible loans (net of transaction costs) 3,912 0
Repayment of convertible loans and convertible bonds (3,641) 0
Repayment of short and long-term debt (706) (1,828)
Net cash provided by (used in) financing activities 2,354 (853)
NET CHANGE IN CASH AND CASH EQUIVALENTS (325) (3,727)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 92 33
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 891 4,168
CASH AND CASH EQUIVALENTS AT END OF PERIOD 658 474
SUPPLEMENTAL NON-CASH FINANCING ACTIVITIES    
Conversion of loans (including accrued interest) to common stock and warrants 0 1,028
Reclassification of redeemable common stock to equity $ 0 $ 21,458