XML 25 R14.htm IDEA: XBRL DOCUMENT v3.19.1
Convertible Loan from Shareholders
12 Months Ended
Dec. 31, 2018
Debt Disclosure [Abstract]  
Convertible Loan from Shareholders

NOTE 6 CONVERTIBLE LOAN FROM SHAREHOLDERS

 

Securities Exchange Agreement with Alpha Capital

 

On December 16, 2016, the Company entered into a Securities Exchange Agreement with Alpha Capital, pursuant to which Alpha Capital exchanged 655,967 shares (9,736,000 shares before the Reverse Split) of common stock or rights to acquire shares of the common stock held by it, for 9,736 shares of a newly designated class of Series A Convertible Preferred Stock, par value $0.01 per share (the “Preferred Stock”). The common stock and common stock underlying the rights to acquire common stock include all of the shares of common stock issued or issuable to Alpha Capital pursuant to the Merger. The 655,967 shares (9,735,925 shares before the Reverse Split) of common stock and the rights to acquire common stock were cancelled and the Company’s issued and outstanding shares of common Stock were reduced to 1,786,684 (26,518,315 before the Reverse Split).

 

On May 9, 2017, the Company entered into a Securities Exchange Agreement with Alpha Capital pursuant to which the Company agreed to issue 3,255 shares of the Series A Convertible Preferred Stock, par value $0.01 per share, of the Company, in exchange for the full satisfaction, termination and cancellation of the outstanding 6% convertible promissory note of the Company in the principal amount of approximately $2,029 issued on November 28, 2016 and held by Alpha Capital. As a result of the extinguishment of the convertible note and issuance of the preferred shares, the Company recorded a financial loss in the amount of $2,360.