Press Release: ParaZero Announces 2023 Financial Results

   convertible loan         504,976           --         -- 
   Changes in fair 
   value of 
   derivative 
   liabilities              277,600           --         -- 
   Issuance expenses 
   attributable to 
   derivative warrant 
   liabilities              247,129           --         -- 
   Inventory write-down      33,360       12,387         -- 
   Foreign currency 
    exchange 
    differences with 
    respect to amount 
    due to a Former 
    Parent Company               --     (243,948)  (402,365) 
   Finance expenses             583        4,021        342 
Changes in operating 
assets and 
liabilities: 
   Trade receivables, 
    net                     161,689     (176,863)    28,595 
   Other current assets    (472,020)     (96,782)    21,667 
   Deferred prospective 
    initial public 
    offering cost                --     (252,041)        -- 
   Inventories                6,995       34,205      6,738 
   Operating lease 
    right-of-use asset       48,766      (48,633)    49,020 
   Trade payables             9,422       10,145    (35,764) 
   Operating lease 
    liabilities             (45,911)     (48,975)    50,836 
   Other accounts 
    payable                 (83,785)     404,597   (107,213) 
                         ----------   ----------   -------- 
 
   Net cash used in 
    operating 
    activities           (2,938,300)  (1,971,635)  (985,898) 
                         ----------   ----------   -------- 
 
CASH FLOWS FROM 
INVESTING 
ACTIVITIES: 
   Purchase of property 
    and equipment           (25,757)      (9,725)    (5,572) 
                         ----------   ----------   -------- 
 
   Net cash used in 
    investing 
    activities              (25,757)      (9,725)    (5,572) 
                         ----------   ----------   -------- 
 
CASH FLOWS FROM 
FINANCING 
ACTIVITIES: 
   Cost associated with 
    the conversion of 
    the Former Parent 
    Company's debt               --      (84,780)        -- 
   Proceeds from 
   issuance of 
   convertible notes             --    1,514,928         -- 
   Issuance of 
   ordinary shares in 
   initial public 
   offering, net of 
   issuance costs         6,695,957           --         -- 
   Issuance of 
   ordinary shares, 
   pre-funded 
   warrants and 
   warrants in 
   private placement, 
   net of issuance 
   costs                  4,106,699           --         -- 
   Receipt of loan from 
    related party           245,000      500,000         -- 
   Repayment of loan 
    from related party     (745,000)          --         -- 
   Receipt of loans 
    from the Former 
    Parent Company               --      107,994    940,624 
   Repayment of bank 
    loan                         --           --    (30,068) 
                         ----------   ----------   -------- 
 
   Net cash provided by 
    financing 
    activities           10,302,656    2,038,142    910,556 
                         ----------   ----------   -------- 
 

(END) Dow Jones Newswires

March 22, 2024 06:30 ET (10:30 GMT)