CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) AS OF JUNE 30, 2021
Published on August 19, 2021
Exhibit 99.2
COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
AS OF JUNE 30, 2021
COLLPLANT BIOTECHNOLOGIES LTD.
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
AS OF JUNE 30, 2021
TABLE OF CONTENTS
| Page | |
| CONDENSED CONSOLIDATED FINANCIAL STATEMENTS: | |
| Condensed Consolidated Balance Sheets | F-2 - F-3 |
| Condensed Consolidated Statements of Comprehensive Income (Loss) | F-4 |
| Condensed Consolidated Statements of Change in Shareholder’s Equity | F-5 - F-6 |
| Condensed Consolidated Statements of Cash Flows | F-7 - F-8 |
| Notes to the Interim Condensed Consolidated Financial Statements | F-9 - F-16 |
F-1
COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands)
| June 30, | December 31, | |||||||
| 2021 | 2020 | |||||||
| Unaudited | Audited | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Short term cash deposits | ||||||||
| Trade receivables | ||||||||
| Other accounts receivable and prepaid expenses | ||||||||
| Restricted deposit | ||||||||
| Inventory | ||||||||
| Total current assets | ||||||||
| Non-current assets: | ||||||||
| Restricted deposit | ||||||||
| Operating lease right-of-use assets | ||||||||
| Property and equipment, net | ||||||||
| Intangible assets | ||||||||
| Total non-current assets | ||||||||
| Total assets | $ | $ | ||||||
F-2
COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS
(U.S. dollars in thousands, except share data)
| June 30, | December 31, | |||||||
| 2021 | 2020 | |||||||
| Unaudited | Audited | |||||||
| Liabilities and shareholders’ equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable: | ||||||||
| Trade payables | $ | $ | ||||||
| Accrued liabilities and other | ||||||||
| Operating lease liabilities | ||||||||
| Deferred revenues | ||||||||
| Total current liabilities | ||||||||
| Non-current liabilities: | ||||||||
| Derivatives liability | ||||||||
| Operating lease liabilities | ||||||||
| Total non-current liabilities | ||||||||
| Total liabilities | ||||||||
| Commitments and contingencies | ||||||||
| Shareholders’ Equity: | ||||||||
| Ordinary shares, NIS |
||||||||
| Additional paid in capital | ||||||||
| Currency translation differences | ( |
) | ( |
) | ||||
| Accumulated deficit | ( |
) | ( |
) | ||||
| Total shareholders’ equity | ||||||||
| Total liabilities and shareholders’ equity | $ | $ | ||||||
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
F-3
COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(U.S. dollars in thousands, except share and per share data)
(Unaudited)
| Six months ended June 30 |
Three months ended June 30 |
|||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenues | $ | $ | $ | $ | ||||||||||||
| Cost of revenues | ||||||||||||||||
| Gross Profit | ||||||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | ||||||||||||||||
| General, administrative and marketing | ||||||||||||||||
| Operating income (loss) | ( |
) | ( |
) | ( |
) | ||||||||||
| Financial income | ||||||||||||||||
| Financial expenses | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||
| Exchange differences | ( |
) | ( |
) | ||||||||||||
| Financial income (expenses), net | ( |
) | ||||||||||||||
| Net income (loss) for the period | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||
| Basic net income (loss) per ordinary share | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||
| Diluted net income (loss) per ordinary share | $ | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||||
| Weighted average ordinary shares outstanding used in computation of basic net income (loss) per share | ||||||||||||||||
| Weighted average ordinary shares outstanding used in computation of diluted net income (loss) per share | ||||||||||||||||
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
F-4
COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(U.S. dollars in thousands, except share data)
(Unaudited)
| Ordinary shares |
Additional paid-in |
Currency translation |
Accumulated deficit |
Total | ||||||||||||||||||||
| Number of shares |
Amounts | Amounts | ||||||||||||||||||||||
| BALANCE AT JANUARY 1, 2020 | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
| CHANGES DURING THE PERIOD: | ||||||||||||||||||||||||
| Issuance of ordinary shares and warrants, net of issuance costs of $ |
||||||||||||||||||||||||
| Exercise of options | ||||||||||||||||||||||||
| Conversion of prepaid warrants to ordinary shares | ( |
) | ||||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||||||
| Comprehensive loss | - | - | - | - | ( |
) | ( |
) | ||||||||||||||||
| BALANCE AT JUNE 30, 2020 | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
| BALANCE AT JANUARY 1, 2021 | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
| CHANGES DURING THE PERIOD: | ||||||||||||||||||||||||
| Issuance of ordinary shares and warrants, net of issuance costs of $ |
||||||||||||||||||||||||
| Exercise of options | ||||||||||||||||||||||||
| Exercise of warrants, net of issuance costs of $ |
- | - | ||||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||||||
| Comprehensive income | - | - | - | - | ||||||||||||||||||||
| BALANCE AT JUNE 30, 2021 | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
F-5
COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(U.S. dollars in thousands, except share data)
(Unaudited)
| Additional | Currency | |||||||||||||||||||||||
| Ordinary shares | paid-in capital |
translation differences |
Accumulated deficit |
Total | ||||||||||||||||||||
| Number of shares |
Amounts | Amounts | ||||||||||||||||||||||
| BALANCE AT APRIL 1, 2020 | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
| CHANGES DURING THE PERIOD: | ||||||||||||||||||||||||
| Exercise of options | ||||||||||||||||||||||||
| Share-based compensation | ||||||||||||||||||||||||
| Comprehensive loss | - | - | - | - | ( |
) | ( |
) | ||||||||||||||||
| BALANCE AT JUNE 30, 2020 | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
| BALANCE AT APRIL 1, 2021 | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
| CHANGES DURING THE PERIOD: | ||||||||||||||||||||||||
| Exercise of options | - | - | ||||||||||||||||||||||
| Exercise of warrants, net of issuance costs of $ |
- | - | ||||||||||||||||||||||
| Share-based compensation | - | - | - | - | ||||||||||||||||||||
| Comprehensive loss | - | - | - | - | ( |
) | ( |
) | ||||||||||||||||
| BALANCE AT JUNE 30, 2021 | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
| * |
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
F-6
COLLPLANT BIOTECHNOLOGIES LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)
(Unaudited)
| Six months ended June 30, |
||||||||
| 2021 | 2020 | |||||||
| Cash flows from operating activities: | ||||||||
| Net cash provided by (used in) operations (see Appendix A) | $ | $ | ( |
) | ||||
| Net cash provided by (used in) operating activities | ( |
) | ||||||
| Cash flows from investing activities: | ||||||||
| Purchase of intangible assets | ( |
) | ||||||
| Purchase of property and equipment | ( |
) | ( |
) | ||||
| Short term cash deposits | ( |
) | ||||||
| Net cash used in investing activities | ( |
) | ( |
) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of shares and warrants, less issuance expenses | ||||||||
| Exercise of options and warrants into shares | ||||||||
| Loan paid | ( |
) | ||||||
| Net cash provided by financing activities | ||||||||
| Increase (decrease) in cash and cash equivalents and restricted deposits | ( |
) | ||||||
| Cash and cash equivalents and restricted deposits at the beginning of the period | ||||||||
| Exchange differences on cash and cash equivalents and restricted deposits | ( |
) | ||||||
| Cash and cash equivalents and restricted deposits at the end of the period | $ | $ | ||||||
F-7
COLLPLANT BIOTECHNOLOGIES LTD.
APPENDICES TO CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)
(Unaudited)
| Six months ended June 30, |
||||||||
| 2021 | 2020 | |||||||
| Appendix to the statement of cash flows | ||||||||
| A. Net cash provided by (used in) operations: | ||||||||
| Income (loss) | $ | $ | ( |
) | ||||
| Adjustments for: | ||||||||
| Depreciation | ||||||||
| Gains from Short term cash deposits | ( |
) | ||||||
| Share-based compensation to employees and consultants | ||||||||
| Exchange differences on cash and cash equivalents | ( |
) | ||||||
| Financial income related to financial instruments | ( |
) | ( |
) | ||||
| Net change of operating lease accounts | ( |
) | ( |
) | ||||
| ( |
) | |||||||
| Changes in operating asset and liability items: | ||||||||
| Decrease (increase) in trade receivables | ( |
) | ||||||
| Decrease in inventory | ||||||||
| Increase in other receivables | ( |
) | ( |
) | ||||
| Decrease in trade payables | ( |
) | ( |
) | ||||
| Decrease in accrued liabilities and other payables | ( |
) | ( |
) | ||||
| Decrease in deferred revenues | ( |
) | ( |
) | ||||
| ( |
) | ( |
) | |||||
| Net cash provided by (used in) operations | $ | $ | ( |
) | ||||
| B. Supplementary information on investing and financing activities not involving cash flows: | ||||||||
| Conversion of pre-paid warrants to ordinary shares | ||||||||
| Obtaining right of use assets in exchange for a lease liability | ||||||||
| Issuance costs, not yet paid | ||||||||
| C. Reconciliation of Cash, cash equivalents and restricted cash at the end of the period: | ||||||||
| Cash and cash equivalents | ||||||||
| Restricted deposits (including long term) | ||||||||
| Total cash and cash equivalents and restricted deposits | $ | $ | ||||||
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
F-8
COLLPLANT BIOTECHNOLOGIES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S dollars in thousands, except share and per share amounts)
(UNAUDITED)
Note 1 - NATURE OF OPERATIONS:
CollPlant Biotechnologies Ltd. (the “Company”) is a regenerative and aesthetic medicine company focused on 3D bioprinting of tissues and organs and medical aesthetics. The Company’s products are based on its rhCollagen (recombinant human collagen) produced with CollPlant’s proprietary plant based technology. These products address indications for the diverse fields of tissue repair, aesthetics, and organ manufacturing.
The Company’s revenues include income from business collaborators and sales of (i) the BioInk product for the development of 3D bioprinting of tissues and organs, (ii) sales of rhCollagen for the medical aesthetics market, and (iii) sales in Europe of the products for tendinopathy and wound healing. The Company operates through CollPlant Ltd., a wholly-owned subsidiary (CollPlant Biotechnologies Ltd. and CollPlant Ltd. will be referred to hereinafter as “the Company” and “CollPlant”, respectively).
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:
| a. | Basis of presentation |
The unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial information. Accordingly, they do not contain all information and notes required by US GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s consolidated financial position as of June 30, 2021, the consolidated results of operations, changes in shareholders’ equity for the three and six-month periods ended June 30, 2021 and cash flows for the six-month periods ended June 30, 2021 and 2020.
These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s annual financial statements for the year ended December 31, 2020, as filed in the 20-F on March 26, 2021. The condensed consolidated balance sheet data as of December 31, 2020 included in these unaudited condensed consolidated financial statements was derived from the audited financial statements for the year ended December 31, 2020 but does not include all disclosures required by US GAAP for annual financial statements.
The results for the six-month period ended June 30, 2021 are not necessarily indicative of the results expected for the year ending December 31, 2021. The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2020, contained in the Company’s Annual Report have been applied consistently in these unaudited interim condensed consolidated financial statements.
| b. | Use of estimates in the preparation of financial statements |
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
The novel coronavirus (“COVID-19”) pandemic has created, and may continue to create, significant uncertainty in macroeconomic conditions. The full extent to which the COVID-19 pandemic will directly or indirectly impact the global economy, the lasting social effects, and impact on our business, results of operations, and financial condition will depend on future developments that are highly uncertain and cannot be accurately predicted. As of the date of issuance of these consolidated financial statements, we are not aware of any specific event or circumstance related to COVID-19 that would require us to update our estimates or judgments or adjust the carrying value of our assets or liabilities.
| c. | Principles of consolidation |
The consolidated financial statements include the accounts of CollPlant Biotechnologies and its Subsidiary. Intercompany balances and transactions have been eliminated upon consolidation.
| d. | Recently Adopted Accounting Pronouncements |
In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. ASU 2019-12 is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2020. The adoption by the Company of the new guidance did not have a material impact on its consolidated financial statements.
F-9
COLLPLANT BIOTECHNOLOGIES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S dollars in thousands, except share and per share amounts)
(UNAUDITED)
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (continueD):
| e. | Income (loss) per share |
Basic income (loss) per share is computed
on the basis of the net income (loss), adjusted to recognize the effect of a down-round feature when it is triggered, for the period
divided by the weighted average number of ordinary shares and prepaid warrants outstanding during the period. Diluted income (loss) per
share is based upon the weighted average number of ordinary shares and of ordinary shares equivalents outstanding when dilutive. Ordinary
share equivalents include outstanding stock options and warrants, which are included under the treasury stock method when dilutive. The
calculation of diluted income (loss) per share does not include options and warrants exercisable into
| f. | Fair value measurement |
Fair value is based on the price that would be received from the sale of an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into six broad levels, which are described as follows:
| Level 1: | Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. |
| Level 2: | Observable prices that are based on inputs not quoted on active markets but corroborated by market data. |
| Level 3: | Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. |
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value.
The carrying amount of the cash and cash equivalents, restricted deposits, trade receivable, trade payables, accrued expenses and other liabilities approximates their fair value. The carrying amount of the derivatives liability are measured using unobservable inputs that require a high level of judgment to determine fair value, and thus are classified as Level 3 financial.
F-10
COLLPLANT BIOTECHNOLOGIES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S dollars in thousands, except share and per share amounts)
(UNAUDITED)
NOTE 3 –INVENTORY:
| a. | Inventories at June 30, 2021 and December 31, 2020 consisted of the following: |
| June 30, | December 31, | |||||||
| 2021 | 2020 | |||||||
| Work in progress | $ | $ | ||||||
| Finished goods’ | ||||||||
| Total inventory | $ | $ | ||||||
| b. | During the six and three months period ended June 30, 2021, the Company recorded approximately $ |
NOTE 4 – SHARE CAPITAL:
| a. | Changes in share capital |
| 1. |
On February 17, 2021, |
| 2. | On February 28, 2021 |
The Sagy Agreement is part of a financing agreement which was signed on August 30, 2019, with Mr. Sagy and certain U.S. investors for the issuance of shares and warrants. The total return to the Company against the shares amounted to $6,500. Mr. Sagy, the Company’s largest shareholder provided an amount of $3,000 in two tranches, (i) $2,000 at the first closing in September 3, 2019 and (ii) $1,000 at the second closing, as noted above.
F-11
COLLPLANT BIOTECHNOLOGIES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S dollars in thousands, except share and per share amounts)
(UNAUDITED)
NOTE 4 – SHARE CAPITAL (continueD):
| b. | Share-based compensation: |
Option plan
In accordance with an option plan for
employees and consultants (the “Option Plan”), as amended from time to time, employees and consultants of the Company will
be granted options, each exercisable into one ordinary share of the Company of NIS
Grants to employees are made in accordance with the Option Plan, and are carried out within the provisions of Section 102 of the Israel Income Tax Ordinance. In accordance with the track selected by the Company and these provisions, the Company is not entitled to claim a tax deduction for the employee benefits.
For those who are not employees of the Company or directors, and for the Company’s controlling shareholders (as defined in the Income Tax Ordinance) options are granted in accordance with section 3(I) of the Income Tax Ordinance.
| 1) | Options grants |
In the six months ended June 30, 2021 and 2020, the Company granted options as follows:
| Six months ended June 30, 2021 | ||||||||||||||||
| Number of options granted |
Exercise price range |
Vesting period |
Expiration | |||||||||||||
| Employees | $ |
|||||||||||||||
| Directors | - | - | ||||||||||||||
| Six months ended June 30, 2020 | ||||||||||||||||
| Number of options granted |
Exercise price range |
Vesting period range |
Expiration | |||||||||||||
| Employees | $ | |||||||||||||||
| Directors | $ | |||||||||||||||
The fair value of options granted to
employees during the six months ended June 30, 2021, and 2020 was $
F-12
COLLPLANT BIOTECHNOLOGIES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S dollars in thousands, except share and per share amounts)
(UNAUDITED)
NOTE 4 – SHARE CAPITAL (continueD):
The fair value of options granted to employees on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are as follows:
| Six months ended June 30 |
||||||||
| 2021 | 2020 | |||||||
| Value of ordinary share | $ | $ | ||||||
| Dividend yield | % | % | ||||||
| Expected volatility | % | % | ||||||
| Risk-free interest rate | % | % | ||||||
| Expected term | ||||||||
| 2) | The following table summarizes the number of options granted to employees under the Option Plan for the six months period ended June 30, 2021: |
| Number of options |
Weighted average exercise price |
|||||||
| Options outstanding at the beginning of the period | $ | |||||||
| Granted | ||||||||
| Exercised | ( |
) | ||||||
| Expired | ||||||||
| Forfeited | ( |
) | ||||||
| Options outstanding at the end of the year | $ | |||||||
| Options exercisable at the end of the year | $ | |||||||
The following table summarizes the number of options granted to non- employees under the Option Plan for the six months period ended June 30, 2021:
| Number of options |
Weighted average exercise price |
|||||||
| Options outstanding at the beginning of the period | $ | |||||||
| Granted | ||||||||
| Exercised | ||||||||
| Expired | ( |
) | ||||||
| Forfeited | ||||||||
| Options outstanding at the end of the year | $ | |||||||
| Options exercisable at the end of the year | $ | |||||||
F-13
COLLPLANT BIOTECHNOLOGIES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S dollars in thousands, except share and per share amounts)
(UNAUDITED)
NOTE 4 – SHARE CAPITAL (continueD):
| 3) | The following table illustrates the effect of share-based compensation on the statements of operations: |
| Six months ended June 30 |
Three months ended June 30 |
|||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| U.S. dollars in thousands | U.S. dollars in thousands | |||||||||||||||
| Cost of revenue | $ | $ | $ | $ | ||||||||||||
| Research and development | ||||||||||||||||
| General, administrative and marketing | ||||||||||||||||
| $ | $ | $ | $ | |||||||||||||
NOTE 5 – Development, Exclusivity and Option Products Agreement
On February 5, 2021, CollPlant entered into a Development, Exclusivity and Option Products Agreement (the “Agreement”) with certain wholly-owned subsidiaries of AbbVie Inc., pursuant to which CollPlant and AbbVie will collaborate in the development and commercialization of dermal and soft tissue filler products for the medical aesthetics market, using CollPlant’s recombinant human collagen technology and AbbVie’s technology.
In addition, CollPlant shall be entitled to a fixed-fee royalty payments (subject to certain adjustments) for each product commercially sold during the applicable royalty term.
Unless earlier terminated, the Agreement
will continue in effect on a product-by-product and country-by-country basis until the later of (i) the expiration, invalidation or abandonment
of the last CollPlant patent covering a product in a particular country, and (ii)
The Company has concluded that the
contract includes one performance obligation: the delivery of the rhCollagen license. The Company's conditional obligation to manufacture
the rhCollagen, represent an optional purchase that do not provide the customer with a material right. As such, the transaction price
was fully allocated to the license delivery performance obligation. The license was determined to be a right to use the Company's intellectual
property. Since it is not probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the
uncertainty associated with the milestone payments is resolved, and since the contract include termination provisions, the Company estimated
the transaction price at $
F-14
COLLPLANT BIOTECHNOLOGIES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S dollars in thousands, except share and per share amounts)
(UNAUDITED)
NOTE 6 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION
| a. | Disaggregated revenues: |
| Six months ended June 30, |
Three months ended June 30, |
|||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Revenues from licensing agreement (See note 5) | $ | $ | $ | $ | ||||||||||||
| Revenues from the sales of goods | ||||||||||||||||
| Revenues from rendering of services | ||||||||||||||||
| Total revenues | $ | $ | $ | $ | ||||||||||||
| b. | Revenues by geographic area were as follows: |
| Six months ended June 30, |
Three months ended June 30, |
|||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| United states and Canada | $ | $ | $ | $ | ||||||||||||
| Europe | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
| c. | Revenue recognized in the reporting period that was included in the deferred revenues balance at the beginning of the period is $ |
| d. | Major customers |
Set forth below is a breakdown of the
Company’s revenue by major customers (major customer –revenues from these customers constitute at least
| Six months ended June 30, |
Three months ended June 30, |
|||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Customer A | $ | $ | $ | $ | ||||||||||||
| Customer B | $ | ) | $ | $ | $ | |||||||||||
| Customer C | $ | ) | $ | $ | $ | |||||||||||
| *) |
F-15
COLLPLANT BIOTECHNOLOGIES LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(U.S dollars in thousands, except share and per share amounts)
(UNAUDITED)
NOTE 7 – SUBSEQUENT EVENTS
| 1. | In August 2021, |
| 2. | On August 4, 2021, the Company's shareholders approved the grant of an aggregate of |
The options will vest over four years in which one quarter will vest one year after the grant date and the remaining balance will vest in equal parts at the end of each subsequent quarter.
F-16