Current report of foreign issuer pursuant to Rules 13a-16 and 15d-16 Amendments

Share Capital

v3.23.2
Share Capital
6 Months Ended
Jun. 30, 2023
Share Capital [Abstract]  
SHARE CAPITAL

NOTE 4 - SHARE CAPITAL:

 

a. Changes in share capital

 

  In 2022, three U.S investors exercised 425,000 warrants into 425,000 ordinary shares in return for $1,700.

 

  On February 23, 2023, Ami Sagi exercised 186,000 warrants into 186,000 ordinary shares in return for $744.

 

b. Share- based compensation

 

1) Option plan

 

Under the Company’s Share Ownership and Option Plan (2010), or the 2010 Plan, employees, directors and consultants of the Company may be granted options, each exercisable into one ordinary share of the Company of NIS 1.50 par value. 

 

  Options grants

 

Options granted under the 2010 Plan:

 

In the six months ended June 30, 2023 and 2022, the Company granted options as follows:

 

    Six months ended June 30, 2023
    Number of options granted     Exercise
price
range
    Vesting
period
  Expiration
Employees     104,500     $ 7.5     4 years   10 years

 

    Six months ended June 30, 2022
    Number of options granted     Exercise
price
range
    Vesting
period
range
  Expiration
Employees     398,000     $ 9.22     4 years   10 years
Directors     217,000     $ 9.22     4 years   10 years

 

The fair value of options granted during the six months ended June 30, 2023, and 2022 was $505 and $3,511, respectively.

 

The fair value of options granted 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
 
    2023     2022  
Value of ordinary share   $ 7.5     $ 9.07-9.22  
Dividend yield     0 %     0 %
Expected volatility     74.1 %     67.28%-67.95 %
Risk-free interest rate     0.36 %     1.72%-3.03 %
Expected term     6.11 years       6.11 years  

 

  The following table summarizes the number of options granted to employees and directors under the 2010 Plan for the six months period ended June 30, 2023:

 

    Number of
options
    Weighted
average
exercise
price
 
Options outstanding at the beginning of the period     1,868,749     $ 7.85  
Granted     104,500       7.5  
Exercised     (29,163 )     4.43  
Forfeited or expired     (95,559 )     9.43  
Options outstanding at the end of the period     1,848,527     $ 7.8  
Options exercisable at the end of the period     1,105,189     $ 7.35  

 

The following table summarizes the number of options granted to consultants under the Option Plan for the six months period ended June 30, 2023:

 

    Number of
options
    Weighted
average
exercise
price
 
Options outstanding at the beginning of the period     15,416     $ 16.04  
Granted    
-
     
-
 
Exercised     (3,750 )     5.07  
Forfeited or expired    
-
     
-
 
Options outstanding at the end of the period     11,666     $ 16.45  
Options exercisable at the end of the period     6,329     $ 9.81  

 

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
 
    2023     2022     2023     2022  
Cost of revenue   $ 19     $ 2     $ 11     $ 2  
Research and development     307       374       121       173  
General, administrative and marketing     526       647       206       400  
    $ 852     $ 1,023     $ 338     $ 575