| 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 |
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 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 |
|
|