Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Operating Leases

v3.23.1
Operating Leases
 12 Months Ended
Dec. 31, 2022
Operating Leases [Abstract]  
OPERATING LEASES

NOTE 5 - OPERATING LEASES

 

The Company’s leases include offices for its facilities and car leases, which are all classified as operating leases. The car leases are generally for three years period and the payments are linked to the Israeli CPI.

 

As collateral for the office and lease agreement, a restricted deposit was pledged in favor of the property owner. The balance of the restricted deposit as of December 31, 2022 amounted to $188. The deposit is classified as a non-current asset.

 

To secure the terms of the car lease agreements, the Company has made certain prepayments to the leasing company, representing approximately three months of lease payments.

  

Operating leases cost for rental space and vehicles for the years ended December 31, 2022 and 2021 totaled $645 and $646, respectively.

 

The operating lease costs include variable lease payments of $24 in 2022 and $12 in 2021.

 

Supplemental cash flow information related to leases was as follows:

 

    Year ended December 31,  
    2022     2021  
Operating cash flows from operating leases   $ 770     $ 702  

 

Supplemental balance sheet information related to leases was as follows:

 

    December 31,  
    2022     2021  
Operating Leases            
Operating lease right-of-use assets   $ 2,711     $ 2,953  
                 
Current lease liabilities   $ 529     $ 519  
Non-current lease liabilities     2,382       3,089  
Total lease liabilities   $ 2,911     $ 3,608  
                 
Weighted Average Remaining Lease Term                
Operating leases     5.7 years       6.7 years  
                 
Weighted Average Discount Rate                
Operating leases     7.13 %     7.33 %

 

As of December 31, 2022, the maturities of lease liabilities were as follows:

 

    Operating leases  
Year ending December 31,      
2023   $ 709  
2024     604  
2025     550  
2026     524  
2027 and thereafter     1,143  
Total undiscounted lease payments     3,530  
Less - imputed interests     (619 )
Present value of lease liabilities     2,911