Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2023 | |
Document Information Line Items | |
Entity Registrant Name | BOS BETTER ONLINE SOLUTIONS LTD |
Document Type | 6-K |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Central Index Key | 0001005516 |
Document Period End Date | Jun. 30, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity File Number | 001-14184 |
Condensed Interim Consolidated
Condensed Interim Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 1,931 | $ 1,763 |
Restricted bank deposits | 144 | 130 |
Trade receivables (net of allowance for doubtful accounts of $148 and $82 at June 30, 2023 and December 31 2022, respectively) | 11,011 | 10,834 |
Other accounts receivable and prepaid expenses | 1,167 | 1,414 |
Inventories | 7,667 | 6,433 |
Total current assets | 21,920 | 20,574 |
NON-CURRENT ASSETS: | ||
Long-term assets | 244 | 260 |
Property and equipment, net | 3,341 | 3,270 |
Operating lease right-of-use assets, net | 955 | 1,110 |
Intangible assets, net | 1,174 | 486 |
Goodwill | 4,895 | 4,895 |
Total non-current assets | 10,609 | 10,021 |
Total assets | 32,529 | 30,595 |
CURRENT LIABILITIES: | ||
Current maturities of non-current loans | 391 | 586 |
Operating lease liabilities, current | 235 | 301 |
Trade payables | 7,801 | 7,984 |
Employees and payroll accruals | 980 | 1,016 |
Deferred revenues | 1,550 | 542 |
Advances net of inventory in progress | 79 | 47 |
Accrued expenses and other liabilities | 812 | 719 |
Total current liabilities | 11,848 | 11,195 |
NON-CURRENT LIABILITIES: | ||
Loans, net of current maturities | 1,209 | 1,294 |
Operating lease liabilities, non-current | 674 | 827 |
Deferred revenues | 401 | 241 |
Accrued severance pay | 363 | 404 |
Total non-current liabilities | 2,647 | 2,766 |
COMMITMENTS AND CONTINGENT LIABILITIES | ||
SHAREHOLDERS’ EQUITY: | ||
Ordinary shares: Authorized; 11,000,000 shares at June 30, 2023 and December 31, 2022; Issued and outstanding: 5,740,518 and 5,701,518 shares at June 30, 2023 and December 31, 2022, respectively | 84,915 | 84,830 |
Additional paid-in capital | 1,228 | 1,179 |
Accumulated other comprehensive loss | (243) | (243) |
Accumulated deficit | (67,866) | (69,132) |
Total equity | 18,034 | 16,634 |
Total liabilities and shareholders’ equity | $ 32,529 | $ 30,595 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Trade receivables, allowance for doubtful accounts (in Dollars) | $ 148 | $ 82 |
Ordinary shares, shares authorized | 11,000,000 | 11,000,000 |
Ordinary shares, shares issued | 5,740,518 | 5,701,518 |
Ordinary shares, shares outstanding | 5,740,518 | 5,701,518 |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
Revenues | $ 23,478 | $ 21,138 |
Cost of revenues | 18,409 | 16,667 |
Gross profit | 5,069 | 4,471 |
Operating costs and expenses: | ||
Research and development | 78 | 87 |
Sales and marketing | 2,470 | 2,384 |
General and administrative | 912 | 999 |
Total operating costs and expenses | 3,460 | 3,470 |
Operating income | 1,609 | 1,001 |
Financial expenses, net | (343) | (529) |
Income before taxes on income | 1,266 | 472 |
Taxes on income | ||
Net income | $ 1,266 | $ 472 |
Basic net income per share (in Dollars per share) | $ 0.22 | $ 0.09 |
Weighted average number of shares used in computing net income per share: | ||
Basic (in Shares) | 5,707 | 5,395 |
Diluted (in Shares) | 5,767 | 5,438 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||
Diluted net income per share | $ 0.22 | $ 0.09 |
Consolidated Interim Consolidat
Consolidated Interim Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 1,266 | $ 472 |
Cash flow hedging instruments: | ||
Change in unrealized gains and losses | ||
Gain in respect of derivative instruments designated for cash flow hedge, net of taxes | ||
Other comprehensive gain | ||
Comprehensive income | $ 1,266 | $ 472 |
Condensed Interim Consolidate_5
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Ordinary shares | Share capital and additional paid-in capital | Accumulated other comprehensive loss | Accumulated deficit | Total |
Balance at Dec. 31, 2021 | $ 84,854 | $ (243) | $ (70,264) | $ 14,347 | |
Balance (in Shares) at Dec. 31, 2021 | 5,250,518 | ||||
Issuance of ordinary shares and warrants, net | 911 | 911 | |||
Issuance of ordinary shares and warrants, net (in Shares) | 450,000 | ||||
Exercise of options into ordinary shares | 2 | 2 | |||
Exercise of options into ordinary shares (in Shares) | 1,000 | ||||
Share-based compensation expense | 51 | 51 | |||
Net income | 472 | 472 | |||
Balance at Jun. 30, 2022 | 85,818 | (243) | (69,792) | 15,783 | |
Balance (in Shares) at Jun. 30, 2022 | 5,701,518 | ||||
Balance at Dec. 31, 2022 | 86,009 | (243) | (69,132) | $ 16,634 | |
Balance (in Shares) at Dec. 31, 2022 | 5,701,518 | 5,701,518 | |||
Issuance of ordinary shares and warrants, net | |||||
Exercise of options into ordinary shares | 85 | $ 85 | |||
Exercise of options into ordinary shares (in Shares) | 39,000 | 39,000 | |||
Share-based compensation expense | 49 | $ 49 | |||
Net income | 1,266 | 1,266 | |||
Balance at Jun. 30, 2023 | $ 86,143 | $ (243) | $ (67,866) | $ 18,034 | |
Balance (in Shares) at Jun. 30, 2023 | 5,740,518 | 5,740,518 |
Condensed Interim Consolidate_6
Condensed Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Cash Flows [Abstract] | ||
Net income | $ 1,266 | $ 472 |
Adjustments required to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 239 | 164 |
Interest and exchange rate of loans | (83) | (133) |
Severance pay, net | (41) | (31) |
Share-based compensation expenses | 49 | 51 |
Increase in trade receivables, net | (177) | (830) |
Decrease (Increase) in other accounts receivable and other long term assets | 263 | (357) |
Increase in inventories | (1,202) | (156) |
Increase (decrease) in trade payables | (183) | 831 |
Decrease in operating lease liabilities | (64) | (124) |
Decrease (Increase) in employees and payroll accruals, deferred revenues, accrued expenses and other liabilities | 809 | (218) |
Net cash provided by (used in) operating activities | 876 | (331) |
Purchase of property and equipment | (237) | (394) |
Acquisition of assets (b) | (344) | (656) |
Net cash used in investing activities | (581) | (1,050) |
Proceeds received from issuance units that consist of ordinary shares and warrants, net | 913 | |
Proceeds received from issuance of shares upon options exercised, net | 85 | |
Proceeds received from loans | 88 | |
Repayment of loans | (286) | (399) |
Net cash provided by (used in) financing activities | (113) | 514 |
Change in cash and cash equivalents, and restricted cash | 182 | (867) |
Cash, cash equivalents and restricted cash at the beginning of the period | 1,893 | 2,117 |
Cash, cash equivalents and restricted cash at the end of the period | 2,075 | 1,250 |
Interest | $ 198 | $ 19 |
Net cash used to pay for the ac
Net cash used to pay for the acquisition of assets $ in Thousands | Apr. 02, 2023 USD ($) |
Net Cash Used To Pay For The Acquisition Of Assets Abstract | |
Suppliers relationship | $ 761 |
Accrued expenses | (417) |
Amount of cash paid | $ 344 |
General
General | 6 Months Ended |
Jun. 30, 2023 | |
General [Abstract] | |
GENERAL | NOTE 1:– GENERAL A. B.O.S. Better Online Solutions Ltd. (“BOS” or the “Company”) is an Israeli corporation. The Company’s shares are listed on NASDAQ under the ticker BOSC. B. As of June 30, 2023, the Company has three operating segments that include Intelligent Robotics, RFID and Supply Chain Solutions. C. The Company’s wholly owned subsidiaries include: 1. BOS-Dimex Ltd., (“BOS-Dimex”), is an Israeli company that comprises the RFID segment. BOS-Dimex provides comprehensive turn-key solutions for Automatic Identification and Data Collection (AIDC), combining a mobile infrastructure with software applications of manufacturers that we represent. BOS-Dimex also offers on-site inventory count services in the fields of apparel, food, convenience and pharma as well as asset tagging and counting services for corporate and governmental entities. 2. BOS-Odem Ltd. (“BOS-Odem”), an Israeli company, is a distributor of electronic components to customers worldwide, mainly in the aerospace and defense industries. BOS-Odem is also a supply chain service provider for aviation customers that prefer to consolidate their component acquisitions through a supplier that is able to provide a comprehensive solution to their components-supply needs. BOS-Odem is part of the Supply Chain Solutions segment; and 3. Ruby-Tech Inc., a New York corporation, is a wholly owned subsidiary of BOS-Odem and a part of the Supply Chain Solutions segment. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2:– SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies applied in the financial statements of the Company as of December 31, 2022, were applied consistently in these financial statements. A. Use of estimates in the preparation of financial statements The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“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 dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. As applicable to these consolidated financial statements, the most significant estimates and assumptions include (i) net realizable value of the inventory, (ii) impairment analysis of goodwill and intangible assets, (iii) allowance for doubtful accounts; and (vi) revenue recognition. B. Income per share The Company computes net income per share in accordance with ASC 260, “Earnings per share”. Basic income per share is computed by dividing net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period, net of the weighted average number of treasury shares (if any). Diluted income per ordinary share is computed similar to basic income per share, except that the denominator is increased to include the number of additional potential ordinary shares that would have been outstanding if the potential ordinary shares had been issued and if the additional ordinary shares were dilutive. Potential ordinary shares are excluded from the computation for a period in which a net income is reported or if their effect is anti-dilutive. An amount of 570,000 and 1.2 million weighted average outstanding options and warrants have been excluded from the calculation of the diluted net income per share for the period of six months ended June 30, 2023 and 2022, respectively, because the effect of the ordinary shares issuable as a result of the exercise or conversion of these instruments was determined to be anti-dilutive. C. Reclassified amounts Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications did not have material effect on the reported results of operations, shareholder’s equity or cash flows. D. Recently issued accounting pronouncements There are currently no accounting standards that have been issued but not yet adopted that we believe will have a significant impact on our consolidated financial position, results of operations or cash flows. |
Unaudited Condensed Interim Con
Unaudited Condensed Interim Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2023 | |
Unaudited Condensed Interim Consolidated Financial Statements [Abstract] | |
UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS | NOTE 3:– UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS These accompanying unaudited condensed interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States for interim financial information. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position as of June 30, 2023 have been included. Operating results for the six-month period ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ended December 31, 2023, or any other interim period in the future. The consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements. The unaudited interim financial statements should be read in conjunction with the Company’s annual financial statements and accompanying notes as of December 31, 2022 included in the Company’s Annual Report on Form 20-F, filed with the Securities Exchange Commission on March 30, 2023. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Inventories [Abstract] | |
INVENTORIES | NOTE 4:- INVENTORIES Composition: June 30, December 31, Unaudited Audited Raw materials $ 31 $ 177 Inventory in progress 955 1,750 Finished goods 6,973 5,788 Net – advances from customers (292 ) (1,282 ) $ 7,667 $ 6,433 |
Intangible Assets, Net
Intangible Assets, Net | 6 Months Ended |
Jun. 30, 2023 | |
Intangible Assets, Net [Abstract] | |
INTANGIBLE ASSETS, NET | NOTE 5:– INTANGIBLE ASSETS, NET A. Composition: June 30, December 31, Weighted Unaudited Audited Cost: Customer relationship 1,032 1,032 7-8.84 Suppliers relationship* 761 - 8.84 Non-competition 270 270 4 2,063 1,302 Accumulated amortization and impairments: Customer relationship 776 758 Suppliers relationship 20 - Non-competition 93 58 889 816 Amortized cost $ 1,174 $ 486 B. Amortization expenses amounting to $73 and $108 were recorded during the period of six months ended June 30, 2023 and the year ended December 31, 2022, respectively. * On July 7, 2013, the Company entered into a profit sharing agreement with Proteus Ltd, providing for the joint market and sale of certain products. On April 2, 2023, Proteus sold to the Company its share in the joint activity in consideration of $723, of which $138 was paid on signing and the rest is paid in monthly installments during a two year period. Pursuant to the sale agreement, Proteus will gradually phase out its marketing and sale of the products until the end of 2023. On May 31, 2023, the Company entered into an agreement with Microwave Ltd. for the purchase of its distribution rights for certain products, in consideration of $38, paid at signing. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
LEASES | NOTE 6:– LEASES We have entered into several non-cancellable operating lease agreements for our offices and vehicles. Our leases have original lease periods expiring between 2023 and 2034. Payments due under such lease contracts include primarily fix payments. We assume renewals in our determination of the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease costs, lease term and discount rate are as follows: Six Months June 30, (unaudited) Operating lease cost: Vehicles 91 Facilities rent 107 198 Remaining Lease Term Vehicles 0.58 -2.34 years Facilities rent 2.27-11.1 years Weighted Average Discount Rate Vehicles 2.02 % Facilities rent 5.27 % The following is a schedule, by years, of maturities of operating lease liabilities as of June 30, 2023: June 30, (unaudited) Period: The remainder of 2023 178 2024 206 2025 140 2026 97 2027 63 2028-2034 467 Total operating lease payments 1,151 Less: imputed interest 242 Present value of lease liabilities 909 |
Segments and Geographical Infor
Segments and Geographical Information | 6 Months Ended |
Jun. 30, 2023 | |
Segments and Geographical Information [Abstract] | |
SEGMENTS AND GEOGRAPHICAL INFORMATION | NOTE 7:– SEGMENTS AND GEOGRAPHICAL INFORMATION Commencing January 1, 2020 the Company presents its business operations in three reportable segments, consisting of the RFID segment, Supply Chain Solutions segment and the Intelligent Robotics segment. The Company’s management makes financial decisions and allocates resources, based on the information it receives from its internal management system. The Company allocates resources and assesses performance for each operating segment using information about revenues and gross profit. a. Information about the operating segments for the six months ended June 30, 2023 and 2022 is as follows: RFID Supply Intelligent Robotics Intercompany Consolidated Six months ended June 30, 2023: Revenues $ 6,948 $ 15,351 $ 1,257 $ (77 ) $ 23,478 Gross profit $ 1,796 $ 3,253 $ 20 $ - $ 5,069 Allocated operating expenses $ 1,097 $ 1,859 $ 130 $ - $ 3,086 Acquisition expenses $ - - - - $ - Unallocated operating expenses - - - - $ 374 Operating Income (loss) $ 699 $ 1,394 $ (110 ) $ - $ 1,609 Financial expenses - - - - $ (343 ) Net Income before tax - - - - $ 1,266 Tax on income - - - - $ - Net Income - - - - $ 1,266 RFID Supply Intelligent Robotics Intercompany Consolidated Six months ended June 30, 2022: Revenues $ 7,693 $ 12,873 $ 572 $ - $ 21,138 Gross profit $ 1,915 $ 2,575 $ (19 ) $ - $ 4,471 Allocated operating expenses $ 1,209 $ 1,585 $ 271 $ - $ 3,065 Acquisition expenses $ 44 - - - $ 44 Unallocated operating expenses - - - - $ 361 Operating Income (loss) $ 662 $ 990 $ (290 ) $ - $ 1,001 Financial expenses - - - - $ (529 ) Net Income before tax - - - - $ 472 Tax on income - - - - $ - Net Income - - - - $ 472 b. The following presents total revenues for the six months ended June 30, 2023 and 2022 based on the location of customers: June 30, 2023 2022 Unaudited Israel $ 19,765 $ 16,686 Far East 707 1,536 India 1,060 641 Europe 838 399 United States 1,080 1,733 Others 28 143 $ 23,478 $ 21,138 |
Shareholders_ Equity
Shareholders’ Equity | 6 Months Ended |
Jun. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 8:– SHAREHOLDERS’ EQUITY a. In June 2023, a total of 39,000 options were exercised for the amount of $85. b. On May 2, 2022, the Company entered into a definitive agreement with several investors for the sale of 450,000 units, each consisting of one ordinary share and one half warrant to purchase an ordinary share, at a unit purchase price of $2.2. The warrants have an exercise price of $2.2 per ordinary share and are immediately exercisable into ordinary shares over a five-year term. The sale was made in a registered direct offering with a total gross amount of $990 or $911 net of incremental and direct issuance expenses. c. In April 2022, a total of 1,000 options were exercised for the amount of $2 . |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9:– SUBSEQUENT EVENTS In July 2023, a total of 17,853 options were exercised for the amount of $18. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies [Abstract] | |
Use of estimates in the preparation of financial statements | A. Use of estimates in the preparation of financial statements The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“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 dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. As applicable to these consolidated financial statements, the most significant estimates and assumptions include (i) net realizable value of the inventory, (ii) impairment analysis of goodwill and intangible assets, (iii) allowance for doubtful accounts; and (vi) revenue recognition. |
Income per share | B. Income per share The Company computes net income per share in accordance with ASC 260, “Earnings per share”. Basic income per share is computed by dividing net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period, net of the weighted average number of treasury shares (if any). Diluted income per ordinary share is computed similar to basic income per share, except that the denominator is increased to include the number of additional potential ordinary shares that would have been outstanding if the potential ordinary shares had been issued and if the additional ordinary shares were dilutive. Potential ordinary shares are excluded from the computation for a period in which a net income is reported or if their effect is anti-dilutive. An amount of 570,000 and 1.2 million weighted average outstanding options and warrants have been excluded from the calculation of the diluted net income per share for the period of six months ended June 30, 2023 and 2022, respectively, because the effect of the ordinary shares issuable as a result of the exercise or conversion of these instruments was determined to be anti-dilutive. |
Reclassified amounts | C. Reclassified amounts Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications did not have material effect on the reported results of operations, shareholder’s equity or cash flows. |
Recently issued accounting pronouncements | D. Recently issued accounting pronouncements There are currently no accounting standards that have been issued but not yet adopted that we believe will have a significant impact on our consolidated financial position, results of operations or cash flows. |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventories [Abstract] | |
Schedule of Inventories | June 30, December 31, Unaudited Audited Raw materials $ 31 $ 177 Inventory in progress 955 1,750 Finished goods 6,973 5,788 Net – advances from customers (292 ) (1,282 ) $ 7,667 $ 6,433 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Intangible Assets, Net [Abstract] | |
Schedule of Intangible Assets | June 30, December 31, Weighted Unaudited Audited Cost: Customer relationship 1,032 1,032 7-8.84 Suppliers relationship* 761 - 8.84 Non-competition 270 270 4 2,063 1,302 Accumulated amortization and impairments: Customer relationship 776 758 Suppliers relationship 20 - Non-competition 93 58 889 816 Amortized cost $ 1,174 $ 486 * On July 7, 2013, the Company entered into a profit sharing agreement with Proteus Ltd, providing for the joint market and sale of certain products. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Schedule of Lease Costs, Lease Term and Discount Rate | The components of lease costs, lease term and discount rate are as follows: Six Months June 30, (unaudited) Operating lease cost: Vehicles 91 Facilities rent 107 198 Remaining Lease Term Vehicles 0.58 -2.34 years Facilities rent 2.27-11.1 years Weighted Average Discount Rate Vehicles 2.02 % Facilities rent 5.27 % |
Schedule of Maturities of Operating Lease Liabilities | The following is a schedule, by years, of maturities of operating lease liabilities as of June 30, 2023: June 30, (unaudited) Period: The remainder of 2023 178 2024 206 2025 140 2026 97 2027 63 2028-2034 467 Total operating lease payments 1,151 Less: imputed interest 242 Present value of lease liabilities 909 |
Segments and Geographical Inf_2
Segments and Geographical Information (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segments and Geographical Information [Abstract] | |
Schedule of Operating Segments | Information about the operating segments for the six months ended June 30, 2023 and 2022 is as follows: RFID Supply Intelligent Robotics Intercompany Consolidated Six months ended June 30, 2023: Revenues $ 6,948 $ 15,351 $ 1,257 $ (77 ) $ 23,478 Gross profit $ 1,796 $ 3,253 $ 20 $ - $ 5,069 Allocated operating expenses $ 1,097 $ 1,859 $ 130 $ - $ 3,086 Acquisition expenses $ - - - - $ - Unallocated operating expenses - - - - $ 374 Operating Income (loss) $ 699 $ 1,394 $ (110 ) $ - $ 1,609 Financial expenses - - - - $ (343 ) Net Income before tax - - - - $ 1,266 Tax on income - - - - $ - Net Income - - - - $ 1,266 RFID Supply Intelligent Robotics Intercompany Consolidated Six months ended June 30, 2022: Revenues $ 7,693 $ 12,873 $ 572 $ - $ 21,138 Gross profit $ 1,915 $ 2,575 $ (19 ) $ - $ 4,471 Allocated operating expenses $ 1,209 $ 1,585 $ 271 $ - $ 3,065 Acquisition expenses $ 44 - - - $ 44 Unallocated operating expenses - - - - $ 361 Operating Income (loss) $ 662 $ 990 $ (290 ) $ - $ 1,001 Financial expenses - - - - $ (529 ) Net Income before tax - - - - $ 472 Tax on income - - - - $ - Net Income - - - - $ 472 |
Schedule of Total Revenues | The following presents total revenues for the six months ended June 30, 2023 and 2022 based on the location of customers: June 30, 2023 2022 Unaudited Israel $ 19,765 $ 16,686 Far East 707 1,536 India 1,060 641 Europe 838 399 United States 1,080 1,733 Others 28 143 $ 23,478 $ 21,138 |
General (Details)
General (Details) | 6 Months Ended |
Jun. 30, 2023 | |
General [Abstract] | |
Operating segments | 3 |
Significant Accounting Polici_2
Significant Accounting Policies (Details) - shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Significant Accounting Policies [Abstract] | ||
Weighted average outstanding options | 570,000 | |
Weighted average outstanding warrants | 1,200,000 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of Inventories - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Schedule of Inventories [Abstract] | ||
Raw materials | $ 31 | $ 177 |
Inventory in progress | 955 | 1,750 |
Finished goods | 6,973 | 5,788 |
Net – advances from customers | (292) | (1,282) |
Inventories | $ 7,667 | $ 6,433 |
Intangible Assets, Net (Details
Intangible Assets, Net (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
May 31, 2023 | Apr. 02, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | |
Intangible Assets, Net [Abstract] | ||||
Amortization expenses | $ 73 | $ 108 | ||
Proteus sold amount | $ 723 | |||
Paid monthly installment | $ 138 | |||
Products consideration paid at signing | $ 38 |
Intangible Assets, Net (Detai_2
Intangible Assets, Net (Details) - Schedule of Intangible Assets - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Dec. 31, 2022 | ||
Cost: | |||
Total cost | $ 2,063 | $ 1,302 | |
Accumulated amortization and impairments: | |||
Total accumulated amortization and impairments | 889 | 816 | |
Amortized cost | 1,174 | 486 | |
Customer relationship [Member] | |||
Cost: | |||
Total cost | 1,032 | 1,032 | |
Accumulated amortization and impairments: | |||
Total accumulated amortization and impairments | $ 776 | 758 | |
Customer relationship [Member] | Minimum [Member] | |||
Cost: | |||
Weighted average amortization period | 7 years | ||
Customer relationship [Member] | Maximum [Member] | |||
Cost: | |||
Weighted average amortization period | 8 years 10 months 2 days | ||
Suppliers relationship [Member] | |||
Cost: | |||
Total cost | [1] | $ 761 | |
Weighted average amortization period | 8 years 10 months 2 days | ||
Accumulated amortization and impairments: | |||
Total accumulated amortization and impairments | $ 20 | ||
Non-competition [Member] | |||
Cost: | |||
Total cost | $ 270 | 270 | |
Weighted average amortization period | 4 years | ||
Accumulated amortization and impairments: | |||
Total accumulated amortization and impairments | $ 93 | $ 58 | |
[1]On July 7, 2013, the Company entered into a profit sharing agreement with Proteus Ltd, providing for the joint market and sale of certain products. |
Leases (Details) - Schedule of
Leases (Details) - Schedule of Lease Costs, Lease Term and Discount Rate $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Operating lease cost: | |
Vehicles (in Dollars) | $ 91 |
Facilities rent (in Dollars) | 107 |
Operating lease cost (in Dollars) | $ 198 |
Weighted Average Discount Rate | |
Vehicles | 2.02% |
Facilities rent | 5.27% |
Minimum [Member] | |
Remaining Lease Term | |
Vehicles | 6 months 29 days |
Facilities rent | 2 years 3 months 7 days |
Maximum [Member] | |
Remaining Lease Term | |
Vehicles | 2 years 4 months 2 days |
Facilities rent | 11 years 1 month 6 days |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of Maturities of Operating Lease Liabilities $ in Thousands | Jun. 30, 2023 USD ($) |
Period: | |
The remainder of 2023 | $ 178 |
2024 | 206 |
2025 | 140 |
2026 | 97 |
2027 | 63 |
2028-2034 | 467 |
Total operating lease payments | 1,151 |
Less: imputed interest | 242 |
Present value of lease liabilities | $ 909 |
Segments and Geographical Inf_3
Segments and Geographical Information (Details) | Jan. 01, 2020 |
Segments and Geographical Information [Abstract] | |
Reportable segments | 3 |
Segments and Geographical Inf_4
Segments and Geographical Information (Details) - Schedule of Operating Segments - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
RFID [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | $ 6,948 | $ 7,693 |
Gross profit | 1,796 | 1,915 |
Operating Income (loss) | 699 | 662 |
Financial expenses | ||
Net Income before tax | ||
Tax on income | ||
Net Income | ||
RFID [Member] | Allocated operating expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income (loss) | 1,097 | 1,209 |
RFID [Member] | Acquisition expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income (loss) | 44 | |
RFID [Member] | Unallocated operating expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income (loss) | ||
Supply Chain Solutions [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 15,351 | 12,873 |
Gross profit | 3,253 | 2,575 |
Operating Income (loss) | 1,394 | 990 |
Financial expenses | ||
Net Income before tax | ||
Tax on income | ||
Net Income | ||
Supply Chain Solutions [Member] | Allocated operating expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income (loss) | 1,859 | 1,585 |
Supply Chain Solutions [Member] | Acquisition expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income (loss) | ||
Supply Chain Solutions [Member] | Unallocated operating expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income (loss) | ||
Intelligent Robotics [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,257 | 572 |
Gross profit | 20 | (19) |
Operating Income (loss) | (110) | (290) |
Financial expenses | ||
Net Income before tax | ||
Tax on income | ||
Net Income | ||
Intelligent Robotics [Member] | Allocated operating expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income (loss) | 130 | 271 |
Intelligent Robotics [Member] | Acquisition expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income (loss) | ||
Intelligent Robotics [Member] | Unallocated operating expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income (loss) | ||
Intercompany [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | (77) | |
Gross profit | ||
Operating Income (loss) | ||
Financial expenses | ||
Net Income before tax | ||
Tax on income | ||
Net Income | ||
Intercompany [Member] | Allocated operating expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income (loss) | ||
Intercompany [Member] | Acquisition expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income (loss) | ||
Intercompany [Member] | Unallocated operating expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income (loss) | ||
Consolidated [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenues | 23,478 | 21,138 |
Gross profit | 5,069 | 4,471 |
Operating Income (loss) | 1,609 | 1,001 |
Financial expenses | (343) | (529) |
Net Income before tax | 1,266 | 472 |
Tax on income | ||
Net Income | 1,266 | 472 |
Consolidated [Member] | Allocated operating expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income (loss) | 3,086 | 3,065 |
Consolidated [Member] | Acquisition expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income (loss) | 44 | |
Consolidated [Member] | Unallocated operating expenses [Member] | ||
Segment Reporting Information [Line Items] | ||
Operating Income (loss) | $ 374 | $ 361 |
Segments and Geographical Inf_5
Segments and Geographical Information (Details) - Schedule of Total Revenues - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Segments and Geographical Information (Details) - Schedule of Total Revenues [Line Items] | ||
Total revenues | $ 23,478 | $ 21,138 |
Israel [Member] | ||
Segments and Geographical Information (Details) - Schedule of Total Revenues [Line Items] | ||
Total revenues | 19,765 | 16,686 |
Far East [Member] | ||
Segments and Geographical Information (Details) - Schedule of Total Revenues [Line Items] | ||
Total revenues | 707 | 1,536 |
India [Member] | ||
Segments and Geographical Information (Details) - Schedule of Total Revenues [Line Items] | ||
Total revenues | 1,060 | 641 |
Europe [Member] | ||
Segments and Geographical Information (Details) - Schedule of Total Revenues [Line Items] | ||
Total revenues | 838 | 399 |
United States [Member] | ||
Segments and Geographical Information (Details) - Schedule of Total Revenues [Line Items] | ||
Total revenues | 1,080 | 1,733 |
Others [Member] | ||
Segments and Geographical Information (Details) - Schedule of Total Revenues [Line Items] | ||
Total revenues | $ 28 | $ 143 |
Shareholders_ Equity (Details)
Shareholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | ||
May 02, 2022 | Apr. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | ||||
Exercise of options shares (in Shares) | 1,000 | 39,000 | ||
Exercise of options amount | $ 2 | $ 85 | $ 2 | |
Ordinary share (in Shares) | 450,000 | |||
Purchase price per shares (in Dollars per share) | $ 2.2 | |||
Exercise price per share (in Dollars per share) | $ 2.2 | |||
Total gross amount | $ 990 | |||
Net of incremental and direct issuance expenses | $ 911 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] shares in Thousands, $ in Thousands | 1 Months Ended |
Jul. 31, 2023 USD ($) shares | |
Subsequent Events (Details) [Line Items] | |
Share option | shares | 17,853 |
Exercised amount | $ | $ 18 |