Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | CYREN Ltd. | |
Entity Central Index Key | 0001084577 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 60,413,557 | |
Entity File Number | 000-26495 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation State Country Code | L3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 16,103 | $ 11,551 |
Trade receivables (net of allowances for doubtful accounts of $176 and $129, respectively) | 2,366 | 2,187 |
Deferred commissions | 1,037 | 948 |
Prepaid expenses and other receivables | 1,203 | 819 |
Total current assets | 20,709 | 15,505 |
LONG-TERM ASSETS: | ||
Long-term deferred commissions | 1,352 | 1,580 |
Long-term lease deposits | 850 | 767 |
Operating lease right-of-use assets | 11,466 | 8,695 |
Severance pay fund | 582 | 659 |
Property and equipment, net | 4,675 | 4,410 |
Intangible assets, net | 9,338 | 8,966 |
Goodwill | 20,251 | 20,246 |
Total long-term assets | 48,514 | 45,323 |
Total assets | 69,223 | 60,828 |
CURRENT LIABILITIES: | ||
Trade payables | 1,106 | 1,184 |
Employees and payroll accruals | 3,714 | 3,427 |
Accrued expenses and other liabilities ($31 and $40 attributable to related parties, respectively) | 1,200 | 1,145 |
Operating lease liabilities | 1,886 | 1,946 |
Deferred revenues | 9,714 | 7,208 |
Total current liabilities | 17,620 | 14,910 |
LONG-TERM LIABILITIES: | ||
Deferred revenues | 1,460 | 1,956 |
Convertible notes (related party) | 10,000 | 10,000 |
Convertible Debentures ($231 attributable to related parties) | 9,447 | |
Long-term operating lease liabilities | 9,966 | 7,174 |
Deferred tax liability | 677 | 796 |
Accrued severance pay | 735 | 811 |
Other liabilities | 633 | 470 |
Total long-term liabilities | 32,918 | 21,207 |
SHAREHOLDERS' EQUITY: | ||
Ordinary shares nominal value ILS 0.15 par value - Authorized: 110,000,000 shares at June 30, 2020 (Unaudited) and December 31, 2019; Issued and Outstanding: 60,197,223 and 59,372,173 shares at June 30, 2020 (Unaudited) and December 31, 2019, respectively | 2,345 | 2,309 |
Additional paid-in capital | 257,045 | 255,741 |
Accumulated other comprehensive loss | (2,011) | (2,010) |
Accumulated deficit | (238,694) | (231,329) |
Total shareholders' equity | 18,685 | 24,711 |
Total liabilities and shareholders' equity | $ 69,223 | $ 60,828 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) $ in Thousands | Jun. 30, 2020USD ($)shares | Jun. 30, 2020₪ / shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2019₪ / shares |
Statement of Financial Position [Abstract] | ||||
Allowances for doubtful accounts | $ | $ 176 | $ 129 | ||
Accrued expenses and other liabilities attributable to related parties | $ | 31 | 40 | ||
Convertible debentures attributable to related parties | $ | $ 231 | |||
Ordinary shares, par value | ₪ / shares | ₪ 0.15 | ₪ 0.15 | ||
Ordinary shares, authorized | shares | 110,000,000 | 110,000,000 | ||
Ordinary shares, issued | shares | 60,197,223 | 59,372,173 | ||
Ordinary shares, outstanding | shares | 60,197,223 | 59,372,173 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Income Statement [Abstract] | |||||
Revenues | $ 9,181 | $ 9,711 | $ 18,830 | $ 19,366 | |
Cost of revenues | 3,778 | 3,789 | 7,376 | 7,789 | |
Gross profit | 5,403 | 5,922 | 11,454 | 11,577 | |
Operating expenses: | |||||
Research and development, net | 4,151 | 4,297 | 7,495 | 8,474 | |
Sales and marketing | 3,146 | 3,590 | 6,182 | 7,446 | |
General and administrative | 2,476 | 2,398 | 4,690 | 4,830 | |
Total operating expenses | 9,773 | 10,285 | 18,367 | 20,750 | |
Operating loss | (4,370) | (4,363) | (6,913) | (9,173) | |
Other income, net | 2 | 17 | 8 | 265 | |
Financial expenses, net | [1] | (290) | (268) | (521) | (321) |
Loss before taxes on income | (4,658) | (4,614) | (7,426) | (9,229) | |
Tax benefit | 44 | 41 | 61 | 80 | |
Loss | $ (4,614) | $ (4,573) | $ (7,365) | $ (9,149) | |
Basic and diluted loss per share | $ (0.08) | $ (0.08) | $ (0.12) | $ (0.17) | |
Weighted average number of shares used in computing basic and diluted loss per share | 60,041 | 54,424 | 59,862 | 54,300 | |
[1] | This market represents customers who embed Cyren Threat Detection Services and Threat Intelligence Feeds into their infrastructure and/or products to protect their customers and users. |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Loss | $ (4,614) | $ (4,573) | $ (7,365) | $ (9,149) |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 287 | 276 | (1) | (96) |
Comprehensive loss | $ (4,327) | $ (4,297) | $ (7,366) | $ (9,245) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Number of outstanding ordinary shares | Additional paid-in capital | Treasury shares | Accumulated other comprehensive income (loss) | [1] | Accumulated deficit | Total |
Balance beginning at Dec. 31, 2018 | $ 2,097 | $ 245,570 | $ (998) | $ (1,666) | $ (213,143) | $ 31,860 | |
Balance beginning, shares at Dec. 31, 2018 | 54,057,208 | ||||||
Issuance of treasury shares upon exercise of options and vesting of restricted share units | (403) | 998 | (168) | 427 | |||
Issuance of treasury shares upon exercise of options and vesting of restricted share units, shares | 348,673 | ||||||
Issuance of ordinary shares upon exercise of options and vesting | 85 | 85 | |||||
Issuance of ordinary shares upon exercise of options and vesting, shares | 59,476 | ||||||
Payment of interest in shares | $ 1 | 70 | 71 | ||||
Payment of interest in shares, shares | 35,950 | ||||||
Stock-based compensation related to employees, directors and consultants | 583 | 583 | |||||
Other comprehensive loss | (96) | (96) | |||||
Loss | (9,149) | (9,149) | |||||
Balance ending at Jun. 30, 2019 | $ 2,098 | 245,905 | (1,762) | (222,460) | 23,781 | ||
Balance ending, shares at Jun. 30, 2019 | 54,501,307 | ||||||
Balance beginning at Mar. 31, 2019 | $ 2,097 | 245,527 | (416) | (2,038) | (217,800) | 27,370 | |
Balance beginning, shares at Mar. 31, 2019 | 54,260,357 | ||||||
Issuance of treasury shares upon exercise of options and vesting of restricted share units | (91) | 416 | (87) | 238 | |||
Issuance of treasury shares upon exercise of options and vesting of restricted share units, shares | 145,524 | ||||||
Issuance of ordinary shares upon exercise of options and vesting | 85 | 85 | |||||
Issuance of ordinary shares upon exercise of options and vesting, shares | 59,476 | ||||||
Payment of interest in shares | $ 1 | 70 | 71 | ||||
Payment of interest in shares, shares | 35,950 | ||||||
Stock-based compensation related to employees, directors and consultants | 314 | 314 | |||||
Other comprehensive loss | 276 | 276 | |||||
Loss | (4,573) | (4,573) | |||||
Balance ending at Jun. 30, 2019 | $ 2,098 | 245,905 | (1,762) | (222,460) | 23,781 | ||
Balance ending, shares at Jun. 30, 2019 | 54,501,307 | ||||||
Balance beginning at Dec. 31, 2019 | $ 2,309 | 255,741 | (2,010) | (231,329) | 24,711 | ||
Balance beginning, shares at Dec. 31, 2019 | 59,372,173 | ||||||
Restricted stock units vested | $ 28 | (28) | |||||
Restricted stock units vested, shares | 631,132 | ||||||
Payment of interest in shares | $ 5 | 138 | 143 | ||||
Payment of interest in shares, shares | 129,376 | ||||||
Stock-based compensation related to employees, directors and consultants | 1,152 | 1,152 | |||||
Issuance of shares upon early conversion of Convertible Debentures | $ 3 | 42 | 45 | ||||
Issuance of shares upon early conversion of Convertible Debentures, shares | 64,542 | ||||||
Other comprehensive loss | (1) | (1) | |||||
Loss | (7,365) | (7,365) | |||||
Balance ending at Jun. 30, 2020 | $ 2,345 | 257,045 | (2,011) | (238,694) | 18,685 | ||
Balance ending, shares at Jun. 30, 2020 | 60,197,223 | ||||||
Balance beginning at Mar. 31, 2020 | $ 2,335 | 256,360 | (2,298) | (234,080) | 22,317 | ||
Balance beginning, shares at Mar. 31, 2020 | 59,965,805 | ||||||
Restricted stock units vested | $ 2 | (2) | |||||
Restricted stock units vested, shares | 37,500 | ||||||
Payment of interest in shares | $ 5 | 138 | 143 | ||||
Payment of interest in shares, shares | 129,376 | ||||||
Stock-based compensation related to employees, directors and consultants | 507 | 507 | |||||
Issuance of shares upon early conversion of Convertible Debentures | $ 3 | 42 | 45 | ||||
Issuance of shares upon early conversion of Convertible Debentures, shares | 64,542 | ||||||
Other comprehensive loss | 287 | 287 | |||||
Loss | (4,614) | (4,614) | |||||
Balance ending at Jun. 30, 2020 | $ 2,345 | $ 257,045 | $ (2,011) | $ (238,694) | $ 18,685 | ||
Balance ending, shares at Jun. 30, 2020 | 60,197,223 | ||||||
[1] | Transactions with related parties are included in the line item above (refer to Footnote 8, Related Parties, of the Notes to Consolidated Financial Statements for additional information). |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Loss | $ (7,365) | $ (9,149) |
Adjustments to reconcile loss to net cash used in operating activities: | ||
Loss on disposal of property and equipment | 13 | 1 |
Depreciation | 1,215 | 936 |
Stock-based compensation | 1,152 | 583 |
Amortization of intangible assets | 1,283 | 1,851 |
Amortization of deferred commissions | 803 | (612) |
Amortization of operating lease right-of-use assets | 922 | 713 |
Interest on convertible notes | 283 | 282 |
Interest and amortization of debt issuance costs on Convertible Debentures | 211 | |
Other expenses income related to the earn-out consideration | (257) | |
Deferred taxes, net | (118) | (127) |
Changes in assets and liabilities: | ||
Trade receivables | (162) | 705 |
Prepaid expenses and other receivables | (383) | (775) |
Deferred commissions | (664) | 748 |
Change in long-term lease deposits | (86) | 23 |
Trade payables | (114) | (823) |
Employees and payroll accruals, accrued expenses and other liabilities | (47) | (224) |
Deferred revenues | 1,989 | 6,354 |
Accrued severance pay, net | 1 | 68 |
Operating lease liabilities | (954) | (733) |
Other long-term liabilities | 163 | (111) |
Net cash used in operating activities | (1,858) | (547) |
Cash flows from investing activities: | ||
Proceeds from sale of property and equipment | 4 | |
Capitalization of technology | (1,589) | (1,435) |
Purchase of property and equipment | (1,438) | (950) |
Net cash used in investing activities | (3,023) | (2,385) |
Cash flows from financing activities: | ||
Proceeds from Convertible Debentures, net of debt issuance costs | 9,442 | |
Payment of earn-out consideration | (2,680) | |
Proceeds from options exercised | 512 | |
Net cash provided by (used in) financing activities | 9,442 | (2,168) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (13) | (48) |
Increase (decrease) in cash, cash equivalents and restricted cash | 4,548 | (5,148) |
Cash, cash equivalents and restricted cash at the beginning of the period | 12,127 | 18,156 |
Cash, cash equivalents and restricted cash at the end of the period | 16,675 | 13,008 |
Supplemental cash flow disclosures: | ||
Interest | 144 | 553 |
Supplemental disclosure of non-cash transactions: | ||
Purchase of property and equipment by credit | (46) | (2) |
Operating lease right-of-use asset exchanged for lease obligations | 3,614 | |
Issuance of shares on early conversion of Convertible Debentures | 44 | |
Issuance of shares for payment of interest on convertible notes | 144 | 71 |
Net change in accrued payroll expenses related to capitalization of technology | $ (69) | $ (105) |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Reconciliation of Cash, Cash Equivalents and Restricted Cash) - USD ($) $ in Thousands | Jun. 30, 2020 | Jun. 30, 2019 |
Reconciliation of cash, cash equivalents and restricted cash as shown in the condensed consolidated statements of cash flow: | ||
Cash and cash equivalents | $ 16,103 | $ 12,405 |
Restricted cash included in long-term restricted lease deposits | 572 | 603 |
Total cash, cash equivalents and restricted cash | $ 16,675 | $ 13,008 |
General
General | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1:- GENERAL Cyren Ltd. (henceforth “Cyren”) was incorporated under the laws of the State of Israel on February 10, 1991 and its legal form is a company limited by shares. Cyren listed its shares to the public on July 15, 1999 under the name Commtouch Software Ltd. and changed its legal name to Cyren Ltd. in January 2014. Cyren and its subsidiaries, unless otherwise indicated will be referred to in these consolidated financial statements as the “Company”. The Company is a cybersecurity company providing email security and threat intelligence solutions. The Company sells its cloud-based solutions worldwide, in both embedded and Security-as-a-Service models, to Original Equipment Manufacturers (“OEMs”), service providers and enterprises. The Company operates in one reportable segment, which constitutes its reporting unit. Operating segments are defined as components of a business that can earn revenues and incur expenses for which discrete financial information is available that is evaluated on a regular basis by the chief operating decision maker (“CODM”). The Company’s CODM is its principal executive officer, who decides how to allocate resources and assess performance. A single management team reports to the CODM, who manages the entire business. The Company’s CODM reviews consolidated results of operations to make decisions, allocate resources and assess performance and does not evaluate the profit or loss from any separate geography or product line. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES a. Interim Financial Statements The accompanying consolidated balance sheet as of June 30, 2020, the consolidated statements of operations, the consolidated statements of comprehensive loss and the statement of changes in shareholders' equity for the three and six months ended June 30, 2020 and 2019, as well as the consolidated statements of cash flows for the six months ended June 30, 2020 and 2019, are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. In management's opinion, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company's financial position as of June 30, 2020, as well as its results of operations for the three and six months ended June 30, 2020 and 2019. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for other interim periods or for future years. b. Over the past several years, the Company has devoted substantially most of its effort to research and development, product development and increasing revenues through additional investments in sales & marketing. The Company generated a loss of $4,614 and $7,365 for the three- and six-months ending June 30, 2020, respectively, negative cash flow of $1,858 from operating activities in the six months ended June 30, 2020 and has an accumulated deficit of $238,694 as of June 30, 2020. The Company is planning to finance its operations from its existing and future working capital resources and to continue to evaluate additional sources of capital and financing. However, there is no assurance that additional capital and/or financing will be available to the Company, and even if available, whether it will be on terms acceptable to the Company or in amounts required. Accordingly, the Company's Board approved a contingency plan, to be effected if needed, in whole or in part, at its discretion, to allow the Company to continue its operations and meet its cash obligations. The contingency plan consists of cost reduction, which include mainly the following steps: reduction in consultants' expenses, headcount, compensation paid to key management personnel and capital expenditures. The Company and the Board believe that its existing capital resources will be adequate to satisfy its expected liquidity requirements for at least twelve months from the filing date. c. Use of estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company's management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company's management evaluates estimates, including those related to fair value and useful lives of intangible assets, fair value of earn-out liabilities, valuation allowance on deferred tax assets, income tax uncertainties, fair values of stock-based awards, other contingent liabilities and estimates used in applying the revenue recognition policy. Such estimates are based on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. d. Significant accounting policies The accompanying unaudited interim financial statements should be read in conjunction with the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 30, 2020. Other than the change described below, there have been no changes to the significant accounting policies described in the Annual Report on Form 10-K for the fiscal year ended December 31, 2019 that have had a material impact on the unaudited interim consolidated financial statements and related notes. e. Recently issued and adopted pronouncements: In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The update to the standard is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. Entities can choose to adopt the ASU 2018-15 prospectively or retrospectively. The adoption of the standard had an immaterial impact on the Condensed Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 eliminates step two of the goodwill impairment test and specifies that goodwill impairment should be measured by comparing the fair value of a reporting unit with its carrying amount. Additionally, the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets should be disclosed. ASU 2017-04 is effective for annual or interim goodwill impairment tests performed in fiscal years beginning after December 15, 2019, and early adoption is permitted. The adoption of the standard had an immaterial impact on the Condensed Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses. This standard requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings and report credit losses using an expected losses model rather than the incurred losses model that was previously used. The new accounting standard will be effective for the fiscal year beginning on January 1, 2020, including interim periods within that year. The adoption of the standard had an immaterial impact on the Condensed Consolidated Financial Statements. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
LEASES | NOTE 3:- LEASES The Company adopted the new standard as of January 1, 2019, using the modified retrospective approach. The modified retrospective approach provides a method for recording existing leases at adoption and in comparative periods that approximates the results of a full retrospective approach. The Company has elected to utilize the available package of practical expedients permitted under the transition guidance within the new standard which does not require it to reassess the prior conclusions about lease identification, lease classification and initial direct costs. In addition, the Company has elected the short-term lease exception for leases with a term of 12 months or less. As part of this election it will not recognize right-of-use assets and lease liabilities on the balance sheet for leases with terms less than 12 months. The Company also elected the practical expedient to not separate lease and non-lease components for all our leases. This will result in the initial and subsequent measurement of the balances of the right-of-use asset and lease liability being greater than if the policy election was not applied. Some leases include one or more options to extend the lease. The exercise of options to extend the lease is typically at the Company’s sole discretion; therefore, the majority of renewals to extend the lease terms are included in our right of use assets and lease liabilities as they are reasonably certain of exercise. The Company regularly evaluates the renewal options, and, when it is reasonably certain of exercise, it will include the renewal period in its lease term. Lease modifications result in remeasurement of the lease liability. The right-of-use asset and lease liability are initially measured at the present value of the lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate based on the information available at the date of adoption in determining the present value of the lease payments. Some of the real estate leases contain variable lease payments, including payments based on an index or rate. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at lease adoption. Additional payments based on the change in an index or rate are recorded as a period expense when incurred. Income from subleased properties is recognized and presented as a reduction of costs, allocated among operating expense line items, in the Company’s Consolidated Statements of Operations and Comprehensive Loss. In addition to sublease rent, variable non-lease costs such as common-area maintenance and utilities are charged to subtenants over the duration of the lease for their proportionate share of these costs. These variable non-lease income receipts are recognized in operating expenses as a reduction to costs incurred by the Company in relation to the head lease. The Company has various operating leases for office space and vehicles that expire through 2030. Below is a summary of our operating right-of-use assets and operating lease liabilities as of June 30, 2020: Operating lease right-of-use assets $ 11,466 Operating lease liabilities, current $ 1,886 Operating lease liabilities long-term 9,966 Total operating lease liabilities $ 11,852 The short-term lease liabilities are included within accrued expenses and other short-term liabilities in the consolidated balance sheet. Minimum lease payments for our right of use assets over the remaining lease periods as of June 30, 2020, are as follows: Year ended December 31, 2020 $ 1,179 2021 2,288 2022 1,690 2023 1,496 2024 1,528 Thereafter 5,704 Total undiscounted lease payments $ 13,885 Less: Interest 2,033 Present value of lease liabilities $ 11,852 Premises rent expense was $732 and $565 for the three months ended June 30, 2020 and 2019, respectively and $1,386 and $1,101 for the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, Cyren subleases two real estate properties. Sublease receipts were $119 and $69 for the three months ended June 30, 2020 and 2019 respectively and $190 and $138 for the six months ended June 30, 2020 and 2019, respectively. The Company has elected the practical expedient to not separate lease components from non-lease components. The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of June 30, 2020: Remaining lease term and discount rate: Weighted average remaining lease term (years) 7.5 Weighted average discount rate 4.36 % |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 4:- COMMITMENTS AND CONTINGENCIES a. Cyren Ltd., which was incorporated in Israel, partially financed its research and development expenditures under programs sponsored by the Israel Innovation Authority (“IIA”) for the support of certain research and development activities conducted in Israel. In connection with specific research and development, the Company received $3,699 of participation payments from the IIA through June 30, 2020, but no grants since 2018. In return for the IIA’s participation in this program, the Company is committed to pay royalties at a rate of 3.5% of the program’s developed product sales, up to 100% of the amount of grants received plus interest at annual LIBOR rate. The Company’s total commitment for royalties payable with respect to future sales, based on IIA participations received, net of royalties paid or accrued, totaled $2,667 and $2,765 as of June 30, 2020 and December 31, 2019 respectively. For the three months ended, June 30, 2020 and 2019, $69 and $84, respectively, were recorded as cost of revenues with respect to royalties due to the IIA. For the six months ended, June 30, 2020 and 2019, $110 and $136, respectively, were recorded as cost of revenues with respect to royalties due to the IIA. b. Litigation: i. Between 2014 and 2015 the Company entered into arbitral proceedings with the former shareholders of eleven regarding an escrow account and the earn-out consideration related to the purchase agreement of former eleven. With respect to these claims, on March 9, 2017, the arbitrational panel provided their ruling in which it accepted the claims submitted by the former eleven shareholders with respect to the escrow amount and the 2013 earn-out liability. The arbitrational panel also ruled that Cyren pay legal expenses and interest on the claimed amounts, which were reflected in the year ending December 31, 2016 on the Company’s balance sheet and in the consolidated statements of operations under adjustment to earn-out consideration. The escrow account has been released to the former shareholders. The arbitrational award related to the 2013 earn-out consideration was declared enforceable by the applicable courts in Germany. Accordingly, on May 30, 2018, the Company paid the portion of the earn-out consideration in the amount of $604 that was declared enforceable by the German district court. The Company did not pay the remainder of the earn-out consideration, including accrued legal and interest, which appear on the Company’s consolidated balance sheets as of December 31, 2018, and filed an appeal to the German Federal Supreme Court challenging the enforceability of the remaining amounts. In February 2019, the parties signed a settlement agreement to resolve all pending claims, and on February 28, 2019 the Company paid $2,680 to settle the earn-out consideration in full. The total amount paid to resolve all claims was $256 less than the accrued liability, which generated “other income” as previously reflected in the consolidated statements of operations for the period ending December 31, 2019. ii. On June 28, 2017 a vendor filed a Statement of Claim in the Tel Aviv District Court (the “SOC”). According to the vendor’s SOC, the Company entered into an agreement with the vendor for receipt of services, based on a database developed by the vendor. In September 2015, the Company terminated the agreement with the vendor, effective as of December 31, 2015. The vendor claimed that the Company had continued to make use of the vendor’s database post termination thus breaching the agreement, infringing on the vendor’s rights and commercial secrets, and being unjustly enriched. The vendor claimed damages of approximately $3,150 and injunctive relief ordering the Company and/or its customers to delete any remaining data and to cease from utilizing such data. The Company denied all claims and filed a Statement of Defense on November 15, 2017. Pretrial was scheduled for May 15, 2018. In accordance with the court’s recommendation from November 28, 2017, the parties agreed to examine a non-binding mediation process and appointed a mediator. The parties agreed to conduct a third-party audit of the Company’s databases in the scope of the mediation. In September 2018 and January 2019, the same vendor filed a lawsuit against two of the Company’s customers in the United States. The vendor alleged that the clients misappropriated the vendor’s trade secrets and sought injunctive relief and monetary damages in an amount to be determined. Both customers contended that the allegations related to the services they receive from the Company, and the Company agreed to indemnify both clients against these claims. On September 30, 2019, the court dismissed one of the lawsuits in its entirety for lack of personal jurisdiction and, in the second lawsuit, dismissed part of the claims with prejudice but granted the vendor the right to amend its other claims. On October 31, 2019, the vendor filed an amended complaint. In December 2019, the Company reached a settlement with the vendor and the Company agreed to pay $750; $375 in December 2019 and the remaining portion in January 2020. As of June 30, 2020, the Company has paid all amounts due under this settlement. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | NOTE 5:- ShareHOLDERS’ EQUITY a. General: Ordinary shares confer upon their holders the right to receive notice to participate and vote in general shareholder meetings of the Company and to receive dividends, if declared. b. Issuance of convertible notes: On December 5, 2018 the Company issued $10,000 aggregate principal amount of convertible notes in a private offering. The notes are unsecured, unsubordinated obligations of Cyren and carry a 5.75% interest rate, payable semi-annually in (i) 50% cash and (ii) 50% cash or ordinary shares at Cyren’s election. The notes have a 3-year term and are expected to mature in December 2021, unless converted in accordance with their terms prior to maturity. The notes were issued with a conversion price of $3.90 per share which was subject to adjustment using a weighted average ratchet mechanism based on the size and price of future equity offerings and the total shares outstanding. On November 7, 2019 Cyren announced the closing of a rights offering that raised gross proceeds of $8,019. As a result of this offering, the conversion price of the convertible notes was adjusted to $3.73. In addition, the notes would be subject to immediate conversion upon any change in control in the Company (or subject to repayment if the price in the change in control transaction is less than the conversion price). The Company incurred interest expense for the three and six months ended June 30, 2020 of $142 and $283, respectively. In June 2020, the Company paid semi-annual interest payments totaling, $288, of which $144 was paid in cash and the remaining portion through the issuance of 129,376 shares. The Company has accrued interest of $28 as of June 30, 2020. c. Issuance of Convertible Debentures : In March 2020, the Company entered into purchase agreements with a select group of accredited investors for the purchase of $10.25 million aggregate principal amount of Convertible Debentures in a private placement. Upon the closing, the Company received approximately $9.4 million (net of $0.8 million in issuance expenses). The debentures are unsecured, subordinated obligations of Cyren and carry a 5.75% interest rate per annum, payable semi-annually in cash or ordinary shares at Cyren’s election. The debentures have a four-year term and mature in March 2024, unless converted in accordance with their terms prior to maturity. The debentures have a conversion price of $0.75 per share and are convertible into 1,333 ordinary shares per $1,000 principal amount of debentures. The conversion price is subject to adjustment based on the price and timing of future equity offerings and other customary adjustments. Upon the satisfaction of price and other conditions, Cyren has the right to force the conversion of the debentures. On June 11, 2020, one of the debenture holders converted $48 of principal plus interest of their debentures, which was a portion of their holding. The principal and interest was paid through the issuance of 64,542 shares. The Company incurred interest expense for the three and six months ended June 30, 2020 of $187 and $211, of which $44 and $49 are related to the amortization of debt issuance costs, respectively. The Company has accrued interest of $163 as of June 30, 2020. d. Equity Incentive Plan: On December 22, 2016, the Company’s shareholders approved a new equity plan - the 2016 Equity Incentive Plan (the “Equity Incentive Plan”). This plan, along with its respective Israeli appendix, replaced all then-existing employee and consultants stock option plans. The Equity Incentive Plan allows for the issuance of Restricted Stock Units (“RSUs”), as well as options. The options and RSUs generally vest over a period of four years. Options granted under the Equity Incentive Plan generally expire after six years from the date of grant. Options and RSUs cease vesting upon termination of the optionee’s employment or other relationship with the Company. The per share exercise price for options shall be no less than 100% of the fair market value per ordinary share on the date of grant. Any options and RSUs that are cancelled or not exercised within the option term become available for future grant. On July 30, 2019, the shareholders of the Company approved an increase in the number of Ordinary Shares reserved for issuance under the 2016 Equity Incentive Plan and its respective Israeli Appendix to a total of 11,200,000. As of June 30, 2020, an aggregate of 9,233,414 ordinary shares of the Company are still available for future grant under the Equity Incentive Plan. e. Non-Employee Directors stock option plan: On December 22, 2016, the Company’s shareholders approved a new equity plan - the 2016 Non-Employee Director Equity Incentive Plan (the “Non-Employee Director Plan”). This plan, along with its respective Israeli appendix, replaced all existing Directors stock option plans. The Non-Employee Director Plan allows for the issuance of Restricted Stock Units (“RSUs”), as well as options. Each option and RSU granted under the Non-Employee Plan generally vests over a period of four years. Each option has an exercise price equal to the fair market value of the ordinary shares on the grant date of such option. Options granted under the Non-Employee Director Plan generally expire after six years from the date of grant. Options and RSUs cease vesting upon termination of the relationship with the Company. On July 30, 2019 the shareholders of the Company approved an increase in the number of Ordinary Shares reserved for issuance under the Non-Employee Director Plan and its respective Israeli Appendix to a total of 1,150,000 Ordinary Shares. As of June 30, 2020, an aggregate of 842,882 ordinary shares of the Company are still available for future grant to non-employee directors. f. A summary of the Company’s employees and directors’ stock option activity under the plans is as follows: Number of Weighted Weighted Aggregate Outstanding at December 31, 2019 7,299,667 $ 2.16 3.81 $ - Granted 96,500 1.18 Exercised - - Expired and forfeited (729,108 ) 2.64 Outstanding at June 30, 2020 6,667,059 $ 2.10 3.53 $ 4 Options vested and expected to vest at June 30, 2020 6,434,586 $ 2.10 3.48 $ 4 Exercisable options at June 30, 2020 3,871,797 $ 2.23 2.54 $ - Weighted average fair value of options granted during the quarter $ 0.47 As of June 30, 2020, the Company had $2,046 of unrecognized compensation expense related to non-vested stock options granted to employees and directors, expected to be recognized over a remaining weighted average period of 2.61 years. g. The employee and director options outstanding as of June 30, 2020, have been separated into ranges of exercise prices, as follows: Outstanding Exercisable Weighted Weighted Weighted Options life in price per Options price per Exercise price per share outstanding years share exercisable share $1.06 - $1.64 1,599,721 4.01 $ 1.56 500,221 $ 1.46 $1.70 - $2.00 1,599,860 3.31 $ 1.87 1,180,775 $ 1.93 $2.05 - $2.29 1,447,490 4.22 $ 2.10 641,840 $ 2.10 $2.30 - $2.75 898,662 3.74 $ 2.39 529,200 $ 2.37 $2.90 - $3.20 1,121,326 2.09 $ 2.97 1,019,761 $ 2.97 6,667,059 3.53 $ 2.10 3,871,797 $ 2.23 h. Options to non-employees and non-directors: Issuance date Options Exercise Options Exercisable February 18, 2015 3,000 $ 3.00 3,000 Feb-21 February 10, 2016 40,000 $ 1.44 40,000 Feb-22 January 24, 2017 25,000 $ 2.00 25,000 Jan-23 68,000 68,000 The options vest and become exercisable at a rate of 1/16 of the options every three months. As of June 30, 2020, the Company did not have any unrecognized compensation expense related to non-employee and non-director non-vested stock options. i. A summary of the Company’s RSUs activity for employees, directors and non-employees under the plans is as follows: Number Weighted average Awarded and unvested at December 31, 2019 1,733,132 $ 2.09 Granted 514,000 1.30 Vested (631,132 ) 2.49 Forfeited (42,500 ) 2.30 Awarded and unvested at June 30, 2020 1,573,500 $ 1.66 As of June 30, 2020, the Company had approximately $2,087 of unrecognized compensation expense related to RSUs, expected to be recognized over a weighted average period of 2.53 years. j. The total stock-based compensation expense related to all of the Company’s equity-based awards, recognized for the three and six months ended June 30, 2020 and 2019 was as follows: Three months ended Six months ended 2020 2019 2020 2019 Unaudited Unaudited Cost of revenues $ 20 $ 33 $ 64 62 Research and development 64 58 159 125 Sales and marketing 43 48 139 97 General and administrative 380 175 790 299 $ 507 $ 314 $ 1,152 $ 583 |
Segment and Geographic Informat
Segment and Geographic Information | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT AND GEOGRAPHIC INFORMATION | NOTE 6:- SEGMENT AND GEOGRAPHIC INFORMATION Summary information about geographic areas: ASC 280, "Segment Reporting," establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company manages its business on the basis of one reportable segment and derives revenues from licensing of software and sales of professional services, maintenance and technical support (see note 1 for a brief description of the Company's business). The following is a summary of revenues within geographic areas: a. The following sets forth total revenue by geographic area based on the billing address of the customer: Three Months Ended Six Months Ended 2020 2019 2020 2019 United States $ 4,440 $ 4,516 $ 8,874 $ 9,082 Europe 2,978 3,015 6,187 6,147 Asia Pacific 565 659 1,233 1,269 Israel 1,104 1,456 2,349 2,720 Other 94 65 187 148 $ 9,181 $ 9,711 $ 18,830 $ 19,366 b. Major customers: During the quarter ended June 30, 2020 and 2019, 23% and 20%, respectively, of the Company's revenues were derived from a single customer. For the quarter ended June 30, 2020, no other customer accounted for more than 10% of total revenue. c. Remaining performance obligations: As of June 30, 2020, approximately $50,433 of revenue is expected to be recognized from remaining performance obligations that are unsatisfied (or partially unsatisfied) for non-cancellable contracts. The Company expects to recognize revenue on approximately 32% of these remaining performance obligations during the remainder of 2020, approximately 44% in 2021, with the remainder recognized thereafter. c. Revenue generated by Customer Type: Three months ended Six months ended 2020 2019 2020 2019 Unaudited Unaudited OEM/Embedded Security (*) $ 7,511 $ 7,881 $ 15,417 $ 15,673 Enterprise/SMB (**) 1,670 1,830 3,413 3,693 $ 9,181 $ 9,711 $ 18,830 $ 19,366 (*) This market represents customers who embed Cyren Threat Detection Services and Threat Intelligence Feeds into their infrastructure and/or products to protect their customers and users. (**) In this market, Cyren provides enterprise customers email security products, threat intelligence and cloud-based sandbox threat analysis to protect their employees, data and IP. d. The following sets forth the Company's property and equipment by geographic area: June 30, December 31 2020 2019 Unaudited Israel $ 1,121 $ 1,291 United States 1,486 1,527 Germany 1,873 1,345 Other 195 247 $ 4,675 $ 4,410 |
Financial Expense, Net
Financial Expense, Net | 6 Months Ended |
Jun. 30, 2020 | |
Other Income and Expenses [Abstract] | |
FINANCIAL EXPENSE, NET | NOTE 7:- FINANCIAL EXPENSE, NET Three months ended Six months ended 2020 2019 2020 2019 Income: Interest on cash and cash equivalents $ - $ 1 $ - $ 22 Expenses: Interest expense, net of interest capitalized (329 ) (104 ) (492 ) (215 ) Foreign currency exchange differences, net 59 (149 ) 7 (96 ) Other (20 ) (16 ) (36 ) (32 ) $ (290 ) $ (268 ) $ (521 ) $ (321 ) |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | NOTE 8:- RELATED PARTIES a. Balances with related parties: June 30, December 31, 2020 2019 Unaudited Interest expense accrual – Convertible Notes (*) $ 27 $ 32 Interest expense accrual – Convertible Debentures (**) 4 - Long term Convertible Notes (***) 10,000 10,000 Long term Convertible Debentures (****) 231 - (*) Related to the semi-annual interest payable due in June and December related to the Convertible Notes entered into December 5, 2018. See note 5b. for further details. (**) Related to the semi-annual interest payable due in September and March related to the Convertible Debentures entered into March 19, 2020. See note 5c. for further details. (***) Related to the Convertible Notes entered into December 5, 2018. See note 5b. for further details. (****) Related to the Convertible Debentures entered into March 19, 2020 See note 5c. for further details. b. Transactions with related parties: Three months ended Six months ended 2020 2019 2020 2019 Unaudited Unaudited Interest expense on Convertible Notes (*) $ 142 $ 142 $ 283 $ 282 Interest expense on Convertible Debentures (**) $ 5 $ - $ 5 $ - (*) Related to the semi-annual interest payable due in June and December related to the Convertible Notes entered into December 5, 2018. See note 5b. for further details. (**) Related to the semi-annual interest payable due in September and March related to the Convertible Debentures entered into March 19, 2020. See note 5c. for further details. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Interim Financial Statements | a. Interim Financial Statements The accompanying consolidated balance sheet as of June 30, 2020, the consolidated statements of operations, the consolidated statements of comprehensive loss and the statement of changes in shareholders' equity for the three and six months ended June 30, 2020 and 2019, as well as the consolidated statements of cash flows for the six months ended June 30, 2020 and 2019, are unaudited. These unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. In management's opinion, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for the fair presentation of the Company's financial position as of June 30, 2020, as well as its results of operations for the three and six months ended June 30, 2020 and 2019. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for other interim periods or for future years. b. Over the past several years, the Company has devoted substantially most of its effort to research and development, product development and increasing revenues through additional investments in sales & marketing. The Company generated a loss of $4,614 and $7,365 for the three- and six-months ending June 30, 2020, respectively, negative cash flow of $1,858 from operating activities in the six months ended June 30, 2020 and has an accumulated deficit of $238,694 as of June 30, 2020. The Company is planning to finance its operations from its existing and future working capital resources and to continue to evaluate additional sources of capital and financing. However, there is no assurance that additional capital and/or financing will be available to the Company, and even if available, whether it will be on terms acceptable to the Company or in amounts required. Accordingly, the Company's Board approved a contingency plan, to be effected if needed, in whole or in part, at its discretion, to allow the Company to continue its operations and meet its cash obligations. The contingency plan consists of cost reduction, which include mainly the following steps: reduction in consultants' expenses, headcount, compensation paid to key management personnel and capital expenditures. The Company and the Board believe that its existing capital resources will be adequate to satisfy its expected liquidity requirements for at least twelve months from the filing date. |
Use of estimates | c. Use of estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company's management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company's management evaluates estimates, including those related to fair value and useful lives of intangible assets, fair value of earn-out liabilities, valuation allowance on deferred tax assets, income tax uncertainties, fair values of stock-based awards, other contingent liabilities and estimates used in applying the revenue recognition policy. Such estimates are based on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. |
Significant accounting policies | d. Significant accounting policies The accompanying unaudited interim financial statements should be read in conjunction with the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the "SEC") on March 30, 2020. Other than the change described below, there have been no changes to the significant accounting policies described in the Annual Report on Form 10-K for the fiscal year ended December 31, 2019 that have had a material impact on the unaudited interim consolidated financial statements and related notes. |
Recently issued and adopted pronouncements | e. Recently issued and adopted pronouncements: In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract ("ASU 2018-15"). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The update to the standard is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. Entities can choose to adopt the ASU 2018-15 prospectively or retrospectively. The adoption of the standard had an immaterial impact on the Condensed Consolidated Financial Statements. In January 2017, the FASB issued ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017-04 eliminates step two of the goodwill impairment test and specifies that goodwill impairment should be measured by comparing the fair value of a reporting unit with its carrying amount. Additionally, the amount of goodwill allocated to each reporting unit with a zero or negative carrying amount of net assets should be disclosed. ASU 2017-04 is effective for annual or interim goodwill impairment tests performed in fiscal years beginning after December 15, 2019, and early adoption is permitted. The adoption of the standard had an immaterial impact on the Condensed Consolidated Financial Statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amends the impairment model to utilize an expected loss methodology in place of the currently used incurred loss methodology, which will result in the more timely recognition of losses. This standard requires entities to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings and report credit losses using an expected losses model rather than the incurred losses model that was previously used. The new accounting standard will be effective for the fiscal year beginning on January 1, 2020, including interim periods within that year. The adoption of the standard had an immaterial impact on the Condensed Consolidated Financial Statements. |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of operating right-of-use assets and operating lease liabilities | Operating lease right-of-use assets $ 11,466 Operating lease liabilities, current $ 1,886 Operating lease liabilities long-term 9,966 Total operating lease liabilities $ 11,852 |
Schedule of future minimum lease payments | Year ended December 31, 2020 $ 1,179 2021 2,288 2022 1,690 2023 1,496 2024 1,528 Thereafter 5,704 Total undiscounted lease payments $ 13,885 Less: Interest 2,033 Present value of lease liabilities $ 11,852 |
Schedule of weighted average remaining lease terms and discount rates for all of operating leases | Remaining lease term and discount rate: Weighted average remaining lease term (years) 7.5 Weighted average discount rate 4.36 % |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of employees and directors' stock option activity | Number of Weighted Weighted Aggregate Outstanding at December 31, 2019 7,299,667 $ 2.16 3.81 $ - Granted 96,500 1.18 Exercised - - Expired and forfeited (729,108 ) 2.64 Outstanding at June 30, 2020 6,667,059 $ 2.10 3.53 $ 4 Options vested and expected to vest at June 30, 2020 6,434,586 $ 2.10 3.48 $ 4 Exercisable options at June 30, 2020 3,871,797 $ 2.23 2.54 $ - Weighted average fair value of options granted during the quarter $ 0.47 |
Schedule of employee and director options outstanding | Outstanding Exercisable Weighted Weighted Weighted Options life in price per Options price per Exercise price per share outstanding years share exercisable share $1.06 - $1.64 1,599,721 4.01 $ 1.56 500,221 $ 1.46 $1.70 - $2.00 1,599,860 3.31 $ 1.87 1,180,775 $ 1.93 $2.05 - $2.29 1,447,490 4.22 $ 2.10 641,840 $ 2.10 $2.30 - $2.75 898,662 3.74 $ 2.39 529,200 $ 2.37 $2.90 - $3.20 1,121,326 2.09 $ 2.97 1,019,761 $ 2.97 6,667,059 3.53 $ 2.10 3,871,797 $ 2.23 |
Schedule of options to non-employees | Issuance date Options Exercise Options Exercisable February 18, 2015 3,000 $ 3.00 3,000 Feb-21 February 10, 2016 40,000 $ 1.44 40,000 Feb-22 January 24, 2017 25,000 $ 2.00 25,000 Jan-23 68,000 68,000 |
Schedule of RSUs activity | Number Weighted average Awarded and unvested at December 31, 2019 1,733,132 $ 2.09 Granted 514,000 1.30 Vested (631,132 ) 2.49 Forfeited (42,500 ) 2.30 Awarded and unvested at June 30, 2020 1,573,500 $ 1.66 |
Schedule of stock-based compensation expense | Three months ended Six months ended 2020 2019 2020 2019 Unaudited Unaudited Cost of revenues $ 20 $ 33 $ 64 62 Research and development 64 58 159 125 Sales and marketing 43 48 139 97 General and administrative 380 175 790 299 $ 507 $ 314 $ 1,152 $ 583 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Schedule of total revenue by geographic area | Three Months Ended Six Months Ended 2020 2019 2020 2019 United States $ 4,440 $ 4,516 $ 8,874 $ 9,082 Europe 2,978 3,015 6,187 6,147 Asia Pacific 565 659 1,233 1,269 Israel 1,104 1,456 2,349 2,720 Other 94 65 187 148 $ 9,181 $ 9,711 $ 18,830 $ 19,366 |
Schedule of revenue generated by Customer Type | Three months ended Six months ended 2020 2019 2020 2019 Unaudited Unaudited OEM/Embedded Security (*) $ 7,511 $ 7,881 $ 15,417 $ 15,673 Enterprise/SMB (**) 1,670 1,830 3,413 3,693 $ 9,181 $ 9,711 $ 18,830 $ 19,366 (*) This market represents customers who embed Cyren Threat Detection Services and Threat Intelligence Feeds into their infrastructure and/or products to protect their customers and users. (**) In this market, Cyren provides enterprise customers email security products, threat intelligence and cloud-based sandbox threat analysis to protect their employees, data and IP. |
Schedule of net amount of property and equipment | June 30, December 31 2020 2019 Unaudited Israel $ 1,121 $ 1,291 United States 1,486 1,527 Germany 1,873 1,345 Other 195 247 $ 4,675 $ 4,410 |
Financial Expense, Net (Tables)
Financial Expense, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Other Income and Expenses [Abstract] | |
Schedule of financial expense, net | Three months ended Six months ended 2020 2019 2020 2019 Income: Interest on cash and cash equivalents $ - $ 1 $ - $ 22 Expenses: Interest expense, net of interest capitalized (329 ) (104 ) (492 ) (215 ) Foreign currency exchange differences, net 59 (149 ) 7 (96 ) Other (20 ) (16 ) (36 ) (32 ) $ (290 ) $ (268 ) $ (521 ) $ (321 ) |
Related Parties (Tables)
Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of balances with related parties | June 30, December 31, 2020 2019 Unaudited Interest expense accrual – Convertible Notes (*) $ 27 $ 32 Interest expense accrual – Convertible Debentures (**) 4 - Long term Convertible Notes (***) 10,000 10,000 Long term Convertible Debentures (****) 231 - (*) Related to the semi-annual interest payable due in June and December related to the Convertible Notes entered into December 5, 2018. See note 5b. for further details. (**) Related to the semi-annual interest payable due in September and March related to the Convertible Debentures entered into March 19, 2020. See note 5c. for further details. (***) Related to the Convertible Notes entered into December 5, 2018. See note 5b. for further details. (****) Related to the Convertible Debentures entered into March 19, 2020 See note 5c. for further details. |
Schedule of transactions with related parties | Three months ended Six months ended 2020 2019 2020 2019 Unaudited Unaudited Interest expense on Convertible Notes (*) $ 142 $ 142 $ 283 $ 282 Interest expense on Convertible Debentures (**) $ 5 $ - $ 5 $ - (*) Related to the semi-annual interest payable due in June and December related to the Convertible Notes entered into December 5, 2018. See note 5b. for further details. (**) Related to the semi-annual interest payable due in September and March related to the Convertible Debentures entered into March 19, 2020. See note 5c. for further details. |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Significant Accounting Policies (Textual) | |||||
Loss | $ (4,614) | $ (4,573) | $ (7,365) | $ (9,149) | |
Net cash used in operating activities | (1,858) | $ (547) | |||
Accumulated deficit | $ (238,694) | $ (238,694) | $ (231,329) |
Leases (Details)
Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Operating lease right-of-use assets | $ 11,466 | $ 8,695 |
Operating lease liabilities, current | 1,886 | 1,946 |
Operating lease liabilities long-term | 9,966 | $ 7,174 |
Total operating lease liabilities | $ 11,852 |
Leases (Details 1)
Leases (Details 1) $ in Thousands | Jun. 30, 2020USD ($) |
Leases [Abstract] | |
2020 | $ 1,179 |
2021 | 2,288 |
2022 | 1,690 |
2023 | 1,496 |
2024 | 1,528 |
Thereafter | 5,704 |
Total undiscounted lease payments | 13,885 |
Less: Interest | 2,033 |
Present value of lease liabilities | $ 11,852 |
Leases (Details 2)
Leases (Details 2) | Jun. 30, 2020 |
Remaining lease term and discount rate: | |
Weighted average remaining lease term (years) | 7 years 6 months |
Weighted average discount rate | 4.36% |
Leases (Details Textual)
Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Leases (Textual) | ||||
Leases, description | The Company has various operating leases for office space and vehicles that expire through 2030. | |||
Premises rent expense | $ 732 | $ 565 | $ 1,386 | $ 1,101 |
Sublease receipts | $ 119 | $ 69 | $ 190 | $ 138 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Feb. 28, 2019 | May 30, 2018 | Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Commitments and Contingencies (Textual) | ||||||
Research and development | $ 3,699 | |||||
Payment of earn-out consideration | $ 2,680 | |||||
Royalty rate | The Company is committed to pay royalties at a rate of 3.5% of the program’s developed product sales, up to 100% of the amount of grants received plus interest at annual LIBOR rate. | |||||
Net of royalties paid or accrued | $ 2,667 | $ 2,765 | ||||
Cost of revenues with respect to royalties | $ 69 | $ 84 | ||||
Settle of earn-out consideration | $ 2,680 | |||||
License fees | $ 3,150 | |||||
Claims settlement amount | $ 256 | |||||
Settlement agreement, description | The Company reached a settlement with the vendor and the Company agreed to pay $750; $375 in December 2019 and the remaining portion in January 2020. As of June 30, 2020, the Company has paid all amounts due under this settlement. | |||||
royalties due | $ 110 | $ 136 | ||||
Majority Shareholder [Member] | ||||||
Commitments and Contingencies (Textual) | ||||||
Payment of earn-out consideration | $ 604 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - Employees and directors' stock option [Member] $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | |
Number of options | |
Outstanding, Beginning balance | shares | 7,299,667 |
Granted | shares | 96,500 |
Exercised | shares | |
Expired and forfeited | shares | (729,108) |
Outstanding, Ending balance | shares | 6,667,059 |
Options vested and expected to vest | shares | 6,434,586 |
Exercisable options | shares | 3,871,797 |
Weighted average exercise price | |
Outstanding, Beginning balance | $ 2.16 |
Granted | 1.18 |
Exercised | |
Expired and forfeited | 2.64 |
Outstanding, Ending balance | 2.10 |
Options vested and expected to vest | 2.10 |
Exercisable options | 2.23 |
Weighted average fair value of options granted during the quarter | $ 0.47 |
Weighted average remaining contractual term (years) | |
Outstanding, Beginning balance | 3 years 9 months 22 days |
Outstanding, Ending balance | 3 years 6 months 10 days |
Options vested and expected to vest | 3 years 5 months 23 days |
Exercisable options | 2 years 6 months 14 days |
Aggregate intrinsic value | |
Outstanding, Beginning balance | $ | |
Outstanding, Ending balance | $ | 4 |
Options vested and expected to vest | $ | 4 |
Exercisable options | $ |
Shareholders' Equity (Details 1
Shareholders' Equity (Details 1) | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Schedule of employee and director options outstanding | |
Outstanding, Options outstanding | shares | 6,667,059 |
Outstanding, Weighted average remaining contractual life in years | 3 years 6 months 10 days |
Outstanding, Weighted average exercise price per share | $ 2.10 |
Exercisable, Options exercisable | shares | 3,871,797 |
Exercisable, Weighted average exercise price per share | $ 2.23 |
Range One [Member] | |
Schedule of employee and director options outstanding | |
Outstanding, Exercise price per share, lower limit | 1.06 |
Outstanding, Exercise price per share, upper limit | $ 1.64 |
Outstanding, Options outstanding | shares | 1,599,721 |
Outstanding, Weighted average remaining contractual life in years | 4 years 4 days |
Outstanding, Weighted average exercise price per share | $ 1.56 |
Exercisable, Options exercisable | shares | 500,221 |
Exercisable, Weighted average exercise price per share | $ 1.46 |
Range Two [Member] | |
Schedule of employee and director options outstanding | |
Outstanding, Exercise price per share, lower limit | 1.70 |
Outstanding, Exercise price per share, upper limit | $ 2 |
Outstanding, Options outstanding | shares | 1,599,860 |
Outstanding, Weighted average remaining contractual life in years | 3 years 3 months 22 days |
Outstanding, Weighted average exercise price per share | $ 1.87 |
Exercisable, Options exercisable | shares | 1,180,775 |
Exercisable, Weighted average exercise price per share | $ 1.93 |
Range Three [Member] | |
Schedule of employee and director options outstanding | |
Outstanding, Exercise price per share, lower limit | 2.05 |
Outstanding, Exercise price per share, upper limit | $ 2.29 |
Outstanding, Options outstanding | shares | 1,447,490 |
Outstanding, Weighted average remaining contractual life in years | 4 years 2 months 19 days |
Outstanding, Weighted average exercise price per share | $ 2.10 |
Exercisable, Options exercisable | shares | 529,200 |
Exercisable, Weighted average exercise price per share | $ 2.10 |
Range Four [Member] | |
Schedule of employee and director options outstanding | |
Outstanding, Exercise price per share, lower limit | 2.30 |
Outstanding, Exercise price per share, upper limit | $ 2.75 |
Outstanding, Options outstanding | shares | 898,662 |
Outstanding, Weighted average remaining contractual life in years | 3 years 8 months 26 days |
Outstanding, Weighted average exercise price per share | $ 2.39 |
Exercisable, Options exercisable | shares | 641,840 |
Exercisable, Weighted average exercise price per share | $ 2.37 |
Range Five [Member] | |
Schedule of employee and director options outstanding | |
Outstanding, Exercise price per share, lower limit | 2.90 |
Outstanding, Exercise price per share, upper limit | $ 3.20 |
Outstanding, Options outstanding | shares | 1,121,326 |
Outstanding, Weighted average remaining contractual life in years | 2 years 1 month 2 days |
Outstanding, Weighted average exercise price per share | $ 2.97 |
Exercisable, Options exercisable | shares | 1,019,761 |
Exercisable, Weighted average exercise price per share | $ 2.97 |
Shareholders' Equity (Details 2
Shareholders' Equity (Details 2) - Non Employee [Member] | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Options outstanding | 68,000 |
Options exercisable | 68,000 |
Issuance Date Two [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Issuance date | Feb. 18, 2015 |
Options outstanding | 3,000 |
Exercise price per share | $ / shares | $ 3 |
Options exercisable | 3,000 |
Exercisable through | Feb - 21 |
Issuance Date Three [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Issuance date | Feb. 10, 2016 |
Options outstanding | 40,000 |
Exercise price per share | $ / shares | $ 1.44 |
Options exercisable | 40,000 |
Exercisable through | Feb-22 |
Issuance Date Four [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Issuance date | Jan. 24, 2017 |
Options outstanding | 25,000 |
Exercise price per share | $ / shares | $ 2 |
Options exercisable | 25,000 |
Exercisable through | Jan-23 |
Shareholders' Equity (Details 3
Shareholders' Equity (Details 3) - Restricted Stock Units (RSUs) [Member] | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Number of RSUs | |
Awarded and unvested at December 31, 2019 | shares | 1,733,132 |
Granted | shares | 514,000 |
Vested | shares | (631,132) |
Forfeited | shares | (42,500) |
Awarded and unvested at June 30, 2020 | shares | 1,573,500 |
Weighted average grant date fair value | |
Awarded and unvested at December 31, 2019 | $ / shares | $ 2.09 |
Granted | $ / shares | 1.30 |
Vested | $ / shares | 2.49 |
Forfeited | $ / shares | 2.30 |
Awarded and unvested at June 30, 2020 | $ / shares | $ 1.66 |
Shareholders' Equity (Details 4
Shareholders' Equity (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Compensation expense | $ 507 | $ 314 | $ 1,152 | $ 583 |
Cost of revenues [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Compensation expense | 20 | 33 | 64 | 62 |
Research and development [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Compensation expense | 64 | 58 | 159 | 125 |
Sales and marketing [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Compensation expense | 43 | 48 | 139 | 97 |
General and administrative [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Compensation expense | $ 380 | $ 175 | $ 790 | $ 299 |
Shareholders' Equity (Details T
Shareholders' Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 11, 2020 | Nov. 07, 2019 | Dec. 05, 2018 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Shareholders' Equity (Textual) | ||||||||
Options grant/vest, description | The options vest and become exercisable at a rate of 1/16 of the options every three months. | |||||||
Conversion price, per share | $ 3.73 | |||||||
Gross proceeds | $ 8,019 | |||||||
Maturity date | Mar. 19, 2024 | |||||||
Interest expense | $ 283 | $ 282 | ||||||
Convertible Notes Payable [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Aggregate principal amount | $ 10,000 | $ 1,000 | ||||||
Interest rate | 5.75% | |||||||
Debt instrument, description | (i) 50% cash and (ii) 50% cash or ordinary shares at Cyren's election. | |||||||
Notes, term | 3 years | |||||||
Conversion price, per share | $ 3.90 | |||||||
Maturity date | Dec. 31, 2021 | |||||||
Issuance expenses | 800 | |||||||
Convertible Debentures [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Aggregate principal amount | $ 9,400 | |||||||
Interest rate | 5.75% | |||||||
Debt instrument, description | One of the debenture holders converted $48 of principal plus interest of their debentures. | |||||||
Notes, term | 4 years | |||||||
Convertible shares | 64,542 | 1,333 | ||||||
Conversion price, per share | $ 0.75 | $ 0.75 | ||||||
Maturity date | Mar. 31, 2024 | |||||||
Interest expense | $ 187 | $ 211 | $ 44 | $ 49 | ||||
Accrued interest | 163 | |||||||
Amortization debt issuance costs | $ 5 | |||||||
Non-Employee Plan [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Options vesting period | 4 years | |||||||
Options expiration term, description | Options granted under the Non-Employee Director Plan generally expire after six years from the date of grant. | |||||||
Annual meeting, description | On July 30, 2019 the shareholders of the Company approved an increase in the number of Ordinary Shares reserved for issuance under the Non-Employee Director Plan and its respective Israeli Appendix to a total of 1,150,000 Ordinary Shares. | |||||||
Non Vested Stock Options [Member] | Non-Employee Plan [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Ordinary shares available for future grant | 842,882 | 842,882 | ||||||
Unrecognized compensation expense | $ 2,046 | $ 2,046 | ||||||
Recognized over remaining weighted average period | 2 years 7 months 10 days | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Unrecognized compensation expense | $ 2,087 | $ 2,087 | ||||||
Recognized over remaining weighted average period | 2 years 6 months 10 days | |||||||
Stock Compensation Plan [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Options grant/vest, description | The per share exercise price for options shall be no less than 100% of the fair market value per ordinary share on the date of grant. | |||||||
Ordinary shares available for future grant | 9,233,414 | 9,233,414 | ||||||
Options vesting period | 4 years | |||||||
Options expiration term, description | Options granted under the Equity Incentive Plan generally expire after six years from the date of grant. |
Segment and Geographic Inform_3
Segment and Geographic Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues from external customers | $ 9,181 | $ 9,711 | $ 18,830 | $ 19,366 |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues from external customers | 4,440 | 4,516 | 8,874 | 9,082 |
Europe [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues from external customers | 2,978 | 3,015 | 6,187 | 6,147 |
Asia Pacific [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues from external customers | 565 | 659 | 1,233 | 1,269 |
Israel [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues from external customers | 1,104 | 1,456 | 2,349 | 2,720 |
Other [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues from external customers | $ 94 | $ 65 | $ 187 | $ 148 |
Segment and Geographic Inform_4
Segment and Geographic Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues from external customers | $ 9,181 | $ 9,711 | $ 18,830 | $ 19,366 | |
OEM/Embedded Security [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues from external customers | [1] | 7,511 | 7,881 | 15,417 | 15,673 |
Enterprise/SMB [Member] | |||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||
Revenues from external customers | [2] | $ 1,670 | $ 1,830 | $ 3,413 | $ 3,693 |
[1] | This market represents customers who embed Cyren Threat Detection Services and Threat Intelligence Feeds into their infrastructure and/or products to protect their customers and users. | ||||
[2] | In this market, Cyren provides enterprise customers email security products, threat intelligence and cloud-based sandbox threat analysis to protect their employees, data and IP. |
Segment and Geographic Inform_5
Segment and Geographic Information (Details 2) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net amount of property and equipment | $ 4,675 | $ 4,410 |
Israel [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net amount of property and equipment | 1,121 | 1,291 |
Germany [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net amount of property and equipment | 1,873 | 1,345 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net amount of property and equipment | 1,486 | 1,527 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net amount of property and equipment | $ 195 | $ 247 |
Segment and Geographic Inform_6
Segment and Geographic Information (Details Textual) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020USD ($)Segment | Jun. 30, 2019 | |
Segment and Geographic Information (Textual) | ||
Number of reportable segments | Segment | 1 | |
Revenues derived from customer A | 23.00% | 20.00% |
Segment reporting, major customer's description | No other customer accounted for more than 10% of total revenue. | |
Revenue remaining performance obligation | $ | $ 50,433 | |
Description of revenue remaining performance obligation | The Company expects to recognize revenue on approximately 32% of these remaining performance obligations during the remainder of 2020, approximately 44% in 2021, with the remainder recognized thereafter. |
Financial Expense, Net (Details
Financial Expense, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Income: | |||||
Interest on cash and cash equivalents | $ 1 | $ 22 | |||
Expenses: | |||||
Interest expense, net of interest capitalized | (329) | (104) | (492) | (215) | |
Foreign currency exchange differences, net | 59 | (149) | 7 | (96) | |
Other | (20) | (16) | (36) | (32) | |
Financial income (expenses), net | [1] | $ (290) | $ (268) | $ (521) | $ (321) |
[1] | This market represents customers who embed Cyren Threat Detection Services and Threat Intelligence Feeds into their infrastructure and/or products to protect their customers and users. |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | ||
Related Party Transactions [Abstract] | |||
Interest expense accrual – Convertible Note | [1] | $ 27 | $ 32 |
Interest expense accrual – Convertible Debentures | [2] | 4 | |
Long term Convertible Note | [3] | 10,000 | 10,000 |
Long term Convertible Debentures | [4] | $ 231 | |
[1] | Related to the semi-annual interest payable due in June and December related to the Convertible Notes entered into December 5, 2018. See note 5b. for further details. | ||
[2] | Related to the semi-annual interest payable due in September and March related to the Convertible Debentures entered into March 19, 2020. See note 5c. for further details. | ||
[3] | Related to the Convertible Note entered into December 5, 2018. See note 5b. for further details. | ||
[4] | Related to the Convertible Debentures entered into March 19, 2020 See note 5c. for further details. |
Related Parties (Details 1)
Related Parties (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | ||
Related Party Transactions [Abstract] | |||||
Interest expense on Convertible Note | [1] | $ 142 | $ 142 | $ 283 | $ 282 |
Interest expense on Convertible Debentures | [2] | $ 5 | $ 5 | ||
[1] | Related to the semi-annual interest payable due in June and December related to the Convertible Notes entered into December 5, 2018. See note 5b. for further details. | ||||
[2] | Related to the semi-annual interest payable due in September and March related to the Convertible Debentures entered into March 19, 2020. See note 5c. for further details. |