Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 14, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2023 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-41141 | |
Entity Registrant Name | GLUCOTRACK, INC. | |
Entity Central Index Key | 0001506983 | |
Entity Tax Identification Number | 98-0668934 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 301 Route 17 North | |
Entity Address, Address Line Two | Suite 800 | |
Entity Address, City or Town | Rutherford | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07070 | |
City Area Code | (201) | |
Local Phone Number | 842-7715 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | GCTK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,892,193 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 6,888 | $ 2,312 |
Other current assets | 281 | 67 |
Total current assets | 7,169 | 2,379 |
Property and equipment, net | 17 | 40 |
Restricted cash | 9 | 19 |
TOTAL ASSETS | 7,195 | 2,438 |
Current liabilities | ||
Accounts payable | 1,249 | 672 |
Other current liabilities | 205 | 341 |
Total current liabilities | 1,454 | 1,013 |
Non-current liabilities | ||
Loans from stockholders | 184 | 195 |
Total non-current liabilities | 184 | 195 |
Total liabilities | 1,638 | 1,208 |
Stockholders’ equity | ||
Common Stock of $ 0.001 par value (“Common Stock”): 500,000,000 shares authorized as of September 30, 2023 and December 31, 2022; 20,892,193 and 15,500,730 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | 20 | 15 |
Additional paid-in capital | 112,944 | 103,095 |
Accumulated other comprehensive income | 34 | 17 |
Receipts on account of shares | 4 | |
Accumulated deficit | (107,441) | (101,901) |
Total stockholders’ equity | 5,557 | 1,230 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 7,195 | $ 2,438 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 20,892,193 | 15,500,730 |
Common stock, shares outstanding | 20,892,193 | 15,500,730 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Research and development | $ 1,693 | $ 434 | $ 2,962 | $ 1,363 |
General and administrative | 531 | 495 | 1,725 | 1,782 |
Total operating expenses | 2,224 | 929 | 4,687 | 3,145 |
Operating loss | 2,224 | 929 | 4,687 | 3,145 |
Other expenses | 1 | 1 | ||
Finance expenses (income), net | (1) | (2) | (2) | 2 |
Net Loss | 2,223 | 928 | 4,685 | 3,148 |
Other comprehensive income: | ||||
Foreign currency translation adjustment | (6) | (1) | (17) | (36) |
Comprehensive loss for the period | $ 2,217 | $ 929 | $ 4,668 | $ 3,112 |
Basic net loss per common stock | $ (0.10) | $ (0.06) | $ (0.28) | $ (0.20) |
Diluted net loss per common stock | $ (0.10) | $ (0.06) | $ (0.28) | $ (0.20) |
Weighted average number of common stock outstanding used in computing basic net loss per share | 22,968,663 | 15,473,521 | 20,032,634 | 15,468,279 |
Weighted average number of common stock outstanding used in computing diluted net loss per share | 22,968,663 | 15,473,521 | 20,032,634 | 15,468,279 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Receipts on Account of Shares [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total | |
Balance at Dec. 31, 2021 | $ 15 | $ 102,612 | $ (6) | $ (97,466) | $ 5,155 | ||
Balance, shares at Dec. 31, 2021 | 15,452,285 | ||||||
Loss for the period | (3,148) | (3,148) | |||||
Other comprehensive income | 36 | 36 | |||||
Issuance of restricted shares as compensation towards directors | 20 | 20 | |||||
Issuance of restricted shares as compensation towards directors, shares | 11,275 | ||||||
Restricted shares to be issued as compensation towards directors | [1] | 18 | 18 | ||||
Stock-based compensation | 274 | 274 | |||||
Stock-based compensation, shares | 13,105 | ||||||
Balance at Sep. 30, 2022 | $ 15 | 102,906 | 18 | 30 | (100,614) | 2,355 | |
Balance, shares at Sep. 30, 2022 | 15,476,665 | ||||||
Balance at Jun. 30, 2022 | $ 15 | 102,821 | 9 | 31 | (99,686) | 3,190 | |
Balance, shares at Jun. 30, 2022 | 15,473,262 | ||||||
Loss for the period | (928) | (928) | |||||
Other comprehensive income | (1) | (1) | |||||
Issuance of restricted shares as compensation towards directors | [1] | 9 | (9) | ||||
Issuance of restricted shares as compensation towards directors, shares | 3,403 | ||||||
Restricted shares to be issued as compensation towards directors | 18 | 18 | |||||
Stock-based compensation | 76 | 76 | |||||
Balance at Sep. 30, 2022 | $ 15 | 102,906 | 18 | 30 | (100,614) | 2,355 | |
Balance, shares at Sep. 30, 2022 | 15,476,665 | ||||||
Balance at Dec. 31, 2022 | $ 15 | 103,095 | 4 | 17 | (101,901) | 1,230 | |
Balance, shares at Dec. 31, 2022 | 15,500,730 | ||||||
Loss for the period | (4,685) | (4,685) | |||||
Other comprehensive income | 17 | 17 | |||||
Deemed dividend resulted from trigger of down round protection feature of certain warrants granted | 855 | (855) | |||||
Net proceeds received from underwritten U.S. public offering | $ 5 | 8,725 | 8,730 | ||||
Net proceeds received from underwritten U.S. public offering, shares | 5,376,472 | ||||||
Issuance of restricted shares as compensation towards directors | [1] | 9 | (4) | 5 | |||
Issuance of restricted shares as compensation towards directors, shares | 14,991 | ||||||
Stock-based compensation | 260 | 260 | |||||
Balance at Sep. 30, 2023 | $ 20 | 112,944 | 34 | (107,441) | 5,557 | ||
Balance, shares at Sep. 30, 2023 | 20,892,193 | ||||||
Balance at Jun. 30, 2023 | $ 20 | 112,913 | 28 | (105,218) | 7,743 | ||
Balance, shares at Jun. 30, 2023 | 20,892,193 | ||||||
Loss for the period | (2,223) | (2,223) | |||||
Other comprehensive income | 6 | 6 | |||||
Stock-based compensation | 31 | 31 | |||||
Balance at Sep. 30, 2023 | $ 20 | $ 112,944 | $ 34 | $ (107,441) | $ 5,557 | ||
Balance, shares at Sep. 30, 2023 | 20,892,193 | ||||||
[1]Represents amount lower than $1. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Loss for the period | $ (4,685) | $ (3,148) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 21 | 19 |
Stock-based compensation | 260 | 274 |
Issuance of restricted shares as compensation towards directors | 5 | 38 |
Linkage difference on principal of loans from stockholders | 4 | 8 |
Changes in assets and liabilities: | ||
Increase in other current assets | (216) | (148) |
Increase in accounts payable | 598 | 117 |
Increase (Decrease) in other current liabilities | (134) | 51 |
Net cash used in operating activities | (4,147) | (2,789) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (4) | |
Net cash used in investing activities | (4) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net proceeds received from underwritten U.S. public offering | 8,730 | |
Net cash provided by financing activities | 8,730 | |
Effect of exchange rate changes on cash and cash equivalents, and restricted cash | (17) | (40) |
Change in cash, cash equivalents, and restricted cash | 4,566 | (2,833) |
Cash, cash equivalents, and restricted cash at beginning of the period | 2,331 | 6,113 |
Cash, cash equivalents, and restricted cash, end of period | 6,897 | 3,280 |
Non-cash financing activities | ||
Deemed dividend upon trigger of down round protection | $ 855 |
GENERAL
GENERAL | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1 – GENERAL A. GlucoTrack Inc. (the “Company”) was incorporated on May 18, 2010 under the laws of the State of Delaware. The Company is a medical device company, focused on the design, development and commercialization of novel technologies for use by people with diabetes. The Company is currently developing an Implantable Continuous Glucose Monitor (CGM) for persons with Type 1 diabetes and insulin-dependent Type 2 diabetes. B. Liquidity and capital resources To date, the Company has not yet generated significant revenues from GlucoTrack product, a non-invasive spot measurement glucose sensor that has been discontinued. In addition, development and commercialization of the Implantable CGM is expected to require substantial expenditures; therefore, the Company is dependent upon external sources for financing its operations. As of September 30, 2023, the Company has incurred accumulated deficit of $ 107,441 Management has considered the significance of such conditions in relation to the Company’s ability to meet its current obligations and to achieve its business targets and determined that these conditions do not raise substantial doubt about the Company’s ability to continue as a going concern, taking into consideration the net proceeds received in total amount of $ 8,730 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation 1. Accounting Principles The accompanying unaudited condensed consolidated interim financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes contained in the Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”) on March 31, 2023. The unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the SEC related to interim financial statements. As permitted under those rules, certain information and footnote disclosures normally required or included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The financial information contained herein is unaudited; however, management believes all adjustments have been made that are considered necessary to present fairly the results of the Company’s financial position and operating results for the interim periods. All such adjustments are of a normal recurring nature. The results for the period of nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other interim period or for any future period. 2. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiary. Significant intercompany balances and transactions have been eliminated in consolidation. GLUCOTRACK INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.) A. Basis of Presentation 3. Net Loss Per Common Stock Basic net loss per Common Stock is computed by dividing the loss for the period applicable for holders of Common Stock and pre-funded warrants (after considering the effect of deemed dividend related to trigger of down round protection feature) dividend by the weighted average number of outstanding shares of Common Stock and shares of Common Stock to be issued upon exercise of pre-funded warrants (see Note 3A below) or shares of Common Stock to be issued upon achievement of performance milestone (see Note 3B below) during the period. Diluted loss per share gives effect to all potentially dilutive common shares outstanding during the period using the treasury stock method with respect to stock options and certain stock warrants. In computing diluted loss per share, the average stock price for the period is used in determining the number of Common Stock assumed to be purchased from the exercise of stock options or stock warrants. Shares to be issued upon exercise of all stock options and stock warrants have been excluded from the calculation of the diluted net loss per Common Stock for all the reported periods for which net loss was reported because the effect of the Common Stock issuable upon exercise of these instruments was anti-dilutive. The net loss and the weighted average number of shares of Common Stock used in computing basic and diluted net loss per share for the period of three and nine months ended September 30, 2023 and 2022, is as follows: SCHEDULE OF ANTIDILUTIVE NET LOSS AND WEIGHTED AVERAGE 2023 2022 2023 2022 US dollars in thousands US dollars in thousands (except share data) Three-month period ended Nine-month period ended (Unaudited) (Unaudited) 2023 2022 2023 2022 Numerator: Net loss $ 2,223 $ 928 $ 4,685 $ 3,148 Deemed dividend related to trigger of down round protection feature (see Note 3A below) - - 855 - Net loss attributable to common stockholders $ 2,223 $ 928 $ 5,540 $ 3,148 Denominator: Shares of Common Stock used in computing basic and diluted net loss per common stock 20,892,193 15,473,521 18,792,950 15,468,279 Shares of Common Stock to be issued upon exercise of pre-funded warrants - 1,976,470 1,206,228 - Shares of Common Stock to be issued upon achievement of performance milestone 100,000 33,456 Basic and diluted net loss per common stock $ (0.10 ) $ (0.06 ) $ (0.28 ) $ (0.2 ) GLUCOTRACK INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONT.) |
SIGNIFICANT TRANSACTIONS
SIGNIFICANT TRANSACTIONS | 9 Months Ended |
Sep. 30, 2023 | |
Significant Transactions | |
SIGNIFICANT TRANSACTIONS | NOTE 3 - SIGNIFICANT TRANSACTIONS A. Completion of underwritten U.S. public offering On April 13, 2023, the Company completed an underwritten public offering under which the Company received gross proceeds of approximately $ 10 5,376,472 1,976,470 1.36 0.001 Upon satisfaction of customary closing conditions, the closing date of the above underwritten public offering was April 17, 2023 (the “Closing Date”). The Company received substantially all the pre-funded warrant’s proceeds upfront (without any conditions) as part of the pre-funded warrant’s purchase price and in return the Company is obligated to issue fixed number of shares of common stock to the holders. Thus, pre-funded warrants were accounted for and were classified as additional paid-in capital as part of the Company’s stockholders’ equity. Total incremental and direct issuance costs amounted to $ 1,270 Upon closing of underwritten U.S. public offering, a down round protection feature of certain warrants granted in previous years to service providers was triggered by the way of reduction of their exercise price from a price in a range of $ 3.35 70.20 1.36 855 B. Intellectual Property Purchase Agreement In the middle of June 2023, the Company achieved the first performance milestone out of the five performance milestones outlined in the Intellectual Property Purchase Agreement (the “Agreement”) executed between the Company and Paul Goode, which is the Company’s Chief Executive Officer (the “Seller”) as October 7, 2022 (the “Closing Date”). As a result, upon the date of fulfillment of the performance milestone the Company is committed to issue 100,000 0 131 30.4 C. Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard On May 26, 2023, the Company received a letter from Nasdaq that it no longer complies with Rule 5550(a)(2) of Nasdaq’s Listing Rules (the “Rules”) which require listed securities to maintain a minimum bid price of $ 1 1 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 4 - SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed interim consolidated financial statements were issued November 14, 2023. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | A. Basis of Presentation 1. Accounting Principles The accompanying unaudited condensed consolidated interim financial statements and related notes should be read in conjunction with the consolidated financial statements and related notes contained in the Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (“SEC”) on March 31, 2023. The unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the SEC related to interim financial statements. As permitted under those rules, certain information and footnote disclosures normally required or included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The financial information contained herein is unaudited; however, management believes all adjustments have been made that are considered necessary to present fairly the results of the Company’s financial position and operating results for the interim periods. All such adjustments are of a normal recurring nature. The results for the period of nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other interim period or for any future period. 2. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its subsidiary. Significant intercompany balances and transactions have been eliminated in consolidation. GLUCOTRACK INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.) A. Basis of Presentation 3. Net Loss Per Common Stock Basic net loss per Common Stock is computed by dividing the loss for the period applicable for holders of Common Stock and pre-funded warrants (after considering the effect of deemed dividend related to trigger of down round protection feature) dividend by the weighted average number of outstanding shares of Common Stock and shares of Common Stock to be issued upon exercise of pre-funded warrants (see Note 3A below) or shares of Common Stock to be issued upon achievement of performance milestone (see Note 3B below) during the period. Diluted loss per share gives effect to all potentially dilutive common shares outstanding during the period using the treasury stock method with respect to stock options and certain stock warrants. In computing diluted loss per share, the average stock price for the period is used in determining the number of Common Stock assumed to be purchased from the exercise of stock options or stock warrants. Shares to be issued upon exercise of all stock options and stock warrants have been excluded from the calculation of the diluted net loss per Common Stock for all the reported periods for which net loss was reported because the effect of the Common Stock issuable upon exercise of these instruments was anti-dilutive. The net loss and the weighted average number of shares of Common Stock used in computing basic and diluted net loss per share for the period of three and nine months ended September 30, 2023 and 2022, is as follows: SCHEDULE OF ANTIDILUTIVE NET LOSS AND WEIGHTED AVERAGE 2023 2022 2023 2022 US dollars in thousands US dollars in thousands (except share data) Three-month period ended Nine-month period ended (Unaudited) (Unaudited) 2023 2022 2023 2022 Numerator: Net loss $ 2,223 $ 928 $ 4,685 $ 3,148 Deemed dividend related to trigger of down round protection feature (see Note 3A below) - - 855 - Net loss attributable to common stockholders $ 2,223 $ 928 $ 5,540 $ 3,148 Denominator: Shares of Common Stock used in computing basic and diluted net loss per common stock 20,892,193 15,473,521 18,792,950 15,468,279 Shares of Common Stock to be issued upon exercise of pre-funded warrants - 1,976,470 1,206,228 - Shares of Common Stock to be issued upon achievement of performance milestone 100,000 33,456 Basic and diluted net loss per common stock $ (0.10 ) $ (0.06 ) $ (0.28 ) $ (0.2 ) |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF ANTIDILUTIVE NET LOSS AND WEIGHTED AVERAGE | SCHEDULE OF ANTIDILUTIVE NET LOSS AND WEIGHTED AVERAGE 2023 2022 2023 2022 US dollars in thousands US dollars in thousands (except share data) Three-month period ended Nine-month period ended (Unaudited) (Unaudited) 2023 2022 2023 2022 Numerator: Net loss $ 2,223 $ 928 $ 4,685 $ 3,148 Deemed dividend related to trigger of down round protection feature (see Note 3A below) - - 855 - Net loss attributable to common stockholders $ 2,223 $ 928 $ 5,540 $ 3,148 Denominator: Shares of Common Stock used in computing basic and diluted net loss per common stock 20,892,193 15,473,521 18,792,950 15,468,279 Shares of Common Stock to be issued upon exercise of pre-funded warrants - 1,976,470 1,206,228 - Shares of Common Stock to be issued upon achievement of performance milestone 100,000 33,456 Basic and diluted net loss per common stock $ (0.10 ) $ (0.06 ) $ (0.28 ) $ (0.2 ) |
GENERAL (Details Narrative)
GENERAL (Details Narrative) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 107,441 | $ 101,901 |
Net proceeds | $ 8,730 |
SCHEDULE OF ANTIDILUTIVE NET LO
SCHEDULE OF ANTIDILUTIVE NET LOSS AND WEIGHTED AVERAGE (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net loss | $ 2,223 | $ 928 | $ 4,685 | $ 3,148 |
Deemed dividend related to trigger of down round protection feature (see Note 3A below) | 855 | |||
Net basic loss | 2,223 | 928 | 5,540 | 3,148 |
Net diluted loss | $ 2,223 | $ 928 | $ 5,540 | $ 3,148 |
Ordinary shares used in computing basic net loss per common stock | 22,968,663 | 15,473,521 | 20,032,634 | 15,468,279 |
Ordinary shares used in computing diluted net loss per common stock | 22,968,663 | 15,473,521 | 20,032,634 | 15,468,279 |
Shares of Common Stock to be issued upon achievement of performance milestone | 100,000 | 33,456 | ||
Basic net loss per common stock | $ (0.10) | $ (0.06) | $ (0.28) | $ (0.20) |
Diluted net loss per common stock | $ (0.10) | $ (0.06) | $ (0.28) | $ (0.20) |
Prefunded Warrants [Member] | ||||
Ordinary shares used in computing basic net loss per common stock | 20,892,193 | 15,473,521 | 18,792,950 | 15,468,279 |
Ordinary shares used in computing diluted net loss per common stock | 20,892,193 | 15,473,521 | 18,792,950 | 15,468,279 |
Shares of Common Stock to be issued upon achievement of performance milestone | 1,976,470 | 1,206,228 | ||
Basic net loss per common stock | $ (0.10) | $ (0.06) | $ (0.28) | $ (0.2) |
Diluted net loss per common stock | $ (0.10) | $ (0.06) | $ (0.28) | $ (0.2) |
SIGNIFICANT TRANSACTIONS (Detai
SIGNIFICANT TRANSACTIONS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Apr. 13, 2023 | Sep. 30, 2023 | Sep. 30, 2023 | May 26, 2023 | |
Description of common stock | the Company received gross proceeds of approximately $10 million for issuance of (i) 5,376,472 shares of common stock and (ii) 1,976,470 pre-funded warrants at a price to the public of $1.36 per share. The pre-funded warrants are exercisable for the same number of shares of common stock and may be exercised at any time until exercised in full at an exercise price of $0.001. | |||
Gross proceeds | $ 10,000 | |||
Exercise price | $ 1.36 | |||
Incremental and direct issuance costs | $ 1,270 | |||
Additional paid in capital | $ 855 | |||
Minimum bid price | $ 1 | |||
Intellectual Property Purchase Agreement [Member] | ||||
Number of common shares issued | 100,000 | |||
Share based compensation | $ 0 | $ 131 | ||
Discount rate | 30.40% | 30.40% | ||
Minimum [Member] | ||||
Exercise price | $ 3.35 | |||
Maximum [Member] | ||||
Exercise price | $ 70.20 | |||
Common Stock [Member] | ||||
Number of common shares issued | 5,376,472 | 5,376,472 | ||
Prefunded Warrants [Member] | ||||
Number of common shares issued | 1,976,470 | |||
Share price | $ 1.36 | |||
Exercise price | $ 0.001 |