Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 28, 2019 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Entity Interactive Data Current | Yes | |
Entity Registrant Name | DarioHealth Corp. | |
Entity Current Reporting Status | Yes | |
Entity Central Index Key | 0001533998 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Trading Symbol | DRIO | |
Entity Common Stock, Shares Outstanding | 43,696,840 | |
Entity Emerging Growth Company | false | |
Entity Small Business | true |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 4,585 | $ 10,997 |
Restricted bank deposits | 189 | 180 |
Trade Receivables | 519 | 168 |
Inventories | 1,473 | 1,377 |
Other accounts receivable and prepaid expenses | 392 | 591 |
Total current assets | 7,158 | 13,313 |
LEASE DEPOSITS | 52 | 43 |
OPERATING LEASE RIGHT OF USE ASSET | 719 | 0 |
PROPERTY AND EQUIPMENT, NET | 674 | 733 |
Total assets | 8,603 | 14,089 |
CURRENT LIABILITIES: | ||
Trade payables | 1,406 | 2,574 |
Deferred revenues | 1,311 | 736 |
Operating lease liability | 287 | 0 |
Other accounts payable and accrued expenses | 1,215 | 1,854 |
Total current liabilities | 4,219 | 5,164 |
OPERATING LEASE LIABILITY | 477 | 0 |
STOCKHOLDERS' EQUITY | ||
Common Stock of $0.0001 par value - Authorized: 160,000,000 shares at September 30, 2019 (unaudited) and December 31, 2018; Issued and Outstanding: 43,683,840 and 36,607,755 shares at September 30, 2019 (unaudited) and December 31, 2018, respectively | 8 | 8 |
Preferred Stock of $0.0001 par value - Authorized: 5,000,000 shares at September 30, 2019 (unaudited) and December 31, 2018; Issued and Outstanding: None at September 30, 2019 (unaudited) and December 31, 2018 | 0 | |
Additional paid-in capital | 106,716 | 98,171 |
Accumulated deficit | (102,817) | (89,254) |
Total stockholders' equity | 3,907 | 8,925 |
Total liabilities and stockholders' equity | $ 8,603 | $ 14,089 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2019 | Dec. 31, 2018 |
CONSOLIDATED BALANCE SHEETS | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 160,000,000 | 160,000,000 |
Common stock, shares issued | 43,683,840 | 36,607,755 |
Common stock, shares, outstanding | 43,683,840 | 36,607,755 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
Revenues | $ 1,868 | $ 1,879 | $ 5,761 | $ 5,694 |
Cost of revenues | 995 | 1,411 | 4,004 | 4,152 |
Gross profit | 873 | 468 | 1,757 | 1,542 |
Operating expenses: | ||||
Research and development | 859 | 997 | 2,852 | 2,749 |
Sales and marketing | 1,865 | 2,816 | 8,804 | 7,049 |
General and administrative | 948 | 709 | 3,625 | 4,506 |
Total operating expenses | 3,672 | 4,522 | 15,281 | 14,304 |
Operating loss | (2,799) | (4,054) | (13,524) | (12,762) |
Financial expenses, net: | ||||
Revaluation of warrants | 1 | |||
Other financial expense, net | (6) | (9) | (39) | (59) |
Total financial expenses, net | (6) | (9) | (39) | (58) |
Net loss | (2,805) | (4,063) | (13,563) | (12,820) |
Deemed dividend related to warrant exchange | 493 | |||
Net loss attributable to holders of Common Stock | $ (2,805) | $ (4,063) | $ (13,563) | $ (13,313) |
Net loss per share | ||||
Basic and diluted loss per share | $ (0.06) | $ (0.17) | $ (0.28) | $ (0.67) |
Weighted average number of Common Stock used in computing basic and diluted net loss per share | 50,730,253 | 23,533,328 | 49,101,850 | 19,733,291 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Preferred Stock [Member] | Additional Paid-in Capital [Member] | Accumulated deficit [Member] | Total | ||
Balance at Dec. 31, 2017 | $ 7 | [1] | $ 74,892 | $ (70,958) | $ 3,941 | ||
Balance (in shares) at Dec. 31, 2017 | 14,074,238 | ||||||
Payment for executives and directors under Stock for Salary Program | 161 | 161 | |||||
Payment for executives and directors under Stock for Salary Program (in shares) | 102,548 | ||||||
Issuance of Common Stock to consultants and service provider | 60 | 60 | |||||
Issuance of Common Stock to consultants and service provider (in shares) | 41,109 | ||||||
Issuance of Common Stock, net of issuance cost | 2,865 | 2,865 | |||||
Issuance of Common Stock, net of issuance cost (in shares) | 2,262,269 | ||||||
Issuance of Preferred Stock, net of issuance cost | 3,124 | 3,124 | |||||
Issuance of Preferred Stock, net of issuance cost (in shares) | 1,234,080 | ||||||
Stock-based compensation | 139 | 139 | |||||
Net loss | (2,919) | (2,919) | |||||
Balance at Mar. 31, 2018 | $ 7 | [1] | 81,241 | (73,877) | 7,371 | ||
Balance (in shares) at Mar. 31, 2018 | 16,480,164 | 1,234,080 | |||||
Balance at Dec. 31, 2017 | $ 7 | [1] | 74,892 | (70,958) | 3,941 | ||
Balance (in shares) at Dec. 31, 2017 | 14,074,238 | ||||||
Net loss | (12,820) | ||||||
Balance at Sep. 30, 2018 | $ 7 | [1] | 94,675 | (84,721) | 10,411 | ||
Balance (in shares) at Sep. 30, 2018 | 25,691,724 | 1,890,257 | |||||
Balance at Mar. 31, 2018 | $ 7 | [1] | 81,241 | (73,877) | 7,371 | ||
Balance (in shares) at Mar. 31, 2018 | 16,480,164 | 1,234,080 | |||||
Payment for executives and directors under Stock for Salary Program | 436 | 436 | |||||
Payment for executives and directors under Stock for Salary Program (in shares) | 272,837 | ||||||
Issuance of Common Stock to consultants and service provider | 118 | 118 | |||||
Issuance of Common Stock to consultants and service provider (in shares) | 75,640 | ||||||
Deemed dividend related to May 2018 warrant exchange | 493 | (493) | |||||
Deemed dividend related to May 2018 warrant exchange (in shares) | 636,752 | ||||||
Conversion of Preferred Stock to Common Stock (in shares) | 2,468,160 | (1,234,080) | |||||
Issuance of Common Stock to directors and employees | 1,779 | 1,779 | |||||
Issuance of Common Stock to directors and employees (in shares) | 1,147,840 | ||||||
Stock-based compensation | 289 | 289 | |||||
Net loss | (5,838) | (5,838) | |||||
Balance at Jun. 30, 2018 | $ 7 | [1] | 84,356 | (80,208) | 4,155 | ||
Balance (in shares) at Jun. 30, 2018 | 21,081,393 | ||||||
Payment for executives and directors under Stock for Salary Program | 212 | 212 | |||||
Payment for executives and directors under Stock for Salary Program (in shares) | 145,869 | ||||||
Issuance of Common Stock to consultants and service provider | 253 | 253 | |||||
Issuance of Common Stock to consultants and service provider (in shares) | 192,662 | ||||||
Issuance of Common Stock, net of issuance cost | 3,467 | 3,467 | |||||
Issuance of Common Stock, net of issuance cost (in shares) | 4,266,800 | ||||||
Issuance of Preferred Stock, net of issuance cost | 6,145 | 6,145 | |||||
Issuance of Preferred Stock, net of issuance cost (in shares) | 1,890,257 | ||||||
Issuance of Common Stock to directors and employees | 7 | 7 | |||||
Issuance of Common Stock to directors and employees (in shares) | 5,000 | ||||||
Stock-based compensation | 235 | 235 | |||||
Net loss | (4,063) | (4,063) | |||||
Balance at Sep. 30, 2018 | $ 7 | [1] | 94,675 | (84,721) | 10,411 | ||
Balance (in shares) at Sep. 30, 2018 | 25,691,724 | 1,890,257 | |||||
Balance at Dec. 31, 2018 | $ 8 | 98,171 | (89,254) | 8,925 | |||
Balance (in shares) at Dec. 31, 2018 | 36,607,775 | ||||||
Payment for executives and directors under Stock for Salary Program | [1] | 210 | 210 | ||||
Payment for executives and directors under Stock for Salary Program (in shares) | 213,398 | ||||||
Stock-based compensation | 106 | 106 | |||||
Net loss | (5,376) | (5,376) | |||||
Balance at Mar. 31, 2019 | $ 8 | 98,487 | (94,630) | 3,865 | |||
Balance (in shares) at Mar. 31, 2019 | 36,821,173 | ||||||
Balance at Dec. 31, 2018 | $ 8 | 98,171 | (89,254) | $ 8,925 | |||
Balance (in shares) at Dec. 31, 2018 | 36,607,775 | ||||||
Exercise of Options (in shares) | 8,104 | ||||||
Net loss | $ (13,563) | ||||||
Balance at Sep. 30, 2019 | $ 8 | 106,716 | (102,817) | 3,907 | |||
Balance (in shares) at Sep. 30, 2019 | 43,683,840 | ||||||
Balance at Mar. 31, 2019 | $ 8 | 98,487 | (94,630) | 3,865 | |||
Balance (in shares) at Mar. 31, 2019 | 36,821,173 | ||||||
Payment for executives and directors under Stock for Salary Program | [1] | 141 | 141 | ||||
Payment for executives and directors under Stock for Salary Program (in shares) | 142,624 | ||||||
Exercise of Options | [1] | ||||||
Exercise of Options (in shares) | 8,104 | ||||||
Public Offering | 6,558 | 6,558 | |||||
Public Offering (in shares) | 4,855,341 | ||||||
Issuance of Common Stock to directors and employees | [1] | 795 | 795 | ||||
Issuance of Common Stock to directors and employees (in shares) | 1,032,144 | ||||||
Stock-based compensation | 117 | 117 | |||||
Net loss | (5,382) | (5,382) | |||||
Balance at Jun. 30, 2019 | $ 8 | 106,098 | (100,012) | 6,094 | |||
Balance (in shares) at Jun. 30, 2019 | 42,859,386 | ||||||
Payment for executives and directors under Stock for Salary Program | 445 | 445 | |||||
Payment for executives and directors under Stock for Salary Program (in shares) | 741,894 | ||||||
Issuance of Common Stock to consultants and service provider | 55 | 55 | |||||
Issuance of Common Stock to consultants and service provider (in shares) | 82,560 | ||||||
Stock-based compensation | 118 | 118 | |||||
Net loss | (2,805) | (2,805) | |||||
Balance at Sep. 30, 2019 | $ 8 | $ 106,716 | $ (102,817) | $ 3,907 | |||
Balance (in shares) at Sep. 30, 2019 | 43,683,840 | ||||||
[1] | Represents an amount lower than $1. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (13,563) | $ (12,820) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation and Common Stock to service providers | 1,928 | 3,284 |
Depreciation | 138 | 160 |
Amortization of operating lease right of use | 160 | |
Increase is trade receivables | (351) | (92) |
Decrease in accounts receivables and prepaid expenses | 199 | 81 |
Decrease (increase) in inventories | (96) | 164 |
Increase (decrease) in trade payables | (1,168) | 351 |
Increase (decrease) in other accounts payable and accrued expenses | (580) | 457 |
Increase in deferred revenues | 575 | 385 |
Change in operating lease liability | (115) | |
Change in fair value of warrants to purchase shares of Common Stock | (1) | |
Net cash used in operating activities | (12,873) | (8,031) |
Cash flows from investing activities: | ||
Maturities (investment) of restricted bank deposit | (9) | 74 |
Investment in lease deposits | (9) | (5) |
Purchase of property and equipment | (79) | (49) |
Net cash provided by (used in) investing activities | (97) | 20 |
Cash flows from financing activities: | ||
Proceeds from issuance of Common Stock, Preferred Stock and warrants, net of issuance cost | 6,558 | 15,720 |
Net cash provided by financing activities | 6,558 | 15,720 |
Increase (decrease) in cash and cash equivalents | (6,412) | 7,709 |
Cash and cash equivalents at the beginning of the period | 10,997 | 3,718 |
Cash and cash equivalents at the end of the period | 4,585 | 11,427 |
Non-cash investing and financing activities: | ||
Payment for directors and consultants under Shares for Salary Program | $ 59 | $ 286 |
GENERAL
GENERAL | 9 Months Ended |
Sep. 30, 2019 | |
GENERAL | |
GENERAL | NOTE 1: - GENERAL a. DarioHealth Corp. (formerly LabStyle Innovations Corp.) (the “Company”) was incorporated in Delaware and commenced operations on August 11, 2011. Dario Health is a leading Global Digital Therapeutics (DTx) company revolutionizing the way people with chronic conditions manage their health. By delivering personalized evidence-based interventions that are driven by precision data analytics, high quality software, and personalized coaching, DarioHealth has developed a novel approach that empowers individuals to adjust their lifestyle in a unique and holistic way. DarioHealth's cross-functional team operates at the intersection of life sciences, behavioral science, and software technology to deliver seamlessly integrated and highly engaging digital therapeutics interventions. Being one of the highest rated diabetes solutions, its user-centric approach is loved by tens of thousands of customers around the globe. DarioHealth is rapidly expanding its solutions for additional chronic conditions such as hypertension and moving into new geographic markets. DarioHealth's digital therapeutic platform has been designed with a 'user-first' strategy, focusing on the user's needs first and foremost, and user experience and satisfaction. User satisfaction is constantly measured and drives, all company processes, including our technology design. b. The Company’s wholly owned subsidiary, LabStyle Innovation Ltd. (“Ltd.” or “Subsidiary”), was incorporated and commenced operations on September 14, 2011 in Israel. Its principal business activity is to hold the Company’s intellectual property and to perform research and development, manufacturing, marketing and other business activities. c. During the nine months ended September 30, 2019, the Company incurred operating losses and negative cash flows from operating activities amounting to $13,524 and $12,873, respectively. The Company will be required to obtain additional liquidity resources in order to support the commercialization of its products and maintain its research and development activities. The Company is addressing its liquidity needs by seeking additional funding from public and/or private sources and by ramping up its commercial sales. There are no assurances, however, that the Company will be able to obtain an adequate level of financial resources that are required for the short and long-term development and commercialization of its product. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments to reflect the possible future effects on recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. d. On March 4, 2016, the Company’s common stock (the “Common Stock”) and warrants were approved for listing on Nasdaq Capital Market under the symbols “DRIO” and “DRIOW,” respectively. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2: - SIGNIFICANT ACCOUNTING POLICIES a. The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the Company’s Annual Report on Form 10‑K for the year ended December 31, 2018 are applied consistently in these unaudited interim consolidated financial statements, except for the below: Effective as of January 1, 2019, the Company adopted Accounting Standards Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers" (ASC 606) and ASU No. 2016-02, "Leases" (ASC 842). For further information refer to Note 2b. b. Adoption of new accounting principles In May 2014, the Financial Accounting Standards Board (the "FASB") issued ASC 606. The standard replaced the revenue recognition guidance in U.S. generally accepted accounting principles under ASC 605, and was required to be applied retrospectively to each prior period presented, or applied using a modified retrospective method with the cumulative effect recognized in the beginning retained earnings during the period of initial application. Subsequently, the FASB issued several additional ASUs related to ASU No. 2014-09, collectively referred to as the "new revenue standards", which became effective for the Company beginning January 1, 2019. The Company adopted the standard using the modified retrospective method. The adoption of ASC 606 did not have a significant impact on the Company's Condensed Consolidated Financial Statements. See Note 5 for further information. The Company recognizes revenue when (or as) it satisfies performance obligations by transferring promised products or services to its customers in an amount that reflects the consideration the Company expects to receive. The Company applies the following five steps: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. The Company considers customer and distributers purchase orders to be the contracts with a customer. For each contract, the Company considers the promise to transfer tangible products and services, each of which are distinct, to be the identified performance obligations. In determining the transaction price, the Company evaluates whether the price is subject to rebates and adjustments to determine the net consideration to which the Company expects to receive. As the Company’s standard payment terms are less than one year, the contracts have no significant financing component. The Company allocates the transaction price to each distinct performance obligation based on their relative standalone selling price. Revenue from tangible products is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs at shipment. The revenues from fixed-price services are recognized ratably over the contract period and the costs associated with these contracts are recognized as incurred. The Company’s standard arrangements with its customers typically do not allow for rights of return. In February 2016, the FASB issued ASU No. 2016‑02, "Leases" (ASC 842). The standard requires lessees to recognize almost all leases on the balance sheet as a right-of-use (“ROU”) asset and a lease liability and requires leases to be classified as either an operating or a finance type lease. The standard excludes leases of intangible assets or inventory. The standard becomes effective for the Company beginning January 1, 2019. The Company adopted ASC 842 using the modified retrospective approach, by applying the new standard to all leases existing at the date of initial application. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior period amounts have not been adjusted and continue to be reported in accordance with our historical accounting under ASC 840. The Company elected the package of practical expedients permitted under the standard, which also allowed the Company to carry forward historical lease classifications. The Company also elected the practical expedient related to treating lease and non-lease components as a single lease component for all equipment leases as well as electing a policy exclusion permitting leases with an original lease term of less than one year to be excluded from the ROU assets and lease liabilities. As a result of the adoption of ASC 842 on January 1, 2019, the Company recorded both operating lease ROU assets and operating lease liabilities of $847. The adoption did not impact the Company’s beginning retained earnings, or prior year condensed consolidated statements of comprehensive loss and statements of cash flows. See Note 7 for further information on leases. Under ASU No. 2016-02, "Leases" (ASC 842), the Company determines if an arrangement is a lease at inception. ROU assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement, however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the operating lease assets and liabilities. These amounts include payments affected by the Consumer Price Index. As most of the Company's leases do not provide an implicit rate, the Company, with the assistance of a third party valuation firm, determined the incremental borrowing rate in determining the present value of lease payments. The ROU assets also include any lease payments made prior to commencement and are recorded net of any lease incentives received. The Company lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. Operating leases are included in operating lease ROU assets, current and non-current operating lease liabilities, on the Company's condensed consolidated balance sheets. In June 2018, the FASB issued ASU 2018‑07, “Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” This ASU supersedes ASC 505‑50, “Equity—Equity Based Payments to Non-Employees,” and expands the scope of ASC 718, “Compensation – Stock Compensation,” to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. The standard becomes effective for the Company beginning January 1, 2019. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. c. Recently issued accounting pronouncements, not yet adopted: In August 2018, the FASB issued ASU No. 2018‑13, "Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement", which is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. ASU No. 2018‑13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years; the ASU allows for early adoption in any interim period after issuance of the update. The adoption of this ASU is not expected to have a significant impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016‑13, “Financial Instruments – Credit Losses” (Topic 326), to require the measurement of expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable forecasts. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. ASU No. 2016‑13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years; the ASU allows for early adoption as of the beginning of an interim or annual reporting period beginning after December 15, 2018. The Company is currently assessing the impact this ASU will have on its consolidated financial statements. |
UNAUDITED INTERIM FINANCIAL STA
UNAUDITED INTERIM FINANCIAL STATEMENTS | 9 Months Ended |
Sep. 30, 2019 | |
UNAUDITED INTERIM FINANCIAL STATEMENTS | |
UNAUDITED INTERIM FINANCIAL STATEMENTS | NOTE 3: - UNAUDITED INTERIM FINANCIAL STATEMENTS The accompanying unaudited interim consolidated financial statements as of September 30, 2019, have been prepared in accordance with U.S. generally accepted accounting principles and standards of the Public Company Accounting Oversight Board for interim financial information. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair presentation of the Company’s consolidated financial position as of September 30, 2019, and the Company’s consolidated results of operations and the Company’s consolidated cash flows for the three and nine months ended September 30, 2019. Results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019. |
INVENTORIES
INVENTORIES | 9 Months Ended |
Sep. 30, 2019 | |
INVENTORIES | |
INVENTORIES | NOTE 4: - INVENTORIES September 30, December 31, 2019 2018 Unaudited Raw materials $ 573 $ 424 Finished products 900 953 $ 1,473 $ 1,377 During the nine months’ period ended September 30, 2019, and the year ended December 31, 2018, total inventory write-off expenses amounted to $34 and $190, respectively. |
REVENUE
REVENUE | 9 Months Ended |
Sep. 30, 2019 | |
REVENUE | |
REVENUE | NOTE 5: - REVENUE On January 1, 2019, the Company adopted ASC 606 using the modified retrospective method and applied the standard to those contracts which were not completed as of January 1, 2019. Results for reporting periods beginning after January 1, 2019 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with the historic accounting under ASC 605. The following tables represent our total revenues for the three and nine months ended September 30, 2019 and 2018 by product type (prior period amounts have not been adjusted under the modified retrospective method): Three months ended Nine months ended September 30 September 30 2019 2018 2019 2018 Unaudited Unaudited Products $ 1,244 $ 1,826 $ 4,315 $ 5,641 Services 624 53 1,446 53 1,868 1,879 5,761 5,694 The Company recognizes contract liabilities, or deferred revenues, when it receives advance payments from customers before performance obligations primarily related services have been performed. Advance payments are received at the beginning of the service period and the related deferred revenues are reclassified to revenue ratably over the service period. The balance of deferred revenues approximates the aggregate amount of the transaction price allocated to the unsatisfied performance obligations at the end of reporting period. The following table presents the significant changes in the deferred revenue balance during the nine months ended September 30, 2019: Balance, beginning of the period $ 736 New performance obligations 2,662 Reclassification to revenue as a result of satisfying performance obligations (2,087) Balance, end of the period $ 1,311 Because all performance obligations in the Company’s contracts with customers relate to contracts with a duration of less than one year, the Company has elected to apply the optional exemption and is not required to disclose the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 9 Months Ended |
Sep. 30, 2019 | |
COMMITMENTS AND CONTINGENT LIABILITIES | |
COMMITMENTS AND CONTINGENT LIABILITIES | NOTE 6: - COMMITMENTS AND CONTINGENT LIABILITIES From time to time the Company is involved in claims and legal proceedings. The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. |
LEASES
LEASES | 9 Months Ended |
Sep. 30, 2019 | |
LEASES | |
LEASES | NOTE 7: - LEASES At the beginning of fiscal 2019, the Company adopted ASC 842. The adoption of ASC 842 did not have a significant impact on the Company’s consolidated financial statements. The Company has entered into various non-cancelable operating lease agreements for certain of its offices and car leases. The Company’s leases have original lease periods expiring between 2019 and 2022. Many leases include one or more options to renew. The Company does not assume renewals in determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The components of lease costs, lease term and discount rate are as follows: Three Months Ended Nine Months Ended September 30, 2019 Lease cost Operating lease cost $ 67 $ 200 Short term lease cost 11 30 Variable lease cost 11 48 Total lease cost 89 278 Weighted Average Remaining Lease Term Operating leases 2.98 years Weighted Average Discount Rate Operating leases 7.32 % The following is a schedule, by years, of maturities of lease liabilities as of September 30, 2019: Operating Leases The remainder of 2019 $ 78 2020 293 2021 262 2022 214 Total undiscounted cash flows 847 Less imputed interest (83) Present value of lease liabilities $ 764 Supplemental cash flow information related to leases are as follows: Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 230 Lease liabilities arising from obtaining right-of-use assets: Operating leases $ 981 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2019 | |
STOCKHOLDERS' EQUITY | |
STOCKHOLDERS' EQUITY | NOTE 8: - STOCKHOLDERS’ EQUITY a. In January, April and July 2019, 1,097,916 shares of Common Stock were issued to certain members of the Board of Directors, officers and employees of the Company as consideration for a reduction in or waiver of cash salary, bonuses or fees owed to such individuals, totaling $796. The shares were issued under the Company’s Amended and Restated 2012 Equity Incentive Plan (the "2012 Plan"). b. In April 2019, the Company's Compensation Committee of the Board of Directors approved the grant of an aggregate of 1,032,144 shares to directors, officers, employees and consultants of the Company, and the grant of 584,698 options to employees and consultants of the Company, respectively, at exercise prices of $0.72 and $0.77 per share. The stock options vest over a period of three years commencing on the respective grant dates. All of the aforementioned options have a six-year terms. All options were issued under the 2012 Plan. c. On May 24, 2019, the Company closed a public offering (the “2019 Public Offering") of (i) 4,855,341 shares of Common Stock, at a price of $0.60 per share and (ii) pre-funded warrants (the "Pre-Funded Warrants”) to purchase 7,175,525 shares of Common Stock, for aggregate consideration of $6,558, net of issuance expenses. The Pre-Funded Warrants was sold at a public offering price of $0.5999 per Pre-Funded Warrant, which represents the per share public offering price per Share, less a $0.0001 per share exercise price for each such Pre-Funded Warrant. The shares and Pre-Funded Warrants were offered, issued and sold pursuant to a shelf registration statement filed with the Securities and Exchange Commission. The Pre-Funded Warrants have been accounted for as equity instruments. The Pre-Funded Warrants were exercisable at any time after the date of issuance. A holder of Pre-Funded Warrants may not exercise the warrant if the holder, together with any group that the holder is a member, would beneficially own more than 4.99% (or, at the election of the purchaser, 9.99%) of the number of shares of common stock outstanding immediately after giving effect to such exercise. A holder of Pre-Funded Warrants may terminate, increase or decrease this percentage by providing at least 61 days' prior notice to the Company. A holder of Pre-Funded Warrants is also subject to a limitation on exercise of the Pre-Funded Warrant if such exercise would result in such holder, together with any group that the holder is a member, beneficially owning more 19.99% of the number of shares of common stock outstanding immediately before giving effect to such exercise, unless shareholder approval is obtained. d. In September 2019, the Company’s Compensation Committee of the Board of Directors approved the grant of an aggregate of 107,560 shares of Common Stock to service providers of which 82,560 were issued during the third quarter, and the grant of 78,750 options to consultants of the Company, at exercise price of $0.60 per share, and 9,234 options in lieu of $8 owed in cash to a consultant. The options were issued under the 2012 Plan. e. Stock option compensation: Transactions related to the grant of options to employees, directors and non-employees under the above plans during the nine-month period ended September 30, 2019, were as follows: Weighted Weighted average average remaining Aggregate Number of exercise contractual Intrinsic options price life value $ Years $ Options outstanding at beginning of year 1,787,801 5.59 368 Options granted 672,682 0.70 Options exercised (8,104) 0.00 Options expired (74,013) 4.06 Options forfeited (225,068) 1.05 Options outstanding at period end (unaudited) 2,153,298 4.61 145 Options vested and expected to vest at period end (unaudited) 1,952,347 4.67 144 Exercisable at period end (unaudited) 1,376,948 6.62 145 The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the Company’s closing stock price on the last day of the third quarter of 2019 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on September 30, 2019. This amount is impacted by the changes in the fair market value of the Common Stock. As of September 30, 2019, the total amount of unrecognized stock-based compensation expense was approximately $386 which will be recognized over a weighted average period of 1.12 years. The following table presents the assumptions used to estimate the fair values of the options granted to employees, directors and non-employees in the period presented: Three months ended September 30, 2019 2018 Volatility 85.07 % - 88.25 % 82.61 % - 103.95 % Risk-free interest rate 1.42 % 2.90 % - 2.92 % Dividend yield 0 % 0 % Expected life (years) 3.5 - 4.5 - The total compensation cost related to all of the Company’s equity-based awards recognized during the nine month period ended September 30, 2019, and 2018 was comprised as follows: Nine months ended September 30, 2019 2018 Unaudited Cost of revenues $ 82 $ 99 Research and development 198 347 Sales and marketing 231 497 General and administrative 1,417 2,341 Total stock-based compensation expenses $ 1,928 $ 3,284 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2019 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 9: - SUBSEQUENT EVENTS In October 2019, 12,500 shares of Common Stock were issued to a service provider. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
SIGNIFICANT ACCOUNTING POLICIES | |
Adoption of new accounting principles | b. Adoption of new accounting principles In May 2014, the Financial Accounting Standards Board (the "FASB") issued ASC 606. The standard replaced the revenue recognition guidance in U.S. generally accepted accounting principles under ASC 605, and was required to be applied retrospectively to each prior period presented, or applied using a modified retrospective method with the cumulative effect recognized in the beginning retained earnings during the period of initial application. Subsequently, the FASB issued several additional ASUs related to ASU No. 2014-09, collectively referred to as the "new revenue standards", which became effective for the Company beginning January 1, 2019. The Company adopted the standard using the modified retrospective method. The adoption of ASC 606 did not have a significant impact on the Company's Condensed Consolidated Financial Statements. See Note 5 for further information. The Company recognizes revenue when (or as) it satisfies performance obligations by transferring promised products or services to its customers in an amount that reflects the consideration the Company expects to receive. The Company applies the following five steps: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract, and (5) recognize revenue when a performance obligation is satisfied. The Company considers customer and distributers purchase orders to be the contracts with a customer. For each contract, the Company considers the promise to transfer tangible products and services, each of which are distinct, to be the identified performance obligations. In determining the transaction price, the Company evaluates whether the price is subject to rebates and adjustments to determine the net consideration to which the Company expects to receive. As the Company’s standard payment terms are less than one year, the contracts have no significant financing component. The Company allocates the transaction price to each distinct performance obligation based on their relative standalone selling price. Revenue from tangible products is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs at shipment. The revenues from fixed-price services are recognized ratably over the contract period and the costs associated with these contracts are recognized as incurred. The Company’s standard arrangements with its customers typically do not allow for rights of return. In February 2016, the FASB issued ASU No. 2016‑02, "Leases" (ASC 842). The standard requires lessees to recognize almost all leases on the balance sheet as a right-of-use (“ROU”) asset and a lease liability and requires leases to be classified as either an operating or a finance type lease. The standard excludes leases of intangible assets or inventory. The standard becomes effective for the Company beginning January 1, 2019. The Company adopted ASC 842 using the modified retrospective approach, by applying the new standard to all leases existing at the date of initial application. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior period amounts have not been adjusted and continue to be reported in accordance with our historical accounting under ASC 840. The Company elected the package of practical expedients permitted under the standard, which also allowed the Company to carry forward historical lease classifications. The Company also elected the practical expedient related to treating lease and non-lease components as a single lease component for all equipment leases as well as electing a policy exclusion permitting leases with an original lease term of less than one year to be excluded from the ROU assets and lease liabilities. As a result of the adoption of ASC 842 on January 1, 2019, the Company recorded both operating lease ROU assets and operating lease liabilities of $847. The adoption did not impact the Company’s beginning retained earnings, or prior year condensed consolidated statements of comprehensive loss and statements of cash flows. See Note 7 for further information on leases. Under ASU No. 2016-02, "Leases" (ASC 842), the Company determines if an arrangement is a lease at inception. ROU assets and liabilities are recognized at the commencement date based on the present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement, however, certain lease agreements contain variable payments, which are expensed as incurred and not included in the operating lease assets and liabilities. These amounts include payments affected by the Consumer Price Index. As most of the Company's leases do not provide an implicit rate, the Company, with the assistance of a third party valuation firm, determined the incremental borrowing rate in determining the present value of lease payments. The ROU assets also include any lease payments made prior to commencement and are recorded net of any lease incentives received. The Company lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. Operating leases are included in operating lease ROU assets, current and non-current operating lease liabilities, on the Company's condensed consolidated balance sheets. In June 2018, the FASB issued ASU 2018‑07, “Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” This ASU supersedes ASC 505‑50, “Equity—Equity Based Payments to Non-Employees,” and expands the scope of ASC 718, “Compensation – Stock Compensation,” to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. The standard becomes effective for the Company beginning January 1, 2019. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements. c. Recently issued accounting pronouncements, not yet adopted: In August 2018, the FASB issued ASU No. 2018‑13, "Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement", which is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. ASU No. 2018‑13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years; the ASU allows for early adoption in any interim period after issuance of the update. The adoption of this ASU is not expected to have a significant impact on the Company’s consolidated financial statements. In June 2016, the FASB issued ASU No. 2016‑13, “Financial Instruments – Credit Losses” (Topic 326), to require the measurement of expected credit losses for financial instruments held at the reporting date based on historical experience, current conditions and reasonable forecasts. The main objective of this ASU is to provide financial statement users with more decision-useful information about the expected credit losses on financial instruments and other commitments to extend credit held by a reporting entity at each reporting date. ASU No. 2016‑13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years; the ASU allows for early adoption as of the beginning of an interim or annual reporting period beginning after December 15, 2018. The Company is currently assessing the impact this ASU will have on its consolidated financial statements. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
INVENTORIES | |
Schedule of inventories | September 30, December 31, 2019 2018 Unaudited Raw materials $ 573 $ 424 Finished products 900 953 $ 1,473 $ 1,377 |
REVENUE (Tables)
REVENUE (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
REVENUE | |
Schedule of aggregate revenue | The following tables represent our total revenues for the three and nine months ended September 30, 2019 and 2018 by product type (prior period amounts have not been adjusted under the modified retrospective method): Three months ended Nine months ended September 30 September 30 2019 2018 2019 2018 Unaudited Unaudited Products $ 1,244 $ 1,826 $ 4,315 $ 5,641 Services 624 53 1,446 53 1,868 1,879 5,761 5,694 |
Schedule of significant changes in deferred revenue | The following table presents the significant changes in the deferred revenue balance during the nine months ended September 30, 2019: Balance, beginning of the period $ 736 New performance obligations 2,662 Reclassification to revenue as a result of satisfying performance obligations (2,087) Balance, end of the period $ 1,311 |
LEASES (Tables)
LEASES (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
LEASES | |
Schedule of lease costs lease term and discount rate | The components of lease costs, lease term and discount rate are as follows: Three Months Ended Nine Months Ended September 30, 2019 Lease cost Operating lease cost $ 67 $ 200 Short term lease cost 11 30 Variable lease cost 11 48 Total lease cost 89 278 Weighted Average Remaining Lease Term Operating leases 2.98 years Weighted Average Discount Rate Operating leases 7.32 % |
Schedule of maturities of lease liabilities | The following is a schedule, by years, of maturities of lease liabilities as of September 30, 2019: Operating Leases The remainder of 2019 $ 78 2020 293 2021 262 2022 214 Total undiscounted cash flows 847 Less imputed interest (83) Present value of lease liabilities $ 764 |
Schedule of supplemental cash flow information | Supplemental cash flow information related to leases are as follows: Nine Months Ended September 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 230 Lease liabilities arising from obtaining right-of-use assets: Operating leases $ 981 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
STOCKHOLDERS' EQUITY | |
Schedule of Stock option activity | Transactions related to the grant of options to employees, directors and non-employees under the above plans during the nine-month period ended September 30, 2019, were as follows: Weighted Weighted average average remaining Aggregate Number of exercise contractual Intrinsic options price life value $ Years $ Options outstanding at beginning of year 1,787,801 5.59 368 Options granted 672,682 0.70 Options exercised (8,104) 0.00 Options expired (74,013) 4.06 Options forfeited (225,068) 1.05 Options outstanding at period end (unaudited) 2,153,298 4.61 145 Options vested and expected to vest at period end (unaudited) 1,952,347 4.67 144 Exercisable at period end (unaudited) 1,376,948 6.62 145 |
Summary of assumptions used to estimate the fair values of the options granted to employees, directors and non-employees | The following table presents the assumptions used to estimate the fair values of the options granted to employees, directors and non-employees in the period presented: Three months ended September 30, 2019 2018 Volatility 85.07 % - 88.25 % 82.61 % - 103.95 % Risk-free interest rate 1.42 % 2.90 % - 2.92 % Dividend yield 0 % 0 % Expected life (years) 3.5 - 4.5 - |
Schedule of Compensation cost | The total compensation cost related to all of the Company’s equity-based awards recognized during the nine month period ended September 30, 2019, and 2018 was comprised as follows: Nine months ended September 30, 2019 2018 Unaudited Cost of revenues $ 82 $ 99 Research and development 198 347 Sales and marketing 231 497 General and administrative 1,417 2,341 Total stock-based compensation expenses $ 1,928 $ 3,284 |
GENERAL (Details)
GENERAL (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
GENERAL | ||||
Operating Income (Loss) | $ 2,799 | $ 4,054 | $ 13,524 | $ 12,762 |
Net Cash Provided by (Used in) Operating Activities | $ 12,873 | $ 8,031 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease ROU assets | $ 719 | $ 0 | |
operating lease liabilities | $ 764 | ||
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease ROU assets | $ 847 | ||
operating lease liabilities | $ 847 |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
INVENTORIES | ||
Raw materials | $ 573 | $ 424 |
Finished products | 900 | 953 |
Inventory, Net | $ 1,473 | $ 1,377 |
INVENTORIES - Additional inform
INVENTORIES - Additional information (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
INVENTORIES | ||
Inventory Write-down | $ 34 | $ 190 |
REVENUE - Total revenues (Detai
REVENUE - Total revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues | $ 1,868 | $ 1,879 | $ 5,761 | $ 5,694 |
Product [Member] | ||||
Revenues | 1,244 | 1,826 | 4,315 | 5,641 |
Service [Member] | ||||
Revenues | $ 624 | $ 53 | $ 1,446 | $ 53 |
REVENUE - Deferred revenue (Det
REVENUE - Deferred revenue (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
REVENUE | |
Balance, beginning of the period | $ 736 |
New performance obligations | 2,662 |
Reclassification to revenue as a result of satisfying performance obligations | (2,087) |
Balance, end of the period | $ 1,311 |
LEASES - Lease costs, lease ter
LEASES - Lease costs, lease term and discount rate (Details) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019USD ($) | Sep. 30, 2019USD ($) | |
LEASES | ||
Operating lease cost | $ 67 | $ 200 |
Short term lease cost | 11 | 30 |
Variable lease cost | 11 | 48 |
Total lease cost | $ 89 | $ 278 |
Weighted Average Remaining Lease Term | ||
Operating leases | 2 years 11 months 23 days | 2 years 11 months 23 days |
Weighted Average Discount Rate | ||
Operating leases | 7.32% | 7.32% |
LEASES - Maturities of lease li
LEASES - Maturities of lease liabilities (Details) $ in Thousands | Sep. 30, 2019USD ($) |
LEASES | |
The remainder of 2019 | $ 78 |
2020 | 293 |
2021 | 262 |
2022 | 214 |
Total undiscounted cash flows | 847 |
Less imputed interest | (83) |
Present value of lease liabilities | $ 764 |
LEASES - Supplemental cash flow
LEASES - Supplemental cash flow information (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 230 |
Lease liabilities arising from obtaining right-of-use assets: | |
Operating leases | $ 981 |
STOCKHOLDERS' EQUITY - Stock op
STOCKHOLDERS' EQUITY - Stock option activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | |
STOCKHOLDERS' EQUITY | ||
Options outstanding at beginning of year, Number of options | shares | 1,787,801 | |
Options granted, Number of options | shares | 672,682 | |
Options exercised, Number of options | shares | (8,104) | |
Options forfeited, Number of options | shares | (225,068) | |
Options expired, Number of options | shares | (74,013) | |
Options outstanding at end of year, Number of options | shares | 2,153,298 | 1,787,801 |
Options vested and expected to vest at end of year, Number of options | shares | 1,952,347 | |
Exercisable at end of year, Number of options | shares | 1,376,948 | |
Options outstanding at beginning of year, Weighted average exercise price | $ / shares | $ 5.59 | |
Options granted, Weighted average exercise price | $ / shares | 0.70 | |
Options exercised, Weighted average exercise price | $ / shares | 0 | |
Options forfeited, Weighted average exercise price | $ / shares | 1.05 | |
Options expired, Weighted average exercise price | $ / shares | 4.06 | |
Options outstanding at end of year, Weighted average exercise price | $ / shares | 4.61 | $ 5.59 |
Options vested and expected to vest at end of year, Weighted average exercise price | $ / shares | 4.67 | |
Exercisable at end of year, Weighted average exercise price | $ / shares | $ 6.62 | |
Options outstanding at, Weighted Average remaining contractual life | 4 years 15 days | 4 years 3 months 26 days |
Options vested and expected to vest at end of year, Weighted Average remaining contractual life | 4 years 11 days | |
Exercisable at end of year, Weighted Average remaining contractual life | 3 years 4 months 13 days | |
Options outstanding at beginning of year, Aggregate Intrinsic value | $ | $ 368 | |
Options outstanding at end of year, Aggregate Intrinsic value | $ | 145 | $ 368 |
Options vested and expected to vest at end of year, Aggregate Intrinsic value | $ | 144 | |
Exercisable at end of year, Aggregate Intrinsic value | $ | $ 145 |
STOCKHOLDERS' EQUITY - Assumpti
STOCKHOLDERS' EQUITY - Assumptions Used (Details) | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility, Minimum | 85.07% | 82.61% |
Volatility, Maximum | 88.25% | 103.95% |
Risk-free interest rate, Minimum | 2.90% | |
Risk-free interest rate, Maximum | 1.42% | 2.92% |
Dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 3 years 6 months | 3 years 2 months 16 days |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 4 years 6 months | 5 years 10 months 21 days |
STOCKHOLDERS' EQUITY - Compensa
STOCKHOLDERS' EQUITY - Compensation cost (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expenses | $ 1,928 | $ 3,284 |
Cost of revenues [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expenses | 82 | 99 |
Research and development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expenses | 198 | 347 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expenses | 231 | 497 |
General and administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expenses | $ 1,417 | $ 2,341 |
STOCKHOLDERS' EQUITY - Addition
STOCKHOLDERS' EQUITY - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | May 24, 2019 | Sep. 30, 2019 | Apr. 30, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jul. 31, 2019 | Sep. 30, 2019 |
Class of Stock [Line Items] | |||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 386 | $ 386 | $ 386 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 1 month 13 days | ||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 445 | $ 141 | $ 210 | $ 212 | $ 436 | $ 161 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 672,682 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.70 | ||||||||||
Pre-funded warrants [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Sale of Stock, Price Per Share | $ 0.5999 | $ 0.5999 | 0.5999 | ||||||||
Shares Issued, Price Per Share | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||||
Holder Percentage of Owning, Number of Shares of Common Stock Outstanding | 4.99% | ||||||||||
Purchaser Percentage of Owning, Number of Shares of Common Stock Outstanding | 9.99% | ||||||||||
Limitation on Exercise of Warrant, Percentage of Holder Owning, Common Shares Outstanding | 19.99% | ||||||||||
Public Offering [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues | 4,855,341 | ||||||||||
Shares Issued, Price Per Share | $ 0.60 | ||||||||||
Public Offering [Member] | Pre-funded warrants [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues | 7,175,525 | ||||||||||
Proceeds from Issuance Initial Public Offering | $ 6,558 | ||||||||||
Employees Directors And Consultants [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 1,032,144 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.72 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 6 years | ||||||||||
Employees [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 584,698 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.77 | ||||||||||
Employee Consultant [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 9,234 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 78,750 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 0.60 | ||||||||||
Service Fees Payable | $ 8 | $ 8 | $ 8 | ||||||||
Service Provider [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 107,560 | 82,560 | |||||||||
U.S. Members of the Board of Director [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 1,097,916 | ||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 796 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Service Provider [Member] - shares | 1 Months Ended | 3 Months Ended | |
Oct. 31, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | |
Stock Issued During Period, Shares, Share-based Compensation, Gross | 107,560 | 82,560 | |
Subsequent Event [Member] | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 12,500 |