Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 15, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | SEEDO CORP. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 41,783,819 | |
Amendment Flag | false | |
Entity Central Index Key | 0001661600 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 333-208814 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-2847446 | |
Entity Address, Address Line One | #3 Bethesda Metro Center | |
Entity Address, Address Line Two | #700 | |
Entity Address, City or Town | Bethesda | |
Entity Address, State or Province | MD | |
Entity Address, Postal Zip Code | 20814 | |
City Area Code | 800 | |
Local Phone Number | 608-6432 | |
Entity Interactive Data Current | No |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 916 | $ 411 |
Restricted cash | 19 | |
Prepaid expenses and other receivables | 171 | 7 |
Total current assets | 1,106 | 418 |
Property and equipment, net | 11 | |
Total assets | 1,117 | 418 |
CURRENT LIABILITIES | ||
Accounts payables | 33 | 51 |
Convertible loans (Note 3) | 1,886 | 1,128 |
Fair value of convertible component in convertible loans (Note 3) | 896 | 610 |
Other accounts liabilities | 5 | 100 |
Total current liabilities | 2,820 | 1,889 |
LONG-TERM LIABILITIES | ||
Fair value of convertible component in convertible loans (Note 3) | 502 | |
Convertible loan (Note 3) | 73 | |
Total long term liabilities | 575 | |
SHAREHOLDER’S DEFICIT (Note 5) | ||
Ordinary shares of $0.0001 par value Authorized: 500,000,000 shares at September 30, 2021 and December 31, 2020; Issued and Outstanding: 41,017,152 and 31,665,566 shares at September 30, 2021 and December 31, 2020, respectively | 4 | 3 |
Additional Paid in capital | 18,401 | 15,409 |
Accumulated deficit | (20,247) | (17,458) |
Total shareholders’ deficiency | (1,842) | (2,046) |
Non-controlling interests | 139 | |
Total shareholders’ deficit | (1,703) | (2,046) |
Total liabilities and shareholders’ deficit | $ 1,117 | $ 418 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Ordinary shares, shares authorized | 500,000,000 | 500,000,000 |
Ordinary shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Ordinary shares, shares issued | 41,017,152 | 31,665,566 |
Ordinary shares, shares outstanding | 41,017,152 | 31,665,566 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Research and development | $ (125) | $ (2) | $ (443) | $ (2) |
Selling and marketing | (50) | (131) | ||
General and administrative | (315) | (123) | (1,020) | (123) |
Operating loss | (490) | (125) | (1,594) | (125) |
Gain on liquidation of subsidiary | 9,593 | |||
Financial expenses, net | (98) | (290) | (1,340) | (898) |
Net income (loss) | (588) | (415) | (2,934) | 8,570 |
Non-controlling interests | (58) | (145) | ||
Net Income (loss) attributable to equity holders of the Company | $ (530) | $ (419) | $ (2,789) | $ 8,570 |
Basic and diluted net income (loss) per share (in Dollars per share) | $ (0.01) | $ (0.02) | $ (0.08) | $ 0.29 |
Weighted average number of Ordinary shares used in computing basic and diluted loss per share (in Shares) | 38,015,346 | 26,632,090 | 34,154,570 | 29,502,030 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Shareholders’ Deficit - USD ($) $ in Thousands | Ordinary shares | Additional Paid-in- capital | Accumulated Deficit | Total Shareholders' Deficiency | Non-controlling interests | Total |
Balance at Dec. 31, 2019 | $ 2 | $ 14,443 | $ (25,100) | $ (10,655) | $ (10,655) | |
Balance (in Shares) at Dec. 31, 2019 | 20,535,354 | |||||
Conversion of convertible loans | $ 1 | 146 | 146 | 146 | ||
Conversion of convertible loans (in Shares) | 3,009,460 | |||||
Net income (loss) | 8,566 | 8,566 | 8,566 | |||
Balance at Mar. 31, 2020 | $ 3 | 14,589 | (16,534) | (1,943) | (1,943) | |
Balance (in Shares) at Mar. 31, 2020 | 23,544,814 | |||||
Conversion of convertible loans | 77 | 77 | 77 | |||
Conversion of convertible loans (in Shares) | 5,957,216 | |||||
Net income (loss) | 419 | 419 | 419 | |||
Balance at Jun. 30, 2020 | $ 3 | 14,666 | (16,115) | (1,446) | (1,446) | |
Balance (in Shares) at Jun. 30, 2020 | 29,502,030 | |||||
Issuance of warrants | 53 | 53 | 53 | |||
Net income (loss) | (415) | (415) | (415) | |||
Balance at Sep. 30, 2020 | $ 3 | 14,719 | (16,530) | (1,808) | (1,808) | |
Balance (in Shares) at Sep. 30, 2020 | 29,502,030 | |||||
Balance at Dec. 31, 2020 | $ 3 | 15,409 | (17,458) | (2,046) | (2,046) | |
Balance (in Shares) at Dec. 31, 2020 | 31,665,566 | |||||
Transactions with non-controlling interests | 1,122 | 1,122 | 284 | 1,406 | ||
Share Based Compensation to employees and non-employees | 27 | 27 | 27 | |||
Beneficial conversion feature related to convertible loans | 530 | 530 | 530 | |||
Exercise of warrants | 39 | 39 | 39 | |||
Issuance of shares in respect of RSU’s | 334 | 334 | 334 | |||
Issuance of shares in respect of RSU’s (in Shares) | 630,250 | |||||
Net income (loss) | (2,197) | (2,197) | (34) | (2,231) | ||
Balance at Mar. 31, 2021 | $ 3 | 17,461 | 19,655 | (2,191) | 250 | (1,941) |
Balance (in Shares) at Mar. 31, 2021 | 32,295,816 | |||||
Conversion of convertible loans | $ 1 | 260 | 261 | 261 | ||
Conversion of convertible loans (in Shares) | 2,600,000 | |||||
Share Based Compensation to employees and non-employees | 16 | 16 | 16 | |||
Issuance of shares in respect of RSU’s | ||||||
Issuance of shares in respect of RSU’s (in Shares) | 100,000 | |||||
Net income (loss) | (62) | (62) | (53) | (115) | ||
Balance at Jun. 30, 2021 | $ 4 | 17,737 | (19,717) | (1,976) | 197 | (1,779) |
Balance (in Shares) at Jun. 30, 2021 | 34,995,816 | |||||
Share Based Compensation to employees and non-employees | 119 | 119 | 119 | |||
Share Based Compensation to employees and non-employees (in Shares) | 471,336 | |||||
Conversion of convertible loans | 545 | 545 | 545 | |||
Conversion of convertible loans (in Shares) | 5,550,000 | |||||
Net income (loss) | (530) | (530) | (58) | (588) | ||
Balance at Sep. 30, 2021 | $ 4 | $ 18,401 | $ (20,247) | $ (1,842) | $ 139 | $ (1,703) |
Balance (in Shares) at Sep. 30, 2021 | 41,017,152 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (2,934) | $ 8,570 |
Adjustments to reconcile loss to net cash used in operating activities: | ||
Depreciation | 1 | |
Share based compensation expenses to employees and non-employees | 496 | |
Financial expenses related to convertible loans and warrants | 166 | 596 |
Change in fair value of convertible component in convertible loans | 1,222 | 301 |
Gain on liquidation of subsidiary | (9,593) | |
Changes in assets and liabilities: | ||
Increase in other accounts receivables | (164) | (1) |
Increase (decrease) in accounts payables | (18) | 5 |
Increase (decrease) in other accounts payables | (95) | 59 |
Net cash used in operating activities | (1,326) | (63) |
Cash flows from investing activities | ||
Increase in restricted cash | (19) | |
Purchase of property and equipment | (12) | |
Net cash used in investing activities | (31) | |
Cash flows from financing activities: | ||
Proceeds from convertible loans | 530 | 300 |
Proceeds from issuance of shares to minority interests in subsidiary | 1,406 | |
Repayment of convertible loans | (74) | |
Net cash provided by financing activities | 1,862 | 300 |
Increase in cash and cash equivalents | 505 | 237 |
Cash and cash equivalents and restricted cash at the beginning of the year | 411 | 2 |
Cash and cash equivalents at the end of the period | 916 | 239 |
Supplemental disclosures of non- cash flow information: | ||
Conversion of convertible loans | $ 8,050 | $ 223 |
General
General | 9 Months Ended |
Sep. 30, 2021 | |
General [Abstract] | |
GENERAL | NOTE 1:- GENERAL a. Seedo Corp. (the “Company”), was incorporated on January 16, 2015, as GRCR Partners Inc., under the laws of Delaware. Prior to September 14, 2018, the Company was solely a provider of risk management and asset protection (“RAP”) services for businesses, individuals and families. On September 14, 2018, the Company acquired Eroll Grow Tech Ltd. (“Eroll”), an Israeli company incorporated on May 18, 2015 (the “Acquisition”). On September 17, 2018, the Company’s name was changed to Seedo Corp. Since the Acquisition of Eroll and through to December 31, 2019, Eroll produced a plant growing device managed and controlled by an artificial intelligent algorithm, allowing consumers to grow their own herbs and vegetables effortlessly from seed to plant, while providing optimal conditions to assure premium quality produce year-round. During the third quarter of 2019, Eroll was experiencing financial and operational difficulties and during 2020, entered liquidation proceedings through the Nazareth District Court of the State of Israel (the “Court”). On March 25, 2020, the Court approved the purchase of all of Eroll’s assets by a non-related third-party and therefore, the Company no longer has any legal ties nor privity with Eroll. On July 19, 2020, the Company formed a new wholly-owned subsidiary in Israel, Hachevra Legiduley Pkaot Beisrael Ltd. (the “New Subsidiary”), to develop a fully automated and remotely managed system for growing saffron and other vegetables. On November 5, 2020, the New Subsidiary changed its name to Saffron-Tech Ltd. (“Saffron Tech”). The Company, through Saffron Tech, is focusing on its in-house research and development of agriculture technology products, among others, in the fields of exotic plants and mushrooms. Saffron Tech plans to roll out its proof of concept in the coming months. This technology is designed to provide turnkey automated growing containers for high-quality, high-yield saffron all year round. The Company is in advanced stages of developing and testing a fully automated and remotely managed system for growing high-quality, high-yield saffron anywhere and anytime. On August 10, 2021, the Company announced that its subsidiary, Saffron Tech, has been awarded a $446 thousand grant from the Israeli Innovation Authority. The new grant will allow Saffron Tech to accelerate its R&D program building on its groundbreaking development of the protocols for growing saffron using vertical farming technology. The funds will be allocated to enable the company expand its facilities, allowing it to grow more saffron for commercial use. b. The Company has an accumulated deficit in the total amount of $20,247 as of September 30, 2021, the Company has negative operating cash flow in the total amount of $1,326 for the nine months ended September 30, 2021, further losses are anticipated in the development of its business. Those factors raise substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. The Company intends to finance operating costs over the next twelve months with existing cash on hand, reducing operating spend, and future issuances of equity and debt securities, or through a combination of the foregoing. However, the Company will need to seek additional sources of financing if the Company requires more funds than anticipated during the next 12 months or in later periods. The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and liabilities and commitments in the normal course of business. The consolidated financial statements for the nine months ended September 30, 2021, do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from uncertainty related to the Company’s ability to continue as a going concern. c. The COVID-19 pandemic, which originated in China in late 2019, has since spread across the globe and affected the economic condition of most, if not all, countries, including the United States, Israel and many countries in Europe. On March 11, 2020, the World Health Organization declared the outbreak a pandemic. While COVID-19 is still spreading and the final implications of the pandemic are difficult to estimate at this stage, it is clear that it has affected the lives of a large portion of the global population. As of March 31, 2021, the pandemic has caused repeated states of emergency to be declared in various countries, ongoing and extended travel restrictions have been imposed for several months, strict quarantines rules have been established and maintained for an extended period of time in a plethora of jurisdictions and various institutions and companies have been closed and rendered bankrupt. The Company is actively monitoring the pandemic and is taking any necessary measures to respond to the situation in cooperation with the various stakeholders. Due to the uncertainty surrounding the COVID-19 pandemic, the Company will continue to assess the situation, including government-imposed restrictions, market by market. It is not possible at this time to estimate the full impact that the COVID-19 pandemic could have on the Company’s business, the continued spread of COVID-19, and any additional measures taken by governments, health officials or by the Company in response to such spread, could have on the Company’s business, results of operations and financial condition. The COVID-19 pandemic and mitigation measures have also negatively impacted global economic conditions, which, in turn, could adversely affect the Company’s business, results of operations and financial condition. The extent to which the COVID-19 outbreak continues to impact the Company’s financial condition will depend on future developments that are highly uncertain and cannot be predicted, including new government actions or restrictions, new information that may emerge concerning the severity, longevity and impact of the COVID-19 pandemic on economic activity. |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | NOTE 2:- UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Basis of Presentation and Principles of Consolidation: The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary and were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) All intercompany accounts and transactions have been eliminated in consolidation. Unaudited Interim Financial Information The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2020 and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on March 17, 2021 (the “2020 Annual Report”). The results for any interim period are not necessarily indicative of results for any future period. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments that are necessary to present fairly the Company’s financial position and results of operations for the interim periods presented .The results for the nine months ended September 30, 2021 are not necessarily indicative of the results for the year ending December 31, 2021, or for any future period. As of September 30, 2021, there have been no material changes in the Company’s significant accounting policies from those that were disclosed in the 2020 Annual Report. Fair value of financial instruments ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the inputs as follows: Level 1 — Valuations based on quoted prices in active markets for identical assets that the Company has the ability to access. Level 2 — Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The carrying amounts of cash and cash equivalents, short term deposits, trade receivables, trade payables and short-term loan approximate their fair value due to the short-term maturity of such instruments. The Company elected to measure some of the convertible loans under the fair value option. Under the fair value option the convertible loans will be measured at fair value in each reporting period until they will be converted, with changes in the fair values being recognized in the Company’s consolidated statement of operations as financial income or expense. The proceeds received for the issuance of the convertible loans were allocated at fair value conducted on an arm’s-length basis. The Company’s financial assets and liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy are as follows: Balance as of September 30, 2021 Level 1 Level 2 Level 3 Total Liabilities: Fair Value of convertible component in convertible loan, net of discounts and debt issue costs $ - $ - $ 896 $ 896 Total liabilities $ - $ - $ 896 $ 896 Balance as of December 31, 2020 Level 1 Level 2 Level 3 Total Liabilities: Fair Value of convertible component in convertible loan, net of discounts and debt issue costs $ - $ - $ 1,112 $ 1,112 Total liabilities $ - $ - $ 1,112 $ 1,112 |
Convertible Loans
Convertible Loans | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE LOANS | NOTE 3:- CONVERTIBLE LOANS a. On February 21, 2019, the Company received a convertible loan from a third party (“February 2019 Lender”), with a two year term, in the principal amount of $550 which bears 10% annual interest rate out of which $50 was directly transferred as finder fee (“February 2019 Loan”). On February 20, 2021, the Company and the third party extended the February 2019 loan to November 10, 2021. The Company at its option shall have the right to redeem, in part or in whole, outstanding principal amount and interest under this loan agreement prior to the maturity date. The Company shall pay an amount equal to the principal amount being redeemed plus a redemption premium equal to 20% of the outstanding principal amount being redeemed plus outstanding and accrued interest. The February 2019 Lender is entitled to convert at its option any portion of the outstanding and unpaid principal or accrued interest into fully paid and nonassessable of shares of common stock, at the lower of the fixed conversion price then in effect or the market conversion price. The number of shares of common stock issuable upon conversion of any conversion amount shall be determined by dividing (x) such conversion amount by (y) the fixed conversion price of $2 or (z) 80% of the lowest the volume-weighted average price of the Company’s shares of common stock during the 10 trading days immediately preceding the conversion date. The Company accounted for the February 2019 Loan in accordance with ASC 470-20, Debt with conversion and other Options. In 2019, the intrinsic value of the BCF was calculated and the Company allocated $550 to the BCF as additional paid in capital. On May 12, 2021, the Company repaid a portion of the February 2019 loan and the accrued interest in the amount of $74. The February 2019 Loan is included in the convertible loans in current liabilities as of September 30, 2021 in the amount of $312, and $350 as of December 31, 2020. During the nine months ended September 30, 2021 and 2020, the Company recorded interest and financial expenses related to February 2019 Loan in the amount of $46 and $298, respectively. b. On October 15, 2019, the Company received a convertible loan from a third party (“October 2019 Lender”) in the principal amount of $1,100 that bears an annual 10% interest rate (“October 2019 Loan”). The October 2019 Loan has a two year term. Prior to the maturity date of the October 2019 Loan, the Company, at its option, has the right to redeem, in cash, in part or in whole, the amounts outstanding provided that as of the date of the redemption notice (i) the volume-weighted average price of the Company’s ordinary shares is less than $1.25 and (ii) there is no equity condition failures as defined therein. In the event that the Company wishes to redeem any amount under the October 2019 loan, the Company shall pay an amount equal to the principal amount being redeemed plus a redemption premium equal to 20% of the outstanding amount being redeemed in addition to outstanding and accrued interest. The October 2019 Lender is entitled to convert the principal loan and the outstanding interest (the “Conversion Amount”) into such number of ordinary shares determined by dividing (x) such Conversion Amount by (y) the fixed conversion price of $1.25 or (z) 80% of the lowest the volume-weighted average price of the Company’s ordinary shares during the 10 trading days immediately preceding the conversion date. As of September 30, 2021 and December 31, 2020, the BCF was revalued at $500 and $610, respectively. The Company estimated the fair value of BCF using the Monte Carlo option pricing model using the following weighted average assumptions: December 31, September 30, Share price $ 0.15 $ 0.16 Dividend yield 0 % 0 % Risk-free interest rate 0.10 % 0.07 % Expected term (in years) 0.79 0.04 Volatility 133.48 % 88.67 % The October 2019 Loan is included in the convertible loans in current liabilities as of September 30, 2021 in the amount of $1,290, and $754 as of December 31, 2020. During the nine months ended September 30, 2021 and 2020, the Company recorded interest and financial expenses related to the October 2019 Loan in the amount of $385 and $522, respectively. d. On August 7, 2020 and August 11, 2020, the Company received two convertible loans from two third parties (“August 2020 Lenders”) in the aggregate amount of $300 (the “August 2020 Loan”). The August 2020 Loans have a maturity date of August 7, 2022 and August 11, 2020 (“Maturity Dates”) and accrue annual interest at a rate of 10%. The August 2020 Loans are convertible by the August 2020 Lenders into Shares, at their discretion, at the lower of a fixed price of $0.102 (the “Fixed Conversion Price”) or 80% of the lowest volume weighted average price (“VWAP”) of the Company’s common stock during the 10 trading days immediately preceding the conversion date (the “Market Conversion Price”). The Company accounted for the August 2020 Loan in accordance with ASC 470-20, Debt with conversion and other Options. As of September 30, 2021 and December 31, 2020, the BCF was revalued at $397 and $502, respectively. The Company estimated the fair value of BCF using the Monte Carlo option pricing model using the following weighted average assumptions: December 31, September 30, Share price $ 0.15 $ 0.16 Dividend yield 0 0 Risk-free interest rate 0.12 % 0.07 % Expected term (in years) 1.58 0.86 Volatility 142.65 % 121.64 % The August 2020 Loan is included in convertible loans in long term liabilities as of September 30, 2021 in the amount of $208, and $73 as of December 31, 2020. During the nine months ended September 30, 2021 and 2020, the Company recorded interest and financial expenses related to August 2020 Loan in the amount of $30 and $55, respectively. e. During November 2020 through to December 31, 2020, the Company received $425 from third party investors from the issuance of convertible promissory notes (“2020 Promissory Notes”). The Promissory Notes bear no interest, are convertible into Shares based on a fixed conversion price of $0.10 per share and mature between 6 and 24 months from the issuance date. Pursuant to Promissory Notes, one of the investors received warrants to purchase 330,000 Shares at an exercise price of $0.15 through to December 17, 2020. (“2020 Promissory Warrants”) From January 2021 through to February 16, 2021, the Company received an additional $530 from third party investors from the issuance of Promissory Notes (“2021 Promissory Notes). One of the investors received 330,000 warrants (“2021 Promissory Warrants”). The 2021 Promissory Warrants have the same terms as the 2020 Promissory Notes and expire on January 3, 2022. The Company estimated the fair value of warrants using the Black-Scholes-Merton option pricing model using the following weighted average assumptions: December 31, January to Promissory Promissory Share price $ 0.19 0.15-0.55 Dividend yield 0 % 0 % Risk-free interest rate 0.1 % 0.1 % Expected term (in years) 2 1-2 Volatility 176 % 176 % The fair value of the 2020 Promissory Warrants was $41 and is included in additional paid in capital for the year ended December 31, 2020. The fair value of the 2021 Promissory Warrants was $39 and is included in additional paid in capital for the nine months ended September 30, 2021. The Company accounted for the 2020 and 2021 Promissory Notes in accordance with ASC 470-20, Debt with conversion and other Options. The intrinsic value of the BCF for the 2020 Promissory Notes was calculated and the Company allocated $425 to the BCF as additional paid in capital in 2020. The intrinsic value of the BCF for the 2021 Promissory Notes was calculated and the Company allocated $530 to the BCF as additional paid in capital in 2021. From June 2021 through to August 2021, Promissory Notes in the amount of $805 were converted into 8,050,000 shares of the Company. The 2020 and 2021 Promissory Notes are included in convertible loans in current liabilities as of September 30, 2021 in the amount of $76, and $24 as of December 31, 2020. During the nine months period ended September 30, 2021 and 2020, the Company recorded interest and financial expenses related to 2021 and 2021 Promissory Notes in the amount of $569 and nil |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2021 | |
Related Parties [Abstract] | |
RELATED PARTIES | NOTE 4:- RELATED PARTIES a. During the nine-month period ended September 30, 2021, the Company granted two directors 600,000 fully vested Restricted Share Units (“RSU’s”). The fair value of the RSU’s at the date of the grant was $334. b. During the nine months ended September 30, 2021 and 2020, the Company paid compensation expenses to related parties (CEO, CFO and directors) in the amount of $248 and 11, respectively. c. Amounts owing to related parties (CEO, CFO and directors) as of September 30, 2021 and December 31, 2020 were $4 and $14, respectively. d. From July 2021 through to August, 2021, the Company granted three directors 171,336 shares. The fair value of the shares at the date of the grant was $106. |
Shareholders_ Deficiency
Shareholders’ Deficiency | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS’ DEFICIENCY | NOTE 5:- SHAREHOLDERS’ DEFICIENCY a. Issuance of shares: 1. On March 9, 2021, the Company issued 130,250 shares in respect of RSU’s granted during 2020. 2. On March 23, 2021, the Company issued a total of 500,000 shares to two directors in respect of 500,000 RSU’s that were granted to them (see note 4a). The RSU’s vested immediately and had an exercise price of nil 3. On April 1, 2021, the Company issued a total of 100,000 shares to two directors in respect of 100,000 RSU’s that were granted to them (see note 4a). The RSU’s vested immediately and had an exercise price of nil 4. From June 2021 through to August 2021, the Company issued 8,050,000 shares in respect of converted Promissory Notes in the amount of $805 (note 3(e)). 5. From July 2021 through to August, 2021, the Company granted three directors 471,336 shares see note 4d). The fair value of the shares at the date of the grant was $106. b. Warrants A summary of warrant activity during the nine months period ended September 30, 2021 and year ended December 31, 2020 is as follows: Number Average Warrants outstanding at January 1, 2020 1,150,833 $ 1.69 Granted 1,080,000 0.18 Exercised - - Expired (100,000 ) 2 Warrants outstanding at December 31, 2020 2,130,833 $ 0.81 Granted 330,000 0.15 Exercised - - Expired (473,333 ) 1.94 Warrants outstanding at September 30, 2021 1,987,500 0.54 The following warrants are outstanding and exercisable as of September 30, 2021: Issuance date Warrants Exercise Warrants Expiry date February 21, 2019 137,500 $ 2.00 137,500 February 21, 2022 October 15, 2019 440,000 $ 1.25 440,000 October 15, 2024 August 7, 2020 500,000 $ 0.20 500,000 August 7, 2025 August 11, 2020 250,000 $ 0.20 250,000 August 11, 2025 December 17, 2020 330,000 $ 0.15 330,000 December 17, 2021 January 3, 2021 330,000 $ 0.15 330,000 January 3, 2022 1,987,500 1,987,500 c. Share option plans: On April 1, 2019, the Company’s board of directors adopted the Seedo Corp. 2018 Share Options Plan (the “2018 Plan”). Awards granted under the 2018 Plan are subject to vesting schedules and unless determined otherwise by the administrator of the 2018 Plan, generally vest following a period of four years from the applicable vesting commencement date, such that the awards vest in four annual equal installments and/or generally vest following a period of one year from the applicable vesting commencement date, such that the awards vest in four quarterly equal installments. Subject to the discretion of the 2018 Plan administrator, if an award has not been exercised within seven years after the date of the grant, the award expires. (i) A summary of employee share options activity during the nine-month period ended September 30, 2021 and for the year ended December 31, 2020 is as follows: Number Average Options outstanding at January 1, 2020 1,605,880 $ 1.00 Granted 1,660,000 $ 0.11 Exercised - - Forfeited (1,605,882 ) - Options outstanding at December 31, 2020 1,660,000 - Granted - - Exercised - - Forfeited - - Options outstanding at September 30, 2021 1,660,000 $ 0.11 Options exercisable at September 30, 2021 935,000 $ 0.11 d. Restricted Share Units: RSUs under the 2018 Plan may be granted upon such terms and conditions, no monetary payment (other than payments made for applicable taxes) shall be required as a condition of receiving the Company’s shares pursuant to a grant of RSUs, and unless determined otherwise by the Company, the aggregate nominal value of such RSUs shall not be paid and the Company shall capitalize applicable profits or take any other action to ensure that it meets any requirement of applicable laws regarding issuance of shares for consideration that is lower than the nominal value of such shares. If, however, the Company’s board of directors determines that the nominal value of the shares shall not be waived and shall be paid by the grantees, then it shall determine procedures for payment of such nominal value by the grantees or for collection of such amount from the grantees by the Company. Shares issued pursuant to any RSUs units may (but need not) be made subject to exercise conditions, as shall be established by the Company and set forth in the applicable notice of grant evidencing such award. During any restriction period in which shares acquired pursuant to an award of RSUs remain subject to exercise conditions, such shares may not be sold, exchanged, transferred, pledged, assigned or otherwise disposed of unless otherwise provided in the 2018 Plan. Upon request by the Company, each grantee shall execute any agreement evidencing such transfer restrictions prior to the receipt of shares hereunder and the Company may place appropriate legends evidencing any such transfer restrictions on the relevant share certificates. A summary of RSU activity during the nine months ended September 30, 2021 years ended December 31, 2020 is as follows: Number RSU outstanding at January 1, 2020 130,250 Granted 1,035,000 Exercised (675,000 ) Forfeited - RSU outstanding at December 31, 2020 490,250 Granted (Note 4a) 600,000 Exercised (Note 5a(1-3)) (730,250 ) Forfeited - RSU’s outstanding at September 30, 2021 360,000 |
Financial Expenses
Financial Expenses | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
FINANCIAL EXPENSES | NOTE 6:- FINANCIAL EXPENSES Three months ended Nine months ended September 30, September 30, September 30, September 30, Financial expenses related to interest and revaluation of convertible component in convertible loans $ 108 $ 289 $ 1,318 $ 897 Financial expenses related to warrants - - 39 - Foreign currency transactions and other (10 ) 1 (17 ) 1 98 290 1,340 898 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7:- SUBSEQUENT EVENTS 1. On October 5, 2021, the Company granted a director 75,000 shares. The fair value of the shares at the date of the grant was $12. 2. During October 2021, a consultant executed an exercise of 500,000 options and received 291,667 shares. 3. On October 28, 2021, Saffron Tech received $154 from the Israeli Innovation Authority, representing 35 percent of the grant approved to the Company by the Israeli Innovation Authority. |
Unaudited Interim Condensed C_2
Unaudited Interim Condensed Consolidated Financial Statements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of financial assets and liabilities measured value recurring basis | Balance as of September 30, 2021 Level 1 Level 2 Level 3 Total Liabilities: Fair Value of convertible component in convertible loan, net of discounts and debt issue costs $ - $ - $ 896 $ 896 Total liabilities $ - $ - $ 896 $ 896 Balance as of December 31, 2020 Level 1 Level 2 Level 3 Total Liabilities: Fair Value of convertible component in convertible loan, net of discounts and debt issue costs $ - $ - $ 1,112 $ 1,112 Total liabilities $ - $ - $ 1,112 $ 1,112 |
Convertible Loans (Tables)
Convertible Loans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Convertible Loans (Tables) [Line Items] | |
Schedule of black-scholes-merton option pricing model | December 31, September 30, Share price $ 0.15 $ 0.16 Dividend yield 0 % 0 % Risk-free interest rate 0.10 % 0.07 % Expected term (in years) 0.79 0.04 Volatility 133.48 % 88.67 % December 31, September 30, Share price $ 0.15 $ 0.16 Dividend yield 0 0 Risk-free interest rate 0.12 % 0.07 % Expected term (in years) 1.58 0.86 Volatility 142.65 % 121.64 % |
Warrant [Member] | |
Convertible Loans (Tables) [Line Items] | |
Schedule of black-scholes-merton option pricing model | December 31, January to Promissory Promissory Share price $ 0.19 0.15-0.55 Dividend yield 0 % 0 % Risk-free interest rate 0.1 % 0.1 % Expected term (in years) 2 1-2 Volatility 176 % 176 % |
Shareholders_ Deficiency (Table
Shareholders’ Deficiency (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of warrant activity | Number Average Warrants outstanding at January 1, 2020 1,150,833 $ 1.69 Granted 1,080,000 0.18 Exercised - - Expired (100,000 ) 2 Warrants outstanding at December 31, 2020 2,130,833 $ 0.81 Granted 330,000 0.15 Exercised - - Expired (473,333 ) 1.94 Warrants outstanding at September 30, 2021 1,987,500 0.54 |
Schedule of warrants and are outstanding | Issuance date Warrants Exercise Warrants Expiry date February 21, 2019 137,500 $ 2.00 137,500 February 21, 2022 October 15, 2019 440,000 $ 1.25 440,000 October 15, 2024 August 7, 2020 500,000 $ 0.20 500,000 August 7, 2025 August 11, 2020 250,000 $ 0.20 250,000 August 11, 2025 December 17, 2020 330,000 $ 0.15 330,000 December 17, 2021 January 3, 2021 330,000 $ 0.15 330,000 January 3, 2022 1,987,500 1,987,500 |
Schedule of employee share options activity | Number Average Options outstanding at January 1, 2020 1,605,880 $ 1.00 Granted 1,660,000 $ 0.11 Exercised - - Forfeited (1,605,882 ) - Options outstanding at December 31, 2020 1,660,000 - Granted - - Exercised - - Forfeited - - Options outstanding at September 30, 2021 1,660,000 $ 0.11 Options exercisable at September 30, 2021 935,000 $ 0.11 |
Schedule of RSU activity | Number RSU outstanding at January 1, 2020 130,250 Granted 1,035,000 Exercised (675,000 ) Forfeited - RSU outstanding at December 31, 2020 490,250 Granted (Note 4a) 600,000 Exercised (Note 5a(1-3)) (730,250 ) Forfeited - RSU’s outstanding at September 30, 2021 360,000 |
Financial Expenses (Tables)
Financial Expenses (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of Financial Expenses | Three months ended Nine months ended September 30, September 30, September 30, September 30, Financial expenses related to interest and revaluation of convertible component in convertible loans $ 108 $ 289 $ 1,318 $ 897 Financial expenses related to warrants - - 39 - Foreign currency transactions and other (10 ) 1 (17 ) 1 98 290 1,340 898 |
General (Details)
General (Details) - USD ($) $ in Thousands | Aug. 10, 2021 | Sep. 30, 2021 |
Accounting Policies [Abstract] | ||
Awarded amount | $ 446 | |
Accumulated deficit total | $ (20,247) | |
Operating cash flow total | $ 1,326 |
Unaudited Interim Condensed C_3
Unaudited Interim Condensed Consolidated Financial Statements (Details) - Schedule of financial assets and liabilities measured value recurring basis - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Liabilities: | ||
Fair Value of convertible component in convertible loan, net of discounts and debt issue costs | $ 896 | $ 1,112 |
Total liabilities | 896 | 1,112 |
Level 1 [Member] | ||
Liabilities: | ||
Fair Value of convertible component in convertible loan, net of discounts and debt issue costs | ||
Total liabilities | ||
Level 2 [Member] | ||
Liabilities: | ||
Fair Value of convertible component in convertible loan, net of discounts and debt issue costs | ||
Total liabilities | ||
Level 3 [Member] | ||
Liabilities: | ||
Fair Value of convertible component in convertible loan, net of discounts and debt issue costs | 896 | 1,112 |
Total liabilities | $ 896 | $ 1,112 |
Convertible Loans (Details)
Convertible Loans (Details) - USD ($) $ / shares in Units, $ in Thousands | May 12, 2021 | Aug. 11, 2020 | Aug. 07, 2020 | Oct. 15, 2019 | Jun. 30, 2021 | Feb. 21, 2019 | Sep. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 31, 2021 | Feb. 16, 2021 | Sep. 30, 2020 | Oct. 31, 2019 |
Convertible Loans (Details) [Line Items] | |||||||||||||
Accrued interest | $ 74 | ||||||||||||
Debt interest and financial expenses | $ 569 | ||||||||||||
Revalued values of BCF | $ 500 | $ 610 | |||||||||||
Promissory Notes | $ 805 | ||||||||||||
Converted shares (in Shares) | 8,050,000 | ||||||||||||
Convertible Loan [Member] | |||||||||||||
Convertible Loans (Details) [Line Items] | |||||||||||||
Convertible loan, description | the Company received a convertible loan from a third party (“October 2019 Lender”) in the principal amount of $1,100 that bears an annual 10% interest rate (“October 2019 Loan”). The October 2019 Loan has a two year term. Prior to the maturity date of the October 2019 Loan, the Company, at its option, has the right to redeem, in cash, in part or in whole, the amounts outstanding provided that as of the date of the redemption notice (i) the volume-weighted average price of the Company’s ordinary shares is less than $1.25 and (ii) there is no equity condition failures as defined therein. In the event that the Company wishes to redeem any amount under the October 2019 loan, the Company shall pay an amount equal to the principal amount being redeemed plus a redemption premium equal to 20% of the outstanding amount being redeemed in addition to outstanding and accrued interest. | On February 21, 2019, the Company received a convertible loan from a third party (“February 2019 Lender”), with a two year term, in the principal amount of $550 which bears 10% annual interest rate out of which $50 was directly transferred as finder fee (“February 2019 Loan”). | |||||||||||
February 2019 Lender [Member] | |||||||||||||
Convertible Loans (Details) [Line Items] | |||||||||||||
Percentage of redemption premium | 20.00% | ||||||||||||
Conversion price (in Dollars per share) | $ 2 | ||||||||||||
Lowest the volume-weighted average price | 80.00% | ||||||||||||
February 2019 Loan [Member] | |||||||||||||
Convertible Loans (Details) [Line Items] | |||||||||||||
Intrinsic value of the BCF | $ 550 | ||||||||||||
Debt amount | $ 312 | 350 | |||||||||||
Debt interest and financial expenses | 46 | $ 298 | |||||||||||
October 2019 Lender [Member] | |||||||||||||
Convertible Loans (Details) [Line Items] | |||||||||||||
Conversion price (in Dollars per share) | $ 1.25 | ||||||||||||
Maturity, term | 2 years | ||||||||||||
October 2019 Lender [Member] | Subsequent Event [Member] | |||||||||||||
Convertible Loans (Details) [Line Items] | |||||||||||||
Lowest the volume-weighted average price | 80.00% | ||||||||||||
October 2019 Loan [Member] | |||||||||||||
Convertible Loans (Details) [Line Items] | |||||||||||||
Debt amount | 1,290 | 754 | |||||||||||
Debt interest and financial expenses | 385 | 522 | |||||||||||
August 2020 Loan [Member] | |||||||||||||
Convertible Loans (Details) [Line Items] | |||||||||||||
Revalued values of BCF | 397 | 502 | |||||||||||
Fair value convertible loan | $ 300 | $ 300 | |||||||||||
Maturity date | Aug. 7, 2022 | ||||||||||||
Interest rate | 10.00% | ||||||||||||
Debentures description | The August 2020 Loans are convertible by the August 2020 Lenders into Shares, at their discretion, at the lower of a fixed price of $0.102 (the “Fixed Conversion Price”) or 80% of the lowest volume weighted average price (“VWAP”) of the Company’s common stock during the 10 trading days immediately preceding the conversion date (the “Market Conversion Price”). | ||||||||||||
August 2020 Lenders [Member] | |||||||||||||
Convertible Loans (Details) [Line Items] | |||||||||||||
Debt amount | 208 | $ 73 | |||||||||||
Debt interest and financial expenses | 30 | 55 | |||||||||||
Maturity date | Aug. 11, 2020 | ||||||||||||
Promissory Notes [Member] | |||||||||||||
Convertible Loans (Details) [Line Items] | |||||||||||||
Conversion price (in Dollars per share) | $ 0.1 | ||||||||||||
Intrinsic value of the BCF | 530 | $ 425 | |||||||||||
Debt amount | 76 | 24 | |||||||||||
Debt interest and financial expenses | |||||||||||||
Debt amount | $ 425 | $ 530 | |||||||||||
Warrants issued (in Shares) | 330,000 | 330,000 | |||||||||||
Exercise price (in Dollars per share) | $ 0.15 | ||||||||||||
Short-term loan | $ 39 | $ 41 |
Convertible Loans (Details) - S
Convertible Loans (Details) - Schedule of BCF using the Monte Carlo option pricing model - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
October 2019 Lender [Member] | ||
Convertible Loans (Details) - Schedule of BCF using the Monte Carlo option pricing model [Line Items] | ||
Share price (in Dollars per share) | $ 0.16 | $ 0.15 |
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 0.07% | 0.10% |
Expected term (in years) | 14 days | 9 months 14 days |
Volatility | 88.67% | 133.48% |
August 2020 Lenders [Member] | ||
Convertible Loans (Details) - Schedule of BCF using the Monte Carlo option pricing model [Line Items] | ||
Share price (in Dollars per share) | $ 0.16 | $ 0.15 |
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 0.07% | 0.12% |
Expected term (in years) | 10 months 9 days | 1 year 6 months 29 days |
Volatility | 121.64% | 142.65% |
Convertible Loans (Details) -_2
Convertible Loans (Details) - Schedule of black-scholes-merton option pricing model - Promissory Notes [Member] - $ / shares | 2 Months Ended | 12 Months Ended |
Feb. 28, 2021 | Dec. 31, 2020 | |
Convertible Loans (Details) - Schedule of black-scholes-merton option pricing model [Line Items] | ||
Share price (in Dollars per share) | $ 0.19 | |
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 0.10% | 0.10% |
Expected term (in years) | 2 years | |
Volatility | 176.00% | 176.00% |
Minimum [Member] | ||
Convertible Loans (Details) - Schedule of black-scholes-merton option pricing model [Line Items] | ||
Share price (in Dollars per share) | $ 0.15 | |
Expected term (in years) | 1 year | |
Maximum [Member] | ||
Convertible Loans (Details) - Schedule of black-scholes-merton option pricing model [Line Items] | ||
Share price (in Dollars per share) | $ 0.55 | |
Expected term (in years) | 2 years |
Related Parties (Details)
Related Parties (Details) $ in Thousands | 2 Months Ended | 9 Months Ended | 12 Months Ended | |
Aug. 31, 2021USD ($)shares | Sep. 30, 2021USD ($)shares | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Related Party Transactions [Abstract] | ||||
Number of directors | 3 | 2 | ||
Vested restricted share units (in Shares) | shares | 600,000 | |||
Fair value of RSU's | $ 334 | |||
Compensation expenses | 248 | $ 11 | ||
Amounts owing to related parties | $ 4 | $ 14 | ||
Shares issued (in Shares) | shares | 171,336 | |||
Fair value | $ 106 |
Shareholders_ Deficiency (Detai
Shareholders’ Deficiency (Details) $ in Thousands | Mar. 23, 2021USD ($)$ / sharesshares | Mar. 09, 2021shares | Apr. 02, 2019 | Apr. 02, 2021USD ($)$ / sharesshares | Aug. 31, 2021USD ($)shares | Aug. 31, 2021USD ($)shares | Sep. 30, 2021USD ($) |
Shareholders’ Deficiency (Details) [Line Items] | |||||||
Issuance of shares | 171,336 | ||||||
Number of directors | 3 | 2 | |||||
Fair value of RSU's (in Dollars) | $ | $ 334 | ||||||
Issuance of shares | 8,050,000 | ||||||
Convertible Notes Payable (in Dollars) | $ | $ 805 | $ 805 | |||||
Shares issued | 471,336 | ||||||
Fair value (in Dollars) | $ | $ 106 | ||||||
2018 Plan [Member] | |||||||
Shareholders’ Deficiency (Details) [Line Items] | |||||||
Maturity term | 4 years | ||||||
Vesting period | 1 year | ||||||
Exercised term | 7 years | ||||||
RSU’s [Member] | |||||||
Shareholders’ Deficiency (Details) [Line Items] | |||||||
Issuance of shares | 500,000 | 130,250 | 100,000 | ||||
Number of directors | 2 | 2 | |||||
Restricted stock unit shares issued | 500,000 | 100,000 | |||||
RSUs exercise price (in Dollars per share) | $ / shares | |||||||
Fair value of RSU's (in Dollars) | $ | $ 275 | $ 59 |
Shareholders_ Deficiency (Det_2
Shareholders’ Deficiency (Details) - Schedule of warrant activity - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Schedule of warrant activity [Abstract] | ||
Warrant outstanding at the beginning of the period | 2,130,833 | 1,150,833 |
Average exercise price beginning of the period | $ 0.81 | $ 1.69 |
Warrants, Granted | 330,000 | 1,080,000 |
Average exercise price, Granted | $ 0.15 | $ 0.18 |
Warrant, Exercised | ||
Average exercise price, Exercised | ||
Warrants, Expired | (473,333) | (100,000) |
Average exercise price, Expired | $ 1.94 | $ 2 |
Warrants outstanding at June 30, 2021 | 1,987,500 | 2,130,833 |
Warrants outstanding at June 30, 2021 | $ 0.54 | $ 0.81 |
Shareholders_ Deficiency (Det_3
Shareholders’ Deficiency (Details) - Schedule of warrants and are outstanding | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Class of Warrant or Right [Line Items] | |
Warrants outstanding | 1,987,500 |
Warrants outstanding and exercisable | 1,987,500 |
February 21, 2019 [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants outstanding | 137,500 |
Exercise price per warrant (in Dollars per share) | $ / shares | $ 2 |
Warrants outstanding and exercisable | 137,500 |
Expiry date | Feb. 21, 2022 |
October 15, 2019 [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants outstanding | 440,000 |
Exercise price per warrant (in Dollars per share) | $ / shares | $ 1.25 |
Warrants outstanding and exercisable | 440,000 |
Expiry date | Oct. 15, 2024 |
August 7, 2020 [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants outstanding | 500,000 |
Exercise price per warrant (in Dollars per share) | $ / shares | $ 0.2 |
Warrants outstanding and exercisable | 500,000 |
Expiry date | Aug. 7, 2025 |
August 11, 2020 [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants outstanding | 250,000 |
Exercise price per warrant (in Dollars per share) | $ / shares | $ 0.2 |
Warrants outstanding and exercisable | 250,000 |
Expiry date | Aug. 11, 2025 |
December 17, 2020 [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants outstanding | 330,000 |
Exercise price per warrant (in Dollars per share) | $ / shares | $ 0.15 |
Warrants outstanding and exercisable | 330,000 |
Expiry date | Dec. 17, 2021 |
January 3, 2021 [Member] | |
Class of Warrant or Right [Line Items] | |
Warrants outstanding | 330,000 |
Exercise price per warrant (in Dollars per share) | $ / shares | $ 0.15 |
Warrants outstanding and exercisable | 330,000 |
Expiry date | Jan. 3, 2022 |
Shareholders_ Deficiency (Det_4
Shareholders’ Deficiency (Details) - Schedule of employee share options activity - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Schedule of employee share options activity [Abstract] | ||
Number Options outstanding Beginning balance | 1,660,000 | 1,605,880 |
Average weighted exercise price Options outstanding Beginnng balance | $ 1 | |
Number Options outstanding Ending balance | 1,660,000 | 1,660,000 |
Average weighted exercise price Options outstanding Ending balance | $ 0.11 | |
Number Options exercisable Ending balance | 935,000 | |
Average weighted exercise price Options exercisable Ending balance | $ 0.11 | |
Number Options Granted | 1,660,000 | |
Average weighted exercise price Granted | $ 0.11 | |
Number Options Exercised | ||
Average weighted exercise price Exercised | ||
Number Options Forfeited | (1,605,882) | |
Average weighted exercise price Forfeited |
Shareholders_ Deficiency (Det_5
Shareholders’ Deficiency (Details) - Schedule of RSU activity - shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Schedule of RSU activity [Abstract] | ||
RSU's outstanding at the beginning of the period | 490,250 | 130,250 |
RSU's outstanding at the end of the period | 360,000 | 490,250 |
RSU’s Granted | 600,000 | 1,035,000 |
RSU’s Exercised | (730,250) | (675,000) |
RSU’s Forfeited |
Financial Expenses (Details) -
Financial Expenses (Details) - Schedule of Financial Expenses - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule of Financial Expenses [Abstract] | ||||
Financial expenses related to interest and revaluation of convertible component in convertible loans | $ 108 | $ 289 | $ 1,318 | $ 897 |
Financial expenses related to warrants | 39 | |||
Foreign currency transactions and other | (10) | 1 | (17) | 1 |
Total | $ 98 | $ 290 | $ 1,340 | $ 898 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Oct. 31, 2021 | Oct. 28, 2021 | Oct. 05, 2021 | |
Subsequent Events [Abstract] | |||
Shares issued | 75,000 | ||
Fair value (in Dollars) | $ 12 | ||
Share option exercise | 500,000 | ||
Received shares | 291,667 | ||
Subsequent event, description | Saffron Tech received $154 from the Israeli Innovation Authority, representing 35 percent of the grant approved to the Company by the Israeli Innovation Authority. |