Cover
Cover | 12 Months Ended | |
Dec. 31, 2023 shares | ||
Entity Addresses [Line Items] | ||
Document Type | 20-F | |
Amendment Flag | false | |
Document Registration Statement | false | |
Document Annual Report | true | |
Document Transition Report | false | |
Document Shell Company Report | false | |
Document Period End Date | Dec. 31, 2023 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2023 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-38094 | |
Entity Registrant Name | FORESIGHT AUTONOMOUS HOLDINGS LTD. | |
Entity Central Index Key | 0001691221 | |
Entity Incorporation, State or Country Code | L3 | |
Entity Address, Address Line One | 7 Golda Meir | |
Entity Address, City or Town | Ness Ziona | |
Entity Address, Country | IL | |
Entity Address, Postal Zip Code | 7403650 | |
Title of 12(b) Security | American Depositary Shares each representing 30 Ordinary Shares, no par value | [1] |
Trading Symbol | FRSX | |
Security Exchange Name | NASDAQ | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Document Accounting Standard | U.S. GAAP | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 459,778,056 | |
ICFR Auditor Attestation Flag | false | |
Document Financial Statement Error Correction [Flag] | false | |
Auditor Firm ID | 1197 | |
Auditor Name | Brightman Almagor Zohar & Co | |
Auditor Location | Tel Aviv, Israel | |
Business Contact [Member] | ||
Entity Addresses [Line Items] | ||
Entity Address, Address Line One | 7 Golda Meir | |
Entity Address, City or Town | Ness Ziona | |
Entity Address, Country | IL | |
Entity Address, Postal Zip Code | 7403650 | |
City Area Code | 972 | |
Local Phone Number | 077-9709030 | |
Contact Personnel Name | Haim Siboni | |
[1]Evidenced by American Depositary Receipts. Not for trading, but only in connection with the listing of the American Depositary Shares. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 15,635 | $ 19,173 |
Restricted cash | 99 | 102 |
Short term deposits | 7,216 | |
Marketable equity securities | 474 | 2 |
Trade receivables | 308 | |
Other current receivables | 531 | 842 |
Total current assets | 17,047 | 27,335 |
Non-current assets | ||
Operating lease right-of-use asset | 1,802 | 2,156 |
Investment in equity securities | 2,804 | |
Fixed assets, net | 461 | 598 |
Total non-current assets | 2,263 | 5,558 |
TOTAL ASSETS | 19,310 | 32,893 |
Current liabilities | ||
Trade payables | 136 | 315 |
Operating lease liability | 468 | 527 |
Other current payables | 1,548 | 1,792 |
Total current liabilities | 2,152 | 2,634 |
Operating lease liability non-current | 1,163 | 1,476 |
TOTAL LIABILITIES | 3,315 | 4,110 |
Shareholders’ equity | ||
Ordinary shares, no par value; Authorized 1,000,000,000 shares; Issued and outstanding: 459,778,056 and 322,979,556 shares as of December 31, 2023, and December 31, 2022, respectively | ||
Additional paid in capital | 135,282 | 129,810 |
Accumulated deficit | (119,890) | (101,480) |
Total Foresight Autonomous Holdings Ltd. shareholders’ equity | 15,392 | 28,330 |
Non-controlling interest | 603 | 453 |
Total equity | 15,995 | 28,783 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 19,310 | $ 32,893 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0 | $ 0 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 459,778,056 | 322,979,556 |
Common stock, shares outstanding | 459,778,056 | 322,979,556 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Revenues | $ 497 | $ 550 | $ 120 |
Cost of revenues | 143 | 252 | 67 |
Gross profit | 354 | 298 | 53 |
Research and development expenses, net | 11,587 | 11,534 | 10,170 |
Sales and marketing expenses | 1,939 | 2,230 | 1,848 |
General and administrative expenses | 3,119 | 3,989 | 3,980 |
Operating loss | 16,291 | 17,455 | 15,945 |
Financial expenses (income), net | 2,119 | 4,221 | (909) |
Net Loss | $ 18,410 | $ 21,676 | $ 15,036 |
Basic loss per share | $ (0.06) | $ (0.07) | $ (0.05) |
Diluted loss per share | $ (0.06) | $ (0.07) | $ (0.05) |
Weighted average number of shares outstanding used in computing basic loss per share | 331,350 | 322,817 | 321,356 |
Weighted average number of shares outstanding used in computing diluted loss per share | 331,350 | 322,817 | 321,356 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Parent [Member] | Noncontrolling Interest [Member] | Total | |
Balance at Dec. 31, 2020 | $ 111,739,000 | $ (64,768,000) | $ 46,971,000 | $ 74,000 | $ 47,045,000 | ||
Balance, shares at Dec. 31, 2020 | 312,760,305 | ||||||
Issuance of ordinary shares, net of issuance costs | [1] | 13,508,000 | 13,508,000 | 13,508,000 | |||
Issuance of ordinary shares, net of issuance costs, shares | 6,891,720 | ||||||
Exercise of options | 57,000 | 57,000 | 57,000 | ||||
Exercise of options, shares | 1,605,402 | ||||||
Exercise of warrants | 595,000 | 595,000 | 595,000 | ||||
Exercise of warrants, shares | 1,174,589 | ||||||
Share-based payment | 2,310,000 | 2,310,000 | 154,000 | 2,464,000 | |||
Share-based payment, shares | 220,000 | ||||||
Loss for the year | (15,036,000) | (15,036,000) | (15,036,000) | ||||
Balance at Dec. 31, 2021 | 128,209,000 | (79,804,000) | 48,405,000 | 228,000 | 48,633,000 | ||
Balance, shares at Dec. 31, 2021 | 322,652,016 | ||||||
Exercise of options | 4,000 | 4,000 | 4,000 | ||||
Exercise of options, shares | 7,540 | ||||||
Share-based payment | 1,597,000 | 1,597,000 | 225,000 | 1,822,000 | |||
Share-based payment, shares | 320,000 | ||||||
Loss for the year | (21,676,000) | (21,676,000) | (21,676,000) | ||||
Balance at Dec. 31, 2022 | 129,810,000 | (101,480,000) | 28,330,000 | 453,000 | 28,783,000 | ||
Balance, shares at Dec. 31, 2022 | 322,979,556 | ||||||
Issuance of ordinary shares, net of issuance costs | [1] | 4,181,000 | 4,181,000 | 4,181,000 | |||
Issuance of ordinary shares, net of issuance costs, shares | [1] | 136,798,500 | |||||
Share-based payment | 1,291,000 | 1,291,000 | 150,000 | 1,441,000 | |||
Loss for the year | (18,410,000) | (18,410,000) | (18,410,000) | ||||
Balance at Dec. 31, 2023 | $ 135,282,000 | $ (119,890,000) | $ 15,392,000 | $ 603,000 | $ 15,995,000 | ||
Balance, shares at Dec. 31, 2023 | 459,778,056 | ||||||
[1]Issuance costs in the amount of $ 485 465 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Stockholders' Equity [Abstract] | ||
Issuance cost | $ 485 | $ 465 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from Operating Activities | |||
Loss for the year | $ (18,410) | $ (21,676) | $ (15,036) |
Adjustments to reconcile loss to net cash used in operating activities: | 3,484 | 4,619 | 2,911 |
Net cash used in operating activities | (14,926) | (17,057) | (12,125) |
Cash flows from Investing Activities | |||
Changes in short term deposits | 7,216 | 10,297 | (12,347) |
Purchase of fixed assets | (124) | (313) | (235) |
Investment in SAFE | (286) | ||
Investment in equity securities | (715) | ||
Net cash provided by (used in) investing activities | 7,092 | 8,983 | (12,582) |
Cash flows from Financing Activities | |||
Issuance of ordinary shares, net of issuance costs | 4,181 | 13,508 | |
Proceeds from exercise of warrants | 595 | ||
Proceeds from exercise of options | 57 | ||
Net cash provided by financing activities | 4,181 | 14,160 | |
Effect of exchange rate changes on cash and cash equivalents | 112 | (839) | (37) |
Decrease in cash and cash equivalents and restricted cash | (3,541) | (8,913) | (10,584) |
Cash and cash equivalents and restricted cash at the beginning of the period | 19,275 | 28,188 | 38,772 |
Cash and cash equivalents and restricted cash at the end of the period | 15,734 | 19,275 | 28,188 |
Adjustments to reconcile loss to net cash used in operating activities: | |||
Share-based payment | 1,441 | 1,826 | 2,464 |
Depreciation | 263 | 218 | 159 |
Revaluation of marketable securities | 2,330 | 2,217 | 30 |
Exchange rate changes on cash and cash equivalents | (112) | 839 | 37 |
Changes in assets and liabilities: | |||
Decrease (increase) in other current assets | 311 | (182) | (259) |
Increase (decrease) in trade payables | (179) | 62 | (138) |
Increase in trade receivables | (308) | ||
Change in operating lease liability, net | (18) | (289) | (33) |
Increase (decrease) in other payables | (244) | (72) | 651 |
Adjustments to reconcile loss to net cash used in operating activities | 3,484 | 4,619 | 2,911 |
Non-Cash Activities: | |||
Accrued issuance costs recorded in shareholders’ equity | 92 | ||
Conversion of SAFE to investment in equity securities | $ 286 |
GENERAL
GENERAL | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1 - GENERAL Foresight Autonomous Holdings Ltd. (the “Company”) was originally incorporated in Israel in September 1977 under the name “Golan Malechet Machshevet Ltd.” as a private company, and in April 1987 became a public company. In 2010, the Company changed its name to “Asia Development (A.D.B.M.) Ltd.” The Company’s ordinary shares, no par value, (the “Ordinary Shares”) are traded on the Tel Aviv Stock Exchange (“TASE”). In addition, since June 15, 2017, the Company has American Depository Shares (the “ADSs”) registered with the U.S. Securities and Exchange Commission. The ADSs are listed on The Nasdaq Capital Market, and the ratio of the Company’s Ordinary Shares to ADSs is 30:1 100 35,884,116 64.50 Foresight Ltd. was established in July 2015 by Magna to transfer all of Magna’s three-dimensional (3D) computer vision research and development technology and business in the area of Advanced Driver Assistance Systems (“ADAS”) to a separate entity. As part of the reorganization, Magna transferred to Foresight Ltd. all the intellectual assets comprised mostly of know-how, software and algorithms developed by Magna. As of December 31, 2023, Magna holds % 7.53 Eye-Net Mobile Ltd (“Eye-Net”) was established in May 2018 by Foresight Ltd. in order to develop cellular based, beyond-line-of-sight, accident prevention solutions. On September 15, 2022, Foresight Ltd. transferred the shares of Eye-Net to the Company, free of charge and in accordance with the provisions of Section 104 C of the Israeli Income Tax Ordinance [New Version] 5721-1961, so that after the transfer of the shares, the Company directly holds all of the shares of Eye-Net. On January 5, 2022, the Company announced the establishment of Foresight Changzhou Automotive Ltd., (“Foresight Changzhou”), a wholly owned subsidiary of Foresight Ltd., in Jiangsu Province, China. Foresight Changzhou was established in cooperation with the China-Israel Changzhou Innovation Park (CIP), a bi-national governmental initiative that provides a unique platform for Israeli industrial companies seeking to enter the Chinese market. The Company and its subsidiaries Foresight Ltd., Eye-Net and Foresight Changzhou are collectively referred to as the “Company” or the “Group.” The Company is a technology company developing smart multi-spectral vision software solutions and cellular-based applications. Through its wholly owned subsidiaries, Foresight Ltd. and Eye-Net, the Company develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” accident-prevention solutions. The Company’s vision solutions include modules of automatic calibration and dense 3D point cloud that can be applied to diverse markets such as automotive, defense, autonomous vehicles, and heavy industrial equipment. Eye-Net’s cellular-based solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge artificial intelligence (“AI”) technology and advanced analytics. The Group activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize its technology before competitors develop similar technology. In addition, the Group is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements and limited operating history. Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) To date, the Company has not generated significant revenues from its activities and has incurred substantial operating losses. Management expects the Company to continue to generate significant operational losses and to continue to fund operations primarily through the utilization of its current financial resources, sales of its products, and through additional raises of capital. Management plans to alleviate the concerns, most of which have already been implemented, included the sale of its investment in Rail Vision (see note 18B) and a reduction in the monthly cash burn rate. Such plans have been incorporated into the Company's budget for the year 2024, and therefore the Company anticipates its existing cash will be sufficient to fund its expected operating cash requirements for at least twelve months following the date of this report. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation: The financial statements have been prepared in conformity with accounting principles generally accepted in United Sates of America (“U.S. GAAP”). B. Use of estimates in the preparation of financial statements: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company’s management believes that the estimates, judgment, and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect reported amounts and disclosures made. Actual results could differ from those estimates. C. Financial statement in U.S. dollars: The functional currency of the Company is the U.S. dollar (“dollar” or “USD”) since the dollar is the currency of the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future. Transactions and balances denominated in dollars are presented at their original amounts. Transactions and balances denominated in foreign currencies have been re-measured to dollars in accordance with the provisions of Accounting Standards Codification (“ASC”) 830-10, “Foreign Currency Translation.” All transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statement of comprehensive loss as financial income or expenses, as appropriate. D. Cash and cash equivalents and restricted cash: Cash equivalents are short-term highly liquid investments that are readily convertible to cash with maturities of three months or less as of the date acquired. Restricted cash consists of deposits pledged to a bank that provided guarantee in connection with an operating lease. Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) E. Property and equipment: Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, at the following annual rates: SCHEDULE OF ESTIMATED USEFUL LIVES % Computers and software 15 33 Office furniture and equipment 7 Leasehold improvements Over the shorter of the related lease period or the useful life of the asset F. Fair value of financial instruments: The carrying values of cash and cash equivalents, short term deposits, trade receivables, other current receivables, marketable equity securities, trade payables and other accounts payable approximate their fair value due to the short-term maturity of these instruments. ASC 820, “Fair Value Measurements and Disclosures, (“ASC 820”), defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact. The Company also considers assumptions that market participants would use when pricing the asset or liability, such as, inherent risk, transfer restrictions and risk of nonperformance. Hierarchical levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows: Level 1 - Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 - Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets of liabilities in markets that are not active; Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s investment in equity securities is classified within Level 1 of the fair value hierarchy because its quoted price in active market and no other assets are carried at fair value. G. Marketable equity securities: In accordance with ASC 321, marketable equity securities are recorded at fair value. The fair value is based on quoted price in active market for the same asset. Unrealized gains and losses before the securities are sold are reported in the statement of comprehensive loss as financial income or expenses, as appropriate. H. Non-marketable equity securities: In accordance with ASC 321, “investments — Equity Securities”, (“ASC 321”), equity investments without readily determinable fair value can be carried at cost minus impairment, if the measurement alternative was elected. When an observable price change in orderly transactions for the identical or a similar investment of the same issuer has occurred, the Company elects to carry those equity investments at fair value as of the date that the observable price change occurred. Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) I. Leases: Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the Company’s consolidated balance sheet. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities were recognized based on the present value of the remaining lease payments over the lease term. When the Company’s lease did not provide an implicit rate, the Company used its incremental borrowing rate in determining the present value of lease payments. The implicit rate within the operating leases is generally not reasonably determinable, therefore, the Company uses the Incremental Borrowing Rate (“IBR”) based on the information available at commencement date in determining the present value of lease payments. The Company’s IBR is estimated to approximate the interest rate for collateralized borrowing with similar terms and payments and in economic environments where the leased asset is located. The operating lease ROU asset excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For certain leases, such as real estate assets , the Company accounts for the lease and non-lease components as a single lease component. The Company has made an accounting policy election not to recognize ROU assets and lease liabilities that arise from short-term leases for facilities and equipment. Instead, the Company recognizes the lease payments in the consolidated statement of operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. J. Share-based compensation: The Company applies ASC 718-10, “Share-Based Payment,” (“ASC 718-10”), which requires the measurement and recognition of compensation expenses for all share-based payment awards made to employees and directors including share options granted under the Company’s incentive share option plan based on estimated fair values. ASC 718-10 requires companies to estimate the fair value of share-based payment awards on the date of grant. The value of the portion of the share-based payment award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company’s statements of comprehensive loss. The Company’s and the Company’s subsidiary, Eye-Net, granted options are recorded as an Additional Paid in Capital and as Non-Controlling Interest, respectively, in the Consolidated Statements of Changes in Shareholders’ Equity. The Company accounts for share-based compensation expense based on estimated grant date fair value, using the Black-Scholes option-pricing model. The fair value is recognized as an expense in the consolidated financial statements over the requisite service periods. For performance-based grants, the Company recognizes compensation costs for grants that are expected to vest based on whether performance criteria are expected to be met. The determination of fair value and the timing of expense using option pricing models such as the Black-Scholes model require the input of subjective assumptions, including the expected term and the expected price volatility of the underlying share. The Company estimates the expected term assumption using the “simplified” method. In determining the Company’s expected share price volatility assumption, the Company reviews the historical and implied volatility of the Company’s Ordinary Shares. The Company has historically not paid dividends and has no foreseeable plans to issue dividends. The risk-free interest rate is based on the yield from governmental zero-coupon bonds with an equivalent term. Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) K. Basic and diluted net loss per share: Basic loss per share is calculated by dividing the net loss by the weighted average number of Ordinary Shares outstanding during the year. Diluted loss per share is calculated by dividing the net loss by the weighted average number of Ordinary Shares outstanding plus the number of additional Ordinary Shares that would have been outstanding if all potentially dilutive Ordinary Shares had been issued, using the treasury stock method, in accordance with ASC 260-10, “Earnings per Share.” Potentially dilutive Ordinary Shares were excluded from the diluted loss per share calculation because they were anti-dilutive. The outstanding awards granted to employees (see note 10) were not included in the computation of diluted EPS because their affect would be anti-dilutive. The following table present summarized basic and diluted per Ordinary Share and per ADS: SCHEDULE OF BASIC AND DILUTED PER ORDINARY SHARE AND PER ADS 2023 2022 2021 Year ended December 31 2023 2022 2021 Net loss 18,410 21,676 15,036 Basic and diluted loss per Ordinary Share (in USD) (0.06 ) (0.07 ) (0.05 ) Basic and diluted loss per ADS (in USD) (*) (1.8 ) (2.1 ) (1.5 ) Weighted average number of Ordinary Shares outstanding used in computing basic and diluted loss per share - in thousands 331,350 322,817 321,356 Weighted average number of ADSs outstanding used in computing basic and diluted loss per ADS - in thousands 11,045 10,761 10,712 (*) On April 21, 2023, the Company changed the ratio of its ADSs to its Ordinary Shares no par value per share, from the former ADS Ratio of one (1) ADSs to five (5) Ordinary Shares, to a new ADS Ratio one (1) ADS to thirty (30) Ordinary Shares. For all the periods presented, basic and diluted loss per ADS have been retrospectively adjusted. L. Revenue recognition: The Company applies ASC 606 “Revenue from contracts with customers” (“ASC 606”). Under ASC 606, revenue is measured as the amount of consideration the Company expects to be entitled to, in exchange for transferring products or providing services to its customers and is recognized when or as performance obligations under the terms of contracts with the Company’s customers are satisfied. ASC 606 prescribes a five-step model for recognizing revenue from contracts with customers: (i) identify contract(s) with the customer; (ii) identify the separate performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the separate performance obligations in the contract; and (v) recognize revenue when (or as) each performance obligation is satisfied. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses whether the goods or services promised within each contract are distinct and, therefore, represent a separate performance obligation. Goods and services that are determined not to be distinct are combined with other promised goods and services. The Company then allocates the transaction price (the amount of consideration the Company expects to be entitled to from a customer in exchange for the promised goods or services) to each performance obligation and recognizes the associated revenue when (or as) each performance obligation is satisfied. M. Research and development expenses, net: Pursuant to ASC 985-20, “Software - Costs of Software to be Sold, Leased, or Marketed”, development costs related to software products are expensed as incurred until the “technological feasibility” of the product has been established. Because of the relatively short time period between “technological feasibility” and product release, and the insignificant amount of costs incurred during such period, no software development costs have been capitalized. Research and development expenses are charged to the statement of comprehensive loss as incurred. Non-royalty-bearing grants for funding approved research and development projects are recognized at the time the Company is entitled to such grants, on the basis of the costs incurred and applied as a deduction from research and development expenses. Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) N. Recent Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – “Improvements to Income Tax Disclosures”. The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this ASU are required to be adopted starting January 1, 2025. Early adoption is permitted, and the amendments should be applied on a prospective basis. The Company is currently evaluating the effect of adopting the ASU on its disclosures. |
INVESTMENT IN EQUITY SECURITIES
INVESTMENT IN EQUITY SECURITIES | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN EQUITY SECURITIES | NOTE 3 – INVESTMENT IN EQUITY SECURITIES In 2016, the Company invested in shares and warrants of Rail Vision Ltd. (“Rail Vision”). From 2016 to 2020, the Company held significant influence over Rail Vision but lacked majority equity interest or control. This was accounted for using the equity method and reflected as an investment in an affiliate on the balance sheet. On December 30, 2020, the Company lost significant influence over Rail Vision, and From December 31, 2020, the remaining equity interest was presented as an investment in equity securities without readily determined fair value. In January 2022, the Company invested $ 286 On April 4, 2022, Rail Vision completed its IPO and became listed on the Nasdaq Capital Market. As part of the IPO, the Company invested an additional $ 715 Since April 4, 2022, the Company measures the investment in Rail Vision at fair value through profit or loss. As of December 31, 2023, the Company held 10.20 15.39 6.94 12.25 During the first quarter of 2024, the Company sold all of its shares in Rail Vision, for an aggregate amount of approximately $ 1,848 1,407 The reconciliation of the opening and closing fair value balance of the investment in equity securities instruments is provided below: SCHEDULE OF RECONCILIATION OF OPENING AND CLOSING BALANCE OF INVESTMENT IN EQUITY SECURITIES Opening Balance December 31, 2021 $ 4,011 Changes during 2022: Revaluation to fair value through profit or loss (2,208 ) Investment in equity securities 715 Conversion of SAFE to equity securities 286 Opening Balance December 31, 2022 $ 2,804 Changes during 2023: Revaluation to fair value through profit or loss (2,333 ) Closing Balance December 31, 2023 $ 471 Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) |
OTHER CURRENT RECEIVABLES
OTHER CURRENT RECEIVABLES | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER CURRENT RECEIVABLES | NOTE 4 - OTHER CURRENT RECEIVABLES SCHEDULE OF OTHER CURRENT RECEIVABLES 2023 2022 December 31, 2023 2022 USD in thousands Governmental institutes 224 225 Prepaid expenses 147 380 Grants receivables ( * 134 117 Other receivables 26 120 Other current receivables 531 842 (*) In 2023, the Company received a grant in an aggregate amount of approximately $ 87 134 100 395 |
FIXED ASSETS, NET
FIXED ASSETS, NET | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
FIXED ASSETS, NET | NOTE 5 - FIXED ASSETS, NET SCHEDULE OF FIXED ASSETS, NET 2023 2022 December 31, 2023 2022 USD in thousands Cost: Computers and software 945 839 Office furniture and equipment 345 356 Leasehold improvements 488 479 Fixed assets, gross 1,778 1,674 Less – accumulated depreciation 1,317 1,076 Fixed assets, net 461 598 Depreciation expenses for the years ended December 31, 2023, and December 31, 2022, were $ 263 218 |
EMPLOYEE RIGHTS UPON RETIREMENT
EMPLOYEE RIGHTS UPON RETIREMENT | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
EMPLOYEE RIGHTS UPON RETIREMENT | NOTE 6 - EMPLOYEE RIGHTS UPON RETIREMENT Israeli labor law generally requires payment of severance pay upon dismissal of an employee or upon termination of employment in certain other circumstances. Pursuant to section 14 of the Israeli Severance Pay Law, 5723-1963, the Company’s employees covered under this section are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, made in their name with pension companies. Payments in accordance with section 14 of the Israeli Severance Pay Law, 5723-1963 relieve the Company from any future severance payments in respect of those employees. The amount of cost recognized for defined contribution pension plans and for other defined contribution postretirement benefit plans recorded for the years 2023, 2022 and 2021 are $ 1,098 1,065 876 Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) |
OTHER CURRENT PAYABLES
OTHER CURRENT PAYABLES | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
OTHER CURRENT PAYABLES | NOTE 7 - OTHER CURRENT PAYABLES SCHEDULE OF OTHER CURRENT PAYABLES 2023 2022 December 31, 2023 2022 USD in thousands Employees and related expenses 1,385 1,493 Accrued expenses 163 299 Other current payables 1,548 1,792 |
COMMITMENTS AND CONTINGENCIES L
COMMITMENTS AND CONTINGENCIES LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES LIABILITIES | NOTE 8 - COMMITMENTS AND CONTINGENCIES LIABILITIES A. Agreement with Magna On January 30, 2022, the Company’s shareholders approved an extension of the research and development services agreement with Magna for software development in the area of ADAS. Subject to the conditions prescribed in the agreement, Magna will continue to provide Foresight Ltd. with research and development services for a 12-month period with an option to extend the agreement for two additional 12-month periods. According to the agreement, the monthly payment to Magna for the research and development services will not exceed NIS 235,000 63 On December 18, 2023, as a result of cost-saving measures implemented by the Company, it was agreed with Magna that development services provided by Magna would not exceed NIS 70,000 19 5,000 42 B. Israeli Innovation Authority Magna obtained grants from the Israeli Innovation Authority (the “IIA”) for participation in research and development programs for the years 2011 through 2013, and, in return, further to an acquisition transaction between the Company and Magna, the Company is obligated to pay royalties amounting to 3% to 5% of its future sales up to the amount of the grant. As of the years ended December 31, 2023, and 2022, total contingent obligations to IIA amounted to $ 620 603 The repayment of the grants is contingent upon the successful outcome of the Company’s research and development programs and the generation of sales. The Company has no obligation to repay these grants if sales are not generated. The financial risk is assumed completely by the Government of Israel. The grants are received from the government on a project-by-project basis. If a project fails, the Company has no obligation to repay any grant received for the specific unsuccessful or aborted project. Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
LEASES | NOTE 9 - LEASES The Company and its subsidiaries, Foresight Ltd. and Eye Net, currently have 3-year leases for their offices with options to extend the leases for another 3 years. Supplemental cash flow information related to operating leases was as follows: SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO OPERATING LEASES Year Ended December 31, 2023 2022 2021 Cash payments for operating leases $ 537 $ 550 $ 460 Lease operating expenses $ 562 $ 588 $ 480 New operating lease assets obtained in exchange for operating lease liabilities $ 154 $ — $ 1,824 As of December 31, 2023, the Company’s operating leases had a weighted average remaining lease term of 2.2 5.2 SCHEDULE OF FUTURE LEASE PAYMENTS UNDER OPERATING LEASES Operating Leases 2024 $ 536 2025 520 2026 482 2027 211 Total future lease payments 1,749 Less imputed interest (118 ) Total lease liability balance $ 1,631 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 10 - SHAREHOLDERS’ EQUITY A. The rights of Ordinary Shares are as follows: The Ordinary Shares confer upon the shareholders the right to receive notice to participate and vote in general meetings of shareholders of the Company, the right to receive dividends, if declared, and the right to participate in a distribution of the surplus of assets upon liquidation of the Company. B. Issuance of shares, warrants, and options. 1. Registered Direct Offering On December 11, 2023, the Company raised $ 4,500 4,500,000 135,000,000 1.00 4,046 2. Public Offering and Registered Direct Offering. On January 22, 2021, the Company entered into a sales agreement, pursuant to which the Company can sell from time to time, ADSs in the aggregate amount of up to $ 60,000 1,378,344 6,891,720 229,724 10.137 13,972 13,508 Under the January 2021 Sales Agreement, during 2023, the Company sold, through the sales agent, an aggregate of 59,950 1,798,500 2.775 166 137 Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) 3. Shares and warrants to service providers: (a) Shares granted to service providers: During 2021, the Company granted 220,000 153 During 2022, the Company granted 320,000 68 During 2023, the Company did not issue shares to service providers. (b) Warrants and options granted to service providers: The fair value for the warrants granted to service providers was estimated on the measurement date using a Black-Scholes option pricing model, with the following weighted-average assumptions: weighted average volatility of 92.87 93.41 0.687 0 4.25 4.37 On July 16, 2020, the Company granted to Magna’s employees options to purchase a total of 950,000 0.787 0.23 1.06 0.31 1.33 0.38 The options vest over 12 quarters until fully vested on December 31, 2022. 48 51 On January 18, 2021, the Company approved an extension to the expiration dates of all the options already granted to Magna’s employees, from three years after each vesting date to seven years starting from the grant date. 8 17 On November 12, 2020, the Company granted options to a service provider to purchase a total of 100,000 1.33 0.39 2 3 On January 18, 2021, the Company granted options to service providers to purchase a total of 400,000 2.9 0.93 300,000 of the options vest equally over twelve quarters until fully vested on January 1, 2024, and for 100,000 options one third of the options vest on January 1, 2022, and the balance vest equally over eight quarters until fully vested on January 1, 2024. 91 91 91 On March 25, 2021, the Company granted options to a service provider to purchase a total of 100,000 4.75 1.53 The options vest equally over twelve quarters until fully vested on January 1, 2024. 22 22 22 On December 30, 2021, the Company granted options to service providers to purchase a total of 400,000 2.29 0.74 200,000 of the options vest equally over twelve quarters until fully vested on January 1, 2025. For 100,000 options one third of the options vest on January 1, 2023, and the balance vest equally over eight quarters until fully vested on January 1, 2025. For the remaining 100,000 options, upon meeting predefined business targets, 50% vest on December 31, 2022, and 50% on December 2023 22 26 On July 27, 2023, the Company’s shareholders approved a reduction to the exercise price of previously granted options to Magna’s employees to an exercise price of NIS 0.5 0.13 16 Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) 4. Shares and options to employees (a) Incentive Plan In November 2015, the Board of Directors of the Company authorized a share option plan (“2016 Equity Incentive Plan”). The 2016 Equity Incentive Plan provides for the grant of share options to service providers, employees, and office holders of the Company. Awards may be granted under the 2016 Equity Incentive Plan until November 2025, when the 2016 Equity Incentive Plan expires. According to the 2016 Equity Incentive Plan, the aggregate number of Ordinary Shares that may be granted pursuant to awards will not exceed 15 (b) The fair value of options granted was estimated using the Black-Scholes option pricing model, and based on the following assumptions: SCHEDULE OF FAIR VALUE OF OPTIONS GRANTED USING THE BLACK-SCHOLES OPTION PRICING MODEL As of December 31, 2023 2022 Exercise price $ 0.8 0.14 $ 0.28 0.65 Expected volatility 95 90 93 95 Risk-free interest 4.5 3.8 1.5 4.5 Expected life of up to (years) 4.1 4.4 3.5 4.5 The following table summarizes the option activity for the years ended December 31, 2023, and 2022 for options granted to employees, officers, and directors: SCHEDULE OF OPTION ACTIVITY As of December 31, 2023 2022 2021 Number of options Weighted average exercise price Weighted average remaining contractual term. (In years) Number of options Weighted average exercise price Weighted average remaining contractual term. (In years) Number of options Weighted average exercise price Weighted average remaining contractual term. (In years) Outstanding at beginning of period 34,253,216 $ 0.43 5.92 22,860,713 $ 0.5 4.84 24,076,750 $ 0.47 1.61 Granted 2,675,000 13,075,000 3,355,000 Exercised - (33,333 ) (2,707,286 ) Forfeited (1,308,333 ) (1,649,164 ) (1,863,751 ) Outstanding at the end of period 35,619,883 $ 0.13 4.13 34,253,216 $ 0.43 5.92 22,860,713 0.5 4.84 Exercisable at the end of period 23,525,726 19,427,796 14,749,296 (*) The weighted average fair value of options granted during the year ended December 31, 2023, was $ 0.04 As of December 31, 2023, the total unrecognized share-based payment expenses related to nonvested awards was $ 939 3 Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) (c) Options granted during 2021 and 2022. On January 18, 2021, the Company approved an extension to the expiration dates of all the options already granted under the Company’s 2016 Equity Incentive Plan, from three years after each vesting date to seven years starting from the grant date. As a result, the Company recorded an additional expense of $ 15 116 810 During 2021, the Company granted options to purchase 1,480,000 1.33 2.29 0.74 The options vest equally over twelve quarters. 1,875,000 2.29 5.93 0.91 One third of the options vest after one year and the balance of the remaining options vest equally over eight quarters until fully vested. 320 387 313 On May 23, 2022, the Company’s Board of Directors approved a reduction to the exercise price of previously granted options for 27 employees, under the Company’s 2016 Equity Incentive Plan, with an exercise price of NIS 2.29 1 30 39 On August 18, 2022, the Company granted options to five of its senior officers to purchase an aggregate of 4,200,000 1 0.31 The options vest over 12 quarters until fully vested, starting from January 1, 2023. 140 On October 20, 2022, the Company’s shareholders approved grants of options to three members of the Company’s Board of Directors, to the Company’s Vice President of Human Resources and to the Company’s Chief Executive Officer to purchase 400,000 600,000 4,000,000 1 0.28 0.5 0.13 The options vest over 12 quarters until fully vested. 108 6 During 2022, the Company granted options to purchase 1,225,000 2.29 0.72 thereafter reduced to NIS 1, and again reduced to NIS 0.5, with some of the options vesting equally over twelve quarters, and some of the options having a one-year cliff and the remainder vesting equally over eight quarters. 75,000 1.95 0.61 exercise price was thereafter reduced to NIS 0.5, all the options vest on the grant date 1,775,000 1 0.28 exercise price was thereafter reduced to NIS 0.5, with some of the options vesting equally over twelve quarters, and some of the options having a one-year cliff and the remainder vesting equally over eight quarters 89 64 (d) Options granted during 2023. On March 29, 2023, the Company granted options to purchase 375,000 1 0.28 6 Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) On May 31, 2023, the Company’s Board of Directors approved a reduction to the exercise price of previously granted options for all outstanding options previously issued, under the Company’s 2016 Equity Incentive Plan, to an exercise price of NIS 0.5 0.13 211 On July 27, 2023, the Company’s shareholders approved grants of options to two members of the Company’s Board of Directors to each purchase 400,000 0.5 0.13 8 During 2023, the Company granted options to purchase 1,500,000 0.5 0.13 1,225,000 of the options vesting equally over twelve quarters, and 275,000 of the options having a one-year cliff and the remainder vesting equally over eight quarters. 3 (e) Options granted to Eye-Net’s employees. Eye-Net grants its employee’s options to purchase its own shares. Utilizing parameters for calculating Black-Scholes similar to those of Foresight, with the only difference being in the share price and exercise price. On August 19, 2020, the Company’s subsidiary, Eye-Net, granted options to purchase 8,700 100 57 115 135 During 2021, the Company’s subsidiary, Eye-Net, granted options to purchase 4,850 100 4,500 options vests over 36 months, one third of the options vest after one year and the balance of the remaining options vest over eight quarters until fully vested. 350 options vests over 11 quarters until fully vested. 51 96 19 During 2022, the Company’s subsidiary, Eye-Net, granted options to purchase 1,350 The options vest over 36 months, one third of the options vest after one year and the balance of the remaining options vest over eight quarters until fully vested . 450 100 900 200 28 14 During 2023, the Company’s subsidiary, Eye-Net, granted options to purchase 150 The options vest over 36 months, one third of the options vest after one year and the balance of the remaining options vest over eight quarters until fully vested. 200 4 Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) 5. Share Based Compensation Expense: The total share-based compensation expense, related to Ordinary Shares, options granted to employees, directors and service providers was comprised, at each period, as follows: SCHEDULE OF SHARE-BASED COMPENSATION EXPENSE 2023 2022 2021 Year ended December 31, 2023 2022 2021 USD in thousands Cost of revenues 9 25 5 Research and development 849 929 1,161 Sales and Marketing 118 196 169 General and administrative 465 676 1,129 Share-based compensation expense 1,441 1,826 2,464 Less: Share-based compensation expense attributable to non-controlling interests 150 225 154 Share-based compensation expense attributable to Foresight Autonomous Holdings Ltd. 1,291 1,601 2,310 |
GEOGRAPHIC AND SIGNIFICANT CUST
GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Geographic And Significant Customer Information | |
GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION | NOTE 11 - GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION The Company has identified one reportable and operating segment. The results of operations provided to and analyzed by the CODM are at the consolidated level and accordingly, key resources and assessments of performance are performed at the consolidated level. We continue to evaluate our internal reporting structure and the potential impact of any changes on our segment reporting. The following table sets forth reporting revenue information by geographic region: SCHEDULE OF FORTH REPORTING REVENUE INFORMATION 2023 2022 2021 Year ended December 31, 2023 2022 2021 USD in thousands Israel 250 220 - Japan 172 150 - USA 40 165 120 Other ( * 35 15 - Total 497 550 120 (*) No country represented is greater than 10% of the revenues as of the years presented, other than the countries presented above. The following table is a summary of distribution of revenues by main customers: SCHEDULE OF REVENUES MAIN CUSTOMERS 2023 2022 2021 Year ended December 31, 2023 2022 2021 USD in thousands Customer A 250 220 - Customer B 70 - - Customer C - (*) 90 - Customer D - 70 - Customer E - - 120 Customer - - 120 (*) Lower than 10%. Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) |
RESEARCH AND DEVELOMENT, NET
RESEARCH AND DEVELOMENT, NET | 12 Months Ended |
Dec. 31, 2023 | |
Research and Development [Abstract] | |
RESEARCH AND DEVELOMENT, NET | NOTE 12 - RESEARCH AND DEVELOMENT, NET SCHEDULE OF RESEARCH AND DEVELOPMENT, NET 2023 2022 2021 Year ended December 31, 2023 2022 2021 USD in thousands Payroll and related expenses 8,997 8,778 7,556 Subcontracted work and consulting 1,229 1,523 1,751 Share-based payments to service provider 19 57 118 Rent and office maintenance 936 1,068 810 Travel expenses 90 141 44 Other 416 362 309 Less participation in grants (100 ) (395 ) (351 ) Sales of prototypes — — (67 ) Research and development total 11,587 11,534 10,170 |
SALES AND MARKETING
SALES AND MARKETING | 12 Months Ended |
Dec. 31, 2023 | |
Sales And Marketing | |
SALES AND MARKETING | NOTE 13 - SALES AND MARKETING SCHEDULE OF MARKETING AND SALES 2023 2022 2021 Year ended December 31, 2023 2022 2021 USD in thousands Payroll and related expenses 1,076 1,318 1,273 Exhibitions, conventions, and travel expenses 379 302 42 Consultants 416 558 394 Other 68 52 139 Total sales and marketing 1,939 2,230 1,848 |
GENERAL AND ADMINISTRATIVE
GENERAL AND ADMINISTRATIVE | 12 Months Ended |
Dec. 31, 2023 | |
General And Administrative | |
GENERAL AND ADMINISTRATIVE | NOTE 14 - GENERAL AND ADMINISTRATIVE SCHEDULE OF GENERAL AND ADMINISTRATIVE 2023 2022 2021 Year ended December 31, 2023 2022 2021 USD in thousands Payroll and related expenses 1,458 1,756 1,748 Share-based payments to service providers 134 215 268 Professional services 898 1,340 1,207 Directors’ fees and insurance 326 405 494 Travel expenses 15 8 — Rent and office maintenance 196 175 212 Other 92 90 51 Total general and administrative 3,119 3,989 3,980 |
FINANCIAL EXPENSE (INCOME), NET
FINANCIAL EXPENSE (INCOME), NET | 12 Months Ended |
Dec. 31, 2023 | |
Financial Expense Income Net | |
FINANCIAL EXPENSE (INCOME), NET | NOTE 15 - FINANCIAL EXPENSE (INCOME), NET SCHEDULE OF FINANCIAL EXPENSE (INCOME), NET 2023 2022 2021 Year ended December 31, 2023 2022 2021 USD in thousands Mark to Market of securities, net 2,320 2,208 10 Bank interest income (667 ) (189 ) (887 ) Exchange rate differences 456 2,194 (14 ) Other 10 8 (18 ) Financial expense income net, total 2,119 4,221 (909 ) Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) |
TAXES ON INCOME
TAXES ON INCOME | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
TAXES ON INCOME | NOTE 16 - TAXES ON INCOME A. The Company is subject to income taxes under Israeli tax laws: 1. Corporate tax rates in Israel The Israeli corporate tax rate was 23% 2. As of December 31, 2023, the Company generated net operating losses of approximately $ 73,448 3. The Company is still in its development stage and has not yet generated significant revenues; therefore, it is more likely than not that sufficient taxable income will not be available for the tax losses to be utilized in the future. Therefore, a full valuation allowance was recorded. SCHEDULE OF DEFERRED TAX ASSETS 2023 2022 2021 Year Ended December 31, 2023 2022 2021 Deferred tax assets: USD in thousands Operating loss carryforward 73,448 68,870 51,683 Deferred taxes due to carryforward losses 16,893 15,840 11,887 Valuation allowance (16,893 ) (15,840 ) (11,887 ) Net deferred tax asset — — — 4. The Company has no unrecognized tax positions and foreign sources of income. 5. Foresight Autonomous Holdings Ltd. has final tax assessments until and including 2019. Foresight Ltd. And Eye-Net has final tax assessments until and including 2018. 6. Effective tax expense (benefit): The components of loss before tax and a reconciliation of the Company’s income tax expense to the Company’s theoretical statutory tax benefit is as follows: SCHEDULE OF EFFECTIVE TAX EXPENSE (BENIFIT) 2023 2022 2021 Year Ended December 31, 2023 2022 2021 Loss before taxes on income 18,410 21,676 15,036 Israeli statutory income tax rate 23 % 23 % 23 % Theoretical statutory tax benefit 4,234 4,985 3,458 Losses for which a valuation allowance was provided or benefit from loss carryforwards and permanent differences (4,234 ) (4,985 ) (3,458 ) Income tax expense - - - |
TRANSACTIONS AND BALANCES WITH
TRANSACTIONS AND BALANCES WITH INTERESTED AND RELATED PARTIES | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
TRANSACTIONS AND BALANCES WITH INTERESTED AND RELATED PARTIES | NOTE 17 - TRANSACTIONS AND BALANCES WITH INTERESTED AND RELATED PARTIES Parties considered to be related to the Company if the parties directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. As described in note 8A, the Company receives research and development services from Magna in exchange for a monthly payment and share-based payments. These services are preapproved by the board of directors and the general assembly. A Transactions with Magna: SCHEDULE OF RELATED PARTY TRANSACTIONS 2023 2022 2021 Year ended December 31, 2023 2022 2021 USD in thousands Subcontracted work and consulting 436 748 823 Share-based payments to service provider 16 56 118 Total transactions 452 804 941 Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) B Balances with Magna: 2023 2022 As of December 31, 2023 2022 USD in thousands Other accounts payable 42 63 Total balances 42 63 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 18 - SUBSEQUENT EVENTS A. On January 26, 2024, the Company filed a shelf registration statement on Form F-3 with the U.S. Securities and Exchange Commission, enabling the Company to periodically offer up to $ 50,000 B. During February 2024, the Company sold its entire investment in Rail Vision, for aggregate gross proceeds of approximately $ 1,855 6.07 1,848 1,407 C. On January 10, 2024, the Company renewed its main office lease for an additional three years, commencing from April 1, 2024, to March 31, 2027, with the option to further extend the lease for another three years, until March 31, 2030. D. Wave of other accounts payable with Magna for development services – see note 8A. E. The company submitted after the balance sheet date a compensation claim to the Israeli Tax Authority (“ITA”) in the amount of approximately $ 331 199 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation: | A. Basis of Presentation: The financial statements have been prepared in conformity with accounting principles generally accepted in United Sates of America (“U.S. GAAP”). |
Use of estimates in the preparation of financial statements: | B. Use of estimates in the preparation of financial statements: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company’s management believes that the estimates, judgment, and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect reported amounts and disclosures made. Actual results could differ from those estimates. |
Financial statement in U.S. dollars: | C. Financial statement in U.S. dollars: The functional currency of the Company is the U.S. dollar (“dollar” or “USD”) since the dollar is the currency of the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future. Transactions and balances denominated in dollars are presented at their original amounts. Transactions and balances denominated in foreign currencies have been re-measured to dollars in accordance with the provisions of Accounting Standards Codification (“ASC”) 830-10, “Foreign Currency Translation.” All transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statement of comprehensive loss as financial income or expenses, as appropriate. |
Cash and cash equivalents and restricted cash: | D. Cash and cash equivalents and restricted cash: Cash equivalents are short-term highly liquid investments that are readily convertible to cash with maturities of three months or less as of the date acquired. Restricted cash consists of deposits pledged to a bank that provided guarantee in connection with an operating lease. Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) |
Property and equipment: | E. Property and equipment: Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, at the following annual rates: SCHEDULE OF ESTIMATED USEFUL LIVES % Computers and software 15 33 Office furniture and equipment 7 Leasehold improvements Over the shorter of the related lease period or the useful life of the asset |
Fair value of financial instruments: | F. Fair value of financial instruments: The carrying values of cash and cash equivalents, short term deposits, trade receivables, other current receivables, marketable equity securities, trade payables and other accounts payable approximate their fair value due to the short-term maturity of these instruments. ASC 820, “Fair Value Measurements and Disclosures, (“ASC 820”), defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact. The Company also considers assumptions that market participants would use when pricing the asset or liability, such as, inherent risk, transfer restrictions and risk of nonperformance. Hierarchical levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows: Level 1 - Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 - Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable inputs for similar assets or liabilities. These include quoted prices for identical or similar assets or liabilities in active markets and quoted prices for identical or similar assets of liabilities in markets that are not active; Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s investment in equity securities is classified within Level 1 of the fair value hierarchy because its quoted price in active market and no other assets are carried at fair value. |
Marketable equity securities: | G. Marketable equity securities: In accordance with ASC 321, marketable equity securities are recorded at fair value. The fair value is based on quoted price in active market for the same asset. Unrealized gains and losses before the securities are sold are reported in the statement of comprehensive loss as financial income or expenses, as appropriate. |
Non-marketable equity securities: | H. Non-marketable equity securities: In accordance with ASC 321, “investments — Equity Securities”, (“ASC 321”), equity investments without readily determinable fair value can be carried at cost minus impairment, if the measurement alternative was elected. When an observable price change in orderly transactions for the identical or a similar investment of the same issuer has occurred, the Company elects to carry those equity investments at fair value as of the date that the observable price change occurred. Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) |
Leases: | I. Leases: Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the Company’s consolidated balance sheet. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities were recognized based on the present value of the remaining lease payments over the lease term. When the Company’s lease did not provide an implicit rate, the Company used its incremental borrowing rate in determining the present value of lease payments. The implicit rate within the operating leases is generally not reasonably determinable, therefore, the Company uses the Incremental Borrowing Rate (“IBR”) based on the information available at commencement date in determining the present value of lease payments. The Company’s IBR is estimated to approximate the interest rate for collateralized borrowing with similar terms and payments and in economic environments where the leased asset is located. The operating lease ROU asset excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For certain leases, such as real estate assets , the Company accounts for the lease and non-lease components as a single lease component. The Company has made an accounting policy election not to recognize ROU assets and lease liabilities that arise from short-term leases for facilities and equipment. Instead, the Company recognizes the lease payments in the consolidated statement of operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. |
Share-based compensation: | J. Share-based compensation: The Company applies ASC 718-10, “Share-Based Payment,” (“ASC 718-10”), which requires the measurement and recognition of compensation expenses for all share-based payment awards made to employees and directors including share options granted under the Company’s incentive share option plan based on estimated fair values. ASC 718-10 requires companies to estimate the fair value of share-based payment awards on the date of grant. The value of the portion of the share-based payment award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company’s statements of comprehensive loss. The Company’s and the Company’s subsidiary, Eye-Net, granted options are recorded as an Additional Paid in Capital and as Non-Controlling Interest, respectively, in the Consolidated Statements of Changes in Shareholders’ Equity. The Company accounts for share-based compensation expense based on estimated grant date fair value, using the Black-Scholes option-pricing model. The fair value is recognized as an expense in the consolidated financial statements over the requisite service periods. For performance-based grants, the Company recognizes compensation costs for grants that are expected to vest based on whether performance criteria are expected to be met. The determination of fair value and the timing of expense using option pricing models such as the Black-Scholes model require the input of subjective assumptions, including the expected term and the expected price volatility of the underlying share. The Company estimates the expected term assumption using the “simplified” method. In determining the Company’s expected share price volatility assumption, the Company reviews the historical and implied volatility of the Company’s Ordinary Shares. The Company has historically not paid dividends and has no foreseeable plans to issue dividends. The risk-free interest rate is based on the yield from governmental zero-coupon bonds with an equivalent term. Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) |
Basic and diluted net loss per share: | K. Basic and diluted net loss per share: Basic loss per share is calculated by dividing the net loss by the weighted average number of Ordinary Shares outstanding during the year. Diluted loss per share is calculated by dividing the net loss by the weighted average number of Ordinary Shares outstanding plus the number of additional Ordinary Shares that would have been outstanding if all potentially dilutive Ordinary Shares had been issued, using the treasury stock method, in accordance with ASC 260-10, “Earnings per Share.” Potentially dilutive Ordinary Shares were excluded from the diluted loss per share calculation because they were anti-dilutive. The outstanding awards granted to employees (see note 10) were not included in the computation of diluted EPS because their affect would be anti-dilutive. The following table present summarized basic and diluted per Ordinary Share and per ADS: SCHEDULE OF BASIC AND DILUTED PER ORDINARY SHARE AND PER ADS 2023 2022 2021 Year ended December 31 2023 2022 2021 Net loss 18,410 21,676 15,036 Basic and diluted loss per Ordinary Share (in USD) (0.06 ) (0.07 ) (0.05 ) Basic and diluted loss per ADS (in USD) (*) (1.8 ) (2.1 ) (1.5 ) Weighted average number of Ordinary Shares outstanding used in computing basic and diluted loss per share - in thousands 331,350 322,817 321,356 Weighted average number of ADSs outstanding used in computing basic and diluted loss per ADS - in thousands 11,045 10,761 10,712 (*) On April 21, 2023, the Company changed the ratio of its ADSs to its Ordinary Shares no par value per share, from the former ADS Ratio of one (1) ADSs to five (5) Ordinary Shares, to a new ADS Ratio one (1) ADS to thirty (30) Ordinary Shares. For all the periods presented, basic and diluted loss per ADS have been retrospectively adjusted. |
Revenue recognition: | L. Revenue recognition: The Company applies ASC 606 “Revenue from contracts with customers” (“ASC 606”). Under ASC 606, revenue is measured as the amount of consideration the Company expects to be entitled to, in exchange for transferring products or providing services to its customers and is recognized when or as performance obligations under the terms of contracts with the Company’s customers are satisfied. ASC 606 prescribes a five-step model for recognizing revenue from contracts with customers: (i) identify contract(s) with the customer; (ii) identify the separate performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the separate performance obligations in the contract; and (v) recognize revenue when (or as) each performance obligation is satisfied. At contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses whether the goods or services promised within each contract are distinct and, therefore, represent a separate performance obligation. Goods and services that are determined not to be distinct are combined with other promised goods and services. The Company then allocates the transaction price (the amount of consideration the Company expects to be entitled to from a customer in exchange for the promised goods or services) to each performance obligation and recognizes the associated revenue when (or as) each performance obligation is satisfied. |
Research and development expenses, net: | M. Research and development expenses, net: Pursuant to ASC 985-20, “Software - Costs of Software to be Sold, Leased, or Marketed”, development costs related to software products are expensed as incurred until the “technological feasibility” of the product has been established. Because of the relatively short time period between “technological feasibility” and product release, and the insignificant amount of costs incurred during such period, no software development costs have been capitalized. Research and development expenses are charged to the statement of comprehensive loss as incurred. Non-royalty-bearing grants for funding approved research and development projects are recognized at the time the Company is entitled to such grants, on the basis of the costs incurred and applied as a deduction from research and development expenses. Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) |
Recent Accounting Standards | N. Recent Accounting Standards In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) – “Improvements to Income Tax Disclosures”. The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this ASU are required to be adopted starting January 1, 2025. Early adoption is permitted, and the amendments should be applied on a prospective basis. The Company is currently evaluating the effect of adopting the ASU on its disclosures. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
SCHEDULE OF ESTIMATED USEFUL LIVES | SCHEDULE OF ESTIMATED USEFUL LIVES % Computers and software 15 33 Office furniture and equipment 7 Leasehold improvements Over the shorter of the related lease period or the useful life of the asset |
SCHEDULE OF BASIC AND DILUTED PER ORDINARY SHARE AND PER ADS | The following table present summarized basic and diluted per Ordinary Share and per ADS: SCHEDULE OF BASIC AND DILUTED PER ORDINARY SHARE AND PER ADS 2023 2022 2021 Year ended December 31 2023 2022 2021 Net loss 18,410 21,676 15,036 Basic and diluted loss per Ordinary Share (in USD) (0.06 ) (0.07 ) (0.05 ) Basic and diluted loss per ADS (in USD) (*) (1.8 ) (2.1 ) (1.5 ) Weighted average number of Ordinary Shares outstanding used in computing basic and diluted loss per share - in thousands 331,350 322,817 321,356 Weighted average number of ADSs outstanding used in computing basic and diluted loss per ADS - in thousands 11,045 10,761 10,712 (*) On April 21, 2023, the Company changed the ratio of its ADSs to its Ordinary Shares no par value per share, from the former ADS Ratio of one (1) ADSs to five (5) Ordinary Shares, to a new ADS Ratio one (1) ADS to thirty (30) Ordinary Shares. For all the periods presented, basic and diluted loss per ADS have been retrospectively adjusted. |
INVESTMENT IN EQUITY SECURITI_2
INVESTMENT IN EQUITY SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
SCHEDULE OF RECONCILIATION OF OPENING AND CLOSING BALANCE OF INVESTMENT IN EQUITY SECURITIES | The reconciliation of the opening and closing fair value balance of the investment in equity securities instruments is provided below: SCHEDULE OF RECONCILIATION OF OPENING AND CLOSING BALANCE OF INVESTMENT IN EQUITY SECURITIES Opening Balance December 31, 2021 $ 4,011 Changes during 2022: Revaluation to fair value through profit or loss (2,208 ) Investment in equity securities 715 Conversion of SAFE to equity securities 286 Opening Balance December 31, 2022 $ 2,804 Changes during 2023: Revaluation to fair value through profit or loss (2,333 ) Closing Balance December 31, 2023 $ 471 |
OTHER CURRENT RECEIVABLES (Tabl
OTHER CURRENT RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
SCHEDULE OF OTHER CURRENT RECEIVABLES | SCHEDULE OF OTHER CURRENT RECEIVABLES 2023 2022 December 31, 2023 2022 USD in thousands Governmental institutes 224 225 Prepaid expenses 147 380 Grants receivables ( * 134 117 Other receivables 26 120 Other current receivables 531 842 (*) In 2023, the Company received a grant in an aggregate amount of approximately $ 87 134 100 395 |
FIXED ASSETS, NET (Tables)
FIXED ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
SCHEDULE OF FIXED ASSETS, NET | SCHEDULE OF FIXED ASSETS, NET 2023 2022 December 31, 2023 2022 USD in thousands Cost: Computers and software 945 839 Office furniture and equipment 345 356 Leasehold improvements 488 479 Fixed assets, gross 1,778 1,674 Less – accumulated depreciation 1,317 1,076 Fixed assets, net 461 598 |
OTHER CURRENT PAYABLES (Tables)
OTHER CURRENT PAYABLES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF OTHER CURRENT PAYABLES | SCHEDULE OF OTHER CURRENT PAYABLES 2023 2022 December 31, 2023 2022 USD in thousands Employees and related expenses 1,385 1,493 Accrued expenses 163 299 Other current payables 1,548 1,792 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO OPERATING LEASES | Supplemental cash flow information related to operating leases was as follows: SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO OPERATING LEASES Year Ended December 31, 2023 2022 2021 Cash payments for operating leases $ 537 $ 550 $ 460 Lease operating expenses $ 562 $ 588 $ 480 New operating lease assets obtained in exchange for operating lease liabilities $ 154 $ — $ 1,824 |
SCHEDULE OF FUTURE LEASE PAYMENTS UNDER OPERATING LEASES | SCHEDULE OF FUTURE LEASE PAYMENTS UNDER OPERATING LEASES Operating Leases 2024 $ 536 2025 520 2026 482 2027 211 Total future lease payments 1,749 Less imputed interest (118 ) Total lease liability balance $ 1,631 |
SHAREHOLDERS_ EQUITY (Tables)
SHAREHOLDERS’ EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
SCHEDULE OF FAIR VALUE OF OPTIONS GRANTED USING THE BLACK-SCHOLES OPTION PRICING MODEL | SCHEDULE OF FAIR VALUE OF OPTIONS GRANTED USING THE BLACK-SCHOLES OPTION PRICING MODEL As of December 31, 2023 2022 Exercise price $ 0.8 0.14 $ 0.28 0.65 Expected volatility 95 90 93 95 Risk-free interest 4.5 3.8 1.5 4.5 Expected life of up to (years) 4.1 4.4 3.5 4.5 |
SCHEDULE OF OPTION ACTIVITY | The following table summarizes the option activity for the years ended December 31, 2023, and 2022 for options granted to employees, officers, and directors: SCHEDULE OF OPTION ACTIVITY As of December 31, 2023 2022 2021 Number of options Weighted average exercise price Weighted average remaining contractual term. (In years) Number of options Weighted average exercise price Weighted average remaining contractual term. (In years) Number of options Weighted average exercise price Weighted average remaining contractual term. (In years) Outstanding at beginning of period 34,253,216 $ 0.43 5.92 22,860,713 $ 0.5 4.84 24,076,750 $ 0.47 1.61 Granted 2,675,000 13,075,000 3,355,000 Exercised - (33,333 ) (2,707,286 ) Forfeited (1,308,333 ) (1,649,164 ) (1,863,751 ) Outstanding at the end of period 35,619,883 $ 0.13 4.13 34,253,216 $ 0.43 5.92 22,860,713 0.5 4.84 Exercisable at the end of period 23,525,726 19,427,796 14,749,296 (*) The weighted average fair value of options granted during the year ended December 31, 2023, was $ 0.04 |
SCHEDULE OF SHARE-BASED COMPENSATION EXPENSE | The total share-based compensation expense, related to Ordinary Shares, options granted to employees, directors and service providers was comprised, at each period, as follows: SCHEDULE OF SHARE-BASED COMPENSATION EXPENSE 2023 2022 2021 Year ended December 31, 2023 2022 2021 USD in thousands Cost of revenues 9 25 5 Research and development 849 929 1,161 Sales and Marketing 118 196 169 General and administrative 465 676 1,129 Share-based compensation expense 1,441 1,826 2,464 Less: Share-based compensation expense attributable to non-controlling interests 150 225 154 Share-based compensation expense attributable to Foresight Autonomous Holdings Ltd. 1,291 1,601 2,310 |
GEOGRAPHIC AND SIGNIFICANT CU_2
GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Geographic And Significant Customer Information | |
SCHEDULE OF FORTH REPORTING REVENUE INFORMATION | The following table sets forth reporting revenue information by geographic region: SCHEDULE OF FORTH REPORTING REVENUE INFORMATION 2023 2022 2021 Year ended December 31, 2023 2022 2021 USD in thousands Israel 250 220 - Japan 172 150 - USA 40 165 120 Other ( * 35 15 - Total 497 550 120 (*) No country represented is greater than 10% of the revenues as of the years presented, other than the countries presented above. |
SCHEDULE OF REVENUES MAIN CUSTOMERS | The following table is a summary of distribution of revenues by main customers: SCHEDULE OF REVENUES MAIN CUSTOMERS 2023 2022 2021 Year ended December 31, 2023 2022 2021 USD in thousands Customer A 250 220 - Customer B 70 - - Customer C - (*) 90 - Customer D - 70 - Customer E - - 120 Customer - - 120 (*) Lower than 10%. |
RESEARCH AND DEVELOMENT, NET (T
RESEARCH AND DEVELOMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Research and Development [Abstract] | |
SCHEDULE OF RESEARCH AND DEVELOPMENT, NET | SCHEDULE OF RESEARCH AND DEVELOPMENT, NET 2023 2022 2021 Year ended December 31, 2023 2022 2021 USD in thousands Payroll and related expenses 8,997 8,778 7,556 Subcontracted work and consulting 1,229 1,523 1,751 Share-based payments to service provider 19 57 118 Rent and office maintenance 936 1,068 810 Travel expenses 90 141 44 Other 416 362 309 Less participation in grants (100 ) (395 ) (351 ) Sales of prototypes — — (67 ) Research and development total 11,587 11,534 10,170 |
SALES AND MARKETING (Tables)
SALES AND MARKETING (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Sales And Marketing | |
SCHEDULE OF MARKETING AND SALES | SCHEDULE OF MARKETING AND SALES 2023 2022 2021 Year ended December 31, 2023 2022 2021 USD in thousands Payroll and related expenses 1,076 1,318 1,273 Exhibitions, conventions, and travel expenses 379 302 42 Consultants 416 558 394 Other 68 52 139 Total sales and marketing 1,939 2,230 1,848 |
GENERAL AND ADMINISTRATIVE (Tab
GENERAL AND ADMINISTRATIVE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
General And Administrative | |
SCHEDULE OF GENERAL AND ADMINISTRATIVE | SCHEDULE OF GENERAL AND ADMINISTRATIVE 2023 2022 2021 Year ended December 31, 2023 2022 2021 USD in thousands Payroll and related expenses 1,458 1,756 1,748 Share-based payments to service providers 134 215 268 Professional services 898 1,340 1,207 Directors’ fees and insurance 326 405 494 Travel expenses 15 8 — Rent and office maintenance 196 175 212 Other 92 90 51 Total general and administrative 3,119 3,989 3,980 |
FINANCIAL EXPENSE (INCOME), N_2
FINANCIAL EXPENSE (INCOME), NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Expense Income Net | |
SCHEDULE OF FINANCIAL EXPENSE (INCOME), NET | SCHEDULE OF FINANCIAL EXPENSE (INCOME), NET 2023 2022 2021 Year ended December 31, 2023 2022 2021 USD in thousands Mark to Market of securities, net 2,320 2,208 10 Bank interest income (667 ) (189 ) (887 ) Exchange rate differences 456 2,194 (14 ) Other 10 8 (18 ) Financial expense income net, total 2,119 4,221 (909 ) |
TAXES ON INCOME (Tables)
TAXES ON INCOME (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF DEFERRED TAX ASSETS | SCHEDULE OF DEFERRED TAX ASSETS 2023 2022 2021 Year Ended December 31, 2023 2022 2021 Deferred tax assets: USD in thousands Operating loss carryforward 73,448 68,870 51,683 Deferred taxes due to carryforward losses 16,893 15,840 11,887 Valuation allowance (16,893 ) (15,840 ) (11,887 ) Net deferred tax asset — — — |
SCHEDULE OF EFFECTIVE TAX EXPENSE (BENIFIT) | SCHEDULE OF EFFECTIVE TAX EXPENSE (BENIFIT) 2023 2022 2021 Year Ended December 31, 2023 2022 2021 Loss before taxes on income 18,410 21,676 15,036 Israeli statutory income tax rate 23 % 23 % 23 % Theoretical statutory tax benefit 4,234 4,985 3,458 Losses for which a valuation allowance was provided or benefit from loss carryforwards and permanent differences (4,234 ) (4,985 ) (3,458 ) Income tax expense - - - |
TRANSACTIONS AND BALANCES WIT_2
TRANSACTIONS AND BALANCES WITH INTERESTED AND RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF RELATED PARTY TRANSACTIONS | SCHEDULE OF RELATED PARTY TRANSACTIONS 2023 2022 2021 Year ended December 31, 2023 2022 2021 USD in thousands Subcontracted work and consulting 436 748 823 Share-based payments to service provider 16 56 118 Total transactions 452 804 941 Foresight Autonomous Holdings Ltd. Notes to the consolidated financial statements (Dollars in thousands, except per share data) B Balances with Magna: 2023 2022 As of December 31, 2023 2022 USD in thousands Other accounts payable 42 63 Total balances 42 63 |
GENERAL (Details Narrative)
GENERAL (Details Narrative) - shares | 12 Months Ended | |
Jan. 05, 2016 | Dec. 31, 2023 | |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
American depository shares, description | The ADSs are listed on The Nasdaq Capital Market, and the ratio of the Company’s Ordinary Shares to ADSs is 30:1 | |
Ordinary shares issued, percentage | 64.50% | |
Magna [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Ordinary shares issued | 35,884,116 | |
Ordinary shares issued, percentage | 7.53% | |
Foresight Ltd [Member] | ||
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items] | ||
Percentage of acquisition | 100% |
SCHEDULE OF ESTIMATED USEFUL LI
SCHEDULE OF ESTIMATED USEFUL LIVES (Details) | Dec. 31, 2023 |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives of assets, annual rates | 7% |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration] | Useful Life, Lease Term [Member] |
Minimum [Member] | Computers and Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives of assets, annual rates | 15% |
Maximum [Member] | Computers and Software [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives of assets, annual rates | 33% |
SCHEDULE OF BASIC AND DILUTED P
SCHEDULE OF BASIC AND DILUTED PER ORDINARY SHARE AND PER ADS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Accounting Policies [Abstract] | ||||
Net loss | $ 18,410 | $ 21,676 | $ 15,036 | |
Basic loss per Ordinary Share (in USD) | $ (0.06) | $ (0.07) | $ (0.05) | |
Diluted loss per Ordinary Share (in USD) | (0.06) | (0.07) | (0.05) | |
Basic loss per ADS (in USD) | [1] | (1.8) | (2.1) | (1.5) |
Diluted loss per ADS (in USD) | [1] | $ (1.8) | $ (2.1) | $ (1.5) |
Weighted average number of Ordinary Shares outstanding used in computing basic loss per share | 331,350 | 322,817 | 321,356 | |
Weighted average number of Ordinary Shares outstanding used in computing diluted loss per share | 331,350 | 322,817 | 321,356 | |
Weighted average number of ADSs outstanding used in computing basic loss per ADS | 11,045 | 10,761 | 10,712 | |
Weighted average number of ADSs outstanding used in computing diluted loss per ADS | 11,045 | 10,761 | 10,712 | |
[1]On April 21, 2023, the Company changed the ratio of its ADSs to its Ordinary Shares no par value per share, from the former ADS Ratio of one (1) ADSs to five (5) Ordinary Shares, to a new ADS Ratio one (1) ADS to thirty (30) Ordinary Shares. For all the periods presented, basic and diluted loss per ADS have been retrospectively adjusted. |
SCHEDULE OF RECONCILIATION OF O
SCHEDULE OF RECONCILIATION OF OPENING AND CLOSING BALANCE OF INVESTMENT IN EQUITY SECURITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |||
Opening Balance December 31, 2022 | $ 2,804 | $ 4,011 | |
Revaluation to fair value through profit or loss | (2,333) | (2,208) | |
Investment in equity securities | 715 | ||
Conversion of SAFE to equity securities | 286 | ||
Closing Balance December 31, 2023 | $ 471 | $ 2,804 | $ 4,011 |
INVESTMENT IN EQUITY SECURITI_3
INVESTMENT IN EQUITY SECURITIES (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Apr. 04, 2022 | Feb. 29, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 31, 2022 | |
Subsequent Event [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Selling fees | $ 1,848 | |||||
Finance income | $ 1,407 | $ 1,407 | ||||
Rail Vision [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Percentage of issued and outstanding | 10.20% | 15.39% | ||||
Percentage of diluted basis | 6.94% | 12.25% | ||||
Simple Agreement For Future Equity [Member] | IPO [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Additional shares invested | $ 715 | |||||
Simple Agreement For Future Equity [Member] | Rail Vision [Member] | ||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||||
Investments | $ 286 |
SCHEDULE OF OTHER CURRENT RECEI
SCHEDULE OF OTHER CURRENT RECEIVABLES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Governmental institutes | $ 224 | $ 225 | |
Prepaid expenses | 147 | 380 | |
Grants receivables () | [1] | 134 | 117 |
Other receivables | 26 | 120 | |
Other current receivables | $ 531 | $ 842 | |
[1]In 2023, the Company received a grant in an aggregate amount of approximately $ 87 134 100 395 |
SCHEDULE OF OTHER CURRENT REC_2
SCHEDULE OF OTHER CURRENT RECEIVABLES (Details) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Research and development expense | $ 11,587 | $ 11,534 | $ 10,170 |
European Horizon2020 [Member] | |||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||
Award received | 87 | ||
Grant receivable | 134 | ||
Research and development expense | $ 100 | $ 395 |
SCHEDULE OF FIXED ASSETS, NET (
SCHEDULE OF FIXED ASSETS, NET (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 1,778 | $ 1,674 |
Less – accumulated depreciation | 1,317 | 1,076 |
Fixed assets, net | 461 | 598 |
Software Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | 945 | 839 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | 345 | 356 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 488 | $ 479 |
FIXED ASSETS, NET (Details Narr
FIXED ASSETS, NET (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 263 | $ 218 | $ 159 |
EMPLOYEE RIGHTS UPON RETIREME_2
EMPLOYEE RIGHTS UPON RETIREMENT (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Retirement Benefits, Description | Pursuant to section 14 of the Israeli Severance Pay Law, 5723-1963, the Company’s employees covered under this section are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, made in their name with pension companies. | ||
Defined contribution postretirement benefit plans | $ 1,098 | $ 1,065 | $ 876 |
SCHEDULE OF OTHER CURRENT PAYAB
SCHEDULE OF OTHER CURRENT PAYABLES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Employees and related expenses | $ 1,385 | $ 1,493 |
Accrued expenses | 163 | 299 |
Other current payables | $ 1,548 | $ 1,792 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES LIABILITIES (Details Narrative) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 18, 2023 USD ($) | Dec. 18, 2023 ILS (₪) | Jan. 30, 2022 USD ($) | Jan. 30, 2022 ILS (₪) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 27, 2024 USD ($) | |
Related Party Transaction [Line Items] | ||||||||
Research and development expenses, net | $ 11,587 | $ 11,534 | $ 10,170 | |||||
Fund gross | $ 5,000 | |||||||
Royalty, description | Magna obtained grants from the Israeli Innovation Authority (the “IIA”) for participation in research and development programs for the years 2011 through 2013, and, in return, further to an acquisition transaction between the Company and Magna, the Company is obligated to pay royalties amounting to 3% to 5% of its future sales up to the amount of the grant. | |||||||
Grants receivable | $ 620 | $ 603 | ||||||
Magna [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Research and development expenses, net | $ 19 | ₪ 70,000 | $ 63 | ₪ 235,000 | ||||
Magna [Member] | Subsequent Event [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Waived amount | $ 42 |
SCHEDULE OF SUPPLEMENTAL CASH F
SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO OPERATING LEASES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases | |||
Cash payments for operating leases | $ 537 | $ 550 | $ 460 |
Lease operating expenses | 562 | 588 | 480 |
New operating lease assets obtained in exchange for operating lease liabilities | $ 154 | $ 1,824 |
SCHEDULE OF FUTURE LEASE PAYMEN
SCHEDULE OF FUTURE LEASE PAYMENTS UNDER OPERATING LEASES (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases | |
2024 | $ 536 |
2025 | 520 |
2026 | 482 |
2027 | 211 |
Total future lease payments | 1,749 |
Less imputed interest | (118) |
Total lease liability balance | $ 1,631 |
LEASES (Details Narrative)
LEASES (Details Narrative) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Operating leases term, description | The Company and its subsidiaries, Foresight Ltd. and Eye Net, currently have 3-year leases for their offices with options to extend the leases for another 3 years. The lease for Foresight Ltd. and Eye Net ends on March 31, 2027, and December 15, 2027, respectively. The Company also currently leases several vehicles, each for a term of 3 years. The Company has no finance leases. |
Operating leases, option to extend | options to extend the leases for another 3 years. |
Operating leases weighted average remaining lease term | 2 years 2 months 12 days |
Weighted average discount rate | 5.20% |
SCHEDULE OF FAIR VALUE OF OPTIO
SCHEDULE OF FAIR VALUE OF OPTIONS GRANTED USING THE BLACK-SCHOLES OPTION PRICING MODEL (Details) - Employee Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Minimum [Member] | ||
Exercise price | $ 0.8 | $ 0.28 |
Expected volatility | 95% | 93% |
Risk-free interest | 4.50% | 1.50% |
Expected life of up to (years) | 4 years 1 month 6 days | 3 years 6 months |
Maximum [Member] | ||
Exercise price | $ 0.14 | $ 0.65 |
Expected volatility | 90% | 95% |
Risk-free interest | 3.80% | 4.50% |
Expected life of up to (years) | 4 years 4 months 24 days | 4 years 6 months |
SCHEDULE OF OPTION ACTIVITY (De
SCHEDULE OF OPTION ACTIVITY (Details) - Employee Stock [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Option Indexed to Issuer's Equity [Line Items] | ||||
Number of options, outstanding at beginning of period | 34,253,216 | 22,860,713 | 24,076,750 | |
Weighted average exercise price, outstanding at beginning of period | $ 0.43 | $ 0.5 | $ 0.47 | |
Weighted average remaining contractual term (in years), outstanding at the end of period | 4 years 1 month 17 days | 5 years 11 months 1 day | 4 years 10 months 2 days | 1 year 7 months 9 days |
Number of options, outstanding at beginning of period | 2,675,000 | 13,075,000 | 3,355,000 | |
Number of options, outstanding at beginning of period | (33,333) | (2,707,286) | ||
Number of options, outstanding at beginning of period | (1,308,333) | (1,649,164) | (1,863,751) | |
Number of options, outstanding at beginning of period | 35,619,883 | 34,253,216 | 22,860,713 | 24,076,750 |
Weighted average exercise price, outstanding at beginning of period | $ 0.13 | $ 0.43 | $ 0.5 | $ 0.47 |
Number of options, outstanding at beginning of period | 23,525,726 | 19,427,796 | 14,749,296 |
SCHEDULE OF OPTION ACTIVITY (_2
SCHEDULE OF OPTION ACTIVITY (Details) (Parenthetical) | 12 Months Ended |
Dec. 31, 2023 $ / shares | |
Employee Stock [Member] | |
Subsidiary, Sale of Stock [Line Items] | |
Weighted average fair value of options granted | $ 0.04 |
SCHEDULE OF SHARE-BASED COMPENS
SCHEDULE OF SHARE-BASED COMPENSATION EXPENSE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based compensation expense | $ 1,441 | $ 1,826 | $ 2,464 |
Less: Share-based compensation expense attributable to non-controlling interests | 150 | 225 | 154 |
Share-based compensation expense attributable to Foresight Autonomous Holdings Ltd. | 1,291 | 1,601 | 2,310 |
Cost of Sales [Member] | |||
Share-based compensation expense | 9 | 25 | 5 |
Research and Development Expense [Member] | |||
Share-based compensation expense | 849 | 929 | 1,161 |
Selling and Marketing Expense [Member] | |||
Share-based compensation expense | 118 | 196 | 169 |
General and Administrative Expense [Member] | |||
Share-based compensation expense | $ 465 | $ 676 | $ 1,129 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 11, 2023 USD ($) $ / shares shares | Oct. 20, 2022 $ / shares shares | Aug. 18, 2022 $ / shares shares | Dec. 30, 2021 $ / shares shares | Mar. 25, 2021 $ / shares shares | Jan. 22, 2021 USD ($) $ / shares shares | Jan. 18, 2021 $ / shares shares | Nov. 12, 2020 $ / shares shares | Aug. 19, 2020 $ / shares shares | Jul. 16, 2020 $ / shares shares | Jul. 27, 2023 $ / shares shares | Mar. 29, 2023 $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2023 ₪ / shares | Jul. 27, 2023 ₪ / shares | May 31, 2023 $ / shares | May 31, 2023 ₪ / shares | Mar. 29, 2023 ₪ / shares | Dec. 31, 2022 ₪ / shares | Oct. 20, 2022 ₪ / shares | Aug. 18, 2022 ₪ / shares | May 23, 2022 ₪ / shares | Dec. 31, 2021 ₪ / shares | Dec. 30, 2021 ₪ / shares | Mar. 25, 2021 ₪ / shares | Jan. 18, 2021 ₪ / shares | Nov. 12, 2020 ₪ / shares | Jul. 16, 2020 ₪ / shares | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Net proceeds after deducting closing costs and fees | $ 4,181 | $ 13,508 | |||||||||||||||||||||||||||||
Share based compensation expense | 1,291 | $ 1,601 | $ 2,310 | ||||||||||||||||||||||||||||
Unrecognized share based payment expenses | $ 939 | ||||||||||||||||||||||||||||||
Unrecognized share based payment expenses period | 3 years | ||||||||||||||||||||||||||||||
Employee One [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Number of options purchased | shares | 1,225,000 | 1,480,000 | |||||||||||||||||||||||||||||
Option exercise price | (per share) | $ 0.72 | $ 0.74 | ₪ 2.29 | ||||||||||||||||||||||||||||
Option vesting period, description | The options vest equally over twelve quarters. | ||||||||||||||||||||||||||||||
Employee One [Member] | Eye-Net Mobile Ltd [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Number of options purchased | shares | 450 | ||||||||||||||||||||||||||||||
Option exercise price | $ / shares | $ 100 | ||||||||||||||||||||||||||||||
Employee Two [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | $ 89 | $ 64 | |||||||||||||||||||||||||||||
Number of options purchased | shares | 75,000 | 1,875,000 | |||||||||||||||||||||||||||||
Option exercise price | (per share) | $ 0.61 | $ 0.91 | 1.95 | ||||||||||||||||||||||||||||
Option vesting period, description | exercise price was thereafter reduced to NIS 0.5, all the options vest on the grant date | One third of the options vest after one year and the balance of the remaining options vest equally over eight quarters until fully vested. | |||||||||||||||||||||||||||||
Employee Two [Member] | Eye-Net Mobile Ltd [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | 51 | $ 96 | $ 19 | ||||||||||||||||||||||||||||
Number of options purchased | shares | 900 | ||||||||||||||||||||||||||||||
Option exercise price | $ / shares | $ 200 | ||||||||||||||||||||||||||||||
Employees [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | 320 | $ 387 | 313 | ||||||||||||||||||||||||||||
Employees [Member] | Eye-Net Mobile Ltd [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | $ 57 | $ 115 | $ 135 | ||||||||||||||||||||||||||||
Number of options purchased | shares | 8,700 | 150 | 1,350 | 4,850 | |||||||||||||||||||||||||||
Option exercise price | $ / shares | $ 100 | $ 100 | |||||||||||||||||||||||||||||
Option vesting period, description | The options vest over 36 months, one third of the options vest after one year and the balance of the remaining options vest over eight quarters until fully vested . | 4,500 options vests over 36 months, one third of the options vest after one year and the balance of the remaining options vest over eight quarters until fully vested. 350 options vests over 11 quarters until fully vested. | |||||||||||||||||||||||||||||
Five Senior Officers [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | $ 140 | ||||||||||||||||||||||||||||||
Number of options purchased | shares | 4,200,000 | ||||||||||||||||||||||||||||||
Option exercise price | (per share) | $ 0.31 | ₪ 1 | |||||||||||||||||||||||||||||
Option vesting period, description | The options vest over 12 quarters until fully vested, starting from January 1, 2023. | ||||||||||||||||||||||||||||||
Board of Directors Three [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | 108 | $ 6 | |||||||||||||||||||||||||||||
Number of options purchased | shares | 400,000 | ||||||||||||||||||||||||||||||
Option exercise price | (per share) | $ 0.13 | ₪ 0.5 | |||||||||||||||||||||||||||||
Vice President [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Number of options purchased | shares | 600,000 | ||||||||||||||||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Number of options purchased | shares | 4,000,000 | ||||||||||||||||||||||||||||||
Three Board of Directors, Chief Executive Officer and Vice President [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Option exercise price | (per share) | $ 0.28 | ₪ 1 | |||||||||||||||||||||||||||||
Option vesting period, description | The options vest over 12 quarters until fully vested. | thereafter reduced to NIS 1, and again reduced to NIS 0.5, with some of the options vesting equally over twelve quarters, and some of the options having a one-year cliff and the remainder vesting equally over eight quarters. | |||||||||||||||||||||||||||||
Employee Three [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Number of options purchased | shares | 1,775,000 | ||||||||||||||||||||||||||||||
Option exercise price | (per share) | $ 0.28 | ₪ 1 | |||||||||||||||||||||||||||||
Option vesting period, description | exercise price was thereafter reduced to NIS 0.5, with some of the options vesting equally over twelve quarters, and some of the options having a one-year cliff and the remainder vesting equally over eight quarters | ||||||||||||||||||||||||||||||
Employee Three [Member] | Eye-Net Mobile Ltd [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | $ 28 | $ 14 | |||||||||||||||||||||||||||||
Option exercise price | $ / shares | $ 200 | ||||||||||||||||||||||||||||||
Options Granted 2023 [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | $ 6 | ||||||||||||||||||||||||||||||
Number of options purchased | shares | 375,000 | ||||||||||||||||||||||||||||||
Option exercise price | (per share) | $ 0.28 | ₪ 1 | |||||||||||||||||||||||||||||
Employees One [Member] | Eye-Net Mobile Ltd [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Option vesting period, description | The options vest over 36 months, one third of the options vest after one year and the balance of the remaining options vest over eight quarters until fully vested. | ||||||||||||||||||||||||||||||
Employee Four [Member] | Eye-Net Mobile Ltd [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | $ 4 | ||||||||||||||||||||||||||||||
2016 Equity Incentive Plan [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | $ 211 | ||||||||||||||||||||||||||||||
Option exercise price | (per share) | $ 0.13 | ₪ 0.5 | |||||||||||||||||||||||||||||
Percentage of capital on fully diluted basis | 15% | ||||||||||||||||||||||||||||||
2016 Equity Incentive Plan [Member] | Twenty Seven Employees [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | $ 30 | 39 | |||||||||||||||||||||||||||||
Equity Incentive Plan [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | 15 | $ 116 | $ 810 | ||||||||||||||||||||||||||||
Options Granted 2023 [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | 8 | ||||||||||||||||||||||||||||||
Number of options purchased | shares | 400,000 | ||||||||||||||||||||||||||||||
Option exercise price | (per share) | $ 0.13 | ₪ 0.5 | |||||||||||||||||||||||||||||
Options Granted 2023 [Member] | Employees One [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | $ 3 | ||||||||||||||||||||||||||||||
Number of options purchased | shares | 1,500,000 | ||||||||||||||||||||||||||||||
Option exercise price | (per share) | $ 0.13 | ₪ 0.5 | |||||||||||||||||||||||||||||
Option vesting period, description | 1,225,000 of the options vesting equally over twelve quarters, and 275,000 of the options having a one-year cliff and the remainder vesting equally over eight quarters. | ||||||||||||||||||||||||||||||
Minimum [Member] | Employee One [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Option exercise price | ₪ / shares | ₪ 1.33 | ||||||||||||||||||||||||||||||
Minimum [Member] | Employee Two [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Option exercise price | ₪ / shares | 2.29 | ||||||||||||||||||||||||||||||
Minimum [Member] | 2016 Equity Incentive Plan [Member] | Twenty Seven Employees [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Option exercise price | ₪ / shares | ₪ 2.29 | ||||||||||||||||||||||||||||||
Maximum [Member] | Employee One [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Option exercise price | ₪ / shares | 2.29 | ||||||||||||||||||||||||||||||
Maximum [Member] | Employee Two [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Option exercise price | ₪ / shares | ₪ 5.93 | ||||||||||||||||||||||||||||||
Maximum [Member] | 2016 Equity Incentive Plan [Member] | Twenty Seven Employees [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Option exercise price | ₪ / shares | ₪ 1 | ||||||||||||||||||||||||||||||
Shares Granted To Service Providers [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Shares issued to service provider | shares | 320,000 | 220,000 | |||||||||||||||||||||||||||||
Shares Granted To Service Providers [Member] | General and Administrative Expense [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | $ 68 | $ 153 | |||||||||||||||||||||||||||||
January 2021 Sales Agreement [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Issuance of ordinary shares | shares | 6,891,720 | ||||||||||||||||||||||||||||||
Description of ratio | 6,891,720 Ordinary Shares, under the former ADSs ratio of 1:5 which translates to 229,724 ADSs under the new ratio of 1:30 | ||||||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Issuance of ordinary shares | shares | 135,000,000 | 136,798,500 | [1] | 6,891,720 | |||||||||||||||||||||||||||
Common Stock [Member] | January 2021 Sales Agreement [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Issuance of ordinary shares | shares | 1,798,500 | ||||||||||||||||||||||||||||||
Description of ratio | 1,798,500 Ordinary Shares, under the new ADSs ratio of 1:30 | ||||||||||||||||||||||||||||||
Warrant [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Risk-free interest | 0.687% | ||||||||||||||||||||||||||||||
Dividend yields | 0% | ||||||||||||||||||||||||||||||
Warrant [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Expected volatility | 92.87% | ||||||||||||||||||||||||||||||
Expected life of up to (years) | 4 years 3 months | ||||||||||||||||||||||||||||||
Warrant [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Expected volatility | 93.41% | ||||||||||||||||||||||||||||||
Expected life of up to (years) | 4 years 4 months 13 days | ||||||||||||||||||||||||||||||
American Depository Shares [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Gross proceeds from direct offering | $ 4,500 | ||||||||||||||||||||||||||||||
Issuance of ordinary shares | shares | 4,500,000 | ||||||||||||||||||||||||||||||
Share price | $ / shares | $ 1 | ||||||||||||||||||||||||||||||
Net proceeds after deducting closing costs and fees | $ 4,046 | ||||||||||||||||||||||||||||||
Issuance of ordinary shares | shares | 229,724 | ||||||||||||||||||||||||||||||
American Depository Shares [Member] | January 2021 Sales Agreement [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Issuance of ordinary shares | shares | 1,378,344 | 59,950 | |||||||||||||||||||||||||||||
Share price | $ / shares | $ 10.137 | ||||||||||||||||||||||||||||||
Sale of transaction for shares | $ 60,000 | ||||||||||||||||||||||||||||||
Gross proceeds from sales of stock | 13,972 | ||||||||||||||||||||||||||||||
Net proceeds from sales issuance costs | $ 13,508 | ||||||||||||||||||||||||||||||
American Depository Shares [Member] | January 2021 Sales Agreement [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share price | $ / shares | $ 2.775 | ||||||||||||||||||||||||||||||
Gross proceeds from sales of stock | $ 166 | ||||||||||||||||||||||||||||||
Net proceeds from sales issuance costs | 137 | ||||||||||||||||||||||||||||||
Magnas Employees Options [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | 8 | $ 17 | |||||||||||||||||||||||||||||
Number of options purchased | shares | 950,000 | ||||||||||||||||||||||||||||||
Option vesting period, description | three years after each vesting date to seven years starting from the grant date. | The options vest over 12 quarters until fully vested on December 31, 2022. | |||||||||||||||||||||||||||||
Magnas Employees Options [Member] | Research and Development Expense [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | 48 | 51 | |||||||||||||||||||||||||||||
Magnas Employees Options One [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Option exercise price | (per share) | $ 0.23 | ₪ 0.787 | |||||||||||||||||||||||||||||
Magnas Employees Options Two [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Option exercise price | (per share) | 0.31 | 1.06 | |||||||||||||||||||||||||||||
Magnas Employees Options Three [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Option exercise price | (per share) | $ 0.38 | ₪ 1.33 | |||||||||||||||||||||||||||||
Grant Option [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | 2 | 3 | |||||||||||||||||||||||||||||
Number of options purchased | shares | 100,000 | ||||||||||||||||||||||||||||||
Option exercise price | (per share) | $ 0.39 | ₪ 1.33 | |||||||||||||||||||||||||||||
Equity Option [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | 91 | 91 | 91 | ||||||||||||||||||||||||||||
Number of options purchased | shares | 400,000 | ||||||||||||||||||||||||||||||
Option exercise price | (per share) | $ 0.93 | ₪ 2.9 | |||||||||||||||||||||||||||||
Option vesting period, description | 300,000 of the options vest equally over twelve quarters until fully vested on January 1, 2024, and for 100,000 options one third of the options vest on January 1, 2022, and the balance vest equally over eight quarters until fully vested on January 1, 2024. | ||||||||||||||||||||||||||||||
Stock Option One [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | 22 | 22 | $ 22 | ||||||||||||||||||||||||||||
Number of options purchased | shares | 100,000 | ||||||||||||||||||||||||||||||
Option exercise price | (per share) | $ 1.53 | ₪ 4.75 | |||||||||||||||||||||||||||||
Option vesting period, description | The options vest equally over twelve quarters until fully vested on January 1, 2024. | ||||||||||||||||||||||||||||||
Stock Option Two [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | 22 | $ 26 | |||||||||||||||||||||||||||||
Number of options purchased | shares | 400,000 | ||||||||||||||||||||||||||||||
Option exercise price | (per share) | $ 0.74 | ₪ 2.29 | |||||||||||||||||||||||||||||
Option vesting period, description | 200,000 of the options vest equally over twelve quarters until fully vested on January 1, 2025. For 100,000 options one third of the options vest on January 1, 2023, and the balance vest equally over eight quarters until fully vested on January 1, 2025. For the remaining 100,000 options, upon meeting predefined business targets, 50% vest on December 31, 2022, and 50% on December 2023 | ||||||||||||||||||||||||||||||
Stock Option Three [Member] | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||||||||||||||||||||||||||||||
Share based compensation expense | $ 16 | ||||||||||||||||||||||||||||||
Option exercise price | (per share) | $ 0.13 | ₪ 0.5 | |||||||||||||||||||||||||||||
[1]Issuance costs in the amount of $ 485 465 |
SCHEDULE OF FORTH REPORTING REV
SCHEDULE OF FORTH REPORTING REVENUE INFORMATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Total | $ 497 | $ 550 | $ 120 | |
ISRAEL | ||||
Total | 250 | 220 | ||
JAPAN | ||||
Total | 172 | 150 | ||
UNITED STATES | ||||
Total | 40 | 165 | 120 | |
Other [Member] | ||||
Total | [1] | $ 35 | $ 15 | |
[1]No country represented is greater than 10% of the revenues as of the years presented, other than the countries presented above. |
SCHEDULE OF REVENUES MAIN CUSTO
SCHEDULE OF REVENUES MAIN CUSTOMERS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Customer | $ 497 | $ 550 | $ 120 | |
Customer A [Member] | ||||
Customer | 250 | 220 | ||
Customer B [Member] | ||||
Customer | 70 | |||
Customer C [Member] | ||||
Customer | [1] | 90 | ||
Customer D [Member] | ||||
Customer | 70 | |||
Customer E [Member] | ||||
Customer | $ 120 | |||
[1]Lower than 10%. |
SCHEDULE OF RESEARCH AND DEVELO
SCHEDULE OF RESEARCH AND DEVELOPMENT, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Research and Development [Abstract] | |||
Payroll and related expenses | $ 8,997 | $ 8,778 | $ 7,556 |
Subcontracted work and consulting | 1,229 | 1,523 | 1,751 |
Share-based payments to service provider | 19 | 57 | 118 |
Rent and office maintenance | 936 | 1,068 | 810 |
Travel expenses | 90 | 141 | 44 |
Other | 416 | 362 | 309 |
Less participation in grants | (100) | (395) | (351) |
Sales of prototypes | (67) | ||
Research and development total | $ 11,587 | $ 11,534 | $ 10,170 |
SCHEDULE OF MARKETING AND SALES
SCHEDULE OF MARKETING AND SALES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Sales And Marketing | |||
Payroll and related expenses | $ 1,076 | $ 1,318 | $ 1,273 |
Exhibitions, conventions, and travel expenses | 379 | 302 | 42 |
Consultants | 416 | 558 | 394 |
Other | 68 | 52 | 139 |
Total sales and marketing | $ 1,939 | $ 2,230 | $ 1,848 |
SCHEDULE OF GENERAL AND ADMINIS
SCHEDULE OF GENERAL AND ADMINISTRATIVE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
General And Administrative | |||
Payroll and related expenses | $ 1,458 | $ 1,756 | $ 1,748 |
Share-based payments to service providers | 134 | 215 | 268 |
Professional services | 898 | 1,340 | 1,207 |
Directors’ fees and insurance | 326 | 405 | 494 |
Travel expenses | 15 | 8 | |
Rent and office maintenance | 196 | 175 | 212 |
Other | 92 | 90 | 51 |
Total general and administrative | $ 3,119 | $ 3,989 | $ 3,980 |
SCHEDULE OF FINANCIAL EXPENSE (
SCHEDULE OF FINANCIAL EXPENSE (INCOME), NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Expense Income Net | |||
Mark to Market of securities, net | $ 2,320 | $ 2,208 | $ 10 |
Bank interest income | (667) | (189) | (887) |
Exchange rate differences | 456 | 2,194 | (14) |
Other | 10 | 8 | (18) |
Financial expense income net, total | $ 2,119 | $ 4,221 | $ (909) |
SCHEDULE OF DEFERRED TAX ASSETS
SCHEDULE OF DEFERRED TAX ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | |||
Operating loss carryforward | $ 73,448 | $ 68,870 | $ 51,683 |
Deferred taxes due to carryforward losses | 16,893 | 15,840 | 11,887 |
Valuation allowance | (16,893) | (15,840) | (11,887) |
Net deferred tax asset |
SCHEDULE OF EFFECTIVE TAX EXPEN
SCHEDULE OF EFFECTIVE TAX EXPENSE (BENIFIT) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Loss before taxes on income | $ 18,410 | $ 21,676 | $ 15,036 |
Theoretical statutory tax benefit | 4,234 | 4,985 | 3,458 |
Losses for which a valuation allowance was provided or benefit from loss carryforwards and permanent differences | (4,234) | (4,985) | (3,458) |
Income tax expense | |||
Israel Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Israeli statutory income tax rate | 23% | 23% | 23% |
TAXES ON INCOME (Details Narrat
TAXES ON INCOME (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Israeli corporate tax rate | 23% | 23% | 23% |
Operating loss carryforward | $ 73,448 | $ 68,870 | $ 51,683 |
SCHEDULE OF RELATED PARTY TRANS
SCHEDULE OF RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Total transactions | $ 452 | $ 804 | $ 941 |
Total balances | 42 | 63 | |
Related Party [Member] | |||
Related Party Transaction [Line Items] | |||
Total balances | 42 | 63 | |
Subcontracted Work and Consulting [Member] | |||
Related Party Transaction [Line Items] | |||
Total transactions | 436 | 748 | 823 |
Share Based Payments To Service Provider [Member] | |||
Related Party Transaction [Line Items] | |||
Total transactions | $ 16 | $ 56 | $ 118 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Jan. 26, 2024 | Feb. 29, 2024 | Feb. 29, 2024 | Feb. 28, 2024 | Mar. 31, 2024 | |
Subsequent Event [Line Items] | |||||
Deferred offering costs | $ 50,000 | ||||
Investment aggregate gross proceeds | $ 1,855 | ||||
Share price | $ 6.07 | $ 6.07 | |||
Proceeds from sale of shares | $ 1,848 | ||||
Finance income | $ 1,407 | $ 1,407 | |||
Israeli Tax Authority [Member] | |||||
Subsequent Event [Line Items] | |||||
Income tax compensation claim | 331 | ||||
Income tax amount received | $ 199 |