Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 15, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2021 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-56100 | |
Entity Registrant Name | SAVE FOODS, INC. | |
Entity Central Index Key | 0001789192 | |
Entity Tax Identification Number | 26-4684600 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | Kibbutz | |
Entity Address, City or Town | Alonim | |
Entity Address, Country | IL | |
Entity Address, Postal Zip Code | 3657700 | |
City Area Code | (347) | |
Local Phone Number | 468 9583 | |
Title of 12(b) Security | Common Stock, Par value $0.0001 per share | |
Trading Symbol | SVFD | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 2,806,536 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 7,771,539 | $ 242,900 |
Restricted cash | 54,506 | 22,395 |
Accounts receivable, net | 36,802 | 147,941 |
Inventories | 17,974 | 16,356 |
Other current assets | 626,520 | 65,579 |
Total Current assets | 8,507,341 | 495,171 |
Right of use asset arising from operating lease | 146,685 | 14,700 |
Property and equipment, net | 56,040 | 55,194 |
Funds in respect of employee rights upon retirement | 130,987 | 122,584 |
Total assets | 8,841,053 | 687,649 |
Current Liabilities | ||
Short-term loan from banking institution | 8,049 | 7,949 |
Current maturities of convertible loans | 56,250 | |
Accounts payable | 253,374 | 203,323 |
Other liabilities | 593,139 | 517,711 |
Total current liabilities | 854,562 | 785,233 |
Fair value of convertible component in convertible loans | 54,970 | |
Convertible loans | 146,929 | |
Long term loan from banking institution | 2,025 | 8,115 |
Liability for employee rights upon retirement | 158,562 | 157,855 |
Total liabilities | 1,015,149 | 1,153,102 |
Stockholders’ Equity (Deficit) | ||
Common stock of $0.0001 par value each (“Common Stock”): 495,000,000 shares authorized as of September 30, 2021 and December 31, 2020; issued and outstanding 2,792,836 shares as of September 30, 2021 and 1,606,765 shares as of December 31, 2020. | 280 | 161 |
Preferred stock of $ 0.0001 par value: 5,000,000 shares authorized as of September 30, 2021 and December 31, 2020; no shares issued and outstanding as of September 30, 2021 and December 31, 2020. | ||
Additional paid-in capital | 23,451,533 | 11,867,585 |
Foreign currency translation adjustments | (26,275) | (26,275) |
Accumulated deficit | (15,538,571) | (12,277,647) |
Total | 7,886,967 | (436,176) |
Non-controlling interests | (61,063) | (29,277) |
Total stockholders’ equity (deficit) | 7,825,904 | (465,453) |
Total liabilities and stockholders’ equity (deficit) | $ 8,841,053 | $ 687,649 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Common stocks, par value | $ 0.0001 | $ 0.0001 |
Common stocks, shares authorized | 495,000,000 | 495,000,000 |
Common stocks, shares issued | 2,792,836 | 1,606,765 |
Common stocks, shares outstanding | 2,792,836 | 1,606,765 |
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred stocks, shares issued | 0 | 0 |
Preferred stocks, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Revenue from Contract with Customer [Abstract] | |||||
Revenues from sales of products | $ 71,363 | $ 248,840 | $ 63,566 | ||
Cost of sales | (53,644) | (67,931) | (25,686) | ||
Gross profit | 17,719 | 180,909 | 37,880 | ||
Research and development expenses | (66,470) | (87,465) | (363,003) | (340,808) | |
Selling and marketing expenses | (69,019) | (6,734) | (102,428) | (43,482) | |
General and administrative expenses | (1,174,737) | (337,886) | (2,847,444) | (851,262) | |
Operating loss | (1,292,507) | (432,085) | (3,131,966) | (1,197,672) | |
Financing expenses, net | (7,776) | (6,478) | (163,837) | (206,829) | |
Other income | 881 | 881 | |||
Gain on disposal of affiliated company | 15,690 | ||||
Net loss | (1,300,283) | (437,682) | (3,295,803) | (1,387,930) | |
Less: Net loss attributable to non-controlling interests | 13,202 | 3,782 | 34,879 | 11,338 | |
Net loss attributable to the Company | $ (1,287,081) | $ (433,900) | $ (3,260,924) | $ (1,376,592) | |
Loss per share (basic and diluted) | $ (0.46) | $ (0.28) | $ (1.49) | $ (0.92) | |
Basic and diluted weighted average number of shares of common stock outstanding (1) | [1] | 2,786,451 | 1,557,778 | 2,188,365 | 1,491,833 |
[1] | Prior periods results have been adjusted to reflect 7 to 1 reverse stock split in February 2021 (see note 1). |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes In Shareholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Proceeds on account of shares [Member] | Retained Earnings [Member] | Stockholders equity [Member] | Noncontrolling Interest [Member] | Total | |||
Beginning balance, value at Dec. 31, 2019 | $ 146 | [1] | $ 10,329,571 | [1] | $ (26,275) | $ (10,684,508) | $ (381,066) | $ (21,053) | $ (402,119) | ||
Balance, shares at Dec. 31, 2019 | [1] | 1,458,598 | |||||||||
Stock based compensation | [1] | 35,028 | [1] | 35,028 | 375 | 35,403 | |||||
Value of warrant issued in convertible loans | [1] | 34,696 | [1] | 34,696 | 34,696 | ||||||
Comprehensive loss for three months ended September 30, 2020 | [1] | [1] | (365,647) | (365,647) | (3,416) | (369,063) | |||||
Ending balance, value at Mar. 31, 2020 | $ 146 | [1] | 10,399,295 | [1] | (26,275) | (11,050,155) | (676,989) | (24,094) | (701,083) | ||
Balance, shares at Mar. 31, 2020 | [1] | 1,458,598 | |||||||||
Beginning balance, value at Dec. 31, 2019 | $ 146 | [1] | 10,329,571 | [1] | (26,275) | (10,684,508) | (381,066) | (21,053) | (402,119) | ||
Balance, shares at Dec. 31, 2019 | [1] | 1,458,598 | |||||||||
Comprehensive loss for three months ended September 30, 2020 | (1,387,930) | ||||||||||
Ending balance, value at Sep. 30, 2020 | $ 161 | [1] | 11,744,561 | [1] | (26,275) | (12,061,100) | (342,653) | (28,277) | (370,930) | ||
Balance, shares at Sep. 30, 2020 | [1] | 1,600,415 | |||||||||
Beginning balance, value at Mar. 31, 2020 | $ 146 | [1] | 10,399,295 | [1] | (26,275) | (11,050,155) | (676,989) | (24,094) | (701,083) | ||
Balance, shares at Mar. 31, 2020 | [1] | 1,458,598 | |||||||||
Conversion of convertible loans | [1] | 585,931 | [1] | 585,931 | 585,931 | ||||||
Receipts on account of shares | [1] | [1] | 100,000 | 100,000 | 100,000 | ||||||
Stock based compensation | [1] | 182,313 | [1] | 182,313 | 1,951 | 184,264 | |||||
Comprehensive loss for three months ended September 30, 2020 | [1] | [1] | (577,045) | (577,045) | (4,140) | (581,185) | |||||
Ending balance, value at Jun. 30, 2020 | $ 146 | [1] | 11,167,539 | [1] | (26,275) | 100,000 | (11,627,200) | (385,790) | (26,283) | (412,073) | |
Balance, shares at Jun. 30, 2020 | [1] | 1,458,598 | |||||||||
Issuance of shares | $ 5 | [1] | 349,995 | [1] | (100,000) | 250,000 | 250,000 | ||||
Issuance of shares, shares | [1] | 45,876 | |||||||||
Conversion of convertible loans | $ 7 | [1] | (7) | [1] | |||||||
Conversion of convertible loans, shares | [1] | 67,369 | |||||||||
Exercise of warrants | $ 3 | [1] | 59,997 | [1] | 60,000 | 60,000 | |||||
Exercise of warrants, shares | [1] | 28,572 | |||||||||
Stock based compensation | [1] | 167,037 | [1] | 167,037 | 1,788 | 168,825 | |||||
Comprehensive loss for three months ended September 30, 2020 | (433,900) | (433,900) | (3,782) | (437,682) | |||||||
Ending balance, value at Sep. 30, 2020 | $ 161 | [1] | 11,744,561 | [1] | (26,275) | (12,061,100) | (342,653) | (28,277) | (370,930) | ||
Balance, shares at Sep. 30, 2020 | [1] | 1,600,415 | |||||||||
Beginning balance, value at Dec. 31, 2020 | $ 161 | 11,867,585 | (26,275) | (12,277,647) | (436,176) | (29,277) | (465,453) | ||||
Balance, shares at Dec. 31, 2020 | 1,606,765 | ||||||||||
Stock based compensation | 83,605 | 83,605 | 895 | 84,500 | |||||||
Comprehensive loss for three months ended September 30, 2020 | (492,402) | (492,402) | (1,893) | (494,295) | |||||||
Ending balance, value at Mar. 31, 2021 | $ 161 | 11,951,190 | (26,275) | (12,770,049) | (844,973) | (30,275) | (875,248) | ||||
Balance, shares at Mar. 31, 2021 | 1,606,765 | ||||||||||
Beginning balance, value at Dec. 31, 2020 | $ 161 | 11,867,585 | (26,275) | (12,277,647) | (436,176) | (29,277) | (465,453) | ||||
Balance, shares at Dec. 31, 2020 | 1,606,765 | ||||||||||
Comprehensive loss for three months ended September 30, 2020 | (3,295,803) | ||||||||||
Ending balance, value at Sep. 30, 2021 | $ 280 | 23,451,533 | (26,275) | (15,538,571) | 7,886,967 | (61,063) | 7,825,904 | ||||
Balance, shares at Sep. 30, 2021 | 2,792,836 | ||||||||||
Beginning balance, value at Mar. 31, 2021 | $ 161 | 11,951,190 | (26,275) | (12,770,049) | (844,973) | (30,275) | (875,248) | ||||
Balance, shares at Mar. 31, 2021 | 1,606,765 | ||||||||||
Issuance of shares | $ 109 | 10,457,753 | 10,457,862 | 10,457,862 | |||||||
Issuance of shares, shares | 1,090,909 | ||||||||||
Conversion of convertible loans | $ 7 | 648,403 | 648,410 | 648,410 | |||||||
Conversion of convertible loans, shares | 66,877 | ||||||||||
Share based compensation for services providers | $ 1 | 126,599 | 126,600 | 126,600 | |||||||
Share based compensation for services providers, shares | 12,000 | ||||||||||
Stock based compensation | 60,227 | 60,227 | 1,331 | 61,558 | |||||||
Comprehensive loss for three months ended September 30, 2020 | (1,481,441) | (1,481,441) | (19,784) | (1,501,225) | |||||||
Ending balance, value at Jun. 30, 2021 | $ 278 | 23,244,172 | (26,275) | (14,251,490) | 8,966,685 | (48,728) | 8,917,957 | ||||
Balance, shares at Jun. 30, 2021 | 2,776,551 | ||||||||||
Share based compensation for services providers | $ 2 | 151,320 | 151,322 | 151,322 | |||||||
Share based compensation for services providers, shares | 16,285 | ||||||||||
Stock based compensation | 56,041 | 56,041 | 867 | 56,908 | |||||||
Comprehensive loss for three months ended September 30, 2020 | (1,287,081) | (1,287,081) | (13,202) | (1,300,283) | |||||||
Ending balance, value at Sep. 30, 2021 | $ 280 | $ 23,451,533 | $ (26,275) | $ (15,538,571) | $ 7,886,967 | $ (61,063) | $ 7,825,904 | ||||
Balance, shares at Sep. 30, 2021 | 2,792,836 | ||||||||||
[1] | Prior periods results have been adjusted to reflect 7 to 1 reverse stock split in February 2021 (see note 1). |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes In Shareholders' Equity (Deficit) (Unaudited) (Parenthetical) | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Common Stock [Member] | |
Issuance costs, net | $ 1,542,138 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Loss for the period | $ (3,295,803) | $ (1,387,930) |
Adjustments required to reconcile net loss for the period to net cash used in operating activities: | ||
Depreciation and amortization | 34,998 | 42,458 |
Gain on disposal of affiliated company | (15,690) | |
Increase in liability for employee rights upon retirement | 707 | 4,574 |
Stock based compensation | 480,891 | 388,492 |
Expenses on loans | 116,100 | 141,981 |
Conversion of convertible loans | 57,793 | |
Decrease in accounts receivable, net | 111,139 | 64,003 |
Decrease (increase) in inventories | (1,618) | 5,035 |
Increase in other current assets | (600,941) | (16,094) |
Increase (decrease) in accounts payable | 41,665 | (25,947) |
Increase (decrease) in other liabilities | (56,770) | 121,928 |
Net cash used in operating activities | (3,169,632) | (619,397) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Payments on investment in unconsolidated entity | 4,863 | |
Purchase of property and equipment | (15,357) | |
Increase in funds in respect of employee rights upon retirement | (8,403) | (3,054) |
Net cash provided by investing activities | (23,760) | 1,809 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from secured promissory notes | 274,000 | 135,000 |
Convertible loans | 125,000 | |
Repayments of right to use asset arising from operating lease | (20,274) | (27,272) |
Repayments of long-term banking institutes | (5,829) | (5,384) |
Exercise of warrants | 60,000 | |
Proceeds from stock issued for cash, net of issuance costs of $1,502,138 | 10,497,862 | 350,000 |
Net cash provided by financing activities | 10,745,759 | 637,344 |
Effect of exchange rate changes on cash and cash equivalents | 8,383 | |
INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 7,560,750 | 19,756 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 265,295 | 290,815 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | 7,826,045 | 310,571 |
Supplemental disclosure of cash flow information: | ||
Interest | 316 | |
Non cash transactions: | ||
Disposal of affiliated company | 2,704 | |
Termination of lease agreement | 11,590 | |
Issuance of warrants in convertible loans | 53,388 | |
Conversion of convertible loans | 648,410 | 528,138 |
Deferred issuance expenses | 40,000 | |
Initial recognition of operating lease right-of-use assets | $ 152,472 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Statement of Cash Flows [Abstract] | |
Issuance costs, net | $ 1,502,138 |
GENERAL
GENERAL | 9 Months Ended |
Sep. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1 – GENERAL Save Foods, Inc. (the “Company”) was incorporated on April 1, 2009, under the laws of the State of Delaware. On April 27, 2009, the Company acquired from its stockholders 98.48 Through May 13, 2021, the Company’s common stock was quoted on the OTC Markets, Pink Tier, under the symbol “SAFO”. On May 13, 2021, the Company completed an underwritten public offering of 1,090,909 shares of its Common Stock at a price to the public of $ 11.00 per share. The gross proceeds to the Company from this offering were $ 12,000,000 , before deducting underwriting discounts, commissions and other offering expenses, and excluding the exercise of the over-allotment option by the underwriter, which were not exercised. The Company granted the underwriter a 45-day option to purchase up to 163,636 additional shares of Common Stock of the Company to cover over-allotments at the public offering price, less the underwriting discounts and commissions. The over-allotment option was not exercised by the underwriter. In addition, the Company issued to the underwriter as compensation, warrants to purchase up to 54,545 Commencing on May 14, 2021, Company’s common stock began to be listed on the Nasdaq Capital under the symbol “SVFD”. In March 2020, the World Health Organization declared the coronavirus (COVID-19) outbreak a global pandemic. To date, the impact of the pandemic on the Company’s operations has been mainly limited to a temporary facility closure in the context of a government-mandated general lockdown, which temporary delayed certain development activities. The Company estimates that as of the date of approval of the financial statements, the COVID-19 pandemic is not expected to affect the Company’s operations. However, the Company is unable to assess with certainty the extent of future impact, in part due to the uncertainty regarding the duration of the COVID-19 pandemic, its force and its effects on the markets in which the Company operates and the effects of possible government measures to prevent the spread of the virus. Reverse Stock Split On February 23, 2021, the Company amended its Certificate of Incorporation to effect a 7 to 1 reverse stock split As a result of the reverse stock split, every 7 shares of the Company’s outstanding Common Stock prior to the effect of that amendment were combined and reclassified into one share of the Company’s Common Stock. No fractional shares were issued in connection with or following the reverse split. The number of authorized capital of the Company’s Common Stock and par value of the shares remained unchanged. All share, stock option and per share information in these condensed consolidated financial statements have been restated to reflect the stock split on a retroactive basis. SAVE FOODS, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Unaudited Interim Financial Statements The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiary, prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In the opinion of management, the financial statements presented herein have not been audited by an independent registered public accounting firm but include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations for the three and nine-months ended September 30, 2021 and 2020, and cash flows for the nine-months ended September 30, 2021 and 2020. However, these results are not necessarily indicative of results for any other interim period or for the year ended December 31, 2021. The preparation of financial statements in conformity with U.S. GAAP requires the Company to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. Principles of Consolidation The consolidated financial statements are prepared in accordance with US GAAP. The consolidated financial statements of the Company include the Company and its majority-owned subsidiary. All inter-company balances and transactions have been eliminated. Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, certain revenues and expenses, and disclosure of contingent assets and liabilities as of the date of the financial statements. Actual results could differ from those estimates. As applicable to these financial statements, the most significant estimates and assumptions relate to share based compensation. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities in our consolidated balance sheets. ROU assets represent Company’s right to use an underlying asset for the lease term and lease liabilities represent Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, the Company generally uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. SAVE FOODS, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). The guidance in ASU 2020-06 simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity, by removing certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The amendments in ASU 2020-06 are effective for the Company for fiscal years beginning after December 15, 2021. Early adoption is permitted. The guidance must be adopted as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of this new guidance, but does not expect it to have a material impact on its financial statements. |
CONVERTIBLE LOANS
CONVERTIBLE LOANS | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE LOANS | NOTE 3 – CONVERTIBLE LOANS On September 21, 2020, the Company entered into a series of convertible loan agreements (“September 2020 CLA”) with certain lenders (“September 2020 Lenders”) to sell convertible promissory notes (“September 2020 Notes”) with an aggregate principal amount of $ 125,000 . Whereby, the outstanding loan amount will mature on the earlier of (i) the third anniversary of each September 2020 CLA or (ii) a deemed liquidation event, and the September 2020 Lenders may convert all or any portion of the September 2020 Notes into shares of Common Stock at any time prior to a mandatory conversion event at a conversion price of $ 7.63 per share. During October 2020, the Company entered into a series of additional convertible loan agreements with additional lenders to sell notes with an aggregate principal amount of $ 100,000 During January 2021, the Company entered into a series of additional convertible loan agreements with additional lenders to sell notes with an aggregate principal amount of $ 274,000 As part of the convertible loan agreements, the Company entered into a registration rights agreement with each of the lenders, whereby each lender received piggyback registration rights for the shares issuable upon conversion of the notes to shares of Common Stock. On May 11, 2021 and May 12, 2021, the lenders of the convertible loans utilized their optional conversion, of the entire balance of the convertible promissory notes in the aggregate principal amount of $ 499,000 and of aggregated accrued interest amount of $ 11,211 , at a conversion price of $ 7.63 per share and the Company issued to the Lenders an aggregate amount of 66,877 shares of Common Stock following the conversion. SAVE FOODS, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
COMMON STOCK
COMMON STOCK | 9 Months Ended |
Sep. 30, 2021 | |
Equity [Abstract] | |
COMMON STOCK | NOTE 4 – COMMON STOCK On May 13, 2021, the Company completed an underwritten public offering of 1,090,909 11.00 On May 15, 2021, the Company signed a consulting agreement with a third party according to which the consultant will provide the Company with investor relations services for a period of 12 months following the commencement date. As consideration for the agreement the Company will pay the consultant an annual fee of $ 40,000 and shall issue the consultant 12,000 shares of Common Stock of the Company. On June 20, 2021, the Company issued 12,000 shares of Common Stock of the Company to the consultant. The Company estimated the value of the shares issue at $ 126,600 . On July 1, 2021, the Company and a consultant signed an Addendum to the October 20, 2020 Service Agreement (the “Original Agreement”) according to which the Company agreed to pay the consultant $ 15,000 14,285 127,622 10,000 On August 5, 2021, the Company signed consulting agreement with a third party according to which the Consultant will provide the Company with strategic consulting and coordination of digital marketing campaigns for a period of 6 months commencing September 1, 2021. As consideration for the agreement the Company will pay the consultant a total fee of $ 301,000 12,000 2,000 17,952 4,000 |
STOCK OPTIONS
STOCK OPTIONS | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
STOCK OPTIONS | NOTE 5 – STOCK OPTIONS The following table presents the Company’s stock option activity for employees, directors and consultants of the Company for the nine months ended September 30, 2021: SCHEDULE OF STOCK OPTION ACTIVITY Number of Options Weighted Average Exercise Price Outstanding at December 31,2020 206,862 3.37 Granted - - Exercised - Forfeited or expired - - Outstanding at September 30,2021 206,862 3.37 Number of options exercisable at September 30, 2021 139,543 3.31 The aggregate intrinsic value of the awards outstanding as of September 30, 2021 is $ 628,861 6.41 Costs incurred in respect of stock-based compensation, for the nine months ended September 30, 2021 and 2020 were $ 480,891 388,492 SAVE FOODS, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
COMMITMENT AND CONTINGENT LIABI
COMMITMENT AND CONTINGENT LIABILITIES | 9 Months Ended |
Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENT AND CONTINGENT LIABILITIES | NOTE 6 – COMMITMENT AND CONTINGENT LIABILITIES A. On June 15, 2021, the Company signed consulting agreement with a third party according to which the Consultant will provide the Company with public relations services. Based on the agreement the Company will pay the consultant a monthly fee of $ 3,500 and shall issue the consultant 200 shares of Common Stock of the Company on the final day of each month following the commencement date of the agreement. After the balance sheet date the Company issued the consultant 700 shares of the Company’s common stock. B. On June 1, 2021 the Company terminated its October 10, 2018, consulting agreements with two of its consultants and signed new consulting agreements with the parties. According to the agreements, the consultants shall provide the Company with business development and strategic consulting services including ongoing consulting for the Company, board and management. The agreement shall be effective until terminated by each of the parties by giving a 30 days prior notice. Based on the agreements the Company would pay each a monthly fee of $ 13,000 and $ 2,000 as monthly reimbursement of expenses. In addition, the Company agreed to grant the consultants with signing bonuses in the amounts of $ 150,000 and $ 250,000 net of the outstanding debt of the Company to the consultants based on their October 10, 2018 agreements in the amount of $ 33,000 each. In addition, the Company agreed to pay the consultants 5% of any gain generated by the Company exceeding an initial gain of 25% due to any sale, disposition or exclusive license of activities, securities, business, or similar events initiated by each the consultants. In addition, each consultant shall be entitled to a special bonus upon business opportunities or upon other events he assisted with (“Consultant Engagements”), authorized by the CEO or the Chairman of the Board. The special bonus shall not exceed two times each consultant monthly fee. As of the date of the financial statements no bonus was recorded as no such Consultant Engagements were executed. C. On August 18, 2021, the Company signed consulting agreement with a consultant according to which the consultant will serve as a member of the scientific advisory board of the Company and shall provide the Company with ongoing business consulting services. Based on the agreement, the Company will pay the consultant an hourly fee of NIS 500 (approximately $ 155 ) with maximum of 15 hour per months unless agreed upon otherwise. The consultant will also be issued, subject to the approval of the Board of Directors of the Company, such number of shares of restricted common stock of the Company as is customarily issued to other directors of the Company. The agreement shall be in effect unless terminated by either one on the parties at any time upon 60 days prior notice. The terms of the grant have not yet been determined. D. In July 2021, the Company signed a lease agreement for office space in Tel Aviv, Israel for a period of 2 years with monthly payments of $ 2,900 an option to extend the agreement for an additional 3 years with monthly payments of $3,000 2,000 an option to extend the agreement for an additional 2 years with monthly payment of $2,600 146,309 146,685 SAVE FOODS, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS |
RELATED PARTIES
RELATED PARTIES | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | NOTE 7 – RELATED PARTIES A. Transactions and balances with related parties SCHEDULE OF TRANSACTIONS AND BALANCES WITH RELATED PARTIES Nine months ended September 30 2021 2020 General and administrative expenses: Directors compensation (*) 85,524 311,848 Salaries and fees to officers (*) 188,295 238,128 273,819 549,976 (*) share based compensation included in the above 8,464 309,640 Research and development expenses: Salaries and fees to officers - 25,272 - 25,272 B. Balances with related parties and officers: As of September 30, 2021 2020 Other accounts payables 88,951 295,413 C. Other information: 1. On November 5, 2020, the board of directors of the Company appointed Mr. David Palach, to serve as Chief Executive Officer of the Company, effective as of the same date. In connection with Mr. Palach’s appointment, the parties entered into a Consulting Agreement pursuant to which the Company and Mr. Palach agreed upon, inter alia, the following engagement terms: (a) a monthly fee of $ 8,000 14,000 500 4.5 2. On June 17, 2021 the Board of Directors of the Company approved the compensation of its CFO, according to which the CFO shall be entitled to a monthly fee of $ 8,000 and reimbursement of expenses of $ 500 per month. In addition, the CFO shall receive a one-time grant of options to purchase shares of the Company representing 1.5 % of the Company’s outstanding share capital as of the date of the approval. The terms of the grant have not yet been determined. SAVE FOODS, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 7 – RELATED PARTIES (continue) C. Other information (continue): 3. On June 17, 2021 the Board of Directors of the Company approved the compensation of its Chairman of the Board, according to which the Chairman of the Board shall be entitled to a monthly fee of $ 5,000 . In addition, the Chairman of the Board shall receive a one-time grant of options to purchase shares of the Company representing 1.5 % of the Company’s outstanding share capital as of the date of the approval. The terms of the grant have not yet been determined. 4. On June 17, 2021 the Board of Directors of the Company approved the compensation for each of members of the board, according to which the each member of the board shall be entitled to an annual fee of NIS 100,000 (approximately $ 30,500 ). In addition, each member of the board shall receive a one-time grant of options to purchase shares of the Company representing 0.25 % of the Company’s outstanding share capital as of the date of the approval. The terms of the grant have not yet been determined. 5. On July 12, 2021 the Company and the Chairman of the Board of Save Foods Ltd. (the “Director”) reached a Separation Agreement and Release according to which the consulting agreement with the Director would be terminated as of July 8, 2021. According to the agreement the Company would pay the amounts accrued to the Director under his consulting agreement and in addition the Company agreed to grant the Director with 90 days notice and accelerate the vesting of all the unvested options granted to the Director. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS A. On October 5, 2021, the Company signed consulting agreement with a consultant according to which the consultant will serve as a member of the scientific advisory board of the Company and shall provide the Company with ongoing business consulting services. Based on the agreement the Company will pay the consultant a hourly fee of NIS 500 (approximately $ 155 ) with maximum of 15 hour per months unless agreed upon otherwise. The consultant will also be entitled to receive options under similar terms as the Company’s Board of Directors. The agreement shall be in effect unless terminated by either one on the parties at any time upon 60 days prior notice. The terms of any option grant have not yet been determined. B. On October 24, 2021, the Company signed a consulting agreement with a consultant according to which the consultant will provide the Company with consulting services related to international business development activities. Based on the agreement, the Company will issue the consultant 9,000 shares of common stock of the Company upon execution of the agreement and six installments of 12,500 shares of common stock of the Company at each of following 90 days following the execution date. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiary, prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In the opinion of management, the financial statements presented herein have not been audited by an independent registered public accounting firm but include all material adjustments (consisting of normal recurring adjustments) which are, in the opinion of management, necessary for a fair statement of the financial condition, results of operations for the three and nine-months ended September 30, 2021 and 2020, and cash flows for the nine-months ended September 30, 2021 and 2020. However, these results are not necessarily indicative of results for any other interim period or for the year ended December 31, 2021. The preparation of financial statements in conformity with U.S. GAAP requires the Company to make certain estimates and assumptions for the reporting periods covered by the financial statements. These estimates and assumptions affect the reported amounts of assets, liabilities, revenues and expenses. Actual amounts could differ from these estimates. These financial statements should be read in conjunction with the financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements are prepared in accordance with US GAAP. The consolidated financial statements of the Company include the Company and its majority-owned subsidiary. All inter-company balances and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, certain revenues and expenses, and disclosure of contingent assets and liabilities as of the date of the financial statements. Actual results could differ from those estimates. As applicable to these financial statements, the most significant estimates and assumptions relate to share based compensation. |
Leases | Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use (“ROU”) assets, other current liabilities, and operating lease liabilities in our consolidated balance sheets. ROU assets represent Company’s right to use an underlying asset for the lease term and lease liabilities represent Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit rate, the Company generally uses the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. SAVE FOODS, INC. NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND BASIS OF PRESENTATION |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”). The guidance in ASU 2020-06 simplifies the accounting for convertible debt and convertible preferred stock by removing the requirements to separately present certain conversion features in equity. In addition, the amendments in the ASU 2020-06 also simplify the guidance in ASC Subtopic 815-40, Derivatives and Hedging: Contracts in Entity’s Own Equity, by removing certain criteria that must be satisfied in order to classify a contract as equity, which is expected to decrease the number of freestanding instruments and embedded derivatives accounted for as assets or liabilities. Finally, the amendments revise the guidance on calculating earnings per share, requiring use of the if-converted method for all convertible instruments and rescinding an entity’s ability to rebut the presumption of share settlement for instruments that may be settled in cash or other assets. The amendments in ASU 2020-06 are effective for the Company for fiscal years beginning after December 15, 2021. Early adoption is permitted. The guidance must be adopted as of the beginning of the fiscal year of adoption. The Company is currently evaluating the impact of this new guidance, but does not expect it to have a material impact on its financial statements. |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
SCHEDULE OF STOCK OPTION ACTIVITY | The following table presents the Company’s stock option activity for employees, directors and consultants of the Company for the nine months ended September 30, 2021: SCHEDULE OF STOCK OPTION ACTIVITY Number of Options Weighted Average Exercise Price Outstanding at December 31,2020 206,862 3.37 Granted - - Exercised - Forfeited or expired - - Outstanding at September 30,2021 206,862 3.37 Number of options exercisable at September 30, 2021 139,543 3.31 |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
SCHEDULE OF TRANSACTIONS AND BALANCES WITH RELATED PARTIES | A. Transactions and balances with related parties SCHEDULE OF TRANSACTIONS AND BALANCES WITH RELATED PARTIES Nine months ended September 30 2021 2020 General and administrative expenses: Directors compensation (*) 85,524 311,848 Salaries and fees to officers (*) 188,295 238,128 273,819 549,976 (*) share based compensation included in the above 8,464 309,640 Research and development expenses: Salaries and fees to officers - 25,272 - 25,272 B. Balances with related parties and officers: As of September 30, 2021 2020 Other accounts payables 88,951 295,413 |
GENERAL (Details Narrative)
GENERAL (Details Narrative) - USD ($) | May 13, 2021 | Feb. 23, 2021 | Sep. 30, 2021 | Apr. 27, 2009 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Equity Method Investment, Ownership Percentage | 98.48% | |||
Stock Issued During Period, Shares, New Issues | 1,090,909 | |||
Shares Issued, Price Per Share | $ 11 | $ 6.41 | ||
Proceeds from Issuance Initial Public Offering | $ 12,000,000 | |||
Option to purchase common stock | 163,636 | |||
Warrant description | In addition, the Company issued to the underwriter as compensation, warrants to purchase up to 54,545 shares of Common Stock (5% of the aggregate number of shares of Common Stock sold in this offering). The underwriter’s warrants are exercisable at a per share exercise price equal to 125% of the public offering price per share in this offering. The underwriter’s warrants are exercisable at any time and from time to time, in whole or in part, during the four and a half year period commencing 180 days from the effective date of the registration statement. | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 54,545 | |||
Reverse stock split | 7 to 1 reverse stock split |
CONVERTIBLE LOANS (Details Narr
CONVERTIBLE LOANS (Details Narrative) - USD ($) | May 12, 2021 | Jan. 31, 2021 | Oct. 30, 2020 | Sep. 21, 2020 |
2020 Convertible Loan Agreements [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Debt Instrument, Face Amount | $ 274,000 | $ 100,000 | $ 125,000 | |
Debt Instrument, Convertible, Conversion Price | $ 7.63 | |||
2021 Convertable Loan Agreement [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Debt Instrument, Convertible, Conversion Price | $ 7.63 | |||
Debt Instrument, Periodic Payment, Principal | $ 499,000 | |||
Debt Instrument, Periodic Payment, Interest | $ 11,211 | |||
Debt Conversion, Converted Instrument, Shares Issued | 66,877 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | Aug. 05, 2021 | Jul. 02, 2021 | Jun. 20, 2021 | Jun. 15, 2021 | May 15, 2021 | May 13, 2021 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 |
Subsidiary, Sale of Stock [Line Items] | |||||||||
Stock Issued During Period, Shares, Issued for Services | 1,090,909 | ||||||||
Shares Issued, Price Per Share | $ 11 | $ 6.41 | |||||||
Shares, Issued | $ 10,457,862 | $ 250,000 | |||||||
Consultant [Member] | Consulting Agreement [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Stock Issued During Period, Shares, Issued for Services | 2,000 | 12,000 | 700 | 4,000 | |||||
Payment of consultant fee | $ 301,000 | $ 40,000 | |||||||
Number of shares issuable | 12,000 | 200 | 12,000 | ||||||
Shares, Issued | $ 17,952 | $ 126,600 | |||||||
Monthly consultancy fee | $ 3,500 | ||||||||
Consultant [Member] | Service Agreement [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Stock Issued During Period, Shares, Issued for Services | 14,285 | ||||||||
Payment of consultant fee | $ 15,000 | ||||||||
Shares, Issued | 127,622 | ||||||||
Monthly consultancy fee | $ 10,000 | ||||||||
Underwritten Public Offering [Member] | |||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||
Stock Issued During Period, Shares, Issued for Services | 1,090,909 | ||||||||
Shares Issued, Price Per Share | $ 11 |
SCHEDULE OF STOCK OPTION ACTIVI
SCHEDULE OF STOCK OPTION ACTIVITY (Details) | 9 Months Ended |
Sep. 30, 2021$ / sharesshares | |
Share-based Payment Arrangement [Abstract] | |
Number of Options Outstanding, Beginning | shares | 206,862 |
Weighted Average Exercise Price, Beginning | $ 3.37 |
Number of Options, Granted | shares | |
Weighted Average Exercise Price, Granted | |
Weighted Average Exercise Price, Exercised | |
Number of Options, Forfeited or Expired | shares | |
Weighted Average Exercise Price, Forfeited or Expired | |
Number of Options Outstanding, Ending | shares | 206,862 |
Weighted Average Exercise Price, Ending | $ 3.37 |
Number of Options Exercisable | shares | 139,543 |
Weighted Average Exercise Price, Exercisable | $ 3.31 |
STOCK OPTIONS (Details Narrativ
STOCK OPTIONS (Details Narrative) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | May 13, 2021 | |
Share-based Payment Arrangement [Abstract] | |||
Aggregate intrinsic value | $ 628,861 | ||
Stock price | $ 6.41 | $ 11 | |
Share-based Payment Arrangement, Noncash Expense | $ 480,891 | $ 388,492 |
COMMITMENT AND CONTINGENT LIA_2
COMMITMENT AND CONTINGENT LIABILITIES (Details Narrative) | Aug. 18, 2021USD ($) | Aug. 18, 2021ILS (₪) | Aug. 05, 2021USD ($)shares | Jun. 20, 2021shares | Jun. 15, 2021USD ($)shares | May 15, 2021USD ($)shares | May 13, 2021shares | Sep. 30, 2021USD ($) | Jul. 31, 2021USD ($) | Sep. 30, 2021USD ($)shares | Dec. 31, 2020USD ($) |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||||
Stock Issued During Period, Shares, New Issues | shares | 1,090,909 | ||||||||||
Hourly consultancy fee | $ 155 | ₪ 500 | |||||||||
Operating Lease, Liability | $ 146,309 | $ 146,309 | |||||||||
Operating Lease, Right-of-Use Asset | 146,685 | $ 146,685 | $ 14,700 | ||||||||
Consultant [Member] | Consulting Agreement [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||||
Monthly consultancy fee | $ 3,500 | ||||||||||
Number of shares issuable | shares | 12,000 | 200 | 12,000 | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 2,000 | 12,000 | 700 | 4,000 | |||||||
Payment of consultant fee | $ 301,000 | $ 40,000 | |||||||||
Share-based Payment Arrangement, Expense | $ 33,000 | ||||||||||
Consultant One [Member] | Consulting Agreement [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||||
Payment of consultant fee | 13,000 | ||||||||||
Bonus amount | 150,000 | ||||||||||
Consultant Two [Member] | Consulting Agreement [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||||
Payment of consultant fee | 2,000 | ||||||||||
Bonus amount | $ 250,000 | ||||||||||
Tel Aviv [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||||
Payments for Rent | $ 2,900 | ||||||||||
Option to extend lease | an option to extend the agreement for an additional 3 years with monthly payments of $3,000 | ||||||||||
New Yarak [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||||||||||
Payments for Rent | $ 2,000 | ||||||||||
Option to extend lease | an option to extend the agreement for an additional 2 years with monthly payment of $2,600 |
SCHEDULE OF TRANSACTIONS AND BA
SCHEDULE OF TRANSACTIONS AND BALANCES WITH RELATED PARTIES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
General and administrative expense | $ 1,174,737 | $ 337,886 | $ 2,847,444 | $ 851,262 |
Share based compensation | 480,891 | 388,492 | ||
Research and development expense | 66,470 | 87,465 | 363,003 | 340,808 |
Other accounts payables | $ 88,951 | $ 295,413 | 88,951 | 295,413 |
General and Administrative Expense [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
General and administrative expense | 273,819 | 549,976 | ||
Share based compensation | 8,464 | 309,640 | ||
Research and Development Expense [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Research and development expense | 25,272 | |||
Directors Compensation[Member] | General and Administrative Expense [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
General and administrative expense | 85,524 | 311,848 | ||
Salaries and Fees to Officers [Member] | General and Administrative Expense [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
General and administrative expense | 188,295 | 238,128 | ||
Salaries and Fees to Officers [Member] | Research and Development Expense [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ||||
Research and development expense | $ 25,272 |
RELATED PARTIES (Details Narrat
RELATED PARTIES (Details Narrative) | Jun. 17, 2021USD ($) | Jun. 17, 2021ILS (₪) | Nov. 05, 2020USD ($) |
Co-Chief Executive Officer [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Monthly consultancy fee | $ 8,000 | ||
Chief Financial Officer [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Monthly consultancy fee | $ 8,000 | ||
Monthly directors fee. | 500 | ||
Chief Financial Officer [Member] | Consulting Agreement [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Monthly consultancy fee | $ 14,000 | ||
Financing Receivable, Nonaccrual to Outstanding, Percent | 1.50% | 1.50% | |
Chief Executive Officer [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Financing Receivable, Nonaccrual to Outstanding, Percent | 4.50% | 4.50% | |
Board Of Directors Chairman One [Member] | Consulting Agreement [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Monthly consultancy fee | $ 5,000 | ||
Financing Receivable, Nonaccrual to Outstanding, Percent | 1.50% | 1.50% | |
Board Of Directors Chairman Two [Member] | Consulting Agreement [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Monthly consultancy fee | $ 30,500 | ₪ 100,000 | |
Financing Receivable, Nonaccrual to Outstanding, Percent | 0.25% | 0.25% |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) | Oct. 24, 2021shares | Oct. 05, 2021USD ($) | Oct. 05, 2021ILS (₪) | Aug. 18, 2021USD ($) | Aug. 18, 2021ILS (₪) | Aug. 05, 2021shares | Jun. 15, 2021shares | May 15, 2021shares |
Subsequent Event [Line Items] | ||||||||
Hourly consultancy fee | $ 155 | ₪ 500 | ||||||
Consultant [Member] | Consulting Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of shares issuable | 12,000 | 200 | 12,000 | |||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Hourly consultancy fee | $ 155 | ₪ 500 | ||||||
Subsequent Event [Member] | Consultant [Member] | Consulting Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of shares issuable | 9,000 | |||||||
Consulting agreement description | six installments of 12,500 shares of common stock of the Company at each of following 90 days following the execution date. |