SHARE BASED COMPENSATION | NOTE 5 – SHARE BASED COMPENSATION: In December 2019, the Company established a share option plan (the “Plan”). As of June 30, 2023, a total of 505,473 options to purchase Ordinary Shares have been granted to employees, consultants and directors under the Plan, and a total of 3,707,542 restricted stock units (“RSUs”) have been granted to employees, consultants and directors under the Plan, of which 2,550,166 RSUs are fully vested as of June 30, 2023. On March 24, 2022, the Company’s board of directors approved a grant of 536,141 RSUs to employees and a grant of 22,500 RSUs to the Company’s advisory board members and an additional consultant. The RSUs represent the right to receive Ordinary Shares at a given time in the future. 555,500 RSUs vest over a period of three years, with a one-year cliff and 3,141 RSUs vested immediately on the grant date. The RSUs designated to employees were granted under Section 102 of the Israeli Tax Ordinance, which enables the employee to pay a 25% capital gain tax upon exercise. On March 24, 2022, the Company’s board of directors granted options to purchase 29,400 Ordinary Shares to advisory board members. The vesting period is three years commencing on the grant date, with a one-year cliff. The exercise price per share was NIS 0.37($0.12). The contractual life of the options under the Plan is ten years. On April 6, 2022, the Company’s board of directors approved a grant of fully vested 285,713 RSUs to an officer. The RSUs represent the right to receive Ordinary Shares. The RSUs were granted under Section 102 of the Israeli Tax Ordinance, which enables the employee to pay a 25% capital gain tax upon exercise. On May 19, 2022, the Company’s board of directors approved a grant of 30,000 RSUs to an employee. The RSUs represents the right to receive Ordinary Shares at a future time and vest over a period of three years, with one-year cliff period, commencing on the grant date. The RSUs were granted under Section 102 of the Israeli Tax Ordinance, which enables the employee to pay a 25% capital gain tax upon exercise. On November 22, 2022, the Company’s board of directors approved a grant of 165,000 RSUs to employees. The RSUs represents the right to receive Ordinary Shares at a future time and vest over a period of three years, with 1 year cliff. The RSUs were granted under Section 102 of the Israeli Tax Ordinance, which enables the employee to pay a 25% capital gain tax upon exercise. The fair market value of all granted options was estimated by using the Black-Scholes model, aimed at modelling the value of the Company’s assets over time. The simulation approach was designed to take into account the terms and conditions of the share options, as well as the capital structure of the Company and the volatility of its assets, on the date of grant based on certain assumptions. Those conditions are, among others: (i) The expected volatility is 50%; (ii) The dividend rate 0%; and (iii) Expected term – three years. The valuation was completed with the assistance of an external valuator based on the management’s assumptions. During the six months ended June 30, 2023, the Company recorded share-based payment expenses in the amount of $1,017. The options to services providers and advisers outstanding as of June 30, 2023, as follows: Six months ended Number of Weighted Outstanding at beginning of year 114,512 0.71 Granted - Exercised - Forfeited - Outstanding as of June 30, 2023 114,512 0.71 Exercisable options 97,507 During the six-months ended June 30, 2023, the Company recorded share-based payment expenses of option to services providers and advisers in the amount of $14. The RSUs to services providers and advisers outstanding as of June 30, 2023, as follows: Number of RSUs Outstanding at beginning of year 18,266 Granted - Vested 5,417 Outstanding as of June 30, 2023 12,849 Vested as of June 30, 2023 19,651 During the six months ended June 30, 2023, the Company recorded share-based payment expenses of RSUs to services providers and advisers in the amount of $6. The options to employees and directors outstanding as of June 30, 2023, as follows: Six months ended Number of options Weighted average Exercise price NIS Outstanding at beginning of year 386,260 0.37 Forfeited - - Outstanding as of June 30, 2023 386,260 0.37 Exercisable options as of June 30, 2023 361,784 0.37 During the six-months ended June 30, 2023, the Company recorded share-based payment expenses of options to employees and directors in the amount of $33. The RSUs to employees and directors outstanding as of June 30, 2023, as follows: Number of RSUs Outstanding at beginning of year 1,727,842 Granted - Forfeited (23,889 ) Vested (649,498 ) Outstanding as of June 30, 2023 1,054,455 Vested as of June 30, 2023 2,531,072 During the six months ended June 30, 2023, the Company recorded share-based payment expenses of RSUs to employees and directors in the amount of $964. During the six months ended June 30, 2022, the Company recorded share-based payment expenses in the amount of $3,107. The options to services providers and advisers outstanding as of June 30, 2022, as follows: Six months ended Number of Weighted Outstanding at beginning of year 87,833 0.37 Granted 29,400 10.78 Exercised (2,721 ) 0.37 Forfeited - - Outstanding as of June 30, 2022 114,512 Exercisable options During the six-months period ended June 30, 2022, the Company recorded share-based payment expenses of option to services providers and advisers in the amount of $22. The RSUs to services providers and advisers outstanding as of June 30, 2022, as follows: Number of RSUs Outstanding at beginning of year 10,000 Granted 22,500 Vested 1,666 Outstanding as of June 30, 2022 30,834 Vested as of June 30, 2022 1,666 During the six-months period ended June 30, 2022, the Company recorded share-based payment expenses of RSUs to services providers and advisers in the amount of $22. The options to employees and directors outstanding as of June 30, 2022, as follows: Six months ended Number of Weighted Outstanding at beginning of year 448,120 0.37 Forfeited (57,159 ) 0.37 Outstanding as of June 30, 2022 390,961 0.37 Exercisable options 324,727 0.37 During the six-months period ended June 30, 2022, the Company recorded share-based payment expenses of options to employees and directors in the amount of $110. The RSUs to employees and directors outstanding as of June 30, 2022, as follows: Number of RSUs Outstanding at beginning of year 2,002,587 Granted 826,854 Vested 747,579 Outstanding as of June 30, 2022 2,081,862 Vested as of June 30, 2022 1,403,180 During the six-months ended June 30, 2022, the Company recorded share-based payment expenses of RSUs to employees and directors in the amount of $2,953. |