Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 14, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 333-255894 | |
Entity Registrant Name | IR-Med, Inc. | |
Entity Central Index Key | 0001839133 | |
Entity Tax Identification Number | 83-0452269 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | ZHR Industrial Zone | |
Entity Address, City or Town | Rosh Pina | |
Entity Address, Country | IL | |
City Area Code | 972 | |
Local Phone Number | 4-655-5054 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 68,720,970 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 4,058 | $ 2,815 |
Accounts receivable | 169 | 67 |
Total current assets | 4,227 | 2,882 |
Non- current assets | ||
Long term restricted deposit | 12 | 30 |
Right of use asset | 192 | |
Property and equipment, net | 62 | 31 |
Total non-current assets | 266 | 61 |
Total assets | 4,493 | 2,943 |
Current liabilities | ||
Trade and other payables | 370 | 395 |
Non-current liabilities | ||
Long term Lease liability | 78 | |
Stockholders’ loans | 160 | 177 |
Total non-current liabilities | 238 | 177 |
Total liabilities | 608 | 572 |
Stockholders’ Equity | ||
Common Stock, par value $0.001 per share, 250,000,000, shares authorized. 68,213,038 and 64,601,649 shares issued as of June 30, 2022, and December 31, 2021 respectively. | 68 | 64 |
Additional paid-in capital | 10,801 | 7,503 |
Accumulated deficit | (6,984) | (5,196) |
Total Stockholders’ equity | 3,885 | 2,371 |
Total liabilities and stockholders’ equity | $ 4,493 | $ 2,943 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 68,213,038 | 64,601,649 |
Common stock, shares outstanding | 68,213,038 | 64,601,649 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Research and development expenses | $ 412 | $ 391 | $ 889 | $ 495 |
Marketing expenses | 130 | 593 | 181 | 763 |
General and administrative expenses | 429 | 532 | 754 | 690 |
Total operating loss | 971 | 1,516 | 1,824 | 1,948 |
Financial expenses (income), net | (32) | 6 | (36) | 18 |
Loss for the period | $ 939 | $ 1,522 | $ 1,788 | $ 1,966 |
Basic and dilutive loss per common stock (in dollars) | $ (0.01) | $ 0.02 | $ (0.03) | $ (0.03) |
Weighted average number of ordinary shares | 68,238,013 | 64,601,649 | 66,419,831 | 61,619,878 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 54 | $ 2,827 | $ (1,480) | $ 1,401 |
Balance, shares at Dec. 31, 2020 | 53,586,023 | |||
Private placement of common stock and warrants, net | $ 10 | 3,367 | 3,377 | |
Private placement of common stock and warrants, net, shares | 11,015,626 | |||
Stock-based compensation | 1,067 | 1,067 | ||
Loss for the period | (1,966) | (1,966) | ||
Ending balance, value at Jun. 30, 2021 | $ 64 | 7,261 | (3,446) | 3,879 |
Balance, shares at Jun. 30, 2021 | 64,601,649 | |||
Beginning balance, value at Dec. 31, 2021 | $ 64 | 7,503 | (5,196) | 2,371 |
Balance, shares at Dec. 31, 2021 | 64,601,649 | |||
Private placement of common stock and warrants, net | $ 4 | 3,196 | 3,200 | |
Private placement of common stock and warrants, net, shares | 3,636,364 | |||
Stock-based compensation | 102 | 102 | ||
Loss for the period | (1,788) | (1,788) | ||
Ending balance, value at Jun. 30, 2022 | $ 68 | $ 10,801 | $ (6,984) | $ 3,885 |
Balance, shares at Jun. 30, 2022 | 68,238,013 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Loss for the period | $ (1,788) | $ (1,966) |
Adjustments to reconcile loss for the period to net cash used in operating activities: | ||
Stock based compensation | 102 | 1,067 |
Depreciation | 6 | 2 |
Accrued financial expenses ,(income) | (41) | 1 |
Decrease (increase) in accounts receivable | (102) | 125 |
decrease in trade and other payables | (97) | (225) |
Net cash used in operating activities | (1,920) | (996) |
Cash flows from investing activities | ||
Purchase of property and equipment | (36) | (12) |
Investment in restricted deposit | (9) | (12) |
Net cash used in investing activities | (45) | (24) |
Cash flows from financing activities | ||
Proceeds from private placement of common stock and warrants, net (see also note 1.B) | 3,200 | 3,377 |
Net cash provided by financing activities | 3,200 | 3,377 |
Effect of exchange rate changes on cash and cash equivalents | 8 | 2 |
Net increase in cash and cash equivalents | 1,243 | 2,359 |
Cash and cash equivalents as at the beginning of the period | 2,815 | 1,866 |
Cash and cash equivalents as at the end of the period | $ 4,058 | $ 4,225 |
General
General | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | Note 1 – General A. Description of Business IR-Med, Inc. (OTC QB: IRME, hereinafter: the “Company”) was incorporated in Nevada in 2007 and is a holding company. IR-Med Inc.’s was previously named International Display Advertising Inc, and changed its name to IR-Med Inc. in January 2021. On December 24, 2020 IR-Med Inc. entered into a stock exchange agreement (hereinafter: the “Stock Exchange Agreement” or the “Reverse Acquisition”) with an Israeli company, IR. Med Ltd. (hereinafter: the “Subsidiary”) which was founded in May 2013. Under the Stock Exchange Agreement, IR. Med Ltd. became a wholly owned subsidiary of IR-Med, Inc. pursuant to a share exchange transaction among IR Med, Inc., IR. Med Ltd. and the former shareholders of IR. Med Ltd. The registered office of Company and the corporate headquarters and research facility of the Subsidiary are located in Rosh Pina, Israel. The Company is a development stage medical device company developing its technology through its Subsidiary and is utilizing Infra-Red light spectroscopy (IR) combined with Artificial Intelligence (AI) technology platform to develop non-invasive devices for various medical indications, by detecting and measuring various biomarkers and molecules in the blood and in human tissue in real-time. The initial product candidates which are currently in various stages of development are non-invasive, user friendly and designed to address the medical needs of large and growing target patient groups by offering earlier and more accurate information for detection, which is expected to reduce healthcare expenses and reducing the widespread reliance on antibiotics administration, and other interventional options. B. The Company is in its development stage and does not expect to generate significant revenue until such time as it shall have completed the design and development of its initial product candidates and obtained the requisite approvals to market the product. During the six months ended June 30, 2022, the Company incurred losses of $ 1,788 1,920 6,984 Management’s plans regarding these matters include continued development and marketing of its product candidates, as well as seeking additional financing arrangements. In April 2022, the Company raised $ 3,200 425,000 The Company Managements believes that its current cash resources are sufficient for the operations of the next 12 months C. 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 office closure in the context of a government-mandated general lockdown that had no significant impact on operations. Based on the information in its possession, the Company estimates that as of the date of approval of the financial statement, 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 additional measures that the government may adopt. IR-MED, Inc. |
Interim Unaudited Financial Inf
Interim Unaudited Financial Information | 6 Months Ended |
Jun. 30, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Unaudited Financial Information | Note 2 - Interim Unaudited Financial Information The accompanying interim unaudited financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements and therefore should be read in conjunction with the Company’s Annual Report on for the year ended December 31, 2021. In the opinion of management, all adjustments considered necessary for a fair statement, consisting of normal recurring adjustments, have been included. Operating results for the three and six months period ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Interim Financial Statements, and the reported amounts of expenses during the reporting period. Significant items subject to such estimates and assumptions including fair value of warrants and the share-based compensation. Actual results could differ from those estimates . |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 3 - Significant Accounting Policies These interim unaudited condensed consolidated financial statements have been prepared according to the same accounting policies as those discussed in the Company’s Annual Report for the year ended December 31, 2021, excluding the following: Leases In February 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-02, “Leases” (Topic 842), which requires lessees to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily depends on its classification as a finance or operating lease. However, unlike previous GAAP, which required only capital leases to be recognized on the balance sheet, the new guidance required both types of leases to be recognized on the balance sheet. The ASU is effective for interim and annual periods beginning after December 15, 2021, with early adoption permitted. A modified retrospective transition approach is required in applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. If an entity chooses the second option, the entity must recast its comparative period financial statements and provide disclosures required by the new standard for the comparative periods. The Company adopted the new standard on January 1, 2022, using the effective date as its date of initial application. Consequently, financial information will not be updated and disclosures required under the new standard will not be provided for dates and periods before January 1, 2022. The Subsidiary is a lessee in several noncancellable operating leases, primarily for transportation. The Company accounts for leases in accordance with Topic 842, Leases. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use (ROU) asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. IR-MED, Inc. Note 3 - Significant Accounting Policies (cont’d) Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) lease term, and (3) lease payments. Topic 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in the lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate as the discount rate for the lease. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Because the Company does not generally borrow on a collateralized basis, it uses the interest rate it pays on its noncollateralized borrowings as an input to deriving an appropriate incremental borrowing rate, adjusted for the amount of the lease payments, the lease term, and the effect on that rate of designating specific collateral with a value equal to the unpaid lease payments for that lease. ● Lease payments included in the measurement of the lease liability comprise of the following: — Fixed payments, including in-substance fixed payments, owed over the lease term (which includes termination penalties the Company would owe if the lease term assumes the Company’s exercise of a termination option); — Variable lease payments that depend on an index or rate, initially measured using the index or rate at the lease commencement date; The Right Of Use (ROU) asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease payments associated with the Company’s leases are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments are presented as operating expense in the Company’s consolidated statements of income in the same line item as expense arising from fixed lease payments (operating leases) or amortization of the ROU asset (finance leases). ROU assets for operating and finance leases are periodically reduced by impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment – Overall, to determine whether an ROU asset is impaired, and if so, the amount of the impairment loss to recognize. The Company monitors for events or changes in circumstances that require a reassessment of one of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in profit or loss. Operating lease ROU assets are presented as operating lease right of use assets on the consolidated balance sheet. The current portion of operating lease liabilities is included in trade and other payables and the long-term portion is presented separately as operating lease liabilities on the consolidated balance sheet. The Company recognizes the lease payments associated with its short-term transportation equipment leases as an expense on a straight-line basis over the lease term. Variable lease payments associated with these leases are recognized and presented in the same manner as for all other Company leases. IR-MED, Inc. |
Stock options plan
Stock options plan | 6 Months Ended |
Jun. 30, 2022 | |
Stock Options Plan | |
Stock options plan | Note 4 – Stock options plan On December 23, 2020 the Company’s board of directors approved and the shareholders adopted a share-based compensation plan (“2020 Incentive Stock Plan”) for future grants by the Company. As of June 30, 2022, the Company awarded to its employees and service providers options to purchase in the aggregate up to 9,442,843 8,762,843 0.32 480,000 0.01 200,000 0.64 6,069,579 one five three ten The Company recorded in the statement of operations a non-cash expense of $ 102 The stock-based compensation expenses for the six-month period ended June 30, 2022 were recognized in the statements of operations as follows; $ 47 55 1,022 The stock-based compensation expenses for the three-month period ended June 30, 2022 were recognized in the statements of operations as follows; $ 26 23 1,022 Schedule of Stock Options, Valuation Assumptions For the six months ended June 30, 2022 Dividend yields (see (A) below) 0.0 % Share price (in U.S. dollar) (see (B) below) 0.26 0.53 Expected volatility (see (C) below) 82.77 142.57 % Risk-free interest rates (see (D) below) 0.17 2.63 % IR-Med Inc. Notes to the Interim Unaudited Condensed Consolidated Financial Statements Note 4 – Stock options plan (cont’d) A. The Company used 0 B. The -Company’s common stock is quoted on the Over the Counter (“OTC”), QB tier. However, the Company considers its share price as it is traded on OTC to not be an appropriate representation of fair value, since it is not traded on an active market. The Group determined that the market is inactive due to low level of activity of the Company’s Common Stock, stale or non-current price quotes and price quotes that vary substantially either over time or among market makers. Consequently, the price of the Company’s Common Stock has been determined based on the April 2021 Private placement units of Common Stock and Warrants at a per unit purchase price of $ 0.64 0.88 C. As the Company is at its early stage of operation, there is not sufficient historical volatility for the expected term of the stock options. Therefore, the Company uses an average historical share price volatility based on an analysis of reported data for a peer group of comparable publicly traded companies which were selected based upon industry similarities. D. The Company determined the risk-free interest rate by using a weighted-average equivalent to the expected term based on the U.S. Treasury yield curve in effect as of the date of grant. |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent events | Note-5 - Subsequent events During July 2022 the Company entered into Subscription Agreements with four Investors pursuant to which the Company issued 482,957 0.88 482,957 1.10 2.50 75,000 40 425,000 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Leases | Leases In February 2016, the Financial Accounting Standards Board (FASB) issued ASU No. 2016-02, “Leases” (Topic 842), which requires lessees to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily depends on its classification as a finance or operating lease. However, unlike previous GAAP, which required only capital leases to be recognized on the balance sheet, the new guidance required both types of leases to be recognized on the balance sheet. The ASU is effective for interim and annual periods beginning after December 15, 2021, with early adoption permitted. A modified retrospective transition approach is required in applying the new standard to all leases existing at the date of initial application. An entity may choose to use either (1) its effective date or (2) the beginning of the earliest comparative period presented in the financial statements as its date of initial application. If an entity chooses the second option, the entity must recast its comparative period financial statements and provide disclosures required by the new standard for the comparative periods. The Company adopted the new standard on January 1, 2022, using the effective date as its date of initial application. Consequently, financial information will not be updated and disclosures required under the new standard will not be provided for dates and periods before January 1, 2022. The Subsidiary is a lessee in several noncancellable operating leases, primarily for transportation. The Company accounts for leases in accordance with Topic 842, Leases. The Company determines if an arrangement is or contains a lease at contract inception. The Company recognizes a right-of-use (ROU) asset and a lease liability at the lease commencement date. For operating leases, the lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. IR-MED, Inc. Note 3 - Significant Accounting Policies (cont’d) Key estimates and judgments include how the Company determines (1) the discount rate it uses to discount the unpaid lease payments to present value, (2) lease term, and (3) lease payments. Topic 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. Generally, the Company cannot determine the interest rate implicit in the lease because it does not have access to the lessor’s estimated residual value or the amount of the lessor’s deferred initial direct costs. Therefore, the Company generally uses its incremental borrowing rate as the discount rate for the lease. The Company’s incremental borrowing rate for a lease is the rate of interest it would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. Because the Company does not generally borrow on a collateralized basis, it uses the interest rate it pays on its noncollateralized borrowings as an input to deriving an appropriate incremental borrowing rate, adjusted for the amount of the lease payments, the lease term, and the effect on that rate of designating specific collateral with a value equal to the unpaid lease payments for that lease. ● Lease payments included in the measurement of the lease liability comprise of the following: — Fixed payments, including in-substance fixed payments, owed over the lease term (which includes termination penalties the Company would owe if the lease term assumes the Company’s exercise of a termination option); — Variable lease payments that depend on an index or rate, initially measured using the index or rate at the lease commencement date; The Right Of Use (ROU) asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received. For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Variable lease payments associated with the Company’s leases are recognized when the event, activity, or circumstance in the lease agreement on which those payments are assessed occurs. Variable lease payments are presented as operating expense in the Company’s consolidated statements of income in the same line item as expense arising from fixed lease payments (operating leases) or amortization of the ROU asset (finance leases). ROU assets for operating and finance leases are periodically reduced by impairment losses. The Company uses the long-lived assets impairment guidance in ASC Subtopic 360-10, Property, Plant, and Equipment – Overall, to determine whether an ROU asset is impaired, and if so, the amount of the impairment loss to recognize. The Company monitors for events or changes in circumstances that require a reassessment of one of its leases. When a reassessment results in the remeasurement of a lease liability, a corresponding adjustment is made to the carrying amount of the corresponding ROU asset unless doing so would reduce the carrying amount of the ROU asset to an amount less than zero. In that case, the amount of the adjustment that would result in a negative ROU asset balance is recorded in profit or loss. Operating lease ROU assets are presented as operating lease right of use assets on the consolidated balance sheet. The current portion of operating lease liabilities is included in trade and other payables and the long-term portion is presented separately as operating lease liabilities on the consolidated balance sheet. The Company recognizes the lease payments associated with its short-term transportation equipment leases as an expense on a straight-line basis over the lease term. Variable lease payments associated with these leases are recognized and presented in the same manner as for all other Company leases. IR-MED, Inc. |
Stock options plan (Tables)
Stock options plan (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Stock Options Plan | |
Schedule of Stock Options, Valuation Assumptions | Schedule of Stock Options, Valuation Assumptions For the six months ended June 30, 2022 Dividend yields (see (A) below) 0.0 % Share price (in U.S. dollar) (see (B) below) 0.26 0.53 Expected volatility (see (C) below) 82.77 142.57 % Risk-free interest rates (see (D) below) 0.17 2.63 % IR-Med Inc. Notes to the Interim Unaudited Condensed Consolidated Financial Statements Note 4 – Stock options plan (cont’d) A. The Company used 0 B. The -Company’s common stock is quoted on the Over the Counter (“OTC”), QB tier. However, the Company considers its share price as it is traded on OTC to not be an appropriate representation of fair value, since it is not traded on an active market. The Group determined that the market is inactive due to low level of activity of the Company’s Common Stock, stale or non-current price quotes and price quotes that vary substantially either over time or among market makers. Consequently, the price of the Company’s Common Stock has been determined based on the April 2021 Private placement units of Common Stock and Warrants at a per unit purchase price of $ 0.64 0.88 C. As the Company is at its early stage of operation, there is not sufficient historical volatility for the expected term of the stock options. Therefore, the Company uses an average historical share price volatility based on an analysis of reported data for a peer group of comparable publicly traded companies which were selected based upon industry similarities. D. The Company determined the risk-free interest rate by using a weighted-average equivalent to the expected term based on the U.S. Treasury yield curve in effect as of the date of grant. |
General (Details Narrative)
General (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Jul. 31, 2022 | Apr. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||||||
Net losses | $ 939,000 | $ 1,522,000 | $ 1,788,000 | $ 1,966,000 | |||
Cash flow from operating activities net | 1,920,000 | 996,000 | |||||
Accumulated deficit | $ 6,984,000 | 6,984,000 | $ 5,196,000 | ||||
Raising from private placement | $ 3,200,000 | $ 3,377,000 | |||||
Investor [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Raising from private placement | $ 3,200,000 | ||||||
Investor [Member] | Subsequent Event [Member] | |||||||
Defined Benefit Plan Disclosure [Line Items] | |||||||
Raising from private placement | $ 425,000 |
Schedule of Stock Options, Valu
Schedule of Stock Options, Valuation Assumptions (Details) | 6 Months Ended | |
Jun. 30, 2022 $ / shares | ||
Dividend yields | 0% | [1] |
Expected volatility minimum | 82.77% | [2] |
Expected volatility maximum | 142.57% | [2] |
Risk free interest rate minimum | 0.17% | [3] |
Risk free interest rate maximum | 2.63% | [3] |
Minimum [Member] | ||
Share price | $ 0.26 | [4] |
Maximum [Member] | ||
Share price | $ 0.53 | [4] |
[1]The Company used 0 0.64 0.88 |
Schedule of Stock Options, Va_2
Schedule of Stock Options, Valuation Assumptions (Details) (Parenthethical) - $ / shares | 6 Months Ended | ||
Jun. 30, 2022 | Apr. 30, 2022 | ||
Stock Options Plan | |||
Dividend rate | [1] | 0% | |
Warrant exercise price per share | $ 0.64 | $ 0.88 | |
[1]The Company used 0 |
Stock options plan (Details Nar
Stock options plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock-based compensation expenses | $ 102 | $ 1,067 | ||
Research and Development Expense [Member] | ||||
Stock-based compensation expenses | $ 26 | 47 | ||
General and Administrative Expense [Member] | ||||
Stock-based compensation expenses | $ 23 | $ 1,022 | 55 | $ 1,022 |
Common Stock [Member] | ||||
Stock-based compensation expenses | ||||
Equity Option [Member] | ||||
Number of option shares | 8,762,843 | 8,762,843 | ||
Share issued price per share | $ 0.32 | $ 0.32 | ||
Number of option to vested, shares | 6,069,579 | |||
Stock Option One [Member] | ||||
Number of option shares | 480,000 | 480,000 | ||
Share issued price per share | $ 0.01 | $ 0.01 | ||
Stock Option Two [Member] | ||||
Number of option shares | 200,000 | 200,000 | ||
Share issued price per share | $ 0.64 | $ 0.64 | ||
Maximum [Member] | ||||
Warrants and rights outstanding term | 10 years | 10 years | ||
Maximum [Member] | Common Stock [Member] | ||||
Warrants and rights outstanding term | 5 years | 5 years | ||
Minimum [Member] | ||||
Warrants and rights outstanding term | 3 years | 3 years | ||
Minimum [Member] | Common Stock [Member] | ||||
Warrants and rights outstanding term | 1 year | 1 year | ||
Employees [Member] | Maximum [Member] | ||||
Number of option to purchase shares | 9,442,843 |
Subsequent events (Details Narr
Subsequent events (Details Narrative) | 1 Months Ended | ||
Jul. 31, 2022 USD ($) Days $ / shares shares | Jun. 30, 2022 $ / shares | ||
Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Share price | [1] | $ 0.53 | |
Subsequent Event [Member] | Subscription Agreements [Member] | |||
Subsequent Event [Line Items] | |||
Agreements share | shares | 482,957 | ||
Share price | $ 0.88 | ||
Warrants to purchase additional shares | shares | 482,957 | ||
Aggregate gross proceeds | $ | $ 425,000 | ||
Subsequent Event [Member] | Subscription Agreements [Member] | Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Warrants equal or exceeds of common stock | shares | 75,000 | ||
Subsequent Event [Member] | Subscription Agreements [Member] | Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Share price | $ 1.10 | ||
Trading days | Days | 40 | ||
Subsequent Event [Member] | Subscription Agreements [Member] | Common Stock [Member] | Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Share price | $ 2.50 | ||
[1]The -Company’s common stock is quoted on the Over the Counter (“OTC”), QB tier. However, the Company considers its share price as it is traded on OTC to not be an appropriate representation of fair value, since it is not traded on an active market. The Group determined that the market is inactive due to low level of activity of the Company’s Common Stock, stale or non-current price quotes and price quotes that vary substantially either over time or among market makers. Consequently, the price of the Company’s Common Stock has been determined based on the April 2021 Private placement units of Common Stock and Warrants at a per unit purchase price of $ 0.64 0.88 |