Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2024 | May 13, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-56492 | |
Entity Registrant Name | IR-Med, Inc. | |
Entity Central Index Key | 0001839133 | |
Entity Tax Identification Number | 84-4516398 | |
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 | |
Entity Address, Postal Zip Code | 1231400 | |
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 | 69,975,056 |
Interim Condensed Consolidated
Interim Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 408 | $ 767 |
Accounts receivable | 55 | 81 |
Total current assets | 463 | 848 |
Non- current assets | ||
Long term restricted deposit | 11 | 11 |
Right of use assets | 58 | 84 |
Property and equipment, net | 47 | 56 |
Total non-current assets | 116 | 151 |
Total assets | 579 | 999 |
Current liabilities | ||
Trade and other payables | 505 | 473 |
Non-current liabilities | ||
Stockholders’ loans | 160 | 161 |
Total liabilities | 665 | 634 |
Stockholders’ equity (deficiency) | ||
Common Stock, par value $0.001 per share, 250,000,000, shares authorized. As of March 31, 2024, and December 31, 2023, 69,931,056 shares were issued. | 69 | 69 |
Additional paid-in capital | 15,341 | 15,135 |
Accumulated deficit | (15,496) | (14,839) |
Total Stockholders’ equity (deficiency) | (86) | 365 |
Total liabilities and stockholders’ equity (deficiency) | $ 579 | $ 999 |
Interim Condensed Consolidate_2
Interim Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
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 | 69,931,056 | 69,931,056 |
Interim Condensed Consolidate_3
Interim Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Research and development expenses: | ||
Expenses incurred | $ 375 | $ 605 |
Less- government participation | (180) | |
Research and development expenses, net | 195 | 605 |
Marketing expenses | 168 | 172 |
General and administrative expenses | 295 | 575 |
Total operating loss | 658 | 1,352 |
Financial income, net | (1) | (2) |
Loss for the period | $ 657 | $ 1,350 |
Basic loss per common stock | $ (0.01) | $ (0.02) |
Dilutive loss per common stock | $ (0.01) | $ (0.02) |
Weighted-average shares basic | 69,931,056 | 68,829,424 |
Weighted-average shares diluted | 69,931,056 | 68,829,424 |
Interim Condensed Consolidate_4
Interim Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficiency) (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total | |
Balance at Dec. 31, 2022 | $ 68 | $ 12,454 | $ (9,930) | $ 2,592 | |
Balance, shares at Dec. 31, 2022 | 68,808,970 | ||||
Stock-based compensation | [1] | 478 | 478 | ||
Stock-based compensation, shares | 20,454 | ||||
Loss for the period | (1,350) | (1,350) | |||
Balance at Mar. 31, 2023 | $ 68 | 12,932 | (11,280) | 1,720 | |
Balance, shares at Mar. 31, 2023 | 68,829,424 | ||||
Balance at Dec. 31, 2023 | $ 69 | 15,135 | (14,839) | 365 | |
Balance, shares at Dec. 31, 2023 | 69,931,056 | ||||
Stock-based compensation | 206 | 206 | |||
Stock-based compensation, shares | |||||
Loss for the period | (657) | (657) | |||
Balance at Mar. 31, 2024 | $ 69 | $ 15,341 | $ (15,496) | $ (86) | |
Balance, shares at Mar. 31, 2024 | 69,931,056 | ||||
[1]Represents an amount less than US$ 1 thousand |
Interim Condensed Consolidate_5
Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Loss for the period | $ (657) | $ (1,350) |
Adjustments to reconcile loss for the period to net cash used in operating activities: | ||
Stock based compensation | 206 | 478 |
Depreciation | 9 | 4 |
Accrued financial expenses (income) | 3 | (6) |
Decrease (increase) in accounts receivable | 27 | (1) |
Increase (decrease) in trade and other payables | 54 | (25) |
Net cash used in operating activities | (358) | (900) |
Effect of exchange rate changes on cash and cash equivalents | (1) | 1 |
Net decrease in cash and cash equivalents | (359) | (899) |
Cash and cash equivalents as at the beginning of the period | 767 | 3,002 |
Cash and cash equivalents as at the end of the period | $ 408 | $ 2,103 |
General
General | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | Note 1 - General A. Description of Business IR-Med, Inc. (OTC QB: IRME, hereinafter: the “Parent Company”) was incorporated in Nevada in 2007. IR-Med, Inc. was previously named International Display Advertising, Inc. and changed its name to IR-Med, Inc. in January 2021. The registered office of IR-Med, Inc. and the corporate headquarters and research facility of IR. Med, Ltd. are located in Rosh Pina, Israel. The Parent Company and IR. Med Ltd. (Hereinafter: the “Subsidiary”) are at times collectively referred to as the “Company”. On April 9, 2024, the C ompany’s first device, the P ressureSafe decision support device received a U.S. Food and Drug Administration (FDA) listing certification. PressureSafe PressureSafe the for PressureSafe. On January 25, 2024, the Israel Innovation Authority (the “IIA”) approved the Company’s proposed program to develop a device for the early detection of diabetic foot ulcers among diabetic patients, with a project budget of NIS 3,761,978 1,030,000 50 3 5 B. Going Concern The Company has started the preparations of the commercial launch of its first device, the PressureSafe, 657 thousand and had a negative cash flow from operating activities of $ 358 thousand. The accumulated deficit as of March 31, 2024 is $ 15,496 thousand. Management’s plans regarding these matters include continued development and marketing of the Company’s products, as well as seeking additional financing arrangements. Although management continues to pursue these plans, there is no assurance that the Company will be successful in raising the needed capital from revenues or financing on commercially acceptable terms. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. Management’s plans regarding these matters include continued development and marketing of its products, as well as seeking additional financing arrangements. As a result of the Company’s financial condition substantial doubt exists that the Company will be able to continue as a going concern for one year from the issuance date of this first quarter of 2024 Report. Following the brutal attacks on Israel, the mobilization of army reserves and the Israeli Government declaring a state of war (the “Iron Swords War”) in October 2023, there has been a decrease in Israel’s economic and business activity. The security situation has led, inter alia, to a disruption in the chain of supply and production, a decrease in the volume of national transportation, a shortage in manpower as well as a decrease in the value of financial assets and a rise in the exchange rate of foreign currencies in relation to the shekel. At this time, the Company has assessed, on the basis of the information it has as of the date of the approval of these financial statements, that the current events and the escalation in security in Israel, may have a material effect on the business plans of the Company in the short term. As a result of the movement and work restrictions in Israel, the Company has begun operating on a limited scale. These restrictions and the shortage in manpower may cause delays in the Company’s research and development activities and in its marketing efforts. In addition, the situation has brought further difficulties in management’s efforts to seek additional financing arrangements. Since this is an event that is not under the control of the Company and matters such as the fighting continuing or stopping may affect the Company’s assessments, as of the reporting date the Company is unable to assess the extent of the effect of the Iron Swords War on its business. |
Interim Unaudited Financial Inf
Interim Unaudited Financial Information | 3 Months Ended |
Mar. 31, 2024 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Unaudited Financial Information | Note 2 - Interim Unaudited Financial Information The accompanying unaudited financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (“U.S 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, 2023. IR-Med Inc. Notes to the Interim Unaudited Condensed Consolidated Financial Statements Note 2 - Interim Unaudited Financial Information (Cont’d) 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 months period ended March 31, 2024 and 2023 and cash flow for the three months period ended March 31, 2024 and 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Use of Estimates The preparation of financial statements in conformity with U.S GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting period. Significant items subject to such estimates and assumptions including fair value of share-based compensation and legal claims. Actual results could differ from those estimates. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023. |
Stockholders_ Loans
Stockholders’ Loans | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Stockholders’ Loans | Note 4 - Stockholders’ Loans On March 1, 2024, the Company and the lenders agreed to extend the repayment date to December 31, 2025. Shareholders’ loans with terms that were amended after the reporting date are considered in determining the classification of debt at the reporting date. Due to agreements reached in 2024 between the shareholders and the Company regarding the repayment date of the loan, the shareholders’ loans on March 31, 2024, are classified as non-current liabilities. |
Stock Options Plan
Stock Options Plan | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Options Plan | Note 5 - 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 to officers, directors, employees and consultants. As of March 31, 2024, the Company awarded to its employees and service providers options to purchase up to 14,096,675 7,795,675 0.32 5,821,000 0.58 480,000 0.01 13,091,888 0.41 one three years three ten years Schedule of Share Based Compensation Options Awarded Weighted average of exercise price Number of options Outstanding as of beginning of year $ 0.42 15,544,175 Cancelled $ 0.32 (1,447,500 ) Outstanding as of March 31 ,2024 $ 0.42 14,096,675 The aforementioned grants were approved following the adoption of the 2020 incentive stock plan and the adoption of the sub plan (the “Israeli appendix”) on April 29, 2021. The Company recorded in the statement of operations a non-cash expense of $ 206 478 The stock-based compensation expenses for the three months ended March 31, 2024 and 2023 were recognized in the statements of operations as follows; Schedule of Stock-Based Compensation Expenses March 31, 2024 March 31, 2023 For the three-month period ended March 31, 2024 March 31, 2023 US Dollars (In thousands) Research and development expenses 23 45 Marketing expenses 162 159 General and administrative expenses 21 274 Total stock-based compensation 206 478 IR-Med Inc. Notes to the Interim Unaudited Condensed Consolidated Financial Statements Note 5 - Stock options plan (Cont’d) The following table sets forth information about the weighted-average fair value of options granted to employees and service providers during the three months period ended March 31, 2024 and 2023, using the Black- Scholes-Merton option-pricing model and the weighted-average assumptions used for such grants: Schedule of Stock Options, Valuation Assumptions For the three-month period ended March 31, 2024 March 31, 2023 Dividend yields (see (I) below) 0.0 % 0.0 % Share price (in U.S. dollar) (see (II) below) 0.53 0.64 0.53 Expected volatility (see (III) below) 116. 84 % 114.29 95.37 % Risk-free interest rates (see (IV) below) 3.61 4.39 % 3.61 4 % Expected life (in years) (see (V) below) 1.5 14.79 5 14.79 I. The Company used 0 II. The Company’s common stock is quoted on the OTCQB. However, the Company considers its share price as it is traded on OTCQB to not be an appropriate representation of fair value, since it is not traded on an active market. The Company 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 private placement equity offerings conducted in April 2021, July 2022 and June 2023 consisting of units comprised of shares of common stock and warrants, at a per unit purchase price of $ 0.64 0.88 1.00 III. 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. IV. 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. V. The expected life of the granted options was determined based on the estimated behavior of the grantees; since most of the grantees are executives, the Company assumed that the large majority of the options will be exercised prior to their expiration. |
Contingent Liabilities and Comm
Contingent Liabilities and Commitments | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingent Liabilities and Commitments | Note 6 - Contingent Liabilities and Commitments On May 29, 2023, a lawsuit was filed against the Company, the Subsidiary and Mr. Aharon Klein (the “Plaintiff”), a Company Director and the Company’s Chief Technology Officer in the Tel Aviv District Court of Israel, by an individual who provided, on part time basis, certain consulting services to the Subsidiary between October 2015 and October 2016, before the acquisition of the Subsidiary by the Company. The suit alleges breach of contract by the defendants based on non-payment of amounts purportedly owed to the Plaintiff in respect of the services rendered, including the market value of the Company’s common stock that the Plaintiff alleges should have been issued to him in respect of services. The suit seeks declaratory judgment that the defendants breached certain agreements with the Plaintiff and claimed damages in the aggregate amount of approximately $ 2.1 The Company records a provision in its financial statements to the extent that it concludes that a contingent liability is probable, and the amount thereof is reasonably estimable. Based upon the status of the case described above, management’s assessments of the likelihood of damages, and the advice of counsel, no provisions have been made regarding the matter disclosed in this note. Litigation outcomes and contingencies are unpredictable, and excessive verdicts can occur. |
Stock Options Plan (Tables)
Stock Options Plan (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share Based Compensation Options Awarded | Schedule of Share Based Compensation Options Awarded Weighted average of exercise price Number of options Outstanding as of beginning of year $ 0.42 15,544,175 Cancelled $ 0.32 (1,447,500 ) Outstanding as of March 31 ,2024 $ 0.42 14,096,675 |
Schedule of Stock-Based Compensation Expenses | The stock-based compensation expenses for the three months ended March 31, 2024 and 2023 were recognized in the statements of operations as follows; Schedule of Stock-Based Compensation Expenses March 31, 2024 March 31, 2023 For the three-month period ended March 31, 2024 March 31, 2023 US Dollars (In thousands) Research and development expenses 23 45 Marketing expenses 162 159 General and administrative expenses 21 274 Total stock-based compensation 206 478 |
Schedule of Stock Options, Valuation Assumptions | The following table sets forth information about the weighted-average fair value of options granted to employees and service providers during the three months period ended March 31, 2024 and 2023, using the Black- Scholes-Merton option-pricing model and the weighted-average assumptions used for such grants: Schedule of Stock Options, Valuation Assumptions For the three-month period ended March 31, 2024 March 31, 2023 Dividend yields (see (I) below) 0.0 % 0.0 % Share price (in U.S. dollar) (see (II) below) 0.53 0.64 0.53 Expected volatility (see (III) below) 116. 84 % 114.29 95.37 % Risk-free interest rates (see (IV) below) 3.61 4.39 % 3.61 4 % Expected life (in years) (see (V) below) 1.5 14.79 5 14.79 I. The Company used 0 II. The Company’s common stock is quoted on the OTCQB. However, the Company considers its share price as it is traded on OTCQB to not be an appropriate representation of fair value, since it is not traded on an active market. The Company 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 private placement equity offerings conducted in April 2021, July 2022 and June 2023 consisting of units comprised of shares of common stock and warrants, at a per unit purchase price of $ 0.64 0.88 1.00 III. 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. IV. 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. V. The expected life of the granted options was determined based on the estimated behavior of the grantees; since most of the grantees are executives, the Company assumed that the large majority of the options will be exercised prior to their expiration. |
General (Details Narrative)
General (Details Narrative) | 3 Months Ended | ||||
Jan. 25, 2024 USD ($) | Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Jan. 25, 2024 ILS (₪) | Dec. 31, 2023 USD ($) | |
Project budget | $ 1,030,000 | ₪ 3,761,978 | |||
Total budget | 50% | ||||
Net income (loss) | $ 657,000 | $ 1,350,000 | |||
Cash flow from operating activities | 358,000 | $ 900,000 | |||
Accumulated deficit | $ 15,496,000 | $ 14,839,000 | |||
Minimum [Member] | |||||
Pay royalties | 3% | 3% | |||
Maximum [Member] | |||||
Pay royalties | 5% | 5% |
Schedule of Share Based Compens
Schedule of Share Based Compensation Options Awarded (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Weighted average of exercise price, outstanding as of beginning of year | $ / shares | $ 0.42 |
Number of options, outstanding as of beginning of year | shares | 15,544,175 |
Weighted average of exercise price, cancelled | $ / shares | $ 0.32 |
Number of options, cancelled | shares | (1,447,500) |
Number of options, outstanding as of end of year | $ / shares | $ 0.42 |
Number of options, outstanding as of end of year | shares | 14,096,675 |
Schedule of Stock-Based Compens
Schedule of Stock-Based Compensation Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | $ 206 | $ 478 |
Research and Development Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | 23 | 45 |
Selling and Marketing Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | 162 | 159 |
General and Administrative Expense [Member] | ||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | $ 21 | $ 274 |
Schedule of Stock Options, Valu
Schedule of Stock Options, Valuation Assumptions (Details) - $ / shares | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Dividend yields | [1] | 0% | 0% | |
Share price | $ 0.41 | $ 0.53 | [2] | |
Expected volatility maximum | [3] | 116% | 114.29% | |
Expected volatility minimum | [3] | 84% | 95.37% | |
Risk free interest rate minimum | [4] | 3.61% | 3.61% | |
Risk free interest rate maximum | [4] | 4.39% | 4% | |
Minimum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share price | [2] | $ 0.53 | ||
Expected life (in years) | [5] | 1 year 6 months | 5 years | |
Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share price | [2] | $ 0.64 | ||
Expected life (in years) | [5] | 14 years 9 months 14 days | 14 years 9 months 14 days | |
[1]The Company used 0 0.64 0.88 1.00 |
Schedule of Stock Options, Va_2
Schedule of Stock Options, Valuation Assumptions (Details) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | Jul. 31, 2022 | Apr. 30, 2021 | ||
Share-Based Payment Arrangement [Abstract] | ||||||
Dividend rate | [1] | 0% | 0% | |||
Shares issued, price per share | $ 1 | $ 0.88 | $ 0.64 | |||
[1]The Company used 0 |
Stock Options Plan (Details Nar
Stock Options Plan (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||||
Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2023 | Jul. 31, 2022 | Apr. 30, 2021 | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Purchase plans employees | 14,096,675 | ||||||
Shares issued price per share | $ 1 | $ 0.88 | $ 0.64 | ||||
Shares vested grant | 13,091,888 | ||||||
Share price | $ 0.41 | $ 0.53 | [1] | ||||
Share based compensation | $ 206 | $ 478 | |||||
Minimum [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Share price | [1] | $ 0.53 | |||||
Vesting period | 1 year | ||||||
Options exercisable period | 3 years | ||||||
Maximum [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Share price | [1] | $ 0.64 | |||||
Vesting period | 3 years | ||||||
Options exercisable period | 10 years | ||||||
Employee Stock Option One [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Stock issued during period shares issued for services | 7,795,675 | ||||||
Shares issued price per share | $ 0.32 | ||||||
Employee Stock Option Two [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Stock issued during period shares issued for services | 5,821,000 | ||||||
Shares issued price per share | $ 0.58 | ||||||
Employee Stock Option Three [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Stock issued during period shares issued for services | 480,000 | ||||||
Shares issued price per share | $ 0.01 | ||||||
[1]The Company’s common stock is quoted on the OTCQB. However, the Company considers its share price as it is traded on OTCQB to not be an appropriate representation of fair value, since it is not traded on an active market. The Company 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 private placement equity offerings conducted in April 2021, July 2022 and June 2023 consisting of units comprised of shares of common stock and warrants, at a per unit purchase price of $ 0.64 0.88 1.00 |
Contingent Liabilities and Co_2
Contingent Liabilities and Commitments (Details Narrative) $ in Millions | May 29, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Aggregate amount of damages claimed | $ 2.1 |