Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information Line Items | |
Entity Registrant Name | ECO WAVE POWER GLOBAL AB (PUBL) |
Trading Symbol | WAVE |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 44,394,844 |
Amendment Flag | false |
Entity Central Index Key | 0001846715 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-40554 |
Entity Incorporation, State or Country Code | V7 |
Entity Address, Address Line One | 52 Derech Menachem Begin Street |
Entity Address, City or Town | Tel Aviv |
Entity Address, Postal Zip Code | 6713701 |
Entity Address, Country | IL |
Title of 12(b) Security | American Depositary Shares |
Security Exchange Name | NASDAQ |
Entity Interactive Data Current | Yes |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Firm ID | 1309 |
Auditor Name | Kesselman & Kesselman |
Auditor Location | Tel Aviv, Israel |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | 52 Derech Menachem Begin St |
Entity Address, City or Town | Tel Aviv-Yafo |
Entity Address, Postal Zip Code | 6713701 |
Entity Address, Country | IL |
Contact Personnel Name | Inna Braverman |
Local Phone Number | 509-4017 |
City Area Code | +972-3 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 14,621 | $ 10,734 |
Restricted short-term bank deposits | 70 | 68 |
Other receivables and prepaid expenses | 389 | 217 |
TOTAL CURRENT ASSETS | 15,080 | 11,019 |
NON-CURRENT ASSETS: | ||
Property and equipment, net | 1,194 | 1,472 |
Right-of-use assets, net | 101 | 208 |
Investments in a joint venture accounted for using the equity method | 272 | |
TOTAL NON-CURRENT ASSETS | 1,567 | 1,680 |
TOTAL ASSETS | 16,647 | 12,699 |
CURRENT LIABILITIES: | ||
Current maturities of long-term loans from related party | 220 | |
Accounts payable and accruals: | ||
Trade | 46 | 43 |
Other | 510 | 446 |
Current maturities of lease liabilities | 127 | 96 |
TOTAL CURRENT LIABILITIES | 903 | 585 |
NON-CURRENT LIABILITIES: | ||
Long-term loans from related party, net of current maturities | 882 | 1,062 |
Other long-term loan | 129 | 134 |
Lease liabilities, net of current maturities | 123 | |
TOTAL NON-CURRENT LIABILITIES | 1,011 | 1,319 |
COMMITMENTS | ||
TOTAL LIABILITIES | 1,914 | 1,904 |
EQUITY: | ||
Common shares | 98 | 76 |
Share premium | 23,121 | 15,179 |
Foreign currency translation reserve | (103) | 1,576 |
Accumulated deficit | (8,383) | (6,036) |
TOTAL EQUITY | 14,733 | 10,795 |
TOTAL LIABILITIES AND EQUITY | $ 16,647 | $ 12,699 |
Consolidated Statements of Loss
Consolidated Statements of Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements of Loss [Abstract] | |||
REVENUES | $ 31 | ||
COST OF SALES | (27) | ||
GROSS PROFIT | 4 | ||
OPERATING EXPENSES | |||
Research and development expenses | (670) | (366) | (184) |
Sales and marketing expenses | (485) | (348) | (392) |
General and administrative expenses | (1,909) | (1,104) | (1,370) |
Share of net loss of a joint venture accounted for Using the equity method | (10) | ||
TOTAL OPERATING EXPENSES | (3,074) | (1,818) | (1,946) |
OPERATING LOSS | (3,070) | (1,818) | (1,946) |
Financial expenses | (69) | (151) | (83) |
Financial income | 792 | ||
FINANCIAL INCOME (EXPENSES) - NET | 723 | (151) | (83) |
LOSS BEFORE INCOME TAX | (2,347) | (1,969) | (2,029) |
Income tax expense | (1) | ||
NET LOSS | (2,347) | (1,970) | (2,029) |
ATTRIBUTABLE TO: | |||
The parent company shareholders | (2,347) | (1,959) | (1,995) |
Non-controlling interests | (11) | (34) | |
TOTAL PARENT COMPANY SHAREHOLDERS | $ (2,347) | $ (1,970) | $ (2,029) |
LOSS PER COMMON SHARE – BASIC AND DILUTED (in Dollars per share) | $ (0.06) | $ (0.06) | $ (0.06) |
WEIGHTED AVERAGE NUMBER OF COMMON SHARES USED IN CALCULATION OF LOSS | |||
PER COMMON SHARE (in Shares) | 39,832,861 | 35,194,844 | 31,609,746 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements of Comprehensive Loss [Abstract] | |||
LOSS FOR THE YEAR | $ (2,347) | $ (1,970) | $ (2,029) |
ITEMS THAT MAY BE RECLASSIFIED TO PROFIT OR LOSS | |||
EXCHANGE DIFFERENCES ON TRANSLATION OF FOREIGN OPERATIONS | (340) | (54) | (8) |
ITEMS THAT WILL NOT BE RECLASSIFIED TO PROFIT OR LOSS | |||
EXCHANGE DIFFERENCES ON TRANSLATION TO PRESENTATION CURRENCY | (1,339) | 1,451 | 82 |
OTHER COMPREHENSIVE (LOSS) INCOME FOR THE YEAR | (1,679) | 1,397 | 74 |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR | (4,026) | (573) | (1,955) |
TOTAL COMPREHENSIVE LOSS FOR THE YEAR IS ATTRIBUTABLE TO: | |||
THE PARENT COMPANY SHAREHOLDERS | (4,026) | (562) | (1,921) |
NON-CONTROLLING INTERESTS | (11) | (34) | |
TOTAL PARENT COMPANY SHAREHOLDERS | $ (4,026) | $ (573) | $ (1,955) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Common shares capital | Share premium | Foreign currency translation reserve | Accumulated deficit | Total for Company’s shareholders | Non- controlling interest | Total | |
Balance at Dec. 31, 2018 | $ 2,378 | $ 105 | $ (2,082) | $ 401 | $ 45 | $ 446 | ||
Balance (in Shares) at Dec. 31, 2018 | [1] | |||||||
Issuance of shares | 928 | 928 | 928 | |||||
Issuance of shares for the acquisition of Eco Wave Power Ltd. | ||||||||
Issuance of shares for the acquisition of Eco Wave Power Ltd. (in Shares) | [1] | 28,839,250 | ||||||
Issuance of share capital in a public offering | $ 76 | 11,873 | 11,949 | 11,949 | ||||
Issuance of share capital in a public offering (in Shares) | [1] | 6,355,594 | ||||||
Loss for the year | (1,995) | (1,995) | (34) | (2,029) | ||||
Other comprehensive income (loss) | 74 | 74 | 74 | |||||
Total comprehensive loss for the year | 74 | (1,995) | (1,921) | (34) | (1,955) | |||
Balance at Dec. 31, 2019 | $ 76 | 15,179 | 179 | (4,077) | 11,357 | 11 | 11,368 | |
Balance (in Shares) at Dec. 31, 2019 | [1] | 35,194,844 | ||||||
Loss for the year | (1,959) | (1,959) | (11) | (1,970) | ||||
Other comprehensive income (loss) | 1,397 | 1,397 | 1,397 | |||||
Total comprehensive loss for the year | 1,397 | (1,959) | (562) | (11) | (573) | |||
Balance at Dec. 31, 2020 | $ 76 | 15,179 | 1,576 | (6,036) | 10,795 | 10,795 | ||
Balance (in Shares) at Dec. 31, 2020 | [1] | 35,194,844 | ||||||
Issuance of share capital in a public offering | $ 22 | 7,942 | 7,964 | 7,964 | ||||
Issuance of share capital in a public offering (in Shares) | [1] | 9,200,000 | ||||||
Loss for the year | (2,347) | (2,347) | (2,347) | |||||
Other comprehensive income (loss) | (1,679) | (1,679) | (1,679) | |||||
Total comprehensive loss for the year | (1,679) | (2,347) | (4,026) | (4,026) | ||||
Balance at Dec. 31, 2021 | $ 98 | $ 23,121 | $ (103) | $ (8,383) | $ 14,733 | $ 14,733 | ||
Balance (in Shares) at Dec. 31, 2021 | [1] | 44,394,844 | ||||||
[1] | Number of common shares is presented on a post-split basis. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS - OPERATING ACTIVITIES: | |||
Net loss | $ (2,347) | $ (1,970) | $ (2,029) |
Adjustments for: | |||
Depreciation and amortization | 248 | 123 | 38 |
Interest | 53 | 54 | 28 |
Share of loss of a joint venture | 10 | ||
Non-cash finance income | (338) | ||
Non-cash marketing expenses | 96 | ||
Changes in operating assets and liabilities | |||
Decrease (increase) in other receivables and prepaid expenses | (241) | 28 | (100) |
Increase (decrease) in accounts payable and accruals | 85 | (342) | 782 |
Net cash used in operating activities | (2,530) | (2,107) | (1,185) |
CASH FLOWS – INVESTING ACTIVITIES: | |||
Proceeds of (investments in) short-term deposits | 48 | (82) | |
Investment in a joint venture | (117) | ||
Purchase of property and equipment | (13) | (177) | (154) |
Net cash used in investing activities | (130) | (129) | (236) |
CASH FLOWS - FINANCING ACTIVITIES: | |||
Issuance of share capital, net of issuance cost (issuance cost in 2021 - $1,236, in 2019 - $979) | 7,964 | 12,877 | |
Proceeds of long-term loan | 17 | ||
Principal elements of lease payments | (103) | (96) | (16) |
Net cash (used in) provided by financing activities | 7,861 | (96) | 12,878 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 5,201 | (2,332) | 11,457 |
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | 10,734 | 11,702 | 258 |
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS | (1,314) | 1,364 | (13) |
CASH AND CASH EQUIVALENTS - END OF YEAR | 14,621 | 10,734 | 11,702 |
Non-cash Investing activities and financing | |||
Transfer of equipment to a joint venture | (159) | ||
Acquisition of right-of-use asset through lease liability (see Note 7) | $ 304 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Statement of cash flows [abstract] | ||
Issuance cost | $ 1,236 | $ 979 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2021 | |
General information [Abstract] | |
GENERAL INFORMATION | NOTE 1 - GENERAL INFORMATION a. General Group Eco Wave Power Global AB (publ) (“the Parent Company” or together with its subsidiaries “the Company”) is a Swedish public limited company formed on March 27, 2019 and registered at the Swedish Companies Registration Office on April 17, 2019. The Company’s common shares are traded on Nasdaq First North Stockholm and the company’s American Depositary Shares (“ADSs”) are traded on the Nasdaq Capital Market in the United States. The Company’s corporate identity number is 559202-9499 and its address is Strandvägen 7A, 114 56 Stockholm, Sweden. Unless expressly indicated otherwise, all amounts are shown in thousands of U.S. dollars (“USD”). The Company acquired Eco Wave Power Ltd. on June 10, 2019 through a non-cash issuance of common shares and then became the Parent Company of the newly-formed Group. The Company had no assets or operations at the time of the acquisition. The purpose of the acquisition was to incorporate the business in accordance with Swedish law before an initial public offering on Nasdaq First North Stockholm. The former shareholders of Eco Wave Power Ltd. became the shareholders in the Company and the substance of the transaction is a capital reorganization and does not represent a business combination as none of the combining parties can be identified as the acquirer according to International Financial Reporting Standards (“IFRS”) 3. The comparative figures for the period prior to the formation of the Parent Company and the Group are the figures for the Group of which Eco Wave Power Ltd. is the parent company. Apart from this event, no shares or businesses were acquired in 2021 or 2020. In July 2021 the Company completed an underwritten public offering of ADSs. The ADSs began trading on Nasdaq on July 1, 2021. See note 11d. Subsidiaries The Parent Company is the parent company to its wholly-owned subsidiary Eco Wave Power Ltd. Eco Wave Power Ltd. is the parent company of the remaining wholly- and partly-owned subsidiaries: Name Main Country of Year of Ownership Ownership Eco Wave Power Ltd. (reg. no. 514593722) Wave power Israel 2011 100% - Eco Wave Power Australia PTY Ltd. (org. no.632805353) Wave power Australia 2019 100% - Eco Wave Power Gibraltar Ltd. (org. no.113264) Wave power Gibraltar 2015 100% - Eco Wave Power Mexico (org. no. 507055) Wave power Mexico 2014 60% 40% Eco Wave Manzanillo I (org. no. 562840) Wave power Mexico 2016 99.998 % owned by Eco Wave Power Mexico 0.002% Suzhou Eco Wave Power Technology Co. Wave power China 2014 90% 10% EW Portugal – Wave Energy Solutions, Unipessoal Ida (Org. no. 516138626) – see Note 15c. Wave power Portugal 2020 100% - Joint venture Name Main Country of Year of Proportion of the shares on December 31, EWP EDF One Ltd. (reg. no. 516065943) Wave power Israel 2019 50% The remaining shares of EWP EDF One Ltd. is owned by EDF Renewables in Israel. The aim of this venture is to exclusively cooperate in the development, financing, design, procurement, construction and operation of the new pilot project at Jaffa Port and to evaluate further possible collaborations in wave power. EWP EDF One Ltd. commenced operations on January 1 st b. Update on Covid-19 implications In March 2020, the World Health Organization declared the outbreak of a novel coronavirus (“COVID-19”) as a pandemic, which continues to spread throughout the locations where the Group operates and or plans to operate. The COVID-19 pandemic has resulted in government authorities throughout the world implementing significant measures to limit the spread of COVID-19, including shelter-in-place and lockdown orders, travel restrictions, quarantines and business limitations. The length of disruptions varies by country, and there is uncertainty around the duration and the effect on the Group long-term. The COVID-19 pandemic has resulted in evolving market and economic conditions on a global scale that have impacted and may continue to impact the Group’s ability to carry out operations as usual although some relief in restrictions has been experienced in 2021. As a result of restrictions, the Group experienced certain delays in projects’ execution, shortage in components and price increase of certain components. c. Approval of consolidated financial statements The consolidated financial statements of the Group for the year ended December 31, 2021 were approved by the Board of Directors (the “Board”) on April 28, 2022, and signed on its behalf by the Chairman of the Board, the Chief Executive Officer and the Chief Financial Officer. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of significant accounting policies [text block] [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES a. Basis of presentation The Group’s consolidated financial statements as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021, have been prepared in accordance with IFRS, as issued by the International Accounting Standards Board (“IASB”). The significant accounting policies described below have been applied on a consistent basis, unless noted otherwise. The consolidated financial statements have been prepared on the basis of historical cost. The Group classifies its expenses on the statement of loss based on the functions of such expenses. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. Areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 4. Actual results may differ materially from estimates and assumptions used by the Company management. b. Principles of consolidation Consolidated entities are all entities over which the Parent Company has control. The Parent Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity to direct the activities of the entity. Consolidated entities are fully consolidated from the date on which control of such entities is transferred to the Parent Company. Inter-company transactions and balances between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of loss, statement of comprehensive loss, statement of changes in equity and financial position respectively. Joint ventures are joint arrangements in which the Group has rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The consolidated financial statements include the Group’s share of the income and expenses in profit or loss of equity accounted investees and of their other comprehensive income, after adjustments to align the accounting policies with those of the Group, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. c. Functional and presentation currency Swedish kronor (SEK) is the Parent Company’s functional currency. The Group’s presentation currency as used in the consolidated financial statements is the USD. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognized in profit or loss. Functional currency - Group companies The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the functional currency as follows: assets and liabilities for each financial position presented are translated at the closing rate at the date of that financial position. Income and expenses for each statement of profit or loss and statement of comprehensive loss are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and all resulting exchange differences are recognized in other comprehensive income. When a foreign entity is sold, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. Presentation currency - Parent Company The results and financial position from the Parent Company’s functional currency are translated into the presentation currency using the following procedures: assets and liabilities for each financial position presented are translated at the closing rate at the date of that financial position. Income and expenses for each statement of profit or loss and statement of comprehensive loss are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and all resulting exchange differences are recognized in other comprehensive income. Such exchange differences arising on translation to the presentation currency will not be reclassified to profit or loss. d. Cash and cash equivalents Cash and cash equivalents include cash on hand and short-term bank deposits (up to three months from date of deposit) that are not restricted as to withdrawal or use and are therefore considered to be cash equivalents. The fair value of cash equivalents and short-term bank deposits approximates their carrying value, since they bear interest at rates close to the prevailing market rates. e. Restricted short-term bank deposits Restricted short term bank deposits are short-term bank deposits that are restricted as to withdrawal or use. These deposits are subject to regulatory restrictions and are therefore not available for general use by the Group. The fair value of restricted short-term bank deposits approximates their carrying value, since they bear interest at rates close to the prevailing market rates. f. Property and equipment Property and equipment are stated at historical cost less depreciation. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Assets are depreciated by the straight-line method over the estimated useful lives of the assets, provided that Group management believes the residual values of the assets to be negligible, as follows: % Machinery and equipment 10 Office equipment 33 Land - The assets’ residual values, methods of depreciation and useful lives are reviewed and adjusted, if appropriate, at each financial position date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. g. Financial assets and financial liabilities All financial assets and liabilities are initially recognized at fair value and, in the case of loan liabilities, net of directly attributable transaction costs. The Group’s financial liabilities include current and non-current interest-bearing liabilities, leasing liabilities, trade payables and other current liabilities. The Group’s financial assets include current receivables and bank balances. The Group’s assets and liabilities are measured at amortized cost. The Group recognizes a loss allowance for expected credit losses on a financial asset that is measured at amortized cost. On each financial position date, the Group recognizes the change in expected credit losses in profit or loss. The Group had no material credit losses in 2021, 2020 and 2019. h. Loans and borrowings Loans and borrowings are initially recognized at fair value, net of transaction costs incurred. Loans and borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the loans and borrowings using the effective interest method. i. Share capital The Company’s common shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are shown in equity as a deduction from the issuance proceeds. j. Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the common course of business from suppliers. These payables are classified as current liabilities if payment is due within one year or less. k. Deferred taxes Deferred taxes are recognized using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax assets are recognized only to the extent that it is probable that future taxable income will be available against which the temporary differences can be utilized. As the Group is currently engaged primarily in development activities and is not expected to generate taxable income in the foreseeable future, no deferred tax assets are included in the financial statements. l. Revenue recognition The Group generated its revenues from performing a feasibility study to its customer. The Group recognized revenues upon providing the required service. The Group does not grant a right of return. m. Research and development expenses Research expenses are charged to profit or loss as incurred. An intangible asset arising from development (or from the development phase of an internal project) is recognized if all of the following conditions are fulfilled: ● technological feasibility exists for completing development of the intangible asset so that it will be available for use or sale; ● it is management’s intention to complete development of the intangible asset for use or sale; ● the Group has the ability to use or sell the intangible asset; ● it is probable that the intangible asset will generate future economic benefits, including existence of a market for the output of the intangible asset or the intangible asset itself or, if the intangible asset is to be used internally, the usefulness of the intangible asset; ● adequate technical, financial and other resources are available to complete development of the intangible asset, as well as the use or sale thereof; and ● the Group has the ability to reliably measure the expenditure attributable to the intangible asset during its development. Other development costs that do not meet the foregoing conditions are charged to profit or loss as incurred. Development costs previously expensed are not recognized as an asset in subsequent periods. As of December 31, 2021, the Group has not yet capitalized development expenses. n. Grants: 1) Government grants Government grants, which are received by way of participation in research and development that is conducted by the Group, fall within the scope of “forgivable loans,” as set forth in International Accounting Standard (“IAS”) 20, “Accounting for Government Grants and Disclosure of Government Assistance” (“IAS 20”). The Group recognizes each forgivable loan on a systematic basis at the same time the Group records, as an expense, the related research and development expenses for which the grant is received, provided that there is reasonable assurance that (a) the Group complies with the conditions attached to the grant and (b) it is probable that the grant will be received (usually upon receipt of approval notice). Since at the time of grant approval there is a reasonable assurance that the Group will comply with the forgivable loan conditions attached to the grant, and it is reasonably assured that the Group will not pay royalties, grant income is recorded against the related research and development expenses in the statements of loss. If forgivable loans are initially carried to income, as described above, and in subsequent periods it is no longer reasonably assured that royalties will not be paid, the Group recognizes a liability that is measured based on the Group’s best estimate of the amount required to settle the Group’s obligation at the end of each reporting period. 2) The grant received from Maze X Acceleration Program in three instalments in June 2020, in August 2020 and in December 2021 for marketing and business development in Portugal is recognized at the time the Group is entitled to such grant, based on the costs incurred, and included as a deduction from sales and marketing expenses. The grant is non-royalty bearing. 3) Grants received from the European Commission under its Horizon 2020 program for conducting of concept and feasibility assessment of upscaling the Gibraltar power plant are recognized at the time the Group is entitled to such grants, based on the costs incurred, and included as a deduction from research and development expenses. The grants are non-royalty bearing. 4) The grant received from Queensland government in Australia for marketing and business development in Australia is recognized at the time the Group is entitled to such grant, based on the costs incurred, and included as a deduction from sales and marketing expenses. The grant is non-royalty bearing. 5) The grant received from Morocco’s Smart Port Challenge Competition for green port solutions is recognized at the time the Group is entitled to such grant, based on the costs incurred, and included as a deduction from research and development expenses. The grant is non-royalty bearing o. Employee benefits: 1) Pension and severance pay obligations Israeli labor laws and Eco Wave Power Ltd.’s employment agreements require Eco Wave Power Ltd. to pay retirement benefits to employees terminated or leaving their employment in certain other circumstances. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. The expense recognized in 2021, in 2020 and in 2019 in relation to these contributions was $92, $69 and $44, respectively. 2) Vacation and recreation pay Labor laws in Israel entitle every employee to vacation and recreation pay, both of which are computed annually. The entitlement with respect to each employee is based on the employee’s length of service at Eco Wave Power Ltd. Eco Wave Power Ltd. recognizes a liability and an expense in respect of vacation and recreation pay based on the individual entitlement of each employee. p. Loss per share The basic loss per share is calculated by dividing the loss attributable to the holders of common shares by the weighted average number of common shares outstanding during the year on a post split basis as of January 1, 2019. The Company has no potential common shares outstanding that can dilute the current shareholders. q. Leases The Group accounts for leases in accordance with International Financial Reporting Standard No. 16 “Leases” (“IFRS 16”). The Group is a party to a contract that is affected by IFRS 16 and constitutes a rental space in Israel that was signed in November 2019. The Group ’s leases include the lease of offices for the headquarters in Tel Aviv for a period of 24 months plus an extension option of 12 months. At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group reassesses whether a contract is, or contains, a lease only if the terms and conditions of the contract are changed. At the commencement date, the Group measures the lease liability at the present value of the lease payments that are not paid at that date, including, inter alia, the exercise price of an extension option if the is reasonably certain to exercise that option. Simultaneously, the recognizes a right-of-use asset in the amount of the lease liability. Since the interest rate implicit in the lease cannot be readily determined, the Group uses the Group’s incremental borrowing rate. This rate is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The lease term is the non-cancellable period for which the has the right to use an underlying asset, together with both the periods covered by an option to extend the lease if the is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the is reasonably certain not to exercise that option. After the commencement date, the measures the right-of-use asset applying the cost model, less any accumulated depreciation and any accumulated impairment losses and adjusted for any remeasurement of the lease liability. Assets are depreciated by the straight-line method over the estimated useful lives of the right-of-use assets or the lease period, whichever is shorter: Years Property 3 Interest on the lease liability is recognized in profit or loss in each period during the lease term, in an amount that produces a constant periodic rate of interest on the remaining balance of the lease liability. Payments associated with short-term leases are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less without a purchase option. r. Segment reporting The Company has one operating and reportable segment. This was determined based on internal consolidated management reports reviewed by the Group’s chief operating decision maker, which is the Chief Executive Officer. s. Standards and amendments to existing standards that are not yet in effect: Classification of Liabilities as Current or Non-current (Amendment to IAS 1) The IASB issued a narrow-scope amendment to IAS 1, “Presentation of Financial Statements” to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. The amendment could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. Inter alia, the amendment requires the following: 1) Liabilities are classified as non-current if the entity has a substantive right to defer settlement for at least 12 months at the end of the reporting period. The amendment no longer refers to unconditional rights. The assessment determines whether a right exists, but it does not consider whether the entity will exercise the right. 2) ‘Settlement’ is defined as the extinguishment of a liability with cash, other economic resources or an entity’s own equity instruments. There is an exception for convertible instruments that might be converted into equity, but only for those instruments where the conversion option is classified as an equity instrument as a separate component of a compound financial instrument. 3) The amendment should be applied retrospectively for annual periods beginning on or after January 1, 2023. Earlier application is permitted. The adoption of the amendment is not expected to have a material impact on the ’s financial statements. |
Financial Instruments and Finan
Financial Instruments and Financial Risk Management | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of financial risk management [Abstract] | |
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | NOTE 3 - FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT Based on assessments by Company management, the ’s exposure to credit risk as of December 31, 2021 is immaterial (see Note 3b). The activities of the expose it to market risk, primarily as a result of currency risk. a. Market risk: 1) Currency risk The ’s activities are partly denominated in non-SEK currencies (primarily the USD and the New Israeli Shekel, or “NIS”), which exposes the to risks resulting from changes in exchange rates. The effect of fluctuations in various exchange rates on the Group’s income and equity is as follows: December 31, 2021 Income (loss) Value on Income (loss) Sensitive instrument 10% 5% financial position 5% 10% In USD thousands NIS-linked balances: Cash and cash equivalents (5 ) (2 ) 51 3 6 Short term bank deposits (7 ) (4 ) 76 4 8 Other receivables (2 ) (1 ) 18 1 2 Lease liability 12 6 (127 ) (7 ) (14 ) Trade payables 1 1 (13 ) (1 ) (1 ) Other payables 18 9 (195 ) (10 ) (22 ) Total NIS-linked balances 17 9 (190 ) (10 ) (21 ) USD-linked balances Cash and cash equivalents (662 ) (347 ) 7,285 383 809 Loans from related party 100 52 (1,102 ) (58 ) (122 ) Total USD- linked balances (562 ) (295 ) 6,183 325 687 Total (545 ) (286 ) 5,993 315 666 December 31, 2020 Income (loss) Value on Income (loss) Sensitive instrument 10% 5% financial position 5% 10% In USD thousands NIS-linked balances: Cash and cash equivalents (5 ) (3 ) 56 3 6 Short term bank deposits (6 ) (3 ) 68 4 8 Other receivables (1 ) (1 ) 16 1 2 Lease liability 20 10 (219 ) (12 ) (24 ) Trade payables 1 1 (9 ) (1 ) (1 ) Other payables 17 9 (191 ) (10 ) (21 ) Total NIS-linked balances 26 13 (279 ) (15 ) (30 ) USD-linked balances Cash and cash equivalents (27 ) (14 ) 296 16 33 Loans from related party 97 51 (1,062 ) (56 ) (118 ) Total USD- linked balances 70 37 (766 ) (40 ) (85 ) Total 96 50 (1,045 ) (55 ) (115 ) The Group also maintains cash and cash equivalent balances in other currencies in amounts that are not material. As shown in the table above, the Group is primarily exposed to changes in USD/SEK exchange rates. The sensitivity of profit or loss to changes in the exchange rates arises mainly from U.S. dollar-denominated financial instruments. The impact on other components of equity is considered to be low. 2) Concentration of currency risk Set forth below is certain data regarding U.S. dollar exchange rates: Exchange rate Exchange rate of SEK per $1 of NIS per $1 As of December 31: 2019 9.3171 3.456 2020 8.1886 3.215 2021 9.0437 3.110 Percentage increase (decrease) in USD exchange rate: 2019 3.85 % (7.8 %) 2020 (12.11 %) (7.0 %) 2021 10.44 % (3.3 %) Set forth below is information on the linkage of monetary items by currency: December 31, 2021 Other SEK NIS USD Currencies in USD thousands Assets: Current assets: Cash and cash equivalents 7,276 51 7,285 9 Short term bank deposits - 70 - - Other receivables 328 18 - 43 7,604 139 7,285 52 Liabilities: Current liabilities: Current maturities of long-term loans - - 220 - Current maturities of lease liability - 127 - Accounts payable and accruals: Trade 33 13 - Other 97 231 182 Non-current liabilities Lease liabilities, net of current maturities - - - Long-term loans, net of current maturities - - 882 129 130 371 1,102 311 Net asset value 7,474 (232 ) 6,183 (268 ) December 31, 2020 Other SEK NIS USD Currencies in USD thousands Assets: Current assets: Cash and cash equivalents 10,365 56 296 17 Short term bank deposits - 68 - - Other receivables 151 16 - 50 10,516 140 296 67 Liabilities: Current liabilities: Current maturities of long-term loans - - - - Current maturities of lease liability - 96 - - Accounts payable and accruals: Trade 32 9 - 2 Other 99 191 - 156 Non-current liabilities Lease liabilities, net of current maturities - 123 - Long-term loans, net of current maturities - 1,062 134 131 419 1,062 292 Net asset value 10,385 (279 ) (766 ) (225 ) 3) Fair value of financial instruments As of December 31, 2021, and 2020, the financial instruments of the consist of non-derivative assets and liabilities (primarily working capital items, deposits and loans). With regard to non-derivative assets and liabilities, given their nature, the fair value of the financial instruments included in the consolidated statement of financial position is generally close or identical to their carrying amount. 4) Exposure to market risk and management thereof In the opinion of management, the market risk to which the is exposed is primarily related to currency risk exposure, as mentioned above. Additionally, management does not consider the interest rate risk to be material. b. Credit risk Credit risk arises from bank balances at banks and outstanding receivables. Credit risk is managed by Group management. Only banks and credit institutions with a good credit rating are accepted. Outstanding receivables are outstanding with public authorities and other counterparties with a strong financial position, which is why the credit risk is considered to be limited. c. Liquidity risk Through careful liquidity management, the Group ensures that sufficient cash is available to meet the need in operating activities. At the same time, the Group ensures that it has sufficient cash and cash equivalents to enable debts to be paid when they fall due. management monitors rolling forecasts of the ’s liquidity reserves on the basis of anticipated cash flows and maintains the liquidity balances at a level that is sufficient to meet its needs. |
Critical Estimates and Judgment
Critical Estimates and Judgments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of accounting judgements and estimates [Abstract] | |
CRITICAL ESTIMATES AND JUDGMENTS | NOTE 4 - CRITICAL ESTIMATES AND JUDGMENTS As part of the financial reporting process, management is required to make estimates that affect the value of assets, liabilities, income, expenses and certain disclosures included in the ’s consolidated financial statements. By their very nature, such estimates are subjective and complex and consequently may differ from actual results. The accounting estimates used in the preparation of the financial statements are continually evaluated and adjusted based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. Described below are the critical accounting estimates used in the preparation of the financial statements, the formulation of which required management to make assumptions as to circumstances and events that involve significant uncertainty. In using its judgment to determine the accounting estimates, the takes into consideration, as appropriate, the relevant facts, past experience, the effect of external factors and reasonable assumptions under the circumstances. Government grants Grants from governments are recognized at the time the is entitled to such grants, on the basis of the costs incurred, and included as a deduction from research and development expenses and sales and marketing expenses. Government grants received are recognized as a liability if economic benefits are expected as a result of research and development activities that will result in sales entitling the state to royalties. Government grants are treated as a forgivable loan when there is a reasonable assurance that the entity will meet the terms for forgiveness of the loan. There is uncertainty about the expectation of future economic benefits as a result of research and development activities. Deferred taxes Based on management’s discretion, the has not created deferred tax assets in respect of accrued losses for tax purposes, as it is not expected that the will be able to utilize these losses in the foreseeable future against taxable income. Research and development expenses Research and development expenses are recorded in accordance with the accounting policies detailed in Note 2l. management has examined the conditions specified in Note 2l and in its opinion, as of December 31, 2021, it does not meet them. Therefore, as of December 31, 2021, the has not yet capitalized research and development expenses, and research and development expenses were charged to the income statement. |
Restricted Short-Term Bank Depo
Restricted Short-Term Bank Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of deposits from banks [text block] [Abstract] | |
RESTRICTED SHORT-TERM BANK DEPOSITS | NOTE 5 - RESTRICTED SHORT-TERM BANK DEPOSITS To secure Eco Wave Power Ltd.’s bank guarantees, Eco Wave Power Ltd. has deposited an amount of $70 (2020 - $68) in Bank Hapoalim Ltd. in short-term bank deposits. The short-term bank deposits are in NIS and bear interest at an average annual rate of prime – 1.59%. These deposits are subject to regulatory restrictions and are therefore not available for general use by the Group. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 6 - PROPERTY AND EQUIPMENT: Set forth below are the composition of property and equipment and the related accumulated depreciation, grouped by major classifications, as well as the changes therein for the respective years: Cost Accumulated depreciation Net book Balance Additions during Transfers during Foreign currency translation reserve Balance Balance Additions during Reductions during Foreign currency translation reserve Balance Balance Composition in 2021: Land 75 - - (2 ) 73 - - - - - 73 Plant and equipment 1,539 9 (159 ) 18 1,407 146 141 - 5 292 1,115 Office equipment 24 4 - 1 29 20 1 - 1 22 6 1,638 13 (159 ) 17 1,509 166 142 - 6 314 1,194 Composition in 2020: Land 79 - - (4 ) 75 - - - - - 75 Plant and equipment 1,284 177 - 78 1,539 115 21 - 10 146 1,393 Office equipment 22 - - 2 24 15 3 - 2 20 4 1,385 177 - 76 1,638 130 24 - 12 166 1,472 Composition in 2019: Land 76 - - 3 79 - - - - - 79 Plant and equipment 1,102 152 - 30 1,284 88 19 - 8 115 1,169 Office equipment 18 2 - 2 22 11 3 - 1 15 7 1,196 154 - 35 1,385 99 22 - 9 130 1,255 * Transferred to a joint venture. See note 8. Property and equipment are held by the Company’s subsidiaries. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of leases [text block] [Abstract] | |
LEASES | NOTE 7 - LEASES: a. Right-of-use assets: Cost Accumulated depreciation Net book value Balance Additions during Foreign currency translation reserve Balance Balance Additions during Foreign currency translation reserve Balance Balance Composition in 2021: Offices 332 - (4 ) 328 124 106 (3 ) 227 101 332 - (4 ) 328 124 106 (3 ) 227 101 Composition in 2020: Offices 304 - 28 332 16 99 9 124 208 304 - 28 332 16 99 9 124 208 Composition in 2019: Offices - 304 - 304 - 16 - 16 288 - 304 - 304 - 16 - 16 288 b. Lease liabilities: Balance at Additions Interest Payments Translation Balance at in USD thousands Composition in 2021 - Offices 219 - 7 (103 ) 4 127 Total 219 - 7 (103 ) 4 127 Composition in 2020 - Offices 288 - 10 (96 ) 17 219 Total 288 - 10 (96 ) 17 219 Composition in 2019 Offices - 304 * (16 ) * 288 Total - 304 * (16 ) * 288 * Under 1 thousand USD. As of December 31 2021 2020 in USD thousands Composition of lease liabilities: Current lease liabilities Offices 127 96 127 96 Non-current lease liabilities Offices - 123 - 123 Total 127 219 c. Additional disclosure: 1) The Group is a party to a contract that is affected by IFRS 16 and constitutes a rental space in Israel that was signed in November 2019. The agreed rental period is 24 months plus an extension option of an additional 12 months. The extension option held is exercisable only by the Group and not by the lessor. During 2021 the group exercised its option for additional 12 months. This liability was measured at the present value of the remaining lease payments, discounted using the Group’s incremental borrowing rate as of November 2019 – 4%. 2) To secure the Group’s lease obligation on its offices, the Group has provided a bank guarantee in the amount of $36 for the benefit of the lessor. 3) As of December 31, 2021, future lease payments (considering the aforementioned extension periods) under the leases were: Year: Total in USD thousands 2022 130 130 4) In 2021 and in 2020, a short-term lease with a lease term of fewer than 12 months without a purchase option is recognized as an expense in profit or loss at the amount of $10 and $22, respectively. |
Investments Accounted for Using
Investments Accounted for Using the Equity Method | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of investments accounted for using equity method [Abstract] | |
INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD | NOTE 8 – INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD Eco Wave Power Ltd. owns 50% of EDF EWP One Ltd., a private limited liability company incorporated under the laws of Israel. The remaining part of EWP EDF One Ltd. is owned by EDF Renewables IL in Israel. The objective of the joint venture is to exclusively cooperate in the development, financing, design, procurement, construction and operation of the expansion project at Jaffa Port and to evaluate further possible collaborations in wave power. Initial funds in the amount of $117 in cash and $159 in non cash transfer of equipment were contributed during 2021. The investment in the joint venture is presented as an investment in a joint venture in the Company’s consolidated balance sheet as the Company does not have control over the joint venture. |
Long-Term Loan from Related Par
Long-Term Loan from Related Party | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of related party [text block] [Abstract] | |
LONG-TERM LOAN FROM RELATED PARTY | NOTE 9 - LONG-TERM LOAN FROM RELATED PARTY a. Composition: December 31 2021 2020 in USD thousands Loans from David Leb, Board member 1,102 1,062 Less - current maturities (220 ) - Total long-term loans 882 1,062 b. Change during the year: Year ended December 31 2021 2020 2019 in USD thousands Beginning of year 1,062 1,024 1,000 Interest expenses 40 38 24 End of year 1,102 1,062 1,024 c. Additional disclosure: Eco Wave Power Ltd. has entered into two loan agreements with a shareholder and a Board member, David Leb, a related party, amounting to $1,102 at December 31, 2021 (denominated in USD). The liability is classified as a non-current and as a current liability to a related party in the statement of financial position. 1) The first loan agreement relates to an amount of $200. The loan agreement is subject to an annual interest rate of 4%, calculated on the total debt including accrued interest. The loan is presented as a short-term loan as it is due in 2022. 2) The second loan agreement relates to an amount of $800. Under the loan agreement, the credit period is 36 months and if the loan is not repaid within the credit period, an interest rate of 4% applies. The agreement does not specify specific repayment dates. It is Eco Wave Power Ltd.’s intention to not repay the loan within the 36 months period. Therefore, Eco Wave Power Ltd. accrues interest on the loan. Pursuant to a side letter from Mr. Leb dated December 31, 2021, the repayment of the loan will depend on the Company’s financial condition and any demand to repay the loan will not be made prior to January 2023. |
Other Long-Term Loan
Other Long-Term Loan | 12 Months Ended |
Dec. 31, 2021 | |
Other Long-Term Loan [Abstract] | |
OTHER LONG-TERM LOAN | NOTE 10 – OTHER LONG-TERM LOAN: a. Composition: December 31 2021 2020 in USD thousands Loan from PortXL Netherlands B.V. 129 134 Less - current maturities - - Total long-term loan 129 134 b. Change during the year: Year ended December 31 2021 2020 2019 in USD thousands Beginning of the year 134 116 - Additions during the year - - 113 Interest expenses 6 6 4 Foreign currency translation adjustment (11 ) 12 (1 ) End of year 129 134 116 c. Additional disclosure Loan from PortXL Netherlands B.V. Eco Wave Power Ltd. entered into an accelerator agreement with PortXL Netherlands B.V. in March 2019. The loan was granted under a mentorship-driven open innovation startup accelerator program focusing on port related industries. The loan consists of (i) an amount of EUR 85,000 in kind, consisting of participating in the Program and (ii) an amount of EUR 15,000 in cash. Eco Wave Power Ltd. must repay the loan in five annual installments, starting April 1, 2023. The loan agreement is subject to an annual interest rate of 5%, calculated on the total debt including accrued interest. To the extent that Eco Wave Power Ltd. fails to repay the loan when due, PortXL Netherlands B.V. shall be entitled, as a sole remedy, to be issued common shares of Eco Wave Power Ltd. in such number equal to the unpaid balance of the loan and the accrued interest, divided by $375.825. Upon such issuance, the loan shall be deemed repaid in full. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Stockholder Equity Note Disclosure [Abstract] | |
EQUITY | NOTE 11 - EQUITY: a. Share capital Number of Common Shares December 31 2021 2020 Authorized share capital 140,000,000 100,000,000 Issued and paid up share capital 44,394,844 35,194,844 b. In SEK 2021 2020 Authorized share capital (in thousands SEK) 2,800 2,000 Issued and paid-up share capital (in thousands SEK) 888 704 c. Rights related to shares The common shares confer upon their holders voting and dividend rights and the right to receive assets of the Company upon its liquidation. As of December 31, 2021, all outstanding share capital consisted of common shares. d. Changes in the Company’s equity: In May 2019, Eco Wave Power Ltd. completed a private offering of 314,650 common shares. The offering raised a total amount of $928. In July 2019, the Company completed an underwritten public offering of 6,355,594 common shares at a public offering price of SEK 19 per share. The offering raised a total of $12,928, with net proceeds of $11,949, after deducting fees and expenses. In July 2021, the Company completed an underwritten public offering of 1,000,000 ADSs, representing 8,000,000 common shares at a price to the public of $8.00 per ADS. The ADSs began trading on Nasdaq on July 1, 2021. The Company granted A.G.P./Alliance Global Partners, the underwriter, a 30-day option to purchase up to 150,000 additional ADSs to cover over-allotments, at the public offering price, less the underwriting discounts and commissions. AGP exercised its option in full on July 1, 2021. The closing of all 1,150,000 ADSs, representing 9,200,000 common shares, occurred simultaneously. The offering raised a total of $9,200, with net proceeds of $7,964, after deducting fees and expenses. e. Stock split On May 21, 2019, the Company’s shareholders authorized a 50-for-1 share split of the Company’s common shares that went into effect as of the date of authorization. The share split was effected such that each 1 then-outstanding share was increased to 50 shares. |
Taxes on income
Taxes on income | 12 Months Ended |
Dec. 31, 2021 | |
Taxes on income [Abstract] | |
TAXES ON INCOME | NOTE 12 - TAXES ON INCOME a. Corporate taxation The income of Eco Wave Power Global AB (publ) is taxed at the standard Swedish corporate tax rate, which was 20.6% for 2021 and 21.4% for 2020 and 2019. The income of Eco Wave Power Ltd. is taxed at the standard Israeli corporate tax rate, which was 23% for 2021, 2020 and 2019. b. Tax loss carryforwards: 1) EWPG Holding AB (publ) - As of December 31, 2021, the tax loss carryforwards of the Parent Company were approximately $1,800. The tax loss carryforwards have no expiration date. 2) Eco Wave Power Ltd. - As of December 31, 2021, the tax loss carryforwards of Eco Wave Power Ltd. were approximately $5,900. The tax loss carryforwards have no expiration date. The Group has not created deferred tax assets in respect of these tax loss carryforwards. See Note 2k. c. Theoretical taxes As described in Note 2k, the Group has not recognized any deferred tax assets in the financial statements, as it does not expect to generate taxable income in the foreseeable future. The reported tax on the Group’s income before taxes differs from the theoretical amount that would arise using the tax rate applicable to income of the company as follows: Year ended December 31 2021 2020 2019 in USD thousands Loss before taxes (2,347 ) (1,969 ) (2,029 ) Corporate tax rate 20.6 % 21.4 % 21.4 % Theoretical tax benefit (484 ) (421 ) (434 ) Effect of different tax rates in foreign subsidiaries (18 ) (36 ) (8 ) Tax losses incurred in the reporting year for which deferred taxes were not created 502 458 442 Taxes on income for the reported year - 1 - |
Transactions and Balances with
Transactions and Balances with Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Transactions and Balances with Related Parties [Abstract] | |
TRANSACTIONS AND BALANCES WITH RELATED PARTIES | NOTE 13 - TRANSACTIONS AND BALANCES WITH RELATED PARTIES: Transactions with related parties a. Key management compensation Key management includes directors and executive officers. The compensation paid or payable to key management for services during the year indicated is presented below. Year ended December 31 2021 2020 2019 in USD thousands Salaries and other short-term employee benefits 801 688 471 Post-employment benefits 58 37 25 Total 859 725 496 b. Loans from related party (see Note 9) c. Interest expenses on related party loan (see Note 9) d. Balances with related parties Year ended December 31 2021 2020 2019 in USD thousands Long term loans (see Note 9) 882 1,062 1,024 Current maturities of long term loans 220 - - Payroll and related expenses (see Note 14b) 67 20 34 e. See Note 15b related to an agreement with a minority shareholder in one of our subsidiaries. f. According to an amendment to the CEO’s employment agreement, signed between Eco Wave Power Ltd. and the CEO on May 26, 2021, upon a change of control, as defined in the amendment to the CEO’s employment agreement, the CEO will be entitled to a cash bonus of $2.0 million. |
Supplementary Financial Stateme
Supplementary Financial Statement Information | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Supplementary Financial Statement Information [Abstract] | |
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | NOTE 14 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION a. Other receivables and prepaid expenses: December 31 2021 2020 in USD thousands Value Added Tax authorities 26 81 Advances to suppliers 329 71 Other 34 65 389 217 The carrying amounts of receivables approximate their fair value, as the effect of discounting is not material b. Accounts payable and accruals: 1) Trade: December 31 2021 2020 in USD thousands Accounts payable: In Sweden 33 32 Overseas 13 11 46 43 2) Other: Payroll and related expenses 277 227 Accrued expenses 151 116 Other 82 103 510 446 The carrying amounts of accounts payable and accruals approximate their fair value, as the effect of discounting is not material. c. Revenues Year ended December 31 2021 2020 2019 in USD thousands Revenues 31 - - 31 - - Revenues of $31 were from services the group provided in connection with a feasibility study in Asia. To date, the group has not generated any revenue from product sales. d. Research and development expenses: Year ended December 31 2021 2020 2019 in USD thousands Payroll and related expenses 540 394 290 Depreciation 140 21 20 680 415 310 Less – grants received (10 ) (49 ) (126 ) 670 366 184 Additional disclosure Grants were received from Morocco’s Smart Port Challenge Competition, from the Israeli Ministry of Energy and from the European Commission under the Horizon 2020 Framework Program. To secure the Group’s obligation to the Israeli Ministry of Energy, under the grant terms, the Group has provided a bank guarantee in the amount of $11 for the benefit of the Government of Israel (see Note 2n1). e. Selling and marketing expenses: Year ended December 31 2021 2020 2019 in USD thousands Payroll and related expenses 337 289 137 Overseas travels 56 24 158 Other 92 44 149 Less – Grants received - (9 ) (52 ) 485 348 392 f. General and administrative expenses: Year ended December 31 2021 2020 2019 in USD thousands Payroll and related expenses 824 614 360 Professional services 431 138 530 Depreciation 116 102 18 Other 538 250 462 1,909 1,104 1,370 g. Financial income and expenses: Financial income Foreign currencies exchange gain 792 - - Finance income 792 - - Financial expenses Bank commissions (16 ) (25 ) (11 ) Interest on long term loans and lease liability (53 ) (54 ) (28 ) Other – Mainly foreign currencies exchange loss - (72 ) (44 ) Financial expenses (69 ) (151 ) (83 ) Financial income (loss) - net 723 (151 ) (83 ) |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of commitments [text block] [Abstract] | |
COMMITMENTS | NOTE 15 - COMMITMENTS: a. Grants from the Israeli Ministry of Energy Grants received from the Israeli Ministry of Energy for an approved pioneering research and development program are recognized at the time the Group is entitled to such grants, on the basis of the costs incurred, and included as a deduction from research and development expenses. The grants are 5% royalty bearing from commercialization of the intellectual property products, until repayment of 100% of the grants received by the Group. As discussed in Note 2m, this transaction was treated as a “forgivable loan,” as set forth in IAS 20. b. Loan from Management Committee of Jiangsu Changshu High Tech Development Zone Eco Wave Power Ltd. entered into an accelerator agreement with Management Committee of Jiangsu Changshu High Tech Development Zone and with Changshu Shirat Enterprises Management Co., Ltd. in 2013. Changshu Shirat Enterprises Management Co., Ltd. owns 10% of the Suzhou Eco Wave Power Technology Co. Ltd. Under the agreement, the Management Committee of Jiangsu Changshu High Tech Development Zone lent Suzhou Eco Wave Power Technology Co. Ltd. RMB 3,977 thousands ($570). The loan was granted in RMB to co-finance the construction of a power plant in Gibraltar as well as to support other ventures. Suzhou Eco Wave Power Technology Co. Ltd. should repay the loan by remitting 3% of the net proceeds from Gibraltar pilot project and future projects in China alone plus 5% annual interest. In addition, Suzhou Eco Wave Power Technology Co. Ltd. is also obligated to pay to Changshu Shirat Enterprises Management Co., Ltd. 5% of the net proceeds from commercialization of its future projects for a term of 10 years from the date of the agreement. There were no proceeds in China since 2013 and there are no expected proceeds. As discussed in Note 2m, this transaction was treated as a “forgivable loan,” as set forth in IAS 20. c. Portugal In April 2020, Eco Wave Power Ltd. entered into an official concession agreement with Administração dos Portos do Douro, Leixões e Viana do Castelo (“APDL”) regarding the use of an area potentially suitable for construction, operation and maintenance of a wave energy power plant of up to 20 megawatts at four sites owned and operated by APDL (the “Concession Agreement”). In September 2020, Eco Wave Power Ltd. established EW Portugal – Wave Energy Solutions, Unipessoal lda, a wholly owned subsidiary in Porto, Portugal, to enable Eco Wave Power Ltd. to commence official licensing procedures for the project. In October 2020, Eco Wave Power Ltd. entered into a strategic collaboration with Painhas Engineering and Construction Company (“Painhas”) for the technical support for the licensing of the Portugal project. Painhas will play an integral part in the technical support needed for the official licensing procedures for the planned wave energy project in Portugal, as part of the newly signed 20 megawatts Concession Agreement with the Port Authority of Leixões - APDL. Once licensing is obtained, the parties will work towards a continued collaboration for the execution of the project. During 2021, Eco Wave Power’s fully owned Portuguese subsidiary, EW Portugal-Wave Energy Solutions Unipessoal Lda. The Small-Production Unit Registration approval is the first permit required by EW Portugal to proceed with the actual installation and grid connection of a first 1MW wave energy power station on the ocean side of the Barra do Douro breakwater. d. Grants During 2021 Eco Wave Power received two main grant approval notices: 1. A grant budget of EUR 178,500 (approximately 202,000 USD) from the European Union (“EU”) as part of the ILIAD Consortium. The ILIAD Consortium is comprised of 56 partners from 18 different countries in Europe, the Middle East and North Africa. During the 3 years program period starting 2022, the consortium will develop, operate, and demonstrate Integrated Digital Framework For Comprehensive Maritime Data and Information Services. 2. A grant budget of GBP 103,993 (approximately USD 140,000) from Innovate UK – the UK’s innovation agency as part of the Energy Catalyst Round 8: clean energy - experimental development competition, for a project titled “Sea Wave Energy Powered Microgrid for Remote Islands and Rural Coasts”, to be executed in collaboration with the UK Queen Mary University of London, the Asian Institute of Technology, and the Provincial Electricity Authority of Thailand was approved for Eco Wave Power Gibraltar, a subsidiary of Eco Wave Power. Eco Wave Power Gibraltar will contribute additional 44,569 GBP (approximately USD 60,000). The funds are expected in 2022 in accordance with the project milestones. |
Events After The Reporting Peri
Events After The Reporting Period | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [line items] | |
EVENTS AFTER THE REPORTING PERIOD | NOTE 16 - EVENTS AFTER THE REPORTING PERIOD: a. Spain – Port of Adriano During the first quarter 0f 2022 Eco Wave Power entered an official agreement with Port Adriano, Spain, for the potential construction of a wave energy power plant of up to 2MW. According to the terms of the agreement, Port Adriano will assign a potentially suitable location to Eco Wave Power for a period of 20 years, while Eco Wave Power will be responsible for securing all the licenses, constructing, and commissioning the power plant/s and selling the electricity to be generated by the power plant in accordance with an approved production quota, to be determined for the site. b. Plan to delist from Nasdaq First North Growth Market On February 25, 2022, the company announced it plans to apply for delisting from Nasdaq First North Growth Market. The Company plan to submit for delisting from Nasdaq First North Growth Market no earlier than three months from February 25, 2022. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | a. Basis of presentation The Group’s consolidated financial statements as of December 31, 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021, have been prepared in accordance with IFRS, as issued by the International Accounting Standards Board (“IASB”). The significant accounting policies described below have been applied on a consistent basis, unless noted otherwise. The consolidated financial statements have been prepared on the basis of historical cost. The Group classifies its expenses on the statement of loss based on the functions of such expenses. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. Areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 4. Actual results may differ materially from estimates and assumptions used by the Company management. |
Principles of consolidation | b. Principles of consolidation Consolidated entities are all entities over which the Parent Company has control. The Parent Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity to direct the activities of the entity. Consolidated entities are fully consolidated from the date on which control of such entities is transferred to the Parent Company. Inter-company transactions and balances between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of loss, statement of comprehensive loss, statement of changes in equity and financial position respectively. Joint ventures are joint arrangements in which the Group has rights to the net assets of the arrangement. Joint ventures are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The consolidated financial statements include the Group’s share of the income and expenses in profit or loss of equity accounted investees and of their other comprehensive income, after adjustments to align the accounting policies with those of the Group, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. |
Functional and presentation currency | c. Functional and presentation currency Swedish kronor (SEK) is the Parent Company’s functional currency. The Group’s presentation currency as used in the consolidated financial statements is the USD. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates, are generally recognized in profit or loss. Functional currency - Group companies The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the functional currency as follows: assets and liabilities for each financial position presented are translated at the closing rate at the date of that financial position. Income and expenses for each statement of profit or loss and statement of comprehensive loss are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and all resulting exchange differences are recognized in other comprehensive income. When a foreign entity is sold, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale. Presentation currency - Parent Company The results and financial position from the Parent Company’s functional currency are translated into the presentation currency using the following procedures: assets and liabilities for each financial position presented are translated at the closing rate at the date of that financial position. Income and expenses for each statement of profit or loss and statement of comprehensive loss are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and all resulting exchange differences are recognized in other comprehensive income. Such exchange differences arising on translation to the presentation currency will not be reclassified to profit or loss. |
Cash and cash equivalents | d. Cash and cash equivalents Cash and cash equivalents include cash on hand and short-term bank deposits (up to three months from date of deposit) that are not restricted as to withdrawal or use and are therefore considered to be cash equivalents. The fair value of cash equivalents and short-term bank deposits approximates their carrying value, since they bear interest at rates close to the prevailing market rates. |
Restricted short-term bank deposits | e. Restricted short-term bank deposits Restricted short term bank deposits are short-term bank deposits that are restricted as to withdrawal or use. These deposits are subject to regulatory restrictions and are therefore not available for general use by the Group. The fair value of restricted short-term bank deposits approximates their carrying value, since they bear interest at rates close to the prevailing market rates. |
Property and equipment | f. Property and equipment Property and equipment are stated at historical cost less depreciation. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Assets are depreciated by the straight-line method over the estimated useful lives of the assets, provided that Group management believes the residual values of the assets to be negligible, as follows: % Machinery and equipment 10 Office equipment 33 Land - The assets’ residual values, methods of depreciation and useful lives are reviewed and adjusted, if appropriate, at each financial position date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. |
Financial assets and financial liabilities | g. Financial assets and financial liabilities All financial assets and liabilities are initially recognized at fair value and, in the case of loan liabilities, net of directly attributable transaction costs. The Group’s financial liabilities include current and non-current interest-bearing liabilities, leasing liabilities, trade payables and other current liabilities. The Group’s financial assets include current receivables and bank balances. The Group’s assets and liabilities are measured at amortized cost. The Group recognizes a loss allowance for expected credit losses on a financial asset that is measured at amortized cost. On each financial position date, the Group recognizes the change in expected credit losses in profit or loss. The Group had no material credit losses in 2021, 2020 and 2019. |
Loans and borrowings | h. Loans and borrowings Loans and borrowings are initially recognized at fair value, net of transaction costs incurred. Loans and borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the loans and borrowings using the effective interest method. |
Share capital | i. Share capital The Company’s common shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are shown in equity as a deduction from the issuance proceeds. |
Trade payables | j. Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the common course of business from suppliers. These payables are classified as current liabilities if payment is due within one year or less. |
Deferred taxes | k. Deferred taxes Deferred taxes are recognized using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax assets are recognized only to the extent that it is probable that future taxable income will be available against which the temporary differences can be utilized. As the Group is currently engaged primarily in development activities and is not expected to generate taxable income in the foreseeable future, no deferred tax assets are included in the financial statements. |
Revenue recognition | l. Revenue recognition The Group generated its revenues from performing a feasibility study to its customer. The Group recognized revenues upon providing the required service. The Group does not grant a right of return. |
Research and development expenses | m. Research and development expenses Research expenses are charged to profit or loss as incurred. An intangible asset arising from development (or from the development phase of an internal project) is recognized if all of the following conditions are fulfilled: ● technological feasibility exists for completing development of the intangible asset so that it will be available for use or sale; ● it is management’s intention to complete development of the intangible asset for use or sale; ● the Group has the ability to use or sell the intangible asset; ● it is probable that the intangible asset will generate future economic benefits, including existence of a market for the output of the intangible asset or the intangible asset itself or, if the intangible asset is to be used internally, the usefulness of the intangible asset; ● adequate technical, financial and other resources are available to complete development of the intangible asset, as well as the use or sale thereof; and ● the Group has the ability to reliably measure the expenditure attributable to the intangible asset during its development. Other development costs that do not meet the foregoing conditions are charged to profit or loss as incurred. Development costs previously expensed are not recognized as an asset in subsequent periods. As of December 31, 2021, the Group has not yet capitalized development expenses. |
Grants | n. Grants: 1) Government grants Government grants, which are received by way of participation in research and development that is conducted by the Group, fall within the scope of “forgivable loans,” as set forth in International Accounting Standard (“IAS”) 20, “Accounting for Government Grants and Disclosure of Government Assistance” (“IAS 20”). The Group recognizes each forgivable loan on a systematic basis at the same time the Group records, as an expense, the related research and development expenses for which the grant is received, provided that there is reasonable assurance that (a) the Group complies with the conditions attached to the grant and (b) it is probable that the grant will be received (usually upon receipt of approval notice). Since at the time of grant approval there is a reasonable assurance that the Group will comply with the forgivable loan conditions attached to the grant, and it is reasonably assured that the Group will not pay royalties, grant income is recorded against the related research and development expenses in the statements of loss. If forgivable loans are initially carried to income, as described above, and in subsequent periods it is no longer reasonably assured that royalties will not be paid, the Group recognizes a liability that is measured based on the Group’s best estimate of the amount required to settle the Group’s obligation at the end of each reporting period. 2) The grant received from Maze X Acceleration Program in three instalments in June 2020, in August 2020 and in December 2021 for marketing and business development in Portugal is recognized at the time the Group is entitled to such grant, based on the costs incurred, and included as a deduction from sales and marketing expenses. The grant is non-royalty bearing. 3) Grants received from the European Commission under its Horizon 2020 program for conducting of concept and feasibility assessment of upscaling the Gibraltar power plant are recognized at the time the Group is entitled to such grants, based on the costs incurred, and included as a deduction from research and development expenses. The grants are non-royalty bearing. 4) The grant received from Queensland government in Australia for marketing and business development in Australia is recognized at the time the Group is entitled to such grant, based on the costs incurred, and included as a deduction from sales and marketing expenses. The grant is non-royalty bearing. 5) The grant received from Morocco’s Smart Port Challenge Competition for green port solutions is recognized at the time the Group is entitled to such grant, based on the costs incurred, and included as a deduction from research and development expenses. The grant is non-royalty bearing |
Employee benefits | o. Employee benefits: 1) Pension and severance pay obligations Israeli labor laws and Eco Wave Power Ltd.’s employment agreements require Eco Wave Power Ltd. to pay retirement benefits to employees terminated or leaving their employment in certain other circumstances. For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans. The Group has no further payment obligations once the contributions have been paid. The contributions are recognized as employee benefit expense when they are due. The expense recognized in 2021, in 2020 and in 2019 in relation to these contributions was $92, $69 and $44, respectively. 2) Vacation and recreation pay Labor laws in Israel entitle every employee to vacation and recreation pay, both of which are computed annually. The entitlement with respect to each employee is based on the employee’s length of service at Eco Wave Power Ltd. Eco Wave Power Ltd. recognizes a liability and an expense in respect of vacation and recreation pay based on the individual entitlement of each employee. |
Loss per share | p. Loss per share The basic loss per share is calculated by dividing the loss attributable to the holders of common shares by the weighted average number of common shares outstanding during the year on a post split basis as of January 1, 2019. The Company has no potential common shares outstanding that can dilute the current shareholders. |
Leases | q. Leases The Group accounts for leases in accordance with International Financial Reporting Standard No. 16 “Leases” (“IFRS 16”). The Group is a party to a contract that is affected by IFRS 16 and constitutes a rental space in Israel that was signed in November 2019. The Group ’s leases include the lease of offices for the headquarters in Tel Aviv for a period of 24 months plus an extension option of 12 months. At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Group reassesses whether a contract is, or contains, a lease only if the terms and conditions of the contract are changed. At the commencement date, the Group measures the lease liability at the present value of the lease payments that are not paid at that date, including, inter alia, the exercise price of an extension option if the is reasonably certain to exercise that option. Simultaneously, the recognizes a right-of-use asset in the amount of the lease liability. Since the interest rate implicit in the lease cannot be readily determined, the Group uses the Group’s incremental borrowing rate. This rate is the rate of interest that the Group would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The lease term is the non-cancellable period for which the has the right to use an underlying asset, together with both the periods covered by an option to extend the lease if the is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the is reasonably certain not to exercise that option. After the commencement date, the measures the right-of-use asset applying the cost model, less any accumulated depreciation and any accumulated impairment losses and adjusted for any remeasurement of the lease liability. Assets are depreciated by the straight-line method over the estimated useful lives of the right-of-use assets or the lease period, whichever is shorter: Years Property 3 Interest on the lease liability is recognized in profit or loss in each period during the lease term, in an amount that produces a constant periodic rate of interest on the remaining balance of the lease liability. Payments associated with short-term leases are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less without a purchase option. |
Segment reporting | r. Segment reporting The Company has one operating and reportable segment. This was determined based on internal consolidated management reports reviewed by the Group’s chief operating decision maker, which is the Chief Executive Officer. |
Standards and amendments to existing standards that are not yet in effect | s. Standards and amendments to existing standards that are not yet in effect: Classification of Liabilities as Current or Non-current (Amendment to IAS 1) The IASB issued a narrow-scope amendment to IAS 1, “Presentation of Financial Statements” to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. The amendment could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. Inter alia, the amendment requires the following: 1) Liabilities are classified as non-current if the entity has a substantive right to defer settlement for at least 12 months at the end of the reporting period. The amendment no longer refers to unconditional rights. The assessment determines whether a right exists, but it does not consider whether the entity will exercise the right. 2) ‘Settlement’ is defined as the extinguishment of a liability with cash, other economic resources or an entity’s own equity instruments. There is an exception for convertible instruments that might be converted into equity, but only for those instruments where the conversion option is classified as an equity instrument as a separate component of a compound financial instrument. 3) The amendment should be applied retrospectively for annual periods beginning on or after January 1, 2023. Earlier application is permitted. The adoption of the amendment is not expected to have a material impact on the ’s financial statements. |
General Information (Tables)
General Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
General information [Abstract] | |
Schedule of parent company of the remaining wholly- and partly-owned subsidiaries | Name Main Country of Year of Ownership Ownership Eco Wave Power Ltd. (reg. no. 514593722) Wave power Israel 2011 100% - Eco Wave Power Australia PTY Ltd. (org. no.632805353) Wave power Australia 2019 100% - Eco Wave Power Gibraltar Ltd. (org. no.113264) Wave power Gibraltar 2015 100% - Eco Wave Power Mexico (org. no. 507055) Wave power Mexico 2014 60% 40% Eco Wave Manzanillo I (org. no. 562840) Wave power Mexico 2016 99.998 % owned by Eco Wave Power Mexico 0.002% Suzhou Eco Wave Power Technology Co. Wave power China 2014 90% 10% EW Portugal – Wave Energy Solutions, Unipessoal Ida (Org. no. 516138626) – see Note 15c. Wave power Portugal 2020 100% - |
Schedule of joint venture | Name Main Country of Year of Proportion of the shares on December 31, EWP EDF One Ltd. (reg. no. 516065943) Wave power Israel 2019 50% |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of significant accounting policies [text block] [Abstract] | |
Schedule of property and equipment | % Machinery and equipment 10 Office equipment 33 Land - |
Schedule of estimated useful lives | Years Property 3 |
Financial Instruments and Fin_2
Financial Instruments and Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of financial risk management [text block] [Abstract] | |
Schedule of market risk | December 31, 2021 Income (loss) Value on Income (loss) Sensitive instrument 10% 5% financial position 5% 10% In USD thousands NIS-linked balances: Cash and cash equivalents (5 ) (2 ) 51 3 6 Short term bank deposits (7 ) (4 ) 76 4 8 Other receivables (2 ) (1 ) 18 1 2 Lease liability 12 6 (127 ) (7 ) (14 ) Trade payables 1 1 (13 ) (1 ) (1 ) Other payables 18 9 (195 ) (10 ) (22 ) Total NIS-linked balances 17 9 (190 ) (10 ) (21 ) USD-linked balances Cash and cash equivalents (662 ) (347 ) 7,285 383 809 Loans from related party 100 52 (1,102 ) (58 ) (122 ) Total USD- linked balances (562 ) (295 ) 6,183 325 687 Total (545 ) (286 ) 5,993 315 666 December 31, 2020 Income (loss) Value on Income (loss) Sensitive instrument 10% 5% financial position 5% 10% In USD thousands NIS-linked balances: Cash and cash equivalents (5 ) (3 ) 56 3 6 Short term bank deposits (6 ) (3 ) 68 4 8 Other receivables (1 ) (1 ) 16 1 2 Lease liability 20 10 (219 ) (12 ) (24 ) Trade payables 1 1 (9 ) (1 ) (1 ) Other payables 17 9 (191 ) (10 ) (21 ) Total NIS-linked balances 26 13 (279 ) (15 ) (30 ) USD-linked balances Cash and cash equivalents (27 ) (14 ) 296 16 33 Loans from related party 97 51 (1,062 ) (56 ) (118 ) Total USD- linked balances 70 37 (766 ) (40 ) (85 ) Total 96 50 (1,045 ) (55 ) (115 ) |
Schedule of concentration of currency risk | Exchange rate Exchange rate of SEK per $1 of NIS per $1 As of December 31: 2019 9.3171 3.456 2020 8.1886 3.215 2021 9.0437 3.110 2019 3.85 % (7.8 %) 2020 (12.11 %) (7.0 %) 2021 10.44 % (3.3 %) |
Schedule of linkage of monetary items by currency | December 31, 2021 Other SEK NIS USD Currencies in USD thousands Assets: Current assets: Cash and cash equivalents 7,276 51 7,285 9 Short term bank deposits - 70 - - Other receivables 328 18 - 43 7,604 139 7,285 52 Liabilities: Current liabilities: Current maturities of long-term loans - - 220 - Current maturities of lease liability - 127 - Accounts payable and accruals: Trade 33 13 - Other 97 231 182 Non-current liabilities Lease liabilities, net of current maturities - - - Long-term loans, net of current maturities - - 882 129 130 371 1,102 311 Net asset value 7,474 (232 ) 6,183 (268 ) December 31, 2020 Other SEK NIS USD Currencies in USD thousands Assets: Current assets: Cash and cash equivalents 10,365 56 296 17 Short term bank deposits - 68 - - Other receivables 151 16 - 50 10,516 140 296 67 Liabilities: Current liabilities: Current maturities of long-term loans - - - - Current maturities of lease liability - 96 - - Accounts payable and accruals: Trade 32 9 - 2 Other 99 191 - 156 Non-current liabilities Lease liabilities, net of current maturities - 123 - Long-term loans, net of current maturities - 1,062 134 131 419 1,062 292 Net asset value 10,385 (279 ) (766 ) (225 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment and the related accumulated depreciation | Cost Accumulated depreciation Net book Balance Additions during Transfers during Foreign currency translation reserve Balance Balance Additions during Reductions during Foreign currency translation reserve Balance Balance Composition in 2021: Land 75 - - (2 ) 73 - - - - - 73 Plant and equipment 1,539 9 (159 ) 18 1,407 146 141 - 5 292 1,115 Office equipment 24 4 - 1 29 20 1 - 1 22 6 1,638 13 (159 ) 17 1,509 166 142 - 6 314 1,194 Composition in 2020: Land 79 - - (4 ) 75 - - - - - 75 Plant and equipment 1,284 177 - 78 1,539 115 21 - 10 146 1,393 Office equipment 22 - - 2 24 15 3 - 2 20 4 1,385 177 - 76 1,638 130 24 - 12 166 1,472 Composition in 2019: Land 76 - - 3 79 - - - - - 79 Plant and equipment 1,102 152 - 30 1,284 88 19 - 8 115 1,169 Office equipment 18 2 - 2 22 11 3 - 1 15 7 1,196 154 - 35 1,385 99 22 - 9 130 1,255 * Transferred to a joint venture. See note 8. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of leases [text block] [Abstract] | |
Schedule of right-of-use assets | Cost Accumulated depreciation Net book value Balance Additions during Foreign currency translation reserve Balance Balance Additions during Foreign currency translation reserve Balance Balance Composition in 2021: Offices 332 - (4 ) 328 124 106 (3 ) 227 101 332 - (4 ) 328 124 106 (3 ) 227 101 Composition in 2020: Offices 304 - 28 332 16 99 9 124 208 304 - 28 332 16 99 9 124 208 Composition in 2019: Offices - 304 - 304 - 16 - 16 288 - 304 - 304 - 16 - 16 288 |
Schedule of lease liabilities | Balance at Additions Interest Payments Translation Balance at in USD thousands Composition in 2021 - Offices 219 - 7 (103 ) 4 127 Total 219 - 7 (103 ) 4 127 Composition in 2020 - Offices 288 - 10 (96 ) 17 219 Total 288 - 10 (96 ) 17 219 Composition in 2019 Offices - 304 * (16 ) * 288 Total - 304 * (16 ) * 288 |
Schedule of composition of lease liabilities | As of December 31 2021 2020 in USD thousands Composition of lease liabilities: Current lease liabilities Offices 127 96 127 96 Non-current lease liabilities Offices - 123 - 123 Total 127 219 |
Schedule of future lease payments | Year: Total in USD thousands 2022 130 130 |
Long-Term Loan from Related P_2
Long-Term Loan from Related Party (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of related party [text block] [Abstract] | |
Schedule of composition | December 31 2021 2020 in USD thousands Loans from David Leb, Board member 1,102 1,062 Less - current maturities (220 ) - Total long-term loans 882 1,062 |
Schedule of change during the year | Year ended December 31 2021 2020 2019 in USD thousands Beginning of year 1,062 1,024 1,000 Interest expenses 40 38 24 End of year 1,102 1,062 1,024 |
Other Long-Term Loan (Tables)
Other Long-Term Loan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Long-Term Loan [Abstract] | |
Schedule of composition | December 31 2021 2020 in USD thousands Loan from PortXL Netherlands B.V. 129 134 Less - current maturities - - Total long-term loan 129 134 |
Schedule of change during the year | Year ended December 31 2021 2020 2019 in USD thousands Beginning of the year 134 116 - Additions during the year - - 113 Interest expenses 6 6 4 Foreign currency translation adjustment (11 ) 12 (1 ) End of year 129 134 116 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Stockholder Equity Note Disclosure [Abstract] | |
Schedule of share capital | Number of Common Shares December 31 2021 2020 Authorized share capital 140,000,000 100,000,000 Issued and paid up share capital 44,394,844 35,194,844 In SEK 2021 2020 Authorized share capital (in thousands SEK) 2,800 2,000 Issued and paid-up share capital (in thousands SEK) 888 704 |
Taxes on income (Tables)
Taxes on income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Taxes on income [Abstract] | |
Schedule of tax rate applicable to income | Year ended December 31 2021 2020 2019 in USD thousands Loss before taxes (2,347 ) (1,969 ) (2,029 ) Corporate tax rate 20.6 % 21.4 % 21.4 % Theoretical tax benefit (484 ) (421 ) (434 ) Effect of different tax rates in foreign subsidiaries (18 ) (36 ) (8 ) Tax losses incurred in the reporting year for which deferred taxes were not created 502 458 442 Taxes on income for the reported year - 1 - |
Transactions and Balances wit_2
Transactions and Balances with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Transactions and Balances with Related Parties [Abstract] | |
Schedule of compensation paid or payable to key management for services | Year ended December 31 2021 2020 2019 in USD thousands Salaries and other short-term employee benefits 801 688 471 Post-employment benefits 58 37 25 Total 859 725 496 |
Schedule of balances with related parties | Year ended December 31 2021 2020 2019 in USD thousands Long term loans (see Note 9) 882 1,062 1,024 Current maturities of long term loans 220 - - Payroll and related expenses (see Note 14b) 67 20 34 |
Supplementary Financial State_2
Supplementary Financial Statement Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Supplementary Financial Statement Information [Abstract] | |
Schedule of other receivables and prepaid expenses | December 31 2021 2020 in USD thousands Value Added Tax authorities 26 81 Advances to suppliers 329 71 Other 34 65 389 217 |
Schedule of trade accounts payable | December 31 2021 2020 in USD thousands Accounts payable: In Sweden 33 32 Overseas 13 11 46 43 Payroll and related expenses 277 227 Accrued expenses 151 116 Other 82 103 510 446 |
Schedule of revenues | Year ended December 31 2021 2020 2019 in USD thousands Revenues 31 - - 31 - - |
Schedule of research and development expenses | Year ended December 31 2021 2020 2019 in USD thousands Payroll and related expenses 540 394 290 Depreciation 140 21 20 680 415 310 Less – grants received (10 ) (49 ) (126 ) 670 366 184 |
Schedule of selling and marketing expenses | Year ended December 31 2021 2020 2019 in USD thousands Payroll and related expenses 337 289 137 Overseas travels 56 24 158 Other 92 44 149 Less – Grants received - (9 ) (52 ) 485 348 392 |
Schedule of general and administrative expenses | Year ended December 31 2021 2020 2019 in USD thousands Payroll and related expenses 824 614 360 Professional services 431 138 530 Depreciation 116 102 18 Other 538 250 462 1,909 1,104 1,370 |
Schedule of financial expenses | Financial income Foreign currencies exchange gain 792 - - Finance income 792 - - Financial expenses Bank commissions (16 ) (25 ) (11 ) Interest on long term loans and lease liability (53 ) (54 ) (28 ) Other – Mainly foreign currencies exchange loss - (72 ) (44 ) Financial expenses (69 ) (151 ) (83 ) Financial income (loss) - net 723 (151 ) (83 ) |
General Information (Details) -
General Information (Details) - Schedule of parent company of the remaining wholly- and partly-owned subsidiaries | 12 Months Ended |
Dec. 31, 2021 | |
Eco Wave Power Ltd. (reg. no. 514593722) [Member] | |
General Information (Details) - Schedule of parent company of the remaining wholly- and partly-owned subsidiaries [Line Items] | |
Main business | Wave power |
Country of registration and incorporation | Israel |
Year of incorporation | 2011 |
Ownership interest held by the group percentage | 100% |
Ownership interest held by non- controlling interest | |
Eco Wave Power Australia PTY Ltd. (org. no.632805353) [Member] | |
General Information (Details) - Schedule of parent company of the remaining wholly- and partly-owned subsidiaries [Line Items] | |
Main business | Wave power |
Country of registration and incorporation | Australia |
Year of incorporation | 2019 |
Ownership interest held by the group percentage | 100% |
Ownership interest held by non- controlling interest | |
Eco Wave Power Gibraltar Ltd. (org. no.113264) [Member] | |
General Information (Details) - Schedule of parent company of the remaining wholly- and partly-owned subsidiaries [Line Items] | |
Main business | Wave power |
Country of registration and incorporation | Gibraltar |
Year of incorporation | 2015 |
Ownership interest held by the group percentage | 100% |
Ownership interest held by non- controlling interest | |
Eco Wave Power Mexico (org. no. 507055) [Member] | |
General Information (Details) - Schedule of parent company of the remaining wholly- and partly-owned subsidiaries [Line Items] | |
Main business | Wave power |
Country of registration and incorporation | Mexico |
Year of incorporation | 2014 |
Ownership interest held by the group percentage | 60% |
Ownership interest held by non- controlling interest | 40.00% |
Eco Wave Manzanillo I (org. no. 562840) [Member] | |
General Information (Details) - Schedule of parent company of the remaining wholly- and partly-owned subsidiaries [Line Items] | |
Main business | Wave power |
Country of registration and incorporation | Mexico |
Year of incorporation | 2016 |
Ownership interest held by the group percentage | 99.998 % owned by Eco Wave Power Mexico |
Ownership interest held by non- controlling interest | 0.002% |
Suzhou Eco Wave Power Technology Co. Ltd. (org. no. 913205810942967451) [Member] | |
General Information (Details) - Schedule of parent company of the remaining wholly- and partly-owned subsidiaries [Line Items] | |
Main business | Wave power |
Country of registration and incorporation | China |
Year of incorporation | 2014 |
Ownership interest held by the group percentage | 90% |
Ownership interest held by non- controlling interest | 10.00% |
EW Portugal – Wave Energy Solutions, Unipessoal Ida (Org. no. 516138626) – see Note 15c. [Member] | |
General Information (Details) - Schedule of parent company of the remaining wholly- and partly-owned subsidiaries [Line Items] | |
Main business | Wave power |
Country of registration and incorporation | Portugal |
Year of incorporation | 2020 |
Ownership interest held by the group percentage | 100% |
Ownership interest held by non- controlling interest |
General Information (Details)_2
General Information (Details) - Schedule of joint venture - EWP EDF One Ltd. (reg. no. 516065943) [Member] | 12 Months Ended |
Dec. 31, 2021 | |
General Information (Details) - Schedule of joint venture [Line Items] | |
Main business | Wave power |
Country of registration and incorporation | Israel |
Year of incorporation | 2019 |
Proportion of the shares percentage | 50.00% |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of significant accounting policies [text block] [Abstract] | |||
Contribution amount | $ 92 | $ 69 | $ 44 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of property and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Machinery and Equipment [Member] | |
Significant Accounting Policies (Details) - Schedule of property and equipment [Line Items] | |
Useful Life | 10.00% |
Office equipment [Member] | |
Significant Accounting Policies (Details) - Schedule of property and equipment [Line Items] | |
Useful Life | 33.00% |
Land [Member] | |
Significant Accounting Policies (Details) - Schedule of property and equipment [Line Items] | |
Useful Life |
Significant Accounting Polici_5
Significant Accounting Policies (Details) - Schedule of estimated useful lives | 12 Months Ended |
Dec. 31, 2021 | |
Schedule of estimated useful lives [Abstract] | |
Property | 3 years |
Financial Instruments and Fin_3
Financial Instruments and Financial Risk Management (Details) - Schedule of market risk - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income (loss) 10% increase [Member] | ||
Financial Instruments and Financial Risk Management (Details) - Schedule of market risk [Line Items] | ||
Cash and cash equivalents | $ (5) | $ (5) |
Short term bank deposits | (7) | (6) |
Other receivables | (2) | (1) |
Lease liability | 12 | 20 |
Trade payables | 1 | 1 |
Other payables | 18 | 17 |
Total NIS-linked balances | 17 | 26 |
Cash and cash equivalents | (662) | (27) |
Loans from related party | 100 | 97 |
Total USD- linked balances | (562) | 70 |
Total | (545) | 96 |
Income (loss) 5% increase [Member] | ||
Financial Instruments and Financial Risk Management (Details) - Schedule of market risk [Line Items] | ||
Cash and cash equivalents | (2) | (3) |
Short term bank deposits | (4) | (3) |
Other receivables | (1) | (1) |
Lease liability | 6 | 10 |
Trade payables | 1 | 1 |
Other payables | 9 | 9 |
Total NIS-linked balances | 9 | 13 |
Cash and cash equivalents | (347) | (14) |
Loans from related party | 52 | 51 |
Total USD- linked balances | (295) | 37 |
Total | (286) | 50 |
Value on financial position [Member] | ||
Financial Instruments and Financial Risk Management (Details) - Schedule of market risk [Line Items] | ||
Cash and cash equivalents | 51 | 56 |
Short term bank deposits | 76 | 68 |
Other receivables | 18 | 16 |
Lease liability | (127) | (219) |
Trade payables | (13) | (9) |
Other payables | (195) | (191) |
Total NIS-linked balances | (190) | (279) |
Cash and cash equivalents | 7,285 | 296 |
Loans from related party | (1,102) | (1,062) |
Total USD- linked balances | 6,183 | (766) |
Total | 5,993 | (1,045) |
Income (loss) 5% decrease [Member] | ||
Financial Instruments and Financial Risk Management (Details) - Schedule of market risk [Line Items] | ||
Cash and cash equivalents | 3 | 3 |
Short term bank deposits | 4 | 4 |
Other receivables | 1 | 1 |
Lease liability | (7) | (12) |
Trade payables | (1) | (1) |
Other payables | (10) | (10) |
Total NIS-linked balances | (10) | (15) |
Cash and cash equivalents | 383 | 16 |
Loans from related party | (58) | (56) |
Total USD- linked balances | 325 | (40) |
Total | 315 | (55) |
Income (loss) 10% decrease [Member] | ||
Financial Instruments and Financial Risk Management (Details) - Schedule of market risk [Line Items] | ||
Cash and cash equivalents | 6 | 6 |
Short term bank deposits | 8 | 8 |
Other receivables | 2 | 2 |
Lease liability | (14) | (24) |
Trade payables | (1) | (1) |
Other payables | (22) | (21) |
Total NIS-linked balances | (21) | (30) |
Cash and cash equivalents | 809 | 33 |
Loans from related party | (122) | (118) |
Total USD- linked balances | 687 | (85) |
Total | $ 666 | $ (115) |
Financial Instruments and Fin_4
Financial Instruments and Financial Risk Management (Details) - Schedule of concentration of currency risk | 12 Months Ended | |||||
Dec. 31, 2021kr / shares | Dec. 31, 2021₪ / shares | Dec. 31, 2020kr / shares | Dec. 31, 2020₪ / shares | Dec. 31, 2019kr / shares | Dec. 31, 2019₪ / shares | |
Schedule of concentration of currency risk [Abstract] | ||||||
Exchange rate of SEK (in Kronor per share) | kr / shares | kr 9.0437 | kr 8.1886 | kr 9.3171 | |||
Exchange rate of NIS (in New Shekels per share) | ₪ / shares | ₪ 3.11 | ₪ 3.215 | ₪ 3.456 | |||
Exchange rate percentage of SEK | 10.44% | 10.44% | (12.11%) | (12.11%) | 3.85% | 3.85% |
Exchange rate percentage of NIS | (3.30%) | (3.30%) | (7.00%) | (7.00%) | (7.80%) | (7.80%) |
Financial Instruments and Fin_5
Financial Instruments and Financial Risk Management (Details) - Schedule of linkage of monetary items by currency ₪ in Thousands, kr in Thousands, $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2021SEK (kr) | Dec. 31, 2021ILS (₪) | Dec. 31, 2020USD ($) | Dec. 31, 2020SEK (kr) | Dec. 31, 2020ILS (₪) |
Assets: | ||||||
Cash and cash equivalents | $ 7,285 | kr 7,276 | ₪ 51 | $ 296 | kr 10,365 | ₪ 56 |
Short term bank deposits | 70 | 68 | ||||
Other receivables | 328 | 18 | 151 | 16 | ||
Total asset | 7,285 | 7,604 | 139 | 296 | 10,516 | 140 |
Liabilities: | ||||||
Current maturities of long-term loans | 220 | |||||
Current maturities of lease liability | 127 | 96 | ||||
Accounts payable and accruals: | ||||||
Trade | 33 | 13 | 32 | 9 | ||
Other | 97 | 231 | 99 | 191 | ||
Non-current liabilities | ||||||
Lease liabilities, net of current maturities | 123 | |||||
Long-term loans, net of current maturities | 882 | 1,062 | ||||
Total liabilities | 1,102 | 130 | 371 | 1,062 | 131 | 419 |
Net asset value | 6,183 | kr 7,474 | ₪ (232) | (766) | kr 10,385 | ₪ (279) |
Other Currencies [Member] | ||||||
Assets: | ||||||
Cash and cash equivalents | 9 | 17 | ||||
Short term bank deposits | ||||||
Other receivables | 43 | 50 | ||||
Total asset | 52 | 67 | ||||
Liabilities: | ||||||
Current maturities of long-term loans | ||||||
Current maturities of lease liability | ||||||
Accounts payable and accruals: | ||||||
Trade | 2 | |||||
Other | 182 | 156 | ||||
Non-current liabilities | ||||||
Lease liabilities, net of current maturities | ||||||
Long-term loans, net of current maturities | 129 | 134 | ||||
Total liabilities | 311 | 292 | ||||
Net asset value | $ (268) | $ (225) |
Restricted Short-Term Bank De_2
Restricted Short-Term Bank Deposits (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Restricted Short-Term Bank Deposits (Details) [Line Items] | |
Deposit amount | $ 70 |
Bear interest at an average annual rate of prime | 1.59% |
Eco Wave Power Ltd. [Member] | |
Restricted Short-Term Bank Deposits (Details) [Line Items] | |
Deposit amount | $ 68 |
Property and Equipment (Details
Property and Equipment (Details) - Schedule of property and equipment and the related accumulated depreciation - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Property and Equipment (Details) - Schedule of property and equipment and the related accumulated depreciation [Line Items] | ||||
Cost, Balance at beginning of year | $ 1,638 | $ 1,385 | $ 1,196 | |
Cost, Additions during year | 13 | 177 | 154 | |
Cost, Transfers during year | [1] | (159) | ||
Cost, Foreign currency translation reserve | 17 | 76 | 35 | |
Cost, Balance at end of year | 1,509 | 1,638 | 1,385 | |
Accumulated depreciation, Balance at beginning of year | 166 | 130 | 99 | |
Accumulated depreciation, Additions during year | 142 | 24 | 22 | |
Accumulated depreciation, Reductions during year | ||||
Accumulated depreciation, Foreign currency translation reserve | 6 | 12 | 9 | |
Accumulated depreciation, Balance at end of year | 314 | 166 | 130 | |
Net book value, Balance at end of year | 1,194 | 1,472 | 1,255 | |
Plant and equipment [Member] | ||||
Property and Equipment (Details) - Schedule of property and equipment and the related accumulated depreciation [Line Items] | ||||
Cost, Balance at beginning of year | 1,539 | 1,284 | 1,102 | |
Cost, Additions during year | 9 | 177 | 152 | |
Cost, Transfers during year | [1] | (159) | ||
Cost, Foreign currency translation reserve | 18 | 78 | 30 | |
Cost, Balance at end of year | 1,407 | 1,539 | 1,284 | |
Accumulated depreciation, Balance at beginning of year | 146 | 115 | 88 | |
Accumulated depreciation, Additions during year | 141 | 21 | 19 | |
Accumulated depreciation, Reductions during year | ||||
Accumulated depreciation, Foreign currency translation reserve | 5 | 10 | 8 | |
Accumulated depreciation, Balance at end of year | 292 | 146 | 115 | |
Net book value, Balance at end of year | 1,115 | 1,393 | 1,169 | |
Land [member] | ||||
Property and Equipment (Details) - Schedule of property and equipment and the related accumulated depreciation [Line Items] | ||||
Cost, Balance at beginning of year | 75 | 79 | 76 | |
Cost, Additions during year | ||||
Cost, Transfers during year | [1] | |||
Cost, Foreign currency translation reserve | (2) | (4) | 3 | |
Cost, Balance at end of year | 73 | 75 | 79 | |
Accumulated depreciation, Balance at beginning of year | ||||
Accumulated depreciation, Additions during year | ||||
Accumulated depreciation, Reductions during year | ||||
Accumulated depreciation, Foreign currency translation reserve | ||||
Accumulated depreciation, Balance at end of year | ||||
Net book value, Balance at end of year | 73 | 75 | 79 | |
Office equipment [member] | ||||
Property and Equipment (Details) - Schedule of property and equipment and the related accumulated depreciation [Line Items] | ||||
Cost, Balance at beginning of year | 24 | 22 | 18 | |
Cost, Additions during year | 4 | 2 | ||
Cost, Transfers during year | [1] | |||
Cost, Foreign currency translation reserve | 1 | 2 | 2 | |
Cost, Balance at end of year | 29 | 24 | 22 | |
Accumulated depreciation, Balance at beginning of year | 20 | 15 | 11 | |
Accumulated depreciation, Additions during year | 1 | 3 | 3 | |
Accumulated depreciation, Reductions during year | ||||
Accumulated depreciation, Foreign currency translation reserve | 1 | 2 | 1 | |
Accumulated depreciation, Balance at end of year | 22 | 20 | 15 | |
Net book value, Balance at end of year | $ 6 | $ 4 | $ 7 | |
[1] | Transferred to a joint venture. See note 8. |
Leases (Details)
Leases (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2019 | |
Disclosure of leases [text block] [Abstract] | |||
Incremental borrowing rate | 4.00% | ||
Benefit of the lessor | $ 36 | ||
Expense in profit or loss | $ 10 | $ 22 |
Leases (Details) - Schedule of
Leases (Details) - Schedule of right-of-use assets - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cost [Member] | |||
Leases (Details) - Schedule of right-of-use assets [Line Items] | |||
Balance at beginning of year | $ 332 | $ 304 | |
Additions during year | $ 304 | ||
Foreign currency translation reserve | (4) | 28 | |
Balance at end of year | 328 | 332 | 304 |
Cost [Member] | Offices [Member] | |||
Leases (Details) - Schedule of right-of-use assets [Line Items] | |||
Balance at beginning of year | 332 | 304 | |
Additions during year | 304 | ||
Foreign currency translation reserve | (4) | 28 | |
Balance at end of year | 328 | 332 | 304 |
Accumulated depreciation [Member] | |||
Leases (Details) - Schedule of right-of-use assets [Line Items] | |||
Balance at beginning of year | 124 | 16 | |
Additions during year | 106 | 99 | 16 |
Foreign currency translation reserve | (3) | 9 | |
Balance at end of year | 227 | 124 | 16 |
Accumulated depreciation [Member] | Offices [Member] | |||
Leases (Details) - Schedule of right-of-use assets [Line Items] | |||
Balance at beginning of year | 124 | 16 | |
Additions during year | 106 | 99 | 16 |
Foreign currency translation reserve | (3) | 9 | |
Balance at end of year | 227 | 124 | 16 |
Net Book Value [Member] | |||
Leases (Details) - Schedule of right-of-use assets [Line Items] | |||
Balance at end of year | 101 | 208 | 288 |
Net Book Value [Member] | Offices [Member] | |||
Leases (Details) - Schedule of right-of-use assets [Line Items] | |||
Balance at end of year | $ 101 | $ 208 | $ 288 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of lease liabilities - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Schedule of lease liabilities [Abstract] | ||||
Offices, Balance at beginning of year | $ 219 | $ 288 | ||
Offices, Additions during year | 304 | |||
Offices, Interest expense during year | 7 | 10 | [1] | |
Offices, Payments during year | (103) | (96) | (16) | |
Offices, Translation adjustment | 4 | 17 | [1] | |
Offices, Balance at end of year | 127 | 219 | 288 | |
Total, Balance at beginning of year | 219 | 288 | ||
Total, Additions during year | 304 | |||
Total, Interest expense during year | 7 | 10 | [1] | |
Total, Payments during year | (103) | (96) | (16) | |
Total, Translation adjustment | 4 | 17 | [1] | |
Total, Balance at end of year | $ 127 | $ 219 | $ 288 | |
[1] | Under 1 thousand USD. |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of composition of lease liabilities - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Composition of lease liabilities: | ||
Offices | $ 127 | $ 96 |
Current lease liabilities | 127 | 96 |
Offices | 123 | |
Non-current lease liabilities | 123 | |
Total lease liabilities | $ 127 | $ 219 |
Leases (Details) - Schedule o_4
Leases (Details) - Schedule of future lease payments $ in Thousands | Dec. 31, 2021USD ($) |
Schedule of future lease payments [Abstract] | |
2022 | $ 130 |
Total | $ 130 |
Investments Accounted for Usi_2
Investments Accounted for Using the Equity Method (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure of investments accounted for using equity method [text block] [Abstract] | |
Owns percentage | 50.00% |
Initial funds | $ 117 |
Non cash transfer of equipment | $ 159 |
Long-Term Loan from Related P_3
Long-Term Loan from Related Party (Details) | 12 Months Ended |
Dec. 31, 2021USD ($) | |
David Leb [Member] | |
Long-Term Loan from Related Party (Details) [Line Items] | |
Loan agreement amount | $ 1,102 |
First Loan [Member] | |
Long-Term Loan from Related Party (Details) [Line Items] | |
Loan amount | $ 200 |
Annual interest rate | 4.00% |
Second Loan [Member] | |
Long-Term Loan from Related Party (Details) [Line Items] | |
Loan amount | $ 800 |
Annual interest rate | 4.00% |
Credit period | 36 months |
Long-Term Loan from Related P_4
Long-Term Loan from Related Party (Details) - Schedule of composition - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of composition [Abstract] | ||||
Loans from David Leb, Board member | $ 1,102 | $ 1,062 | $ 1,024 | $ 1,000 |
Less - current maturities | (220) | |||
Total long-term loans | $ 882 | $ 1,062 |
Long-Term Loan from Related P_5
Long-Term Loan from Related Party (Details) - Schedule of change during the year - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of change during the year [Abstract] | |||
Beginning of year | $ 1,062 | $ 1,024 | $ 1,000 |
Interest expenses | 40 | 38 | 24 |
End of year | $ 1,102 | $ 1,062 | $ 1,024 |
Other Long-Term Loan (Details)
Other Long-Term Loan (Details) € in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2021EUR (€) | |
Other Long-Term Loan [Abstract] | ||
Amount of EUR | € 85,000 | |
Amount of EUR in cash | € 15,000 | |
Annual interest rate | 5.00% | 5.00% |
Loan and accrued interest (in Dollars) | $ | $ 375,825 |
Other Long-Term Loan (Details)
Other Long-Term Loan (Details) - Schedule of composition - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of composition [Abstract] | ||
Loan from PortXL Netherlands B.V. | $ 129 | $ 134 |
Less - current maturities | ||
Total long-term loan | $ 129 | $ 134 |
Other Long-Term Loan (Details_2
Other Long-Term Loan (Details) - Schedule of change during the year - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of change during the year [Abstract] | |||
Beginning of the year | $ 134 | $ 116 | |
Additions during the year | 113 | ||
Interest expenses | 6 | 6 | 4 |
Foreign currency translation adjustment | (11) | 12 | (1) |
End of year | $ 129 | $ 134 | $ 116 |
Equity (Details)
Equity (Details) | May 21, 2019 | Jul. 31, 2021$ / sharesshares | Jul. 31, 2019USD ($)shares | May 31, 2019USD ($)shares | Dec. 31, 2021USD ($) | Jul. 31, 2019kr / shares |
Equity (Details) [Line Items] | ||||||
Number of common shares (in Shares) | shares | 8,000,000 | 314,650 | ||||
Private offering amount | $ 928 | $ 9,200 | ||||
Public offering price per share | $ / shares | $ 8 | |||||
Amount of net proceed | $ 7,964 | |||||
Underwritten public offering shares (in Shares) | shares | 1,000,000 | |||||
Changes in equity description | The Company granted A.G.P./Alliance Global Partners, the underwriter, a 30-day option to purchase up to 150,000 additional ADSs to cover over-allotments, at the public offering price, less the underwriting discounts and commissions. AGP exercised its option in full on July 1, 2021. The closing of all 1,150,000 ADSs, representing 9,200,000 common shares, occurred simultaneously. | |||||
Equity note ,stock split description | the Company’s shareholders authorized a 50-for-1 share split of the Company’s common shares that went into effect as of the date of authorization. The share split was effected such that each 1 then-outstanding share was increased to 50 shares. | |||||
Public Offering [Member] | ||||||
Equity (Details) [Line Items] | ||||||
Number of common shares (in Shares) | shares | 6,355,594 | |||||
Private offering amount | $ 12,928 | |||||
Public offering price per share | kr / shares | kr 19 | |||||
Amount of net proceed | $ 11,949 |
Equity (Details) - Schedule of
Equity (Details) - Schedule of share capital - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Equity (Details) - Schedule of share capital [Line Items] | ||
Authorized share capital | 140,000,000 | 100,000,000 |
Issued and paid up share capital | 44,394,844 | 35,194,844 |
SEK [Member] | ||
Equity (Details) - Schedule of share capital [Line Items] | ||
Authorized share capital | 2,800 | 2,000 |
Issued and paid up share capital | 888 | 704 |
Taxes on income (Details)
Taxes on income (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Swedish Income Tax Authority [Member] | |||
Taxes on income (Details) [Line Items] | |||
Corporate tax rate | 20.60% | 21.40% | 21.40% |
Israeli income Tax Authority [Member] | |||
Taxes on income (Details) [Line Items] | |||
Corporate tax rate | 23.00% | 23.00% | 23.00% |
Eco Wave Power Global AB [Member] | |||
Taxes on income (Details) [Line Items] | |||
Tax loss carryforwards (in Dollars) | $ 1,800 | ||
Eco Wave Power Ltd [Member] | |||
Taxes on income (Details) [Line Items] | |||
Tax loss carryforwards (in Dollars) | $ 5,900 |
Taxes on income (Details) - Sch
Taxes on income (Details) - Schedule of tax rate applicable to income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of tax rate applicable to income [Abstract] | |||
Loss before taxes | $ (2,347) | $ (1,969) | $ (2,029) |
Corporate tax rate | 20.60% | 21.40% | 21.40% |
Theoretical tax benefit | $ (484) | $ (421) | $ (434) |
Effect of different tax rates in foreign subsidiaries | (18) | (36) | (8) |
Tax losses incurred in the reporting year for which deferred taxes were not created | 502 | 458 | 442 |
Taxes on income for the reported year | $ 1 |
Transactions and Balances wit_3
Transactions and Balances with Related Parties (Details) $ in Millions | 1 Months Ended |
May 26, 2021USD ($) | |
Transactions and Balances with Related Parties [Abstract] | |
Cash bonus | $ 2 |
Transactions and Balances wit_4
Transactions and Balances with Related Parties (Details) - Schedule of compensation paid or payable to key management for services - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of compensation paid or payable to key management for services [Abstract] | |||
Salaries and other short-term employee benefits | $ 801 | $ 688 | $ 471 |
Post-employment benefits | 58 | 37 | 25 |
Total | $ 859 | $ 725 | $ 496 |
Transactions and Balances wit_5
Transactions and Balances with Related Parties (Details) - Schedule of balances with related parties - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of balances with related parties [Abstract] | |||
Long term loans (see Note 9) | $ 882 | $ 1,062 | $ 1,024 |
Current maturities of long term loans | 220 | ||
Payroll and related expenses (see Note 14b) | $ 67 | $ 20 | $ 34 |
Supplementary Financial State_3
Supplementary Financial Statement Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure Of Supplementary Financial Statement Information [Abstract] | |
Revenues | $ 31 |
Benefit of the government of israel | $ 11 |
Supplementary Financial State_4
Supplementary Financial Statement Information (Details) - Schedule of other receivables and prepaid expenses - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of other receivables and prepaid expenses [Abstract] | ||
Value Added Tax authorities | $ 26 | $ 81 |
Advances to suppliers | 329 | 71 |
Other | 34 | 65 |
Total | $ 389 | $ 217 |
Supplementary Financial State_5
Supplementary Financial Statement Information (Details) - Schedule of trade accounts payable - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts payable: | ||
Accounts payable | $ 46 | $ 43 |
Payroll and related expenses | 277 | 227 |
Accrued expenses | 151 | 116 |
Other | 82 | 103 |
Total | 510 | 446 |
In Sweden [Member] | ||
Accounts payable: | ||
Accounts payable | 33 | 32 |
Overseas [Member] | ||
Accounts payable: | ||
Accounts payable | $ 13 | $ 11 |
Supplementary Financial State_6
Supplementary Financial Statement Information (Details) - Schedule of revenues - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of revenues [Abstract] | |||
Revenues | $ 31 | ||
Total revenues | $ 31 |
Supplementary Financial State_7
Supplementary Financial Statement Information (Details) - Schedule of research and development expenses - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of research and development expenses [Abstract] | |||
Payroll and related expenses | $ 540 | $ 394 | $ 290 |
Depreciation | 140 | 21 | 20 |
Total expenses | 680 | 415 | 310 |
Less – grants received | (10) | (49) | (126) |
Total | $ 670 | $ 366 | $ 184 |
Supplementary Financial State_8
Supplementary Financial Statement Information (Details) - Schedule of selling and marketing expenses - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of selling and marketing expenses [Abstract] | |||
Payroll and related expenses | $ 337 | $ 289 | $ 137 |
Overseas travels | 56 | 24 | 158 |
Other | 92 | 44 | 149 |
Less – Grants received | (9) | (52) | |
Net selling and marketing expenses | $ 485 | $ 348 | $ 392 |
Supplementary Financial State_9
Supplementary Financial Statement Information (Details) - Schedule of general and administrative expenses - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of general and administrative expenses [Abstract] | |||
Payroll and related expenses | $ 824 | $ 614 | $ 360 |
Professional services | 431 | 138 | 530 |
Depreciation | 116 | 102 | 18 |
Other | 538 | 250 | 462 |
Net, general and administrative expenses | $ 1,909 | $ 1,104 | $ 1,370 |
Supplementary Financial Stat_10
Supplementary Financial Statement Information (Details) - Schedule of financial expenses - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial income | |||
Foreign currencies exchange gain | $ 792 | ||
Finance income | 792 | ||
Financial expenses | |||
Bank commissions | (16) | (25) | (11) |
Interest on long term loans and lease liability | (53) | (54) | (28) |
Other – Mainly foreign currencies exchange loss | (72) | (44) | |
Financial expenses | (69) | (151) | (83) |
Financial income (loss) - net | $ 723 | $ (151) | $ (83) |
Commitments (Details)
Commitments (Details) ¥ in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2021CNY (¥) | |
Commitments (Details) [Line Items] | ||
Net proceeds percentage | 5.00% | |
Agreement years | 10 years | |
European Unions [Member] | ||
Commitments (Details) [Line Items] | ||
Grant budget, description | A grant budget of EUR 178,500 (approximately 202,000 USD) from the European Union (“EU”) as part of the ILIAD Consortium. The ILIAD Consortium is comprised of 56 partners from 18 different countries in Europe, the Middle East and North Africa. During the 3 years program period starting 2022, the consortium will develop, operate, and demonstrate Integrated Digital Framework For Comprehensive Maritime Data and Information Services | |
United Kingdoms [Member] | ||
Commitments (Details) [Line Items] | ||
Grant budget, description | A grant budget of GBP 103,993 (approximately USD 140,000) from Innovate UK – the UK’s innovation agency as part of the Energy Catalyst Round 8: clean energy - experimental development competition, for a project titled “Sea Wave Energy Powered Microgrid for Remote Islands and Rural Coasts”, to be executed in collaboration with the UK Queen Mary University of London, the Asian Institute of Technology, and the Provincial Electricity Authority of Thailand was approved for Eco Wave Power Gibraltar, a subsidiary of Eco Wave Power. Eco Wave Power Gibraltar will contribute additional 44,569 GBP (approximately USD 60,000). The funds are expected in 2022 in accordance with the project milestones. | |
Israeli Ministry of Energy [Member] | ||
Commitments (Details) [Line Items] | ||
Royalty expense percentage | 5.00% | 5.00% |
Grants received rate | 100.00% | 100.00% |
Suzhou Eco Wave Power Technology Co. Ltd [Member] | ||
Commitments (Details) [Line Items] | ||
Ownership percentage | 10.00% | |
Agreement amount | $ (570) | ¥ 3,977 |
Net proceeds percentage | 3.00% | |
Annual interest percentage | 5.00% |
Events After The Reporting Pe_2
Events After The Reporting Period (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [line items] | |
Terms of agreement | 20 years |