Tingo (TIOG) 10-Q 13 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 13, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	MICT, Inc.
Entity Central Index Key	854,800
Trading Symbol	MICT
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		9,342,115

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 3,898	$ 2,114
Restricted cash	564	284
Trade accounts receivable, net	3,937	5,183
Inventories	4,800	4,979
Other accounts receivable	527	1,092
Held for sale assets		11,656
Total current assets	13,726	25,308
Property and equipment, net	870	910
Intangible assets and others, net	1,065	1,494
Deferred tax assets	515	542
Long term deposit	36	12
Restricted cash- escrow	477
Goodwill	1,466	1,466
Total long term assets	4,429	4,424
Total assets	18,155	29,732
LIABILITIES AND EQUITY
Short term bank credit and current portion of long term bank loans	1,085	1,582
Short term credit from others and current portion of long term loans from others	1,500	2,207
Trade accounts payable	2,352	3,973
Other accounts payable	1,633	3,146
Held for sale liabilities		11,338
Total current liabilities	6,570	22,246
Long term loans from others	2,636	1,379
Accrued severance pay, net	125	133
Long term escrow	477
Total long term liabilities	3,238	1,512
Stockholders' Equity:
Preferred stock; $.001 par value, 5,000,000 shares authorized, none issued and outstanding
Common stock; $.001 par value, 25,000,000 shares authorized, 9,144,465 and 8,645,650 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively.	9	8
Additional paid in capital	11,301	10,881
Accumulated other comprehensive loss	(504)	(363)
Accumulated loss	(7,501)	(10,147)
MICT, Inc. stockholders' equity	3,305	379
Non-controlling interests	5,042	5,595
Total equity	8,347	5,974
Total liabilities and equity	$ 18,155	$ 29,732

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	25,000,000	25,000,000
Common stock, shares issued	9,144,465	8,645,650
Common stock, shares outstanding	9,144,465	8,645,650

Condensed Consolidated Statemen

Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Revenues	$ 4,701	$ 3,763	$ 10,681	$ 6,464
Cost of revenues	3,169	2,990	7,427	5,317
Gross profit	1,532	773	3,254	1,147
Operating expenses:
Research and development	505	507	1,032	904
Selling and marketing	380	458	834	850
General and administrative	1,314	925	2,526	2,044
Amortization of intangible assets	216	235	438	470
Total operating expenses	2,415	2,125	4,830	4,268
Loss from operations	(883)	(1,352)	(1,576)	(3,121)
Financial expenses, net	460	103	852	43
Loss before provision for income taxes	(1,343)	(1,455)	(2,428)	(3,164)
Provision (benefit) for income taxes	4	(1)	4	(3)
Net loss from continued operation	(1,347)	(1,454)	(2,432)	(3,161)
Net profit (loss) from discontinued operation (includes capital gain from disposal amounting to $6,844)	4,783	(534)	4,894	(1,129)
Total net profit (loss)	3,436	(1,988)	2,462	(4,290)
Net loss attributable to non-controlling interests	(60)	(657)	(184)	(1,347)
Net profit (loss) attributable to MICT, Inc.	$ 3,496	$ (1,331)	$ 2,646	$ (2,943)
Earnings (loss) per share attributable to MICT, Inc.
Basic and diluted loss per share from continued operation	$ (0.14)	$ (0.12)	$ (0.25)	$ (0.27)
Basic and diluted earnings (loss) per share from discontinued operation	$ 0.52	$ (0.08)	$ 0.54	$ (0.18)
Weighted average common shares outstanding:	9,144,465	6,683,139	9,007,684	6,557,283

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Income (Unaudited) (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)
Income Statement [Abstract]
Capital gain included from disposal amount	$ 6,844

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net Income (loss)	$ 3,436	$ (1,988)	$ 2,462	$ (4,290)
Other comprehensive income (loss), net of tax:
Currency translation adjustment	(780)	150	(647)	261
Total comprehensive income (loss)	2,656	(1,838)	1,815	(4,029)
Comprehensive (loss) attributable to non-controlling interests	120	(419)	(553)	(819)
Comprehensive loss attributable to MICT, Inc.	$ 2,776	$ (1,419)	$ 2,368	$ (3,210)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Profit (loss) from continued operations	$ (2,432)	$ (3,161)
Adjustments to reconcile net income to net cash provided by operating activities:
Capital gain from disposal	(6,844)
Depreciation and amortization	592	623
Marketable securities		(71)
Change in fair value of derivatives, net	(10)	3
Change in deferred taxes, net		(5)
Accrued interest and exchange rate differences on bank loans	(97)	110
Extinguishment of loan costs and commissions	360
Accrued interest and exchange rate differences on loans from others	(38)	833
Stock-based compensation	189	68
Decrease in trade accounts receivable, net	1,303	316
Decrease in inventories	180	452
Increase (decrease) in accrued severance pay, net	(8)	12
Decrease (increase) in other accounts receivable	541	(652)
Decrease (increase) in trade accounts payable	(1,471)	893
Decrease in other accounts payable	(1,404)	(111)
Net cash used in operating activities	(2,295)	(690)
CASH FLOWS FROM INVESTING ACTIVITIES:
Consideration from disposal of discontinued operation	4,295
Purchase of property and equipment	(179)	(139)
Marketable securities		3,049
Net cash provided by investing activities	4,116	2,910
CASH FLOWS FROM FINANCING ACTIVITIES:
Short term bank credit	(411)	(2,709)
Receipt of loans from others, net	4,971	(434)
Extinguishment of loan costs	(360)
Repayment of short term loans	(4,413)	3,118
Issuance of shares, net	479	55
Issuance of warrants net	28
Net cash provided by financing activities	294	30
NET CASH INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	2,115	2,250
Cash, Cash Equivalents and restricted cash at the beginning of the period	2,398	1,133
TRANSLATION ADJUSTMENT ON CASH AND CASH EQUIVALENTS	(51)	204
Cash, Cash Equivalents and restricted cash at end of the period	4,462	3,587
Amount paid during the period for:
Interest	503
Taxes	$ 7	$ 74

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2018
Description of Business [Abstract]
DESCRIPTION OF BUSINESS	NOTE 1 — DESCRIPTION OF BUSINESS Overview MICT, Inc., or we, MICT, or the Company, a U.S.-based Delaware corporation, was formed on January 31, 2002. On March 14, 2013, we changed our corporate name from Lapis Technologies, Inc. to Micronet Enertec Technologies, Inc. On July 13, 2018, following the sale of our former subsidiary Enertec Systems Ltd., the Company changed the Company name from Micronet Enertec Technologies, Inc to MICT, Inc. We operate primarily through our Israel-based company, Micronet Ltd., or Micronet, in which we have a controlling interest as of June 30, 2018. On February 23, 2017, Micronet filed an immediate report with the Tel Aviv Stock Exchange, or the TASE, announcing that it had closed on a public offering of its ordinary shares and sold an aggregate of 6,100,000 shares of its ordinary shares for aggregate gross proceeds of NIS 9,844,020. As a result of the public offering, the Company’s ownership interest in Micronet was diluted from 62.9% to 49.31%. In order to maintain a controlling interest of Micronet, on February 27, 2017, the Company purchased an additional 140,000 shares of Micronet in a separate transaction with a shareholder of Micronet. In addition, on February 28, 2017, Mr. David Lucatz, our President and Chief Executive Officer, executed an irrevocable proxy assigning his voting power over 45,000 shares of Micronet for the Company’s benefit. As a result, the Company’s voting interest of Micronet was increased to 50.07% of the issued and outstanding shares of Micronet. Micronet is a publicly traded company on the TASE and operates in the growing commercial Mobile Resource Management, or MRM, market. Micronet through both its Israeli and U.S. operational offices designs, develops, manufactures and sells rugged mobile computing devices that provide fleet operators and field workforces with computing solutions in challenging work environments. Micronet’s vehicle portable tablets increase workforce productivity and enhance corporate efficiency by offering computing power and communication capabilities that provide fleet operators with visibility into vehicle location, fuel usage, speed and mileage. Micronet’s customers consist primarily of application service providers and solution providers specializing in the MRM market. On December 31, 2017, the Company, Enertec Systems 2001 Ltd., or Enertec, previously our wholly owned subsidiary, and Enertec Management Ltd., entered into a Share Purchase Agreement, or the Share Purchase Agreement, with Coolisys Technologies Inc., or Coolisys, a subsidiary of DPW Holdings, Inc., or DPW, pursuant to which we agreed to sell the entire share capital of Enertec to Coolisys. As consideration for the sale of Enertec’s entire share capital, Coolisys agreed to pay, at the closing of the transaction, a purchase price of $5,250 as well as assume up to $4,000 of Enertec debt. Enertec met the definition of a component as defined by Accounting Standards Codification, or ASC, Topic 205, since Enertec has been classified as held for sale and the Company believes the sale represents a strategic shift in its business. Accordingly, its assets and liabilities were classified as held for sale and the results of operations in the statement of operations and prior periods’ results have been reclassified as a discontinued operation. Enertec met the definition of a component. On May 22, 2018, the Company closed on the sale, or the Closing, of all of the outstanding equity of Enertec pursuant to the Share Purchase Agreement. At the Closing, the Company received aggregate gross proceeds of approximately $4,700, of which 10% will be held in escrow for up to 14 months after the Closing to satisfy certain potential indemnification claims. Therefore, the Company has recorded such escrowed amount on its balance sheet as restricted cash and a liability. The final consideration amount was adjusted, pursuant to the terms of the Share Purchase Agreement, as a result of adjustments relating to certain Enertec debts at the Closing. In addition, Coolisys also assumed approximately $4,000 of Enertec’s debt. The Company’s capital gain from the sale of Enertec, based on the Company’s balance sheet at the closing date was approximately $6,800. As previously reported, and in conjunction with, and as a condition to, the Closing, the Company, Enertec, Coolisys, DPW and Mr. David Lucatz, the Company’s Chief Executive Officer, executed a consulting agreement, or the Consulting Agreement, whereby the Company, via Mr. Lucatz, will provide Enertec with certain consulting and transitional services over a 3 year period as necessary and requested by the Coolisys (but in no event to exceed 20% of Mr. Lucatz’s time). Coolisys (via Enertec) will pay the Company an annual consulting fee of $150 as well as issue the Company 150,000 restricted shares of DPW Class A common stock, or the DPW Equity, for such services, to be vested and released from restriction in three equal installments, with the initial installment vesting the day after the Closing and the remaining installments vesting on each of the first 2 anniversaries of the Closing. In the event of a change of control in the Company, or if Mr. Lucatz shall no longer be employed by the Company, the rights and obligations under the Consulting Agreement shall be assigned to Mr. Lucatz along with the DPW Equity. The descriptions of the Share Purchase Agreement and Consulting Agreement are qualified in their entirety by reference to the complete text of the Share Purchase Agreement and Consulting Agreement which have been filed as Exhibits 10.1 and 10.2, respectively, to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 3, 2018. The accompanying unaudited consolidated financial statements of the Company and its subsidiaries have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2018, are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. The balance sheet at December 31, 2017, has been derived from the Company’s audited financial statements at that date but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. For further information, please refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, as filed with the U.S. Securities and Exchange Commission, or the SEC.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with the U.S. GAAP. The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company transactions and balances among the Company and its subsidiaries are eliminated upon consolidation. Functional Currency The functional currency of MICT is the U.S. dollar. The functional currency of certain subsidiaries is their local currency. The financial statements of those companies are included in consolidation, based on translation into U.S. dollars. Assets and liabilities are translated at year-end exchange rates, while revenues and expenses are translated at monthly average exchange rates during the year. Differences resulting from translation are presented in the consolidated statements of comprehensive income. Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. Principles of Consolidation The consolidated financial statements comprise the results and position of the Company and its subsidiaries. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its operating activities. In assessing control, legal and contractual rights, are taken into account. The consolidated financial statements of subsidiaries are included in the consolidated financial statements from the date that control is achieved until the date that control is lost. Intercompany transactions and balances are eliminated upon consolidation. Cash and Cash Equivalents Cash equivalents are considered by the Company to be highly-liquid investments, including inter-alia, short-term deposits with banks, which do not exceed maturities of three months at the time of deposit and which are not restricted. Revenue Recognition On January 1, 2018, the Company adopted ASC Topic 606, “Revenue from Contracts with Customers,” or ASC 606, and all the related amendments (“new revenue standard”) with respect to all contracts using the modified retrospective method. A contract with a customer exists only when: the parties to the contract have approved it and are committed to perform their respective obligations, the Company can identify each party’s rights regarding the distinct goods or services to be transferred (“performance obligations”), the Company can determine the transaction price for the goods or services to be transferred, the contract has commercial substance and it is probable that the Company will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. Revenues are recorded in the amount of consideration to which the Company expects to be entitled in exchange for performance obligations upon transfer of control to the customer, excluding amounts collected on behalf of other third parties and sales taxes. The amount of consideration to which the Company expects to be entitled varies as a result of rebates, chargebacks, returns and other allowances. The cumulative effect of initially applying the new revenue standard was immaterial for the six months ended June 30, 2018, based on the adoption of ASC 606. Allowance for Doubtful Accounts The Company establishes an allowance for doubtful accounts to ensure trade and financing receivables are not overstated due to uncollectability. The allowance for doubtful accounts was based on specific receivables, which their collection, in the opinion of Company’s management, is in doubt. Trade receivables are charged off in the period in which they are deemed to be uncollectible. As of June 30, 2018, and December 31, 2017, the allowance for doubtful accounts amounted to $313 and $0, respectively. Reclassifications Certain balance sheet amounts and cash flow amounts have been reclassified to conform with the current year presentation. Inventories Inventories of raw materials are stated at the lower of cost (first-in, first-out basis) or realizable value. Cost of work in process is comprised of direct materials, direct production costs and an allocation of production overhead based on normal operating capacity. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated by the straight-line method over their estimated useful lives. Annual rates of depreciation are as follows: Leasehold improvements Over the shorter of the Machinery and equipment 7-14 years Furniture and fixtures 10-14 years Transportation equipment 7 years Computer equipment 3 years Stock-Based Compensation The Company accounts for stock-based compensation under the fair market value method under which compensation cost is measured at the grant date based on the value of the award and is recognized over the vesting period, which is usually the service period. For stock options, fair value is determined using an option-pricing model that takes into account the stock price at the grant date, the exercise price, the expected life of the option, the volatility of the underlying stock, the expected dividends on it, and the risk-free interest rate over the expected life of the option. Research and Development Costs Research and development costs are charged to statements of income as incurred net of grants from the Israel Innovation Authority (formerly known as the Israel Office of the Chief Scientist of the Ministry of Economy). Earnings/ Loss per Share Basic net earnings/loss per share are computed based on the weighted average number of shares of common stock outstanding during each year. Long-Lived Assets and Intangible assets Intangible assets that are not considered to have an indefinite useful life are amortized using the straight-line basis over their estimated useful lives. The Company evaluates property and equipment and purchased intangible assets with finite lives for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flow and recognizes an impairment loss when the estimated undiscounted future cash flow expected to result from the use of the asset plus the net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When the Company identifies an impairment, it reduces the carrying amount of the asset to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. During the three and six months ended June 30, 2018, and the year ended December 31, 2017, no indicators of impairment have been identified. Goodwill Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. Goodwill is not amortized, but rather is subject to an annual impairment test. The Company has one continued operation, consisting of the MRM business, and the entire goodwill was allocated to this MRM business. The goodwill impairment tests are conducted in two steps. In the first step, the Company determines the fair value of the reporting unit. If the net book value of the reporting unit exceeds its fair value, the Company would then perform the second step of the impairment test which requires allocation of the reporting unit’s fair value of all of its assets and liabilities in a manner similar to an acquisition cost allocation, with any residual fair value being allocated to goodwill. The implied fair value of the goodwill is then compared to the carrying value to determine impairment, if any. Comprehensive Income (Loss) Financial Accounting Standards Board, or FASB, ASC Topic 220-10, “Reporting Comprehensive Income,” requires the Company to report in its consolidated financial statements, in addition to its net income, comprehensive income (loss), which includes all changes in equity during a period from non-owner sources including, as applicable, foreign currency items and other items. The Company’s other comprehensive income for all periods presented is related to the translation from functional currency to the presentation currency. Income Taxes Deferred taxes are determined utilizing the “asset and liability” method, whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance when it is more likely than not that deferred tax assets will not be realized in the foreseeable future. The Company applied FASB ASC Topic 740-10-25, “Income Taxes,” which provides guidance for recognizing and measuring uncertain tax positions and prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax positions. The Company’s policy on classification of all interest and penalties related to unrecognized income tax positions, if any, is to present them as a component of income tax expense. Financial Instruments 1. Concentration of credit risks: Financial instruments that have the potential to expose the Company to credit risks are mainly cash and cash equivalents, bank deposit accounts, marketable securities and trade receivables. The Company holds cash and cash equivalents, securities and deposit accounts at large banks in Israel, thereby substantially reducing the risk of loss. With respect to trade receivables, the risk is limited due to the geographical spreading, nature and size of the entities that constitute the Company’s customer base. The Company assesses the financial position of its customers prior to the engagement with them. The Company performs ongoing credit evaluations of its customers for the purpose of determining the appropriate allowance for doubtful accounts and generally does not require collateral. An appropriate allowance for doubtful accounts is included in the accounts. 2. Fair value measurement: The Company measures fair value and discloses fair value measurements for financial and non-financial assets and liabilities. Fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The accounting standard establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value. Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update, or ASU, No. 2016-02, which supersedes the lease accounting guidance in ASC Topic 840, “Leases.” The new guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model. The guidance is effective for reporting periods (interim and annual) beginning after December 15, 2018, for public companies, with early adoption permitted. The new guidance must be adopted using a modified retrospective approach. The Company is currently assessing the potential impact of this ASU on its consolidated financial statements.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Fair Value Measurements [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 3 – FAIR VALUE MEASUREMENTS Items carried at fair value as of June 30, 2018, and December 31, 2017, are summarized below: Fair value measurements using input type June 30, 2018 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 3,898 $ - $ - 3,898 Restricted cash 564 - - 564 Derivative assets - (51 ) - (51 ) Derivative liabilities - phantom option - (1 ) - (1 ) Total $ 4,462 (52 ) - 4,410 Fair value measurements using input type December 31, 2017 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 2,114 $ - $ - $ 2,114 Restricted cash 284 - - 284 Derivative liability - 3 - 3 Derivative liability- phantom option - (11 ) - (11 ) Total $ 2,398 $ (8 ) $ - $ 2,390

Inventories

Inventories	6 Months Ended
	Jun. 30, 2018
Inventories [Abstract]
INVENTORIES	NOTE 4 – INVENTORIES Inventories are stated at the lower of cost or market, computed using the first-in, first-out method. Inventories consist of the following: June 30, 2018 December 31, 2017 Raw materials $ 3,057 $ 3,189 Work in process and finish goods 1,743 1,790 $ 4,800 $ 4,979

Segments

Segments	6 Months Ended
	Jun. 30, 2018
Segments [Abstract]
SEGMENTS	NOTE 5 – SEGMENTS The Company accounts for its segment information in accordance with the provisions of ASC Topic 280-10, “Segment Reporting,” or ASC 280-10. ASC 280-10 establishes annual and interim reporting standards for operating segments of a company. ASC 280-10 requires disclosures of selected segment-related financial information about products, major customers and geographic areas based on the Company’s internal accounting methods. 1. Geographic Areas Information: Sales: Classified by Geographic Areas: The following presents total revenue for the six months ended June 30, 2018, and 2017 by geographic area: Six months ended 2018 2017 United States $ 8,882 5,033 Israel 1 111 Other 1,798 1,320 Total $ 10,681 6,464

Loans from Others

Loans from Others	6 Months Ended
	Jun. 30, 2018
Loans from Others [Abstract]
LOANS FROM OTHERS	NOTE 6 – LOANS FROM OTHERS On March 29, 2018, the Company and its subsidiary, MICT Telematics Ltd. (formerly known as Enertec Electronics Ltd.), or MICT Telematics, executed and closed on a securities purchase agreement with YA II PN Ltd, or YA II, whereby the Company issued and sold to YA II (1) certain Series A Convertible Debentures in the aggregate principal aggregate amount of $3,200, or the Series A Debentures, and (2) a Series B Convertible Debenture in the principal aggregate amount of $1,800, or the Series B Debenture. The Series A Debentures were issued in exchange for the cancellation and retirement of certain promissory notes issued by the Company to YA II on October 28, 2016, December 22, 2016, June 8, 2017 and August 22, 2017, or collectively, the Prior Notes, with a total outstanding aggregate principal amount of $3,200. The Series B Debenture was issued and sold for aggregate gross cash proceeds of $1,800. In addition, pursuant to the terms of the securities purchase agreement, the Company agreed to issue to YA II a warrant to purchase 375,000 shares of the Company’s common stock at a purchase price of $2.00 per share, a warrant to purchase 200,000 shares of the Company’s common stock at a purchase price of $3.00 per share and a warrant to purchase 112,500 shares of the Company’s common stock at a purchase price of $4.00 per share. In conjunction with the issuance of the Series A Debentures and the Series B Debentures, a total of $273,787 in fees and expenses were deducted from the aggregate gross proceeds. The Company evaluated the modifications to the terms of the loans in accordance with the guidance in ASC Topic 470-50-40 “Derecognition,” and concluded that the new debentures are substantially different from the original loans. Therefore, these modifications were accounted for as an extinguishment of the existing debt. As a result, the Company recorded an expense of $360. In addition, in June 2018, we made a payment of $750 towards the repayment of the Series A Debentures.

Discontinued Operation

Discontinued Operation	6 Months Ended
	Jun. 30, 2018
Discontinued Operation [Abstract]
DISCONTINUED OPERATION	NOTE 7 — DISCONTINUED OPERATION On December 31, 2017, the Company, Enertec and Enertec Management Ltd. entered into the Share Purchase Agreement with Coolisys, a subsidiary of DPW, pursuant to which we agreed to sell the entire share capital of Enertec to Coolisys. As consideration for the sale of Enertec’s entire shar e capital, Coolisys agreed to pay, at the closing of the transaction, a purchase price of $5,250 as well as assume up to $4,000 of Enertec debt. Enertec met the definition of a component as defined by ASC Topic 205, since Enertec had been classified as held for sale and the Company believes the sale represented a strategic shift in its business. Accordingly, its assets and liabilities were classified as held for sale and the results of operations in the statement of operations and prior periods’ results have been reclassified as a discontinued operation. On May 22, 2018, the Company closed on the sale of all of the outstanding equity of Enertec pursuant to the Share Purchase Agreement. At the Closing, the Company received aggregate gross proceeds of approximately $4,700 of which 10% will be held in escrow for up to 14 months after the Closing to satisfy certain potential indemnification claims. Therefore, the Company has recorded such escrowed amount on its balance sheet as restricted cash and a liability. The final consideration amount was adjusted, pursuant to the terms of the Share Purchase Agreement, as a result of adjustments relating to certain Enertec debts at the Closing. In addition, Coolisys also assumed approximately $4,000 of Enertec’s debt. The Company’s capital gain from the sale of Enertec, based on the Company’s balance sheet at the closing date is approximately $6,800. The following is the composition from discontinued operation through June 30, 2018 and December 31, 2017: June 30, 2018 December 31, 2017 ASSETS Current assets: Cash and cash equivalents $ - $ 279 Restricted cash - 4,224 Trade accounts receivable, net - 4,807 Inventories - 1,506 Other accounts receivable - 66 Total current assets - 10,882 Property and equipment, net - 676 Long-term Assets - 98 Total long-term assets - 774 Total assets $ - $ 11,656 June 30, 2018 December 31, 2017 LIABILITIES Short-term bank credit $ - 8,863 Trade accounts payable - 1,380 Other accounts payable - 957 Total current liabilities - 11,200 Accrued severance pay, net - 138 Total Liabilities $ - 11,338 For the Period between January 1, 2018 to January 1, 2017 to Revenues $ 1,512 4,715 Cost of revenues 2,655 4,330 Gross profit (1,143 ) 385 Operating expenses: Research and development 120 230 Selling and marketing 204 296 General and administrative 376 562 Total operating expenses 700 1,088 Loss from operations (1,843 ) (703 ) Capital gain 6,844 - Finance income (expense), net (102 ) (365 ) Profit (loss) before provision for income taxes 4,899 (1,068 ) Taxes on income 5 34 Net profit (loss) 4,894 (1,102 ) For the Period between January 1, 2018 to January 1, 2017 to Net cash provided by (used in) operating activities $ 131 (1,794 ) Net cash used in investing activities (39 ) (15 ) Net cash provided by (used in) financing activities (63 ) 1,582 NET CASH INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 29 (227 ) CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE PERIOD 4,503 4,023 TRANSLATION ADJUSTMENT OF CASH AND CASH EQUIVALENTS (147 ) 392 CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIOD $ 4,385 4,188

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 8 - SUBSEQUENT EVENTS Letter of Intent with BNN Technology, PLC On July 2, 2018, the Company entered into a letter of intent, or the LOI, with respect to the following transactions, or the Transactions, contemplated to be entered into by and among the Company, BNN Technology PLC, a leading technology, content and services company, or BNN, and an unrelated third party that is a leading platform as a service provider of transaction technology, or the Third Party: ● BNN will seek to acquire, through a third-party cash tender offer at a price of at least $1.65 per share, an additional approximately 35% stake in the Company (in addition to the 14.89% stake acquired on June 21, 2018), with a view to owning in aggregate at least 50.1% of the Company’s issued shares. ● Both BNN and the Third Party shall be acquired by the Company in exchange for cash and the issuance of securities. The Third Party acquisition is pursuant to a Heads of Terms, which BNN has previously entered into with the Third Party. ● All of the shares of Micronet held by the Company will be spun off to the Company’s shareholders that remain shareholders after the completion of the tender offer. ● The Company will raise a minimum of between $26,000-$36,000 from major global institutional investors. The LOI is intended to express only a mutual indication of interest in the Transactions and does not represent a legally binding commitment or obligation on the part of the parties, and there can be no assurances that the Transactions will be consummated. As a result of the Transactions, it is contemplated that the Company will own BNN and the Third Party. Name Change On July 13, 2018, the Company filed a Certificate of Amendment with the Secretary of State of the State of Delaware, pursuant to which the Company changed its name from “Micronet Enertec Technologies, Inc.” to “MICT, Inc.” The name change took effect on July 16, 2018. Repayment of Series A Debentures On July 3, 2018, the Company made a payment of $1,000 towards the repayment of the Series A Debentures, of which $125,000 was repaid in shares of the Company’s common stock at an applicable conversion price of $1.1158 per share. July 2018 Loan On July 10, 2018, Micronet Ltd. received a loan from a bank in the amount of NIS 5 million, in accordance with a financing agreement dated March 25, 2018. The loan will bear annual interest at a rate of approximately 2.5%. The loan has a term of 36 months and will be repaid in twelve quarterly installments payable from October 10, 2018 to July 11, 2021.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with the U.S. GAAP. The consolidated financial statements include the financial statements of the Company and its subsidiaries. All significant inter-company transactions and balances among the Company and its subsidiaries are eliminated upon consolidation.
Functional Currency	Functional Currency The functional currency of MICT is the U.S. dollar. The functional currency of certain subsidiaries is their local currency. The financial statements of those companies are included in consolidation, based on translation into U.S. dollars. Assets and liabilities are translated at year-end exchange rates, while revenues and expenses are translated at monthly average exchange rates during the year. Differences resulting from translation are presented in the consolidated statements of comprehensive income.
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements comprise the results and position of the Company and its subsidiaries. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its operating activities. In assessing control, legal and contractual rights, are taken into account. The consolidated financial statements of subsidiaries are included in the consolidated financial statements from the date that control is achieved until the date that control is lost. Intercompany transactions and balances are eliminated upon consolidation.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents are considered by the Company to be highly-liquid investments, including inter-alia, short-term deposits with banks, which do not exceed maturities of three months at the time of deposit and which are not restricted.
Revenue Recognition	Revenue Recognition On January 1, 2018, the Company adopted ASC Topic 606, “Revenue from Contracts with Customers,” or ASC 606, and all the related amendments (“new revenue standard”) with respect to all contracts using the modified retrospective method. A contract with a customer exists only when: the parties to the contract have approved it and are committed to perform their respective obligations, the Company can identify each party’s rights regarding the distinct goods or services to be transferred (“performance obligations”), the Company can determine the transaction price for the goods or services to be transferred, the contract has commercial substance and it is probable that the Company will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. Revenues are recorded in the amount of consideration to which the Company expects to be entitled in exchange for performance obligations upon transfer of control to the customer, excluding amounts collected on behalf of other third parties and sales taxes. The amount of consideration to which the Company expects to be entitled varies as a result of rebates, chargebacks, returns and other allowances. The cumulative effect of initially applying the new revenue standard was immaterial for the six months ended June 30, 2018, based on the adoption of ASC 606.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company establishes an allowance for doubtful accounts to ensure trade and financing receivables are not overstated due to uncollectability. The allowance for doubtful accounts was based on specific receivables, which their collection, in the opinion of Company’s management, is in doubt. Trade receivables are charged off in the period in which they are deemed to be uncollectible. As of June 30, 2018, and December 31, 2017, the allowance for doubtful accounts amounted to $313 and $0, respectively.
Reclassifications	Reclassifications Certain balance sheet amounts and cash flow amounts have been reclassified to conform with the current year presentation.
Inventories	Inventories Inventories of raw materials are stated at the lower of cost (first-in, first-out basis) or realizable value. Cost of work in process is comprised of direct materials, direct production costs and an allocation of production overhead based on normal operating capacity.
Property and Equipment	Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated by the straight-line method over their estimated useful lives. Annual rates of depreciation are as follows: Leasehold improvements Over the shorter of the Machinery and equipment 7-14 years Furniture and fixtures 10-14 years Transportation equipment 7 years Computer equipment 3 years
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation under the fair market value method under which compensation cost is measured at the grant date based on the value of the award and is recognized over the vesting period, which is usually the service period. For stock options, fair value is determined using an option-pricing model that takes into account the stock price at the grant date, the exercise price, the expected life of the option, the volatility of the underlying stock, the expected dividends on it, and the risk-free interest rate over the expected life of the option.
Research and Development Costs	Research and Development Costs Research and development costs are charged to statements of income as incurred net of grants from the Israel Innovation Authority (formerly known as the Israel Office of the Chief Scientist of the Ministry of Economy).
Earnings/Loss per Share	Earnings/ Loss per Share Basic net earnings/loss per share are computed based on the weighted average number of shares of common stock outstanding during each year.
Long-Lived Assets and Intangible assets	Long-Lived Assets and Intangible assets Intangible assets that are not considered to have an indefinite useful life are amortized using the straight-line basis over their estimated useful lives. The Company evaluates property and equipment and purchased intangible assets with finite lives for impairment whenever events or changes in circumstances indicate the carrying value of an asset may not be recoverable. The Company assesses the recoverability of the assets based on the undiscounted future cash flow and recognizes an impairment loss when the estimated undiscounted future cash flow expected to result from the use of the asset plus the net proceeds expected from disposition of the asset, if any, are less than the carrying value of the asset. When the Company identifies an impairment, it reduces the carrying amount of the asset to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. During the three and six months ended June 30, 2018, and the year ended December 31, 2017, no indicators of impairment have been identified.
Goodwill	Goodwill Goodwill represents the excess of the purchase price in a business combination over the fair value of net tangible and intangible assets acquired. Goodwill is not amortized, but rather is subject to an annual impairment test. The Company has one continued operation, consisting of the MRM business, and the entire goodwill was allocated to this MRM business. The goodwill impairment tests are conducted in two steps. In the first step, the Company determines the fair value of the reporting unit. If the net book value of the reporting unit exceeds its fair value, the Company would then perform the second step of the impairment test which requires allocation of the reporting unit’s fair value of all of its assets and liabilities in a manner similar to an acquisition cost allocation, with any residual fair value being allocated to goodwill. The implied fair value of the goodwill is then compared to the carrying value to determine impairment, if any.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Financial Accounting Standards Board, or FASB, ASC Topic 220-10, “Reporting Comprehensive Income,” requires the Company to report in its consolidated financial statements, in addition to its net income, comprehensive income (loss), which includes all changes in equity during a period from non-owner sources including, as applicable, foreign currency items and other items. The Company’s other comprehensive income for all periods presented is related to the translation from functional currency to the presentation currency.
Income Taxes	Income Taxes Deferred taxes are determined utilizing the “asset and liability” method, whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance when it is more likely than not that deferred tax assets will not be realized in the foreseeable future. The Company applied FASB ASC Topic 740-10-25, “Income Taxes,” which provides guidance for recognizing and measuring uncertain tax positions and prescribes a threshold condition that a tax position must meet for any of the benefits of the uncertain tax position to be recognized in the financial statements. It also provides accounting guidance on derecognizing, classification and disclosure of these uncertain tax positions. The Company’s policy on classification of all interest and penalties related to unrecognized income tax positions, if any, is to present them as a component of income tax expense.
Financial Instruments	Financial Instruments 1. Concentration of credit risks: Financial instruments that have the potential to expose the Company to credit risks are mainly cash and cash equivalents, bank deposit accounts, marketable securities and trade receivables. The Company holds cash and cash equivalents, securities and deposit accounts at large banks in Israel, thereby substantially reducing the risk of loss. With respect to trade receivables, the risk is limited due to the geographical spreading, nature and size of the entities that constitute the Company’s customer base. The Company assesses the financial position of its customers prior to the engagement with them. The Company performs ongoing credit evaluations of its customers for the purpose of determining the appropriate allowance for doubtful accounts and generally does not require collateral. An appropriate allowance for doubtful accounts is included in the accounts. 2. Fair value measurement: The Company measures fair value and discloses fair value measurements for financial and non-financial assets and liabilities. Fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The accounting standard establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued Accounting Standards Update, or ASU, No. 2016-02, which supersedes the lease accounting guidance in ASC Topic 840, “Leases.” The new guidance requires lessees to recognize a right-of-use asset and a lease liability on the balance sheet for all leases with the exception of short-term leases. For lessees, leases will continue to be classified as either operating or finance leases in the income statement. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model. The guidance is effective for reporting periods (interim and annual) beginning after December 15, 2018, for public companies, with early adoption permitted. The new guidance must be adopted using a modified retrospective approach. The Company is currently assessing the potential impact of this ASU on its consolidated financial statements.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Summary of Significant Accounting Policies [Abstract]
Schedule of annual rates of depreciation	Leasehold improvements Over the shorter of the Machinery and equipment 7-14 years Furniture and fixtures 10-14 years Transportation equipment 7 years Computer equipment 3 years

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Measurements [Abstract]
Schedule of fair value measurements	Fair value measurements using input type June 30, 2018 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 3,898 $ - $ - 3,898 Restricted cash 564 - - 564 Derivative assets - (51 ) - (51 ) Derivative liabilities - phantom option - (1 ) - (1 ) Total $ 4,462 (52 ) - 4,410 Fair value measurements using input type December 31, 2017 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 2,114 $ - $ - $ 2,114 Restricted cash 284 - - 284 Derivative liability - 3 - 3 Derivative liability- phantom option - (11 ) - (11 ) Total $ 2,398 $ (8 ) $ - $ 2,390

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2018
Inventories [Abstract]
Schedule of inventories	June 30, 2018 December 31, 2017 Raw materials $ 3,057 $ 3,189 Work in process and finish goods 1,743 1,790 $ 4,800 $ 4,979

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2018
Segments [Abstract]
Schedule of total revenue by geographic area	Six months ended 2018 2017 United States $ 8,882 5,033 Israel 1 111 Other 1,798 1,320 Total $ 10,681 6,464

Discontinued Operation (Tables)

Discontinued Operation (Tables)	6 Months Ended
	Jun. 30, 2018
Discontinued Operation [Abstract]
Schedule of composition from discontinued operation	June 30, 2018 December 31, 2017 ASSETS Current assets: Cash and cash equivalents $ - $ 279 Restricted cash - 4,224 Trade accounts receivable, net - 4,807 Inventories - 1,506 Other accounts receivable - 66 Total current assets - 10,882 Property and equipment, net - 676 Long-term Assets - 98 Total long-term assets - 774 Total assets $ - $ 11,656 June 30, 2018 December 31, 2017 LIABILITIES Short-term bank credit $ - 8,863 Trade accounts payable - 1,380 Other accounts payable - 957 Total current liabilities - 11,200 Accrued severance pay, net - 138 Total Liabilities $ - 11,338 For the Period between January 1, 2018 to January 1, 2017 to Revenues $ 1,512 4,715 Cost of revenues 2,655 4,330 Gross profit (1,143 ) 385 Operating expenses: Research and development 120 230 Selling and marketing 204 296 General and administrative 376 562 Total operating expenses 700 1,088 Loss from operations (1,843 ) (703 ) Capital gain 6,844 - Finance income (expense), net (102 ) (365 ) Profit (loss) before provision for income taxes 4,899 (1,068 ) Taxes on income 5 34 Net profit (loss) 4,894 (1,102 ) For the Period between January 1, 2018 to January 1, 2017 to Net cash provided by (used in) operating activities $ 131 (1,794 ) Net cash used in investing activities (39 ) (15 ) Net cash provided by (used in) financing activities (63 ) 1,582 NET CASH INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 29 (227 ) CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE PERIOD 4,503 4,023 TRANSLATION ADJUSTMENT OF CASH AND CASH EQUIVALENTS (147 ) 392 CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIOD $ 4,385 4,188

Description of Business (Detail

Description of Business (Details) - ILS (₪)	1 Months Ended			6 Months Ended
	Feb. 28, 2017	Feb. 27, 2017	Feb. 23, 2017	Jun. 30, 2018
Description of Business (Textual)
Sale of an aggregate shares of gross proceeds			6,100,000
Ordinary shares for aggregate gross proceeds			₪ 9,844,020
Irrevocable proxy assigning his voting power	45,000
Voting interest of Micronet increased	50.07%
Consulting agreement, description				The Consulting Agreement, whereby the Company, via Mr. Lucatz, will provide Enertec with certain consulting and transitional services over a 3 year period as necessary and requested by the Coolisys (but in no event to exceed 20% of Mr. Lucatz's time). Coolisys (via Enertec) will pay the Company an annual consulting fee of $150 as well as issue the Company 150,000 restricted shares of DPW Class A common stock, or the DPW Equity, for such services, to be vested and released from restriction in three equal installments, with the initial installment vesting the day after the Closing and the remaining installments vesting on each of the first 2 anniversaries of the Closing. In the event of a change of control in the Company, or if Mr. Lucatz shall no longer be employed by the Company, the rights and obligations under the Consulting Agreement shall be assigned to Mr. Lucatz along with the DPW Equity.
Escrow deposit description				The Company received aggregate gross proceeds of approximately $4,700, of which 10% will be held in escrow for up to 14 months after the Closing to satisfy certain potential indemnification claims. Therefore, the Company has recorded such escrowed amount on its balance sheet as restricted cash and a liability. The final consideration amount was adjusted, pursuant to the terms of the Share Purchase Agreement, as a result of adjustments relating to certain Enertec debts at the Closing. In addition, Coolisys also assumed approximately $4,000 of Enertec's debt. The Company's capital gain from the sale of Enertec, based on the Company's balance sheet at the closing date was approximately $6,800.
Minimum [Member]
Description of Business (Textual)
Ownership interest in Micronet, diluted			49.31%
Maximum [Member]
Description of Business (Textual)
Ownership interest in Micronet, diluted			62.90%
Micronet Ltd. [Member]
Description of Business (Textual)
Purchased an additional shares		140,000

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2018
Machinery and equipment [Member] | Minimum [Member]
Schedule of annual rates of depreciation
Property and equipment, estimated useful lives	7 years
Machinery and equipment [Member] | Maximum [Member]
Schedule of annual rates of depreciation
Property and equipment, estimated useful lives	14 years
Furniture and fixtures [Member] | Minimum [Member]
Schedule of annual rates of depreciation
Property and equipment, estimated useful lives	10 years
Furniture and fixtures [Member] | Maximum [Member]
Schedule of annual rates of depreciation
Property and equipment, estimated useful lives	14 years
Transportation equipment [Member]
Schedule of annual rates of depreciation
Property and equipment, estimated useful lives	7 years
Computer equipment [Member]
Schedule of annual rates of depreciation
Property and equipment, estimated useful lives	3 years

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Summary of Significant Accounting Policies (Textual)
Allowance for doubtful accounts	$ 313	$ 0

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Fair value measurements using input type
Cash and cash equivalents	$ 3,898	$ 2,114
Restricted cash	564	284
Derivative assets	(51)
Derivative liability		3
Derivative liability- phantom option	(1)	(11)
Fair value measurements, Total	4,410	2,390
Level 1 [Member]
Fair value measurements using input type
Cash and cash equivalents	3,898	2,114
Restricted cash	564	284
Derivative assets
Derivative liability
Derivative liability- phantom option
Fair value measurements, Total	4,462	2,398
Level 2 [Member]
Fair value measurements using input type
Cash and cash equivalents
Restricted cash
Derivative assets	(51)
Derivative liability		3
Derivative liability- phantom option	(1)	(11)
Fair value measurements, Total	(52)	(8)
Level 3 [Member]
Fair value measurements using input type
Cash and cash equivalents
Restricted cash
Derivative assets
Derivative liability
Derivative liability- phantom option
Fair value measurements, Total

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Schedule of inventories
Raw materials	$ 3,057	$ 3,189
Work in process and finish goods	1,743	1,790
Inventories	$ 4,800	$ 4,979

Segments (Details)

Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue from customers in geographic regions
Total	$ 4,701	$ 3,763	$ 10,681	$ 6,464
United States [Member]
Revenue from customers in geographic regions
Total			8,882	5,033
Israel [Member]
Revenue from customers in geographic regions
Total			1	111
Other [Member]
Revenue from customers in geographic regions
Total			$ 1,798	$ 1,320

Loans from Others (Details)

Loans from Others (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Mar. 29, 2018	Jun. 30, 2018	Jun. 30, 2017
Loans from Others (Textual)
Fees and expenses	$ 273,787
Extinguishment of the existing debt expenses		$ 360
Repayment of debentures		$ 750
Securities Purchase Agreement [Member]
Loans from Others (Textual)
Securities purchase agreement , description	The Company and its subsidiary, MICT Telematics Ltd. (formerly known as Enertec Electronics Ltd.), or MICT Telematics, executed and closed on a securities purchase agreement with YA II PN Ltd, or YA II, whereby the Company issued and sold to YA II (1) certain Series A Convertible Debentures in the aggregate principal aggregate amount of $3,200, or the Series A Debentures, and (2) a Series B Convertible Debenture in the principal aggregate amount of $1,800, or the Series B Debenture. The Series A Debentures were issued in exchange for the cancellation and retirement of certain promissory notes issued by the Company to YA II on October 28, 2016, December 22, 2016, June 8, 2017 and August 22, 2017, or collectively, the Prior Notes, with a total outstanding aggregate principal amount of $3,200. The Series B Debenture was issued and sold for aggregate gross cash proceeds of $1,800.
Securities Purchase Agreement [Member] | YA II [Member]
Loans from Others (Textual)
Securities purchase agreement , description	Pursuant to the terms of the securities purchase agreement, the Company agreed to issue to YA II a warrant to purchase 375,000 shares of the Company's common stock at a purchase price of $2.00 per share, a warrant to purchase 200,000 shares of the Company's common stock at a purchase price of $3.00 per share and a warrant to purchase 112,500 shares of the Company's common stock at a purchase price of $4.00 per share.

Discontinued Operation (Details

Discontinued Operation (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents		$ 279
Restricted cash		4,224
Trade accounts receivable, net		4,807
Inventories		1,506
Other accounts receivable		66
Total current assets		10,882
Property and equipment, net		676
Long-term Assets		98
Total long-term assets		774
Total assets		11,656
LIABILITIES
Short-term bank credit		8,863
Trade accounts payable		1,380
Other accounts payable		957
Total current liabilities		11,200
Accrued severance pay, net		138
Total Liabilities		$ 11,338

Discontinued Operation (Detai30

Discontinued Operation (Details 1) - USD ($) $ in Thousands	5 Months Ended	6 Months Ended
	May 22, 2018	Jun. 30, 2017
Discontinued Operation [Abstract]
Revenues	$ 1,512	$ 4,715
Cost of revenues	2,655	4,330
Gross profit	(1,143)	385
Operating expenses:
Research and development	120	230
Selling and marketing	204	296
General and administrative	376	562
Total operating expenses	700	1,088
Loss from operations	(1,843)	(703)
Capital gain	(102)	(365)
Finance income (expense), net	6,844
Profit (loss) before provision for income taxes	4,899	(1,068)
Taxes on income	5	34
Net profit (loss)	$ 4,894	$ (1,102)

Discontinued Operation (Detai31

Discontinued Operation (Details 2) - USD ($) $ in Thousands	5 Months Ended	6 Months Ended
	May 22, 2018	Jun. 30, 2017
Discontinued Operation [Abstract]
Net cash provided by (used in) operating activities	$ 131	$ (1,794)
Net cash used in investing activities	(39)	(15)
Net cash provided by (used in) financing activities	(63)	1,582
NET CASH INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	29	(227)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE PERIOD	4,503	4,023
TRANSLATION ADJUSTMENT OF CASH AND CASH EQUIVALENTS	(147)	392
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIOD	$ 4,385	$ 4,188

Discontinued Operation (Detai32

Discontinued Operation (Details Textual)	6 Months Ended
	Jun. 30, 2018USD ($)
Discontinued Operation (Textual)
Purchase price	$ 5,250
Enertec debt	4,000
Aggregate gross proceeds	$ 4,700
Percentage of held in escrow	10.00%
Escrow deposit description	The Company received aggregate gross proceeds of approximately $4,700, of which 10% will be held in escrow for up to 14 months after the Closing to satisfy certain potential indemnification claims. Therefore, the Company has recorded such escrowed amount on its balance sheet as restricted cash and a liability. The final consideration amount was adjusted, pursuant to the terms of the Share Purchase Agreement, as a result of adjustments relating to certain Enertec debts at the Closing. In addition, Coolisys also assumed approximately $4,000 of Enertec's debt. The Company's capital gain from the sale of Enertec, based on the Company's balance sheet at the closing date was approximately $6,800.
Capital gain from the sale of enertec	$ 6,800
Coolisys [Member]
Discontinued Operation (Textual)
Enertec debt	$ 4,000
Escrow deposit description	The Company received aggregate gross proceeds of approximately $4,700 of which 10% will be held in escrow for up to 14 months after the Closing to satisfy certain potential indemnification claims.

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member]	Jul. 10, 2018	Jul. 03, 2018	Jul. 02, 2018
Subsequent Events (Textual)
Debt instrument, description	Micronet Ltd. received a loan from a bank in the amount of NIS 5 million, in accordance with a financing agreement dated March 25, 2018. The loan will bear annual interest at a rate of approximately 2.5%. The loan has a term of 36 months and will be repaid in twelve quarterly installments payable from October 10, 2018 to July 11, 2021.
BNN Technology PLC [Member]
Subsequent Events (Textual)
Business acquire, description			● BNN will seek to acquire, through a third-party cash tender offer at a price of at least $1.65 per share, an additional approximately 35% stake in the Company (in addition to the 14.89% stake acquired on June 21, 2018), with a view to owning in aggregate at least 50.1% of the Company’s issued shares. ● Both BNN and the Third Party shall be acquired by the Company in exchange for cash and the issuance of securities. The Third Party acquisition is pursuant to a Heads of Terms, which BNN has previously entered into with the Third Party. ● All of the shares of Micronet held by the Company will be spun off to the Company’s shareholders that remain shareholders after the completion of the tender offer. ● The Company will raise a minimum of between $26,000-$36,000 from major global institutional investors.
Series A Debentures [Member]
Subsequent Events (Textual)
Conversion price, description		The Company made a payment of $1,000 towards the repayment of the Series A Debentures, of which $125,000 was repaid in shares of the Company's common stock at an applicable conversion price of $1.1158 per share.