Microbot Medical (MBOT) 10-Q 17 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	May 14, 2021
Cover [Abstract]
Entity Registrant Name	Microbot Medical Inc.
Entity Central Index Key	0000883975
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,108,133
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021

Interim Consolidated Balance Sh

Interim Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 17,924	$ 19,650
Marketable securities	4,998	4,998
Restricted cash	81	84
Prepaid expenses and other assets	204	521
Total current assets	23,207	25,253
Property and equipment, net	238	251
Operating right-of-use assets	725	775
Total assets	24,170	26,279
Current liabilities:
Accounts payables	408	275
Lease liabilities	173	187
Accrued liabilities	694	883
Total current liabilities	1,275	1,345
Non current liabilities:
Long-term lease liabilities	565	626
Total liabilities	1,840	1,971
Commitments and contingencies
Stockholders' equity:
Common stock; $0.01 par value; 60,000,000 shares authorized as of March 31, 2021 and December 31, 2020 7,108,133 shares issued and outstanding as of March 31, 2021 and December 31, 2020	72	72
Additional paid-in capital	68,926	68,516
Accumulated deficit	(46,668)	(44,280)
Total stockholders' equity	22,330	24,308
Total liabilities and stockholders' equity	$ 24,170	$ 26,279

Interim Consolidated Balance _2

Interim Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	7,108,133	7,108,133
Common stock, shares outstanding	7,108,133	7,108,133

Interim Consolidated Statements

Interim Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Research and development	$ 1,119	$ 691
General and administrative	1,273	1,472
Operating loss	(2,392)	(2,163)
Financing income (expenses), net	4	(42)
Net loss	$ (2,388)	$ (2,205)
Basic and diluted net loss per share	$ (0.34)	$ (0.31)
Basic and diluted weighted average common shares outstanding	7,108,133	7,154,245

Interim Consolidated Statemen_2

Interim Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021		Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net loss	$ (2,388)		$ (2,205)
Net unrealized loss on available for sale security		[1]
Comprehensive loss	$ (2,388)		$ (2,205)
[1]	Represents amount less than 1 thousand.

Interim Consolidated Statemen_3

Interim Consolidated Statements of Shareholder's Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Shares [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2019	$ 72	$ 69,954	$ (3,375)	$ (35,111)	$ 31,540
Balance, shares at Dec. 31, 2019	7,185,628
Exercise of options
Exercise of options, shares	965
Cancellation of treasury shares	$ (1)	(3,374)	3,375
Cancellation of treasury shares, shares	(83,333)
Share-based compensation		343			343
Net loss				(2,205)	(2,205)
Balance at Mar. 31, 2020	$ 71	66,923		(37,316)	29,678
Balance, shares at Mar. 31, 2020	7,103,260
Balance at Dec. 31, 2020	$ 72	68,516		(44,280)	24,308
Balance, shares at Dec. 31, 2020	7,108,133
Share-based compensation		410			410
Net loss				(2,388)	(2,388)
Balance at Mar. 31, 2021	$ 72	$ 68,926		$ (46,668)	$ 22,330
Balance, shares at Mar. 31, 2021	7,108,133

Interim Consolidated Statemen_4

Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net loss	$ (2,388)	$ (2,205)
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation and amortization	18	17
Share-based compensation expense	410	343
Changes in assets and liabilities:
Prepaid expenses and other assets	97	(110)
Other payables and accrued liabilities	(131)	(391)
Net cash flows from operating activities	(1,994)	(2,346)
Investing activities:
Purchase of property and equipment	(5)	(68)
Investment in convertible loan		(200)
Proceeds from sales of investment	270
Proceeds from sales of marketable security		2,521
Net cash flows from investing activities	265	2,253
Financing activities:
Repayment of shareholders investment		(3,375)
Net cash flows from financing activities		(3,375)
Decrease in cash, cash equivalents and restricted cash	(1,729)	(3,468)
Cash, cash equivalents and restricted cash at beginning of period	19,734	33,129
Cash, cash equivalents and restricted cash at ending of period	18,005	29,661
Supplemental disclosure of cash flow information:
Interest paid from litigation		236
Cash received from interest	$ 2	$ 8

General

General	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	NOTE 1 - GENERAL A. Description of business: Microbot Medical Inc. (the “Company”) is a pre-clinical medical device company specializing in the research, design and development of next generation micro-robotics assisted medical technologies targeting the minimally invasive surgery space. The Company is primarily focused on leveraging its micro-robotic technologies with the goal of redefining surgical robotics while improving surgical outcomes for patients. On November 28, 2016, the Company consummated a transaction pursuant to an Agreement and Plan of Merger, dated August 15, 2016, with Microbot Medical Ltd., a private medical device company organized under the laws of the State of Israel (“Microbot Israel”). On the same day and in connection with the Merger, the Company changed its name from StemCells, Inc. to Microbot Medical Inc. On November 29, 2016, the Company’s common stock began trading on the Nasdaq Capital Market under the symbol “MBOT”. The Company and its subsidiaries are collectively referred to as the “Company”. B. Use of estimates: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions pertaining to transactions and matters whose ultimate effect on the financial statements cannot precisely be determined at the time of financial statements preparation. Although these estimates are based on management’s best judgment, actual results may differ from these estimates. C. Unaudited Interim Financial Statements The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission (“SEC”) regulations. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). Operating results for the three-month period ended March 31, 2021, are not necessarily indicative of the results that may be expected for the year ended December 31, 2021. D. Risk Factors: To date, the Company has not generated revenues from its operations. As of March 31, 2021, the Company had unrestricted cash and cash equivalent balance of $17,924, which management believes is sufficient to fund its operations for more than 12 months from the date of issuance of these financial statements and sufficient to fund its operations necessary to continue development activities of its current proposed products. Due to continuing research and development activities, the Company expects to continue to incur additional losses for the foreseeable future. While management of the Company believes that it has sufficient funds for more than 12 months, the Company may seek to raise additional funds through future issuances of either debt and/or equity securities and possibly additional grants from the Israeli Innovation Authority and other government institutions. The Company’s ability to raise additional capital in the equity and debt markets is dependent on a number of factors, including, but not limited to, the market demand for the Company’s stock, which itself is subject to a number of development and business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company. An epidemic of the coronavirus disease (“COVID-19”) is ongoing throughout the world. As the outbreak is still evolving, much of its impact remains unknown. As of this filing, it is impossible to predict the effect and potential spread of the coronavirus disease globally. The coronavirus disease may cause significant delays and disruptions to our pre-clinical studies.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Additionally, travel restrictions have been implemented with respect to certain countries in an effort to contain the coronavirus disease, and several countries have expanded screenings of travelers. As travel restrictions are increasingly implemented and extended to other countries, the Company and its contract research organizations may be unable to visit its clinical trial sites and monitor the data from its clinical trials on timely basis. The Company’s employees may also face travel restrictions, which would impact its business. Furthermore, some of the Company’s manufacturers and suppliers are in Europe and may be impacted by port closures and other restrictions resulting from the coronavirus outbreak, which may disrupt the Company’s supply chain or limit its ability to obtain sufficient materials for our products. The ultimate impact of the COVID-19 outbreak or similar health epidemics are highly uncertain and subject to changes, and the Company cannot presently predict the scope and severity of any potential business shutdowns or disruptions. However, if the Company or any of the third parties with whom the Company’s engages, including the suppliers, animal trial sites, contract research organizations, regulators, including the FDA health care providers and other third parties with whom the Company conducts business, were to experience shutdowns or other business disruptions, the Company’s ability to conduct our business and operations could be materially and negatively impacted, which could prevent or delay the Company from obtaining approval for its devices. Significant Accounting Policies The significant accounting policies followed in the preparation of these unaudited interim consolidated financial statements are identical to those applied in the preparation of the latest annual audited financial statements with the exception of the following: Fair value of financial instruments: The carrying values of cash and cash equivalents, other receivable and other accounts payable and accrued liabilities approximate their fair value due to the short-term maturity of these instruments. A fair value hierarchy is used to rank the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1 Level 2 Level 3 The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows: As of March 31, 2021 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 8,585 $ 8,585 $ - $ - Marketable securities: Other money market funds $ 1,999 $ 1,999 $ - $ - US Treasury Bond $ 2,999 $ 2,999 $ - $ - Total marketable securities: $ 4,998 $ 4,998 $ - $ - As of December 31, 2020 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 8,585 $ 8,585 $ - $ - Marketable securities: Other money market funds $ 2,000 $ 2,000 $ - $ - US Treasury Bond $ 2,998 $ 2,998 $ - $ - Total marketable securities: $ 4,998 $ 4,998 $ - $ - Other assets: Convertible loan investment $ 270 $ - $ - $ 270 Contingencies Management records and discloses legal contingencies in accordance with ASC Topic 450 Contingencies Recently issued accounting pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments”, which introduces a model based on expected losses to estimate credit losses for most financial assets and certain other instruments. In addition, for available-for-sale debt securities with unrealized losses, the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. The ASU is effective for smaller reporting companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022 (January 1, 2023 for the Company) with early adoption permitted. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. Recently adopted accounting pronouncements In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” which eliminates the need for an organization to analyze whether the following apply in a given period: (1) exception to the incremental approach for intraperiod tax allocation; (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments; and (3) exceptions in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify GAAP for (1) franchise taxes that are partially based on income, (2) transactions with a government that result in a step-up in the tax basis of goodwill, (3) separate financial statements of legal entities that are not subject to tax, and (4) enacted changes in tax laws in interim periods. The standard is effective for the Company on January 1, 2021 with early adoption permitted. The adoption of ASU 2019-12 on January 1, 2021 did not have a material impact on the Company’s consolidated financial statements.

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	NOTE 3 - LEASES We have lease agreements with lease and non-lease components, which we account for as a single lease component. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at the lease commencement and included in the measurement of the lease liability; thereafter, changes to lease payments due to rate or index updates are recorded as rent expense in the period incurred. We have elected not to recognize ROU assets and lease liabilities for short-term leases that have a term of 12 months or less. The effect of short-term leases on our ROU assets and lease liabilities was not material. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. In addition, we do not have any related party leases and our sublease transactions are de minimis. Supplemental cash flow information related to operating leases was as follows: For the three months ended 2021 2020 Cash payments for operating leases $ 64 $ 27 Undiscounted maturities of operating lease payments as March 31, 2021 are summarized as follows: 2021(Remainder of the year) $ 241 2022 186 2023 180 2024 182 2025 160 Total future lease payments 949 Less imputed interest (211 ) Total lease liability balance $ 738 Leases recorded on the balance sheet consist of the following: As of March 31, As of 2021 2020 Assets Operating lease right of use asset $ 725 $ 775 Liabilities Operating lease - current 173 187 Operating lease - non-current 565 626 $ 738 $ 813 As of Operating leases weighted average remaining lease term (in years) 3.75 Operating leases weighted average discount rate 9 %

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 4 - COMMITMENTS AND CONTINGENCIES Government Grants: Microbot Israel has received grants from the Israeli Innovation Authority (“IIA”) for participation in research and development since 2013 through March 31, 2021 totaling approximately $1,500. In return, the Company is obligated to pay royalties amounting to 3%-3.5% of its future sales from commercialization of the funded research and development, up to the amount of the grants received. The payment of royalties with respect to the repayment of the grants is contingent upon the successful completion of the Company’s research and development programs and generating sales. The Company has no obligation to repay these grants, if the project fails, is unsuccessful or aborted or if no sales are generated. The financial risk is assumed completely by the Government of Israel. TRDF Agreement: Microbot Israel signed an agreement with the Technion Research and Development Foundation (“TRDF”) in June 2012 by which TRDF transferred to Microbot Israel a global, exclusive, royalty-bearing license. As partial consideration for the license, Microbot Israel shall pay TRDF royalties on net sales (between 1.5%-3%) and on sublicense income as detailed in the agreement. Agreement with CardioSert Ltd.: On January 4, 2018, Microbot Israel entered into an agreement with CardioSert Ltd. (“CardioSert”) to acquire certain patent-protected technology owned by CardioSert (the “Technology”). Pursuant to the Agreement, Microbot Israel made an initial payment of $50 to CardioSert and had 90-days to elect to complete the acquisition. At the end of the 90-day period, at Microbot Israel’s sole option, CardioSert shall assign and transfer the Technology to Microbot Israel and Microbot Israel shall pay to CardioSert additional amounts and securities as determined in the agreement. On May 25, 2018, Microbot delivered an Exercise Notice to CardioSert Ltd., notifying it that Microbot elected to exercise the option to acquire the Technology owned by CardioSert and therefore made an additional cash payment of $250 and 6,738 shares of common stock estimated at $74. The agreement may be terminated by Microbot Israel at any time for convenience upon 90-days’ notice. The agreement may be terminated by CardioSert in case the first commercial sale does not occur by the third anniversary of the date of signing of the agreement except if Microbot Israel has invested more than $2,000 in certain development stages, or the first commercial sale does not occur within 50 months. In each of the above termination events, or in case of breach by Microbot Israel, CardioSert shall have the right to buy back the Technology from Microbot Israel for $1.00, upon 60 days prior written notice, but only 1 year after such termination. Additionally, the agreement may be terminated by either party upon breach of the other (subject to cure). CardioSert agreed to assist Microbot Israel in the development of the Technology for a minimum of one year, for a monthly consultation fee of NIS 40,000 (or approximately US$12.40, based on an exchange rate of NIS3.215 to the dollar) covering up to 60 consulting hours per month. Litigation: Litigation Resulting from 2017 Financing The Company lost its appeal of an adverse judgment in the lawsuit captioned Sabby Healthcare Master Fund Ltd. and Sabby Volatility Warrant Master Fund Ltd., Plaintiffs, against Microbot Medical Inc., Defendant, in the Supreme Court of the State of New York, County of New York (Index No. 654581/2017). As a result, the Securities Purchase Agreement (the “SPA”) related to the Company’s June 8, 2017 equity financing (the “Financing”) was rescinded as it related to Sabby Healthcare Master Fund Ltd. and Sabby Volatility Warrant Master Fund Ltd. (“Sabby”), and the Company paid approximately $3,700 to Sabby in return for the 83,333 shares of common stock Sabby purchased pursuant to the SPA. Soon after, the Company was named as the defendant in a lawsuit captioned Empery Asset Master Ltd., Empery Tax Efficient, LP, Empery Tax Efficient II, LP, Hudson Bay Master Fund Ltd., Plaintiffs, against Microbot Medical Inc., Defendant, in the Supreme Court of the State of New York, County of New York (the “Court”) (Index No. 651182/2020). The complaint alleges, among other things, that the Company breached multiple representations and warranties contained in the SPA, of which the Plaintiffs participated, and fraudulently induced Plaintiffs into signing the SPA. The complaint seeks rescission of the SPA and return of the Plaintiffs’ $6,750 purchase price with respect to the Financing. The Company filed a Motion to Dismiss on March 16, 2020, which was denied by decision and order entered on February 17, 2021. On March 18, 2021, the Company filed a notice of appeal of the denial of the Motion to Dismiss. At this time no estimation of the potential outcome of the litigation can be made. The Company’s management is unable to assess the likelihood that it would be successful in any trial with respect to the SPA or the Financing, having previously lost the Sabby lawsuit. Accordingly, no assurance can be given that if the Company goes to trial and ultimately loses, or if the Company decides to settle at any time, such an adverse outcome would not be material to the Company’s consolidated financial position. Alliance Litigation On April 28, 2019, the Company brought an action against Alliance Investment Management, Ltd. (“Alliance”), later amended to include Joseph Mona (“Mona”) as a defendant, in the Southern District of New York under Section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. 78p(b), to compel Alliance and Mona to disgorge short swing profits realized from purchases and sales of the Company’s securities within a period of less than six months. The amount of profits was estimated in the complaint to be approximately $468. Several motions were filed during 2019 and 2020. On December 18, 2020, the Magistrate Judge issued a Report & Recommendation, which recommended that: (i) judgment of $485 be entered in the Company’s favor on its Section 16(b) claim against Mona; and (ii) Mona’s Section 10(b) claim be dismissed with prejudice (except as to allegations regarding statements purportedly made by employees of Integra Consulting, an outside investor relations firm, which the Magistrate recommended be dismissed without prejudice). On March 30, 2021, the Court issued an Order adopting the Magistrate Judge’s Report & Recommendation; and on March 31, 2021, the Clerk entered Judgement against Joseph Mona and in favor of the Company in the amount of $484,614.30. On April 27, 2021, Mona filed an appeal of the Court’s Judgment, which is pending before the U.S. Court of Appeals for the Second Circuit. the Company intends to oppose the appeal. On May 3, 2021, the Company obtained a writ of execution to enforce the Judgment against Mona, given Mona’s failure to post a bond or other security in the full amount of the Judgment pending the appeal as required by the Federal Rules of Civil Procedure. On May 7, 2021, the Company filed a motion to permit the registration of the Judgment in districts outside the Southern District of New York in which Mona may have assets available to satisfy the Judgment. On May 7, 2021, Mona filed a motion seeking permission to file a proposed Amended Counterclaim to the extent permitted by the Magistrate’s Report & Recommendation as adopted by the Court’s Order. the Company intends to file an opposition to Mona’s motion to amend the Counterclaim on or before May 31, 2021 (in accordance with the schedule set by the Court’s Order).

Share Capital

Share Capital	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Share Capital	NOTE 5 - SHARE CAPITAL Share Capital Developments: As of March 31, 2021, and December 31, 2020, the Company had 7,108,133 shares of common stock issued and outstanding, respectively. Employee Stock Option Grants On February 1, 2021, the Company granted to Mr. Harel Gadot, the Company’s Chairman of the Board, President and CEO, options to purchase an aggregate of 190,000 shares of the Company’s common stock, at an exercise price per share of $8.48. The stock options vest over a period of 2 years as outlined in the option agreements. As a result, the Company recognized compensation expenses for the three months ended March 31, 2021 in the total amount of $118 included in general and administrative expenses.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Fair Value of Financial Instruments	Fair value of financial instruments: The carrying values of cash and cash equivalents, other receivable and other accounts payable and accrued liabilities approximate their fair value due to the short-term maturity of these instruments. A fair value hierarchy is used to rank the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1 Level 2 Level 3 The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows: As of March 31, 2021 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 8,585 $ 8,585 $ - $ - Marketable securities: Other money market funds $ 1,999 $ 1,999 $ - $ - US Treasury Bond $ 2,999 $ 2,999 $ - $ - Total marketable securities: $ 4,998 $ 4,998 $ - $ - As of December 31, 2020 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 8,585 $ 8,585 $ - $ - Marketable securities: Other money market funds $ 2,000 $ 2,000 $ - $ - US Treasury Bond $ 2,998 $ 2,998 $ - $ - Total marketable securities: $ 4,998 $ 4,998 $ - $ - Other assets: Convertible loan investment $ 270 $ - $ - $ 270
Contingencies	Contingencies Management records and discloses legal contingencies in accordance with ASC Topic 450 Contingencies
Recently Issued Accounting Pronouncements	Recently issued accounting pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments”, which introduces a model based on expected losses to estimate credit losses for most financial assets and certain other instruments. In addition, for available-for-sale debt securities with unrealized losses, the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. The ASU is effective for smaller reporting companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022 (January 1, 2023 for the Company) with early adoption permitted. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures.
Recently Adopted Accounting Pronouncements	Recently adopted accounting pronouncements In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” which eliminates the need for an organization to analyze whether the following apply in a given period: (1) exception to the incremental approach for intraperiod tax allocation; (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments; and (3) exceptions in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify GAAP for (1) franchise taxes that are partially based on income, (2) transactions with a government that result in a step-up in the tax basis of goodwill, (3) separate financial statements of legal entities that are not subject to tax, and (4) enacted changes in tax laws in interim periods. The standard is effective for the Company on January 1, 2021 with early adoption permitted. The adoption of ASU 2019-12 on January 1, 2021 did not have a material impact on the Company’s consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Schedule of Financial Assets and Liabilities Fair Value Measurements	The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows: As of March 31, 2021 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 8,585 $ 8,585 $ - $ - Marketable securities: Other money market funds $ 1,999 $ 1,999 $ - $ - US Treasury Bond $ 2,999 $ 2,999 $ - $ - Total marketable securities: $ 4,998 $ 4,998 $ - $ - As of December 31, 2020 Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 8,585 $ 8,585 $ - $ - Marketable securities: Other money market funds $ 2,000 $ 2,000 $ - $ - US Treasury Bond $ 2,998 $ 2,998 $ - $ - Total marketable securities: $ 4,998 $ 4,998 $ - $ - Other assets: Convertible loan investment $ 270 $ - $ - $ 270

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Schedule of Supplemental Cash Flow Information Related to Operating Leases	Supplemental cash flow information related to operating leases was as follows: For the three months ended 2021 2020 Cash payments for operating leases $ 64 $ 27
Schedule of Maturities of Lease Liabilities	Undiscounted maturities of operating lease payments as March 31, 2021 are summarized as follows: 2021(Remainder of the year) $ 241 2022 186 2023 180 2024 182 2025 160 Total future lease payments 949 Less imputed interest (211 ) Total lease liability balance $ 738
Schedule of Supplemental Information Related to Leases	Leases recorded on the balance sheet consist of the following: As of March 31, As of 2021 2020 Assets Operating lease right of use asset $ 725 $ 775 Liabilities Operating lease - current 173 187 Operating lease - non-current 565 626 $ 738 $ 813 As of Operating leases weighted average remaining lease term (in years) 3.75 Operating leases weighted average discount rate 9 %

General (Details Narrative)

General (Details Narrative) $ in Thousands	Mar. 31, 2021USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unrestricted cash and cash equivalent	$ 17,924

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Schedule of Financial Assets and Liabilities Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Money Market Funds [Member]
Assets, fair value	$ 8,585	$ 8,585
Money Market Funds [Member] | Level1 [Member]
Assets, fair value	8,585	8,585
Money Market Funds [Member] | Level 2 [Member]
Assets, fair value
Money Market Funds [Member] | Level 3 [Member]
Assets, fair value
Other Money Market Funds [Member]
Assets, fair value	1,999	2,000
Other Money Market Funds [Member] | Level1 [Member]
Assets, fair value	1,999	2,000
Other Money Market Funds [Member] | Level 2 [Member]
Assets, fair value
Other Money Market Funds [Member] | Level 3 [Member]
Assets, fair value
US Treasury Bond [Member]
Assets, fair value	2,999	2,998
US Treasury Bond [Member] | Level1 [Member]
Assets, fair value	2,999	2,998
US Treasury Bond [Member] | Level 2 [Member]
Assets, fair value
US Treasury Bond [Member] | Level 3 [Member]
Assets, fair value
Marketable Securities [Member]
Assets, fair value	4,998	4,998
Marketable Securities [Member] | Level1 [Member]
Assets, fair value	4,998	4,998
Marketable Securities [Member] | Level 2 [Member]
Assets, fair value
Marketable Securities [Member] | Level 3 [Member]
Assets, fair value
Convertible Loan Investment [Member]
Assets, fair value		270
Convertible Loan Investment [Member] | Level1 [Member]
Assets, fair value
Convertible Loan Investment [Member] | Level 2 [Member]
Assets, fair value
Convertible Loan Investment [Member] | Level 3 [Member]
Assets, fair value		$ 270

Leases (Details Narrative)

Leases (Details Narrative)	Mar. 31, 2021
Maximum [Member]
Short-term lease term	12 months

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Cash payments for operating leases	$ 64	$ 27

Leases - Schedule of Maturities

Leases - Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
2021(Remainder of the year)	$ 241
2022	186
2023	180
2024	182
2025	160
Total future lease payments	949
Less imputed interest	(211)
Total lease liability balance	$ 738	$ 813

Leases - Schedule of Suppleme_2

Leases - Schedule of Supplemental Information Related to Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease right of use asset	$ 725	$ 775
Operating lease - current	173	187
Operating lease - non-current	565	626
Total Operating lease liability	$ 738	$ 813
Operating leases weighted average remaining lease term (in years)	3 years 9 months
Operating leases weighted average discount rate	9.00%

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) $ / shares in Units, ₪ in Thousands, $ in Thousands	Dec. 18, 2020USD ($)	Apr. 28, 2019USD ($)	May 25, 2018USD ($)shares	Jan. 04, 2018USD ($)$ / shares	Jan. 04, 2018ILS (₪)	Jun. 30, 2012	Mar. 31, 2021USD ($)shares
Monthly consultation fee in USD | $ / shares				$ 12.40
Litigation settlement	$ 485
Joseph Mona [Member]
Purchase price of plaintiffs							$ 484,614
CardioSert Ltd [Member]
Initial payment			$ 250	$ 50
Number of common shares acquired | shares			6,738
Number of common shares acquired, value			$ 74
Buy back amount per patent | $ / shares				$ 1
Alliance Investment Management, Ltd. [Member]
Litigation settlement		$ 468
Securities Purchase Agreement [Member]
Settlement amount							$ 3,700
Number of post-stock split shares returned | shares							83,333
Purchase price of plaintiffs							$ 6,750
Minimum [Member] | CardioSert Ltd [Member]
Investments				$ 2,000
Minimum [Member] | Technion Research and Development Foundation Limited [Member]
Royalties payable as percentage of future sales						1.50%
Maximum [Member] | Technion Research and Development Foundation Limited [Member]
Royalties payable as percentage of future sales						3.00%
NIS [Member]
Monthly consultation fee | ₪					₪ 40,000
Currency exchange rate, description				Exchange rate of NIS3.215 to the dollar	Exchange rate of NIS3.215 to the dollar
Israeli Innovation Authority [Member] | 2013 Through March 31, 2021 [Member]
Total grants obtained							$ 1,500
Israeli Innovation Authority [Member] | 2013 Through March 31, 2021 [Member] | Minimum [Member]
Royalties payable as percentage of future sales							3.00%
Israeli Innovation Authority [Member] | 2013 Through March 31, 2021 [Member] | Maximum [Member]
Royalties payable as percentage of future sales							3.50%

Share Capital (Details Narrativ

Share Capital (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Feb. 01, 2021	Mar. 31, 2021	Dec. 31, 2020
Common stock, shares issued		7,108,133	7,108,133
Common stock, shares outstanding		7,108,133	7,108,133
General and Administrative Expense [Member]
Stock-based employee compensation		$ 118
Mr. Harel Gadot [Member] | Common Stock [Member]
Number of stock options granted	190,000
Weighted-average exercise price per share, granted	$ 8.48
Stock option vested term	2 years