24 results
20-F
2023 FY
PRZO
ParaZero Technologies Ltd.
21 Mar 24
Annual report (foreign)
5:06pm
All amounts reported in the table below reflect our cost, in thousands of U.S. dollars. Amounts paid in NIS are translated into U.S. dollars at the rate of NIS 3.6868 = U.S. $1.00, based on the average representative rate of exchange between the NIS and the U.S. dollar as reported by the Bank of Israel during such period of time.
| Executive Officer | Salary and Related Benefits(1) | Bonus Payments, Benefits and Perquisites | Stock-Based Compensation | Total | ||||||||||||
| Boaz Shetzer | $ | 234,289 | $ | 26,961 | $ | 2,472 | $ | 263,722 | ||||||||
| Yuval Gilad | 187,167 | 25,021 | 1,483 | 213,671 | ||||||||||||
| Yuval Tovias | 80,157 | 27,571 | 1,483 | 109,211 | ||||||||||||
| Roy Borochov | 61,691 | - | 362 | 62,053 | ||||||||||||
| Moshe Hukaylo (2) | 101,456 | - | - | 101,456 | ||||||||||||
20-F
2023 FY
PRZO
ParaZero Technologies Ltd.
21 Mar 24
Annual report (foreign)
5:06pm
PARAZERO TECHNOLOGIES LTD. BALANCE SHEETS (US dollars)
| Note | December 31, 2023 | December 31, 2022 | |||||||||
| ASSETS | |||||||||||
| CURRENT ASSETS: | |||||||||||
| Cash and cash equivalents | 7,428,405 | 89,806 | |||||||||
| Trade receivables | 22,376 | 184,064 | |||||||||
| Other current assets | 3 | 651,560 | 179,541 | ||||||||
| Deferred initial public offering costs | - | 291,133 | |||||||||
| Inventories | 4 | 264,468 | 304,823 | ||||||||
| TOTAL CURRENT ASSETS | 8,366,809 | 1,049,367 | |||||||||
| NON-CURRENT ASSETS: | |||||||||||
| Operating lease right-of-use asset | 5 | 8,127 | 56,893 | ||||||||
| Property and equipment, net | 6 | 49,981 | 41,311 | ||||||||
| TOTAL NON-CURRENT ASSETS | 58,108 | 98,204 | |||||||||
| TOTAL ASSETS | 8,424,917 | 1,147,571 | |||||||||
20-F
2023 FY
PRZO
ParaZero Technologies Ltd.
21 Mar 24
Annual report (foreign)
5:06pm
PARAZERO TECHNOLOGIES LTD. STATEMENTS OF COMPREHENSIVE LOSS (US dollars)
| Year ended December 31, | ||||||||||||||
| Note | 2023 | 2022 | 2021 | |||||||||||
| Sales | 620,508 | 560,118 | 724,391 | |||||||||||
| Cost of Sales | 476,610 | 337,565 | 464,715 | |||||||||||
| Gross profit | 143,898 | 222,553 | 259,676 | |||||||||||
| Research and development expenses | 636,801 | 640,328 | 603,702 | |||||||||||
| Selling and marketing expenses | 487,904 | 264,728 | 168,700 | |||||||||||
| General and administrative expenses | 1,472,872 | 766,711 | 474,703 | |||||||||||
| Initial public offering expenses | 345,925 | 389,396 | —_ | |||||||||||
| Operating loss | 2,799,604 | 1,838,610 | 987,429 | |||||||||||
| Change in fair value of convertible notes | 9C1 | 504,976 | — | — | ||||||||||
| Change in fair value of derivative warrant liabilities | 11A | 277,600 | — | — | ||||||||||
| Issuance expenses attributable to derivate warrant liability | 9B | 247,129 | — | — | ||||||||||
| Interest expenses on related party loan | 13 | 152,745 | 17,386 | — | ||||||||||
| Other finance income, net | (210,675) | (202,958) | (372,048) | |||||||||||
| Net loss and comprehensive loss | 3,771,379 | 1,653,038 | 615,381 | |||||||||||
| Net loss per ordinary share, basic and diluted | 0.77 | 0.49 | 1.71 | |||||||||||
| Weighted-average number of ordinary shares outstanding, basic and diluted (*) | 4,891,071 | 3,349,071 | 359,743 | |||||||||||
20-F
2023 FY
PRZO
ParaZero Technologies Ltd.
21 Mar 24
Annual report (foreign)
5:06pm
PARAZERO TECHNOLOGIES LTD. STATEMENTS OF CASH FLOWS (US dollars)
| Year ended December 31 | ||||||||||||
| 2023 | 2022 | 2021 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||
| Net loss | (3,771,379) | (1,653,038) | (615,381) | |||||||||
| Adjustments required to reconcile net loss to net cash used in operating activities: | ||||||||||||
| Depreciation | 17,087 | 18,495 | 17,627 | |||||||||
| Stock based compensation | 14,815 | 52,286 | — | |||||||||
| Interest expenses with respect to funding from related party | 112,373 | 12,509 | — | |||||||||
| Change in fair value of convertible loan | 504,976 | — | — | |||||||||
| Changes in fair value of derivative liabilities | 277,600 | — | — | |||||||||
| Issuance expenses attributable to derivative warrant liabilities | 247,129 | — | — | |||||||||
| Inventory write-down | 33,360 | 12,387 | — | |||||||||
| Foreign currency exchange differences with respect to amount due to a Former Parent Company | — | (243,948) | (402,365) | |||||||||
| Finance expenses | 583 | 4,021 | 342 | |||||||||
| Changes in operating assets and liabilities: | ||||||||||||
| Trade receivables, net | 161,689 | (176,863) | 28,595 | |||||||||
| Other current assets | (472,020) | (96,782) | 21,667 | |||||||||
| Deferred initial public offering cost | — | (252,041) | — | |||||||||
| Inventories | 6,995 | 34,205 | 6,738 | |||||||||
| Operating lease right-of-use asset | 48,766 | (48,633) | 49,020 | |||||||||
| Trade payables | 9,422 | 10,145 | (35,764) | |||||||||
| Operating lease liabilities | (45,911) | (48,975) | 50,836 | |||||||||
| Other accounts payable | (83,785) | 404,597 | (107,213) | |||||||||
| Net cash used in operating activities | (2,938,300) | (1,971,635) | (985,898) | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||
| Purchase of property and equipment | (25,757) | (9,725) | (5,572) | |||||||||
| Net cash used in investing activities | (25,757) | (9,725) | (5,572) | |||||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||
| Cost associated with the conversion of the Former Parent Company’s debt | — | (84,780) | — | |||||||||
| Proceeds from issuance of convertible notes | — | 1,514,928 | — | |||||||||
| Issuance of ordinary shares in initial public offering, net of issuance costs (Note 9c) | 6,695,957 | — | — | |||||||||
| Issuance of ordinary shares, pre-funded warrants and warrants in private placement, net of issuance costs (Note 9b) | 4,106,699 | — | — | |||||||||
| Receipt of loan from related party | 245,000 | 500,000 | — | |||||||||
| Repayment of loan from related party | (745,000) | — | — | |||||||||
| Receipt of loans from the Former Parent Company | — | 107,994 | 940,624 | |||||||||
| Repayment of bank loan | — | — | (30,068) | |||||||||
| Net cash provided by financing activities | 10,302,656 | 2,038,142 | 910,556 | |||||||||
20-F
2023 FY
PRZO
ParaZero Technologies Ltd.
21 Mar 24
Annual report (foreign)
5:06pm
Warrants issued as part of the Delta Drone transaction with the Former Parent Company and upon the IPO completion:
| Issuance date | In connection with | No. of warrants issued | Exercise price per share | No. of Ordinary shares underlying warrants | ||||||||||
| 2022* | Delta Drone Warrants | 111,261 | $ | 4.00 | 111,261 | |||||||||
| 2023** | IPO Underwriter Warrants | 97,500 | $ | 5.00 | 97,500 | |||||||||
| 2023*** | IPO Consultants Warrants | 359,020 | $ | 0.00555 | 359,020 | |||||||||
| 2023**** | IPO Consultants Warrants | 144,606 | $ | 1.275 | 144,606 | |||||||||
20-F
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