|
NOTE 8 - COMMITMENTS AND CONTINGENCIES:
|
a. |
As of December 31, 2021,
the Company was obligated under noncancellable operating lease agreements for certain sales offices and vehicles. Future minimum
lease payments for noncancellable operating leases with initial or remaining terms in excess of one year are as follows: |
Fiscal
year ending December 31:
| 2022 |
|
$ |
573 |
|
| 2023 |
|
$ |
294 |
|
| 2024 |
|
$ |
42 |
|
| Total minimum lease payments |
|
$ |
909 |
|
The
lease fees expensed in the year ended December 31, 2021, were $516,
|
b. |
The Company is obligated
to repay certain research and development grants received from the Government of Israel in the form of a royalty rate on future sales
of products derived from the funded research and development activities. The aggregate amount of royalties to be paid is determined based
on 100% of the total grants received for qualified projects plus interest based on LIBOR. The Company may be required to pay royalties
based on previous years funding in periods after September 30, 2022, for the future sale of product that includes technology developed
and funded with these research and development grants received to date. |
As
of September 30, 2022, the Company has received approximately $14,300 (approximately $15,500 including LIBOR) and repaid approximately
$10,000.
As
of September 30, 2022, and December 31, 2021, the Company had a liability to pay royalties in the amount of approximately $1,006 and $818,
respectively.
|