|
NOTE
5 – LEASES:
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1) |
The
Company has an operating lease agreement for its facility in the United States, which expires on March 31, 2024. The Company is not reasonably
certain that it will exercise the 5-year extension option and hence, the extension period was excluded from the measurement of the ROU
asset and the lease liability. The lease payments are denominated in USD. |
|
2) |
On
July 1, 2022, the Company entered into a new operating lease agreement for additional offices in the United States, which expires on
September 30, 2025. The lease payments are denominated in USD. |
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3) |
The
Company’s Israeli subsidiary has an operating lease agreement for a facility in Israel, which expires on April 30, 2023. The Company
does not have an option for extending the lease agreement. The lease payments are denominated in ILS and are indexed to the consumer
price index. |
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4) |
On
October 18, 2021, the Company entered into an agreement to sublease its facility to an unrelated third party in the United States. The
sublease ends March 31, 2024. The sublease is classified as an operating lease. The Company recognized lease income during the three
months ended March 31, 2023 in the amount of $48. |
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5) |
The
Company leases its motor vehicles under operating lease agreements. |
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6) |
The
Company’s Israeli subsidiary has an operating lease agreement for testing equipment in Israel, which expires on February 7, 2025.
The lease payments are denominated in ILS. |
Supplemental
information related to leases is as follows:
| |
|
March
31,
2023
|
|
|
December
31,
2022 |
|
| Operating
leases: |
|
|
|
|
|
|
| Operating
lease right-of-use assets |
|
$ |
548 |
|
|
$ |
726 |
|
| Current
Operating lease liabilities |
|
$ |
361 |
|
|
$ |
445 |
|
| Non-Current
Operating lease liabilities |
|
$ |
159 |
|
|
$ |
237 |
|
| Total Operating
lease liabilities |
|
$ |
520 |
|
|
$ |
682 |
|
Other
information:
| |
|
Three months
ended
March 31,
2023 |
|
|
Three months
ended
March 31,
2022 |
|
| Cash
paid for amounts included in the measurement of lease liabilities (cash paid in thousands) |
|
$ |
210 |
|
|
$ |
161 |
|
| Weighted Average Remaining
Lease Term |
|
|
1.44 |
|
|
|
1.51 |
|
| Weighted Average Discount
Rate |
|
|
3.8 |
% |
|
|
2.5 |
% |
The
lease costs components are as follows:
| |
|
Three months
ended
March 31,
2023 |
|
|
Three
months
ended
March 31,
2022 |
|
| Fixed
payments |
|
$ |
182 |
|
|
$ |
158 |
|
| Variable
payments that depend on an index or rate |
|
|
28 |
|
|
|
3 |
|
| Total operating
lease cost |
|
$ |
210 |
|
|
$ |
161 |
|
Maturities
of operating lease liabilities were as follows:
| |
|
March
31,
2023 |
|
|
December
31,
2022 |
|
| 2023 |
|
$ |
299 |
(*) |
|
$ |
476 |
|
| 2024 |
|
|
177 |
|
|
|
177 |
|
| 2025 |
|
|
70 |
|
|
|
70 |
|
| Total
operating lease payments |
|
|
546 |
|
|
|
723 |
|
| Less:
imputed interest |
|
|
(26 |
) |
|
|
(41 |
) |
| Present
value of lease liabilities |
|
$ |
520 |
|
|
$ |
682 |
|
|
(*) |
excluding
the three months ended March 31, 2023. |
|