Quarterly report pursuant to Section 13 or 15(d)


6 Months Ended
Jun. 30, 2022
Leases [Abstract]  



1) The Company has an operating lease agreement for its facility in the USA, 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) 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.


3) On October 18, 2021, the Company entered into an agreement to sublease its facility to an unrelated third party in the USA. The sublease ends March 31, 2024. The sublease is classified as an operating lease. The Company recognized lease income during the three and six months ended June 30,2022 in the amount of $41 and $81, respectively.


4) The Company leases its motor vehicles under operating lease agreements.


5) The Company adopted the new accounting standard ASC 842 “Leases” and all related amendments on January 1, 2022 and used the adoption date as the Company’s date of initial application.


Supplemental information related to leases are as follows:


    June 30,
Operating leases:
Operating lease right-of-use assets-Short term   $ 776  
Current Operating lease liabilities   $ 505  
Non-Current Operating lease liabilities   $ 190  
Total Operating lease liabilities   $ 695  


Other information:


    Six months
June 30,
Cash paid for amounts included in the measurement of lease liabilities (cash paid in thousands)   $ 270  
Weighted Average Remaining Lease Term     1.37  
Weighted Average Discount Rate     2.5 %


The lease costs components are as follows:


    Six months
June 30,
    Three months
June 30,
Operating lease cost   $ 262     $ 104  
Variable lease cost     8       5  
Total lease cost   $ 270     $ 109  


Maturities of operating lease liabilities were as follows: 


    June 30,
2022 (excluding the six months ended June 30, 2022)   $ 283  
2023     364  
2024     82  
Total operating lease payments     729  
Less: imputed interest     (34 )
Present value of lease liabilities   $ 695