|
NOTE 8 - COMMITMENTS AND CONTINGENCIES:
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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 June 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 June 30, 2022, the Company has received approximately $14,300 (approximately $15,500 including LIBOR) and repaid approximately $10,000.
As
of June 30, 2022, and December 31, 2021, the Company had a liability to pay royalties in the amount of approximately $968 and $818, respectively.
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