Quarterly report pursuant to Section 13 or 15(d)

Shareholder's Equity

Shareholder's Equity
6 Months Ended
Jun. 30, 2022
Stockholders' Equity Note [Abstract]  



a. Change in authorized stock


On May 2, 2022, the Company’s Board of Directors approved an amendment to the Company’s Bylaws, stating the number of authorized stock to be increased, as described below:


a. Common stock- $0.0001 par value – authorized shares increase to 30,000,000 shares from 11,009,315 shares.


b. Non-voting common stock- $0.0001 par value-authorized shares remain 2,803,774 shares.


c. Preferred stock- $0.0001 par value - authorized shares increase to 10,000,000 shares from 7,988,691 shares.


b. On May 16, 2022, the Company filed with the Secretary of State of the State of Delaware an amended and restated certificate of incorporation (the “A&R COI”), which became effective immediately. The


A&R COI did not change the Company’s authorized shares of common stock and preferred stock of 42,803,774 authorized shares of common stock., 2,803,774 shares of non-voting common stock and 10,000,000 shares of preferred stock.


Share-based compensation


A summary of the Company's share options, granted to employees, directors, under option plans is as follows:


          Weighted-     Average  
          Average     Remaining  
    Number of     Exercise     Contractual  
    Options     Price     Life  
Outstanding – January 1, 2022     890,493     $ 0.15       5.43  
Exercised     15,460     $ 0.07          
Expired and forfeited     8,021     $ 0.61          
Outstanding – June 30, 2022     867,012     $ 0.12       3.62  
Exercisable – June 30, 2022     812,611     $ 0.08       3.36  


See also Note 1(d) above regarding warrants granted to the underwriters upon the consummation of the IPO in consideration for their underwriting services.