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NOTE 7 - 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. |
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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 year ended December 31, 2022 in the amount of $168. |
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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 07, 2025. The lease payments are denominated in ILS. |
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7) |
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 is as follows:
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December 31,
2022 |
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| Operating leases: |
|
|
|
|
| Operating lease right-of-use assets |
|
$ |
726 |
|
| Current Operating lease liabilities |
|
$ |
445 |
|
| Non-Current Operating lease liabilities |
|
$ |
237 |
|
| Total Operating lease liabilities |
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$ |
682 |
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Other information:
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Year ended
December 31,
2022 |
|
| Cash paid for amounts included in the measurement of lease liabilities (cash paid in thousands) |
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$ |
747 |
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| Weighted Average Remaining Lease Term |
|
|
1.50 |
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| Weighted Average Discount Rate |
|
|
3.49 |
% |
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The lease costs components are as follows:
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Year ended
December 31,
2022 |
|
| Fixed payments |
|
$ |
723 |
|
| Variable payments that depend on an index or rate |
|
|
24 |
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| Total lease cost |
|
$ |
747 |
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Maturities of operating lease liabilities
were as follows:
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|
December 31,
2022 |
|
| 2023 |
|
$ |
476 |
|
| 2024 |
|
|
177 |
|
| 2025 |
|
|
70 |
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| Total operating lease payments |
|
|
723 |
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| Less: imputed interest |
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|
(41 |
) |
| Present value of lease liabilities |
|
$ |
682 |
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