Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies

v3.24.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments and Contingencies [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 11 - COMMITMENTS AND CONTINGENCIES:

 

    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. The Company may be required to pay royalties based on previous years funding in periods after December 31, 2023, for the future sale of product that includes technology developed and funded with these research and development grants received to date.

 

As of December 31, 2023, the Company had received approximately $14,300 (approximately $15,736 including interest) and repaid approximately $10,275 in such grants.

 

During the years 2023 and 2022, the Company repaid amounts of $73 and $221, respectively.

 

As of December 31, 2023, and 2022, the Company had a liability to repay royalties in the amount of approximately $1,062 and $900, respectively.