Quarterly report pursuant to Section 13 or 15(d)

Shareholders' Equity

v3.23.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2023
Shareholders' Equity [Abstract]  
SHAREHOLDERS’ EQUITY

NOTE 11 – SHAREHOLDERS’ EQUITY (*):

 

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.

  c. During January and February 2023, the Company purchased 7,920 shares of its common stock, for a total price of $50. (Total of 10,690 common stock are held by the company as treasury shares)

d. Share-based compensation:

 

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

 

    Number of options     Weighted Average Exercise
Price		     Weighted Average Remaining Contractual Life  
Outstanding – January 1, 2023     96,458     $ 4.89       5.34  
Granted    
-
     $
-
          
Exercised    
-
     $
-
          
Expired and forfeited     (435 )   $ 40.0          
                         
Outstanding – March 31, 2023     96,023     $ 4.7       5.12  
Exercisable – March 31, 2023     79,076     $ 2.1       4.22  

See also Note 2 above regarding warrants granted to the underwriters upon the consummation of the IPO in consideration for their underwriting services.

 

2) Restricted Stock Units (*):

 

    March 31 2023  
    Number of RSUs     Weighted-Average Grant Date Fair Value  
RSUs outstanding at the beginning of the year     59,200     $ 16.2  
Granted during the period    
-
      
-
  
Exercised during the period    
-
      
-
  
Forfeited during the period     (1,200 )    
-
  
Outstanding as of March 31, 2023     58,000     $ 16.2  

(*) Adjusted to reflect April 2023 reverse stock split, see note 3(j).