Quarterly report pursuant to Section 13 or 15(d)

Commitments and Contingencies

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Commitments and Contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 6 - COMMITMENTS AND CONTINGENCIES:

 

a. 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 June 30, 2024, 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, 2024, the Company had received approximately $14,300 (approximately $15,825 including interest) and repaid approximately $10,275 in such grants.

 

As of June 30, 2024, and December 31, 2023, the Company had a liability to pay royalties in the amount of approximately $1,119 and $1,062, respectively.