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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended June 30, 2023
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from
to
Commission
File No. 333-188920
ODYSIGHT.AI
INC. |
(Exact
name of registrant as specified in its charter) |
Nevada |
|
47-4257143 |
(State
or other jurisdiction |
|
(I.R.S.
Employer |
of
incorporation or organization) |
|
Identification
No.) |
Suite
7A, Industrial Park |
|
|
P.O.
Box 3030, Omer, Israel |
|
8496500 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
+972
73 370-4691 |
(Registrant’s
telephone number, including area code) |
|
(Former
name, former address and former fiscal year, if changed since last report) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of exchange on which registered |
N/A |
|
N/A |
|
N/A |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
☐ |
Large
accelerated filer |
☐ |
Accelerated
filer |
☒ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
|
|
☐ |
Emerging
growth company |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As
of August 13, 2023, the registrant had 10,436,684 shares of common stock, par value $0.001 of the registrant issued and outstanding.
As
used in this Quarterly Report and unless otherwise indicated, the terms “Odysight.ai (formerly known as ScoutCam Inc.),”
“we,” “us,” “our,” or “our Company” refer to Odysight.ai. Unless otherwise specified,
all dollar amounts are expressed in United States dollars.
ODYSIGHT.AI
INC.
QUARTERLY
REPORT ON FORM 10-Q
TABLE
OF CONTENTS
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain
information set forth in this Quarterly Report on Form 10-Q, including in Item 2, “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” and elsewhere herein may address or relate to future events and expectations and
as such constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
Statements which are not historical reflect our current expectations and projections about our future results, performance, liquidity,
financial condition, prospects and opportunities and are based upon information currently available to us and our management and their
interpretation of what is believed to be significant factors affecting our business, including many assumptions regarding future events.
Forward-looking
statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use
of the words “may,” “should,” “would,” “could,” “scheduled,” “expect,”
“anticipate,” “estimate,” “believe,” “intend,” “seek,” or “project”
or the negative of these words or other variations on these words or comparable terminology. Actual results, performance, liquidity,
financial condition and results of operations, prospects and opportunities could differ materially and perhaps substantially from those
expressed in, or implied by, these forward-looking statements as a result of various risks, uncertainties and other factors. These statements
may be found under the section of our Annual Report on Form 10-K for the year ended December 31, 2022 (filed on March 28, 2023) entitled
“Risk Factors” as well as in our other public filings.
In
light of these risks and uncertainties, and especially given the start-up nature of our business, there can be no assurance that the
forward-looking statements contained herein will in fact occur. Readers should not place undue reliance on any forward-looking statements.
Except as expressly required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events, changed circumstances or any other reason.
Item
1. Financial Statements
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
INTERIM
FINANCIAL STATEMENTS
AS
OF JUNE 30, 2023
CONSOLIDATED
ODYSIGHT.AI INC.
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
INTERIM
CONDENSED CONSOLIDATED BALANCE SHEETS
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
Unaudited | | |
Audited | |
| |
USD in thousands | |
Assets | |
| | | |
| | |
| |
| | | |
| | |
CURRENT ASSETS: | |
| | | |
| | |
Cash and cash equivalents | |
| 3,319 | | |
| 10,099 | |
Short terms deposits | |
| 18,736 | | |
| 3,047 | |
Accounts receivable | |
| 158 | | |
| 60 | |
Inventory | |
| 724 | | |
| 630 | |
Other current assets | |
| 668 | | |
| 281 | |
Total current assets | |
| 23,605 | | |
| 14,117 | |
| |
| | | |
| | |
NON-CURRENT ASSETS: | |
| | | |
| | |
Contract fulfillment assets | |
| 1,376 | | |
| 1,495 | |
Property and equipment, net | |
| 513 | | |
| 648 | |
Operating lease right-of-use assets | |
| 653 | | |
| 307 | |
Severance pay asset | |
| 262 | | |
| 328 | |
Total non-current assets | |
| 2,804 | | |
| 2,778 | |
| |
| | | |
| | |
TOTAL ASSETS | |
| 26,409 | | |
| 16,895 | |
The
accompanying notes are an integral part of these interim condensed consolidated financial statements.
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
INTERIM
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
Unaudited | | |
Audited | |
| |
USD in thousands | |
Liabilities and shareholders’ equity | |
| | | |
| | |
| |
| | | |
| | |
CURRENT LIABILITIES: | |
| | | |
| | |
Accounts payable | |
| 774 | | |
| 297 | |
Contract liabilities - short term | |
| 954 | | |
| 1,426 | |
Operating lease liabilities - short term | |
| 232 | | |
| 199 | |
Accrued compensation expenses | |
| 454 | | |
| 365 | |
Related parties | |
| 47 | | |
| 58 | |
Other account payable | |
| 522 | | |
| 214 | |
Total current liabilities | |
| 2,983 | | |
| 2,559 | |
NON-CURRENT LIABILITIES: | |
| | | |
| | |
Contract liabilities - long term | |
| 2,007 | | |
| 2,218 | |
Operating lease liabilities - long term | |
| 339 | | |
| 64 | |
Liability for severance pay | |
| 256 | | |
| 268 | |
Other liabilities - long term | |
| 28 | | |
| - | |
Total non-current liabilities | |
| 2,630 | | |
| 2,550 | |
TOTAL LIABILITIES | |
| 5,613 | | |
| 5,109 | |
| |
| | | |
| | |
SHAREHOLDERS’ EQUITY: | |
| | | |
| | |
Common stock, $0.001 par value; 300,000,000 shares authorized as of June 30, 2023 and December 31, 2022, 10,436,684 and 7,121,737 shares issued and outstanding as of June 30, 2023 and December 31, 2022 , respectively | |
| 10 | | |
| 7 | |
Additional paid-in capital | |
| 51,110 | | |
| 36,541 | |
Accumulated deficit | |
| (30,324 | ) | |
| (24,762 | ) |
TOTAL SHAREHOLDERS’ EQUITY | |
| 20,796 | | |
| 11,786 | |
| |
| | | |
| | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| 26,409 | | |
| 16,895 | |
The
accompanying notes are an integral part of these interim condensed consolidated financial statements.
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Six months ended June 30, | | |
Three months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Unaudited | |
| |
USD in thousands (except per share data) | |
| |
| |
REVENUES | |
| 977 | | |
| 372 | | |
| 674 | | |
| 370 | |
COST OF REVENUES | |
| 1,327 | | |
| 849 | | |
| 777 | | |
| 561 | |
GROSS LOSS | |
| (350 | ) | |
| (477 | ) | |
| (103 | ) | |
| (191 | ) |
RESEARCH AND DEVELOPMENT EXPENSES | |
| 2,753 | | |
| 1,975 | | |
| 1,355 | | |
| 1,021 | |
SALES AND MARKETING EXPENSES | |
| 669 | | |
| 446 | | |
| 493 | | |
| 203 | |
GENERAL AND ADMINISTRATIVE EXPENSES | |
| 2,126 | | |
| 2,452 | | |
| 1,168 | | |
| 1,166 | |
OPERATING LOSS | |
| (5,898 | ) | |
| (5,350 | ) | |
| (3,119 | ) | |
| (2,581 | ) |
OTHER INCOME | |
| 10 | | |
| 15 | | |
| 3 | | |
| 7 | |
FINANCING INCOME (EXPENSES), NET | |
| 326 | | |
| (225 | ) | |
| 240 | | |
| (198 | ) |
NET LOSS | |
| (5,562 | ) | |
| (5,560 | ) | |
| (2,876 | ) | |
| (2,772 | ) |
Net loss per ordinary share (basic and diluted, USD) | |
| (0.63 | ) | |
| (0.78 | ) | |
| (0.28 | ) | |
| (0.39 | ) |
Net loss per ordinary share (basic, USD) | |
| (0.63 | ) | |
| (0.78 | ) | |
| (0.28 | ) | |
| (0.39 | ) |
Weighted average ordinary shares (basic and diluted, in thousands) | |
| 8,864 | | |
| 7,122 | | |
| 10,435 | | |
| 7,122 | |
Weighted average ordinary shares (basic, in thousands) | |
| 8,864 | | |
| 7,122 | | |
| 10,435 | | |
| 7,122 | |
The
accompanying notes are an integral part of these interim condensed consolidated financial statements.
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
Six
Months Ended June 30, 2023 (Unaudited)
| |
Number | | |
Amount | | |
capital | | |
deficit | | |
equity | |
| |
| | |
Additional | | |
| | |
Total | |
| |
Common Stock | | |
paid-in | | |
Accumulated | | |
Shareholders’ | |
| |
Number | | |
Amount | | |
capital | | |
deficit | | |
equity | |
| |
In thousands | | |
USD in thousands | |
| |
| | |
| | |
| | |
| | |
| |
Balance at January 1, 2023 | |
| 7,122 | | |
$ | 7 | | |
$ | 36,541 | | |
$ | (24,762 | ) | |
$ | 11,786 | |
Stock based compensation | |
| - | | |
| - | | |
| 685 | | |
| - | | |
| 685 | |
Issuance of shares upon RSU vesting | |
| 21 | | |
| -* | | |
| -* | | |
| - | | |
| - | |
Issuance of shares and warrants | |
| 3,294 | | |
| 3 | | |
| 13,884 | | |
| - | | |
| 13,887 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (5,562 | ) | |
| (5,562 | ) |
Balance at June 30, 2023 | |
| 10,437 | | |
$ | 10 | | |
$ | 51,110 | | |
$ | (30,324 | ) | |
$ | 20,796 | |
Three
Months Ended June 30, 2023 (Unaudited)
| |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Ordinary shares | | |
paid-in | | |
Accumulated | | |
Shareholders’ | |
| |
Number | | |
Amount | | |
capital | | |
deficit | | |
Equity | |
| |
In thousands | | |
USD in thousands | |
Balance at April 1, 2023 | |
| 10,433 | | |
$ | 10 | | |
$ | 50,813 | | |
$ | (27,448 | ) | |
$ | 23,375 | |
Stock based compensation | |
| - | | |
| - | | |
| 337 | | |
| - | | |
| 337 | |
Issuance of shares upon RSU vesting | |
| 4 | | |
| -* | | |
| -* | | |
| - | | |
| - | |
Issuance expenses | |
| - | | |
| - | | |
| (40 | ) | |
| - | | |
| (40 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| (2,876 | ) | |
| (2,876 | ) |
Balance at June 30, 2023 | |
| 10,437 | | |
$ | 10 | | |
$ | 51,110 | | |
$ | (30,324 | ) | |
$ | 20,796 | |
The
accompanying notes are an integral part of these interim condensed consolidated financial statements.
Six
Months Ended June 30, 2022 (Unaudited)
| |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Ordinary shares | | |
paid-in | | |
Accumulated | | |
Shareholders’ | |
| |
Number | | |
Amount | | |
capital | | |
deficit | | |
Equity | |
| |
In thousands | | |
USD in thousands | |
Balance at January 1, 2022 | |
| 7,122 | | |
| 7 | | |
| 34,903 | | |
| (15,294 | ) | |
| 19,616 | |
Stock based compensation | |
| - | | |
| - | | |
| 1,457 | | |
| - | | |
| 1,457 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (5,560 | ) | |
| (5,560 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at June 30, 2022 | |
| 7,122 | | |
| 7 | | |
| 36,360 | | |
| (20,854 | ) | |
| 15,513 | |
Three
Months Ended June 30, 2022 (Unaudited)
| |
| | |
| | |
Additional | | |
| | |
Total | |
| |
Ordinary shares | | |
paid-in | | |
Accumulated | | |
Shareholders’ | |
| |
Number | | |
Amount | | |
capital | | |
deficit | | |
Equity | |
| |
In thousands | | |
USD in thousands | |
Balance at April 1, 2022 | |
| 7,122 | | |
| 7 | | |
| 35,675 | | |
| (18,082 | ) | |
| 17,600 | |
Balance | |
| 7,122 | | |
| 7 | | |
| 35,675 | | |
| (18,082 | ) | |
| 17,600 | |
Stock based compensation | |
| - | | |
| - | | |
| 685 | | |
| - | | |
| 685 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (2,772 | ) | |
| (2,772 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at June 30, 2022 | |
| 7,122 | | |
| 7 | | |
| 36,360 | | |
| (20,854 | ) | |
| 15,513 | |
Balance | |
| 7,122 | | |
| 7 | | |
| 36,360 | | |
| (20,854 | ) | |
| 15,513 | |
The
accompanying notes are an integral part of these interim condensed consolidated financial statements.
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Six months ended June 30, | | |
Three months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Unaudited | |
| |
USD in thousands | |
| |
| | |
| | |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| (5,562 | ) | |
| (5,560 | ) | |
| (2,876 | ) | |
| (2,772 | ) |
Adjustments to reconcile net loss to net cash used in operations: | |
| | | |
| | | |
| | | |
| | |
Depreciation | |
| 192 | | |
| 103 | | |
| 37 | | |
| 53 | |
Stock based compensation | |
| 685 | | |
| 1,457 | | |
| 337 | | |
| 685 | |
Severance pay asset and liability | |
| 54 | | |
| 51 | | |
| - | | |
| 51 | |
Profit from exchange differences from operating lease liability | |
| (22 | ) | |
| (50 | ) | |
| (13 | ) | |
| (40 | ) |
Loss from exchange differences on cash and cash equivalents | |
| 53 | | |
| 327 | | |
| 49 | | |
| 286 | |
Interest income in respect of deposits | |
| (189 | ) | |
| (23 | ) | |
| (231 | ) | |
| (10 | ) |
| |
| | | |
| | | |
| | | |
| | |
CHANGES IN OPERATING ASSET AND LIABILITY ITEMS: | |
| | | |
| | | |
| | | |
| | |
Increase in accounts receivable | |
| (98 | ) | |
| (91 | ) | |
| (97 | ) | |
| (85 | ) |
Increase in inventory | |
| (94 | ) | |
| (442 | ) | |
| (31 | ) | |
| (419 | ) |
Decrease (increase) in other current assets | |
| (387 | ) | |
| 33 | | |
| (104 | ) | |
| 6 | |
Decrease in contract fulfillment assets | |
| 119 | | |
| 60 | | |
| 59 | | |
| 60 | |
Decrease in ROU asset | |
| 94 | | |
| 132 | | |
| 50 | | |
| 113 | |
Increase in account payables | |
| 477 | | |
| 206 | | |
| 409 | | |
| 82 | |
Increase (decrease) in contract liabilities | |
| (683 | ) | |
| 1,435 | | |
| (455 | ) | |
| (181 | ) |
Decrease in operating lease liability | |
| (110 | ) | |
| (125 | ) | |
| (62 | ) | |
| (109 | ) |
Increase in accrued compensation expenses | |
| 89 | | |
| 21 | | |
| 152 | | |
| 1 | |
Increase (decrease) in related parties | |
| (11 | ) | |
| (17 | ) | |
| 39 | | |
| - | |
Increase in other account payable | |
| 310 | | |
| 85 | | |
| 128 | | |
| 105 | |
Net cash flows used in operating activities | |
| (5,083 | ) | |
| (2,398 | ) | |
| (2,609 | ) | |
| (2,174 | ) |
| |
| | | |
| | | |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Purchase of property and equipment | |
| (57 | ) | |
| (42 | ) | |
| (42 | ) | |
| (18 | ) |
Withdrawal of short terms deposits | |
| 3,000 | | |
| 5,000 | | |
| - | | |
| 5,000 | |
Investment in short term deposits | |
| (18,500 | ) | |
| (3,500 | ) | |
| (3,500 | ) | |
| (3,500 | ) |
Net cash flows provided by (used in) investing activities | |
| (15,557 | ) | |
| 1,458 | | |
| (3,542 | ) | |
| 1,482 | |
| |
| | | |
| | | |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | | |
| | | |
| | |
Proceeds from issuance of shares and warrants | |
| 13,913 | | |
| - | | |
| (64 | ) | |
| - | |
Net cash flows provided by used in financing activities | |
| 13,913 | | |
| - | | |
| (64 | ) | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
DECREASE IN CASH AND CASH EQUIVALENTS | |
| (6,727 | ) | |
| (940 | ) | |
| (6,215 | ) | |
| (692 | ) |
LOSS FROM EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS | |
| (53 | ) | |
| (327 | ) | |
| (49 | ) | |
| (286 | ) |
BALANCE
OF CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD | |
| 10,099 | | |
| 8,581 | | |
| 9,583 | | |
| 8,292 | |
BALANCE OF CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | |
| 3,319 | | |
| 7,314 | | |
| 3,319 | | |
| 7,314 | |
Non
cash activities -
| |
Six months ended June 30, | | |
Three months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Unaudited | |
| |
USD in thousands | |
Non cash activities | |
| | | |
| | | |
| | | |
| | |
Unpaid issuance expenses | |
| 26 | | |
| - | | |
| (24 | ) | |
| - | |
Right-of-use assets obtained in exchange for operating lease liabilities | |
| 465 | | |
| 81 | | |
| 382 | | |
| 35 | |
Termination of right-of-use assets in exchange for cancellation of operating lease obligations | |
| (25 | ) | |
| - | | |
| (25 | ) | |
| | |
The
accompanying notes are an integral part of these interim condensed consolidated financial statements.
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1 – GENERAL:
|
a. |
Odysight.ai.Inc
(the “Company”), formerly known as ScoutCam Inc., was
incorporated under the laws of the State of Nevada on March 22, 2013. Prior to the closing
of the Exchange Agreement (as defined below), the Company was a non-operating “shell
company”.
The
Company’s wholly owned subsidiary, Odysight.ai Ltd (“Odysight.ai”.), formerly known as ScoutCam Ltd., was formed in
the State of Israel on January 3, 2019, as a wholly-owned subsidiary of Medigus Ltd. (“Medigus”), an Israeli company traded
on the Nasdaq Capital Market, and commenced operations on March 1, 2019.
In
December 2019, Medigus and Odysight.ai consummated an asset transfer agreement, under which Medigus transferred and assigned certain
assets and intellectual property rights related to its miniaturized imaging business to Odysight.ai.
On
December 30, 2019, the Company and Medigus consummated a securities exchange agreement (the “Exchange Agreement”), pursuant
to which Medigus delivered 100% of its holdings in Odysight.ai to the Company in exchange for shares of the Company’s common stock
representing 60% of the issued and outstanding share capital of the Company immediately upon the consummation of the Exchange Agreement.
During
2020 - 2023 Medigus has decreased its holdings in the Company such that as of March 31, 2023, Medigus owned 18.45% of the Company’s
outstanding common stock.
On
June 1, 2023, Medigus sold all its holdings in the Company to existing shareholders and to Chairman of the Board and CEO of the Company.
On
June 5, 2023, the Company filed with the Nevada Secretary of State a Certificate of Amendment to the Registrant’s Articles of Incorporation
to change its name from “ScoutCam Inc.” to “Odysight.ai Inc.”, effective June 5, 2023.
The Company, through Odysight.ai, is engaged in the
development, production and marketing of Predictive Maintenance (PdM) and Condition Based Monitoring (CBM) technologies, providing visual
sensing and AI-based video analytics solutions for systems in the aviation, maritime, industrial non-destructing-testing industries,
transportation, and energy industries. Some of the Company’s products utilize micro visualization technology in medical devices
for minimally invasive medical procedures.
|
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1 – GENERAL (continued):
|
b. |
Since
incorporation of Odysight.ai and through June 30, 2023, the Company accumulated a deficit of approximately $30.3 million and its
activities have been funded mainly by its shareholders. The Company’s management believes the Company’ cash and cash
resources will allow the Company to fund its operating plan through at least the next 12 months from the filing date of these Interim
Condensed Consolidated Financial Statements. However, the Company expects to continue to incur significant research and development
and other costs related to its ongoing operations, requiring the Company to obtain additional funding in order to continue its future
operations until becoming profitable. |
NOTE
2 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
a. Unaudited Interim Financial Statements
The
accompanying unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting
principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities
and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair
presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). For further information,
reference is made to the consolidated financial statements and footnotes thereto included in the Group’s Annual Report on Form
10-K for the year ended December 31, 2022.
b. Principles of Consolidation
The
accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany
balances and transactions have been eliminated in consolidation.
c. Use of estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenue and expenses during the reporting period. The Company evaluates on an ongoing basis its
assumptions, including those related to contingencies, deferred taxes, inventory impairment, stock-based compensation, as well as in
estimates used in applying the revenue recognition policy. Actual results may differ from those estimates.
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (continued):
d. Significant Accounting Policies
The
significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are
identical to those applied in the preparation of the latest annual financial statements.
e. Recent Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect
on the Group’s condensed consolidated financial statements.
NOTE
3 – LEASES:
In
December 2020, Odysight.ai entered into a lease agreement for office space in Omer, Israel (“original space”), with the 36-month term for such agreement beginning on January 1, 2021. In March 2021, Odysight.ai entered into a lease agreement for additional office space
in Omer, Israel (“additional space”), with the term for such agreement is ending December 31, 2023.
On June 25, 2023,
Odysight.ai entered into an amendment to these agreements, pursuant to which the lease for the additional office space will be shortened
and end on June 30, 2023 and the lease for original space will be extended for an additional five years until December 31, 2028. It was
also agreed that Odysight.ai has an option to terminate the agreement for the original space after three years.
Monthly
lease payments under the agreement for the original space are approximately $7
thousand.
In
December 2022, Odysight.ai
entered into a lease agreement for office space in Ramat Gan, Israel. The agreement is for 12 months beginning on December 14, 2022
and the Company has an option to extend the lease period for an additional one year. The Company does not expect to extend the
lease period. Therefore, the Company has elected to use the practical expedient
regarding short-term leases. Monthly lease payments under the agreement are $3
thousand.
Supplemental
cash flow information related to operating leases was as follows:
SCHEDULE
OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO OPERATING LEASES
| |
June
30, 2023 | |
|
|
June 30, 2022 |
|
| |
Six months ended |
|
| |
June
30, 2023 | |
|
|
June 30, 2022 |
|
| |
| USD in thousands |
|
Cash paid for amounts included
in the measurement of lease liabilities: | |
| | |
|
|
|
|
Operating
cash flows from operating leases | |
| 119 | |
|
|
136 |
|
As
of June 30, 2023, the Company’s operating leases had a weighted average remaining lease term of 0.9 years and a weighted average
discount rate of 6%.
Future lease payments under operating leases as of June 30, 2023 were as follows:
SCHEDULE
OF MATURITIES LEASE LIABILITIES UNDER OPERATING LEASES
| |
Operating
leases | |
| |
USD
in thousands | |
Remainder of 2023 | |
| 120 | |
2024 | |
| 231 | |
2025 | |
| 188 | |
2026 | |
| 83 | |
Total future lease payments | |
| 622 | |
Less
imputed interest | |
| (51 | ) |
Total
lease liability balance | |
| 571 | |
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
4 – EQUITY:
|
a. |
Private
Placement
On
March 16, 2023, the Company consummated a Stock Purchase Agreements for a private placement with (i) Moshe Arkin through his
individual retirement account and (ii) The Phoenix Insurance Company Ltd. and Shotfut Menayot Israel – Phoenix Amitim, in
connection with the sale and issuance of an aggregated amount of 3,294,117
units (collectively, the “Units”), at a purchase price of $4.25
per Unit, and for an aggregated purchase price of $14,000,000.
Each Unit consists of: (i) one share of the Company’s common stock with par value of $0.001
per share (the “Common Stock”) and (ii) one warrant to purchase one share of Common Stock with an exercise price of
$5.50
(the “Warrants”). The Warrants are immediately exercisable and will expire three
years from the date of issuance and will be subject to customary adjustments. |
Warrants:
As
of June 30, 2023, the Company had the following outstanding warrants to purchase common stock:
SCHEDULE
OF STOCK WARRANTS OUTSTANDING TO PURCHASE COMMON STOCK
| | |
| | |
| | |
| | |
Number
of | |
| | |
| | |
| | |
| | |
Shares
of | |
| | |
| | |
| | |
Exercise
Price | | |
common
stock | |
| | |
Issuance | | |
Expiration | | |
Per
Share | | |
Underlying | |
Warrant | | |
Date | | |
Date | | |
($) | | |
Warrants | |
| | |
| | |
| | |
| | |
| |
March 2021 Warrant | | |
| March
29, 2021 | | |
| March
31, 2026 | | |
| 10.35 | | |
| 2,469,156 | |
March
2023 Warrant | | |
| March
27, 2023 | | |
| March
26, 2026 | | |
| 5.50 | | |
| 3,294,117 | |
| | |
| | | |
| | | |
| | | |
| 5,763,273 | |
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
4 – EQUITY (continued):
|
b. |
Stock-based compensation to employees, directors and
service providers: |
In
February 2020, the Company’s Board of Directors approved the 2020 Share Incentive Plan (the “Plan”).
The
Plan initially included a pool of 580,890 shares of common stock for grant to Company employees, consultants, directors and other service
providers. On March 15, 2020, the Company’s Board of Directors approved an increase to the option pool pursuant to the Plan by
an additional 64,099 shares of common stock. On June 22, 2020, the Company’s Board of Directors approved an increase to the option
pool pursuant to the Plan by an additional 401,950 shares of common stock. During the second quarter of 2021, the Company’s Board
of Directors approved an increase to the option pool pursuant to the Plan by an additional 777,778 shares of common stock. During the
first quarter of 2023, the Company’s Board of Directors approved an increase to the option pool pursuant to the Plan by an additional
1,000,000 shares of common stock.
The
Plan is designed to enable the Company to grant options to purchase shares of common stock and RSUs under various and different tax regimes
including, without limitation: (i) pursuant and subject to Section 102 of the Israeli Tax Ordinance or any provision which may amend
or replace it and any regulations, rules, orders or procedures promulgated thereunder and to designate them as either grants made through
a trustee or not through a trustee; and (ii) pursuant and subject to Section 3 (i) of the Israeli Tax Ordinance.
Stock
option activity
During
the six months ended June 30, 2023, the Company granted 57,000 options pursuant to the Plan.
The
fair value of each option was estimated as of the date of grant or reporting period using the Black-Scholes option-pricing model, using
the following assumptions:
SCHEDULE
OF SHARE-BASED PAYMENT, STOCK OPTIONS, VALUATION ASSUMPTIONS
| |
Six
months ended | |
| |
June
30, 2023 | |
Underlying value of ordinary shares
($) | |
| 5 | |
Exercise price ($) | |
| 4.5 | |
Expected volatility (%) | |
| 37.5 | % |
Term of the options (years) | |
| 7 | |
Risk-free interest rate | |
| 3.94 | % |
The
cost of the benefit embodied in the options granted during the six months ended June 30, 2023, based on their fair value as of the grant
date, is estimated to be approximately $142 thousand. These amounts will be recognized in the statements of operations and comprehensive
income over the vesting period.
The
following table summarizes stock option activity for the six months ended June 30, 2023:
SCHEDULE
OF STOCK OPTION ACTIVITY
| | |
For
the | |
| | |
Six
months ended | |
| | |
June
30, 2023 | |
| | |
| | |
Weighted | |
| | |
| | |
average | |
| | |
Amount
of | | |
exercise | |
| | |
options | | |
price | |
| | |
| | | |
| $ | |
Outstanding at
beginning of period | | |
| 1,560,040 | | |
| 3.64 | |
Granted | | |
| 57,000 | | |
| 4.50 | |
Fortfeited | | |
| (20,365 | ) | |
| 3.47 | |
| | |
| | | |
| | |
Outstanding
at end of period | | |
| 1,596,675 | | |
| 3.68 | |
| | |
| | | |
| | |
Vested
at end of period | | |
| 978,486 | | |
| 3.11 | |
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
4 – EQUITY (continued):
Restricted
stock unit (“RSU”) activity
Each
RSU will vest based on continued service which is generally over three years. The grant date fair value of the award will be recognized
as stock-based compensation expense over the requisite service period. The fair value of restricted stock units was estimated on the
date of grant based on the fair value of the Company’s common stock.
The
following table summarizes RSU activity for the three months ended June 30, 2023:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
For
the | |
| |
Six
months ended | |
| |
June
30, 2023 | |
| |
| | |
Weighted
Average | |
| |
Amount
of | | |
Grant
Date Fair Value | |
| |
RSUs | | |
per
Share | |
| |
| | | |
| $ | |
Outstanding at beginning of period | |
| 50,000 | | |
| 6.32 | |
Vested | |
| (20,830 | ) | |
| 6.32 | |
Unvested
and Outstanding at end of period | |
| 29,170 | | |
| 6.32 | |
The
following table sets forth the total stock-based payment expenses resulting from options granted, included in the statements of operation
and comprehensive income:
SCHEDULE
OF TOTAL SHARE-BASED PAYMENT EXPENSES
| |
Six
months ended | |
| |
June
30, 2023 | |
| |
USD in thousands | |
Cost of revenues | |
| 5 | |
Research and development | |
| 265 | |
Sales and marketing expenses | |
| 62 | |
General
and administrative | |
| 353 | |
Total
expenses | |
| 685 | |
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
5 – REVENUES:
|
|
Disaggregation
of revenue |
SCHEDULE OF DISAGGREGATION OF REVENUE
| |
2023 | | |
2022 | |
| |
Six
months ended | |
| |
June
30, 2023 | |
| |
2023 | | |
2022 | |
| |
USD
in thousands | |
Development Services
(*) | |
| 211 | | |
| 106 | |
Products | |
| 766 | | |
| 266 | |
Revenue | |
| 977 | | |
| 372 | |
|
(*) |
|
|
|
|
|
|
In addition, following the commencement of the production
phase, the Company recognized product revenues of $722
thousand during the six months ended June 2023 from the sale of units of the product developed in the context of these development
services. |
Contract
fulfillment assets and Contract liabilities:
The
Company’s contract fulfillment assets and contract liabilities as of June 30, 2023 and December 31, 2022 were as follows:
SCHEDULE
OF CONTRACT FULFILLMENT ASSETS AND CONTRACT LIABILITIES
| |
June
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
| |
USD
in thousands | |
Contract fulfillment
assets | |
| 1,376 | | |
| 1,495 | |
Contract liabilities | |
| 2,961 | | |
| 3,644 | |
Contract
liabilities include advance payments, which are primarily related to advanced billings for development services.
The
change in contract fulfillment assets:
| |
June
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
| |
USD
in thousands | |
Balance at beginning
of year | |
| 1,495 | | |
| 1,675 | |
Contract
costs recognized during the period | |
| (119 | ) | |
| (180 | ) |
Balance at end of year | |
| 1,376 | | |
| 1,495 | |
The
change in contract liabilities:
| |
June
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
| |
USD
in thousands | |
Balance at beginning
of year | |
| 3,644 | | |
| 2,420 | |
Deferred revenue relating
to new sales | |
| - | | |
| 1,613 | |
Revenue
recognized during the year | |
| (683 | ) | |
| (389 | ) |
Balance at end of year | |
| 2,961 | | |
| 3,644 | |
Remaining
Performance Obligations
Remaining
Performance Obligations (“RPO”) represents contracted revenue that has not yet been recognized, which includes deferred revenue
and amounts that will be invoiced and recognized as revenue in future periods. As of June 30, 2023, the total RPO amounted to $2.9 million,
which the Company expects to recognize over the expected manufacturing term of the product.
NOTE
6 – ODYSIGHT.AI INC. (Formerly known as ScoutCam Inc.)
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
6 - INVENTORY:
Composed
as follows:
SCHEDULE
OF INVENTORY
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
USD in thousands | |
Raw materials and supplies | |
| 563 | | |
| 438 | |
Work in progress | |
| 42 | | |
| 148 | |
Finished goods | |
| 119 | | |
| 44 | |
Inventory Net | |
| 724 | | |
| 630 | |
During
the period ended June 30, 2023, no impairment occurred.
NOTE
7 – LOSS PER SHARE
Basic
loss per share is computed by dividing net loss attributable to ordinary shareholders of the Company by the weighted average number of
ordinary shares as described below.
In
computing the Company’s diluted loss per share, the numerator used in the basic loss per share computation is adjusted for the
dilutive effect, if any, of the Company’s potential shares of common stock. The denominator for diluted loss per share is a computation
of the weighted-average number of ordinary shares and the potential dilutive ordinary shares outstanding during the period.
NOTE
8 – RELATED PARTIES
a. Balances with related parties:
SCHEDULE
OF BALANCES WITH RELATED PARTIES
| |
June 30 ,
2023 | | |
December 31,
2022 | |
| |
USD in thousands | |
Directors (directors’ accrued compensation) | |
| 38 | | |
| 48 | |
Smartec R&D Ltd. (see b below) | |
| 9 | | |
| 10 | |
Related parties | |
| 47 | | |
| 58 | |
|
b. |
During six months ended June 30, 2023 the Company received
development services from Smartec R&D Ltd., a company owned by the Company’s CTO. |
Total
compensation during the six months ended June 30, 2023 and June 30, 2022 were approximately $29 thousands and $55 thousands, respectively.
NOTE 9 - COMMITMENTS
AND CONTINGENCIES
The
Company received approval from the Israel Innovation Authority (previously the Office of the Chief Scientist), (the
“IIA”) to support and enhance the Company’s production line and capabilities in the next 12 months until May 2024. Pursuant
to the agreement with the IIA relating to the program, the Company has to pay royalties of 3% to the IIA up to the amount IIA
funding received and the accrued interest repayment
of the grant is contingent upon the Company successfully completing its enhancement plans and generating sales from the enhancements
preformed. The Company has no obligation to repay these grants if its enhancement plans are not completed or aborted or if it
generates no sales. The Company had not yet started the enhancement plan as of June 30, 2023.
On
June 12, 2023, the Company received an advance from the IIA in the amount of NIS 357 thousand (approximately $96 thousand), which was
recorded as a short term liability in the other account payable account, since the Company may need to repay this advance to IIA in case
its enhancement plans will not be completed or aborted.
NOTE
10 – SUBSEQUENT EVENTS
The Company evaluated
subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued.
The Company identified no subsequent events as of the date that the financial statements were issued.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Readers
are advised to review the following discussion and analysis of our financial condition and results of operations together with our consolidated
financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q and the consolidated financial
statements and related notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2022. Some of the information
contained in this discussion and analysis or set forth elsewhere in this Quarterly Report, including information with respect to our
plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. See “Cautionary
Note Regarding Forward-Looking Statements”. You should review the “Risk Factors” section of our Annual Report for the
fiscal year ended December 31, 2022 for a discussion of important factors that could cause actual results to differ materially from the
results described in or implied by the forward-looking statements contained in the following discussion and analysis.
Overview
Overview
The
Company’s primary business activities during last few months were:
|
● |
Production and supply of
product to a Fortune 500 multinational healthcare corporation. |
|
● |
Enlarging our focus on
R&D activities in the domain of I4.0 (including PdM and CBM in sectors such as aerospace, maritime energy and other heavy machinery,
engines and complicated mechanics which have a need for monitoring and predictive maintenance applications). The main effect of this
activity was an increase in the number of employees to enable the Company to manage the anticipated increased workload and solution
development activity. |
Comparison
of the Six months ended June, 2023 and 2022
The
following table summarizes our results of operations for the six month period ended June 30, 2023 and 2022, together with the changes
in those items in dollars and as a percentage:
| |
Six months ended June 30, | | |
| |
| |
2023 | | |
2022 | | |
% Change | |
Revenues | |
| 977,000 | | |
| 372,000 | | |
| 163 | % |
Cost of Revenues | |
| 1,327,000 | | |
| 849,000 | | |
| 56 | % |
Gross Loss | |
| (350,000 | ) | |
| (477,000 | ) | |
| (27 | )% |
Research and development expenses | |
| 2,753,000 | | |
| 1,975,000 | | |
| 39 | % |
Sales and marketing expense | |
| 669,000 | | |
| 446,000 | | |
| 50 | % |
General and administrative expenses | |
| 2,126,000 | | |
| 2,452,000 | | |
| (13 | )% |
Operating Loss | |
| (5,898,000 | ) | |
| (5,350,000 | ) | |
| 10 | % |
Revenues
As
a result of the nature of our target market and the current stage of our development, a substantial portion of our revenue comes from
a limited number of customers.
For
the six months ended June 30, 2023, we generated revenues of $977,000, an increase of $605,000, or 163%, compared to revenues of $372,000 for the six months ended June
30, 2022.
The
increase in revenues was primarily due to the completion of development of the product relating to our miniature camera solution with
a Fortune 500 company during the second quarter of 2022 and moving to production stage. Total revenues recorded from our miniature camera
solution with the Fortune 500 company for the six months ended June 30, 2023 amounted to approximately $933,000 compared to $327,000
for the six months ended June 30, 2022.
Cost
of Revenues
Cost
of revenue is primarily comprised of cost of personnel including warehouse personnel costs, certain allocated facilities, and expenses
associated with logistics and quality control.
Cost
of revenues for the six months ended June 30, 2023 was $1,327,000, an increase of $478,000, or 56%, compared to cost of revenues of $849,000
for the six months ended June 30, 2022.
The
increase was primarily due to an increase in material costs due to an increase in the number of products sold and supplied to the Fortune
500 company.
Gross
Loss
Gross
loss for the six months ended June 30, 2023 was $350,000, a decrease of $127,000, or 27%, compared to gross loss of $477,000 for the
six months ended June 30, 2022.
The
decrease was primarily due to increase in revenues partially offset by increase in cost of revenues, as described above.
Research
and Development Expenses
Research
and development efforts are focused on new product development and on developing additional functionality for our new and existing products.
These expenses primarily consist of employee-related expenses, including salaries, benefits, and stock-based compensation expense for
personnel engaged in research and development functions, consulting, and professional fees related to research and development activities,
prototype materials, facility costs, and other allocated expenses, which include expenses for rent and maintenance of our facility, utilities,
depreciation, and other supplies. We expense research and development costs as incurred.
Research
and development expenses for the six months ended June 30, 2023 were $2,753,000, an increase of $778,000, or 39%, compared to $1,975,000
for the six months ended June 30, 2022.
The
increase was primarily due to an increase in payroll expenses from additional employee recruitments, as result of enlarging our focus on
R&D activities in the domain of I4.0.
We
expect that our research and development expenses will increase as we continue to develop our products and service and recruit additional
research and development employees to the I4.0 domain.
Sales
and Marketing Expenses
Sales
and marketing expenses primarily consist of payroll expenses, consulting services, promotional materials, exhibitions ,demonstration equipment,
and certain allocated facility infrastructure costs.
Sales
and marketing expenses for the six months ended June 30, 2023 were $669,000, an increase of $223,000, or 50%, compared to $446,000 for
the six months ended June 30, 2022.
The
increase was primarily due to recent rebranding activities (including expenses related to the changing of the name of the Company which
include among other designing a new logo and promotional materials). In addition, during June 2023 the Company participated on Paris
Air Show, the world’s premier and largest event dedicated to the aviation and space industry.
This
increase was partially offset by a decrease in payroll expenses (including stock-based compensation) due to the resignation of our VP
Business Development during the fourth quarter of 2022.
We
expect that our selling and marketing expenses will increase as we expand our selling and marketing efforts in the I4.0 domain.
General
and Administrative Expenses
General
and administrative expenses primarily consist of salaries and other related costs, including stock-based compensation, for personnel
in executive, finance, and administrative functions. General and administrative expenses also include direct and allocated facility-related
costs as well as professional fees for legal, patent, consulting, investor, public relations, accounting, auditing, tax services, and
insurance costs.
General
and administrative expenses for the six months ended June 30, 2023 were $2,126,000, a decrease of $326,000, or 13%, compared to $2,452,000
for the six months ended June 30, 2022.
The decrease
was primarily due to stock-based compensation vesting of options and to a decrease in D&O insurance costs.
Operating
loss
We
incurred an operating loss of $5,898,000 for the six months ended June 30, 2023, an increase of $548,000, compared to operating loss
of $5,350,000 for the six months ended June 30, 2022.
The
increase in operating loss was primarily due to an increase in expenses related to research and development and sales and marketing
expenses, partially offset by a decrease in general and administrative expenses, each as described above.
Cash
Flows
The
following table sets forth the significant sources and uses of cash for the periods set forth below (in dollars):
| |
Six month ended June 30, | |
| |
2023 | | |
2022 | |
Cash used in Operating Activity | |
| (5,083,000 | ) | |
| (2,398,000 | ) |
Cash provided by (used in) Investing Activity | |
| (15,557,000 | ) | |
| 1,458,000 | |
Cash provided by Financing Activity | |
| 13,913,000 | | |
| - | |
Operating
Activities
Our
primary uses of cash from operating activities have been for payroll expenses, research and development costs, manufacturing
costs, marketing and promotional expenses, professional services cost and costs related to our facilities. We expect that our cash flows from operating
activities will continue to increase due to an expected increase of expenses of our
business and our working capital requirements.
During
the six months ended June 30, 2023, cash used in operating activities was $5.1 million, consisting of net loss of $5.5 million, an
unfavorable net change in operating assets and liabilities of $0.3 million, partially offset by a non-cash benefit of $0.8 million.
Our non-cash benefit consisted primarily of non-cash charges for stock-based compensation. The net change in our operating assets
and liabilities primarily reflects cash outflows from changes in contract liability and other current assets, was partially offset
by inflows from changes in account payables and other accounts payables.
During
the six months ended June 30, 2022, cash used in operating activities was $2.4 million, consisting of net loss of $5.6 million, partially
offset by a non-cash benefit of $1.5 million, a favorable net change in operating assets and liabilities of $1.3 million and loss from
exchange differences on cash and cash equivalents of $0.3 million. Our non-cash benefit consisted primarily of non-cash charges of $1.5
million for stock-based compensation. The net change in our operating assets and liabilities primarily reflects cash inflows from changes
in contract liability of $1.4 million.
Investing
Activities
During
the six months ended June 30, 2023, cash used in investing activities was $15.6 million, consisting mainly of investment, net on short-term
deposits.
For
the six months ended June 30, 2022, net cash flows provided by investing activities was $1.5 million consisting mainly of withdrawal
of short terms deposits.
Financing
Activities
During
the six months ended June 30, 2023, cash provided by financing activities was $13.9 million, consisting of cash proceeds from issuance
of shares and warrants, net of issuance costs.
Comparison
of the three months ended June 30, 2023 and 2022
The
following table summarizes our results of operations for the three months period ended June 30, 2023, and 2022, together with the changes
in those items in dollars and as a percentage:
| |
Three months ended June 30, | | |
| |
| |
2023 | | |
2022 | | |
% Change | |
Revenues | |
| 674,000 | | |
| 370,000 | | |
| 82 | % |
Cost of Revenues | |
| 777,000 | | |
| 561,000 | | |
| 39 | % |
Gross Loss | |
| (103,000 | ) | |
| (191,000 | ) | |
| (46 | )% |
Research and development expenses | |
| 1,355,000 | | |
| 1,021,000 | | |
| 33 | % |
Sales and marketing expense | |
| 493,000 | | |
| 203,000 | | |
| 143 | % |
General and administrative expenses | |
| 1,168,000 | | |
| 1,166,000 | | |
| - | % |
Operating Loss | |
| (3,119,000 | ) | |
| (2,581,000 | ) | |
| 21 | % |
Revenues
For
the three months ended June 30, 2023, we generated revenues of $674,000, an increase of $304,000, or 82%, from the three months ended
June 30, 2022.
The
increase in revenues was primarily due to the completion of development of the product relating to our miniature camera solution
with a Fortune 500 company and moving to production stage. Total revenues recorded from our miniature camera solution with the
Fortune 500 company for the three months ended June 30, 2023 amounted to approximately $645,000, compared to $327,000 for the three
months ended June 30, 2022.
Cost
of Revenues
Cost
of revenue is primarily comprised of cost of personnel including warehouse personnel costs, certain allocated facilities, and expenses
associated with logistics and quality control.
Cost
of revenues for the three months ended June 30, 2023 was $777,000, an increase of $216,000, or 39%, compared to cost of revenues of $561,000
for the three months ended June 30, 2022.
The
increase was primarily due to an increase in material costs due to an increase in the number of products sold and supplied to the Fortune
500 company.
Gross
Loss
Gross
loss for the three months ended June 30, 2023 was $103,000, a decrease of $88,000, or 46%, compared to gross loss of $191,000 for the
three months ended June 30, 2022.
The
decrease was primarily due to increase in revenues partially offset by increase in cost of revenues, both as described
above.
Research
and Development Expenses
Research
and development efforts are focused on new product development and on developing additional functionality for our new and existing products.
These expenses primarily consist of employee-related expenses, including salaries, benefits, and stock-based compensation expense for
personnel engaged in research and development functions, consulting, and professional fees related to research and development activities,
prototype materials, facility costs, and other allocated expenses, which include expenses for rent and maintenance of our facility, utilities,
depreciation, and other supplies. We expense research and development costs as incurred.
Research
and development expenses for the three months ended June 30, 2023 were $1,355,000, an increase of $334,000, or 33%, compared to $1,021,000
for the three months ended June 30, 2022.
The
increase was primarily due to an increase in payroll expenses from additional employee recruitments, as result of enlarging our focus on
R&D activities in the domain of I4.0.
We
expect that our research and development expenses will increase as we continue to develop our products and service and recruit additional
research and development employees to the I4.0 domain.
Sales
and Marketing Expenses
Sales
and marketing expenses primarily consist of payroll expenses, consulting services, promotional materials, exhibitions ,demonstration equipment,
and certain allocated facility infrastructure costs.
Sales
and marketing expenses for the three months ended June 30, 2023 were $493,000, an increase of $290,000, or 143%, compared to $203,000
for the three months ended June 30, 2022.
The
increase was primarily due to recent rebranding activities (including mainly expenses related to the changing of the name of the Company
which include among other designing a new logo and promotional materials). In addition, during June 2023 the Company participated in
the Paris Air Show, the world’s premier and largest event dedicated to the aviation and space industry.
We
expect that our selling and marketing expenses will increase as we expand our selling and marketing efforts in the I4.0 domain.
General
and Administrative Expenses
General
and administrative expenses primarily consist of salaries and other related costs, including stock-based compensation, for personnel
in executive, finance, and administrative functions. General and administrative expenses also include direct and allocated facility-related
costs as well as professional fees for legal, patent, consulting, investor, public relations, accounting, auditing, tax services, and
insurance costs.
General
and administrative expenses for the three months ended June 30, 2023 were $1,168,000, an increase of $2,000, compared to $1,166,000 for
the three months ended June 30, 2022.
Operating
loss
We
incurred an operating loss of $3,119,000 for the three months ended June 30, 2023, an increase of $538,000, compared to operating loss
of $2,581,000 for the three months ended June 30, 2022.
The
increase in operating loss was primarily due to increases in expenses related to research and development and sales and marketing expenses.
Cash
Flows
The
following table sets forth the significant sources and uses of cash for the periods set forth below (in dollars):
| |
Three month ended June 30, | |
| |
2023 | | |
2022 | |
Cash used in Operating Activity | |
| (2,609,000 | ) | |
| (2,174,000 | ) |
Cash provided by (used in) Investing Activity | |
| (3,542,000 | ) | |
| 1,482,000 | |
Cash used in Financing Activity | |
| (64,000 | ) | |
| - | |
Operating
Activities
Our
primary use of cash from operating activities have been for payroll expenses, research and development costs, manufacturing
costs, marketing and promotional expenses, professional services cost and costs related to our facilities. We expect that our cash flows from operating
activities will continue to be increase due to the expected increase in spending on our business and our working capital requirements.
During
the three months ended June 30, 2023, cash used in operating activities was $2.6 million, consisting of net loss of $2.9 million, a favorable net change in operating assets and liabilities of $0.1 million and a non-cash benefit of $0.2 million. Our non-cash benefit
consisted primarily of non-cash charges of $0.3 million for stock-based compensation.
During
the three months ended June 30, 2022, cash used in operating activities was $2.2 million, consisting of net loss of $2.8 million and
an unfavorable net change in operating assets and liabilities of $0.4 million partially offset by a non-cash benefit of $0.7 million,
and loss from exchange differences on cash and cash equivalents of $0.3 million. Our non-cash benefit consisted primarily of non-cash
charges of $0.7 million for stock-based compensation. The net change in our operating assets and liabilities primarily reflects cash
inflows from changes in inventory of $0.4 million.
Investing
Activities
For
the three months ended June 30, 2023, net cash flows used in investing activities was $3.5 million, consisting mainly of investment,
net on short-term deposits.
For
the three months ended June 30, 2022, net cash flows provided by investing activities was $1.5 million consisting mainly of withdrawal
of short terms deposits.
Financing
Activities
For
the three months ended June 30, 2023, net cash flows used in financing activities was $64,000, consisting of issuance expenses.
Liquidity
and Capital Resources
As
of June 30, 2023, we had cash and cash equivalents of $3.3 million and $18.7 million of short-term deposits compared to cash and cash
equivalents $10.1 million and $3.0 million of short-term deposits as of December 31, 2022. In addition, as of June 30, 2023 we incurred
an accumulated deficit of approximately $30.3 million, compared to $24.8 million as of December 31, 2022.
Our
primary sources of liquidity to date have been from fund raisings and warrant exercises.
Additional
Cash Requirements
We
plan to continue to invest for long-term growth, and therefore we expect that our expenses will increase. We currently believe that our
existing cash and cash equivalents and short-term deposits, as of August 14, 2023, will allow us to fund our operating plan through at least the next 12 months.
We expect our expenses will increase in connection with our ongoing activities, particularly as we continue the research and development
and the scale up process of our I4.0 solutions. We expect to incur significant commercialization expenses related to product sales, marketing,
manufacturing, and distribution. Furthermore, we will continue to incur additional costs associated with operating as a public company.
Accordingly, we will need to obtain substantial additional funding in connection with our continuing operations. We may raise these funds
through equity financing, debt financing, or other sources, which may result in further dilution in the equity ownership of our common
stock. There is no assurance that we will be able to maintain operations at a level sufficient for investors to obtain a return on their
investment in our common stock, or that we will be able to raise sufficient capital required to implement our business plan on acceptable
terms, if at all. Even if we are successful in raising sufficient capital to implement our business plan, we will, most likely, continue
to be unprofitable for the foreseeable future. If we are unable to raise capital when needed or on attractive terms, we would be forced
to delay, reduce, or eliminate our research and development programs or future commercialization efforts.
Off-Balance
Sheet Arrangements
None.
Item
3. Quantitative and Qualitative Disclosures About Market Risk.
As
a smaller reporting company, we are not required to provide the information requested by this Item.
Item
4. Controls and Procedures.
Disclosure
Controls and Procedures
Under
the supervision and with the participation of our management, including our principal executive officer and our principal financial officer,
we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Exchange Act Rule 13a-15(e). Based
on this evaluation, our principal executive officer and our principal financial officer concluded that our disclosure controls and procedures
were effective as of the end of the period covered by this report.
No
change in our internal control over financial reporting, as defined in Exchange Act Rule 13a-15(e), occurred during the fiscal quarter
ended June 30, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART
II- OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
From
time to time, we may become involved in legal proceedings relating to claims arising from the ordinary course of business. Our management
believes that there are currently no claims or actions pending against us, the ultimate disposition of which could have a material adverse
effect on our results of operations, financial condition or cash flows.
ITEM
1A. RISK FACTORS.
There
have been no material changes from the information set forth in “Risk Factors” in our
Annual Report on Form 10-K for the fiscal year ended December 31,2022 as filed with the SEC on March 28, 2023.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES
There
have been no unregistered sales of equity securities in addition to the sales provided under Form 8-K as filed with the SEC during the
recent fiscal quarter ended June 30, 2023.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURE
Not
applicable.
ITEM
5. OTHER INFORMATION
None.
ITEM
6. EXHIBITS.
(a)
The following documents are filed as exhibits to this Quarterly Report or incorporated by reference herein.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date: August 14, 2023 |
ODYSIGHT.AI INC |
|
|
|
|
By: |
/s/
Yehu Ofer |
|
Name: |
Yehu Ofer |
|
Title: |
Chief Executive Officer |
|
|
Odysight.ai.Inc |
|
|
|
|
By: |
/s/ Tanya
Yosef |
|
Name: |
Tanya Yosef |
|
Title: |
Chief Financial Officer |
|
|
Odysight.ai.Inc |
Exhibit
31.1
CERTIFICATION
PURSUANT TO
RULE
13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS
ADOPTED PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Yehu Ofer, certify that:
1. |
I have reviewed this Quarterly
Report on Form 10-Q for the period ended June 30, 2023 of Odysight.ai.Inc. |
|
|
2. |
Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the quarter end covered
by this report; |
|
|
3. |
Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the quarter end presented in this report; |
|
|
4. |
The registrant’s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
a. |
Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the quarter end in which this report is being prepared; |
|
|
b. |
Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles; |
|
|
c. |
Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the quarter end covered by this report based on such evaluation; and |
|
|
d. |
Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the
equivalent functions): |
a. |
All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
b. |
Any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant’s internal control over
financial reporting. |
Date: August 14, 2023 |
|
|
|
/s/
Yehu Ofer |
|
Yehu Ofer |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
|
Exhibit
31.2
CERTIFICATION
PURSUANT TO
RULE
13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS
ADOPTED PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Tanya Yosef, certify that:
1. |
I have reviewed this Quarterly
Report on Form 10-Q for the period ended June 30, 2023, of Odysight.ai.Inc. |
|
|
2. |
Based on my knowledge,
this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not misleading with respect to the quarter end covered
by this report; |
|
|
3. |
Based on my knowledge,
the financial statements, and other financial information included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the registrant as of, and for, the quarter end presented in this report; |
|
|
4. |
The registrant’s
other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
and 15d-15(f)) for the registrant and have: |
a. |
Designed such disclosure
controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities,
particularly during the quarter end in which this report is being prepared; |
|
|
b. |
Designed such internal
control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision,
to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles; |
|
|
c. |
Evaluated the effectiveness
of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness
of the disclosure controls and procedures, as of the end of the quarter end covered by this report based on such evaluation; and |
|
|
d. |
Disclosed in this report
any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent
fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is
reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s
other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting,
to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the
equivalent functions): |
a. |
All significant deficiencies
and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely
affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
b. |
Any fraud, whether or not
material, that involves management or other employees who have a significant role in the registrant’s internal control over
financial reporting. |
Date: August 14, 2023 |
|
|
|
/s/ Tanya
Yosef |
|
Tanya Yosef |
|
Chief Financial Officer |
|
(Principal
Financial Officer) |
|
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Odysight.ai.Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2023,
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Yehu Ofer, Chief Executive Officer
of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that
to the best of my knowledge:
(1) |
The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
|
(2) |
The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/
Yehu Ofer |
|
Yehu Ofer |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
|
August 14, 2023
|
|
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Odysight.ai.Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2023,
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Tanya Yosef, Chief Financial Officer
of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that
to the best of my knowledge:
(1) |
The Report fully complies
with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
|
(2) |
The information contained
in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/
Tanya Yosef |
|
Tanya Yosef |
|
Chief Financial Officer |
|
(Principal Financial Officer) |
|
August 14, 2023 |
|
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 13, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
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Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
333-188920
|
|
Entity Registrant Name |
ODYSIGHT.AI
INC.
|
|
Entity Central Index Key |
0001577445
|
|
Entity Tax Identification Number |
47-4257143
|
|
Entity Incorporation, State or Country Code |
NV
|
|
Entity Address, Address Line One |
Suite
7A
|
|
Entity Address, Address Line Two |
Industrial Park
|
|
Entity Address, Address Line Three |
P.O.
Box 3030
|
|
Entity Address, City or Town |
Omer
|
|
Entity Address, Country |
IL
|
|
Entity Address, Postal Zip Code |
8496500
|
|
City Area Code |
972
|
|
Local Phone Number |
73 370-4691
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
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Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
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Entity Shell Company |
false
|
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Entity Common Stock, Shares Outstanding |
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10,436,684
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v3.23.2
Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
CURRENT ASSETS: |
|
|
Cash and cash equivalents |
$ 3,319
|
$ 10,099
|
Short terms deposits |
18,736
|
3,047
|
Accounts receivable |
158
|
60
|
Inventory |
724
|
630
|
Other current assets |
668
|
281
|
Total current assets |
23,605
|
14,117
|
NON-CURRENT ASSETS: |
|
|
Contract fulfillment assets |
1,376
|
1,495
|
Property and equipment, net |
513
|
648
|
Operating lease right-of-use assets |
653
|
307
|
Severance pay asset |
262
|
328
|
Total non-current assets |
2,804
|
2,778
|
TOTAL ASSETS |
26,409
|
16,895
|
CURRENT LIABILITIES: |
|
|
Accounts payable |
774
|
297
|
Contract liabilities - short term |
954
|
1,426
|
Operating lease liabilities - short term |
232
|
199
|
Accrued compensation expenses |
454
|
365
|
Other account payable |
522
|
214
|
Total current liabilities |
2,983
|
2,559
|
NON-CURRENT LIABILITIES: |
|
|
Contract liabilities - long term |
2,007
|
2,218
|
Operating lease liabilities - long term |
339
|
64
|
Liability for severance pay |
256
|
268
|
Other liabilities - long term |
28
|
|
Total non-current liabilities |
2,630
|
2,550
|
TOTAL LIABILITIES |
5,613
|
5,109
|
SHAREHOLDERS’ EQUITY: |
|
|
Common stock, $0.001 par value; 300,000,000 shares authorized as of June 30, 2023 and December 31, 2022, 10,436,684 and 7,121,737 shares issued and outstanding as of June 30, 2023 and December 31, 2022 , respectively |
10
|
7
|
Additional paid-in capital |
51,110
|
36,541
|
Accumulated deficit |
(30,324)
|
(24,762)
|
TOTAL SHAREHOLDERS’ EQUITY |
20,796
|
11,786
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
26,409
|
16,895
|
Related Party [Member] |
|
|
CURRENT LIABILITIES: |
|
|
Related parties |
$ 47
|
$ 58
|
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v3.23.2
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|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
300,000,000
|
300,000,000
|
Common stock, shares issued |
10,436,684
|
7,121,737
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10,436,684
|
7,121,737
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Interim Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
REVENUES |
$ 674
|
$ 370
|
$ 977
|
$ 372
|
COST OF REVENUES |
777
|
561
|
1,327
|
849
|
GROSS LOSS |
(103)
|
(191)
|
(350)
|
(477)
|
RESEARCH AND DEVELOPMENT EXPENSES |
1,355
|
1,021
|
2,753
|
1,975
|
SALES AND MARKETING EXPENSES |
493
|
203
|
669
|
446
|
GENERAL AND ADMINISTRATIVE EXPENSES |
1,168
|
1,166
|
2,126
|
2,452
|
OPERATING LOSS |
(3,119)
|
(2,581)
|
(5,898)
|
(5,350)
|
OTHER INCOME |
3
|
7
|
10
|
15
|
FINANCING INCOME (EXPENSES), NET |
240
|
(198)
|
326
|
(225)
|
NET LOSS |
$ (2,876)
|
$ (2,772)
|
$ (5,562)
|
$ (5,560)
|
Net loss per ordinary share (basic, USD) |
$ (0.28)
|
$ (0.39)
|
$ (0.63)
|
$ (0.78)
|
Net loss per ordinary share (diluted,USD) |
$ (0.28)
|
$ (0.39)
|
$ (0.63)
|
$ (0.78)
|
Weighted average ordinary shares (basic, in thousands) |
10,435
|
7,122
|
8,864
|
7,122
|
Weighted average ordinary shares (diluted, in thousands) |
10,435
|
7,122
|
8,864
|
7,122
|
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v3.23.2
Interim Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
$ 7
|
|
$ 34,903
|
|
$ (15,294)
|
$ 19,616
|
Balance, shares at Dec. 31, 2021 |
7,122
|
|
|
|
|
|
Stock based compensation |
|
|
1,457
|
|
|
1,457
|
Net loss |
|
|
|
|
(5,560)
|
(5,560)
|
Balance at Jun. 30, 2022 |
$ 7
|
|
36,360
|
|
(20,854)
|
15,513
|
Balance, shares at Jun. 30, 2022 |
7,122
|
|
|
|
|
|
Balance at Mar. 31, 2022 |
$ 7
|
|
35,675
|
|
(18,082)
|
17,600
|
Balance, shares at Mar. 31, 2022 |
7,122
|
|
|
|
|
|
Stock based compensation |
|
|
685
|
|
|
685
|
Net loss |
|
|
|
|
(2,772)
|
(2,772)
|
Balance at Jun. 30, 2022 |
$ 7
|
|
36,360
|
|
(20,854)
|
15,513
|
Balance, shares at Jun. 30, 2022 |
7,122
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 7
|
|
36,541
|
|
(24,762)
|
11,786
|
Balance, shares at Dec. 31, 2022 |
7,122
|
|
|
|
|
|
Stock based compensation |
|
|
685
|
|
|
685
|
Issuance of shares upon RSU vesting |
|
[1] |
|
[1] |
|
|
Balance, shares |
21
|
|
|
|
|
|
Issuance of shares and warrants |
$ 3
|
|
13,884
|
|
|
13,887
|
Balance, shares |
3,294
|
|
|
|
|
|
Net loss |
|
|
|
|
(5,562)
|
(5,562)
|
Balance at Jun. 30, 2023 |
$ 10
|
|
51,110
|
|
(30,324)
|
20,796
|
Balance, shares at Jun. 30, 2023 |
10,437
|
|
|
|
|
|
Balance at Mar. 31, 2023 |
$ 10
|
|
50,813
|
|
(27,448)
|
23,375
|
Balance, shares at Mar. 31, 2023 |
10,433
|
|
|
|
|
|
Stock based compensation |
|
|
337
|
|
|
337
|
Issuance of shares upon RSU vesting |
|
[1] |
|
[1] |
|
|
Balance, shares |
4
|
|
|
|
|
|
Net loss |
|
|
|
|
(2,876)
|
(2,876)
|
Issuance expenses |
|
|
(40)
|
|
|
(40)
|
Balance at Jun. 30, 2023 |
$ 10
|
|
$ 51,110
|
|
$ (30,324)
|
$ 20,796
|
Balance, shares at Jun. 30, 2023 |
10,437
|
|
|
|
|
|
|
|
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v3.23.2
Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
Net loss |
$ (2,876)
|
$ (2,772)
|
$ (5,562)
|
$ (5,560)
|
Adjustments to reconcile net loss to net cash used in operations: |
|
|
|
|
Depreciation |
37
|
53
|
192
|
103
|
Stock based compensation |
337
|
685
|
685
|
1,457
|
Severance pay asset and liability |
|
51
|
54
|
51
|
Profit from exchange differences from operating lease liability |
(13)
|
(40)
|
(22)
|
(50)
|
Loss from exchange differences on cash and cash equivalents |
49
|
286
|
53
|
327
|
Interest income in respect of deposits |
(231)
|
(10)
|
(189)
|
(23)
|
CHANGES IN OPERATING ASSET AND LIABILITY ITEMS: |
|
|
|
|
Increase in accounts receivable |
(97)
|
(85)
|
(98)
|
(91)
|
Increase in inventory |
(31)
|
(419)
|
(94)
|
(442)
|
Decrease (increase) in other current assets |
(104)
|
6
|
(387)
|
33
|
Decrease in contract fulfillment assets |
59
|
60
|
119
|
60
|
Decrease in ROU asset |
50
|
113
|
94
|
132
|
Increase in account payables |
409
|
82
|
477
|
206
|
Increase (decrease) in contract liabilities |
(455)
|
(181)
|
(683)
|
1,435
|
Decrease in operating lease liability |
(62)
|
(109)
|
(110)
|
(125)
|
Increase in accrued compensation expenses |
152
|
1
|
89
|
21
|
Increase (decrease) in related parties |
39
|
|
(11)
|
(17)
|
Increase in other account payable |
128
|
105
|
310
|
85
|
Net cash flows used in operating activities |
(2,609)
|
(2,174)
|
(5,083)
|
(2,398)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
|
Purchase of property and equipment |
(42)
|
(18)
|
(57)
|
(42)
|
Withdrawal of short terms deposits |
|
5,000
|
3,000
|
5,000
|
Investment in short term deposits |
(3,500)
|
(3,500)
|
(18,500)
|
(3,500)
|
Net cash flows provided by (used in) investing activities |
(3,542)
|
1,482
|
(15,557)
|
1,458
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
|
Proceeds from issuance of shares and warrants |
(64)
|
|
13,913
|
|
Net cash flows provided by used in financing activities |
(64)
|
|
13,913
|
|
DECREASE IN CASH AND CASH EQUIVALENTS |
(6,215)
|
(692)
|
(6,727)
|
(940)
|
LOSS FROM EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS |
(49)
|
(286)
|
(53)
|
(327)
|
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD |
9,583
|
8,292
|
10,099
|
8,581
|
BALANCE OF CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD |
3,319
|
7,314
|
3,319
|
7,314
|
Non cash activities |
|
|
|
|
Unpaid issuance expenses |
(24)
|
|
26
|
|
Right-of-use assets obtained in exchange for operating lease liabilities |
382
|
$ 35
|
465
|
81
|
Termination of right-of-use assets in exchange for cancellation of operating lease obligations |
$ (25)
|
|
$ (25)
|
|
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v3.23.2
GENERAL
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GENERAL |
NOTE
1 – GENERAL:
|
a. |
Odysight.ai.Inc
(the “Company”), formerly known as ScoutCam Inc., was
incorporated under the laws of the State of Nevada on March 22, 2013. Prior to the closing
of the Exchange Agreement (as defined below), the Company was a non-operating “shell
company”.
The
Company’s wholly owned subsidiary, Odysight.ai Ltd (“Odysight.ai”.), formerly known as ScoutCam Ltd., was formed in
the State of Israel on January 3, 2019, as a wholly-owned subsidiary of Medigus Ltd. (“Medigus”), an Israeli company traded
on the Nasdaq Capital Market, and commenced operations on March 1, 2019.
In
December 2019, Medigus and Odysight.ai consummated an asset transfer agreement, under which Medigus transferred and assigned certain
assets and intellectual property rights related to its miniaturized imaging business to Odysight.ai.
On
December 30, 2019, the Company and Medigus consummated a securities exchange agreement (the “Exchange Agreement”), pursuant
to which Medigus delivered 100% of its holdings in Odysight.ai to the Company in exchange for shares of the Company’s common stock
representing 60% of the issued and outstanding share capital of the Company immediately upon the consummation of the Exchange Agreement.
During
2020 - 2023 Medigus has decreased its holdings in the Company such that as of March 31, 2023, Medigus owned 18.45% of the Company’s
outstanding common stock.
On
June 1, 2023, Medigus sold all its holdings in the Company to existing shareholders and to Chairman of the Board and CEO of the Company.
On
June 5, 2023, the Company filed with the Nevada Secretary of State a Certificate of Amendment to the Registrant’s Articles of Incorporation
to change its name from “ScoutCam Inc.” to “Odysight.ai Inc.”, effective June 5, 2023.
The Company, through Odysight.ai, is engaged in the
development, production and marketing of Predictive Maintenance (PdM) and Condition Based Monitoring (CBM) technologies, providing visual
sensing and AI-based video analytics solutions for systems in the aviation, maritime, industrial non-destructing-testing industries,
transportation, and energy industries. Some of the Company’s products utilize micro visualization technology in medical devices
for minimally invasive medical procedures.
|
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1 – GENERAL (continued):
|
b. |
Since
incorporation of Odysight.ai and through June 30, 2023, the Company accumulated a deficit of approximately $30.3 million and its
activities have been funded mainly by its shareholders. The Company’s management believes the Company’ cash and cash
resources will allow the Company to fund its operating plan through at least the next 12 months from the filing date of these Interim
Condensed Consolidated Financial Statements. However, the Company expects to continue to incur significant research and development
and other costs related to its ongoing operations, requiring the Company to obtain additional funding in order to continue its future
operations until becoming profitable. |
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
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v3.23.2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
a. Unaudited Interim Financial Statements
The
accompanying unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting
principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities
and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair
presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). For further information,
reference is made to the consolidated financial statements and footnotes thereto included in the Group’s Annual Report on Form
10-K for the year ended December 31, 2022.
b. Principles of Consolidation
The
accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany
balances and transactions have been eliminated in consolidation.
c. Use of estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenue and expenses during the reporting period. The Company evaluates on an ongoing basis its
assumptions, including those related to contingencies, deferred taxes, inventory impairment, stock-based compensation, as well as in
estimates used in applying the revenue recognition policy. Actual results may differ from those estimates.
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (continued):
d. Significant Accounting Policies
The
significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are
identical to those applied in the preparation of the latest annual financial statements.
e. Recent Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect
on the Group’s condensed consolidated financial statements.
|
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v3.23.2
LEASES
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
LEASES |
NOTE
3 – LEASES:
In
December 2020, Odysight.ai entered into a lease agreement for office space in Omer, Israel (“original space”), with the 36-month term for such agreement beginning on January 1, 2021. In March 2021, Odysight.ai entered into a lease agreement for additional office space
in Omer, Israel (“additional space”), with the term for such agreement is ending December 31, 2023.
On June 25, 2023,
Odysight.ai entered into an amendment to these agreements, pursuant to which the lease for the additional office space will be shortened
and end on June 30, 2023 and the lease for original space will be extended for an additional five years until December 31, 2028. It was
also agreed that Odysight.ai has an option to terminate the agreement for the original space after three years.
Monthly
lease payments under the agreement for the original space are approximately $7
thousand.
In
December 2022, Odysight.ai
entered into a lease agreement for office space in Ramat Gan, Israel. The agreement is for 12 months beginning on December 14, 2022
and the Company has an option to extend the lease period for an additional one year. The Company does not expect to extend the
lease period. Therefore, the Company has elected to use the practical expedient
regarding short-term leases. Monthly lease payments under the agreement are $3
thousand.
Supplemental
cash flow information related to operating leases was as follows:
SCHEDULE
OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO OPERATING LEASES
| |
June
30, 2023 | |
|
|
June 30, 2022 |
|
| |
Six months ended |
|
| |
June
30, 2023 | |
|
|
June 30, 2022 |
|
| |
| USD in thousands |
|
Cash paid for amounts included
in the measurement of lease liabilities: | |
| | |
|
|
|
|
Operating
cash flows from operating leases | |
| 119 | |
|
|
136 |
|
As
of June 30, 2023, the Company’s operating leases had a weighted average remaining lease term of 0.9 years and a weighted average
discount rate of 6%.
Future lease payments under operating leases as of June 30, 2023 were as follows:
SCHEDULE
OF MATURITIES LEASE LIABILITIES UNDER OPERATING LEASES
| |
Operating
leases | |
| |
USD
in thousands | |
Remainder of 2023 | |
| 120 | |
2024 | |
| 231 | |
2025 | |
| 188 | |
2026 | |
| 83 | |
Total future lease payments | |
| 622 | |
Less
imputed interest | |
| (51 | ) |
Total
lease liability balance | |
| 571 | |
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
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v3.23.2
EQUITY
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
EQUITY |
NOTE
4 – EQUITY:
|
a. |
Private
Placement
On
March 16, 2023, the Company consummated a Stock Purchase Agreements for a private placement with (i) Moshe Arkin through his
individual retirement account and (ii) The Phoenix Insurance Company Ltd. and Shotfut Menayot Israel – Phoenix Amitim, in
connection with the sale and issuance of an aggregated amount of 3,294,117
units (collectively, the “Units”), at a purchase price of $4.25
per Unit, and for an aggregated purchase price of $14,000,000.
Each Unit consists of: (i) one share of the Company’s common stock with par value of $0.001
per share (the “Common Stock”) and (ii) one warrant to purchase one share of Common Stock with an exercise price of
$5.50
(the “Warrants”). The Warrants are immediately exercisable and will expire three
years from the date of issuance and will be subject to customary adjustments. |
Warrants:
As
of June 30, 2023, the Company had the following outstanding warrants to purchase common stock:
SCHEDULE
OF STOCK WARRANTS OUTSTANDING TO PURCHASE COMMON STOCK
| | |
| | |
| | |
| | |
Number
of | |
| | |
| | |
| | |
| | |
Shares
of | |
| | |
| | |
| | |
Exercise
Price | | |
common
stock | |
| | |
Issuance | | |
Expiration | | |
Per
Share | | |
Underlying | |
Warrant | | |
Date | | |
Date | | |
($) | | |
Warrants | |
| | |
| | |
| | |
| | |
| |
March 2021 Warrant | | |
| March
29, 2021 | | |
| March
31, 2026 | | |
| 10.35 | | |
| 2,469,156 | |
March
2023 Warrant | | |
| March
27, 2023 | | |
| March
26, 2026 | | |
| 5.50 | | |
| 3,294,117 | |
| | |
| | | |
| | | |
| | | |
| 5,763,273 | |
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
4 – EQUITY (continued):
|
b. |
Stock-based compensation to employees, directors and
service providers: |
In
February 2020, the Company’s Board of Directors approved the 2020 Share Incentive Plan (the “Plan”).
The
Plan initially included a pool of 580,890 shares of common stock for grant to Company employees, consultants, directors and other service
providers. On March 15, 2020, the Company’s Board of Directors approved an increase to the option pool pursuant to the Plan by
an additional 64,099 shares of common stock. On June 22, 2020, the Company’s Board of Directors approved an increase to the option
pool pursuant to the Plan by an additional 401,950 shares of common stock. During the second quarter of 2021, the Company’s Board
of Directors approved an increase to the option pool pursuant to the Plan by an additional 777,778 shares of common stock. During the
first quarter of 2023, the Company’s Board of Directors approved an increase to the option pool pursuant to the Plan by an additional
1,000,000 shares of common stock.
The
Plan is designed to enable the Company to grant options to purchase shares of common stock and RSUs under various and different tax regimes
including, without limitation: (i) pursuant and subject to Section 102 of the Israeli Tax Ordinance or any provision which may amend
or replace it and any regulations, rules, orders or procedures promulgated thereunder and to designate them as either grants made through
a trustee or not through a trustee; and (ii) pursuant and subject to Section 3 (i) of the Israeli Tax Ordinance.
Stock
option activity
During
the six months ended June 30, 2023, the Company granted 57,000 options pursuant to the Plan.
The
fair value of each option was estimated as of the date of grant or reporting period using the Black-Scholes option-pricing model, using
the following assumptions:
SCHEDULE
OF SHARE-BASED PAYMENT, STOCK OPTIONS, VALUATION ASSUMPTIONS
| |
Six
months ended | |
| |
June
30, 2023 | |
Underlying value of ordinary shares
($) | |
| 5 | |
Exercise price ($) | |
| 4.5 | |
Expected volatility (%) | |
| 37.5 | % |
Term of the options (years) | |
| 7 | |
Risk-free interest rate | |
| 3.94 | % |
The
cost of the benefit embodied in the options granted during the six months ended June 30, 2023, based on their fair value as of the grant
date, is estimated to be approximately $142 thousand. These amounts will be recognized in the statements of operations and comprehensive
income over the vesting period.
The
following table summarizes stock option activity for the six months ended June 30, 2023:
SCHEDULE
OF STOCK OPTION ACTIVITY
| | |
For
the | |
| | |
Six
months ended | |
| | |
June
30, 2023 | |
| | |
| | |
Weighted | |
| | |
| | |
average | |
| | |
Amount
of | | |
exercise | |
| | |
options | | |
price | |
| | |
| | | |
| $ | |
Outstanding at
beginning of period | | |
| 1,560,040 | | |
| 3.64 | |
Granted | | |
| 57,000 | | |
| 4.50 | |
Fortfeited | | |
| (20,365 | ) | |
| 3.47 | |
| | |
| | | |
| | |
Outstanding
at end of period | | |
| 1,596,675 | | |
| 3.68 | |
| | |
| | | |
| | |
Vested
at end of period | | |
| 978,486 | | |
| 3.11 | |
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
4 – EQUITY (continued):
Restricted
stock unit (“RSU”) activity
Each
RSU will vest based on continued service which is generally over three years. The grant date fair value of the award will be recognized
as stock-based compensation expense over the requisite service period. The fair value of restricted stock units was estimated on the
date of grant based on the fair value of the Company’s common stock.
The
following table summarizes RSU activity for the three months ended June 30, 2023:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
For
the | |
| |
Six
months ended | |
| |
June
30, 2023 | |
| |
| | |
Weighted
Average | |
| |
Amount
of | | |
Grant
Date Fair Value | |
| |
RSUs | | |
per
Share | |
| |
| | | |
| $ | |
Outstanding at beginning of period | |
| 50,000 | | |
| 6.32 | |
Vested | |
| (20,830 | ) | |
| 6.32 | |
Unvested
and Outstanding at end of period | |
| 29,170 | | |
| 6.32 | |
The
following table sets forth the total stock-based payment expenses resulting from options granted, included in the statements of operation
and comprehensive income:
SCHEDULE
OF TOTAL SHARE-BASED PAYMENT EXPENSES
| |
Six
months ended | |
| |
June
30, 2023 | |
| |
USD in thousands | |
Cost of revenues | |
| 5 | |
Research and development | |
| 265 | |
Sales and marketing expenses | |
| 62 | |
General
and administrative | |
| 353 | |
Total
expenses | |
| 685 | |
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.23.2
REVENUES
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
REVENUES |
NOTE
5 – REVENUES:
|
|
Disaggregation
of revenue |
SCHEDULE OF DISAGGREGATION OF REVENUE
| |
2023 | | |
2022 | |
| |
Six
months ended | |
| |
June
30, 2023 | |
| |
2023 | | |
2022 | |
| |
USD
in thousands | |
Development Services
(*) | |
| 211 | | |
| 106 | |
Products | |
| 766 | | |
| 266 | |
Revenue | |
| 977 | | |
| 372 | |
|
(*) |
During
the second quarter of 2022, the Company completed the development of the product relating to a customer-specific project for a Fortune
500 multinational healthcare corporation and moved from the development phase of the project to its production phase. As a result,
during the six months ended June 2023, the Company recognized development services revenues and related development costs that had
been previously deferred, in the amount of $211 thousand. The amount was recognized based on the expected manufacturing term of
the product, which the Company estimates at seven years. |
|
|
|
|
|
In addition, following the commencement of the production
phase, the Company recognized product revenues of $722
thousand during the six months ended June 2023 from the sale of units of the product developed in the context of these development
services. |
Contract
fulfillment assets and Contract liabilities:
The
Company’s contract fulfillment assets and contract liabilities as of June 30, 2023 and December 31, 2022 were as follows:
SCHEDULE
OF CONTRACT FULFILLMENT ASSETS AND CONTRACT LIABILITIES
| |
June
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
| |
USD
in thousands | |
Contract fulfillment
assets | |
| 1,376 | | |
| 1,495 | |
Contract liabilities | |
| 2,961 | | |
| 3,644 | |
Contract
liabilities include advance payments, which are primarily related to advanced billings for development services.
The
change in contract fulfillment assets:
| |
June
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
| |
USD
in thousands | |
Balance at beginning
of year | |
| 1,495 | | |
| 1,675 | |
Contract
costs recognized during the period | |
| (119 | ) | |
| (180 | ) |
Balance at end of year | |
| 1,376 | | |
| 1,495 | |
The
change in contract liabilities:
| |
June
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
| |
USD
in thousands | |
Balance at beginning
of year | |
| 3,644 | | |
| 2,420 | |
Deferred revenue relating
to new sales | |
| - | | |
| 1,613 | |
Revenue
recognized during the year | |
| (683 | ) | |
| (389 | ) |
Balance at end of year | |
| 2,961 | | |
| 3,644 | |
Remaining
Performance Obligations
Remaining
Performance Obligations (“RPO”) represents contracted revenue that has not yet been recognized, which includes deferred revenue
and amounts that will be invoiced and recognized as revenue in future periods. As of June 30, 2023, the total RPO amounted to $2.9 million,
which the Company expects to recognize over the expected manufacturing term of the product.
NOTE
6 – ODYSIGHT.AI INC. (Formerly known as ScoutCam Inc.)
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
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v3.23.2
INVENTORY
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
INVENTORY |
NOTE
6 - INVENTORY:
Composed
as follows:
SCHEDULE
OF INVENTORY
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
USD in thousands | |
Raw materials and supplies | |
| 563 | | |
| 438 | |
Work in progress | |
| 42 | | |
| 148 | |
Finished goods | |
| 119 | | |
| 44 | |
Inventory Net | |
| 724 | | |
| 630 | |
During
the period ended June 30, 2023, no impairment occurred.
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v3.23.2
LOSS PER SHARE
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
LOSS PER SHARE |
NOTE
7 – LOSS PER SHARE
Basic
loss per share is computed by dividing net loss attributable to ordinary shareholders of the Company by the weighted average number of
ordinary shares as described below.
In
computing the Company’s diluted loss per share, the numerator used in the basic loss per share computation is adjusted for the
dilutive effect, if any, of the Company’s potential shares of common stock. The denominator for diluted loss per share is a computation
of the weighted-average number of ordinary shares and the potential dilutive ordinary shares outstanding during the period.
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v3.23.2
RELATED PARTIES
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
RELATED PARTIES |
NOTE
8 – RELATED PARTIES
a. Balances with related parties:
SCHEDULE
OF BALANCES WITH RELATED PARTIES
| |
June 30 ,
2023 | | |
December 31,
2022 | |
| |
USD in thousands | |
Directors (directors’ accrued compensation) | |
| 38 | | |
| 48 | |
Smartec R&D Ltd. (see b below) | |
| 9 | | |
| 10 | |
Related parties | |
| 47 | | |
| 58 | |
|
b. |
During six months ended June 30, 2023 the Company received
development services from Smartec R&D Ltd., a company owned by the Company’s CTO. |
Total
compensation during the six months ended June 30, 2023 and June 30, 2022 were approximately $29 thousands and $55 thousands, respectively.
|
X |
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE 9 - COMMITMENTS
AND CONTINGENCIES
The
Company received approval from the Israel Innovation Authority (previously the Office of the Chief Scientist), (the
“IIA”) to support and enhance the Company’s production line and capabilities in the next 12 months until May 2024. Pursuant
to the agreement with the IIA relating to the program, the Company has to pay royalties of 3% to the IIA up to the amount IIA
funding received and the accrued interest repayment
of the grant is contingent upon the Company successfully completing its enhancement plans and generating sales from the enhancements
preformed. The Company has no obligation to repay these grants if its enhancement plans are not completed or aborted or if it
generates no sales. The Company had not yet started the enhancement plan as of June 30, 2023.
On
June 12, 2023, the Company received an advance from the IIA in the amount of NIS 357 thousand (approximately $96 thousand), which was
recorded as a short term liability in the other account payable account, since the Company may need to repay this advance to IIA in case
its enhancement plans will not be completed or aborted.
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
10 – SUBSEQUENT EVENTS
The Company evaluated
subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued.
The Company identified no subsequent events as of the date that the financial statements were issued.
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v3.23.2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Unaudited Interim Financial Statements |
a. Unaudited Interim Financial Statements
The
accompanying unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting
principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities
and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair
presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). For further information,
reference is made to the consolidated financial statements and footnotes thereto included in the Group’s Annual Report on Form
10-K for the year ended December 31, 2022.
|
Principles of Consolidation |
b. Principles of Consolidation
The
accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany
balances and transactions have been eliminated in consolidation.
|
Use of estimates |
c. Use of estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenue and expenses during the reporting period. The Company evaluates on an ongoing basis its
assumptions, including those related to contingencies, deferred taxes, inventory impairment, stock-based compensation, as well as in
estimates used in applying the revenue recognition policy. Actual results may differ from those estimates.
ODYSIGHT.AI
INC. (Formerly known as ScoutCam Inc.)
NOTES
TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOTE
2 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (continued):
|
Significant Accounting Policies |
d. Significant Accounting Policies
The
significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are
identical to those applied in the preparation of the latest annual financial statements.
|
Recent Accounting Pronouncements |
e. Recent Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect
on the Group’s condensed consolidated financial statements.
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v3.23.2
LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO OPERATING LEASES |
Supplemental
cash flow information related to operating leases was as follows:
SCHEDULE
OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO OPERATING LEASES
| |
June
30, 2023 | |
|
|
June 30, 2022 |
|
| |
Six months ended |
|
| |
June
30, 2023 | |
|
|
June 30, 2022 |
|
| |
| USD in thousands |
|
Cash paid for amounts included
in the measurement of lease liabilities: | |
| | |
|
|
|
|
Operating
cash flows from operating leases | |
| 119 | |
|
|
136 |
|
|
SCHEDULE OF MATURITIES LEASE LIABILITIES UNDER OPERATING LEASES |
SCHEDULE
OF MATURITIES LEASE LIABILITIES UNDER OPERATING LEASES
| |
Operating
leases | |
| |
USD
in thousands | |
Remainder of 2023 | |
| 120 | |
2024 | |
| 231 | |
2025 | |
| 188 | |
2026 | |
| 83 | |
Total future lease payments | |
| 622 | |
Less
imputed interest | |
| (51 | ) |
Total
lease liability balance | |
| 571 | |
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v3.23.2
EQUITY (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
SCHEDULE OF STOCK WARRANTS OUTSTANDING TO PURCHASE COMMON STOCK |
As
of June 30, 2023, the Company had the following outstanding warrants to purchase common stock:
SCHEDULE
OF STOCK WARRANTS OUTSTANDING TO PURCHASE COMMON STOCK
| | |
| | |
| | |
| | |
Number
of | |
| | |
| | |
| | |
| | |
Shares
of | |
| | |
| | |
| | |
Exercise
Price | | |
common
stock | |
| | |
Issuance | | |
Expiration | | |
Per
Share | | |
Underlying | |
Warrant | | |
Date | | |
Date | | |
($) | | |
Warrants | |
| | |
| | |
| | |
| | |
| |
March 2021 Warrant | | |
| March
29, 2021 | | |
| March
31, 2026 | | |
| 10.35 | | |
| 2,469,156 | |
March
2023 Warrant | | |
| March
27, 2023 | | |
| March
26, 2026 | | |
| 5.50 | | |
| 3,294,117 | |
| | |
| | | |
| | | |
| | | |
| 5,763,273 | |
|
SCHEDULE OF SHARE-BASED PAYMENT, STOCK OPTIONS, VALUATION ASSUMPTIONS |
The
fair value of each option was estimated as of the date of grant or reporting period using the Black-Scholes option-pricing model, using
the following assumptions:
SCHEDULE
OF SHARE-BASED PAYMENT, STOCK OPTIONS, VALUATION ASSUMPTIONS
| |
Six
months ended | |
| |
June
30, 2023 | |
Underlying value of ordinary shares
($) | |
| 5 | |
Exercise price ($) | |
| 4.5 | |
Expected volatility (%) | |
| 37.5 | % |
Term of the options (years) | |
| 7 | |
Risk-free interest rate | |
| 3.94 | % |
|
SCHEDULE OF STOCK OPTION ACTIVITY |
The
following table summarizes stock option activity for the six months ended June 30, 2023:
SCHEDULE
OF STOCK OPTION ACTIVITY
| | |
For
the | |
| | |
Six
months ended | |
| | |
June
30, 2023 | |
| | |
| | |
Weighted | |
| | |
| | |
average | |
| | |
Amount
of | | |
exercise | |
| | |
options | | |
price | |
| | |
| | | |
| $ | |
Outstanding at
beginning of period | | |
| 1,560,040 | | |
| 3.64 | |
Granted | | |
| 57,000 | | |
| 4.50 | |
Fortfeited | | |
| (20,365 | ) | |
| 3.47 | |
| | |
| | | |
| | |
Outstanding
at end of period | | |
| 1,596,675 | | |
| 3.68 | |
| | |
| | | |
| | |
Vested
at end of period | | |
| 978,486 | | |
| 3.11 | |
|
SCHEDULE OF TOTAL SHARE-BASED PAYMENT EXPENSES |
The
following table sets forth the total stock-based payment expenses resulting from options granted, included in the statements of operation
and comprehensive income:
SCHEDULE
OF TOTAL SHARE-BASED PAYMENT EXPENSES
| |
Six
months ended | |
| |
June
30, 2023 | |
| |
USD in thousands | |
Cost of revenues | |
| 5 | |
Research and development | |
| 265 | |
Sales and marketing expenses | |
| 62 | |
General
and administrative | |
| 353 | |
Total
expenses | |
| 685 | |
|
Restricted Stock [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
SCHEDULE OF STOCK OPTION ACTIVITY |
The
following table summarizes RSU activity for the three months ended June 30, 2023:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
For
the | |
| |
Six
months ended | |
| |
June
30, 2023 | |
| |
| | |
Weighted
Average | |
| |
Amount
of | | |
Grant
Date Fair Value | |
| |
RSUs | | |
per
Share | |
| |
| | | |
| $ | |
Outstanding at beginning of period | |
| 50,000 | | |
| 6.32 | |
Vested | |
| (20,830 | ) | |
| 6.32 | |
Unvested
and Outstanding at end of period | |
| 29,170 | | |
| 6.32 | |
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v3.23.2
REVENUES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
SCHEDULE OF DISAGGREGATION OF REVENUE |
SCHEDULE OF DISAGGREGATION OF REVENUE
| |
2023 | | |
2022 | |
| |
Six
months ended | |
| |
June
30, 2023 | |
| |
2023 | | |
2022 | |
| |
USD
in thousands | |
Development Services
(*) | |
| 211 | | |
| 106 | |
Products | |
| 766 | | |
| 266 | |
Revenue | |
| 977 | | |
| 372 | |
|
(*) |
During
the second quarter of 2022, the Company completed the development of the product relating to a customer-specific project for a Fortune
500 multinational healthcare corporation and moved from the development phase of the project to its production phase. As a result,
during the six months ended June 2023, the Company recognized development services revenues and related development costs that had
been previously deferred, in the amount of $211 thousand. The amount was recognized based on the expected manufacturing term of
the product, which the Company estimates at seven years. |
|
|
|
|
|
In addition, following the commencement of the production
phase, the Company recognized product revenues of $722
thousand during the six months ended June 2023 from the sale of units of the product developed in the context of these development
services. |
|
SCHEDULE OF CONTRACT FULFILLMENT ASSETS AND CONTRACT LIABILITIES |
The
Company’s contract fulfillment assets and contract liabilities as of June 30, 2023 and December 31, 2022 were as follows:
SCHEDULE
OF CONTRACT FULFILLMENT ASSETS AND CONTRACT LIABILITIES
| |
June
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
| |
USD
in thousands | |
Contract fulfillment
assets | |
| 1,376 | | |
| 1,495 | |
Contract liabilities | |
| 2,961 | | |
| 3,644 | |
Contract
liabilities include advance payments, which are primarily related to advanced billings for development services.
The
change in contract fulfillment assets:
| |
June
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
| |
USD
in thousands | |
Balance at beginning
of year | |
| 1,495 | | |
| 1,675 | |
Contract
costs recognized during the period | |
| (119 | ) | |
| (180 | ) |
Balance at end of year | |
| 1,376 | | |
| 1,495 | |
The
change in contract liabilities:
| |
June
30, | | |
December
31, | |
| |
2023 | | |
2022 | |
| |
USD
in thousands | |
Balance at beginning
of year | |
| 3,644 | | |
| 2,420 | |
Deferred revenue relating
to new sales | |
| - | | |
| 1,613 | |
Revenue
recognized during the year | |
| (683 | ) | |
| (389 | ) |
Balance at end of year | |
| 2,961 | | |
| 3,644 | |
|
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v3.23.2
INVENTORY (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORY |
Composed
as follows:
SCHEDULE
OF INVENTORY
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
| |
USD in thousands | |
Raw materials and supplies | |
| 563 | | |
| 438 | |
Work in progress | |
| 42 | | |
| 148 | |
Finished goods | |
| 119 | | |
| 44 | |
Inventory Net | |
| 724 | | |
| 630 | |
|
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v3.23.2
RELATED PARTIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
SCHEDULE OF BALANCES WITH RELATED PARTIES |
a. Balances with related parties:
SCHEDULE
OF BALANCES WITH RELATED PARTIES
| |
June 30 ,
2023 | | |
December 31,
2022 | |
| |
USD in thousands | |
Directors (directors’ accrued compensation) | |
| 38 | | |
| 48 | |
Smartec R&D Ltd. (see b below) | |
| 9 | | |
| 10 | |
Related parties | |
| 47 | | |
| 58 | |
|
b. |
During six months ended June 30, 2023 the Company received
development services from Smartec R&D Ltd., a company owned by the Company’s CTO. |
Total
compensation during the six months ended June 30, 2023 and June 30, 2022 were approximately $29 thousands and $55 thousands, respectively.
|
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v3.23.2
LEASES (Details Narrative) - USD ($) $ in Thousands |
1 Months Ended |
6 Months Ended |
Dec. 31, 2022 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Operating lease payments |
|
|
|
$ 119
|
$ 136
|
Operating lease, weighted average remaining lease term |
|
|
|
10 months 24 days
|
|
Operating lease, weighted average discount rate, percent |
|
|
|
6.00%
|
|
Lease Agreement [Member] |
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
Operating lease description |
Odysight.ai
entered into a lease agreement for office space in Ramat Gan, Israel. The agreement is for 12 months beginning on December 14, 2022
and the Company has an option to extend the lease period for an additional one year. The Company does not expect to extend the
lease period
|
In March 2021, Odysight.ai entered into a lease agreement for additional office space
in Omer, Israel (“additional space”), with the term for such agreement is ending December 31, 2023
|
Odysight.ai entered into a lease agreement for office space in Omer, Israel (“original space”), with the 36-month term for such agreement beginning on January 1, 2021
|
|
|
Operating lease payments |
$ 3
|
|
$ 7
|
|
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v3.23.2
SCHEDULE OF STOCK WARRANTS OUTSTANDING TO PURCHASE COMMON STOCK (Details)
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Warrant March 2021 [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Warrant issuance date |
Mar. 29, 2021
|
Warrant expiration date |
Mar. 31, 2026
|
Warrant exercise price per share | $ / shares |
$ 10.35
|
Number of shares of common stock underlying warrants |
2,469,156
|
Warrant March 2023 [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Warrant issuance date |
Mar. 27, 2023
|
Warrant expiration date |
Mar. 26, 2026
|
Warrant exercise price per share | $ / shares |
$ 5.50
|
Number of shares of common stock underlying warrants |
3,294,117
|
Warrant [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Number of shares of common stock underlying warrants |
5,763,273
|
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v3.23.2
SCHEDULE OF STOCK OPTION ACTIVITY (Details)
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Options, Outstanding at beginning of period | shares |
1,560,040
|
Weighted average exercise price, Outstanding at beginning of period | $ / shares |
$ 3.64
|
Options, outstanding, granted | shares |
57,000
|
Weighted average exercise price, Granted | $ / shares |
$ 4.50
|
Options, Cancelled | shares |
(20,365)
|
Weighted average exercise price, Cancelled | $ / shares |
$ 3.47
|
Options, Outstanding at ending of period | shares |
1,596,675
|
Weighted average exercise price, Outstanding at end of period | $ / shares |
$ 3.68
|
Options, outstanding, vested | shares |
978,486
|
Weighted average exercise price, Vested at end of period | $ / shares |
$ 3.11
|
Restricted Stock Units (RSUs) [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Options, Outstanding at beginning of period | shares |
50,000
|
Options, Outstanding at ending of period | shares |
29,170
|
Weighted average grant date fair value per share, begining of period | $ / shares |
$ 6.32
|
Options, outstanding, vested | shares |
(20,830)
|
Weighted average grant date fair value per share,vested | $ / shares |
$ 6.32
|
Weighted average grant date fair value per share, unvested and outstanding ending balance | $ / shares |
$ 6.32
|
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EQUITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Mar. 16, 2023 |
Jun. 22, 2020 |
Mar. 15, 2020 |
Feb. 29, 2020 |
Mar. 31, 2023 |
Jun. 30, 2021 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Common stock par value, per share |
|
|
|
|
|
|
$ 0.001
|
$ 0.001
|
Options grant during the period |
|
|
|
|
|
|
57,000
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Options grant date fair value |
|
|
|
|
|
|
$ 142
|
|
2020 Share Incentive Plan [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Options grant during the period |
|
|
|
|
|
|
57,000
|
|
2020 Share Incentive Plan [Member] | Employees, Consultants, Directors and Other Service Providers [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Options grant during the period |
|
401,950
|
|
580,890
|
|
|
|
|
2020 Share Incentive Plan [Member] | Board of Directors [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Options grant during the period |
|
|
64,099
|
|
1,000,000
|
777,778
|
|
|
Stock Purchase Agreements [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Issuance of units |
3,294,117
|
|
|
|
|
|
|
|
Purchase price |
$ 4.25
|
|
|
|
|
|
|
|
Aggregate purchase price |
$ 14,000,000
|
|
|
|
|
|
|
|
Stock Purchase Agreements [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Common stock par value, per share |
$ 0.001
|
|
|
|
|
|
|
|
Stock Purchase Agreements [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
Exercise price |
$ 5.50
|
|
|
|
|
|
|
|
Warrant exercisable term |
3 years
|
|
|
|
|
|
|
|
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SCHEDULE OF CONTRACT FULFILLMENT ASSETS AND CONTRACT LIABILITIES (Details) - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] |
|
|
Contract fulfillment assets |
$ 1,376
|
$ 1,495
|
Contract liabilities |
2,961
|
3,644
|
Balance at beginning of year |
1,495
|
1,675
|
Contract costs recognized during the period |
(119)
|
(180)
|
Balance at end of year |
1,376
|
1,495
|
Balance at beginning of year |
3,644
|
2,420
|
Deferred revenue relating to new sales |
|
1,613
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Revenue recognized during the year |
(683)
|
(389)
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Balance at end of year |
$ 2,961
|
$ 3,644
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