wearabledevices@imsinvestorrelations.com
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
---------------------------------------------------------- ------------
U.S. dollars (in thousands)
June 30, December 31,
2024 2023
--------- ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 3,103 810
Short-term bank deposits 57 4,045
Account receivable 47 -
Governmental grant receivable 7 108
Other receivables and prepaid expenses 306 757
Inventories 1,218 1,032
--------- ------------
TOTAL CURRENT ASSETS 4,738 6,752
--------- ------------
NON-CURRENT ASSETS:
Long-term bank deposits - 54
Right-of-use assets 458 592
Property and equipment, net 176 194
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TOTAL NON-CURRENT ASSETS 634 840
--------- ------------
TOTAL ASSETS 5,372 7,592
========= ============
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
----------------------------------------------- -------- ------------
U.S. dollars (in thousands)
June 30, December 31,
2024 2023
-------- ------------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payables 175 410
Advance payments 101 312
Accrued payroll and other employment related
accruals 641 579
Convertible promissory note 1,934 -
Accrued expenses 386 190
Lease liabilities 296 297
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TOTAL CURRENT LIABILITIES 3,533 1,788
-------- ------------
Lease liabilities 144 278
-------- ------------
TOTAL LIABILITIES 3,677 2,066
======== ============
SHAREHOLDERS' EQUITY
Ordinary shares, NIS 0.01 par value:
Authorized 50,000,000 as of June 30, 2024
and December 31, 2023; issued and
outstanding 20,887,428 shares as of June
30, 2024 and 20,387,428 shares as of
December 31, 2023 58 57
Additional paid-in capital 27,070 26,692
Accumulated losses (25,433) (21,223)
-------- ------------
TOTAL SHAREHOLDERS' EQUITY 1,695 5,526
-------- ------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 5,372 7,592
======== ============
INTERIM CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE LOSS (UNAUDITED)
-----------------------------------------
U.S. dollars (in thousands)
Six months
Six months ended ended
June 30, June 30,
2024 2023
---------------- ----------
U.S. dollars
in thousands
(except per share amounts)
----------------------------
Revenues 394 12
Expenses:
Cost of revenues (315) (3)
Research and development, net (1,616) (1,560)
Sales and marketing expenses (1,083) (1,050)
General and administrative expenses (1,601) (1,453)
---------------- ----------
OPERATING LOSS (4,221) (4,054)
FINANCING INCOME, NET 11 158
---------------- ----------
NET LOSS AND TOTAL COMPREHENSIVE LOSS (4,210) (3,896)
================ ==========
Net loss per ordinary share, basic and
diluted (0.21) (0.26)
================ ==========
Weighted average number of ordinary shares
outstanding basic and diluted 20,392,984 15,254,457
================ ==========
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS (UNAUDITED) U.S. dollars (in
thousands)
------------------------------------------------ -------- --- --------
Six months ended
June 30,
-----------------------
2024 2023
-------- --------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss (4,210) (3,896)
Adjustments required to reconcile net loss to
net cash used in operating activities
Depreciation 54 23
Accrued interest on deposits 39 *(19)
Interest expenses on convertible promissory
note 14 -
Share based compensation expenses 112 109
Unrealized gain from foreign currency
derivative activities 61 -
Changes in operating assets and liabilities
items:
Increase in inventory (186) (6)
Increase in accounts receivables (47) -
Decrease (increase) in governmental grants
receivables 101 (29)
Decrease (increase) in other receivables and
prepaid expenses 380 (95)
(Decrease) increase in advance payments (211) 20
Decrease in deferred revenues - (12)
Decrease in accounts payable (236) (44)
Increase in accrued payroll and other employment
related accruals 62 163
Increase in accrued expenses 206 48
Net cash used in operating activities (3,861) (3,738)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment (36) (93)
Proceeds (investments) associated with
deposits, net 4,003 *(2,036)
Net cash (used in) provided by investing
activities 3,967 (2,129)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible promissory
note 1,920 -
Proceeds from issuance of ordinary shares as a
result of exercise of warrants - 1,448
Proceeds from issuance of ordinary shares
associated with the SEPA 267
-------- --------
Net cash provided by financing activities 2,187 1,448
-------- --------
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS 2,293 (4,419)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 810 10,373
-------- --------
CASH AND CASH EQUIVALENTS AT END OF PERIOD 3,103 5,954
======== ========
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION:
Interest received from deposits 110 159
Right-of-use asset recognized against lease
liability - 446
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*Reclassified
(END) Dow Jones Newswires
September 23, 2024 08:30 ET (12:30 GMT)
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