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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 --------- ------------ 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 -------- ------------ 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 -------- -------- *Reclassified
(END) Dow Jones Newswires
September 23, 2024 08:30 ET (12:30 GMT)
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