Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Leases

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Leases
12 Months Ended
Dec. 31, 2021
Disclosure Text Block [Abstract]  
Schedule of weighted average lease term and weighted average discount rate
NOTE 6 - LEASES

 

On January 1, 2020, the Company expanded its leases from 494 square meters to approximately 581 square meters at a facility located in Caesarea, Israel, and extended its operating lease agreement for another 12 months until July 14, 2022, with additional option to extend until July 14, 2025.

 

On August 10, 2021, the Company expanded its leases from 581 square meters to approximately 768 square meters at a facility located in Caesarea, Israel, and extended its operating lease agreement for another 12 months until July 31, 2023, with additional option to extend until July 31, 2026.

 

To secure the lease payments, the Company provided a bank guarantee of $20.

 

In addition, the Company leases vehicles under various operating lease agreements.

 

As of December 31, 2021, and 2020, total ROU assets totaled to approximately $913 and $306 and the lease liabilities for operating leases totaled to approximately $909 and $332, respectively.

 

Supplemental cash flow information related to operating leases was as follows:

 

    Year ended
December 31,
2021
    Year ended
December 31,
2020
 
Cash payments for operating leases     247       185  

 

The maturities of operating leases liabilities and the reconciliation of undiscounted cash flows of operating lease to operating lease liabilities as of December 31, 2021 was as follows:

 

2022     270  
2023     241  
2024     213  
2025     196  
2026     83  
Undiscounted cash flows of operating leases     1,003  
Less: amount representing interest     (94 )
Operating lease liabilities     909  

 

The weighted average lease term and weighted average discount rate as of December 31, 2021 was as follows:

 

Operating leases weighted average remaining lease term (in years)     2.36  
Operating leases weighted average discount rate     4.59 %