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SHARE CAPITAL | 12 Months Ended
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Dec. 31, 2021
Equity [Abstract] |
SHARE CAPITAL | NOTE 9 - SHARE CAPITAL Share Capital Developments As of December 31, 2021, and 2020, the Company has 7,108,133 shares of common stock issued and outstanding. Employee Stock Option Grants During the year ended December 31, 2020, the Company granted Mr. Harel Gadot, the Company’s Chairman of the Board, President and CEO, options to purchase an aggregate of 166,666 shares of the Company’s common stock, at an exercise price per share of $9.64. The stock options vest over a period of one year as outlined in the option agreements evidencing such grant. As a result, the Company recognized compensation expenses for the year ended December 31, 2020 in the total amount of $1,237. During the year ended December 31, 2020, the Company granted certain employees, consultants and directors, options to purchase an aggregate of 47,479 shares of the Company’s common stock, at an exercise price per share of $6.16 - $8.16. The stock options vest over a period of 3 years as outlined in the option agreements evidencing such grants. As a result, the Company recognized compensation expenses for the year ended December 31, 2020 in the total amount of $700. During the year ended December 31, 2021, the Company granted to Mr. Harel Gadot, the Company’s Chairman of the Board, President and CEO, options to purchase an aggregate of 190,000 shares of the Company’s common stock, at an exercise price per share of $8.48. The stock options vest over a period of 2 years as outlined in the option agreements evidencing such grants. As a result, the Company recognized compensation expenses for the year ended December 31, 2021 in the total amount of $646. During the year ended December 31, 2021, the Company granted to certain employees and consultants and directors, options to purchase an aggregate of 231,426 shares of the Company’s common stock, at an exercise price per share of $6.72 - $7.26. The stock options vest over a period of 3 years as outlined in the option agreements evidencing such grants. As a result, the Company recognized compensation expenses for the year ended December 31, 2021 in the total amount of $740. A summary of the Company’s option activity related to options to employees and directors, and related information is as follows: SUMMARY OF STOCK OPTION ACTIVITY
|  | For the Year Ended December 31, 2021 |
|  | Number of stock options |  |  | Weighted average exercise price |
Outstanding as of December 31, 2020 |  |  | 575,722 |  |  | $ | 9.14 |
Granted |  |  | 421,426 |  |  |  | 7.60 |
Exercised |  |  | (965 | ) |  |  | - (*) |
Forfeited |  |  | (8,818 | ) |  |  | - |
Outstanding as of December 31, 2021 |  |  | 997,148 |  |  | $ | 8.48 |
Vested at end of period |  |  | 568,053 |  |  | $ | 9.08 |
|  | For the Year Ended December 31, 2020 |
|  | Number of stock options |  |  | Weighted average exercise price |
Outstanding as of December 31, 2019 |  |  | 371,360 |  |  | $ | 9.19 |
Granted |  |  | 214,145 |  |  |  | 9.00 |
Exercised |  |  | (965 | ) |  |  | - (*) |
Forfeited |  |  | (8,818 | ) |  |  | - |
Outstanding as of December 31, 2020 |  |  | 575,722 |  |  | $ | 9.14 |
Vested at end of period |  |  | 332,104 |  |  | $ | 9.13 |
(*) |  | Less than $ 0.01
MICROBOT MEDICAL INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS U.S. dollars in thousands (Except share and per share data) The Company recognizes forfeitures of outstanding options as they occur. The intrinsic value is calculated as the difference between the fair market value of the common stock and the exercise price, multiplied by the number of in-the-money stock options on those dates that would have been received by the stock option holders had all stock option holders exercised their stock options on those dates as of December 31, 2021 and December 31, 2020, respectively. As of December 31, 2021, and 2020, the aggregate intrinsic value of the outstanding options is $974 and $702 respectively, and the aggregate intrinsic value of the exercisable options is $815 and $657, respectively. As of December 31, 2021, there were approximately $2,143 of total unrecognized compensation costs, net of expected forfeitures, related to unvested share-based compensation awards granted under the Share Incentive Plan. The costs are expected to be recognized over a weighted average period of 1.8 years The stock options outstanding as of December 31, 2021 and December 31, 2020, summarized by exercise prices, are as follows: SCHEDULE OF STOCK OPTIONS OUTSTANDING
Exercise price $ |  |  | Stock options outstanding as of December 31, 2021 |  |  | Stock options outstanding as of December 31, 2020 |  |  | Weighted average remaining contractual life – years as of December 31, 2021 |  |  | Weighted average remaining contractual life – years as of December 31, 2020 |  |  | Stock options exercisable as of December 31, 2021 |  |  | Stock options exercisable as of December 31, 2020 |
4.20 |  |  |  | 77,846 |  |  |  | 77,846 |  |  |  | 3.0 |  |  |  | 4.0 |  |  |  | 77,846 |  |  |  | 77,846 |
5.06 |  |  |  | 15,808 |  |  |  | 15,808 |  |  |  | 7.8 |  |  |  | 8.8 |  |  |  | 11,064 |  |  |  | 6,320 |
5.95 |  |  |  | 17,503 |  |  |  | 17,503 |  |  |  | 7.6 |  |  |  | 8.6 |  |  |  | 13,564 |  |  |  | 8,312 |
6.16 |  |  |  | 31,492 |  |  |  | 31,492 |  |  |  | 8.5 |  |  |  | 9.5 |  |  |  | 16,834 |  |  |  | 6,250 |
6.72 |  |  |  | 125,000 |  |  |  | - |  |  |  | 9.4 |  |  |  | - |  |  |  | 31,249 |  |  |  | - |
7.00 |  |  |  | 81,426 |  |  |  | - |  |  |  | 9.8 |  |  |  | - |  |  |  | - |  |  |  | - |
7.22 |  |  |  | 11,084 |  |  |  | 11,084 |  |  |  | 8.9 |  |  |  | 9.3 |  |  |  | 4,432 |  |  |  | - |
7.26 |  |  |  | 25,000 |  |  |  | - |  |  |  | 9.8 |  |  |  | - |  |  |  | - |  |  |  | - |
8.16 |  |  |  | 4,902 |  |  |  | 4,902 |  |  |  | 8.6 |  |  |  | 9.5 |  |  |  | 2,328 |  |  |  | - |
8.48 |  |  |  | 190,000 |  |  |  | - |  |  |  | 9.1 |  |  |  | - |  |  |  | - |  |  |  | - |
8.60 |  |  |  | 9,304 |  |  |  | 9,304 |  |  |  | 7.1 |  |  |  | 8.1 |  |  |  | 9,304 |  |  |  | 7,208 |
9.00 |  |  |  | 10,000 |  |  |  | 10,000 |  |  |  | 6.6 |  |  |  | 7.6 |  |  |  | 10,000 |  |  |  | 7,750 |
9.64 |  |  |  | 166,666 |  |  |  | 166,666 |  |  |  | 8.2 |  |  |  | 9.2 |  |  |  | 166,666 |  |  |  | - |
15.30 |  |  |  | 38,533 |  |  |  | 38,533 |  |  |  | 6.0 |  |  |  | 7.0 |  |  |  | 38,533 |  |  |  | 38,533 |
15.75 |  |  |  | 131,007 |  |  |  | 131,007 |  |  |  | 5.7 |  |  |  | 6.7 |  |  |  | 124,656 |  |  |  | 118,308 |
(*) - |  |  |  | 61,577 |  |  |  | 61,577 |  |  |  | 4.3 |  |  |  | 5.3 |  |  |  | 61,577 |  |  |  | 61,577 |
|  |  |  | 997,148 |  |  |  | 575,722 |  |  |  | 7.6 |  |  |  | 7.3 |  |  |  | 568,053 |  |  |  | 332,104 |
(*) |  | Less than $0.01.
Compensation expense recorded by the Company for its stock-based employee compensation awards in accordance with ASC 718-10 for the years ended December 31, 2021 and 2020 was $1,386 and $1,937, respectively. MICROBOT MEDICAL INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS U.S. dollars in thousands (Except share and per share data) Employee Stock Option Grants The grant date fair values of stock options granted in the years ended December 31, 2021 and 2020 were estimated using the Black-Scholes valuation model with the following: SCHEDULE OF STOCK OPTIONS VALUATION ASSUMPTIONS
|  | For the Years Ended December 31, |
|  | 2021 |  |  | 2020 |
Expected volatility |  |  | 118.34%-134.27 | % |  |  | 113.86%-135.21 | %
Risk-free interest |  |  | 0.42%-1.22 | % |  |  | 0.33%-1.62 | %
Dividend yield |  |  | 0 | % |  |  | 0 | %
Expected terms (years) |  |  | 5.28-5.33 |  |  |  | 5.5-5.8 |
Warrants The remaining outstanding warrants and terms as of December 31, 2021 and 2020 are as follows: SCHEDULE OF WARRANTS OUTSTANDING
Issuance date |  | Outstanding and exercisable as of December 31, 2021 and 2020 |  |  | Exercise Price |  |  | Exercisable Through
Series A (2013 |  |  | 183 |  |  | $ | 2,754.00 |  |  | April 9, 2023
Series B (2016) |  |  | 2,770 |  |  | $ | 40.50 |  |  | March 14, 2022
Warrant to underwriters 1.2019 |  |  | 8,082 |  |  | $ | 8.13 |  |  | July 14, 2022
Warrant to underwriters 1.2019 |  |  | 29,500 |  |  | $ | 12.50 |  |  | July 15, 2022
Warrant to underwriters 12.2019 |  |  | 45,643 |  |  | $ | 13.13 |  |  | June 25, 2023
Warrant to underwriters 12.2019 |  |  | 47,619 |  |  | $ | 13.13 |  |  | June 27, 2023
Warrant to underwriters 12.2019 |  |  | 45,045 |  |  | $ | 13.88 |  |  | June 30, 2023

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