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Share Based Payment | 12 Months Ended
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Dec. 31, 2023
Share Based Payment [Abstract] |
SHARE BASED PAYMENT | NOTE 12 - SHARE BASED PAYMENT: The Company maintains a share-based payment plan for employees, directors and consultants (the “Plan”). According to the Plan, the Company can grant options and RSUs. The options and the RSUs vest over a period of up to four years, and their term period is 7-10 years. Nevertheless, the Board of Directors is qualified to resolve on different vesting terms. Below is a summary of the Company’s share option and RSUs activity during the years 2023, 2022 and 2021:
Date of grant |  | Amount |  |  | Exercise price ($) (*) |  |  | Fair value at the date of grant (U.S. dollars in thousands) |  |  | Volatility |  |  | Risk-free interest rate |  |  | Contractual term (in years) |
2023 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
April 20, 2023 |  |  | 100,000 |  |  |  | 0.20 |  |  |  | 10 |  |  |  | 79.84 | % |  |  | 4.14 | % |  |  | 2 |
May 18, 2023 |  |  | 30,000 |  |  |  | 0.21 |  |  |  | 3 |  |  |  | 89.91 | % |  |  | 3.94 | % |  |  | 10 |
November 27, 2023 |  |  | 1,343,748 |  |  |  | 0.00-0.43 |  |  |  | 414 |  |  |  | 91.46 | % |  |  | 4.17 | % |  |  | 7 |
|  |  | 1,473,748 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
RSUs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
July 19, 2023 |  |  | 100,000 |  |  |  | - |  |  |  | 26 |  |  |  | - |  |  |  | - |  |  |  |  |
September 13, 2023 |  |  | 650,000 |  |  |  | - |  |  |  | 209 |  |  |  | - |  |  |  | - |  |  |  |  |
November 27, 2023 |  |  | 925,572 |  |  |  | - |  |  |  | 494 |  |  |  | - |  |  |  | - |  |  |  |  |
|  |  | 1,675,572 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 13, 2022 |  |  | 84,000 |  |  |  | 0.68 |  |  |  | 59 |  |  |  | 93.01 | % |  |  | 2.08 | % |  |  | 10 |
May 30, 2022 |  |  | 323,000 |  |  |  | 0.00-0.59 |  |  |  | 125 |  |  |  | 92.55 | % |  |  | 2.57 | % |  |  | 10 |
August 31, 2022 |  |  | 228,000 |  |  |  | 0.49 |  |  |  | 63 |  |  |  | 91.14 | % |  |  | 2.97 | % |  |  | 10 |
November 28, 2022 |  |  | 1,673,060 |  |  |  | 0.35 |  |  |  | 295 |  |  |  | 91.09 | % |  |  | 3.30 | % |  |  | 10 |
December 19, 2022 |  |  | 1,020,000 |  |  |  | 0.42 |  |  |  | 116 |  |  |  | 90.78 | % |  |  | 3.37 | % |  |  | 10 |
December 21, 2022 |  |  | 20,000 |  |  |  | 0.30 |  |  |  | 2 |  |  |  | 90.78 | % |  |  | 3.47 | % |  |  | 10 |
|  |  | 3,348,060 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Options |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
March 7, 2021 |  |  | 298,755 |  |  |  | 1.73 |  |  |  | 267 |  |  |  | 97.59 | % |  |  | 1.27 | % |  |  | 10 |
April 13, 2021 |  |  | 110,000 |  |  |  | 1.43 |  |  |  | 94 |  |  |  | 97.42 | % |  |  | 0.50%-1.18 | % |  |  | 5-10 |
August 25, 2021 |  |  | 1,657,572 |  |  |  | 1.10 |  |  |  | 1,117 |  |  |  | 94.98%-106.19 | % |  |  | 0.17%-1.14 | % |  |  | 3-10 |
September 19, 2021 |  |  | 483,750 |  |  |  | 1.27 |  |  |  | 291 |  |  |  | 94.56 | % |  |  | 1.24 | % |  |  | 10 |
October 6, 2021 |  |  | 12,500 |  |  |  | 1.10 |  |  |  | 8 |  |  |  | 106.19 | % |  |  | 0.17 | % |  |  | 3 |
October 17, 2021 |  |  | 12,500 |  |  |  | 1.10 |  |  |  | 8 |  |  |  | 106.19 | % |  |  | 0.17 | % |  |  | 3 |
|  |  | 2,575,077 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| (*) | Translated from NIS based on the U.S. dollars/NIS exchange rate as of December 31, 2023.
The fair value of the options was determined using the Binomial model. Volatility is based on volatility data of the traded share price of the Company. The early exercise multiple used for the fair value calculations for grants during 2023, 2022 and 2021 is 2.5 for each offeree. The fair value of RSUs was evaluated based on the share price on the grant date. Movement in the number of share options and RSUs outstanding and their related weighted average exercise prices are as follows: Options
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | Number of options |  |  | Average exercise price ($) |  |  | Number of options |  |  | Average exercise price ($) |  |  | Number of options |  |  | Average exercise price ($) |
Outstanding at beginning of year: |  |  | 7,001,800 |  |  |  | 0.88 |  |  |  | 4,235,525 |  |  |  | 1.52 |  |  |  | 2,206,321 |  |  |  | 2.00 |
Granted |  |  | 1,473,748 |  |  |  | 0.34 |  |  |  | 3,348,060 |  |  |  | 0.40 |  |  |  | 2,575,077 |  |  |  | 1.31 |
Exercised |  |  | (224,463 | ) |  |  | 0.10 |  |  |  | (46,561 | ) |  |  | - |  |  |  | (69,807 | ) |  |  | - |
Forfeited |  |  | (768,269 | ) |  |  | 0.56 |  |  |  | (277,196 | ) |  |  | 1.51 |  |  |  | (472,898 | ) |  |  | 1.23 |
Expired |  |  | (346,096 | ) |  |  | 1.08 |  |  |  | (258,028 | ) |  |  | 4.52 |  |  |  | (3,168 | ) |  |  | 19.75 |
Outstanding at end of year |  |  | 7,136,720 |  |  |  | 0.67 |  |  |  | 7,001,800 |  |  |  | 0.88 |  |  |  | 4,235,525 |  |  |  | 1.52 |
Exercisable at end of year |  |  | 3,605,391 |  |  |  | 1.09 |  |  |  | 2,087,181 |  |  |  | 1.31 |  |  |  | 883,567 |  |  |  | 2.19 |
RSUs
|  | 2023 |
|  | Number of RSUs |
Outstanding at beginning of year: |  | - |
Granted |  |  | 1,675,572 |
Vested |  |  | - |
Forfeited |  |  | - |
Outstanding at end of year |  |  | 1,675,572 |
Exercisable at end of year |  |  | - |
The following table summarizes information about exercise price and the remaining contractual life of options outstanding at the end of 2023, 2022 and 2021:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Exercise prices ($) |  | Number outstanding at end of year |  |  | Remaining contractual life (in years) |  |  | Number outstanding at end of year |  |  | Remaining contractual life (in years) |  |  | Number outstanding at end of year |  |  | Remaining contractual life (in years) |
0.00-0.01 |  |  | 972,728 |  |  |  | 0.15-6.91 |  |  |  | 589,668 |  |  |  | 0.15-9.42 |  |  |  | 506,231 |  |  |  | 1.15-9.65 |
0.21-1.07 |  |  | 3,783,920 |  |  |  | 6.91-9.39 |  |  |  | 3,118,060 |  |  |  | 9.20-9.97 |  |  |  | - |  |  |  | - |
1.23-1.89 |  |  | 2,380,072 |  |  |  | 0.65-7.72 |  |  |  | 3,294,072 |  |  |  | 0.59-8.65 |  |  |  | 3,722,972 |  |  |  | 1.58-9.65 |
46.62-1,554.54 |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 6,322 |  |  |  | 0.08-6.47 |
|  |  | 7,136,720 |  |  |  |  |  |  |  | 7,001,800 |  |  |  |  |  |  |  | 4,235,525 |  |  |  |  |
Warrants grant to service providers On December 27, 2021, the Company issued 10,000 fully vested warrants to a certain service provider, which can be exercised into 10,000 ADSs (100,000 ordinary shares) within 5 years from the date of grant. 5,000 warrants can be exercised at a price of $12.5 per warrant, and an additional 5,000 warrants can be exercised at a price of $20.00 per warrant. The fair value of the warrants which was computed according to the Black-Scholes model, amounted to $53 thousand. Shares issuance to service providers During the year ended December 31, 2022, the Company issued 140,135 ordinary shares to service providers for a total estimated fair value of $104 thousand. Expenses recognized in the financial statements The costs which were recognized in the Company’s financial statements in respect of services received from its employees and consultants are presented in the table below:
|  | Year ended December 31 |
|  | 2023 |  |  | 2022 |  |  | 2021 |
|  | U.S. dollar in thousands |
Share-based payment plans |  |  | 933 |  |  |  | 1,679 |  |  |  | 2,356 |
The plans are intended to be governed under rules set for that purpose in the Plan. The exercise prices of the options that are exercisable into shares as of December 31, 2023 range between $0.00 to $1.77.

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