XML 36 R12.htm IDEA: XBRL DOCUMENT v3.19.3
Related Party Transactions
 9 Months Ended
Sep. 30, 2019
Related Party Transactions [Abstract]  
Related Party Transactions

Note 6. Related Party Transactions.

 

Balances:

 

    September 30,     December 31,  
    2 0 1 9     2 0 1 8  
                 
Algomizer - Payable   $ 1,336     $ 789  

 

In May, 2018, Viewbix Israel and Algomizer entered into an agreement, pursuant to which the parties agreed to have the Viewbix Israel’s operations outsourced to Algomizer from the date of the agreement (the “Algomizer Agreement”). The following terms were included in the agreement:

 

(a) As of May 2018 all of the Company’s employees became employees of Algomizer.
   
(b) Between the periods of May 2018 to October 2018, Algomizer charged Viewbix all the expenses incurred in respect of these employees (see (a) above) as well as other related expenses.
   
(c) From November 2018 until the Closing Date, the employees that transferred from the Company to Algomizer dedicated half of their time to the Company’s operations and correspondingly 50% of the costs are to be incurred by Algomizer in respect of these employees are to be charged to the Company.
   
(d) From the Closing Date, 100% of the costs will be dedicated to the Company and 100% of the costs will be incurred by Viewbix in respect of these employees

 

No amounts were paid by the Company to Algomizer during 2019 and 2018 in respect of the above, which resulted in a parent company payable of $789 as of December 31, 2018 and $1,336 as of September 30, 2019.