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Transaction and Balances with Parent Company
 9 Months Ended
Sep. 30, 2020
Transaction And Balances With Parent Company  
Transaction and Balances with Parent Company

NOTE 11 - TRANSACTION AND BALANCES WITH PARENT COMPANY

 

Balances:

 

    As of
September 30		     As of
December 31		  
      2 0 2 0       2 0 1 9  
                 
Payable to parent company     1,902       1,611  

 

As part of the agreement with Gix, the parties agreed to have the Company’s operations outsourced to Gix from the agreement date and until the acquisition is consummated. The following term were included in the agreement pursuant to the above:

 

  (a) From May 2018 all of the Company’s employees will become employees of Gix.
  (b) Between the periods of May 2018 to October 2018, Gix will pay the full expenses of the employees as well as other related expenses.
  (c) From November 2018 until to the Closing Date, the employees transferred from the Company to Gix will dedicate half of their time to the Company’s operations and correspondingly 50% of the costs to be incurred by Gix in respect of these employees are to be charged to the Company.

 

No amounts were paid by the Company to Gix during 2020 and 2019 in respect of the above, which resulted in a parent company payable of $1,611 as of December 31, 2019 and $1,902 as of September 30, 2020.