XML 22 R13.htm IDEA: XBRL DOCUMENT v3.21.2
STOCKHOLDERS’ DEFICIT
 6 Months Ended
Jun. 30, 2021
Equity [Abstract]  
STOCKHOLDERS’ DEFICIT

NOTE 7: STOCKHOLDERS’ DEFICIT

 

Stockholders’ deficit.

 

Composition:

 

    As of June 30     As of December 31  
    2021     2020  
    Authorized     Issued and outstanding     Authorized     Issued and outstanding  
    Unaudited              
    Number of shares  
                                 
Common Stock     490,000,000       34,753,669       490,000,000       34,753,669  

 

Common Stock:

 

Common stock confers the right to participate in the general meetings, to one vote per share for any purpose, to an equal part, on share basis, in distribution of dividends and to equally participate, on share basis, in distribution of excess of assets and funds from the Company and they shall not confer other privileges unless otherwise provided by law. Some investors have standard anti-dilutive rights, registration rights, and information and representation rights.

 

On December 18, 2020, the Company entered into the Subscription with the Investors in connection with the sale and issuance of an aggregate of 3,000,000 shares of Common Stock, at a purchase price of $0.01 per share, and for an aggregate purchase price of $30,000. In addition, and on the same date, the Company entered into the Loan with the Investors, pursuant to which the Investors lent the Principal Amount. In accordance with the terms of the Loan, the Company repaid the interest on the Principal Amount, 8% compounded annually to the Investors, in the form of an issuance of an aggregate of 552,000 shares of Common Stock, at a price per share of $0.01. The shares of Common Stock were issued to the Investors pursuant to Regulation S of the Securities Act of 1933, as amended.

 

  

VIEWBIX INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

U.S. dollars in thousands (except share data)

 

NOTE 7: STOCKHOLDERS’ DEFICT (Cont.)

 

Share Exchange

 

As detailed in Note 1, as part of the Recapitalization Transaction in July 2019, the Company issued 30,928,620 common shares in exchange for 99.83% of the issued and outstanding common stock and all the preferred shares of Viewbix Israel. The number of shares prior to the reverse capitalization have been retroactively adjusted based on the equivalent number of shares received by the accounting acquirer in the Recapitalization Transaction.

 

Warrants

 

The following table summarizes information of outstanding warrants as of June 30, 2021:

 

    Warrants     Warrant Term   Exercise Price     Exercisable  
                       
Class J Warrants     3,649,318     July 2029     0.48       3,649,318  
Class K Warrants     3,649,318     July 2029     0.80       3,649,318  

 

Additionally, in connection with the Share Exchange Agreement, upon the earlier of: (a) the launch of a live video product to an American consumer in the United States by Viewbix Israel, or (b) the launch of an interactive television product to an American consumer in the United States by Viewbix Israel, the Company will issue to Gix an additional 1,642,193 shares of restricted common stock of the Company. All of the Company’s warrants meet the US GAAP criteria for equity classification. During January and March 2020, 50,000 class H warrants expired. During January 2020, 38,095 class I warrants expired. During April 2020, 142,857 Class G warrants expired.

 

  

VIEWBIX INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

U.S. dollars in thousands (except share data)