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STOCKHOLDERS’ DEFICIT
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
STOCKHOLDERS’ DEFICIT

Note 6. STOCKHOLDERS’ DEFICIT.

 

Ordinary Shares:

 

Ordinary shares confer the right to: (i) participate in the general meetings, to one vote per share for any purpose, to an equal part, on share basis, (ii) in distribution of dividends and (iii) 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 stated hereunder or in the Companies Law otherwise. Some investors have standard anti-dilutive rights, registration rights, and information and representation rights.

 

On December 18, 2020, the company entered into a Stock Subscription Agreement (the “Subscription”) with certain investors (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 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. For more details, please see note 1c.

 

Warrants

 

The following table summarizes information of outstanding warrants as of December 31, 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 2020, 50,000 class H warrants , 38,095 class I warrants and 142,857 Class G warrants expired.

 

 

Viewbix Inc.

Notes to Consolidated Financial Statements

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