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LEASES
 9 Months Ended
Sep. 30, 2022
Leases  
LEASES

NOTE 5: LEASES

 

On February 25, 2021, Gix Media entered into a lease agreement for a new corporate office of 479 square meters in Ramat Gan, Israel, at a monthly rent fee of $10. The lease period is for 36 months (the “initial lease period”) with an option by the Company to extend for two additional terms of 24 months each. In accordance with the lease agreement, the Company made leasehold improvements in exchange for a rent fee discount of $67 which will be spread over the initial lease period.  

 

The Company includes renewal options that it is reasonably certain to exercise in the measurement of the lease liabilities.

 

Leases recorded on the balance sheet consist of the following:

 

  

As of

September 30

   As of
December 31		 
   2022   2021 
         
Assets          
Right-of-use assets  $505   $569 
           
Liabilities          
Operating lease – current  $93   $91 
Operating lease – non-current  $433   $491 
Total lease liabilities  $526   $582 

 

Weighted-average remaining lease term and discount rate were as follows:

 

   As of
September 30,
2022		 
     
Operating leases weighted average remaining lease term (in years)   5.42 
Operating leases weighted average discount rate   3.10%

 

Maturities of operating lease liabilities as of September 30, 2022 and December 31, 2021, are as follows:

 

  

As of

September 30

   As of
December 31		 
   2022   2021 
         
2022  $22   $99 
2023  $88   $100 
2024  $88   $100 
2025  $88   $100 
Thereafter  $251   $285 
Total lease payments   537    684 
Less: imputed interest   (11)   (102)
Present value of lease liabilities   526    582 

 

Operating lease expenses amounted to $77 and $60 for the nine months ended September 30, 2022, and September 30, 2021, respectively.

 

 

VIEWBIX INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

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