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SHAREHOLDERS’ EQUITY
 9 Months Ended
Sep. 30, 2022
Equity [Abstract]  
SHAREHOLDERS’ EQUITY

NOTE 13: SHAREHOLDERS’ EQUITY

 

A. 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 will 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.

 

B. Warrants:

 

The following table summarizes information of outstanding warrants as of September 30, 2022:

 

   Warrants   Warrant Term   Exercise Price   Exercisable 
                 
Class J Warrants   130,333    July 2029    13.44    130,333 
Class K Warrants   130,333    July 2029    22.4    130,333 

  

All of the Company’s warrants meet the U.S. GAAP criteria for equity classification.

 

C. Reverse Stock Split:

 

On August 31, 2022, the Company filed the Amended COI with the Secretary of State of Delaware to effect a 28 to 1 reverse stock split of the Company’s outstanding shares of Common Stock. As a result of the reverse stock split, every 28 shares of the Company’s outstanding Common Stock prior to the effect of the amended COI was combined and reclassified into one share of the Company’s shares of Common Stock. The number of authorized share capital of the Company’s Common Stock and par value of the shares remained unchanged. All share and stock options information related to the Company, was adjusted to reflect the reverse stock split on a retroactive basis.

 

 

VIEWBIX INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

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

 

NOTE 13: SHAREHOLDERS’ EQUITY (Cont.)

 

D. Share option plan:

 

After the completion of Gix Media’s acquisition by the Parent Company, the Parent Company granted options to Gix Media’s employees. These options entitle the employees to purchase ordinary shares of the Parent Company that its shares are traded on Tel-Aviv stock exchange.

 

A summary of Gix Media’s employee share options activity and related information is as follows:

 

   As of September 30, 2022   As of December 31, 2021 
   Number of options   Weighted average exercise price   Number of options   Weighted average exercise price 
        $        $ 
Options outstanding at beginning of the year   737,915    1.61    1,120,000    1.56 
Changes during the period:                    
Granted   -    -    -    - 
Exercised   -    -    -    - 
Expired or forfeited   (577,915)   1.41    (382,085)   1.61 
                     
Outstanding at end of period   160,000    1.41    737,915    1.61 
Options exercisable at end of period   157,086    1.41    504,585    1.61 

 

The following tables summarize additional information regarding the Gix Media’s outstanding and exercisable options as of December 31, 2021:

    Options outstanding 
    As of September 30, 2022 
Range of
exercise price		   Number of
options		   Weighted average
exercise price		   Weighted
average remaining
contractual life (years)		 
$         $      
 1.41    160,000    1.41    5.85 

 

    Options Exercisable 
    As of September 30, 2022 
Range of
exercise price		   Number of
options		   Weighted average
exercise price		   Weighted
average remaining
contractual life (years)		 
 $         $      
 1.41    157,086    1.41    5.82 

 

 

VIEWBIX INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

 

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

 

NOTE 13: SHAREHOLDERS’ EQUITY (Cont.)

 

The Company recognized stock-based compensation expenses related to employee’s stock options in the statement of operations as follows:

 

   2022   2021   2022   2021 
  

For the nine months ended

September 30

  

For the three months ended

September 30

 
   2022   2021   2022   2021 
                 
Research and development   31    (37)   29    (3)
Selling and marketing   11    (6)   3    - 
General and administrative   (2)   5    -    - 
                     
Total   40    (38)   32    (3)

 

E. Dividends:

 

During the nine months ended September 30,2022, Cortex distributed a dividend in the amount of $1,195 to the non-controlling interests.

 

On September 30, 2022, Gix Media declared a dividend in a total amount of $1,000. As of September 30, 2022, the dividend was not distributed (see note 9).