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LOANS

3 Months Ended

Mar. 31, 2023

NOTE 6: LOANS

Bank Financing for Cortex’s capital shares additional Purchase:

On January 23, 2023, Gix Media acquired an additional 10% of Cortex’s capital shares (see note 1.C) which was financed by Gix Media’s existing cash balances and by a long-term bank loan received on January 17, 2023, in the amount of $1,500 to be repaid in 42 monthly payments at an annual interest rate of SOFR + 5.37%.

Cortex’s Loan Agreement:

On September 21, 2022, Cortex and Leumi entered into an addendum to an existing loan agreement between the parties, dated August 15, 2020. As part of the addendum to the loan agreement, Leumi provided Cortex with a monthly renewable credit line of $1,500 (the “Cortex Credit Line”). The Cortex Credit Line was determined every month at the level of 70% of Cortex’s customers’ balance. The amounts that are drawn from the Cortex Credit Line bear an annual interest of SOFR + 3.52% (Overnight Financing Rate Secured, guaranteed daily interest as determined in accordance with the Federal Bank in New York).

As of March 31, 2023 and December 31, 2022, the Cortex Credit Line was fully withdrawn (see also note 10).

Composition of long-term loans, short-term loans, and credit lines of the Group:

The following is the composition of the balance of the Group’s loans according to their nominal value:

	Interest rate (*)			As of March 31, 2023		As of December 31, 2022

Short-term loan – the Company		8	%		22		69
Short-term bank loan – Gix Media		LIBOR + 3.20	%		3,300		3,500
Short-term bank loan – Cortex		SOFR + 3.52	%		1,500		1,500
Long-term bank loan, including current maturity – Gix Media (received on October 13, 2021)		LIBOR + 4.12	%		4,036		4,381
Long-term bank loan, including current maturity – Gix Media (received on January 23, 2023)		SOFR + 5.37	%		1,428		-

Bank loan					10,286		9,450

(*)

The LIBOR interest rate will continue to be published until June 2023 and then will be replaced by the Secured Overnight Financing Rate (“SOFR”).

D. Short term loan:

On December 18, 2020, the Company entered into a loan agreement and Stock Subscription Agreement with certain Investors, pursuant to which the Investors lent an aggregate amount of $69 at an annual interest rate of 8% (the “Loan”).

In January 2023, the Company reached an agreement with the investors that the Loan received will be repaid in 3 equal monthly payments. As of the date of approval of these financial statements, the Loan was fully repaid by the Company.

VIEWBIX INC.

NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited

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