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LOANS
 6 Months Ended
Jun. 30, 2023
Receivables [Abstract]  
LOANS

NOTE 6: LOANS

 

A. 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%.

 

B. Cortex’s Loan Agreement:

 

On September 21, 2022, Cortex and Bank Leumi Le Israel Ltd (“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 is 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).

 

On April 27, 2023, Leumi increased the Cortex Credit Line by $1,000, which was fully withdrawn by Cortex as of June 30, 2023.

 

C. 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

June 30, 2023

  

As of

December 31, 2022

 
              
Short-term loan – the Company   8%    -    69 
Short-term bank loan – Gix Media   LIBOR + 3.20%    3,500    3,500 
Short-term bank loan – Cortex   SOFR + 3.52%    2,500    1,500 
Long-term bank loan, including current maturity – Gix Media (received on October 13, 2021)   LIBOR + 4.12%    3,686    4,381 
Long-term bank loan, including current maturity – Gix Media (received on January 17, 2023)   SOFR + 5.37%    1,321    - 
Bank loan         11,007    9,450 

 

  (*) The LIBOR interest rate was published until end of June 2023 and from July 2023 was 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. In April 2023, 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)