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LOAN TO PARENT COMPANY
 9 Months Ended
Sep. 30, 2023
Related Party Transactions [Abstract]  
LOAN TO PARENT COMPANY

NOTE 3: LOAN TO PARENT COMPANY

  

  

As of

September 30 2023

  

As of

December 31 2022

 
         
Loan to Parent Company  $3,718   $3,542 

 

The balance with the Parent Company represents a balance of an intercompany loan under a loan agreement signed between Gix Media and the Parent Company on March 22, 2020. The loan bears interest at a rate to be determined from time to time in accordance with Section 3(j) of the Income Tax Ordinance, new version, and the Income Tax Regulations (Determination of Interest Rate for the purposes of Section 3(j), 1986) or according to a market interest rate decision as agreed between the parties. The amount of the loan is in U.S. dollars.

 

On November 20, 2022, the Company, Gix Media and the Parent Company agreed to restructure loan agreements between the parties (see note 15 in the 2022 annual financial statements) such that the Company fully repaid the loan to the Parent Company by offsetting its amount from the loan owed by the Parent Company to Gix Media. As a result, as of September 30, 2023, and December 31, 2022, the Company has no further obligations under the loan agreement with the Parent Company.

 

For the nine months ended September 30, 2023, and the year ended 2022, Gix Media recognized interest income in the amount of $64 and $143, respectively.