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LOAN TO PARENT COMPANY
 12 Months Ended
Dec. 31, 2023
Related Party Transactions [Abstract]  
LOAN TO PARENT COMPANY

NOTE 15: LOAN TO PARENT COMPANY

 

  

As of

December 31

  

As of

December 31

 
   2023   2022 
           
Loan to Parent Company  $3,752   $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. The loan’s maturity date is December 31, 2024 (see note 18.A).

 

On November 20, 2022, the Company, Gix Media and the Parent Company agreed to restructure loan agreements between the parties such that the Company fully repaid the loan to the Parent Company by offsetting its amount of $2,558 from the loan owed by the Parent Company to Gix Media. As a result, as of December 31, 2023, and 2022, the Company had no further obligations under the loan agreement with the Parent Company.

 

For the years ended December 31, 2023, and 2022, Gix Media recognized interest income in the amount of $87 and $143, respectively.