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Leases | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
LEASES | NOTE 4 – LEASES The following represents the aggregate right-of-use assets and related lease liabilities as:
|  | December 31, |
|  | 2 0 2 0 |  |  | 2 0 1 9 |
|  | U.S. dollars in thousands |
Amounts recognized in the consolidated balance sheet – right-of-use assets, net |  | $ | 1,775 |  |  | $ | 1,290 |
Current liabilities |  | $ | 346 |  |  | $ | 292 |
Long-term liabilities |  |  | 1,492 |  |  |  | 983 |
Total operating leased liabilities |  | $ | 1,838 |  |  | $ | 1,275 |
In the fourth quarter of 2020, the Company entered into a new operating lease agreement of a new office space in Israel which resulted in increase of the right-of-use asset and the lease liability in approximately $600 thousand, the lease terms expected to be seven years commencing in January 2021. The weighted average lease term and weighted average discount rate as of December 31, 2020 were as follows:
Weighted average lease term – operating lease |  |  | 5.39 years |
Weighted average discount rate – operating lease |  |  | 7.07% |
The future cash flows related to the operating lease liabilities as of December 31, 2020 were as follows:
|  | U.S. dollars in thousands |
Years ending December 31: |  |  |
2021 |  | $ | 421 |
2022 |  |  | 450 |
2023 |  |  | 450 |
2024 |  |  | 348 |
2025 |  |  | 163 |
Thereafter |  |  | 360 |
Total lease payments (undiscounted) |  |  | 2,192 |
Less – discount to net present value |  |  | (354 | )
Present value of lease liabilities |  | $ | 1,838 |

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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