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License Purchase Obligation | 12 Months Ended
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Dec. 31, 2018
License Purchase Obligation [Abstract] |
LICENSE PURCHASE OBLIGATION |
NOTE 6:- | LICENSE PURCHASE OBLIGATION
| a. | As noted in Note 5, as consideration for the License Agreement, Wize Israel undertook to pay a Minimum Commitment of licensing fees and royalties of no less than $500 in the first three years of the agreement. An amount of $100 was paid in May 2015, upon signing the License Agreement and amounts of $150 and $150 were paid in January 2016 and July 2017, respectively.
In July 2017, Wize Israel and Resdevco amended the License Agreement pursuant to which the annual royalties amount of $475 will be reduced to $150 for 2018 and 2019. If Wize Israel obtains an FDA marketing license during 2019, the Company will be required to pay Resdevco the remainder of the payment of 2019. Consequently, during the third quarter of 2017 the Company has recognized an amount of $150 as an additional liability with respect to the 2018 minimum commitment, which was paid during the third quarter of 2018. In addition, during the third quarter of 2018 the Company has recognized an amount of $150 as a liability in respect to the 2019 minimum commitment. Such amount is reflected as an expense under research and development expenses in 2017 and 2018 as applicable. In February 2019, the Company and Resdevco agreed that the Company shall pay Resdevco minimum yearly payments of $150,000 per year through 2021, and then annual payments of $475,000 per year, and shall pay Resdevco $650,000 within two years after receipt of FDA approval for eye drops utilizing the licensed technology. On December 26, 2017, Wize Israel entered into an amendment to the License Agreement with Resdevco (the “Third Amendment”) which includes (i) China in the list of Licensed Territories, (ii) the size and timing of royalty payments, including the minimum annual royalty payments, payable by Wize Israel to Resdevco in connection with its distribution activities in China, and (iii) an undertaking by Wize Israel to include in the distribution agreement to be entered into with the Chinese Distributor that the Chinese Distributor will transfer the Chinese market license to Resdevco upon termination of the distribution agreement. On May 31, 2018, The Company entered into a distribution agreement with the Chinese distributor. As a result of entering into the agreement above, the term of the Third Amendment did not expire on June 1, 2018.
| b. | The following table details the repayment dates of the remaining Minimal Commitment on the financial liability and the balance in the consolidated financial statements:
|  | As of December 31, |
|  | 2018 |  |  | 2017 |
Repayment dates: |  |  |  |  |  |
January 1, 2018 |  | $ | - |  |  | $ | 250 |
January 1, 2019 |  |  | 250 |  |  |  | - |
Remaining balance |  |  | 250 |  |  |  | 250 |
Current liability |  |  | 250 |  |  |  | 250 |
Non-current liability |  |  | - |  |  |  | - |
Total |  | $ | 250 |  |  | $ | 250 |
| c. | On January 21, 2018, Resdevco agreed to postpone the minimum royalty payment obligation amounting to $150 from January 1, 2018 to July 29, 2018 (see also note 5).

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