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License Purchase Obligation | 12 Months Ended
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Dec. 31, 2020
License Purchase Obligation [Abstract] |
LICENSE PURCHASE OBLIGATION |
NOTE 6:- | LICENSE PURCHASE OBLIGATION
| a. | In July 2017, Wize Israel and Resdevco amended the License Agreement pursuant to which the annual royalties amount of $475 were reduced to $150 for 2018 and 2019. In addition, If Wize Israel would have obtained an FDA marketing license during 2019, the Company was also required to pay Resdevco the remainder of the payment of 2019, however, such approval was not achieved in 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 and 2019, the Company has recognized an amount of $150 as a liability in respect to the 2019 and 2020, respectively, minimum commitment. Such amount was reflected as an expense under research and development expenses in 2018 and 2019 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 thereafter 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.
| 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, |
|  | 2020 |  |  | 2019 |
Repayment dates: |  |  |  |  |  |
January 1, 2020 |  | $ | - |  |  | $ | 250 |
January 1, 2021 (see to Note 5) |  |  | 250 |  |  |  | - |
Remaining balance |  |  | 250 |  |  |  | 250 |
Current liability |  |  | 250 |  |  |  | 250 |
Non-current liability |  |  | - |  |  |  | - |
Total |  | $ | 250 |  |  | $ | 250 |

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