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LEASES
 6 Months Ended
Jun. 30, 2021
Leases [Abstract]  
LEASES

NOTE 3 – LEASES

 

The company has entered into several non-cancelable operating lease agreements for the company’s offices and few vehicles. The company’s leases have original lease periods expiring between 2021 and 2023. Payments due under such lease contracts include primarily fix payments. The company does not assume renewals in the determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. The company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

 

The components of lease costs, lease term and discount rate are as follows:

 

   US dollars 
   Six Months Ended 
   June 30, 2021 
   (unaudited) 
Operating lease cost:     
Office space   57 
Vehicles   23 
    80 
Remaining Lease Term     
Office space   0.17 years 
vehicles   2.54 years 
      
Weighted Average Discount Rate     
Office space   10%
Vehicles   10%

 

 

INTEGRITY APPLICATIONS, INC.

 

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (cont.)

 

NOTE 3 – LEASES (cont.)

 

The following is a schedule, by years, of maturities of operating lease liabilities as of June 30, 2021:

 

    US dollars  
    June 30, 2021  
    (unaudited)  
Period:        
The remainder of 2021     45  
2022     34  
2023     29  
Total operating lease payments     108  
Less: imputed interest     8  
Present value of lease liabilities     100