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LEASES
 9 Months Ended
Sep. 30, 2021
Leases  
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:

SCHEDULE OF LEASE COSTS, LEASE TERM AND DISCOUNT

   US dollars 
   Nine Months Ended 
   September 30, 2021 
   (unaudited) 
Operating lease cost:      
Office space    86 
Vehicles    32 
    118 
      
Remaining Lease Term     
vehicles    2.29 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 September 30, 2021:

 

   US dollars 
   September 30, 2021 
    (unaudited) 
Period:     
The remainder of 2021   8 
2022   34 
2023   29 
Total operating lease payments   71 
Less: imputed interest   6 
Present value of lease liabilities   65