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RELATED PARTIES
12 Months Ended
Dec. 31, 2022
Related Party Transactions [Abstract]  
RELATED PARTIES

NOTE 13 – RELATED PARTIES

 

  A. Andrew Garrett, Inc:
     
   

On September 12, 2022, the Company signed on advisory agreement with Andrew Garrett Inc., which is controlled by one of member of the Company’s board of directors, Andrew Sycoff. The Company retains advisor on a non-exclusive basis to receive general business advisory services for total monthly consideration of $20 thousand. In addition, the Company also agreed to extend the exercise through July 1, 2026, for all warrants issued pursuant to the Exchange Agreement dated December 31, 2018. The Company accounted for the extension of the warrants’ exercise period pursuant to ASC 718 as a modification. Accordingly, additional compensation of $56 thousand was calculated as the fair value of the modified award in excess of the fair value of the original award measured immediately before its terms have been modified based on current circumstances and recorded this incremental fair value as an immediate expense in 2022 as the warrants were and remained fully vested at the modification date.

 

For the year ended on December 31, 2022, the Company recognized in total expenses of $102 thousand due to the above agreement.

     
  B. Intellectual Property Purchase Agreement - See Note 6C
     
  C.

Loans From Stockholders – See Note 5

 

  D. Tapsak Enterprises LLC, dba Virginia Analytical
     
   

On October 25, 2022, the Company entered into agreement with Tapsak Enterprises LLC dba Virginia Analytical, which fully owned by Mark Tapsak, who serves as the Vice President of Sensor Science of the Company, under which, Tapsak Enterprises LLC dba Virginia Analytical, will provide laboratory space, equipment and materials to support the Company sensor development activities for total consideration which estimates to be approximately $60 thousand.

 

For the year ended on December 31, 2022, the Company recognized in total expenses of $38 thousand due to this agreement.