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GENERAL

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

NOTE 1 - GENERAL

	A.	GlucoTrack Inc. (the “Company”) was incorporated on May 18, 2010 under the laws of the State of Delaware. The Company is a medical device company, focused on the design, development and commercialization of novel technologies for use by people with diabetes and prediabetes. We are currently developing two products; a non-invasive glucose monitor for use by those with Type 2 diabetes and prediabetes, and an implantable continuous glucose monitor for those with Type 1 diabetes and insulin-dependent Type 2 diabetes.

		The Company and Integrity Israel are considered collectively as the “Group”.

		On December 8, 2021, the Company announced that its shares of Common Stock were approved for listing on the Nasdaq Capital Market (“NASDAQ”). Trading on NASDAQ commenced on December 10, 2021 under its existing trading symbol, IGAP.

		On March 14, 2022, the Company announced that it has completed its corporate name and ticker symbol change on the Nasdaq Capital Market (from IGAP to GCTK), to be effective at the commencement of trading on March 14, 2022.

B.

Liquidity and Going concern uncertainty

To date, the Company has not yet generated significant revenues from selling of GlucoTrack 1.0 product. In addition, development and commercialization of GlucoTrack 2.0 product is expected to require substantial expenditures and therefore the Company is dependent upon external sources for financing its operations. As of March 31, 2023, the Company has incurred accumulated deficit of $103,187 thousand. Further, the Company has generated operating losses and negative operating cash flow for all reported periods.

Management has considered the significance of such conditions in relation to the Company’s ability to meet its current obligations and to achieve its business targets and determined that these conditions are not raising substantial doubt about the Company’s ability to continue as a going concern, taking into consideration, the balance of cash and cash equivalents As of March 31, 2023 which amounted to $1,003, together with the net proceeds in total amount of $8,730 thousand which were received upon closing of a public offering through prospectus supplement on Form S-3 (see also Note 3) on April 17 2023.

Based on its assessment, management believe that such funds are sufficient for the Company to realize its business plans for the twelve-months subsequent to the reporting period.

GLUCOTRACK INC

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (unaudited) (cont.)