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GENERAL

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GENERAL

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. The Company is currently developing two products; a non-invasive glucose monitor for use by persons with Type 2 diabetes and prediabetes, and an implantable continuous glucose monitor for persons with Type 1 diabetes and insulin-dependent Type 2 diabetes.
B.	Liquidity and Going Concern Uncertainty
	To date, the Company has not yet generated significant revenues from selling of GlucoTrack 1.0 product, a product that has been discontinued. In addition, development and commercialization of both GlucoTrack 2.0 product and the implantable continuous glucose monitor is expected to require substantial expenditures;therefore, the Company is dependent upon external sources for financing its operations. As of June 30, 2023, the Company has incurred accumulated deficit of $105,218 thousand. Furthermore, 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 do not raise substantial doubt about the Company’s ability to continue as a going concern, taking into consideration the net proceeds received in total amount of $8,730 thousand upon closing of a public offering through prospectus supplement on Form S-3 on April 17 2023 (see also Note 3 below). 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.

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- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480424/946-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-URI https://asc.fasb.org//1943274/2147480424/946-10-50-2

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-Topic 810
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-Topic 205
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