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Leases | 3 Months Ended
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Mar. 31, 2022
Leases [Abstract] |
LEASES | NOTE 7 – LEASES:
| 1) | The Company has an operating lease agreement for its facility in the USA, which expires on March 31, 2024. The Company is not reasonably certain that it will exercise the 5-year extension option and hence, the extension period was excluded from the measurement of the ROU asset and the lease liability. The lease payments are denominated in USD.
| 2) | The Company’s Israeli subsidiary has an operating lease agreement for a facility in Israel, which expires on April 30, 2023. The Company does not have an option for extending the lease agreement. The lease payments are denominated in ILS and are indexed to the consumer price index.
| 3) | On October 18, 2021, the Company entered into an agreement to sublease its facility to an unrelated third party in the USA. The sublease ends March 31, 2024.
| 4) | The Company leases its motor vehicles under operating lease agreements.
| 5) | The Company adopted the new accounting standard ASC 842 “Leases” and all related amendments on January 1, 2022 and used the effective date as The Company’s date of initial application.
| 6) | In October 2021, the Company entered into a sublease agreement for its offices in the USA. The sublease ends March 31, 2024. The sublease is classified as an operating lease. The Company recognized lease income from the sublease referenced in 3) above during the first quarter of 2022 in an amount of $41.
Supplemental information related to leases are as follows:
|  |  | March 31, |
|  |  | 2022 |
| Operating leases: |  |  |  |
| Operating lease right-of-use assets-Short term |  |  | 804 |
| Current Operating lease liabilities |  |  | 557 |
| Non-Current Operating lease liabilities |  |  | 239 |
| Total Operating lease liabilities |  |  | 796 |
Other information:
|  |  | March 31, |
|  |  | 2022 |
| Operating cash flows from operating leases (cash paid in thousands) |  |  | 161 |
| Weighted Average Remaining Lease Term |  |  | 1.51 |
| Weighted Average Discount Rate |  |  | 2.5 | %
The lease costs components are as follows:
|  |  | March 31, |
|  |  | 2022 |
| Operating lease cost |  |  | 158 |
| Variable lease cost |  |  | 3 |
| Total lease cost |  |  | 161 |
Maturities of operating lease liabilities were as follows:
|  |  | March 31, |
| 2022 |  |  | 413 |
| 2023 |  |  | 327 |
| 2024 |  |  | 68 |
| Total operating lease payments |  |  | 808 |
| Less: imputed interest |  |  | (12 | )
| Present value of lease liabilities |  |  | 796 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI https://asc.fasb.org/subtopic&trid=77888251 + Details
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