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Leases
 9 Months Ended
Sep. 30, 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)On July 1, 2022, the Company entered into a new operating lease agreement for additional offices in the USA, which expires on September 30, 2025. The lease payments are denominated in USD.

 

3)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.

 

4)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. The sublease is classified as an operating lease. The Company recognized lease income during the three and nine months ended September 30,2022 in the amount of $40 and $121, respectively.

 

5)The Company leases its motor vehicles under operating lease agreements.

 

6)The Company adopted the new accounting standard ASC 842 “Leases” and all related amendments on January 1, 2022 and used the adoption date as the Company’s date of initial application.

 

Supplemental information related to leases are as follows:

 

   September 30,
2022		 
Operating leases: Operating lease right-of-use assets  $818 
Current Operating lease liabilities  $480 
Non-Current Operating lease liabilities  $276 
Total Operating lease liabilities  $756 

 

Other information:

 

   Nine months ended
September 30,
2022		 
Cash paid for amounts included in the measurement of lease liabilities (cash paid in thousands)  $       520 
Weighted Average Remaining Lease Term   1.55 
Weighted Average Discount Rate   3.11%

 

The lease costs components are as follows:

 

   Nine months ended
September 30,
2022		  

Three months ended
September 30,
2022

 
Operating lease cost  $504   $168 
Variable payments that depend on an index or rate   16    8 
Total lease cost  $520   $178 

 

Maturities of operating lease liabilities were as follows:

 

   September 30,
2022		 
2022 (excluding the nine months ended September 30, 2022)  $150 
2023   444 
2024   153 
2025   61 
Total operating lease payments   808 
Less: imputed interest   (52)
Present value of lease liabilities  $756