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Convertible Loan
 6 Months Ended
Jun. 30, 2023
Convertible Loan [Abstract]  
CONVERTIBLE LOAN

NOTE 8 - CONVERTIBLE LOAN:

 

On March 28, 2017, the Company entered into a convertible loan agreement (the “CLA”) in an aggregate principal amount of up to $ 2,000. Loans under this agreement bear interest of 10% per annum. Following an amendment in March 2022, which was approved by the required majority of the CLA holders, the maturity date of the CLA was established to be the earlier of (i) January 1, 2023, (ii) event of default (as defined in the Agreement) or (iii) deemed liquidation event (as defined in the Company’s certificate of incorporation), in which the lenders are entitled to receive an amount equal to 300% of the principal amount of the loan.

 

The valuation was performed under alternative scenarios of consummating an IPO or remaining private.

  

Upon the consummation of the IPO, the CLA was automatically converted into the Company’s common stock based on its contractual terms and conditions. For further information, see Note 2 above.

 

The following is a roll forward of the fair values:

 

   Year ended
December 31		 
   2022 
Fair value at the beginning of the year  $4,905 
Change in fair value reported in statement of comprehensive loss   1,648 
Conversion to the Company’s common stock   (6,553)
Fair value at the end of the period  $
          -
 

 

The Company recorded other expense (income) associated with the CLA during the three and six months ended June 30, 2023, and June 30, 2022, in the amount of $0, $0, $682 and $1,648.