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Leases
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
LEASES

NOTE 6 - LEASES:

 

1)The Company has an operating lease agreement for its facility in the United States, which expires on March 31, 2024. The Company will not exercise it’s 5-year extension option, which was initially 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 United States, which expires on September 30, 2025. The lease payments are denominated in USD.

 

3)

On October 18, 2021, the Company entered into an agreement to sublease its facility to an unrelated third party in the United States. The sublease ends March 31, 2024. The sublease is classified as an operating lease. The Company recognized lease income during the years ended December 31, 2023, and December 31, 2022, in the amount of $119 and $168, respectively.

 

4)The Company’s Israeli subsidiary has an operating lease agreement for a facility in Israel, which was renewed on December 28, 2023, and expires on December 31, 2025. The lease payments are denominated in NIS and are indexed to the consumer price index.

 

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

 

6)The Company’s Israeli subsidiary has an operating lease agreement for testing equipment in Israel, which expires on February 07, 2025. The lease payments are denominated in ILS.

 

Supplemental information related to leases is as follows:

 

   December 31,
2023		   December 31,
2022		 
Operating leases:        
Operating lease right-of-use assets  $    918   $      726 
Current Operating lease liabilities  $498   $445 
Non-Current Operating lease liabilities  $405   $237 
Total Operating lease liabilities  $903   $682 

 

Other information:

 

   Year ended
December 31,
2023		   Year ended
December 31,
2022		 
Cash paid for amounts included in the measurement of lease liabilities (cash paid in thousands)  $      478   $      747 
Weighted Average Remaining Lease Term   1.80    1.50 
Weighted Average Discount Rate   10.2%   3.49%

 

The lease costs components are as follows:

 

   Year ended
December 31,
2023		   Year ended
December 31,
2022		 
Fixed payments  $   459   $    723 
Variable payments that depend on an index or rate   19    24 
Total lease cost  $478   $747 

 

Maturities of operating lease liabilities were as follows: 

 

   December 31,
2023		 
2024  $    548 
2025   433 
2026   6 
Total operating lease payments   987 
Less: imputed interest   (84)
Present value of lease liabilities  $903