LEASE AGREEMENTS

6 Months Ended

Jun. 30, 2022

Lease Agreements

LEASE AGREEMENTS

NOTE 6 – LEASE AGREEMENTS

1)

The Company’s Israeli subsidiary has a lease agreement for a facility in Israel, which expires on December 31, 2022 with an option to extend the agreement for two additional years until December 31, 2024 under the terms stipulated in the agreement. , The Company amended the agreement mentioned above and extended it until December 31, 2026 as well as leasing of additional space in the facility, the additional space amendment was taken in consideration when calculating the operating lease right of use assets and liabilities.

2)

Operating lease cost for the six and three-month periods ended June 30, 2022 were $218,000 and $82,000 respectively.

Supplemental information related to leases are as follows:

	June 30			December 31
	2022			2021
	($ in thousands)			($ in thousands)
Operating lease right-of-use assets		1,717			1,081
Current operating lease liabilities		(424	)		(420	)
Non-current operating lease liabilities		(1,350	)		(781	)

Other information:

Operating cash flows from operating leases (cash paid in thousands)	(218	)	(437	)
Weighted Average Remaining Lease Term	4.5		3
Weighted Average Discount Rate	8.69	%	8.38	%

Maturities of lease liabilities are as follows:

	Amount
	($ in thousands)
2022		220
2023		434
2024		475
2025		475
2026		515
Total lease payments		2,119
Less imputed interest		(344	)
Total
2022		1,775