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REVENUES (Tables)
 9 Months Ended
Sep. 30, 2024
Revenue from Contract with Customer [Abstract]  
SCHEDULE OF DISAGGREGATION OF REVENUE

 

  Disaggregation of revenue

 

   2024   2023   2024   2023 
   Nine months ended   Three months ended 
   September 30,   September 30, 
   2024   2023   2024   2023 
   USD in thousands   USD in thousands 
Development Services (*)   843    317    548    105 
Products   1,817    770    744    5 
Total Revenues   2,660    1,087    1,292    110 

 

(*)

During the second quarter of 2022, the Company completed the development of a customer-specific project for a Fortune 500 multinational healthcare corporation and moved from the development phase of the project to its production phase. As a result, during the nine months ended September 30, 2024, the Company recognized development services revenues in the amount of $317 thousand and related development costs previously deferred in the amount of $180 thousand. The amounts were recognized based on the expected manufacturing term of the product, which the Company estimates at seven years. In addition, the Company recognized product revenues of $1,731 thousand during the nine months ended September 2024 from the sale of units of the product developed in the context of these development services .

 

  (*)

During the second quarter of 2022, the Company completed the development of a customer-specific project for a Fortune 500 multinational healthcare corporation and moved from the development phase of the project to its production phase. As a result, during the nine months ended September 30, 2024, the Company recognized development services revenues in the amount of $317 thousand and related development costs previously deferred in the amount of $180 thousand. The amounts were recognized based on the expected manufacturing term of the product, which the Company estimates at seven years.

 

In addition, the Company recognized product revenues of $1,731 thousand during the nine months ended September 2024 from the sale of units of the product developed in the context of these development services.

 

During the nine months ended September 30, 2024 the Company recognized development services revenues in the amount of $526 thousand from development and customization contracts in which the performance obligation is satisfied over time.
SCHEDULE OF CONTRACT FULFILLMENT ASSETS AND CONTRACT LIABILITIES

The Company’s contract fulfillment assets and contract liabilities as of September 30, 2024, and December 31, 2023, were as follows:

 

   September 30,   December 31, 
   2024   2023 
   USD in thousands 
Contract fulfillment assets   1,123    1,256 
Contract liabilities   2,094    2,322 

 

Contract liabilities include deferred service and advance payments.

 

The change in contract fulfillment assets:

 

   September 30,   December 31, 
   2024   2023 
   USD in thousands 
Balance at beginning of the period   1,256    1,495 
Contract costs deferred during the period   47      
Contract costs recognized during the period   (180)   (239)
Balance at end of the period   1,123    1,256 

 

The change in contract liabilities:

 

   September 30,   December 31, 
   2024   2023 
   USD in thousands 
Balance at beginning of the period   2,322    3,644 
Revenue deferred during the period   161    - 
Revenue recognized during the period   (389)   (1,322)
Balance at end of the period   2,094    2,322