Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

Note 7 – Leases

The Company applies IFRS 16, Leases, as from January 1, 2019. The Group has lease agreements with respect to offices.

A. Information regarding material lease agreements

The Company entered into an agreement for the lease of offices in Rehovot as from September 15, 2020 for a period of 5 years. Accordingly, the Company recognized in the statement of financial position a right-to-use asset in the amount of USD 817 thousand concurrently with the recognition of a lease liability in the same amount. The agreement has an option to extend the lease, for additional 5 years. This additional period is not considered in the calculation of the liability as the Company currently does not predict it will use this option. The Company has an option to extend the lease agreements for an additional 5 years at the terms as those of the existing agreement with additional of 5% to the current terms and CPI linked.

B. Right-to-use assets

Carrying amounts of right-to-use assets and movement during the period:

	Office Lease
	USD thousands
Balance as at January 1, 2021		790
Depreciation on right-to-use assets		(171	)
Change during the year		-
Balance as at December 31, 2021		619
Balance as at January 1, 2020		206
Depreciation on right-to-use assets		(233	)
Change during the year		817
Balance as at December 31, 2020		790

C. Lease liability

Maturity analysis of the Company’s lease liabilities

	December 31,		December 31,
	2021		2020
	USD thousands		USD thousands
Less than one year		219		210
One to three years		658		840
Total		877		1,050
Current maturities of lease liability		199		207
Long-term lease liability		550		688

D. Additional information on leases

Amounts recognized in profit or loss

	2021		2020
	USD thousands		USD thousands
Interest expenses on lease liability		65		41