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SHAREHOLDERS’ DEFICIT
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
SHAREHOLDERS’ DEFICIT

 

NOTE 5: SHAREHOLDERS’ DEFICIT

 

  a. As of June 30, 2024 and December 31, 2023, the Company’s share capital is composed as follows:

                
   June 30,
2024		   December 31,
2023		 
   Authorized   Issued and
outstanding		   Issued and
outstanding		   Issued and
outstanding		 
   Number of shares 
Shares of common stock of $0.0001 par value each “Shares”   500,000,000    4,215,571    500,000,000    4,215,571 

 

  b. Warrants

 

A summary of warrant activity during the six months period ended June 30, 2024, and year ended December 31, 2023 is as follows:

        
   Number   Average
exercise
price		 
Warrants outstanding at January 1, 2023   198,750   $5.40 
Granted   –    – 
Exercised   –    – 
Forfeited/Cancelled   (13,750)   2.00 
Forfeited/Cancelled   (66,000)   1.50 
Warrants outstanding at December 31, 2023   119,000   $5.88 
Expired   –    – 
Exercised   –    – 
Forfeited/Cancelled   –    – 
Warrants outstanding at June 30, 2024   119,000   $5.88 

 

The following warrants are outstanding as of December 31, 2023:

               
Issuance date  Warrants
outstanding		   Exercise
price per
warrant		   Warrants
outstanding and
exercisable		   Expiry date
October 15, 2019   44,000   $12.50    44,000   October 15, 2024
August 7, 2020   50,000   $2.00    50,000   August 7, 2025
August 11, 2020   25,000   $2.00    25,000   August 11, 2025
    119,000         119,000    

 

The following warrants and are outstanding as of June 30, 2024:

Issuance date  Warrants
outstanding		   Exercise
price per
warrant		   Warrants
outstanding and
exercisable		   Expiry date
October 15, 2019   44,000   $12.50    44,000   October 15, 2024
August 7, 2020   50,000   $2.00    50,000   August 7, 2025
August 11, 2020   25,000   $2.00    25,000   August 11, 2025
    119,000         119,000    

 

  c. Share option plans:

 

On April 1, 2019, the Company’s board of directors adopted the Sativus Tech Corp. 2018 Share Options Plan (the “2018 Plan”).

 

Awards granted under the 2018 Plan are subject to vesting schedules and unless determined otherwise by the administrator of the 2018 Plan, generally vest following a period of four years from the applicable vesting commencement date, such that the awards vest in four annual equal instalments and/or generally vest following a period of one year from the applicable vesting commencement date, such that the awards vest in four quarterly equal instalments.

 

  (i) A summary of employee share options activity during the six-month period ended June 30, 2024, and for the year ended December 31, 2023, is as follows:

        
   Number   Average
weighted
exercise
price		 
Options outstanding at January 1, 2023   240,000   $0.7 
Granted   (80,000)   0.1 
Exercised   –    – 
Forfeited   –    – 
Options outstanding at December 31, 2023   160,000   $1.05 
Granted   –    – 
Exercised   –    – 
Forfeited   –    – 
Options outstanding at June 30, 2023   160,000   $1.05 
           
Options exercisable at June 30, 2024   160,000   $1.05 

 

The following options are outstanding as of June 30, 2024:

               
Issuance date  Options
outstanding		   Exercise
price per
option		   Options
outstanding and
exercisable		   Expiry date
September 1, 2020   15,000   $0.70    15,000   September 1, 2025
October 13, 2020   50,000   $1.00    50,000   October 12, 2023
November 3, 2020   25,000   $1.00    25,000   October 25, 2025
November 3, 2020   25,000   $1.50    25,000   October 25, 2025
November 15, 2022   45,000   $1.00    45,000   November 15, 2024
    160,000         160,000    

 

  d. Restricted Share Units:

 

RSUs under the 2018 Plan may be granted upon such terms and conditions, no monetary payment (other than payments made for applicable taxes) shall be required as a condition of receiving the Company’s shares pursuant to a grant of RSUs, and unless determined otherwise by the Company, the aggregate nominal value of such RSUs shall not be paid and the Company shall capitalize applicable profits or take any other action to ensure that it meets any requirement of applicable laws regarding issuance of shares for consideration that is lower than the nominal value of such shares. If, however, the Company’s board of directors determines that the nominal value of the shares shall not be waived and shall be paid by the grantees, then it shall determine procedures for payment of such nominal value by the grantees or for collection of such amount from the grantees by the Company.

 

Shares issued pursuant to any RSUs units may (but need not) be made subject to exercise conditions, as shall be established by the Company and set forth in the applicable notice of grant evidencing such award. During any restriction period in which shares acquired pursuant to an award of RSUs remain subject to exercise conditions, such shares may not be sold, exchanged, transferred, pledged, assigned or otherwise disposed of unless otherwise provided in the 2018 Plan. Upon request by the Company, each grantee shall execute any agreement evidencing such transfer restrictions prior to the receipt of shares hereunder and the Company may place appropriate legends evidencing any such transfer restrictions on the relevant share certificates.

 

A summary of RSU activity during the six months ended June 30, 2024, and the year ended December 31, 2023 is as follows:

    
   Number 
RSU outstanding at January 1, 2023   536,000 
Granted   – 
Exercised   – 
Forfeited   (5,000)
RSU outstanding at December 31, 2023   531,000 
Granted   – 
Exercised   – 
Forfeited   – 
RSU’s outstanding at June 30, 2024   531,000