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Taxes on Income

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

TAXES ON INCOME

NOTE 15 - TAXES ON INCOME

A.

The Company is subject to income taxes under Israeli tax laws:

1.

Corporate tax rates in Israel

The Israeli corporate tax rate was 23% in 2020, 2019 and 2018. Such tax rate changes had no significant impact on the Company’s financial statements.

2.

As of December 31, 2020, the Company generated net operation losses of approximately $37,951, which may be carried forward and offset against taxable income in the future for an indefinite period.

3.

The Company is still in its development stage and has not yet generated revenues; therefore, it is more likely than not that sufficient taxable income will not be available for the tax losses to be utilized in the future. Therefore, a valuation allowance was recorded to reduce the deferred tax assets to its recoverable amounts.

	December 31,
	2020			2019			2018
Deferred tax assets:	USD in thousands

Operating loss carryforward		37,951			25,077			18,711

Deferred taxes due to carryforward losses		8,729			5,768			4,303

Valuation allowance		(8,729	)		(5,768	)		(4,303	)
Net deferred tax asset		--			--			--

4.

The Company has no uncertain tax positions and foreign sources of income.

5.

The Company has final tax assessments until and including 2016.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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