Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets

The following is a summary of the significant components of deferred tax assets:

	December 31			December 31
	2023			2022
	US Dollars (In thousands)
Operating loss carryforwards		1,678			1,118
Research and development costs capitalized for tax purposes		423			341
Payroll and related payables		7			4
Lease liability		9			26
Total deferred tax assets		2,117			1,489
Right of use asset- deferred tax liability		(19	)		(35	)
Total deferred tax assets, net		2,098			1,454
Valuation allowance for deferred tax assets		(2,098	)		(1,454	)
Deferred tax assets, net of valuation allowance		-			-

Schedule of Composition of Loss from Continuing Operations Before Income Taxes

	December 31		December 31
	2023		2022
	US Dollars (In thousands)
Loss from continuing operations before income taxes:
US		346		283
Israel		4,563		4,451
		4,909		4,734

Schedule of Statutory Income Tax Expense (Benefit) to Actual Income Tax Expense

Reconciliation between the theoretical income tax expense, assuming all income is taxed at the federal statutory income tax rate applicable to income of the Parent Company and the actual income tax expense as reported in the statements of operations is as follows:

	For the years ended
	December 31			December 31
	2023			2022
	US Dollars (In thousands)
Loss before income taxes as reported in the statements of operations		(4,909	)		(4,734	)
Statutory tax rate		21	%		21	%
Theoretical income tax benefit on the above amount at the US federal statutory income tax rate		(1,031	)		(994	)

IR-Med, Inc.

Notes to the Consolidated Financial Statements

Note 16 – Income Taxes (Cont’d)

G. Reconciliation of the statutory income tax expense (benefit) to actual income tax expense (cont’d)

Additional tax (tax savings) in respect of:
Nondeductible expenses	389		332
Differences in tax rates between statutory tax and income tax of the Subsidiary*	(91	)	(89	)
Change in valuation allowance	644		553
Effect of currency exchange differences	87		121
Other	2		77
Actual taxes on income	-		-

(*) The Subsidiary operates in Israel in a tax jurisdiction with a corporate income tax rate of 23%.

Schedule of Roll forward of Valuation Allowance

	US Dollars (In thousands)
Balance on January 1, 2022		901
Change in valuation allowance – income tax expenses		553
Balance on December 31, 2022		1,454
Change in valuation allowances - Income tax expense		644
Balance on December 31, 2023		2,098