Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 10, 2021 | |
Cover [Abstract] | ||
Entity Registrant Name | InspireMD, Inc. | |
Entity Central Index Key | 0001433607 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,906,476 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2021 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 44,034 | $ 12,645 | |
Accounts receivable: | |||
Trade, net | 708 | 476 | |
Other | 117 | 146 | |
Prepaid expenses | 207 | 334 | |
Inventory | 1,184 | 1,415 | |
Receivable for sale of Shares | 323 | ||
TOTAL CURRENT ASSETS | 46,250 | 15,339 | |
NON-CURRENT ASSETS: | |||
Property, plant and equipment, net | 422 | 448 | |
Operating lease right of use assets | 1,240 | 1,265 | |
Fund in respect of employee rights upon retirement | 723 | 725 | |
TOTAL NON-CURRENT ASSETS | 2,385 | 2,438 | |
TOTAL ASSETS | 48,635 | 17,777 | |
Accounts payable and accruals: | |||
Trade | 401 | 236 | |
Other | 2,465 | 3,469 | |
TOTAL CURRENT LIABILITIES | 2,866 | 3,705 | |
LONG-TERM LIABILITIES- | |||
Operating lease liabilities | 894 | 999 | |
Liability for employees rights upon retirement | 921 | 910 | |
TOTAL LONG-TERM LIABILITIES | 1,815 | 1,909 | |
COMMITMENTS AND CONTINGENT LIABILITIES (Note 8) | |||
TOTAL LIABILITIES | 4,681 | 5,614 | |
EQUITY: | |||
Common stock, par value $0.0001 per share; 150,000,000 shares authorized at March 31, 2021 and December 31, 2020; 7,852,791 and 3,284,322 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively | 1 | [1] | |
Additional paid-in capital | 215,372 | 180,339 | |
Accumulated deficit | (171,419) | (168,176) | |
Total equity | 43,954 | 12,163 | |
Total liabilities and equity | 48,635 | 17,777 | |
Preferred B Shares [Member] | |||
EQUITY: | |||
Preferred Stock, value | |||
Preferred C Shares [Member] | |||
EQUITY: | |||
Preferred Stock, value | |||
[1] | Represents an amount less than $1 thousand |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Common stock, par value | $ 0.0001 | |
Common stock, shares authorized | 150,000,000 | |
Common stock, shares issued | 7,852,791 | 3,284,322 |
Common stock, shares outstanding | 7,852,791 | 3,284,322 |
Preferred B Shares [Member] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 500,000 | 500,000 |
Preferred stock, shares issued | 0 | 17,303 |
Preferred stock, shares outstanding | 0 | 17,303 |
Preferred C Shares [Member] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 1,172,000 | 1,172,000 |
Preferred stock, shares issued | 1,718 | 2,343 |
Preferred stock, shares outstanding | 1,718 | 2,343 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
REVENUES | $ 1,006 | $ 1,034 |
COST OF REVENUES | 900 | 739 |
GROSS PROFIT | 106 | 295 |
OPERATING EXPENSES: | ||
Research and development | 839 | 523 |
Selling and marketing | 708 | 624 |
General and administrative | 1,873 | 1,169 |
Total operating expenses | 3,420 | 2,316 |
LOSS FROM OPERATIONS | (3,314) | (2,021) |
FINANCIAL INCOME, net | 71 | 43 |
NET LOSS | $ (3,243) | $ (1,978) |
NET LOSS PER SHARE - basic and diluted | $ (0.53) | $ (6.42) |
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING NET LOSS PER SHARE - basic and diluted | 6,122,690 | 308,202 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Series B Convertible Preferred Stock [Member] | Series C Convertible Preferred Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total | |||||
Balance at Dec. 31, 2019 | [1] | [1] | [1] | $ 163,015 | $ (157,632) | $ 5,383 | |||||
Balance, shares at Dec. 31, 2019 | 261,075 | 17,303 | 34,370 | ||||||||
Net loss | (1,978) | (1,978) | |||||||||
Exercise of pre-funded warrants | [1] | 3 | 3 | ||||||||
Exercise of pre-funded warrants, shares | 18,000 | ||||||||||
Settlement of restricted stock units in shares of common stock | [1] | [1] | [1] | ||||||||
Settlement of restricted stock units in shares of common stock, shares | 11,000 | ||||||||||
Conversion of Series C Convertible Preferred Stock to common shares | [1] | [1] | |||||||||
Conversion of Series C Convertible Preferred Stock to common shares, shares | 1,852 | (7,812) | |||||||||
Share-based compensation related to restricted stock , restricted stock units and stock options award, net of forfeitures of shares | [1] | $ 69 | $ 69 | ||||||||
Share-based compensation related to restricted stock , restricted stock units and stock options award, net of forfeitures of shares, shares | (2,666) | ||||||||||
Balance at Mar. 31, 2020 | [1] | [1] | [1] | 163,087 | (159,610) | 3,477 | |||||
Balance, shares at Mar. 31, 2020 | 289,261 | 17,303 | 26,558 | ||||||||
Balance at Dec. 31, 2020 | [1] | [1] | [1] | 180,339 | (168,176) | 12,163 | |||||
Balance, shares at Dec. 31, 2020 | 3,284,322 | 17,303 | 2,343 | ||||||||
Net loss | (3,243) | (3,243) | |||||||||
Conversion of Series C Convertible Preferred Stock to common shares | [1] | [1] | [1] | [1] | |||||||
Conversion of Series C Convertible Preferred Stock to common shares, shares | 831 | (625) | |||||||||
Share-based compensation related to restricted stock , restricted stock units and stock options award, net of forfeitures of shares | [1] | 323 | 323 | ||||||||
Share-based compensation related to restricted stock , restricted stock units and stock options award, net of forfeitures of shares, shares | 923 | ||||||||||
Issuance of common shares, including at the market offering net of $2,018 issuance costs | $ 1 | 25,241 | 25,242 | ||||||||
Issuance of common shares, including at the market offering net of $2,018 issuance costs, shares | 3,133,775 | ||||||||||
Exercise of Warrants F | [1] | 8,120 | 8,120 | ||||||||
Exercise of Warrants F, shares | 1,093,536 | ||||||||||
Exercise of Warrants G | [1] | 1,349 | 1,349 | ||||||||
Exercise of Warrants G , shares | 131,876 | ||||||||||
Conversion of Series B Convertible Preferred Stock to common shares | [1] | [1] | [1] | [1] | |||||||
Conversion of Series B Convertible Preferred Stock to common shares, shares | 207,528 | (17,303) | |||||||||
Balance at Mar. 31, 2021 | $ 1 | [1] | [1] | $ 215,372 | $ (171,419) | $ 43,954 | |||||
Balance, shares at Mar. 31, 2021 | 7,852,791 | 1,718 | |||||||||
[1] | Represents an amount less than $1 thousand |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Issuance costs | $ 2,018 | |
Restricted stock award, shares | 3,276 | 40,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (3,243) | $ (1,978) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 51 | 51 |
Loss from sale of property, plant and equipment | 1 | |
Change in liability for employees rights upon retirement | 11 | 32 |
Financial income and interest paid | 15 | 19 |
Change in right of use asset and leasing liability | (99) | (31) |
Share-based compensation expenses | 323 | 69 |
Changes in operating asset and liability items: | ||
Decrease in prepaid expenses | 127 | 24 |
Increase in trade receivables | (232) | (33) |
Decrease (Increase) in other receivables | 29 | (24) |
Decrease in inventory | 231 | 34 |
Increase (Decrease) increase in trade payables | 165 | (84) |
Decrease in other payables | (1,020) | (433) |
Net cash used in operating activities | (3,641) | (2,354) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property, plant and equipment | (26) | |
Amounts (withdrawn) in respect of employee rights upon retirement, net | 2 | (3) |
Net cash used in investing activities | (24) | (3) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of shares and warrants | 35,068 | 3 |
Net cash provided by financing activities | 35,068 | 3 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (14) | (19) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 31,389 | (2,373) |
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD | 12,645 | 5,514 |
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | 44,034 | 3,141 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH FINANCING ACTIVITIES: | ||
Issuance Costs | $ 35 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | NOTE 1 - DESCRIPTION OF BUSINESS a. General InspireMD, Inc., a Delaware corporation (the “Company”), together with its subsidiaries, is a medical device company focusing on the development and commercialization of its proprietary MicroNet™ stent platform technology for the treatment of complex vascular and coronary disease. MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. The Company’s carotid product (CGuard™ EPS) combines MicroNet and a self-expandable nitinol stent in a single device to treat carotid artery disease. The Company’s coronary product combining MicroNet and a bare-metal stent (MGuard Prime™ EPS) is marketed for use in patients with acute coronary syndromes, notably acute myocardial infarction (heart attack) and saphenous vein graft coronary interventions (bypass surgery). The Company markets its products through distributors in international markets, mainly in Europe. As of the date of issuance of the consolidated financial statements, the Company has the ability to fund its planned operations for at least the next 12 months. However, the Company expects to continue incurring losses and negative cash flows from operations until its products (primarily CGuard™ EPS) reach commercial profitability. Therefore, in order to fund the Company’s operations until such time that the Company can generate substantial revenues, the Company may need to raise additional funds. The Company’s common stock are traded on NYSE American and have been approved for listing on The Nasdaq Capital Market (“Nasdaq”). the Company is taking steps to commence trading on Nasdaq under the symbol NSPR. b. COVID-19 Pandemic In an effort to contain and mitigate the spread of COVID-19, many countries have imposed unprecedented restrictions on travel, quarantines and other public health safety measures. As of the beginning of the second quarter of 2020, we began to experience a significant COVID-19 related impact on our financial condition and results of operations, which we primarily attribute to the postponement of CGuard EPS procedures (non-emergency procedures), as hospitals shifted resources to patients affected by COVID-19. To the best of our knowledge, most European countries in which we operate are reinstating elective procedures, but we do not know when the hospitals will resume to normal pre-pandemic levels with such procedures in light of recent increases in COVID-19 cases in the territories we sell into. We anticipate that the continuation of the pandemic and related restrictions and safety measures would likely result in a continued fluctuations in sales of our products for the upcoming periods. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 2 - BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements. In the opinion of the company, the financial statements reflect all adjustments, which include only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2021 and its results of operations and cash flows for the three months ended March 31, 2021 and 2020. These consolidated financial statements and notes thereto are unaudited and should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2020, as found in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 8, 2021. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of results that could be expected for the entire fiscal year. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Equity | NOTE 3 - EQUITY: a. On April 19, 2021, the Company filed with the Secretary of State of Delaware a Certificate of Amendment to the Company’s Amended and Restated Certificate of Incorporation to effect a one-for-fifteen reverse stock split of its common stock, par value $0.0001 per share, effective as of April 26, 2021, which decreased the number of issued and outstanding shares of common stock and restricted stock as of March 31, 2021 from 117.8 million shares to 7.9 million shares. All related share and per share data have been retroactively applied to the financial statements and their related notes for all periods presented. b. On February 8, 2021, the Company closed an underwritten public offering of 1,935,484 units (“Units”), with each Unit being comprised of one share of the Company’s common stock, par value $0.0001 per share, and one Series G warrant to purchase one-half of one share of Common Stock.In connection with this public offering, the underwriter exercised its over-allotment option in full and purchased an additional 290,322 shares of common stock and 145,161 Series G Warrants. The offering price to the public was $9.30 per Unit. The Series G Warrants are immediately exercisable at a price of $10.23 per and expire five years from the date of issuance. The Company granted the Underwriter a compensation warrant to purchase up to 111,290 shares of Common Stock. The Underwriter Warrants have an exercise price of $10.23 per share and are exercisable immediately and for five years from the date of effectiveness of the registration statement in connection with the Offering. The net proceeds to the Company from the Offering, after giving effect to the exercise of the Underwriter’s over-allotment option, were approximately $18.9 million, after deducting underwriting discounts and commissions and payment of other estimated expenses associated with the Offering, but excluding the proceeds, if any, from the exercise of Series G Warrants sold in the Offering. c. During the three months ended March 31, 2021, the Company sold 818,523 shares of its common stock pursuant to its at-the-market (ATM) issuance sales agreement with an Underwriter. These sales resulted aggregate gross proceeds to the Company of approximately $5,659,000. d. On February 3, 2021, the Company entered into a Distribution Agreement with three China-based partners, pursuant to which the Chinese partners will be responsible for conducting the necessary registration trials for commercial approval of the Company’s products in China, followed by an eight-year exclusive distribution right to sell the Company’s products in China with the term of the agreement continuing on a year-to-year basis unless terminated. Under the Distribution Agreement, the China-based partners will be subject to minimum purchase obligations. The Distribution Agreement may be terminated for cause upon failure to meet minimum purchase obligations, failure to obtain regulatory approvals or for other material breaches. In addition, and on the same day, the Company entered into an investment transaction with one of the Chinese parties to the Distribution Agreement, , which included (i) a Securities Purchase Agreement, or the SPA, pursuant to which investor agreed to invest $900,000 in exchange for 89,445 shares of the Company’s common stock at a purchase price of $10.062 per share. e. During the three months ended March 31, 2021, Series F and Series G warrants to purchase shares of common stock were exercised by investors at an exercise price of $7.425 and $10.23 per share, resulting in the issuance of 1,225,412 shares of common stock for proceeds of approximately $9,469,000. f. During the three months ended March 31, 2021, all the remaining 17,303 shares of Series B Convertible Preferred Stock were converted into 207,528 shares of common stock. g. During the three months ended March 31, 2021, 625 shares of Series C Convertible Preferred Stock were converted into 831 shares of common stock. h. On January 11, 2021 the Company granted to employees options to purchase a total of 1,400 shares of the Company’s common stock. The options have an exercise prices of $10.05 per share, which was the fair market value of the Company’s common stock on the date of the grant. The options are subject to a three-year vesting period, with one-third of such awards vesting each year. In calculating the fair value of the above options the Company used the following assumptions: dividend yield of 0% and expected term of 5.5-6.5 years; expected volatility of 129.12%-136.78%; and risk-free interest rate of 0.59%-0.76%. The fair value of the above options, using the Black-Scholes option-pricing model, was approximately $12,635. i. On January 11, 2021, the Company granted 4,200 restricted shares of the Company’s common stock to employees and directors. The shares are subject to a three-year vesting period, with one-third of such awards vesting each year. The fair value of the above restricted shares was approximately $42,207. j. As of March 31, 2021, there were 1,718 shares of Series C Preferred Stock outstanding, convertible into an aggregate of 2,280 shares of our common stock. As of March 31, 2021, the Company has outstanding warrants to purchase an aggregate of 1,794,158 shares of common stock as follows: Number of Weighted Series E Warrants 198,159 $ 27.000 Series F Warrants 433,878 $ 7.425 Series G Warrants 1,092,344 $ 10.230 Underwriter Warrants 18,277 $ 7.425 Other warrants 51,500 $ 225.000 and above Total Warrants 1,794,158 $ 35.207 As of March 31, 2021, the Company had 155,000,000 authorized shares of capital stock, par value $0.0001 per share, of which 150,000,000 are shares of common stock and 5,000,000 are shares of “blank check” preferred stock. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | NOTE 4- NET LOSS PER SHARE: Basic and diluted net loss per share is computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net loss per share excludes potential share issuances of common stock upon the exercise of share options, warrants, and restricted stocks as the effect is anti-dilutive. The total number of shares of common stock related to outstanding options, warrants, restricted stock, restricted stock units, Series C Preferred Stock and placement agent units excluded from the calculations of diluted loss per share were 2,164,985 for the three-month period ended March 31, 2021. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | NOTE 5 - FINANCIAL INSTRUMENTS: a. Fair value of financial instruments The carrying amounts of financial instruments included in working capital approximate their fair value either because these amounts are presented at fair value or due to the relatively short-term maturities of such instruments. b. As of March 31, 2021, and December 31, 2020, allowance for doubtful accounts was $0. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Inventory | NOTE 6 - INVENTORY: March 31, December 31, 2021 2020 ($ in thousands) Finished goods $ 215 $ 350 Work in process 223 376 Raw materials and supplies 746 689 $ 1,184 $ 1,415 |
Accounts Payable and Accruals -
Accounts Payable and Accruals - Other | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accruals - Other | NOTE 7 - ACCOUNTS PAYABLE AND ACCRUALS - OTHER: March 31, December 31, 2021 2020 ($ in thousands) Employees and employee institutions 731 1,236 Accrued vacation and recreation pay 322 278 Accrued expenses 906 886 Accrual for settlement payment - 580 Current Operating lease liabilities 381 400 Other 125 89 $ 2,465 $ 3,469 |
Disaggregated Revenue and Entit
Disaggregated Revenue and Entity Wide Disclosures | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Disaggregated Revenue and Entity Wide Disclosures | NOTE 8 - DISAGGREGATED REVENUE AND ENTITY WIDE DISCLOSURES Revenues are attributed to geographic areas based on the location of the customers. The following is a summary of revenues: Three months ended 2021 2020 ($ in thousands) Germany $ 244 $ 171 Italy 209 194 Poland 90 121 Russia 70 116 Other 393 432 $ 1,006 $ 1,034 By product: Three months ended 2021 2020 ($ in thousands) CGuard $ 969 $ 971 MGuard 37 63 $ 1,006 $ 1,034 By principal customers: Three months ended 2021 2020 Customer A 23 % 16 % Customer B 13 % 16 % Customer C 9 % 12 % Customer D 7 % 11 % All tangible long lived assets are located in Israel. |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Issuance of Warrants to Purchase Common Stock | As of March 31, 2021, the Company has outstanding warrants to purchase an aggregate of 1,794,158 shares of common stock as follows: Number of Weighted Series E Warrants 198,159 $ 27.000 Series F Warrants 433,878 $ 7.425 Series G Warrants 1,092,344 $ 10.230 Underwriter Warrants 18,277 $ 7.425 Other warrants 51,500 $ 225.000 and above Total Warrants 1,794,158 $ 35.207 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | March 31, December 31, 2021 2020 ($ in thousands) Finished goods $ 215 $ 350 Work in process 223 376 Raw materials and supplies 746 689 $ 1,184 $ 1,415 |
Accounts Payable and Accruals_2
Accounts Payable and Accruals - Other (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accruals - Other | March 31, December 31, 2021 2020 ($ in thousands) Employees and employee institutions 731 1,236 Accrued vacation and recreation pay 322 278 Accrued expenses 906 886 Accrual for settlement payment - 580 Current Operating lease liabilities 381 400 Other 125 89 $ 2,465 $ 3,469 |
Disaggregated Revenue and Ent_2
Disaggregated Revenue and Entity Wide Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Revenues Attributed to Geographic Areas | Revenues are attributed to geographic areas based on the location of the customers. The following is a summary of revenues: Three months ended 2021 2020 ($ in thousands) Germany $ 244 $ 171 Italy 209 194 Poland 90 121 Russia 70 116 Other 393 432 $ 1,006 $ 1,034 |
Schedule of Revenues Attributed to Geographic Areas by Product | By product: Three months ended 2021 2020 ($ in thousands) CGuard $ 969 $ 971 MGuard 37 63 $ 1,006 $ 1,034 |
Schedule of Revenues Attributed to Geographic Areas by Principal Customers | By principal customers: Three months ended 2021 2020 Customer A 23 % 16 % Customer B 13 % 16 % Customer C 9 % 12 % Customer D 7 % 11 % |
Equity (Details Narrative)
Equity (Details Narrative) - USD ($) | Apr. 19, 2021 | Feb. 08, 2021 | Feb. 03, 2021 | Jan. 11, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Apr. 26, 2021 | Dec. 31, 2020 |
Reverse stock split | One-for-fifty reverse stock split of its common stock | |||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Common stock, shares issued | 7,852,791 | 3,284,322 | ||||||
Common stock, shares outstanding | 7,852,791 | 3,284,322 | ||||||
Number of warrants to purchase common stock | 1,794,158 | |||||||
Warrants exercise price | $ 35.207 | |||||||
Conversion of series c convertible preferred stock to common shares, shares | ||||||||
Capital stock shares authorized | 155,000,000 | |||||||
Capital stock par value | $ 0.0001 | |||||||
Common stock shares authorized | 150,000,000 | 150,000,000 | ||||||
Employees and Directors [Member] | ||||||||
Number of restricted stock shares granted | 4,200 | |||||||
Fair value of restricted stock granted | $ 42,207 | |||||||
Stock Options [Member] | ||||||||
Stock option granted | 1,400 | |||||||
Stock option granted, exercise price | $ 10.05 | |||||||
Stock option vesting period | 3 years | |||||||
Dividend yield | 0.00% | |||||||
Volatility rate, minimum | 129.12% | |||||||
Volatility rate, maximum | 136.78% | |||||||
Risk free interest rate, minimum | 0.59% | |||||||
Risk free interest rate, maximum | 0.76% | |||||||
Fair value of stock options | $ 12,635 | |||||||
Series F And G Warrants [Member] | ||||||||
Number of issuance of public offering | 1,225,412 | |||||||
Proceeds from sale of stock | $ 9,469,000 | |||||||
Series B Convertible Preferred Stock [Member] | ||||||||
Conversion of series b convertible preferred stock to common shares, shares | 17,303 | |||||||
Series C Convertible Preferred Stock [Member] | ||||||||
Common stock, shares outstanding | 1,718 | |||||||
Conversion of series c convertible preferred stock to common shares, shares | 625 | |||||||
Preferred stock issued upon conversion | 831 | |||||||
Securities Purchase Agreement [Member] | ||||||||
Number of issuance of public offering | 89,445 | |||||||
Share price | $ 10.062 | |||||||
Proceeds from sale of stock | $ 900,000 | |||||||
Maximum [Member] | Stock Options [Member] | ||||||||
Expected term | 6 years 6 months | |||||||
Maximum [Member] | Series F And G Warrants [Member] | ||||||||
Warrants exercise price | $ 10.23 | |||||||
Minimum [Member] | Stock Options [Member] | ||||||||
Expected term | 5 years 6 months | |||||||
Minimum [Member] | Series F And G Warrants [Member] | ||||||||
Warrants exercise price | $ 7.425 | |||||||
Underwriter Warrants [Member] | Maximum [Member] | ||||||||
Number of warrants to purchase common stock | 111,290 | |||||||
Series G Warrants [Member] | ||||||||
Issuance of common shares, warrants, pre-funded warrants and exercise of pre-funded warrants, net of issuance costs, shares | 145,161 | |||||||
Share price | $ 10.23 | |||||||
Warrants term | 5 years | |||||||
Common Stock [Member] | ||||||||
Conversion of series b convertible preferred stock to common shares, shares | 207,528 | |||||||
Conversion of series c convertible preferred stock to common shares, shares | 831 | 1,852 | ||||||
Common Stock [Member] | Series C Convertible Preferred Stock [Member] | ||||||||
Conversion of series c convertible preferred stock to common shares, shares | 2,280 | |||||||
Preferred Stock Blank Check [Member] | ||||||||
Preferred stock shares authorized | 5,000,000 | |||||||
Underwritten Public Offering [Member] | ||||||||
Common stock, par value | $ 0.0001 | |||||||
Number of issuance of public offering | 1,935,484 | |||||||
Share price | $ 9.30 | |||||||
Over-Allotment Option [Member] | ||||||||
Number of issuance of public offering | 290,322 | |||||||
Net proceeds from issuance of stock | $ 18,900,000 | |||||||
At The Market Offering [Member] | ||||||||
Sale of transaction shares | 818,523 | |||||||
Sale of transaction | $ 5,659,000 | |||||||
Secretary of State of Delaware a Certificate of Amendment [Member] | ||||||||
Common stock, shares issued | 117,800,000 | 7,900,000 | ||||||
Common stock, shares outstanding | 117,800,000 | 7,900,000 |
Equity - Schedule of Issuance o
Equity - Schedule of Issuance of Warrants to Purchase Common Stock (Details) | Mar. 31, 2021$ / sharesshares |
Class of Warrant or Right [Line Items] | |
Total Warrants | shares | 1,794,158 |
Weighted average exercise price | $ / shares | $ 35.207 |
Series E Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Total Warrants | shares | 198,159 |
Weighted average exercise price | $ / shares | $ 27 |
Series F Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Total Warrants | shares | 433,878 |
Weighted average exercise price | $ / shares | $ 7.425 |
Series G Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Total Warrants | shares | 1,092,344 |
Weighted average exercise price | $ / shares | $ 10.230 |
Underwriter Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Total Warrants | shares | 18,277 |
Weighted average exercise price | $ / shares | $ 7.425 |
Other Warrants [Member] | |
Class of Warrant or Right [Line Items] | |
Total Warrants | shares | 51,500 |
Weighted average exercise price | $ / shares | $ 225 |
Net Loss Per Share (Details Nar
Net Loss Per Share (Details Narrative) | 3 Months Ended |
Mar. 31, 2021shares | |
Earnings Per Share [Abstract] | |
Diluted loss per share | 2,164,985 |
Financial Instruments (Details
Financial Instruments (Details Narrative) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Investments, All Other Investments [Abstract] | ||
Allowance for doubtful accounts | $ 0 | $ 0 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 215 | $ 350 |
Work in process | 223 | 376 |
Raw materials and supplies | 746 | 689 |
Total inventory | $ 1,184 | $ 1,415 |
Accounts Payable and Accruals_3
Accounts Payable and Accruals - Other - Schedule of Accounts Payable and Accruals - Other (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Employees and employee institutions | $ 731 | $ 1,236 |
Accrued vacation and recreation pay | 322 | 278 |
Accrued expenses | 906 | 886 |
Accrual for settlement payment | 580 | |
Current Operating lease liabilities | 381 | 400 |
Other | 125 | 89 |
Accounts Payable and Accruals - Other | $ 2,465 | $ 3,469 |
Disaggregated Revenue and Ent_3
Disaggregated Revenue and Entity Wide Disclosures - Schedule of Revenues Attributed to Geographic Areas (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 1,006 | $ 1,034 |
Germany [Member] | ||
Revenues | 244 | 171 |
Italy [Member] | ||
Revenues | 209 | 194 |
Poland [Member] | ||
Revenues | 90 | 121 |
Russia [Member] | ||
Revenues | 70 | 116 |
Other [Member] | ||
Revenues | $ 393 | $ 432 |
Disaggregated Revenue and Ent_4
Disaggregated Revenue and Entity Wide Disclosures - Schedule of Revenues Attributed to Geographic Areas by Product (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 1,006 | $ 1,034 |
CGuard EPS [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 969 | 971 |
MGuard Prime EPS [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 37 | $ 63 |
Disaggregated Revenue and Ent_5
Disaggregated Revenue and Entity Wide Disclosures - Schedule of Revenues Attributed to Geographic Areas by Principal Customers (Details) - Sales [Member] | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Customer A [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenues per major customer | 23.00% | 16.00% |
Customer B [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenues per major customer | 13.00% | 16.00% |
Customer C [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenues per major customer | 9.00% | 12.00% |
Customer D [Member] | ||
Segment Reporting Information [Line Items] | ||
Percentage of revenues per major customer | 7.00% | 11.00% |