Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 14, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-35731 | |
Entity Registrant Name | InspireMD, Inc. | |
Entity Central Index Key | 0001433607 | |
Entity Tax Identification Number | 26-2123838 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 4 Menorat Hamaor St. | |
Entity Address, City or Town | Tel Aviv | |
Entity Address, Country | IL | |
Entity Address, Postal Zip Code | 6744832 | |
City Area Code | (888) | |
Local Phone Number | 776-6204 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | NSPR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,913,756 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 41,419 | $ 12,645 | |
Accounts receivable: | |||
Trade, net | 962 | 476 | |
Other | 136 | 146 | |
Prepaid expenses | 63 | 334 | |
Inventory | 1,342 | 1,415 | |
Receivable for sale of shares | 323 | ||
TOTAL CURRENT ASSETS | 43,922 | 15,339 | |
NON-CURRENT ASSETS: | |||
Property, plant and equipment, net | 443 | 448 | |
Operating lease right of use assets | 1,251 | 1,265 | |
Fund in respect of employee rights upon retirement | 759 | 725 | |
TOTAL NON-CURRENT ASSETS | 2,453 | 2,438 | |
TOTAL ASSETS | 46,375 | 17,777 | |
Accounts payable and accruals: | |||
Trade | 739 | 236 | |
Other | 2,940 | 3,469 | |
TOTAL CURRENT LIABILITIES | 3,679 | 3,705 | |
LONG-TERM LIABILITIES- | |||
Operating lease liabilities | 904 | 999 | |
Liability for employees’ rights upon retirement | 962 | 910 | |
TOTAL LONG-TERM LIABILITIES | 1,866 | 1,909 | |
TOTAL LIABILITIES | 5,545 | 5,614 | |
EQUITY: | |||
Common stock, par value $0.0001 per share; 150,000,000 shares authorized at June 30, 2021 and December 31, 2020; 7,914,339 and 3,284,322 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively | 1 | ||
Additional paid-in capital | 215,755 | 180,339 | |
Accumulated deficit | (174,926) | (168,176) | |
Total equity | 40,830 | 12,163 | |
Total liabilities and equity | 46,375 | 17,777 | |
Series B Preferred Stock [Member] | |||
EQUITY: | |||
Preferred Stock, value | [1] | ||
Series C Preferred Stock [Member] | |||
EQUITY: | |||
Preferred Stock, value | [1] | ||
[1] | Represents an amount less than $1 thousand |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 7,914,339 | 3,284,322 |
Common stock, shares outstanding | 7,914,339 | 3,284,322 |
Series B Preferred Stock [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 |
Series C Preferred Stock [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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
REVENUES | $ 1,038 | $ 313 | $ 2,044 | $ 1,347 |
COST OF REVENUES | 776 | 433 | 1,676 | 1,172 |
GROSS PROFIT (LOSS) | 262 | (120) | 368 | 175 |
OPERATING EXPENSES: | ||||
Research and development | 1,290 | 444 | 2,129 | 967 |
Selling and marketing | 636 | 377 | 1,344 | 1,001 |
General and administrative | 1,776 | 1,505 | 3,649 | 2,674 |
Total operating expenses | 3,702 | 2,326 | 7,122 | 4,642 |
LOSS FROM OPERATIONS | (3,440) | (2,446) | (6,754) | (4,467) |
FINANCIAL INCOME (EXPENSES), net: | (67) | (34) | 4 | 9 |
LOSS BEFORE TAX EXPENSES | (3,507) | (2,480) | (6,750) | (4,458) |
TAX EXPENSES | ||||
NET LOSS | $ (3,507) | $ (2,480) | $ (6,750) | $ (4,458) |
NET LOSS PER SHARE - basic and diluted | $ (0.46) | $ (2.93) | $ (0.98) | $ (7.73) |
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING NET LOSS PER SHARE - basic and diluted | 7,704,707 | 845,451 | 6,918,090 | 576,827 |
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] | Retained Earnings [Member] | Total | ||||||
Beginning balance, value at Dec. 31, 2019 | [1] | [1] | [1] | $ 163,015 | $ (157,632) | $ 5,383 | ||||||
Begining balance, shares at Dec. 31, 2019 | 261,075 | 17,303 | 34,370 | |||||||||
Net loss | (4,458) | (4,458) | ||||||||||
Exercise of pre-funded warrants | [1] | 18 | 18 | |||||||||
Exercise of pre-funded warrants, shares | 990,427 | |||||||||||
Settlement of restricted stock units in shares of common stock | [1] | |||||||||||
Settlement of restricted stock units in shares of common stock, shares | 11,000 | |||||||||||
Issuance of common stock, net of $835 issuance costs | [1] | 10,651 | 10,651 | |||||||||
Issuance of common stock, net of issuance costs, shares | 731,273 | |||||||||||
Exercise of Warrants F | [1] | 1,418 | 1,418 | |||||||||
Exercise of Warrants F, shares | 191,107 | |||||||||||
Exercise of Unit Purchase Option to common stock | [1] | 82 | 82 | |||||||||
Exercise of Unit Purchase Option. shares | 16,906 | |||||||||||
Conversion of Series C Convertible Preferred Stock to common stock | [1] | |||||||||||
Conversion of Series C Convertible Preferred Stock to common stock, shares | 24,812 | (32,027) | ||||||||||
Share-based compensation related to restricted stock, restricted stock units and stock options award, net of forfeitures of shares | [1] | 120 | 120 | |||||||||
Share-based compensation related to restricted stock , restricted stock units and stock options award, net of forfeitures of shares, shares | (2,667) | |||||||||||
Ending balance, value at Jun. 30, 2020 | [1] | [1] | [1] | 175,304 | (162,090) | 13,214 | ||||||
Ending balance, shares at Jun. 30, 2020 | 2,223,933 | 17,303 | 2,343 | |||||||||
Beginning balance, value at Mar. 31, 2020 | [2] | [2] | [2] | 163,087 | (159,610) | 3,477 | ||||||
Begining balance, shares at Mar. 31, 2020 | 289,261 | 17,303 | 26,558 | |||||||||
Net loss | (2,480) | (2,480) | ||||||||||
Exercise of pre-funded warrants | [2] | 14 | 14 | |||||||||
Exercise of pre-funded warrants, shares | 972,427 | |||||||||||
Issuance of common stock, net of $835 issuance costs | [2] | 10,651 | 10,651 | |||||||||
Issuance of common stock, net of issuance costs, shares | 731,273 | |||||||||||
Exercise of Warrants F | [2] | 1,418 | 1,418 | |||||||||
Exercise of Warrants F, shares | 191,106 | |||||||||||
Exercise of Unit Purchase Option to common stock | [2] | 82 | 82 | |||||||||
Exercise of Unit Purchase Option. shares | 16,906 | |||||||||||
Conversion of Series C Convertible Preferred Stock to common stock | [2] | |||||||||||
Conversion of Series C Convertible Preferred Stock to common stock, shares | 22,960 | (24,215) | ||||||||||
Share-based compensation related to restricted stock, restricted stock units and stock options award, net of forfeitures of shares | 52 | 52 | ||||||||||
Ending balance, value at Jun. 30, 2020 | [1] | [1] | [1] | 175,304 | (162,090) | 13,214 | ||||||
Ending balance, shares at Jun. 30, 2020 | 2,223,933 | 17,303 | 2,343 | |||||||||
Beginning balance, value at Dec. 31, 2020 | [3] | [3] | [3] | 180,339 | (168,176) | 12,163 | ||||||
Begining balance, shares at Dec. 31, 2020 | 3,284,322 | 17,303 | 2,343 | |||||||||
Net loss | (6,750) | (6,750) | ||||||||||
Issuance of common stock, including at the market offering net of $2,024 issuance costs | $ 1 | 25,241 | 25,242 | |||||||||
Issuance of common stock, including at the market offering net of $2,024 issuance costs, shares | 3,133,775 | |||||||||||
Exercise of Warrants F | [3] | 8,120 | 8,120 | |||||||||
Exercise of Warrants F, shares | 1,093,536 | |||||||||||
Exercise of Warrants G | [3] | 1,349 | 1,349 | |||||||||
Exercise of Warrants G , shares | 131,876 | |||||||||||
Conversion of Series B Convertible Preferred Stock to common stock | [3] | [3] | [3] | [3] | ||||||||
Conversion of Series B Convertible Preferred Stock to common stock, shares | 207,528 | (17,303) | ||||||||||
Conversion of Series C Convertible Preferred Stock to common stock | [3] | [3] | [3] | [3] | ||||||||
Conversion of Series C Convertible Preferred Stock to common stock, shares | 831 | (625) | ||||||||||
Share-based compensation related to restricted stock, restricted stock units and stock options award, net of forfeitures of shares | [3] | 706 | 706 | |||||||||
Share-based compensation related to restricted stock , restricted stock units and stock options award, net of forfeitures of shares, shares | 15,083 | |||||||||||
Round up of shares due to reverse stock split effectuated on April 26, 2021 | [3] | |||||||||||
Round up of shares due to reverse stock split effectuated on April 26, 2021, shares | 47,388 | |||||||||||
Ending balance, value at Jun. 30, 2021 | $ 1 | [3] | 215,755 | (174,926) | 40,830 | |||||||
Ending balance, shares at Jun. 30, 2021 | 7,914,339 | 1,718 | ||||||||||
Beginning balance, value at Mar. 31, 2021 | $ 1 | [4] | 215,372 | (171,419) | 43,954 | |||||||
Begining balance, shares at Mar. 31, 2021 | 7,852,791 | 1,718 | ||||||||||
Net loss | (3,507) | (3,507) | ||||||||||
Share-based compensation related to restricted stock, restricted stock units and stock options award, net of forfeitures of shares | [4] | 383 | 383 | |||||||||
Share-based compensation related to restricted stock , restricted stock units and stock options award, net of forfeitures of shares, shares | 14,160 | |||||||||||
Round up of shares due to reverse stock split effectuated on April 26, 2021 | [4] | |||||||||||
Round up of shares due to reverse stock split effectuated on April 26, 2021, shares | 47,388 | |||||||||||
Ending balance, value at Jun. 30, 2021 | $ 1 | [3] | $ 215,755 | $ (174,926) | $ 40,830 | |||||||
Ending balance, shares at Jun. 30, 2021 | 7,914,339 | 1,718 | ||||||||||
[1] | Represents an amount less than $1 thousand | |||||||||||
[2] | Represents an amount less than $1 thousand | |||||||||||
[3] | Represents an amount less than $1 thousand | |||||||||||
[4] | Represents an amount less than $1 thousand |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Payments of Stock Issuance Costs | $ 2,024 | $ 835 | |
Shares, restricted stock award, forfeited | 2,683 | 5,959 | 2,667 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (6,750) | $ (4,458) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 84 | 88 |
Loss from sale of property, plant and equipment | 1 | |
Change in liability for employees’ rights upon retirement | 52 | 72 |
Financial expense | 12 | 19 |
Change in operating right of use asset and operating leasing liability | (69) | (18) |
Share-based compensation expenses | 706 | 120 |
Changes in operating asset and liability items: | ||
Decrease in prepaid expenses | 271 | 47 |
Decrease (increase) in trade receivables | (486) | 407 |
Decrease (increase) in other receivables | 10 | (2) |
Decrease (increase) in inventory | 73 | (166) |
Increase (decrease) in trade payables | 503 | (188) |
Increase (decrease) in other payables | (576) | 242 |
Net cash used in operating activities | (6,169) | (3,837) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property, plant and equipment | (80) | |
Amounts funded in respect of employee rights upon retirement, net | (34) | (34) |
Net cash used in investing activities | (114) | (34) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of shares and warrants and exercise of Pre-Funded Warrants and unit purchase option, net of $1,989 and $767 issuance costs, respectively | 35,069 | 12,237 |
Net cash provided by financing activities | 35,069 | 12,237 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (12) | (19) |
INCREASE IN CASH AND CASH EQUIVALENTS | 28,774 | 8,347 |
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 | 41,419 | 13,861 |
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Acquisition of right-of-use assets by means of lease liabilities | 91 | |
Issuance Costs | $ 35 | $ 68 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Issuance costs | $ 2,024 | $ 835 |
PreFunded Warrants and Unit Purchase Option [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Issuance costs | $ 1,989 | $ 767 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 6 Months Ended |
Jun. 30, 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 shares that previously traded on the NYSE American were approved for listing on the Nasdaq Capital Market (“Nasdaq”) and such shares began trading on Nasdaq on May 21, 2021 under the symbol, “NSPR.” The Company’s warrants that previously traded on the NYSE American were approved for listing on Nasdaq, and such warrants began trading on Nasdaq on June 8, 2021. b. COVID-19 Pandemic The COVID-19 global pandemic has led governments and authorities around the globe to take various precautionary measures in order to limit the spread of COVID-19, including government-imposed quarantines, lockdowns, and other public health safety measures. To date, the Company has experienced 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 have shifted resources to patients affected by COVID-19. To the best of our knowledge, most European countries in which we operate reinstated non-emergency procedures. However, in light of recent increases in COVID-19 cases in, Europe as well as Latin America, both territories in which we sell our products, we anticipate that the continuation of the pandemic and related restrictions and safety measures will likely result in continued fluctuations in sales of our products for the upcoming periods. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [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 for the year ended December 31, 2020. 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 June 30, 2021 and its results of operations and cash flows for the three and six months ended June 30, 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 and six months ended June 30, 2021 are not necessarily indicative of results that could be expected for the entire fiscal year. |
EQUITY
EQUITY | 6 Months Ended |
Jun. 30, 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 0.0001 b. On February 8, 2021, the Company closed an underwritten public offering (the “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 (the “Series G Warrants”) 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 compensation warrants 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 six months ended June 30, 2021, the Company sold 818,523 shares of its common stock pursuant to its at-the-market (ATM) issuance sales agreement with a sales agent. 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 (the “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 (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 six months ended June 30, 2021, Series F and Series G warrants to purchase shares of common stock were exercised by investors at an exercise price of $ 7.425 10.23 1,225,412 9,469,000 f. During the six months ended June 30, 2021, all the remaining 17,303 207,528 g. During the six months ended June 30, 2021, 625 831 h. During the six month ended June 30, 2021, the Company granted to employees, directors and consultants’ options to purchase a total of 78,678 10.05 5.04 three-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 ranging from 129.12 %- 136.78 %; and risk-free interest rate ranging from 0.59 %- 1.17 %. The fair value of the above options, using the Black-Scholes option-pricing model, was approximately $ 477,243 i. During the six month ended June 30, 2021, the Company granted 21,042 three-year The fair value of the above restricted shares was approximately $ 138,776 j. As of June 30, 2021, there were 1,718 2,280 As of June 30, 2021, the Company has outstanding warrants to purchase an aggregate of 1,794,156 shares of common stock as follows: SCHEDULE OF ISSUANCE OF WARRANTS TO PURCHASE COMMON STOCK Number of Exercise price 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 51,498 $ 225.000 and above Total Warrants 1,794,156 $ As of June 30, 2021, the Company had 155,000,000 0.0001 150,000,000 5,000,000 |
NET LOSS PER SHARE
NET LOSS PER SHARE | 6 Months Ended |
Jun. 30, 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, unvested restricted stock, unvested restricted stock units and Series C Preferred Stock excluded from the calculations of diluted loss per share were 2,251,468 for the six and three-month periods ended June 30, 2021. The total number of shares of common stock related to outstanding options, warrants, restricted stock, restricted stock units and Series C Preferred Stock excluded from the calculations of diluted loss per share were 1,800,123 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 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 June 30, 2021, and December 31, 2020, allowance for doubtful accounts was $ 0 |
INVENTORY
INVENTORY | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORY | NOTE 6 - INVENTORY SCHEDULE OF INVENTORY June 30, December 31, 2021 2020 ($ in thousands) Finished goods $ 169 $ 350 Work in process 332 376 Raw materials and supplies 841 689 Total inventory $ 1,342 $ 1,415 |
ACCOUNTS PAYABLE AND ACCRUALS -
ACCOUNTS PAYABLE AND ACCRUALS - OTHER | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
ACCOUNTS PAYABLE AND ACCRUALS - OTHER | NOTE 7 - ACCOUNTS PAYABLE AND ACCRUALS - OTHER SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUALS - OTHER June 30, December 31, 2021 2020 ($ in thousands) Employees and employee institutions 1,018 1,236 Accrued vacation and recreation pay 382 278 Accrued expenses 992 886 Accrual for settlement payment - 580 Current Operating lease liabilities 412 400 Other 136 89 Accounts Payable and Accruals - Other $ 2,940 $ 3,469 |
DISAGGREGATED REVENUE AND ENTIT
DISAGGREGATED REVENUE AND ENTITY WIDE DISCLOSURES | 6 Months Ended |
Jun. 30, 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: SCHEDULE OF REVENUES ATTRIBUTED TO GEOGRAPHIC AREAS Three months ended Six months ended 2021 2020 2021 2020 ($ in thousands) Italy $ 249 $ 53 $ 458 $ 247 Germany 232 89 477 259 Poland 104 - 193 121 Other 453 171 916 720 $ 1,038 $ 313 $ 2,044 $ 1,347 By product: SCHEDULE OF REVENUES ATTRIBUTED TO GEOGRAPHIC AREAS BY PRODUCT Three months ended Six months ended 2021 2020 2021 2020 ($ in thousands) CGuard $ 1,019 $ 271 $ 1,987 $ 1,242 MGuard 19 42 57 105 $ 1,038 $ 313 $ 2,044 $ 1,347 By principal customers: SCHEDULE OF REVENUES ATTRIBUTED TO GEOGRAPHIC AREAS BY PRINCIPAL CUSTOMERS Three months ended Six months ended 2021 2020 2021 2020 Customer A 22 % 26 % 23 % 18 % Customer B 13 % - 13 % 12 % Customer C 11 % 17 % 10 % 6 % Customer D 10 % - 10 % 9 % All tangible long lived assets are located in Israel. |
EQUITY (Tables)
EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
SCHEDULE OF ISSUANCE OF WARRANTS TO PURCHASE COMMON STOCK | As of June 30, 2021, the Company has outstanding warrants to purchase an aggregate of 1,794,156 shares of common stock as follows: SCHEDULE OF ISSUANCE OF WARRANTS TO PURCHASE COMMON STOCK Number of Exercise price 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 51,498 $ 225.000 and above Total Warrants 1,794,156 $ |
INVENTORY (Tables)
INVENTORY (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
SCHEDULE OF INVENTORY | SCHEDULE OF INVENTORY June 30, December 31, 2021 2020 ($ in thousands) Finished goods $ 169 $ 350 Work in process 332 376 Raw materials and supplies 841 689 Total inventory $ 1,342 $ 1,415 |
ACCOUNTS PAYABLE AND ACCRUALS_2
ACCOUNTS PAYABLE AND ACCRUALS - OTHER (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables and Accruals [Abstract] | |
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUALS - OTHER | SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUALS - OTHER June 30, December 31, 2021 2020 ($ in thousands) Employees and employee institutions 1,018 1,236 Accrued vacation and recreation pay 382 278 Accrued expenses 992 886 Accrual for settlement payment - 580 Current Operating lease liabilities 412 400 Other 136 89 Accounts Payable and Accruals - Other $ 2,940 $ 3,469 |
DISAGGREGATED REVENUE AND ENT_2
DISAGGREGATED REVENUE AND ENTITY WIDE DISCLOSURES (Tables) | 6 Months Ended |
Jun. 30, 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: SCHEDULE OF REVENUES ATTRIBUTED TO GEOGRAPHIC AREAS Three months ended Six months ended 2021 2020 2021 2020 ($ in thousands) Italy $ 249 $ 53 $ 458 $ 247 Germany 232 89 477 259 Poland 104 - 193 121 Other 453 171 916 720 $ 1,038 $ 313 $ 2,044 $ 1,347 |
SCHEDULE OF REVENUES ATTRIBUTED TO GEOGRAPHIC AREAS BY PRODUCT | By product: SCHEDULE OF REVENUES ATTRIBUTED TO GEOGRAPHIC AREAS BY PRODUCT Three months ended Six months ended 2021 2020 2021 2020 ($ in thousands) CGuard $ 1,019 $ 271 $ 1,987 $ 1,242 MGuard 19 42 57 105 $ 1,038 $ 313 $ 2,044 $ 1,347 |
SCHEDULE OF REVENUES ATTRIBUTED TO GEOGRAPHIC AREAS BY PRINCIPAL CUSTOMERS | By principal customers: SCHEDULE OF REVENUES ATTRIBUTED TO GEOGRAPHIC AREAS BY PRINCIPAL CUSTOMERS Three months ended Six months ended 2021 2020 2021 2020 Customer A 22 % 26 % 23 % 18 % Customer B 13 % - 13 % 12 % Customer C 11 % 17 % 10 % 6 % Customer D 10 % - 10 % 9 % |
SCHEDULE OF ISSUANCE OF WARRANT
SCHEDULE OF ISSUANCE OF WARRANTS TO PURCHASE COMMON STOCK (Details) | Jun. 30, 2021$ / sharesshares |
Class of Stock [Line Items] | |
Total Warrants | 1,794,156 |
Series E Warrants [Member] | |
Class of Stock [Line Items] | |
Total Warrants | 198,159 |
Exercise price | $ / shares | $ 27 |
Series F Warrants [Member] | |
Class of Stock [Line Items] | |
Total Warrants | 433,878 |
Exercise price | $ / shares | $ 7.425 |
Series G Warrants [Member] | |
Class of Stock [Line Items] | |
Total Warrants | 1,092,344 |
Exercise price | $ / shares | $ 10.230 |
Underwriter Warrants [Member] | |
Class of Stock [Line Items] | |
Total Warrants | 18,277 |
Exercise price | $ / shares | $ 7.425 |
Other Warrants [Member] | |
Class of Stock [Line Items] | |
Total Warrants | 51,498 |
Exercise price | $ / shares | $ 225 |
EQUITY (Details Narrative)
EQUITY (Details Narrative) - USD ($) | Apr. 19, 2021 | Feb. 08, 2021 | Feb. 03, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Subsidiary, Sale of Stock [Line Items] | |||||||
Reverse stock split | one-for-fifteen reverse stock split of its common stock | ||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,794,156 | ||||||
Common stock, shares outstanding | 7,914,339 | 3,284,322 | |||||
Capital stock shares authorized | 155,000,000 | ||||||
Capital stock par value | $ 0.0001 | ||||||
Common stock shares authorized | 150,000,000 | 150,000,000 | |||||
Share-based Payment Arrangement, Option [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Stock option granted | 78,678 | ||||||
Stock option vesting period | 3 years | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Minimum | 129.12% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate, Maximum | 136.78% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 0.59% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 1.17% | ||||||
Fair value of stock options | $ 477,243 | ||||||
Series F And G Warrants [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Number of issuance of public offering | 1,225,412 | ||||||
Proceeds from sale of stock | $ 9,469,000 | ||||||
Series C Convertible Preferred Stock [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Preferred stock issued upon conversion | 625 | ||||||
Common stock, shares outstanding | 1,718 | ||||||
Securities Purchase Agreement [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Number of issuance of public offering | 89,445 | ||||||
Shares Issued, Price Per Share | $ 10.062 | ||||||
Proceeds from sale of stock | $ 900,000 | ||||||
Maximum [Member] | Share-based Payment Arrangement, Option [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Stock option granted, exercise price | $ 10.05 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years 6 months | ||||||
Maximum [Member] | Series F And G Warrants [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Warrants exercise price | $ 10.23 | ||||||
Minimum [Member] | Share-based Payment Arrangement, Option [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Stock option granted, exercise price | $ 5.04 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 6 months | ||||||
Minimum [Member] | Series F And G Warrants [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Warrants exercise price | $ 7.425 | ||||||
Underwriter Warrants [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Shares Issued, Price Per Share | $ 10.23 | ||||||
Warrants and Rights Outstanding, Term | 5 years | ||||||
Underwriter Warrants [Member] | Maximum [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 111,290 | ||||||
Series G Warrants [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Issuance of common shares, warrants, pre-funded warrants and exercise of pre-funded warrants, net of issuance costs, shares | 145,161 | ||||||
Shares Issued, Price Per Share | $ 10.23 | ||||||
Warrants and Rights Outstanding, Term | 5 years | ||||||
Series B Convertible Preferred Stock [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Conversion of series b convertible preferred stock to common shares, shares | 17,303 | ||||||
Conversion of series b convertible preferred stock to common shares, shares | (17,303) | ||||||
Common Stock [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Number of issuance of public offering | 731,273 | 731,273 | |||||
Conversion of series b convertible preferred stock to common shares, shares | (207,528) | ||||||
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 | ||||||
Common Stock [Member] | Series C Convertible Preferred Stock [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Conversion of series c convertible preferred stock to common shares, shares | 2,280 | ||||||
Preferred Stock Blank Check [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Preferred stock shares authorized | 5,000,000 | ||||||
Underwritten Public Offering [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Common stock, par value | $ 0.0001 | ||||||
Number of issuance of public offering | 1,935,484 | ||||||
Shares Issued, Price Per Share | $ 9.30 | ||||||
Over-Allotment Option [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Number of issuance of public offering | 290,322 | ||||||
Net proceeds from issuance of stock | $ 18,900,000 | ||||||
At The Market Offering [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Sale of Stock, Number of Shares Issued in Transaction | 818,523 | ||||||
Sale of Stock, Consideration Received on Transaction | $ 5,659,000 | ||||||
Employee Stock [Member] | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Stock option vesting period | 3 years | ||||||
Number of restricted stock shares granted | 21,042 | ||||||
Fair value of restricted stock granted | $ 138,776 |
NET LOSS PER SHARE (Details Nar
NET LOSS PER SHARE (Details Narrative) - shares | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,251,468 | 1,800,123 | 1,800,123 |
FINANCIAL INSTRUMENTS (Details
FINANCIAL INSTRUMENTS (Details Narrative) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Investments, All Other Investments [Abstract] | ||
Allowance for doubtful accounts | $ 0 | $ 0 |
SCHEDULE OF INVENTORY (Details)
SCHEDULE OF INVENTORY (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 169 | $ 350 |
Work in process | 332 | 376 |
Raw materials and supplies | 841 | 689 |
Total inventory | $ 1,342 | $ 1,415 |
SCHEDULE OF ACCOUNTS PAYABLE AN
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUALS - OTHER (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Payables and Accruals [Abstract] | ||
Employees and employee institutions | $ 1,018 | $ 1,236 |
Accrued vacation and recreation pay | 382 | 278 |
Accrued expenses | 992 | 886 |
Accrual for settlement payment | 580 | |
Current Operating lease liabilities | 412 | 400 |
Other | 136 | 89 |
Accounts Payable and Accruals - Other | $ 2,940 | $ 3,469 |
SCHEDULE OF REVENUES ATTRIBUTED
SCHEDULE OF REVENUES ATTRIBUTED TO GEOGRAPHIC AREAS (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 1,038 | $ 313 | $ 2,044 | $ 1,347 |
ITALY | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 249 | 53 | 458 | 247 |
GERMANY | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 232 | 89 | 477 | 259 |
POLAND | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | 104 | 193 | 121 | |
OTHER [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenues | $ 453 | $ 171 | $ 916 | $ 720 |
SCHEDULE OF REVENUES ATTRIBUT_2
SCHEDULE OF REVENUES ATTRIBUTED TO GEOGRAPHIC AREAS BY PRODUCT (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue from External Customer [Line Items] | ||||
Revenue | $ 1,038 | $ 313 | $ 2,044 | $ 1,347 |
CGuard EPS [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | 1,019 | 271 | 1,987 | 1,242 |
MGuard Prime EPS [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Revenue | $ 19 | $ 42 | $ 57 | $ 105 |
SCHEDULE OF REVENUES ATTRIBUT_3
SCHEDULE OF REVENUES ATTRIBUTED TO GEOGRAPHIC AREAS BY PRINCIPAL CUSTOMERS (Details) - Sales [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Customer A [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of revenues per major customer | 22.00% | 26.00% | 23.00% | 18.00% |
Customer B [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of revenues per major customer | 13.00% | 13.00% | 12.00% | |
Customer C [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of revenues per major customer | 11.00% | 17.00% | 10.00% | 6.00% |
Customer D [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of revenues per major customer | 10.00% | 10.00% | 9.00% |