Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document And Entity Information | |
Entity Registrant Name | Nano Dimension Ltd. |
Entity Central Index Key | 0001643303 |
Trading Symbol | NNDM |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2018 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 97,098,693 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Assets | ||||||
Cash | [1] | $ 3,753 | $ 6,103 | $ 12,379 | ||
Restricted deposits | [1] | 21 | 107 | 130 | ||
Trade receivables | [1] | 1,313 | 94 | 39 | ||
Other receivables | [1] | 570 | 583 | 775 | ||
Inventory | [1] | 3,116 | 2,336 | |||
Total current assets | [1] | 8,773 | 9,223 | 13,323 | ||
Restricted deposits | [1] | 347 | 346 | 110 | ||
Property plant and equipment, net | [1] | 5,200 | 5,172 | 2,006 | ||
Intangible assets | [1] | 5,983 | 6,755 | 6,787 | ||
Total non-current assets | [1] | 11,530 | 12,273 | 8,903 | ||
Total assets | [1] | 20,303 | 21,496 | 22,226 | ||
Liabilities | ||||||
Trade payables | [1] | 1,414 | 512 | 679 | ||
Other payables | [1] | 2,178 | 1,683 | 1,289 | ||
Total current liabilities | [1] | 3,592 | 2,195 | 1,968 | ||
Liability in respect of government grants | [1] | 895 | 833 | 629 | ||
Other long-term liabilities | [1] | 244 | 302 | 326 | ||
Total non-current liabilities | [1] | 1,139 | 1,135 | 955 | ||
Total liabilities | [1] | 4,731 | 3,330 | 2,923 | ||
Equity | ||||||
Share capital | [1] | 3,291 | 2,307 | 1,960 | ||
Share premium and capital reserves | [1] | 63,969 | 52,059 | [2] | 37,893 | [2] |
Treasury shares | [1] | (1,509) | (1,509) | (1,509) | ||
Presentation currency translation reserve | [1] | 1,431 | 1,431 | (422) | ||
Accumulated loss | [1] | (51,610) | (36,122) | (18,619) | ||
Total equity | [1] | 15,572 | 18,166 | 19,303 | ||
Total liabilities and equity | [1] | $ 20,303 | $ 21,496 | $ 22,226 | ||
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. | |||||
[2] | Reclassified, see note 1.D. |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Consolidated Statements Of Profit Or Loss And Other Comprehensive Income | ||||
Revenues | [1] | $ 5,100 | $ 829 | $ 46 |
Cost of revenues | [1] | 3,594 | 409 | 19 |
Cost of revenues - amortization of intangible | [1] | 772 | 743 | 174 |
Total cost of revenues | [1] | 4,366 | 1,152 | 193 |
Gross profit (loss) | [1] | 734 | (323) | (147) |
Research and development expenses, net | [1] | 8,623 | 10,819 | 4,043 |
Sales and marketing expenses | [1] | 4,259 | 2,183 | 1,006 |
General and administrative expenses | [1] | 3,002 | 3,363 | 3,818 |
Operating loss | [1] | (15,150) | (16,688) | (9,014) |
Finance income | [1] | 54 | 102 | 181 |
Finance expense | [1] | 392 | 917 | 143 |
Total comprehensive loss | [1] | $ (15,488) | $ (17,503) | $ (8,976) |
Basic and diluted loss per share (USD) | [1] | $ (0.17) | $ (0.31) | $ (0.22) |
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Share capital | Share premium and capital reserves | Treasury shares | Presentation currency translation reserve | Accumulated loss | Total | |
Beginning Balance at Dec. 31, 2015 | [1] | $ 1,545 | $ 22,012 | $ (1,509) | $ (359) | $ (9,643) | $ 12,046 |
Loss for the year | [1] | (8,976) | (8,976) | ||||
Currency translation | [1] | (63) | (63) | ||||
Issuance of Ordinary Shares and warrants, net | [1] | 283 | 12,045 | 12,328 | |||
Exercise of warrants and options | [1] | 132 | 1,315 | 1,447 | |||
Share-based payments | [1] | 2,521 | 2,521 | ||||
Ending Balance at Dec. 31, 2016 | [1] | 1,960 | 37,893 | (1,509) | (422) | (18,619) | 19,303 |
Loss for the year | [1] | (17,503) | (17,503) | ||||
Currency translation | [1] | 1,853 | 1,853 | ||||
Issuance of Ordinary Shares and warrants, net | [1] | 324 | 12,096 | 12,420 | |||
Exercise of warrants and options | [1] | 20 | 289 | 309 | |||
Share-based payments | [1] | 3 | 1,781 | 1,784 | |||
Ending Balance at Dec. 31, 2017 | [1] | 2,307 | 52,059 | (1,509) | 1,431 | (36,122) | 18,166 |
Loss for the year | [1] | (15,488) | (15,488) | ||||
Issuance of Ordinary Shares and warrants, net | [1] | 981 | 11,490 | 12,471 | |||
Exercise of warrants and options | [1] | 3 | (3) | ||||
Share-based payments | [1] | 423 | 423 | ||||
Ending Balance at Dec. 31, 2018 | [1] | $ 3,291 | $ 63,969 | $ (1,509) | $ 1,431 | $ (51,610) | $ 15,572 |
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Cash flow from operating activities: | ||||
Net loss | [1] | $ (15,488) | $ (17,503) | $ (8,976) |
Adjustments: | ||||
Depreciation and amortization | [1] | 1,943 | 1,311 | 365 |
Revaluation of liability in respect of government grants | [1] | 265 | (91) | 114 |
Financing expenses (income), net | [1] | 147 | 888 | (141) |
Loss from disposal and sale of fixed assets | [1] | 537 | 80 | 149 |
Share-based payments | [1] | 402 | 1,750 | 2,027 |
Profit loss | [1] | 3,294 | 3,938 | 2,514 |
Changes in assets and liabilities: | ||||
Increase in inventory | [1] | (1,410) | (2,230) | |
Decrease (increase) in other receivables | [1] | 13 | 201 | (491) |
Increase in trade receivables | [1] | (1,219) | (49) | (39) |
Increase in other payables | [1] | 287 | 98 | 621 |
Increase (decrease) in trade payables | [1] | 1,134 | (193) | 70 |
Increase (decrease) in other long term liabilities | [1] | (58) | (59) | 381 |
Changes in assets and liabilities | [1] | (1,253) | (2,232) | 542 |
Net cash used in operating activities | [1] | (13,447) | (15,797) | (5,920) |
Cash flow from investing activities: | ||||
Change in restricted bank deposits | [1] | 86 | (179) | |
Development expenditure capitalized as intangible assets | [1] | (3,425) | ||
Acquisition of property plant and equipment | [1] | (1,319) | (3,514) | (1,130) |
Proceeds from sale of fixed assets | [1] | 1 | 2 | |
Net cash used in investing activities | [1] | (1,232) | (3,691) | (4,555) |
Cash flow from financing activities: | ||||
Proceeds from issuance of Ordinary Shares and warrants, net | [1] | 12,471 | 12,420 | 12,328 |
Exercise of warrants and options | [1] | 309 | 1,447 | |
Amounts recognized in respect of government grants liability, net | [1] | 9 | 379 | 384 |
Net cash provided by financing activities | [1] | 12,480 | 13,108 | 14,159 |
Increase (decrease) in cash | [1] | (2,199) | (6,380) | 3,684 |
Cash at beginning of the year | [1] | 6,103 | 12,379 | 8,665 |
Effect of exchange rate fluctuations on cash | [1] | (151) | 104 | 30 |
Cash at end of year | [1] | 3,753 | 6,103 | 12,379 |
Non-cash transactions: | ||||
Property plant and equipment acquired on credit | [1] | $ 9 | $ 241 | $ 263 |
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. |
General
General | 12 Months Ended |
Dec. 31, 2018 | |
General | |
General | Note 1 General A. Reporting Entity Nano Dimension Ltd. (the "Company") is an Israeli resident company incorporated in Israel. The address of the Company's registered office is 2 Ilan Ramon St., Ness Ziona, Israel. The consolidated financial statements of the Company as of December 31, 2018, comprise the Company and its subsidiaries in Israel, in the United States, and in Hong Kong (together referred to as the "Group"). The Company engages, by means of the subsidiary Nano Dimension Technologies Ltd. ("Nano–Technologies"), in the development of a three-dimensional ("3D") printer and nanotechnology based conductive and dielectric inks, which are supplementary products to the 3D printer. The Ordinary Shares of the Company are registered for trade on the Tel Aviv Stock Exchange. In addition, since March 2016, the Company's American Depositary Shares ("ADSs") have been trading on the Nasdaq Capital Market. B. Since August 25, 2014, the Company has devoted substantially all of its financial resources to develop its products and has financed its operations primarily through the issuance of equity securities. The amount of the Company's future net profits or losses will depend, in part, on the rate of its future expenditures, its ability to generate significant revenues from the sale of its products, and its ability to obtain funding through the issuance of securities, strategic collaborations or grants. Starting in the fourth quarter of 2017, the Group began to commercialize its products and has generated revenues, mainly from sales of its 3D printers. The Group's ability to generate revenue and achieve profitability depends on its ability to successfully commercialize its products. Based on the projected cash flows, cash balance as of December 31, 2018, and the public offering in February 2019, management is of the opinion that without further fund raising it will not have sufficient resources to enable it to continue its operating activities, including the development, manufacturing and marketing of its products for a period of at least 12 months from the sign-off date of these consolidated financial statements. As a result, there is a substantial doubt about the Company's ability to continue as a going concern. Management's plans include continuing commercialization of the Group's products and securing sufficient funding through the sale of additional equity securities. There are no assurances however, that the Group will be successful in obtaining the level of financing needed for its operations. If the Group is unsuccessful in commercializing its products and securing sufficient funding, it may need to reduce activities, curtail or even cease operations. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. C. Definitions In these financial statements – The Group – the Company, Nano Dimension Technologies Ltd., and Nano Dimension IP Ltd., all of which are Israeli corporations, Nano Dimension USA Inc., a Delaware corporation, and Nano Dimension (HK) Limited, a Hong Kong corporation. Related Party – Within its meaning in International Accounting Standards ("IAS") 24 (2009) Related Party Disclosures The Operating Cycle The operating cycle period of the Group is 12 months. D. Reclassification During 2018 the Group changed the Equity presentation in the Consolidated Statements of Financial Position. In order to simplify the presentation of the warrants and capital reserves for share based payments and from transactions with controlling shareholders, they were consolidated into the Share Premium section. This classification did not have any effect on the total comprehensive loss. E. Change in functional and presentation currency During 2018, considering the Company's business developments, the significant increase in revenues from printer sales, the increase in the Company's marketing activities in the United States and its recent fundraisings in U.S. dollar, the Company's management determined that based on such events and conditions, beginning January 1, 2018, the functional currency of the Company changed to the U.S. dollar that is the currency that most faithfully represents the economic effect of its activity. Management further decided to change its presentation currency to the U.S. dollar and has applied this change retrospectively to the earliest period presented. The change in functional currency is accounted for prospectively from the date of change. The effects of changes in the foreign exchange rates have been applied retrospectively as if the U.S. dollar had always been the Company's presentation currency. Accordingly, comparative profit or loss figures have been translated into U.S. dollars using average exchange rates for the reporting periods. Comparative assets and liabilities figures have been translated into the presentation currency at the rate of exchange prevailing at the reporting date. Components of equity have been translated at the exchange rates prevailing at the dates of the relevant transactions. The exchange rate differences arising on translation have been recorded as a part of the equity as "presentation currency translation reserve." |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies | |
Summary of Significant Accounting Policies | Note 2 Summary of Significant Accounting Policies Except for the change in accounting policy described in section B below, the accounting policies of the Group set out below have been applied consistently for all periods presented in these consolidated financial statements, and have been applied consistently by Group entities. A. Basis for presentation of the financial statements The Group's financial statements as of December 31, 2018, 2017 and 2016 and for each of the three years in the period ended on December 31, 2018, comply with International Financial Reporting Standard ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The consolidated financial statements have been prepared on the historical cost basis. The consolidated financial statements were authorized for issuance by the Company's board of directors on March 13, 2019. B. Changes in accounting policies IFRS 9 As from January 1, 2018 the Group applies IFRS 9, Financial Instruments ("IFRS 9"), which replaces IAS 39, Financial Instruments: Recognition and Measurement ("IAS 39"). Furthermore, as from that date the Group applies the amendment to IFRS 9, Financial Instruments: Prepayment Features with "Negative Compensation." The standard has no effect on the financial statements of the Group. Classification and measurement of financial assets and financial liabilities IFRS 9 contains three principal classification categories for financial assets: measured at amortized cost, fair value through profit or loss and fair value through other comprehensive income. The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. IFRS 9 eliminates the previous IAS 39 categories of held to maturity, loans and receivables and available for sale. IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. IFRS 9 includes a new 'expected credit loss' model, which has no effect on the financial statements of the Group, since the Group does not expect to incur any credit loos. IFRS 9 replaces the impairment model of IAS 39 with an 'expected credit loss model. The model applies to financial assets measured at amortized cost, contract assets (as defined in IFRS 15) and lease receivables. C. Use of estimates and judgments The preparation of financial statements in conformity with IFRS as issued by the IASB requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The preparation of accounting estimates used in the preparation of the Group's financial statements requires management of the Company to make assumptions regarding circumstances and events that involve considerable uncertainty. Management of the Company prepares the estimates on the basis of past experiences, various facts, external circumstances, and reasonable assumptions according to the pertinent circumstances of each estimate. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Below is information about significant assumptions made by the Group with respect to estimates and judgments: - Intangible assets Development expenses in the period until August 1, 2015 were expensed as incurred. On August 1, 2015, the Group met all the required conditions to recognize intangible assets in accordance with IAS 38 Intangible Assets - Share-based payments Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model, including the expected life of the share option and volatility and making assumptions about them. For the measurement of the fair value of equity-settled transactions at the grant date, the Group uses the Black-Scholes formula or the Binomial pricing model. See also note 19. - Liability in respect of government grants The Liability in respect of government grants is based on estimation of the discount rate that was used in evaluating the liability in respect of government grants, as well as the Group's revenues forecast. See also note 10. - Operating lease- Group as lessor The Group has entered into leases of its 3D printers. The Group has determined, based on an evaluation of the terms and conditions of the agreements, such as the lease term not constituting a major part of the economic life of the printer and the present value of the minimum lease payments not amounting to substantially all of the fair value of the printer, that it retains all the significant risks and rewards of ownership of these properties and accounts for the contracts as operating leases. - Revenue recognition Effective January 1, 2017, the Company early adopted IFRS 15, Revenue from Contracts with Customers ("IFRS 15"), which provides new guidance on revenue recognition on a retrospective basis. The Company determines the appropriate revenue recognition for its contracts with customers by analyzing the type, terms and conditions of each contract or arrangement with a customer. As a part of the analysis, management is required to make judgments relating to whether an arrangement or contract is legally enforceable, and whether the arrangement include separate performance obligations. In addition, estimates are required in order to allocate the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. See also note 2L. D. Subsidiary A subsidiary is an entity controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of the subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control is lost. The accounting policies of the subsidiaries are aligned with the policies adopted by the Group. E. Functional currency and presentation currency (1) Foreign currency transactions Transactions in currencies other than the U.S. dollar are translated to the functional currency of the Group at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognized in profit or loss. (2) Index linked financial items Financial assets and liabilities which according to their terms are linked to changes in the Israeli Consumer Price Index (the "Index") are adjusted according to the relevant Index on every reporting date in accordance with the terms of the agreement. Linkage differences deriving from said adjustment are recorded to profit and loss. (3) Below are details regarding the exchange rate of the NIS and the EURO and the index of the NIS: Consumer Price Index Euro NIS December 31, 2018 100.2 1.14 0.27 December 31, 2017 100.4 1.20 0.29 December 31, 2016 100.87 1.05 0.26 Change in percentages: Year ended December 31, 2018 (0.19 ) (5 ) (6.89 ) Year ended December 31, 2017 (0.47 ) 14.28 11.53 Year ended December 31, 2016 (0.3 ) (3.2 ) 1.56 F. Financial instruments (1) Non-derivative financial assets – policy applicable as from January 1, 2018 Initial recognition and measurement of financial assets The Group initially recognizes trade receivables on the date that they are created. All other financial assets are recognized initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. A financial asset is initially measured at fair value plus transaction costs that are directly attributable to the acquisition or issuance of the financial asset. A trade receivable without a significant financing component is initially measured at the transaction price. Receivables originating from contract assets are initially measured at the carrying amount of the contract assets on the date classification was changed from contract asset to receivables. The Group does not expect to incur any credit loss, thus the financial statements does not include provision for expected credit loss. Derecognition of financial assets Financial assets are derecognized when the contractual rights of the Group to the cash flows from the asset expire, or the Group transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. When the Group retains substantially all of the risks and rewards of ownership of the financial asset, it continues to recognize the financial asset. Classification of financial assets into categories and the accounting treatment of each category Financial assets are classified at initial recognition to one of the following measurement categories: amortized cost; fair value through other comprehensive income – investments in debt instruments; fair value through other comprehensive income – investments in equity instruments; or fair value through profit or loss. Financial assets are not reclassified in subsequent periods unless, and only if, the Group changes its business model for the management of financial debt assets, in which case the affected financial debt assets are reclassified at the beginning of the period following the change in the business model. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated at fair value through profit or loss: - It is held within a business model whose objective is to hold assets so as to collect contractual cash flows; and - The contractual terms of the financial asset give rise to cash flows representing solely payments of principal and interest on the principal amount outstanding on specified dates. All financial assets not classified as measured at amortized cost or fair value through other comprehensive income as described above, as well as financial assets designated at fair value through profit or loss, are measured at fair value through profit or loss. On initial recognition, the Group designates financial assets at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. The Group has balances of trade and other receivables and deposits that are held within a business model whose objective is collecting contractual cash flows. The contractual cash flows of these financial assets represent solely payments of principal and interest that reflects consideration for the time value of money and the credit risk. Accordingly, these financial assets are measured at amortized cost. Subsequent measurement and gains and losses Financial assets at fair value through profit or loss These assets are subsequently measured at fair value. Net gains and losses, including any interest income or dividend income, are recognized in profit or loss (other than certain derivatives designated as hedging instruments). Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. (2) Non-derivative financial assets – policy applicable before January 1, 2018 Initial recognition and measurement of financial assets The Group initially recognizes loans and receivables and deposits on the date that they are created. Non-derivative financial instruments are comprised of trade and other receivables, cash and deposits. Derecognition of financial assets Financial assets are derecognized when the contractual rights of the Group to the cash flows from the asset expire, or the Group transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. When the Group retains substantially all of the risks and rewards of ownership of the financial asset, it continues to recognize the financial asset. Classification of financial assets into categories and the accounting treatment of each category The Group classifies its financial assets according to the following categories: Financial assets at fair value through profit or loss A financial asset is classified at fair value through profit or loss if it is classified as held for trading or is designated as such upon initial recognition. Financial assets are designated at fair value through profit or loss if the Group manages such investments and makes purchase and sale decisions based on their fair value in accordance with the Group's documented risk management or investment strategy, providing that the designation is intended to prevent an accounting mismatch, or the asset is a combined instrument including an embedded derivative. Attributable transaction costs are recognized in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value, and changes therein are recognized in profit or loss. Financial assets designated at fair value through profit or loss also include equity investments that otherwise would have been classified as available for sale. Financial assets classified as held-for-trading comprise securities that are held to support the Group's short-term liquidity needs. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. Loans and receivables comprise cash and cash deposits and trade and other receivables. Cash includes cash balances available for immediate use. Deposits include short-term deposits with banking corporations (with original maturities of three months or less) that are readily convertible into known amounts of cash and are exposed to insignificant risks of change in value. (3) Non-derivative financial liabilities Non-derivative financial liabilities include trade and other payables. Initial recognition of financial liabilities The Group initially recognizes financial liabilities on the trade date at which the Group becomes a party to the contractual provisions of the instrument. Subsequent measurement of financial liabilities Financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Transaction costs directly attributable to an expected issuance of an instrument that will be classified as a financial liability are recognized as an asset in the framework of deferred expenses in the statement of financial position. These transaction costs are deducted from the financial liability upon its initial recognition, or are amortized as financing expenses in the statement of Profit or Loss and Other Comprehensive Income when the issuance is no longer expected to occur. Derecognition of financial liabilities Financial liabilities are derecognized when the obligation of the Group, as specified in the agreement, expires or when it is discharged or cancelled. (4) Determination of fair value Preparation of the financial statements requires the Group to determine the fair value of certain assets and liabilities. When determining the fair value of an asset or liability, the Group uses observable market data as much as possible. There are three levels of fair value measurements in the fair value hierarchy that are based on the data used in the measurement, as follows: ● Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. ● Level 2: inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly. ● Level 3: inputs that are not based on observable market data (unobservable inputs). Further information about fair value is included in Note 20 on financial instruments. G. Property plant and equipment Property plant and equipment are presented according to cost, including directly attributed acquisition costs, minus accumulated depreciation and losses from accrued decrease in value. Improvements and upgrades are included in the assets' costs whereas maintenance and repair costs are recognized in profit and loss as accrued Gains and losses on disposal of a fixed asset item are determined by comparing the net proceeds from disposal with the carrying amount of the asset, and are recognized in their corresponding section, in profit or loss. The cost of printers used for internal purposes, which are classified as property, plant and equipment, includes the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use. The depreciation is calculated in equal yearly rates during the period of the useful life span of the assets, as follows: % Machinery and equipment (mainly 7%) 7 – 50 Computers 20 - 33 Office furniture and equipment 7 - 15 Leasehold Improvements 7 - 10 Printers leased to clients- See note 2.L. 25 Depreciation methods, useful lives and residual values are reviewed at the end of each reporting year and adjusted if appropriate. H. Inventory Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the weighted averages method, and includes expenditure incurred in acquiring the inventories and the costs incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. I. Impairment of non-financial assets The carrying amounts of the Group's non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset's recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value, minus the costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the assessments of market participants regarding the time value of money and the risks specific to the asset, for which the estimated future cash flows from the asset were not adjusted. An impairment loss is recognized if the carrying amount of an asset exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. J. Provisions A provision for claims is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation. When the value of time is material, the provision is measured at its present value. K. Treasury shares and Ordinary shares When share capital recognized as equity is repurchased by the Group, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus on the transaction is carried to share premium, whereas a deficit on the transaction is deducted from retained earnings. Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of ordinary shares and share options are recognized as a deduction from equity, net of any tax effects. L. Revenue recognition The Company early adopted IFRS 15 in the financial statements for the year ended December 31, 2017. IFRS 15 provides new guidance on revenue recognition, on a retrospective basis. The Company recognizes revenue when the customer obtains control over the promised goods or services. The revenue is measured according to the amount of the consideration to which the Company expects to be entitled in exchange for the goods or services promised to the customer, other than amounts collected for third parties. The Company accounts for a contract with a customer only when the following conditions are met: (a) The parties to the contract have approved the contract (in writing, orally or according to other customary business practices) and they are committed to satisfying the obligations attributable to them; (b) The Company can identify the rights of each party in relation to the goods or services that will be transferred; (c) The Company can identify the payment terms for the goods or services that will be transferred; (d) The contract has a commercial substance (i.e. the risk, timing and amount of the entity's future cash flows are expected to change as a result of the contract); and (e) It is probable that the consideration, to which the Company is entitled to in exchange for the goods or services transferred to the customer, will be collected. If a contract with a customer does not meet all of the above criteria, consideration received from the customer is recognized as a liability until the criteria are met or when one of the following events occurs: the Company has no remaining obligations to transfer goods or services to the customer and any consideration promised by the customer has been received and cannot be returned; or the contract has been terminated and the consideration received from the customer cannot be refunded. On the contract's inception date the Company assesses the goods or services promised in the contract with the customer and identifies as a performance obligation any promise to transfer to the customer goods or services (or a bundle of goods or services) that are distinct. The Company identifies goods or services promised to the customer as being distinct when the customer can benefit from the goods or services on their own or in conjunction with other readily available resources and the Company's promise to transfer the goods or services to the customer is separately identifiable from other promises in the contract. The Company's identified performance obligations includes: printer, ink, maintenance (which is generally provided for a period of up to one year), training and installation. Revenue is allocated among performance obligations in a manner that reflects the consideration that the Company expects to be entitled to for the promised goods based on the standalone selling prices ("SSP") of the goods or service of each performance obligation. SSP are estimated for each distinct performance obligation and judgment may be required in their determination. The best evidence of SSP is the estimated price of a product or service if the Company would sell them separately in similar circumstances and to similar customers. The Company allocates the transaction price to the identified performance obligations based on the residual approach, while allocating the estimated standalone selling prices for performance obligations relating to maintenance, training and installation services, and the residual is allocated to the printer. Revenues allocated to the printers and ink are recognized when the control is passed at a point in time. Currently, the Company also sells its printers through resellers. The Company recognizes revenue to resellers at the time of sale to the resellers, assuming the Company has completed its obligations related to the sale. Maintenance revenue is recognized ratably, on a straight-line basis, over the period of the services. Revenue from training and installation is recognized during the time of performance. A contract asset is recognized when the Group has a right to consideration for goods or services it transferred to the customer that is conditional on other than the passing of time, such as future performance of the Group. Contract assets are classified as receivables when the rights in their respect become unconditional. A contract liability is recognized when the Group has an obligation to transfer goods or services to the customer for which it received consideration (or the consideration is payable) from the customer. Revenues from leases transactions are recognized on a straight-line basis over the term of the lease. M. Research and development and Intangible assets Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognized in profit or loss when incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditure is capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group has the intention and sufficient resources to complete development and to use or sell the asset. The expenditure capitalized in respect of development activities includes the cost of materials, direct labor and overhead costs that are directly attributable to preparing the asset for its intended use. In the fourth quarter of 2016 the Group ceased to capitalize development expenses and began to amortize the intangible asset arising from capitalization of development expenses, upon the initiation of its beta program. In subsequent periods, capitalized development expenditure is measured at cost minus accumulated amortization and accumulated impairment losses. N. Amortization Amortization is a systematic allocation of the amortizable amount of an intangible asset over its useful life. The amortizable amount is the cost of the asset, minus its residual value. Amortization is recognized in profit or loss on a straight-line basis, over the estimated useful lives of the intangible assets from the date they are available for use, since these methods most closely reflect the expected pattern of consumption of the future economic benefits embodied in each asset. The estimated useful lives of the capitalized development costs has been determined by the Company's management as 10 years. Amortization methods, useful lives and residual values are reviewed at the end of each reporting year and adjusted if appropriate. O. Government grants Government grants are recognized initially at fair value when there is reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant. Grants from the Israeli Innovation Authority (the "Innovation Authority"), with respect to research and development projects, are accounted for as forgivable loans according to IAS 20 Accounting for Government Grants and Disclosure of Government Assistance P. Financing income and expenses Financing income comprises interest income on deposits, revaluation of liability in respect of government grants, and foreign currency gains. Financing expenses comprise bank fees, exchange rate differences, and revaluation of liability in respect of government grants. Foreign currency gains and losses on financial assets and financial liabilities are reported on a net basis as either financing income or financing expenses depending on whether foreign currency movements are in a net gain or net loss position. Q. Employee benefits Severance pay The Group's liability for severance pay for its employees is calculated pursuant to Israeli Severance Pay Law (1963) (the "Severance Pay Law"). The Group's liability is covered by monthly deposits with severance pay funds and insurance policies. For all of the Group's employees, the payments to pension funds and to insurance companies exempt the Group from any obligation towards its employees, in accordance with Section 14 of the Severance Pay Law, which is accounted for as a defined contribution plan (as defined below). Accumulated amounts in pension funds and in insurance companies are not under the Group's control or management and, accordingly, neither those amounts nor the corresponding accrual for severance pay are presented in the consolidated statements of financial position. A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognized as an expense in profit or loss in the periods during which related services are rendered by employees. Share-based payment transactions The grant date fair value of share-based payment awards granted to employees is recognized as a salary expense, with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards. Share-based payment arrangements in which the subsidiary grants rights to parent company equity instruments to its employees are accounted for by the Group as equity-settled share-based payment transactions. R. Loss per share The Group presents basic and diluted loss per share for its Ordinary Shares. Basic loss per share is calculated by dividing the loss attributable to holders of Ordinary Shares of the Company by the weighted average number of Ordinary Shares outstanding during the year, adjusted for treasury shares. Diluted loss per share is determined by adjusting the loss attributable to holders of Ordinary Shares of the Company and the weighted average number of Ordinary Shares outstanding, after adjustment for treasury shares, for the effects of all dilutive potential Ordinary Shares, which comprise share options and share options granted to employees. S. New standards and interpretations not yet adopted (1) IFRS 16 – Leases IFRS 16 replaces IAS 17, Leases and its related interpretations. IFRS 16's instructions annul the existing requirement from lessees to classify leases as operating or finance leases. Instead of this, for lessees, the new standard presents a unified model for the accounting treatment of all leases according to which the lessee has to recognize a right-of-use asset and a lease liability in its financial statements. Nonetheless, IFRS 16 includes two exceptions to the general model whereby a lessee may elect to not apply the requirements for recognizing a right-of-use asset and a liability with respect to short-term leases of up to one year and/or leases where the underlying asset has a low value. In addition, IFRS 16 permits the lessee to apply the definition of the term lease according to one of the following two alternatives consistently for all leases: retrospective application for all the lease agreements, which means reassessing the existence of a lease for each separate contract, or alternatively to apply a practical expedient that permits continuing with the assessment made regarding existence of a lease based on the guidance in IAS 17, "Leases, " and IFRIC 4, "Determining whether an Arrangement contains a Lease, " with respect to leases entered into before the date of initial |
Cash and Restricted Deposits
Cash and Restricted Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Cash And Restricted Deposits | |
Cash and Restricted deposits | Note 3.A Cash December 31, 2017 2018 Thousand Thousand Bank accounts- dominated in NIS 237 583 Bank accounts- dominated in USD 5,865 3,167 Bank accounts- other 1 3 6,103 3,753 Note 3.B Restricted deposits 1. The Group has restricted deposits for its credit cards in an amount of $ 21,000. The deposits are not linked and bear an annual interest rate of 0.01%-0.05%. 2. The Group has a restricted deposit in the amount of $ 347,000 for the lease of its offices and labs. The deposit is not linked and bears an annual interest rate of 0.01%. The Group expect to lease its offices and labs for a period of more than a year, thus the restricted deposit was classified as a non-current asset. |
Trade Receivables and Other Rec
Trade Receivables and Other Receivables | 12 Months Ended |
Dec. 31, 2018 | |
Trade Receivables And Other Receivables | |
Trade receivable and Other receivables | Note 4.A Trade receivables December 31, 2017 2018 Thousand Thousand Open balances 81 1,233 Income receivables 13 80 94 1,313 Note 4.B Other receivables December 31, 2017 2018 Thousand Thousand Government authorities 345 354 Prepaid expenses 228 205 Others 10 11 583 570 |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2018 | |
Inventory [Abstract] | |
Inventory | Note 5 Inventory December 31, 2017 2018 Thousand Thousand Raw and auxiliary materials, and consumables 1,587 1,863 Work in progress 291 342 Finished goods 458 911 2,336 3,116 |
Property Plant and Equipment, N
Property Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment Net | |
Property plant and equipment, net | Note 6 Property plant and equipment, net During 2018 the Group derecognized fixed assets in the amount of $ 1,044 thousand, that have been fully depreciated and are no longer used by the Group. Machinery and equipment Computers Office furniture and equipment Leasehold improvements Printers leased to clients Raw Materials (*) Total Thousand USD Thousand USD Thousand USD Thousand USD Thousand USD Thousand USD Thousand USD Cost As of January 1, 2017 922 350 135 269 383 427 2,486 Additions 1,854 70 8 1,407 283 - 3,622 Reclassification 700 - 14 - (287 ) (427 ) - Disposals (49 ) (4 ) (6 ) - (78 ) - (137 ) As of December 31, 2017 3,427 416 151 1,676 301 - 5,971 Additions 1,551 61 7 43 90 - 1,752 Disposals (846 ) (6 ) - - (192 ) - (1,044 ) As of December 31, 2018 4,132 471 158 1,719 199 - 6,679 Depreciation accrued As of January 1, 2017 86 129 10 22 14 - 261 Additions 314 130 13 54 78 - 589 Reclassification 10 1 1 - (12 ) - - Disposals (6 ) (4 ) (1 ) - (40 ) - (51 ) As of December 31, 2017 404 256 23 76 40 - 799 Additions 855 112 14 162 43 - 1,186 Disposals (467 ) (3 ) - - (36 ) - (506 ) As of December 31, 2018 792 365 37 238 47 - 1,479 Carrying amount As of December 31, 2018 3,340 106 121 1,481 152 - 5,200 As of December 31, 2017 3,023 160 128 1,600 261 - 5,172 (*) During the year ended December 31, 2016, the Group acquired raw materials for the building of its 3D printers, with the intention of leasing those printers to clients as a part of the Company's beta plan. In 2017 the Company utilized the raw materials. During the year ended December 31, 2018, the Group acquired property plant and equipment on credit in the amount of $ 9,000 (During the year ended December 31, 2017: $ 241,000). |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Intangible Assets [Abstract] | |
Intangible assets | Note 7 Intangible assets Intangible assets include development costs that were capitalized. The expenditure capitalized in respect of development activities includes the cost of materials, direct labor and overhead costs that are directly attributable to preparing the asset for its intended use. See also note 2.M. December 31, 2017 2018 Thousand Thousand Balance as of January 1 7,498 6,755 Amortization (743 ) (772 ) Balance as of December 31 6,755 5,983 |
Subsidiaries
Subsidiaries | 12 Months Ended |
Dec. 31, 2018 | |
Subsidiaries [Abstract] | |
Subsidiaries | Note 8 Subsidiaries Presented hereunder is a list of the Group's material subsidiaries: Principal location of the company's The Group's ownership interest in the subsidiary activity 2017 2018 Name of company % % Nano Dimension Technologies Ltd. Israel 100 % 100 % Nano Dimension IP Ltd. (*) Israel NA 100 % Nano Dimension USA Inc. USA 100 % 100 % Nano Dimension (HK) Limited (*) Asia-Pacific NA 100 % (*) Nano Dimension IP Ltd. and Nano Dimension (HK) Limited were incorporated by the Company in 2018 and had no material activity during 2018. |
Other Payables
Other Payables | 12 Months Ended |
Dec. 31, 2018 | |
Other Payables [Abstract] | |
Other payables | Note 9 Other payables December 31, 2017 2018 Thousand Thousand Accrued expenses 172 252 contract liabilities 76 355 Current portion of other long-term liability 59 57 Employees and related liabilities 672 665 Government authorities 338 272 Current maturities in respect of government grants 339 550 Others 27 27 1,683 2,178 |
Liability in Respect of Governm
Liability in Respect of Government Grants | 12 Months Ended |
Dec. 31, 2018 | |
Liability in Respect of Government Grants [Abstract] | |
Liability in respect of government grants | Note 10 Liability in respect of government grants 2017 2018 Thousand Thousand Balance as of January 1 883 1,171 Amounts received during the year 551 121 Payment of Royalties (10 ) (70 ) Amounts recognized as an offset from research and development expenses (162 ) (42 ) Revaluation of the liability (91 ) 265 Balance as of December 31 1,171 1,445 Current maturities in respect of government grants 339 550 Long term liability in respect of government grants 833 895 On September 30, 2014, Nano-Technologies received an approval from the Innovation Authority, to finance a development project in a scope of up to $ 1,001,000, while the Innovation Authority share of financing the aforesaid amount would be up to 50%. In consideration, Nano-Technologies undertook to pay the Innovation Authority royalties in the rate of 3% of the future sales up to the amount of the grants received. On the date on which the grants were received, the Group recognized a liability using a discount rate of 30%, On December 22, 2015, Nano- Technologies received an approval from the Innovation Authority to support its development of a 3D PCB printer. The approved budget is up to $ 1,128,000, and the contribution by the Innovation Authority to the research and development budget is 50% of expenditures. On the date on which the grants were received, the Group recognized a liability using a discount rate of 19.5%. In February 2017, Nano- Technologies received an approval from the Innovation Authority to support the development of 3D printing of advanced ceramic materials with inkjet technology. The approved budget is up to $ 372,000, and the contribution by the Innovation Authority to the research and development budget is 50% of expenditures. On the date on which the grants were received, the Group recognized a liability using a discount rate of 19%. In May 2017, Nano- Technologies received an approval from the Innovation Authority to support its development of a 3D PCB printer. The approved budget is up to $ 1,445,000, and the contribution by the Innovation Authority to the research and development budget is 30% of expenditures. On the date on which the grants were received, the Group recognized a liability using a discount rate of 19%. In June 2017, Nano- Technologies received an approval from the Innovation Authority to support its Project with Harris Corporation and Space Florida, Florida’s aerospace economic development agency. The approved budget is up to $ 87,000, and the contribution by the Innovation Authority to the research and development budget is 50% of expenditures. The project schedule was postponed and started on May 2018. On the date on which the grants were received, the Group recognized a liability using a discount rate of 19%. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Other Long-term Liabilities [Abstract] | |
Other Long-term Liabilities | Note 11 Other Long-term Liabilities Other long-term liabilities represent cash and property, plant and equipment items received in respect of lease of additional office space. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingent Liabilities [Abstract] | |
Commitments and contingent liabilities | Note 12 Commitments and contingent liabilities Commitments The Group leases its headquarters, manufacturing and research and development facility and cars under long-term non-cancelable operating leases, certain of which provide for renewal options. Rental fees and maintenance expenses for the year 2018 were approximately $1,062,000 (2017: $990,000 2016: $408,000). Future minimum lease payments for all existing long-term, non-cancelable operating leases, as well as purchase orders and other contractual obligations as of December 31, 2018 are as follows: Thousand 2019 3,368 2020 622 2021 488 2022 and thereafter 1,073 Total 5,551 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Equity | Note 13 Equity A. The Company's share capital (in thousands of Ordinary Shares) Ordinary Shares 2017 2018 Issued and paid-up share capital as at December 31 62,511 97,099 Authorized share capital 200,000 200,000 B. Transactions with issued and paid up share capital On May 18, 2014, the Company engaged with Nano-Technologies and its shareholders in a contingent agreement for a private placement (the "Agreement"), such that after the completion of the transaction, the Company will hold all of the issued and paid up capital of Nano-Technologies, and the shareholders of Nano-Technologies (the "Offerees") will be related parties in the Company and will appoint directors on their behalf (the "Transaction" or the "Merger Transaction"). The completion of the Transaction was contingent upon the fulfillment of completion of raising capital in a total amount of $1,500,000 that will be raised from investors in consideration of the allocation of shares ("Capital Raising"). On the date of the completion of the Transaction, and subject to the completion of the Capital Raising as stated, and subject to the fulfillment of the conditions precedent set forth in the Agreement, the Offerees will transfer to the Company all of their holdings in the shares of Nano-Technologies, constituting all of the issued and paid up capital, and in consideration the Company will allocate to Offerees 6,931,303 Ordinary Shares, which constituted, after their allocation, and after the allocation of the Capital Raising shares, holdings at a rate of approximately 37.38% of the issued and paid up share capital of the Company and 4,322,329 non-tradable warrants that are exercisable into 4,322,329 Ordinary Shares, at an exercise price of $ 0.25 per share, provided that the Group meets the milestones set forth in the Agreement. As part of the Company's engagement in the Merger Transaction, the Company engaged on July 3, 2014 in a private placement agreement, whereby in consideration for a total of approximately $ 750,000, the Company allocated 2,967,938 Ordinary Shares. In addition, the Company engaged in agreements with additional investors whereby in consideration for a total of approximately $ 398,000, the Company will allocate to investors 1,592,143 Ordinary Shares and it was determined that as a part of raising the capital, the Company would allocate to Related Parties therein 1,375,794 Ordinary Shares in consideration for a total of approximately $ 344,000. On August 17, 2014, the Company's shareholders approved the Merger Transaction, including the allocation of shares and non-tradable warrants to Offerees, and the allocation of shares to Investors and related parties. On August 25, 2014, the Merger Transaction, including the Capital Raising as stated was completed, and therefore, as of this date, the Company holds all of the issued and paid up capital of Nano-Technologies. This transaction was accounted for by analogy to a reverse acquisition, with the financial statements prepared as a continuation of Nano–Technologies' financial statements, while the equity was adjusted to reflect retroactively the legal share capital of the Company. During 2015, the Company completed several rounds of fund raising, in which the Company issued to investors and related parties of the Company a total of 14,974,798 Ordinary Shares, and 6,406,273 non-tradable warrants, which are exercisable into 6,406,273 Ordinary Shares, according to the exercise terms determined. In addition, in some of the raises, the Company has undertaken vis-à-vis the investors a price adjustment mechanism. The aggregated consideration (gross) received from the funding rounds in 2015 amounted to a total of $ 15,674,000. The aggregated consideration (net) received from the funding rounds in 2015 amounted to a total of $ 14,555,000. From the net issuance consideration, a total of approximately $ 377,000 was attributed to the fair value of a financial derivative (adjustment mechanism). The remainder of the issuance consideration was attributed to equity instruments (shares and warrants), based on their relative fair value near the issuance date. Accordingly, a total of $ 12,988,000 was attributed to Ordinary Shares and a total of $ 1,188,000 was attributed to warrants. On September 29, 2016, the Company issued, pursuant to a public offering in the U.S., an aggregate of 9,250,000 Ordinary Shares. On October 11, 2016, the underwriters exercised their option to purchase an additional 1,376,375 Ordinary Shares, bringing the total gross proceeds from the offering to approximately $ 13,800,000, before deducting underwriting discounts and commissions and other offering-related expenses. The total (net) consideration was approximately $ 12,328,000. On May 17, 2017, the Company announced that it signed a private placement agreement with Ayalim Trust Funds, an Israeli institutional investor. As a part of this transaction, the Company issued an aggregate of 3,430,000 Ordinary Shares at a price per share of $ 1.17. The total (gross) consideration to the Company was approximately $ 4,000,000. On June 1, 2017, the Company announced that it signed private placement agreements with Israeli and other non-U.S. investors. As a part of these transactions, the Company issued an aggregate of 4,044,050 Ordinary Shares at a price per share of $ 1.17. The total (gross) consideration to the Company was approximately $4,700,000. On June 14, 2017, the Company announced that it signed private placement agreements with several Israeli investors. As a part of these transactions, the Company issued an aggregate of 4,078,759 Ordinary Shares at a price per share of $ 1.17. The total (gross) consideration to the Company was approximately $4,800,000. The total (net) consideration to the Company for the abovementioned placements was approximately $12,420,000. On February 19, 2018, the Company issued, pursuant to a public offering in the U.S., an aggregate of 30,000,000 Ordinary Shares (6,000,000 ADSs). Also, on February 28, 2018, the underwriters exercised their option to purchase an additional 4,500,000 Ordinary Shares (900,000 ADSs), bringing the total gross proceeds from the offering to approximately $13,800,000, before deducting underwriting discounts and commissions and other offering-related expenses. The total (net) consideration was approximately $12,471,000. See also note 22 regarding a public offering after the reporting date. C. Treasury shares As of December 31, 2018, the Company held 527,032 Ordinary Shares, constituting approximately 0.54% of its issued and paid up share capital. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2018 | |
Revenues [Abstract] | |
Revenues | Note 14 Revenues For the year ended December 31 2016 2017 2018 Thousand Thousand Thousand Consumables 15 185 190 Support services (*) - - 400 Sales of printers (*) - 276 4,320 Total 15 461 4,910 Printers rental 31 368 190 Total revenue 46 829 5,100 (*) The Company's identified separated distinct performance obligations that includes: Printer, maintenance, training and installation. The Company allocates the transaction price to the identified performance obligations based on the residual approach, while allocating the estimated standalone selling prices for performance obligations relating to maintenance, training and installation services, and the residual is allocated to the printer. Revenues allocated to the printers and ink are recognized when the control is passed at a point in time. Maintenance revenue is recognized ratably, on a straight-line basis, over the period of the services. Revenue from training and installation is recognized during the time of performance. Revenues per geographical locations: For the year ended December 31, 2016 2017 2018 Thousands USD Thousands USD Thousands USD USA 21 481 2,727 Asia Pacific - 156 1,239 Europe and Israel(*) 25 192 1,134 Total revenue 46 829 5,100 (*) The Company combined all consumables revenues into the Europe and Israel geography, due to immateriality of the amounts. Timing of revenue recognition: For the year ended December 31, 2016 2017 2018 Thousands USD Thousands USD Thousands USD Goods and services transferred over time 31 368 590 Goods transferred at a point in time 15 461 4,510 Total revenue 46 829 5,100 The table below provides information regarding receivables, contract assets and contract liabilities deriving from contracts with customers. December 31, 2017 2018 Thousand USD Thousand USD Open balances 81 1,233 Income receivables 13 80 Contract liabilities 76 355 The contract liabilities primarily relate to the advance consideration received from customers for contracts giving yearly warranty and maintenance for the printer. The revenue is recognized in a straight line basis over the contracts period. Contract costs Management expects that commissions paid to agents for obtaining contracts are recoverable. The Group applies the expedient included in IFRS 15.94 and recognizes incremental costs for obtaining the contract as an expense as incurred, where the amortization period of the asset it would have otherwise recognized is one year or less. |
Cost of Revenues
Cost of Revenues | 12 Months Ended |
Dec. 31, 2018 | |
Cost of Revenues [Abstract] | |
Cost of revenues | Note 15 Cost of revenues For the year ended December 31 2016 2017 2018 Thousand USD Thousand USD Thousand USD According to sources of revenue - Consumables 6 62 195 Support services - - 541 Sales of printers - 228 2,800 Printers rental 13 119 58 Total 19 409 3,594 |
Further Detail of Profit or Los
Further Detail of Profit or Loss | 12 Months Ended |
Dec. 31, 2018 | |
Further Detail of Profit or Loss [Abstract] | |
Further detail of profit or loss | Note 16 Further detail of profit or loss For the year ended December 31 2016 2017 2018 Thousand USD Thousand USD Thousand USD A. Research and development expenses, net Payroll 5,621 7,419 4,890 Materials 1,593 1,844 1,065 Subcontractors 307 151 70 Patent registration 34 57 70 Depreciation 178 442 880 Rental fees and maintenance 387 824 908 Other 379 244 782 8,499 10,981 8,665 Less – Development expenditure capitalized as intangible and tangible assets (4,237 ) - - Less – government grants (219 ) (162 ) (42 ) 4,043 10,819 8,623 B. Sales and marketing expenses Payroll 748 1,497 2,226 Marketing and advertising 192 383 1,381 Rental fees and maintenance 21 59 64 Travel abroad 45 234 201 Depreciation - 10 186 Other - - 201 1,006 2,183 4,259 C. General and administrative expenses Payroll 822 762 996 Fees 45 68 32 Professional services 1,610 1,460 1,114 Directors pay 742 493 306 Office expenses 232 282 311 Travel abroad 148 86 45 Rental fees and maintenance - 84 91 Other 219 128 107 3,818 3,363 3,002 D. Finance income Exchange rate differences 181 - - Revaluation of liability in respect of government grants - 102 - Bank interest and fees - - 54 181 102 54 Finance expense Exchange rate differences - 889 127 Bank fees 29 28 - Revaluation of liability in respect of government grants 114 - 265 143 917 392 |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2018 | |
Taxes on Income [Abstract] | |
Taxes on income | Note 17 Taxes on income A. Corporate tax rate Presented hereunder are the tax rates relevant to the Company in the years 2016-2018: 2016 – 25% 2017 – 24% 2018 – 23% On January 4, 2016 the Knesset plenum passed the Law for the Amendment of the Income Tax Ordinance (Amendment 216) - 2016, by which, inter alia, the corporate tax rate would be reduced by 1.5% to a rate of 25% as from January 1, 2016. Furthermore, on December 22, 2016 the Knesset plenum passed the Economic Efficiency Law (Legislative Amendments for Achieving Budget Objectives in the Years 2017 and 2018) – 2016, by which, inter alia, the corporate tax rate would be reduced from 25% to 23% in two steps. The first step will be to a rate of 24% as of January 2017 and the second step will be to a rate of 23% as of January 2018. These changes had no impact on the financial statements. B. Benefits under the Law for the Encouragement of Industry (Taxes) (a) The Company and some of its subsidiaries qualify as "Industrial Companies" as defined in the Law for the Encouragement of Industry (Taxes) – 1969 and accordingly they are entitled to benefits, of which the most significant one is the possibility of submitting consolidated tax returns by companies in the same line of business. (b) The Company and certain subsidiaries are planning to submit a consolidated tax return to the Tax Authorities in accordance with the Law for the Encouragement of Industry (Taxes) – 1969. As a result, the companies are, inter alia, entitled to offset their losses from the taxable income of other companies, subject to compliance with certain conditions. C. Theoretical tax The following presents the adjustment between the theoretical tax amount and the tax amount included in the financial statements: For the year ended December 31, 2016 2017 2018 Thousand USD Thousand USD Thousand USD Loss before taxes on income (8,976 ) (17,503 ) (15,488 ) Statutory tax rate 25 % 24 % 23 % Theoretical tax benefit (2,244 ) (4,201 ) (3,562 ) Increase in tax liability due to: Unrecognized expenses 638 629 280 Losses and benefits for tax purposes for which no deferred taxes were recorded 1,606 3,572 3,282 Taxes on income - - - D. Tax assessments The Company has final tax assessments until and including the 2013 tax year. E. Accumulated losses for tax purposes and other deductible temporary differences As of the reporting date, the Group has net operating loss for tax purposes in the amount of approximately $ 40,000,000. The Israeli tax authorities may not permit the off-set of the accumulated losses that were incurred before the merger of the Company, in an amount of approximately $ 6,010,000. (see Note 13.B). As of December 31, 2018, the Group has deductible temporary differences in the amount of approximately $ 2,169,000, mainly relating to R&D expenses which are deductible over a period of three years for tax purpose. The Group has not recognized a tax asset for the aforesaid losses and deductible temporary differences, due to the uncertainty regarding the ability to utilize those losses and deductible of temporary differences in the future. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Loss Per Share | |
Loss per share | Note 18 Loss per share For the year ended December 31 2016 2017 2018 Weighted average of number of Ordinary Shares used in the calculation of the basic and diluted loss per share (in thousands) 40,760 56,540 91,799 Net loss used in calculation (thousand USD) 8,976 17,503 15,488 On December 31, 2018, 8,517,047 options and warrants (in 2017: 8,697,362, and 2016: 13,415,764) were excluded from the diluted weighted average number of Ordinary Shares calculation as their effect would have been anti-dilutive. Weighted average number of ordinary shares: Year ended December 31 2016 2017 2018 Thousands of Thousands of Thousands of shares of NIS 0.1 shares of NIS 0.1 shares of NIS 0.1 par value par value par value Balance as at January 1 33,794 49,616 61,984 Effect of share options exercised 4,300 303 70 Effect of shares issued during the year 2,666 6,621 29,745 Weighted average number of ordinary shares used to calculate basic earnings (loss) per share as at December 31 40,760 56,540 91,799 |
Share-Based Payments
Share-Based Payments | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Payments | |
Share-based payments | Note 19 Share-based payments A. During 2015, the Company's board of directors approved grants of an aggregated amount of 2,800,140 non-tradable share options to employees, officers, and consultants of the Company, which are exercisable into 2,800,140 Ordinary Shares. The exercise price of the options is between $ 0.42 and $ 2.30 for each share option. Some of the options include a cashless exercise mechanism. On November 16, 2016, the Company granted to employees of the Company 976,500 share options (non-tradable), which are exercisable into 976,500 Ordinary Shares. One third of the share options will vest after one year from commencement of employment, and the remaining will vest in eight equal quarterly batches over a period of two years. The share options will be exercisable during the earlier of a period of four years from the vesting date, or 90 days from the end of employment date, in consideration for an exercise price of $ 0.43 for each share option. The options include a cashless exercise mechanism. On November 29, 2016, the Company issued non-tradable options to purchase 200,000 Ordinary Shares to four advisors (divided equally among them) at an exercise price of $ 1.95 per share. Such options vest quarterly over one year and expire 3 years from the grant date. On January 17, 2017, the Company issued 75,000 restricted Ordinary Shares (15,000 ADSs) and non-tradable options to purchase 75,000 Ordinary Shares (15,000 ADSs), to a service provider at an exercise price of $ 10.00 per ADS. The options are exercisable immediately and will expire 18 months from the grant date. The options include a cashless exercise mechanism. On March 21, 2017, the Company issued 25,000 restricted Ordinary Shares (5,000 ADSs) to a service provider. On May 10, 2017, the Company issued 25,000 restricted Ordinary Shares (5,000 ADSs) to a service provider. On May 24, 2017, the Company granted to employees of the Company 1,107,334 share options (non-tradable), which are exercisable into 1,107,334 Ordinary Shares. One third of the share options will vest after one year from commencement of employment, and the remaining will vest in eight equal quarterly batches over a period of two years. The share options will be exercisable during the earlier of a period of four years from the vesting date, or 90 days from the end of employment date, in consideration for an exercise price of $ 0.46 for each share option. The options include a cashless exercise mechanism. On November 20, 2017, the Company granted to employees and officer of the Company 710,000 share options (non-tradable), which are exercisable into 710,000 Ordinary Shares. For 460,000 options- One third of the share options will vest after one year from commencement of employment, and the remaining will vest in eight equal quarterly batches over a period of two years. For the remaining 250,000 options- the options will vest on a quarterly basis over a period of three years. The share options will be exercisable during the earlier of a period of four years from the vesting date, or 90 days from the end of employment date. The exercise price for 460,000 options is $ 0.98 for each share option, and for the remaining 250,000 options- the exercise price is $ 1.56 for each share option. The options include a cashless exercise mechanism. In January 2018, the Company issued options (non-tradable) to purchase 525,000 Ordinary Shares to officers of the Company at an exercise price of $ 1.59 per share. The share options will vest in 12 equal quarterly batches over a period of three years. The share options will be exercisable during the earlier of a period of four years from the vesting date, or 90 days from the end of employment date. The options include a cashless exercise mechanism. In March 2018, the Company issued options (non-tradable) to purchase 30,000 Ordinary Shares to employee of the Company at an exercise price of $ 0.43 per share. One third of the share options will vest after one year from commencement of employment, and the remaining will vest in eight equal quarterly batches over a period of two years. The share options will be exercisable during the earlier of a period of four years from the vesting date, or 90 days from the end of employment date. In May 2018, the Company issued options (non-tradable) to purchase 653,000 Ordinary Shares to employees and consultant of the Company. 305,000 options are at an exercise price of $ 0.28 per share and 348,000 options are at an exercise price of $ 0.31 per share. For 603,00 options- One third of the share options will vest after one year from commencement of employment, and the remaining will vest in eight equal quarterly batches over a period of two years. The remaining 50,000 options will vest in four equal quarterly batches over a period of one year. The share options will be exercisable during the earlier of a period of four years from the vesting date, or 90 days from the end of employment date. 298,000 options include a cashless exercise mechanism. In August 2018, the Company issued options (non-tradable) to purchase 463,000 Ordinary Shares to employees of the Company. 313,000 options are at an exercise price of $ 0.42 per share and 150,000 options are at an exercise price of $ 0.41 per share. One third of the share options will vest after one year from commencement of employment, and the remaining will vest in eight equal quarterly batches over a period of two years. The share options will be exercisable during the earlier of a period of four years from the vesting date, or 90 days from the end of employment date. 313,000 options include a cashless exercise mechanism. In November 2018, the Company issued options (non-tradable) to purchase 981,500 Ordinary Shares to employees and consultant of the Company. 897,500 options are at an exercise price of $ 0.38 per share and 84,000 options are at an exercise price of $ 0.41 per share. One third of the share options will vest after one year from commencement of employment, and the remaining will vest in eight equal quarterly batches over a period of two years. The share options will be exercisable during the earlier of a period of four years from the vesting date, or 90 days from the end of employment date. 837,500 options include a cashless exercise mechanism. B. During 2015, the Company's shareholders approved grants of an aggregated amount of 3,340,878 non-tradable share options to directors (including the chairman of the board), which are exercisable into 3,340,878 Ordinary Shares. The exercise price of the options is between $ 0.44 and $ 2.30 for each share option. The options include a cashless exercise mechanism. On April 19, 2017, the Company's shareholders approved a grant of 275,000 share options (non-tradable) to a director, which are exercisable into 275,000 Ordinary Shares. The share options will vest in 12 equal quarterly batches over a period of three years, starting from April 20, 2017, and be exercisable during a period of five years from the grant date, in consideration for an exercise price of $ 1.77 for each share option. The options include a cashless exercise mechanism. In January 2018, the Company issued options (non-tradable) to purchase 300,000 Ordinary Shares to officers of the Company at an exercise price of $ 1.59 per share. The share options will vest in 12 equal quarterly batches over a period of three years. The share options will be exercisable during the earlier of a period of four years from the vesting date, or 90 days from the end of employment date. 275,000 of the options include a cashless exercise mechanism. C. On April 2, 2015, the Company's board of directors approved a grant of 559,097 non-tradable share options to Yissum. 223,697 of those share options are currently outstanding and exercisable. D. The fair value of share options is measured using the Black-Scholes formula or Binomial pricing model. Measurement inputs include the share price on the measurement date, the exercise price of the instrument, expected volatility (based on the weighted average volatility of the Company's shares, over the expected term of the options), expected term of the options (based on general option holder behavior and expected share price), expected dividends, and the risk-free interest rate (based on government debentures). The following is the data used in determining the fair value of the share options: 19.A- Consultants and Employees 19.B- Directors 19.C- Yissum Number of share options granted 8,396,222 3,545,000 559,097 Fair value in the grant date (thousand USD) 5,185 3,170 742 Range of share price (USD) 0.28 – 1.80 0.63 – 1.89 1.84 Range of exercise price (USD) 0.28 – 2.30 1.44 – 1.84 0.71 Range of expected share price volatility 40.3%-65.06 % 53.75%-61.27 % 57.26 % Range of estimated life (years) 1.5 – 9.01 4 – 5 5 Range of weighted average of risk-free interest rate 0.56%-1.98 % 0.88%-1.32 % 1.15 % Expected dividend yield - - - Outstanding as of December 31, 2018 5,647,175 2,070,000 223,697 Exercisable as of December 31, 2018 2,476,800 1,913,750 223,697 E. The number of share options granted to employees and consultants, and included in Note 19.A are as follows: 2017 2018 Outstanding at January 1 3,799,892 4,609,634 Granted during the year 1,892,334 2,652,500 Exercised during the year (348,314 ) (590,292 ) Forfeited during the year (734,278 ) (1,024,667 ) Outstanding at December 31 4,609,634 5,647,175 Exercisable as of December 31 2,345,351 2,476,800 The number of share options granted to directors and included in Note 19.B are as follows: 2017 2018 Outstanding at January 1 3,340,878 3,145,001 Granted during the year 275,000 300,000 Exercised during the year (370,878 ) - Forfeited during the year (99,999 ) (1,375,001 ) Outstanding at December 31 3,145,001 2,070,000 Exercisable as of December 31 2,176,672 1,913,750 F. The share based payments expenses in 2018 were $ 403,000 (in 2017: $ 1,755,000). Expenses for share based payments in 2018 include expenses in an amount of approximately $ 12,000 that were capitalized to property, plant and equipment and expenses in an amount of approximately $ 9,000 that were capitalized to inventory. Expenses for share based payments in 2017 include expenses in an amount of approximately $ 14,000 that were capitalized to property, plant and equipment and expenses in an amount of approximately $ 20,000 that were capitalized to inventory. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments | |
Financial instruments | Note 20 Financial instruments A. Risk management policy The actions of the Group expose it to various financial risks, such as a market risk (including a currency risk, fair value risk regarding interest rate and price risk), credit risk, liquidity risk and cash flow risk for the interest rate. The comprehensive risk-management policy of the Group focuses on actions to limit the potential negative impacts on financial performance of the Group to a minimum. The Group does not typically use derivative financial instruments in order to hedge exposures. Risk management is performed by the Group's Chief Executive Officer in accordance with the policy approved by the board of directors. B. Credit risk The Group does not have a significant concentration of credit risks. The cash of the Group are deposited in Israeli and U.S. banking corporations. In the estimation of the Group's management, the credit risk for these financial instruments is low. In the estimation of the Group's management, it does not have any expected credit losses. C. Currency risk A currency risk is the risk of fluctuations in a financial instrument, as a result of changes in the exchange rate of the foreign currency. The following is the classification and linkage terms of the financial instruments of the Group (in thousand USD): NIS Linked to the US dollar Linked to the EURO and Other Total December 31, 2018 Cash 583 3,169 1 3,753 Restricted deposits 347 21 - 368 Trade receivables - 1,079 234 1,313 Other receivables 10 205 - 215 940 4,474 235 5,649 Financial liabilities at amortized cost 2,850 1,880 1 4,731 Total net financial assets (liabilities) (1,910 ) 2,594 234 918 December 31, 2017 Cash 237 5,865 1 6,103 Restricted deposits 433 20 - 453 Trade receivables - 21 73 94 Other receivables 238 - - 238 908 5,906 74 6,888 Financial liabilities at amortized cost 2,001 1,329 - 3,330 Total net financial assets (liabilities) (1,093 ) 4,577 74 3,558 The following is a sensitivity analysis of changes in the exchange rate of the NIS as of the reporting date: Profit (loss) from the change Thousand USD Increase at a rate of 5% (95 ) Increase at a rate of 10% (191 ) Decrease at a rate of 5% 95 Decrease at a rate of 10% 191 D. Fair value of financial instruments The fair value of the financial instruments of the Group is similar or equal to their book value. E. Liquidity risk The table below presents the repayment dates of the Group's financial liabilities based on the contractual terms in undiscounted amounts: First year More than a year or undetermined Total December 31, 2018 Trade payables 1,414 - 1,414 Other payables 2,150 28 2,178 Other long-term liabilities 244 244 Liability in respect of government grants - 895 895 3,564 1,167 4,731 December 31, 2017 Trade payables 512 - 512 Other payables 1,655 28 1,683 Other long-term liabilities - 302 302 Liability in respect of government grants - 833 833 2,167 1,163 3,330 |
Transactions and Balances with
Transactions and Balances with Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Transactions And Balances With Related Parties | |
Transactions and Balances with Related Parties | Note 21 Transactions and Balances with related parties A. Balances with related parties December 31, 2017 2018 Thousands USD Thousands USD Other payables 115 74 B. Shareholders and other related parties benefits Year ended on December 31, 2016 2017 2018 Thousand USD Thousand USD Thousand USD Salaries and related expenses- related parties employed by the Group 1,501 1,138 829 Number of related parties 5 5 4 Compensation for directors not employed by the Group 739 494 311 Number of directors 8 9 7 C. During, 2015, the Company’s shareholders approved a private placement of 285,715 Ordinary Shares to related parties. In addition, during 2015, the Company’s shareholders approved the terms of employment of the four founders of the Company and the Chairman of the board of directors, as well as grant of 2,360,000 stock options (non-tradable) to several directors, which were exercisable into 2,360,000 Ordinary Shares. On December 2015, the Company’s shareholders approved an amendment to the notice period for termination of the four founders of the Company, to a period of six months, as well as a corresponding amendment to the Company’s compensation policy for office holders. The Company’s shareholders also approved to grant a director, 250,000 stock options (non-tradable), which are exercisable into 250,000 Ordinary Shares, at an exercise price of $ 2.33 per share. On April 19, 2017, the Company’s shareholders approved the reduction of exercise price to $ 1.84 per share. D. On January 27, 2016, pursuant to an exercise of 3,746,161 warrants by Mr. Amit Dror, who serves as Chief Executive Officer of the Company, Mr. Dagi Ben-Noon, who served as Chief Operating Officer, Mr. Simon Anthony-Fried, who serves as Chief Marketing Officer, and Mr. Sharon Fima, who served as Chief Technology Officer, and in consideration of approximately $ 816 thousands, the Company issued 3,746,161 Ordinary Shares. E. On April 19, 2017, the Company’s shareholders approved the immediate acceleration of the unvested options granted to Yoel Yogev and Zvika Yemini in 2015, and that their options shall remain exercisable for an extended period of time until November 2020, subject to their resignation from the Company’s board of directors. F. On April 19, 2017, the Company’s shareholders approved to grant Avi Reichental, a director, 275,000 stock options (non-tradable), which are exercisable into 275,000 Ordinary Shares, at an exercise price of $ 1.77 per share. On January 1, 2018, the Company’s shareholders approved to grant Itzhak Shrem, a director, 275,000 stock options (non-tradable), which are exercisable into 275,000 Ordinary Shares, at an exercise price of $ 1.59 per share and 25,000 stock options (non-tradable), which are exercisable into 25,000 Ordinary Shares to Avi Reichental, the Chairman of the board of directors, at similar exercise price. G. On November 20, 2017, the board of directors of the Company approved a non-exceptional transactions in which Mr. Avi Reichental, a director of the Company, has a personal interest, for an open innovation and show room agreements between Nano Dimension USA Inc. and XponentialWorks Inc. and Techniplas, LLC, whereby the Company will lease space and use sales and marketing services in favor of the customer experience center in Ventura, as well as establish a cooperation in the field of car electronics starting on December 1, 2017. |
Events After the Reporting Date
Events After the Reporting Date | 12 Months Ended |
Dec. 31, 2018 | |
Events After Reporting Date | |
Events after the reporting date | Note 22 Events after the reporting date A. After the reporting period, in February 2019, the Company issued, pursuant to a public offering in the U.S., an aggregate of 80,000,000 Ordinary Shares (16,000,000 ADSs), 80,000,000 non-tradable warrants (exercisable into 80,000,000 Ordinary Shares) and 60,000,000 non-tradable rights to purchase (exercisable into 60,000,000 Ordinary Shares), according to the exercise terms determined. In case the Company will not have an effective registration statement in time of exercising of the rights to purchase or the warrants, they include a cashless exercise mechanism. Thus, the rights to purchase and the warrants will be classified as financial liability and will be measured at fair value through profit and loss. The total gross proceeds from the offering were approximately $12,000,000, before deducting underwriting discounts and commissions and other offering-related expenses. The total (net) consideration was approximately $10,600,000. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies | |
Basis for presentation of the financial statements | A. Basis for presentation of the financial statements The Group’s financial statements as of December 31, 2018, 2017 and 2016 and for each of the three years in the period ended on December 31, 2018, comply with International Financial Reporting Standard (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements have been prepared on the historical cost basis. The consolidated financial statements were authorized for issuance by the Company’s board of directors on March 13, 2019. |
Changes in accounting policies | B. Changes in accounting policies IFRS 9 As from January 1, 2018 the Group applies IFRS 9, Financial Instruments (“IFRS 9”), which replaces IAS 39, Financial Instruments: Recognition and Measurement (“IAS 39”). Furthermore, as from that date the Group applies the amendment to IFRS 9, Financial Instruments: Prepayment Features with “Negative Compensation.” The standard has no effect on the financial statements of the Group. Classification and measurement of financial assets and financial liabilities IFRS 9 contains three principal classification categories for financial assets: measured at amortized cost, fair value through profit or loss and fair value through other comprehensive income. The classification of financial assets under IFRS 9 is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. IFRS 9 eliminates the previous IAS 39 categories of held to maturity, loans and receivables and available for sale. IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. IFRS 9 includes a new ‘expected credit loss’ model, which has no effect on the financial statements of the Group, since the Group does not expect to incur any credit loos. IFRS 9 replaces the impairment model of IAS 39 with an ‘expected credit loss model. The model applies to financial assets measured at amortized cost, contract assets (as defined in IFRS 15) and lease receivables. |
Use of estimates and judgments | C. Use of estimates and judgments The preparation of financial statements in conformity with IFRS as issued by the IASB requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. The preparation of accounting estimates used in the preparation of the Group’s financial statements requires management of the Company to make assumptions regarding circumstances and events that involve considerable uncertainty. Management of the Company prepares the estimates on the basis of past experiences, various facts, external circumstances, and reasonable assumptions according to the pertinent circumstances of each estimate. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Below is information about significant assumptions made by the Group with respect to estimates and judgments: - Intangible assets Development expenses in the period until August 1, 2015 were expensed as incurred. On August 1, 2015, the Group met all the required conditions to recognize intangible assets in accordance with IAS 38 Intangible Assets - Share-based payments Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model, including the expected life of the share option and volatility and making assumptions about them. For the measurement of the fair value of equity-settled transactions at the grant date, the Group uses the Black-Scholes formula or the Binomial pricing model. See also note 19. - Liability in respect of government grants The Liability in respect of government grants is based on estimation of the discount rate that was used in evaluating the liability in respect of government grants, as well as the Group’s revenues forecast. See also note 10. - Operating lease- Group as lessor The Group has entered into leases of its 3D printers. The Group has determined, based on an evaluation of the terms and conditions of the agreements, such as the lease term not constituting a major part of the economic life of the printer and the present value of the minimum lease payments not amounting to substantially all of the fair value of the printer, that it retains all the significant risks and rewards of ownership of these properties and accounts for the contracts as operating leases. - Revenue recognition Effective January 1, 2017, the Company early adopted IFRS 15, Revenue from Contracts with Customers (“IFRS 15”), which provides new guidance on revenue recognition on a retrospective basis. The Company determines the appropriate revenue recognition for its contracts with customers by analyzing the type, terms and conditions of each contract or arrangement with a customer. As a part of the analysis, management is required to make judgments relating to whether an arrangement or contract is legally enforceable, and whether the arrangement include separate performance obligations. In addition, estimates are required in order to allocate the total transaction price to each performance obligation based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. See also note 2L. |
Subsidiary | D. Subsidiary A subsidiary is an entity controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of the subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control is lost. The accounting policies of the subsidiaries are aligned with the policies adopted by the Group. |
Functional currency and presentation currency | E. Functional currency and presentation currency (1) Foreign currency transactions Transactions in currencies other than the U.S. dollar are translated to the functional currency of the Group at exchange rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. The foreign currency gain or loss on monetary items is the difference between amortized cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortized cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognized in profit or loss. (2) Index linked financial items Financial assets and liabilities which according to their terms are linked to changes in the Israeli Consumer Price Index (the "Index") are adjusted according to the relevant Index on every reporting date in accordance with the terms of the agreement. Linkage differences deriving from said adjustment are recorded to profit and loss. (3) Below are details regarding the exchange rate of the NIS and the EURO and the index of the NIS: Consumer Price Index Euro NIS December 31, 2018 100.2 1.14 0.27 December 31, 2017 100.4 1.20 0.29 December 31, 2016 100.87 1.05 0.26 Change in percentages: Year ended December 31, 2018 (0.19 ) (5 ) (6.89 ) Year ended December 31, 2017 (0.47 ) 14.28 11.53 Year ended December 31, 2016 (0.3 ) (3.2 ) 1.56 |
Financial instruments | F. Financial instruments (1) Non-derivative financial assets – policy applicable as from January 1, 2018 Initial recognition and measurement of financial assets The Group initially recognizes trade receivables on the date that they are created. All other financial assets are recognized initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. A financial asset is initially measured at fair value plus transaction costs that are directly attributable to the acquisition or issuance of the financial asset. A trade receivable without a significant financing component is initially measured at the transaction price. Receivables originating from contract assets are initially measured at the carrying amount of the contract assets on the date classification was changed from contract asset to receivables. The Group does not expect to incur any credit loss, thus the financial statements does not include provision for expected credit loss. Derecognition of financial assets Financial assets are derecognized when the contractual rights of the Group to the cash flows from the asset expire, or the Group transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. When the Group retains substantially all of the risks and rewards of ownership of the financial asset, it continues to recognize the financial asset. Classification of financial assets into categories and the accounting treatment of each category Financial assets are classified at initial recognition to one of the following measurement categories: amortized cost; fair value through other comprehensive income – investments in debt instruments; fair value through other comprehensive income – investments in equity instruments; or fair value through profit or loss. Financial assets are not reclassified in subsequent periods unless, and only if, the Group changes its business model for the management of financial debt assets, in which case the affected financial debt assets are reclassified at the beginning of the period following the change in the business model. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated at fair value through profit or loss: - It is held within a business model whose objective is to hold assets so as to collect contractual cash flows; and - The contractual terms of the financial asset give rise to cash flows representing solely payments of principal and interest on the principal amount outstanding on specified dates. All financial assets not classified as measured at amortized cost or fair value through other comprehensive income as described above, as well as financial assets designated at fair value through profit or loss, are measured at fair value through profit or loss. On initial recognition, the Group designates financial assets at fair value through profit or loss if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. The Group has balances of trade and other receivables and deposits that are held within a business model whose objective is collecting contractual cash flows. The contractual cash flows of these financial assets represent solely payments of principal and interest that reflects consideration for the time value of money and the credit risk. Accordingly, these financial assets are measured at amortized cost. Subsequent measurement and gains and losses Financial assets at fair value through profit or loss These assets are subsequently measured at fair value. Net gains and losses, including any interest income or dividend income, are recognized in profit or loss (other than certain derivatives designated as hedging instruments). Financial assets at amortized cost These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. (2) Non-derivative financial assets – policy applicable before January 1, 2018 Initial recognition and measurement of financial assets The Group initially recognizes loans and receivables and deposits on the date that they are created. Non-derivative financial instruments are comprised of trade and other receivables, cash and deposits. Derecognition of financial assets Financial assets are derecognized when the contractual rights of the Group to the cash flows from the asset expire, or the Group transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. When the Group retains substantially all of the risks and rewards of ownership of the financial asset, it continues to recognize the financial asset. Classification of financial assets into categories and the accounting treatment of each category The Group classifies its financial assets according to the following categories: Financial assets at fair value through profit or loss A financial asset is classified at fair value through profit or loss if it is classified as held for trading or is designated as such upon initial recognition. Financial assets are designated at fair value through profit or loss if the Group manages such investments and makes purchase and sale decisions based on their fair value in accordance with the Group's documented risk management or investment strategy, providing that the designation is intended to prevent an accounting mismatch, or the asset is a combined instrument including an embedded derivative. Attributable transaction costs are recognized in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value, and changes therein are recognized in profit or loss. Financial assets designated at fair value through profit or loss also include equity investments that otherwise would have been classified as available for sale. Financial assets classified as held-for-trading comprise securities that are held to support the Group's short-term liquidity needs. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortized cost using the effective interest method, less any impairment losses. Loans and receivables comprise cash and cash deposits and trade and other receivables. Cash includes cash balances available for immediate use. Deposits include short-term deposits with banking corporations (with original maturities of three months or less) that are readily convertible into known amounts of cash and are exposed to insignificant risks of change in value. (3) Non-derivative financial liabilities Non-derivative financial liabilities include trade and other payables. Initial recognition of financial liabilities The Group initially recognizes financial liabilities on the trade date at which the Group becomes a party to the contractual provisions of the instrument. Subsequent measurement of financial liabilities Financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. Transaction costs directly attributable to an expected issuance of an instrument that will be classified as a financial liability are recognized as an asset in the framework of deferred expenses in the statement of financial position. These transaction costs are deducted from the financial liability upon its initial recognition, or are amortized as financing expenses in the statement of Profit or Loss and Other Comprehensive Income when the issuance is no longer expected to occur. Derecognition of financial liabilities Financial liabilities are derecognized when the obligation of the Group, as specified in the agreement, expires or when it is discharged or cancelled. (4) Determination of fair value Preparation of the financial statements requires the Group to determine the fair value of certain assets and liabilities. When determining the fair value of an asset or liability, the Group uses observable market data as much as possible. There are three levels of fair value measurements in the fair value hierarchy that are based on the data used in the measurement, as follows: ● Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. ● Level 2: inputs other than quoted prices included within Level 1 that are observable, either directly or indirectly. ● Level 3: inputs that are not based on observable market data (unobservable inputs). Further information about fair value is included in Note 20 on financial instruments. |
Property plant and equipment | G. Property plant and equipment Property plant and equipment are presented according to cost, including directly attributed acquisition costs, minus accumulated depreciation and losses from accrued decrease in value. Improvements and upgrades are included in the assets’ costs whereas maintenance and repair costs are recognized in profit and loss as accrued Gains and losses on disposal of a fixed asset item are determined by comparing the net proceeds from disposal with the carrying amount of the asset, and are recognized in their corresponding section, in profit or loss. The cost of printers used for internal purposes, which are classified as property, plant and equipment, includes the cost of materials and direct labor, any other costs directly attributable to bringing the assets to a working condition for their intended use. The depreciation is calculated in equal yearly rates during the period of the useful life span of the assets, as follows: % Machinery and equipment (mainly 7%) 7 – 50 Computers 20 - 33 Office furniture and equipment 7 - 15 Leasehold Improvements 7 - 10 Printers leased to clients- See note 2.L. 25 Depreciation methods, useful lives and residual values are reviewed at the end of each reporting year and adjusted if appropriate. |
Inventory | H. Inventory Inventories are measured at the lower of cost and net realizable value. The cost of inventories is based on the weighted averages method, and includes expenditure incurred in acquiring the inventories and the costs incurred in bringing them to their existing location and condition. In the case of manufactured inventories and work in progress, cost includes an appropriate share of production overheads based on normal operating capacity. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. |
Impairment of non-financial assets | I. Impairment of non-financial assets The carrying amounts of the Group’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is estimated. The recoverable amount of an asset is the greater of its value in use and its fair value, minus the costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the assessments of market participants regarding the time value of money and the risks specific to the asset, for which the estimated future cash flows from the asset were not adjusted. An impairment loss is recognized if the carrying amount of an asset exceeds its estimated recoverable amount. Impairment losses are recognized in profit or loss. |
Provisions | J. Provisions A provision for claims is recognized if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably and it is probable that an outflow of economic benefits will be required to settle the obligation. When the value of time is material, the provision is measured at its present value. |
Treasury shares and Ordinary shares | K. Treasury shares and Ordinary shares When share capital recognized as equity is repurchased by the Group, the amount of the consideration paid, which includes directly attributable costs, net of any tax effects, is recognized as a deduction from equity. Repurchased shares are classified as treasury shares. When treasury shares are sold or reissued subsequently, the amount received is recognized as an increase in equity, and the resulting surplus on the transaction is carried to share premium, whereas a deficit on the transaction is deducted from retained earnings. Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of ordinary shares and share options are recognized as a deduction from equity, net of any tax effects. |
Revenue recognition | L. Revenue recognition The Company early adopted IFRS 15 in the financial statements for the year ended December 31, 2017. IFRS 15 provides new guidance on revenue recognition, on a retrospective basis. The Company recognizes revenue when the customer obtains control over the promised goods or services. The revenue is measured according to the amount of the consideration to which the Company expects to be entitled in exchange for the goods or services promised to the customer, other than amounts collected for third parties. The Company accounts for a contract with a customer only when the following conditions are met: (a) The parties to the contract have approved the contract (in writing, orally or according to other customary business practices) and they are committed to satisfying the obligations attributable to them; (b) The Company can identify the rights of each party in relation to the goods or services that will be transferred; (c) The Company can identify the payment terms for the goods or services that will be transferred; (d) The contract has a commercial substance (i.e. the risk, timing and amount of the entity's future cash flows are expected to change as a result of the contract); and (e) It is probable that the consideration, to which the Company is entitled to in exchange for the goods or services transferred to the customer, will be collected. If a contract with a customer does not meet all of the above criteria, consideration received from the customer is recognized as a liability until the criteria are met or when one of the following events occurs: the Company has no remaining obligations to transfer goods or services to the customer and any consideration promised by the customer has been received and cannot be returned; or the contract has been terminated and the consideration received from the customer cannot be refunded. On the contract's inception date the Company assesses the goods or services promised in the contract with the customer and identifies as a performance obligation any promise to transfer to the customer goods or services (or a bundle of goods or services) that are distinct. The Company identifies goods or services promised to the customer as being distinct when the customer can benefit from the goods or services on their own or in conjunction with other readily available resources and the Company's promise to transfer the goods or services to the customer is separately identifiable from other promises in the contract. The Company's identified performance obligations includes: printer, ink, maintenance (which is generally provided for a period of up to one year), training and installation. Revenue is allocated among performance obligations in a manner that reflects the consideration that the Company expects to be entitled to for the promised goods based on the standalone selling prices ("SSP") of the goods or service of each performance obligation. SSP are estimated for each distinct performance obligation and judgment may be required in their determination. The best evidence of SSP is the estimated price of a product or service if the Company would sell them separately in similar circumstances and to similar customers. The Company allocates the transaction price to the identified performance obligations based on the residual approach, while allocating the estimated standalone selling prices for performance obligations relating to maintenance, training and installation services, and the residual is allocated to the printer. Revenues allocated to the printers and ink are recognized when the control is passed at a point in time. Currently, the Company also sells its printers through resellers. The Company recognizes revenue to resellers at the time of sale to the resellers, assuming the Company has completed its obligations related to the sale. Maintenance revenue is recognized ratably, on a straight-line basis, over the period of the services. Revenue from training and installation is recognized during the time of performance. A contract asset is recognized when the Group has a right to consideration for goods or services it transferred to the customer that is conditional on other than the passing of time, such as future performance of the Group. Contract assets are classified as receivables when the rights in their respect become unconditional. A contract liability is recognized when the Group has an obligation to transfer goods or services to the customer for which it received consideration (or the consideration is payable) from the customer. Revenues from leases transactions are recognized on a straight-line basis over the term of the lease. |
Research and development and Intangible assets | M. Research and development and Intangible assets Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and understanding, is recognized in profit or loss when incurred. Development activities involve a plan or design for the production of new or substantially improved products and processes. Development expenditure is capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Group has the intention and sufficient resources to complete development and to use or sell the asset. The expenditure capitalized in respect of development activities includes the cost of materials, direct labor and overhead costs that are directly attributable to preparing the asset for its intended use. In the fourth quarter of 2016 the Group ceased to capitalize development expenses and began to amortize the intangible asset arising from capitalization of development expenses, upon the initiation of its beta program. In subsequent periods, capitalized development expenditure is measured at cost minus accumulated amortization and accumulated impairment losses. |
Amortization | N. Amortization Amortization is a systematic allocation of the amortizable amount of an intangible asset over its useful life. The amortizable amount is the cost of the asset, minus its residual value. Amortization is recognized in profit or loss on a straight-line basis, over the estimated useful lives of the intangible assets from the date they are available for use, since these methods most closely reflect the expected pattern of consumption of the future economic benefits embodied in each asset. The estimated useful lives of the capitalized development costs has been determined by the Company’s management as 10 years. Amortization methods, useful lives and residual values are reviewed at the end of each reporting year and adjusted if appropriate. |
Government grants | O. Government grants Government grants are recognized initially at fair value when there is reasonable assurance that they will be received and the Group will comply with the conditions associated with the grant. Grants from the Israeli Innovation Authority (the “Innovation Authority”), with respect to research and development projects, are accounted for as forgivable loans according to IAS 20 Accounting for Government Grants and Disclosure of Government Assistance |
Financing income and expenses | P. Financing income and expenses Financing income comprises interest income on deposits, revaluation of liability in respect of government grants, and foreign currency gains. Financing expenses comprise bank fees, exchange rate differences, and revaluation of liability in respect of government grants. Foreign currency gains and losses on financial assets and financial liabilities are reported on a net basis as either financing income or financing expenses depending on whether foreign currency movements are in a net gain or net loss position. |
Employee benefits | Q. Employee benefits Severance pay The Group’s liability for severance pay for its employees is calculated pursuant to Israeli Severance Pay Law (1963) (the “Severance Pay Law”). The Group’s liability is covered by monthly deposits with severance pay funds and insurance policies. For all of the Group’s employees, the payments to pension funds and to insurance companies exempt the Group from any obligation towards its employees, in accordance with Section 14 of the Severance Pay Law, which is accounted for as a defined contribution plan (as defined below). Accumulated amounts in pension funds and in insurance companies are not under the Group’s control or management and, accordingly, neither those amounts nor the corresponding accrual for severance pay are presented in the consolidated statements of financial position. A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and has no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognized as an expense in profit or loss in the periods during which related services are rendered by employees. Share-based payment transactions The grant date fair value of share-based payment awards granted to employees is recognized as a salary expense, with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards. Share-based payment arrangements in which the subsidiary grants rights to parent company equity instruments to its employees are accounted for by the Group as equity-settled share-based payment transactions. |
Loss per share | R. Loss per share The Group presents basic and diluted loss per share for its Ordinary Shares. Basic loss per share is calculated by dividing the loss attributable to holders of Ordinary Shares of the Company by the weighted average number of Ordinary Shares outstanding during the year, adjusted for treasury shares. Diluted loss per share is determined by adjusting the loss attributable to holders of Ordinary Shares of the Company and the weighted average number of Ordinary Shares outstanding, after adjustment for treasury shares, for the effects of all dilutive potential Ordinary Shares, which comprise share options and share options granted to employees. |
New standards and interpretations not yet adopted | S. New standards and interpretations not yet adopted (1) IFRS 16 – Leases IFRS 16 replaces IAS 17, Leases and its related interpretations. IFRS 16's instructions annul the existing requirement from lessees to classify leases as operating or finance leases. Instead of this, for lessees, the new standard presents a unified model for the accounting treatment of all leases according to which the lessee has to recognize a right-of-use asset and a lease liability in its financial statements. Nonetheless, IFRS 16 includes two exceptions to the general model whereby a lessee may elect to not apply the requirements for recognizing a right-of-use asset and a liability with respect to short-term leases of up to one year and/or leases where the underlying asset has a low value. In addition, IFRS 16 permits the lessee to apply the definition of the term lease according to one of the following two alternatives consistently for all leases: retrospective application for all the lease agreements, which means reassessing the existence of a lease for each separate contract, or alternatively to apply a practical expedient that permits continuing with the assessment made regarding existence of a lease based on the guidance in IAS 17, "Leases, " and IFRIC 4, "Determining whether an Arrangement contains a Lease, " with respect to leases entered into before the date of initial application. Furthermore, the standard determines new and expanded disclosure requirements from those required at present. IFRS 16 is applicable for annual periods as of January 1, 2019. Method of application and expected effects The Group plans to adopt IFRS 16 as from January 1, 2019 using the cumulative effect method, with an adjustment to the balance of retained earnings as at January 1, 2019. Expedients: Expedients for each separate lease: (1) Excluding initial direct costs from measurement of the asset at the transition date. (2) Using hindsight when determining the lease term, meaning data presently available that may not have been available at the original date of entering into the agreement. Expected effects: The Group plans to elect to apply the transitional provision of recognizing a lease liability at the date of initial application, for all the leases that award it control over the use of identified assets for a specified period of time, and except for when the Group has elected to apply the standard's expedients as aforesaid, according to the present value of the future lease payments discounted at the incremental borrowing rate of the lessee at that date, and concurrently recognizing a right-of-use asset at the same amount of the liability, adjusted for any prepaid or accrued lease payments that were recognized as an asset or liability before the date of initial application. Therefore, application of IFRS 16 is not expected to have an effect on the balance of retained earnings at the date of initial application. These changes are expected to result in an increase of $ 1,891 thousand in the balance of right-of-use assets at the date of initial application and an increase of $ 2,192 thousand in the balance of the lease liability at the date of initial application. Accordingly, depreciation and amortization expenses will be recognized in subsequent periods in respect of the right-of-use asset, and the need for recognizing impairment of the right-of-use asset will be examined in accordance with IAS 36. Furthermore, financing expenses will be recognized in respect of the lease liability. Therefore, as from the date of initial application and in subsequent periods, depreciation expenses and financing expenses will be recognized instead of lease expenses relating to assets leased under an operating lease, which were presented as part of the general and administrative expenses item in the income statement. In addition, the nominal discount rates used for measuring the lease liability are in the range of 11.2% to 39.16%. This range is affected by differences in the length of the lease term, differences between the various groups of assets, different discount rates of Group companies, and so forth. Quantitative effect: The table below presents the expected effect of the standard's application on the relevant items of the statement of financial position as at December 31, 2018: According to IAS 17 The change According to IFRS 16 USD USD USD Right-of-use asset - 1,891 1,891 Other payables (57 ) 57 - Liability in respect to IFRS 16 - (2,192 ) (2,192 ) Other long-term liabilities (244 ) 244 - |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary Of Significant Accounting Policies | |
Schedule of details regarding the exchange rate | Consumer Price Index Euro NIS December 31, 2018 100.2 1.14 0.27 December 31, 2017 100.4 1.20 0.29 December 31, 2016 100.87 1.05 0.26 Change in percentages: Year ended December 31, 2018 (0.19 ) (5 ) (6.89 ) Year ended December 31, 2017 (0.47 ) 14.28 11.53 Year ended December 31, 2016 (0.3 ) (3.2 ) 1.56 |
Schedule of property plant and equipment, useful life span of the assets | % Machinery and equipment (mainly 7%) 7 – 50 Computers 20 - 33 Office furniture and equipment 7 - 15 Leasehold Improvements 7 - 10 Printers leased to clients- See note 2.L. 25 |
Schedule of expected effect of the standard's application on the relevant items of the statement of financial position | According to IAS 17 The change According to IFRS 16 USD USD USD Right-of-use asset - 1,891 1,891 Other payables (57 ) 57 - Liability in respect to IFRS 16 - (2,192 ) (2,192 ) Other long-term liabilities (244 ) 244 - |
Cash and Restricted Deposits (T
Cash and Restricted Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash And Restricted Deposits | |
Schedule of components of cash | December 31, 2017 2018 Thousand Thousand Bank accounts- dominated in NIS 237 583 Bank accounts- dominated in USD 5,865 3,167 Bank accounts- other 1 3 6,103 3,753 |
Trade Receivables and Other R_2
Trade Receivables and Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trade Receivables And Other Receivables | |
Schedule of trade receivables | December 31, 2017 2018 Thousand Thousand Open balances 81 1,233 Income receivables 13 80 94 1,313 |
Schedule of other receivables | December 31, 2017 2018 Thousand Thousand Government authorities 345 354 Prepaid expenses 228 205 Others 10 11 583 570 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Inventory [Abstract] | |
Schedule of inventory | December 31, 2017 2018 Thousand Thousand Raw and auxiliary materials, and consumables 1,587 1,863 Work in progress 291 342 Finished goods 458 911 2,336 3,116 |
Property Plant and Equipment,_2
Property Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property Plant And Equipment Net | |
Schedule of property plant and equipment, net | Machinery and equipment Computers Office furniture and equipment Leasehold improvements Printers leased to clients Raw Materials (*) Total Thousand USD Thousand USD Thousand USD Thousand USD Thousand USD Thousand USD Thousand USD Cost As of January 1, 2017 922 350 135 269 383 427 2,486 Additions 1,854 70 8 1,407 283 - 3,622 Reclassification 700 - 14 - (287 ) (427 ) - Disposals (49 ) (4 ) (6 ) - (78 ) - (137 ) As of December 31, 2017 3,427 416 151 1,676 301 - 5,971 Additions 1,551 61 7 43 90 - 1,752 Disposals (846 ) (6 ) - - (192 ) - (1,044 ) As of December 31, 2018 4,132 471 158 1,719 199 - 6,679 Depreciation accrued As of January 1, 2017 86 129 10 22 14 - 261 Additions 314 130 13 54 78 - 589 Reclassification 10 1 1 - (12 ) - - Disposals (6 ) (4 ) (1 ) - (40 ) - (51 ) As of December 31, 2017 404 256 23 76 40 - 799 Additions 855 112 14 162 43 - 1,186 Disposals (467 ) (3 ) - - (36 ) - (506 ) As of December 31, 2018 792 365 37 238 47 - 1,479 Carrying amount As of December 31, 2018 3,340 106 121 1,481 152 - 5,200 As of December 31, 2017 3,023 160 128 1,600 261 - 5,172 (*) During the year ended December 31, 2016, the Group acquired raw materials for the building of its 3D printers, with the intention of leasing those printers to clients as a part of the Company's beta plan. In 2017 the Company utilized the raw materials. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Intangible Assets [Abstract] | |
Schedule of intangible assets development expenses capitalized | December 31, 2017 2018 Thousand Thousand Balance as of January 1 7,498 6,755 Amortization (743 ) (772 ) Balance as of December 31 6,755 5,983 |
Subsidiaries (Tables)
Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subsidiaries [Abstract] | |
Summary of group's material subsidiaries | Principal location of the company's The Group's ownership interest in the subsidiary activity 2017 2018 Name of company % % Nano Dimension Technologies Ltd. Israel 100 % 100 % Nano Dimension IP Ltd. (*) Israel NA 100 % Nano Dimension USA Inc. USA 100 % 100 % Nano Dimension (HK) Limited (*) Asia-Pacific NA 100 % (*) Nano Dimension IP Ltd. and Nano Dimension (HK) Limited were incorporated by the Company in 2018 and had no material activity during 2018. |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Payables [Abstract] | |
Schedule of other payables | December 31, 2017 2018 Thousand Thousand Accrued expenses 172 252 contract liabilities 76 355 Current portion of other long-term liability 59 57 Employees and related liabilities 672 665 Government authorities 338 272 Current maturities in respect of government grants 339 550 Others 27 27 1,683 2,178 |
Liability in Respect of Gover_2
Liability in Respect of Government Grants (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Liability in Respect of Government Grants [Abstract] | |
Schedule of liability in respect of government grants | 2017 2018 Thousand Thousand Balance as of January 1 883 1,171 Amounts received during the year 551 121 Payment of Royalties (10 ) (70 ) Amounts recognized as an offset from research and development expenses (162 ) (42 ) Revaluation of the liability (91 ) 265 Balance as of December 31 1,171 1,445 Current maturities in respect of government grants 339 550 Long term liability in respect of government grants 833 895 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingent Liabilities [Abstract] | |
Schedule of future minimum lease payments | Thousand 2019 3,368 2020 622 2021 488 2022 and thereafter 1,073 Total 5,551 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of share capital | Ordinary Shares 2017 2018 Issued and paid-up share capital as at December 31 62,511 97,099 Authorized share capital 200,000 200,000 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenues [Abstract] | |
Schedule of revenue | For the year ended December 31 2016 2017 2018 Thousand Thousand Thousand Consumables 15 185 190 Support services (*) - - 400 Sales of printers (*) - 276 4,320 Total 15 461 4,910 Printers rental 31 368 190 Total revenue 46 829 5,100 (*) The Company's identified separated distinct performance obligations that includes: Printer, maintenance, training and installation. The Company allocates the transaction price to the identified performance obligations based on the residual approach, while allocating the estimated standalone selling prices for performance obligations relating to maintenance, training and installation services, and the residual is allocated to the printer. |
Schedule of revenues per geographical locations | For the year ended December 31, 2016 2017 2018 Thousands USD Thousands USD Thousands USD USA 21 481 2,727 Asia Pacific - 156 1,239 Europe and Israel(*) 25 192 1,134 Total revenue 46 829 5,100 (*) The Company combined all consumables revenues into the Europe and Israel geography, due to immateriality of the amounts. |
Schedule of timing of revenue recognition | For the year ended December 31, 2016 2017 2018 Thousands USD Thousands USD Thousands USD Goods and services transferred over time 31 368 590 Goods transferred at a point in time 15 461 4,510 Total revenue 46 829 5,100 |
Schedule of contract assets and contract liabilities deriving from contracts with customers | December 31, 2017 2018 Thousand USD Thousand USD Open balances 81 1,233 Income receivables 13 80 Contract liabilities 76 355 |
Cost of Revenues (Tables)
Cost of Revenues (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cost of Revenues [Abstract] | |
Schedule of cost of revenues | For the year ended December 31 2016 2017 2018 Thousand USD Thousand USD Thousand USD According to sources of revenue - Consumables 6 62 195 Support services - - 541 Sales of printers - 228 2,800 Printers rental 13 119 58 Total 19 409 3,594 |
Further Detail of Profit or L_2
Further Detail of Profit or Loss (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Further Detail of Profit or Loss [Abstract] | |
Schedule of further detail of profit or loss | For the year ended December 31 2016 2017 2018 Thousand USD Thousand USD Thousand USD A. Research and development expenses, net Payroll 5,621 7,419 4,890 Materials 1,593 1,844 1,065 Subcontractors 307 151 70 Patent registration 34 57 70 Depreciation 178 442 880 Rental fees and maintenance 387 824 908 Other 379 244 782 8,499 10,981 8,665 Less – Development expenditure capitalized as intangible and tangible assets (4,237 ) - - Less – government grants (219 ) (162 ) (42 ) 4,043 10,819 8,623 B. Sales and marketing expenses Payroll 748 1,497 2,226 Marketing and advertising 192 383 1,381 Rental fees and maintenance 21 59 64 Travel abroad 45 234 201 Depreciation - 10 186 Other - - 201 1,006 2,183 4,259 C. General and administrative expenses Payroll 822 762 996 Fees 45 68 32 Professional services 1,610 1,460 1,114 Directors pay 742 493 306 Office expenses 232 282 311 Travel abroad 148 86 45 Rental fees and maintenance - 84 91 Other 219 128 107 3,818 3,363 3,002 D. Finance income Exchange rate differences 181 - - Revaluation of liability in respect of government grants - 102 - Bank interest and fees - - 54 181 102 54 Finance expense Exchange rate differences - 889 127 Bank fees 29 28 - Revaluation of liability in respect of government grants 114 - 265 143 917 392 |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Taxes on Income [Abstract] | |
Schedule of adjustment between the theoretical tax amount and the tax amount | For the year ended December 31, 2016 2017 2018 Thousand USD Thousand USD Thousand USD Loss before taxes on income (8,976 ) (17,503 ) (15,488 ) Statutory tax rate 25 % 24 % 23 % Theoretical tax benefit (2,244 ) (4,201 ) (3,562 ) Increase in tax liability due to: Unrecognized expenses 638 629 280 Losses and benefits for tax purposes for which no deferred taxes were recorded 1,606 3,572 3,282 Taxes on income - - - |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Loss Per Share | |
Schedule of loss per share | For the year ended December 31 2016 2017 2018 Weighted average of number of Ordinary Shares used in the calculation of the basic and diluted loss per share (in thousands) 40,760 56,540 91,799 Net loss used in calculation (thousand USD) 8,976 17,503 15,488 |
Weighted average number of ordinary shares | Year ended December 31 2016 2017 2018 Thousands of Thousands of Thousands of shares of NIS 0.1 shares of NIS 0.1 shares of NIS 0.1 par value par value par value Balance as at January 1 33,794 49,616 61,984 Effect of share options exercised 4,300 303 70 Effect of shares issued during the year 2,666 6,621 29,745 Weighted average number of ordinary shares used to calculate basic earnings (loss) per share as at December 31 40,760 56,540 91,799 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement Line Items [Line Items] | |
Schedule of fair value of the share options | 19.A- Consultants and Employees 19.B- Directors 19.C- Yissum Number of share options granted 8,396,222 3,545,000 559,097 Fair value in the grant date (thousand USD) 5,185 3,170 742 Range of share price (USD) 0.28 – 1.80 0.63 – 1.89 1.84 Range of exercise price (USD) 0.28 – 2.30 1.44 – 1.84 0.71 Range of expected share price volatility 40.3%-65.06 % 53.75%-61.27 % 57.26 % Range of estimated life (years) 1.5 – 9.01 4 – 5 5 Range of weighted average of risk-free interest rate 0.56%-1.98 % 0.88%-1.32 % 1.15 % Expected dividend yield - - - Outstanding as of December 31, 2018 5,647,175 2,070,000 223,697 Exercisable as of December 31, 2018 2,476,800 1,913,750 223,697 |
Employees and consultants [Member] | |
Statement Line Items [Line Items] | |
Schedule of fair value of the share options | 2017 2018 Outstanding at January 1 3,799,892 4,609,634 Granted during the year 1,892,334 2,652,500 Exercised during the year (348,314 ) (590,292 ) Forfeited during the year (734,278 ) (1,024,667 ) Outstanding at December 31 4,609,634 5,647,175 Exercisable as of December 31 2,345,351 2,476,800 |
Directors [Member] | |
Statement Line Items [Line Items] | |
Schedule of fair value of the share options | 2017 2018 Outstanding at January 1 3,340,878 3,145,001 Granted during the year 275,000 300,000 Exercised during the year (370,878 ) - Forfeited during the year (99,999 ) (1,375,001 ) Outstanding at December 31 3,145,001 2,070,000 Exercisable as of December 31 2,176,672 1,913,750 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments | |
Schedule of classification and linkage terms of financial instruments | NIS Linked to the US dollar Linked to the EURO and Other Total December 31, 2018 Cash 583 3,169 1 3,753 Restricted deposits 347 21 - 368 Trade receivables - 1,079 234 1,313 Other receivables 10 205 - 215 940 4,474 235 5,649 Financial liabilities at amortized cost 2,850 1,880 1 4,731 Total net financial assets (liabilities) (1,910 ) 2,594 234 918 December 31, 2017 Cash 237 5,865 1 6,103 Restricted deposits 433 20 - 453 Trade receivables - 21 73 94 Other receivables 238 - - 238 908 5,906 74 6,888 Financial liabilities at amortized cost 2,001 1,329 - 3,330 Total net financial assets (liabilities) (1,093 ) 4,577 74 3,558 |
Schedule of sensitivity analysis of changes in exchange rate of dollar | Profit (loss) from the change Thousand USD Increase at a rate of 5% (95 ) Increase at a rate of 10% (191 ) Decrease at a rate of 5% 95 Decrease at a rate of 10% 191 |
Schedule of repayment dates of financial liabilities | First year More than a year or undetermined Total December 31, 2018 Trade payables 1,414 - 1,414 Other payables 2,150 28 2,178 Other long-term liabilities 244 244 Liability in respect of government grants - 895 895 3,564 1,167 4,731 December 31, 2017 Trade payables 512 - 512 Other payables 1,655 28 1,683 Other long-term liabilities - 302 302 Liability in respect of government grants - 833 833 2,167 1,163 3,330 |
Transactions and Balances wit_2
Transactions and Balances with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Transactions And Balances With Related Parties | |
Schedule of balances with related parties | December 31, 2017 2018 Thousands USD Thousands USD Other payables 115 74 |
Shareholder and other related parties benefits | Year ended on December 31, 2016 2017 2018 Thousand USD Thousand USD Thousand USD Salaries and related expenses- related parties employed by the Group 1,501 1,138 829 Number of related parties 5 5 4 Compensation for directors not employed by the Group 739 494 311 Number of directors 8 9 7 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies | |||
Consumer Price Index | 100.2 | 100.4 | 100.87 |
Change in percentages of consumer price index | (0.19%) | (0.47%) | (0.30%) |
Exchange rate of Euro | 1.14 | 1.20 | 1.05 |
Change in percentages of Euro | (5.00%) | 14.28% | (3.20%) |
Exchange rate of NIS | 0.27 | 0.29 | 0.26 |
Change in percentages of NIS | (6.89%) | 11.53% | 1.56% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Details 1) | 12 Months Ended |
Dec. 31, 2018 | |
Machinery and equipment [Member] | Minimum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates useful life span of assets | 7% |
Machinery and equipment [Member] | Maximum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates useful life span of assets | 50% |
Computers [Member] | Minimum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates useful life span of assets | 20% |
Computers [Member] | Maximum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates useful life span of assets | 33% |
Office furniture and equipment [Member] | Minimum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates useful life span of assets | 7% |
Office furniture and equipment [Member] | Maximum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates useful life span of assets | 15% |
Leasehold Improvements [Member] | Minimum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates useful life span of assets | 7% |
Leasehold Improvements [Member] | Maximum [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates useful life span of assets | 10% |
Printers leased to clients [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates useful life span of assets | 25% |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Other payables | $ 2,178 | $ 1,683 |
According to IAS 17 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use asset | ||
Other payables | (57) | |
Liability in respect to IFRS 16 | ||
Other long-term liabilities | (244) | |
The change [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use asset | 1,891 | |
Other payables | 57 | |
Liability in respect to IFRS 16 | (2,192) | |
Other long-term liabilities | 244 | |
According to IFRS 16 [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Right-of-use asset | 1,891 | |
Other payables | ||
Liability in respect to IFRS 16 | (2,192) | |
Other long-term liabilities |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Summary of Significant Accounting Policies (Textual) | |
Estimated useful lives of the capitalized development costs | 10 years |
Increase in right-of-use assets | $ 1,891 |
Increase in lease liability | $ 2,192 |
Minimum [Member] | |
Summary of Significant Accounting Policies (Textual) | |
Lease liability discount rate | 11.20% |
Maximum [Member] | |
Summary of Significant Accounting Policies (Textual) | |
Lease liability discount rate | 39.16% |
Cash and Restricted Deposits (D
Cash and Restricted Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cash And Restricted Deposits | ||
Bank accounts- dominated in NIS | $ 583 | $ 237 |
Bank accounts- dominated in USD | 3,167 | 5,865 |
Bank accounts- other | 3 | 1 |
Cash | $ 3,753 | $ 6,103 |
Cash and Restricted Deposits _2
Cash and Restricted Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Cash and Restricted Deposits (Textual) | ||
Restricted deposits | $ 368 | $ 453 |
Credit cards [Member] | ||
Cash and Restricted Deposits (Textual) | ||
Restricted deposits | $ 21 | |
Credit cards [Member] | Maximum [Member] | ||
Cash and Restricted Deposits (Textual) | ||
Annual interest rate | 0.01% | |
Credit cards [Member] | Minimum [Member] | ||
Cash and Restricted Deposits (Textual) | ||
Annual interest rate | 0.05% | |
Lease [Member] | ||
Cash and Restricted Deposits (Textual) | ||
Restricted deposits | $ 347 | |
Annual interest rate | 0.01% |
Trade Receivables and Other R_3
Trade Receivables and Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Trade Receivables And Other Receivables Details Abstract | ||||
Open balances | $ 1,313 | $ 94 | ||
Income receivables | 80 | 13 | ||
Trade receivables | [1] | $ 1,313 | $ 94 | $ 39 |
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. |
Trade Receivables and Other R_4
Trade Receivables and Other Receivables (Details 1) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Trade Receivables And Other Receivables | ||||
Government authorities | $ 354 | $ 345 | ||
Prepaid expenses | 205 | 228 | ||
Others | 11 | 10 | ||
Other receivables | [1] | $ 570 | $ 583 | $ 775 |
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Inventory [Abstract] | ||||
Raw and auxiliary materials, and consumables | $ 1,863 | $ 1,587 | ||
Work in progress | 342 | 291 | ||
Finished goods | 911 | 458 | ||
Total inventories | [1] | $ 3,116 | $ 2,336 | |
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. |
Property Plant and Equipment,_3
Property Plant and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | ||||
Cost | |||||
Beginning balance | $ 5,971 | $ 2,486 | |||
Additions | 1,752 | 3,622 | |||
Reclassification | |||||
Disposals | (1,044) | (137) | |||
Ending balance | 6,679 | 5,971 | |||
Depreciation accrued | |||||
Beginning balance | 799 | 261 | |||
Additions | 1,186 | 589 | |||
Reclassification | |||||
Disposals | (506) | (51) | |||
Ending balance | 1,479 | 799 | |||
Carrying amount | |||||
Property plant and equipment, net | [1] | 5,200 | 5,172 | ||
Machinery and equipment [Member] | |||||
Cost | |||||
Beginning balance | 3,427 | 922 | |||
Additions | 1,551 | 1,854 | |||
Reclassification | 700 | ||||
Disposals | (846) | (49) | |||
Ending balance | 4,132 | 3,427 | |||
Depreciation accrued | |||||
Beginning balance | 404 | 86 | |||
Additions | 855 | 314 | |||
Reclassification | 10 | ||||
Disposals | (467) | (6) | |||
Ending balance | 792 | 404 | |||
Carrying amount | |||||
Property plant and equipment, net | 3,340 | 3,023 | |||
Computers [Member] | |||||
Cost | |||||
Beginning balance | 416 | 350 | |||
Additions | 61 | 70 | |||
Reclassification | |||||
Disposals | (6) | (4) | |||
Ending balance | 471 | 416 | |||
Depreciation accrued | |||||
Beginning balance | 256 | 129 | |||
Additions | 112 | 130 | |||
Reclassification | 1 | ||||
Disposals | (3) | (4) | |||
Ending balance | 365 | 256 | |||
Carrying amount | |||||
Property plant and equipment, net | 106 | 160 | |||
Office furniture and equipment [Member] | |||||
Cost | |||||
Beginning balance | 151 | 135 | |||
Additions | 7 | 8 | |||
Reclassification | 14 | ||||
Disposals | (6) | ||||
Ending balance | 158 | 151 | |||
Depreciation accrued | |||||
Beginning balance | 23 | 10 | |||
Additions | 14 | 13 | |||
Reclassification | 1 | ||||
Disposals | (1) | ||||
Ending balance | 37 | 23 | |||
Carrying amount | |||||
Property plant and equipment, net | 121 | 128 | |||
Leasehold improvements [Member] | |||||
Cost | |||||
Beginning balance | 1,676 | 269 | |||
Additions | 43 | 1,407 | |||
Reclassification | |||||
Disposals | |||||
Ending balance | 1,719 | 1,676 | |||
Depreciation accrued | |||||
Beginning balance | 76 | 22 | |||
Additions | 162 | 54 | |||
Reclassification | |||||
Disposals | |||||
Ending balance | 238 | 76 | |||
Carrying amount | |||||
Property plant and equipment, net | 1,481 | 1,600 | |||
Printers leased to clients [Member] | |||||
Cost | |||||
Beginning balance | 301 | 383 | |||
Additions | 90 | 283 | |||
Reclassification | (287) | ||||
Disposals | (192) | (78) | |||
Ending balance | 199 | 301 | |||
Depreciation accrued | |||||
Beginning balance | 40 | 14 | |||
Additions | 43 | 78 | |||
Reclassification | (12) | ||||
Disposals | (36) | (40) | |||
Ending balance | 47 | 40 | |||
Carrying amount | |||||
Property plant and equipment, net | 152 | 261 | |||
Raw Materials [Member] | |||||
Cost | |||||
Beginning balance | [2] | 427 | |||
Additions | [2] | ||||
Reclassification | [2] | (427) | |||
Disposals | [3] | [2] | |||
Ending balance | [3] | [2] | |||
Depreciation accrued | |||||
Beginning balance | [2] | ||||
Additions | [3] | [2] | |||
Reclassification | [2] | ||||
Disposals | [3] | [2] | |||
Ending balance | [3] | [2] | |||
Carrying amount | |||||
Property plant and equipment, net | [3] | [2] | |||
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. | ||||
[2] | During the year ended December 31, 2016, the Group acquired raw materials for the building of its 3D printers, with the intention of leasing those printers to clients as a part of the Company's beta plan. In 2017 the Company utilized the raw materials. | ||||
[3] | During the year ended December 31, 2016, the Group acquired raw materials for the building of its 3D printers, with the intention of leasing thoseprinters to clients as a part of the Company's beta plan. In 2017 the Company utilized the raw materials. |
Property Plant and Equipment,_4
Property Plant and Equipment, Net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant and Equipment, Net (Textual) | ||
Acquired property plant and equipment | $ 9 | $ 241 |
Derecognized fixed assets | $ 1,044 |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Intangible Assets [Abstract] | |||
Balance as of January 1 | [1] | $ 6,755 | $ 6,787 |
Amortization | (772) | (743) | |
Balance as of December 31 | [1] | $ 5,983 | $ 6,755 |
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. |
Subsidiaries (Details)
Subsidiaries (Details) - Subsidiaries [Member] | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Nano Dimension Technologies Ltd. [Member] | |||
Statement Line Items [Line Items] | |||
Name of company | Nano Dimension Technologies Ltd. | Nano Dimension Technologies Ltd. | |
Principal location of the company's activity | Israel | Israel | |
The Group's ownership interest in the subsidiary | 100.00% | 100.00% | |
Nano Dimension IP Ltd. [Member] | |||
Statement Line Items [Line Items] | |||
Name of company | [1] | Nano Dimension IP Ltd. | Nano Dimension IP Ltd. |
Principal location of the company's activity | [1] | Israel | Israel |
The Group's ownership interest in the subsidiary | [1] | 100.00% | 0.00% |
Nano Dimension USA Inc. [Member] | |||
Statement Line Items [Line Items] | |||
Name of company | Nano Dimension USA Inc. | Nano Dimension USA Inc. | |
Principal location of the company's activity | USA | USA | |
The Group's ownership interest in the subsidiary | 100.00% | 100.00% | |
Nano Dimension (HK) Limited [Member] | |||
Statement Line Items [Line Items] | |||
Name of company | [1] | Nano Dimension (HK) Limited | Nano Dimension (HK) Limited |
Principal location of the company's activity | [1] | Asia-Pacific | Asia-Pacific |
The Group's ownership interest in the subsidiary | [1] | 100.00% | 0.00% |
[1] | Nano Dimension IP Ltd. and Nano Dimension (HK) Limited were incorporated by the Company in 2018 and had no material activity during 2018. |
Other Payables (Details)
Other Payables (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Payables [Abstract] | ||||
Accrued expenses | $ 252 | $ 172 | ||
Contract liabilities | 355 | 76 | ||
Current portion of other long-term liability | 57 | 59 | ||
Employees and related liabilities | 665 | 672 | ||
Government authorities | 272 | 338 | ||
Current maturities in respect of government grants | 550 | 339 | ||
Others | 27 | 27 | ||
Other payables, Total | [1] | $ 2,178 | $ 1,683 | $ 1,289 |
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. |
Liability in Respect of Gover_3
Liability in Respect of Government Grants (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Liability in Respect of Government Grants [Abstract] | ||||
Balance as of January 1 | $ 1,171 | $ 883 | ||
Amounts received during the year | 121 | 551 | ||
Payment of Royalties | (70) | (10) | ||
Amounts recognized as an offset from research and development expenses | (42) | (162) | ||
Revaluation of the liability | 265 | (91) | ||
Balance as of December 31 | 1,445 | 1,171 | ||
Current maturities in respect of government grants | 550 | 339 | ||
Long term liability in respect of government grants | [1] | $ 895 | $ 833 | $ 629 |
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. |
Liability in Respect of Gover_4
Liability in Respect of Government Grants (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | ||||
Jun. 30, 2017 | May 31, 2017 | Feb. 28, 2017 | Dec. 22, 2015 | Sep. 30, 2014 | |
Liability in Respect of Government Grants [Abstract] | |||||
Total approved budget for development project | $ 87 | $ 1,445 | $ 372 | $ 1,128 | $ 1,001 |
Percentage of financing from the government | 50.00% | 30.00% | 50.00% | 50.00% | 50.00% |
Royalties | 3.00% | ||||
Discount rate | 19.00% | 19.00% | 19.00% | 19.50% | 30.00% |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingent Liabilities [Abstract] | |
2019 | $ 3,368 |
2020 | 622 |
2021 | 488 |
2022 and thereafter | 1,073 |
Total | $ 5,551 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments and Contingent Liabilities [Abstract] | |||
Rental fees and maintenance expenses | $ 1,062 | $ 990 | $ 408 |
Equity (Details)
Equity (Details) - shares | Dec. 31, 2018 | Dec. 31, 2017 |
Equity [Abstract] | ||
Issued and paid-up share capital as at December 31 | 97,099 | 62,511 |
Authorized share capital | 200,000 | 200,000 |
Equity (Details Textual)
Equity (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 14, 2017 | Jun. 01, 2017 | Oct. 11, 2016 | Jul. 03, 2014 | May 17, 2017 | Jan. 31, 2015 | Jul. 03, 2014 | May 18, 2014 | Dec. 31, 2018 | Sep. 29, 2016 |
Statement Line Items [Line Items] | ||||||||||
Raising capital total amount | $ 1,500 | |||||||||
Issued and paid up capital, description | The Company completed several rounds of fund raising, in which the Company issued to investors and related parties of the Company a total of 14,974,798 Ordinary Shares, and 6,406,273 non-tradable warrants, which are exercisable into 6,406,273 Ordinary Shares, according to the exercise terms determined. | The Company will allocate to Offerees 6,931,303 Ordinary Shares, which constituted, after their allocation, and after the allocation of the Capital Raising shares, holdings at a rate of approximately 37.38% of the issued and paid up share capital of the Company and 4,322,329 non-tradable warrants that are exercisable into 4,322,329 Ordinary Shares, at an exercise price of $ 0.25 per share, provided that the Group meets the milestones set forth in the Agreement. | ||||||||
Consideration (gross) received as a result of aforesaid fund raising amount | $ 15,674 | |||||||||
Consideration (net) received as a result of aforesaid fund raising amount | 14,555 | |||||||||
Net issuance consideration, total | 377 | |||||||||
Attributed to ordinary shares | 12,988 | |||||||||
Attributed to warrants | $ 1,188 | |||||||||
Treasury Shares [Member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Ordinary shares issued | 527,032 | |||||||||
Constituted issued and paid up share capital percentage | 0.44% | |||||||||
Ordinary Shares [Member] | Public Offering [Member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Ordinary shares issued | 1,376,375 | 9,250,000 | ||||||||
Gross proceeds from offering | $ 13,800 | |||||||||
Consideration received, net | $ 12,328 | |||||||||
Ordinary Shares [Member] | Private Placement [Member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Ordinary shares issued | 4,078,759 | 4,044,050 | 3,430,000 | |||||||
Exercise price | $ 1.17 | $ 1.17 | $ 1.17 | |||||||
Consideration received, net | $ 4,800 | $ 4,700 | $ 4,000 | $ 12,420 | ||||||
Investor [Member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Consideration amount | $ 750 | |||||||||
Allocated ordinary shares | 2,967,938 | |||||||||
Related parties [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Consideration amount | $ 344 | |||||||||
Allocated ordinary shares | 1,375,794 | |||||||||
Investor One [Member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Consideration amount | $ 398 | |||||||||
Allocated ordinary shares | 1,592,143 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Statement Line Items [Line Items] | ||||
Total | $ 4,910 | $ 15 | $ 461 | |
Printers rental | 190 | 31 | 368 | |
Total revenue | [1] | 5,100 | 829 | 46 |
Consumables [Member] | ||||
Statement Line Items [Line Items] | ||||
Total | 190 | 185 | 15 | |
Support services [Member] | ||||
Statement Line Items [Line Items] | ||||
Total | [2] | 400 | ||
Sales of printers [Member] | ||||
Statement Line Items [Line Items] | ||||
Total | [2] | $ 4,320 | $ 276 | |
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. | |||
[2] | The Company's identified separated distinct performance obligations that includes: Printer, maintenance, training and installation. The Company allocates the transaction price to the identified performance obligations based on the residual approach, while allocating the estimated standalone selling prices for performance obligations relating to maintenance, training and installation services, and the residual is allocated to the printer. |
Revenues (Details 1)
Revenues (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Statement Line Items [Line Items] | ||||
Total revenue | [1] | $ 5,100 | $ 829 | $ 46 |
USA [Member] | ||||
Statement Line Items [Line Items] | ||||
Total revenue | 2,727 | 481 | 21 | |
Asia Pacific [Member] | ||||
Statement Line Items [Line Items] | ||||
Total revenue | 1,239 | 156 | ||
Europe and Israel [Member] | ||||
Statement Line Items [Line Items] | ||||
Total revenue | [2] | $ 1,134 | $ 192 | $ 25 |
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. | |||
[2] | The Company combined all consumables revenues into the Europe and Israel geography, due to immateriality of the amounts. |
Revenues (Details 2)
Revenues (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Statement Line Items [Line Items] | ||||
Total revenue | [1] | $ 5,100 | $ 829 | $ 46 |
Goods and services transferred over time [Member] | ||||
Statement Line Items [Line Items] | ||||
Total revenue | 590 | 368 | 31 | |
Goods transferred at a point in time [Member] | ||||
Statement Line Items [Line Items] | ||||
Total revenue | $ 4,510 | $ 461 | $ 15 | |
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. |
Cost of Revenues (Details)
Cost of Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Statement Line Items [Line Items] | ||||
Cost of revenues | [1] | $ 3,594 | $ 409 | $ 19 |
Consumables [Member] | ||||
Statement Line Items [Line Items] | ||||
Cost of revenues | 195 | 62 | 6 | |
Support services [Member] | ||||
Statement Line Items [Line Items] | ||||
Cost of revenues | 541 | |||
Sales of printers [Member] | ||||
Statement Line Items [Line Items] | ||||
Cost of revenues | 2,800 | 228 | ||
Printers rental [Member] | ||||
Statement Line Items [Line Items] | ||||
Cost of revenues | $ 58 | $ 119 | $ 13 | |
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. |
Further Detail of Profit or L_3
Further Detail of Profit or Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
A. Research and development expenses, net | ||||
Payroll | $ 4,890 | $ 7,419 | $ 5,621 | |
Materials | 1,065 | 1,844 | 1,593 | |
Subcontractors | 70 | 151 | 307 | |
Patent registration | 70 | 57 | 34 | |
Depreciation | 880 | 442 | 178 | |
Rental fees and maintenance | 908 | 824 | 387 | |
Other | 782 | 244 | 379 | |
Research and development expenses, gross | 8,665 | 10,981 | 8,499 | |
Less - Development expenditure capitalized as intangible and tangible assets | (4,237) | |||
Less - government grants | (42) | (162) | (219) | |
Research and development expenses, net | [1] | 8,623 | 10,819 | 4,043 |
B. Sales and marketing expenses | ||||
Payroll | 2,226 | 1,497 | 748 | |
Marketing and advertising | 1,381 | 383 | 192 | |
Rental fees and maintenance | 64 | 59 | 21 | |
Travel abroad | 201 | 234 | 45 | |
Depreciation | 186 | 10 | ||
Other | 201 | |||
Sales and marketing expenses | 4,259 | 2,183 | 1,006 | |
C. General and administrative expenses | ||||
Payroll | 996 | 762 | 822 | |
Fees | 32 | 68 | 45 | |
Professional services | 1,114 | 1,460 | 1,610 | |
Directors pay | 306 | 493 | 742 | |
Office expenses | 311 | 282 | 232 | |
Travel abroad | 45 | 86 | 148 | |
Rental fees and maintenance | 91 | 84 | ||
Other | 107 | 128 | 219 | |
General and administrative expenses | 3,002 | 3,363 | 3,818 | |
D. Finance income | ||||
Exchange rate differences | 181 | |||
Revaluation of liability in respect of government grants | 102 | |||
Bank interest and fees | 54 | |||
Finance income | [1] | 54 | 102 | 181 |
Finance expense | ||||
Exchange rate differences | 127 | 889 | ||
Bank fees | 28 | 29 | ||
Revaluation of liability in respect of government grants | 265 | 114 | ||
Finance expense | [1] | $ 392 | $ 917 | $ 143 |
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. |
Taxes on Income (Details)
Taxes on Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Taxes on Income [Abstract] | |||
Loss before taxes on income | $ (15,488) | $ (17,503) | $ (8,976) |
Statutory tax rate | 23.00% | 24.00% | 25.00% |
Theoretical tax benefit | $ (3,562) | $ (4,201) | $ (2,244) |
Increase in tax liability due to: | |||
Unrecognized expenses | 280 | 629 | 638 |
Losses and benefits for tax purposes for which no deferred taxes were recorded | 3,282 | 3,572 | 1,606 |
Taxes on income |
Taxes on Income (Details Textua
Taxes on Income (Details Textual) - USD ($) $ in Thousands | Dec. 22, 2016 | Jan. 04, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Taxes on Income [Abstract] | |||||
Percentage of corporate tax rates | 23.00% | 24.00% | 25.00% | ||
Description of corporate tax rate reduced | Furthermore, on December 22, 2016 the Knesset plenum passed the Economic Efficiency Law (Legislative Amendments for Achieving Budget Objectives in the Years 2017 and 2018) – 2016, by which, inter alia, the corporate tax rate would be reduced from 25% to 23% in two steps. The first step will be to a rate of 24% as of January 2017 and the second step will be to a rate of 23% as of January 2018. | The Knesset plenum passed the Law for the Amendment of the Income Tax Ordinance (Amendment 216) - 2016, by which, inter alia, the corporate tax rate would be reduced by 1.5% to a rate of 25% as from January 1, 2016. | |||
Net operating loss for tax | $ 40,000 | ||||
Tax deductible temporary difference value | $ 2,169 |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Loss Per Share | ||||
Weighted average of number of Ordinary Shares used in the calculation of the basic and diluted loss per share (in thousand) | 91,799 | 56,540 | 40,760 | |
Net loss used in calculation (USD) | [1] | $ (15,488) | $ (17,503) | $ (8,976) |
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. |
Loss Per Share (Details 1)
Loss Per Share (Details 1) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loss Per Share | |||
Balance as at January 1 | 61,984 | 49,616 | 33,794 |
Effect of share options exercised | 70 | 303 | 4,300 |
Effect of shares issued during the year | 29,745 | 6,621 | 2,666 |
Weighted average number of ordinary shares used to calculate basic earnings (loss) per share as at December 31 | 91,799 | 56,540 | 40,760 |
Loss Per Share (Details Textual
Loss Per Share (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Loss Per Share | |||
Diluted weighted average number of Ordinary Shares | 8,517,047 | 8,697,362 | 13,415,764 |
Share-Based Payments (Details)
Share-Based Payments (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Consultants and Employees | |
Statement Line Items [Line Items] | |
Number of share options granted | shares | 8,396,222 |
Fair value in the grant date (thousand USD) | $ | $ 5,185 |
Expected dividend yield | $ | |
Outstanding as of December 31, 2018 | shares | 5,647,175 |
Exercisable as of December 31, 2018 | shares | 2,476,800 |
Consultants and Employees | Bottom of Range [Member] | |
Statement Line Items [Line Items] | |
Range of share price (USD) | $ 0.28 |
Range of exercise price (USD) | $ 0.28 |
Range of expected share price volatility | 40.30% |
Range of estimated life (years) | 1 year 6 months |
Range of weighted average of risk-free interest rate | 0.56% |
Consultants and Employees | Top of range [member] | |
Statement Line Items [Line Items] | |
Range of share price (USD) | $ 1.80 |
Range of exercise price (USD) | $ 2.30 |
Range of expected share price volatility | 65.06% |
Range of estimated life (years) | 9 years 4 days |
Range of weighted average of risk-free interest rate | 1.98% |
Directors [Member] | |
Statement Line Items [Line Items] | |
Number of share options granted | shares | 3,545,000 |
Fair value in the grant date (thousand USD) | $ | $ 3,170 |
Expected dividend yield | $ | |
Outstanding as of December 31, 2018 | shares | 2,070,000 |
Exercisable as of December 31, 2018 | shares | 1,913,750 |
Directors [Member] | Bottom of Range [Member] | |
Statement Line Items [Line Items] | |
Range of share price (USD) | $ 0.63 |
Range of exercise price (USD) | $ 1.44 |
Range of expected share price volatility | 53.75% |
Range of estimated life (years) | 4 years |
Range of weighted average of risk-free interest rate | 0.88% |
Directors [Member] | Top of range [member] | |
Statement Line Items [Line Items] | |
Range of share price (USD) | $ 1.89 |
Range of exercise price (USD) | $ 1.84 |
Range of expected share price volatility | 61.27% |
Range of estimated life (years) | 5 years |
Range of weighted average of risk-free interest rate | 1.32% |
Yissum [Member] | |
Statement Line Items [Line Items] | |
Number of share options granted | shares | 559,097 |
Fair value in the grant date (thousand USD) | $ | $ 742 |
Range of share price (USD) | $ 1.84 |
Range of exercise price (USD) | $ 0.71 |
Range of expected share price volatility | 57.26% |
Range of estimated life (years) | 5 years |
Range of weighted average of risk-free interest rate | 1.15% |
Expected dividend yield | $ | |
Outstanding as of December 31, 2018 | shares | 223,697 |
Exercisable as of December 31, 2018 | shares | 223,697 |
Share-Based Payments (Details 1
Share-Based Payments (Details 1) - shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Employees and consultants [Member] | ||
Statement Line Items [Line Items] | ||
Outstanding at January 1 | 4,609,634 | 3,799,892 |
Granted during the year | 2,652,500 | 1,892,334 |
Exercised during the year | (590,292) | (348,314) |
Forfeited during the year | (1,024,667) | (734,278) |
Outstanding at December 31 | 5,647,175 | 4,609,634 |
Exercisable as of December 31 | 2,476,800 | 2,345,351 |
Directors [Member] | ||
Statement Line Items [Line Items] | ||
Outstanding at January 1 | 3,145,001 | 3,340,878 |
Granted during the year | 300,000 | 275,000 |
Exercised during the year | (370,878) | |
Forfeited during the year | (1,375,001) | (99,999) |
Outstanding at December 31 | 2,070,000 | 3,145,001 |
Exercisable as of December 31 | 1,913,750 | 2,176,672 |
Share-Based Payments (Details T
Share-Based Payments (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2018 | Jan. 31, 2018 | Nov. 20, 2017 | May 24, 2017 | May 10, 2017 | Apr. 19, 2017 | Mar. 21, 2017 | Jan. 17, 2017 | Nov. 29, 2016 | Oct. 21, 2015 | Aug. 20, 2015 | Apr. 02, 2015 | Nov. 30, 2018 | Aug. 31, 2018 | May 31, 2018 | Jan. 31, 2018 | Nov. 16, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 |
Share-Based Payments (Textual) | ||||||||||||||||||||
Share based payment expenses | $ 403 | $ 1,755 | ||||||||||||||||||
Property, plant and equipment [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Share-based payments including capitalized to intangible assets | 12 | 14 | ||||||||||||||||||
Inventory [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Share-based payments including capitalized to intangible assets | $ 9 | $ 20 | ||||||||||||||||||
Employees and officer [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Number of granted non - tradable share options | 710,000 | 2,800,140 | ||||||||||||||||||
Share options exercisable into ordinary shares | 710,000 | 2,800,140 | ||||||||||||||||||
Number of vested share options, description | For 460,000 options- One third of the share options will vest after one year from commencement of employment, and the remaining will vest in eight equal quarterly batches over a period of two years. For the remaining 250,000 options- the options will vest on a quarterly basis over a period of three years. The share options will be exercisable during the earlier of a period of four years from the vesting date, or 90 days from the end of employment date. | |||||||||||||||||||
Employees and officer [Member] | Tranche one [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Share options exercisable into ordinary shares | 460,000 | |||||||||||||||||||
Exercise price per share | $ 0.98 | |||||||||||||||||||
Employees and officer [Member] | Tranche two [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Share options exercisable into ordinary shares | 250,000 | |||||||||||||||||||
Exercise price per share | $ 1.56 | |||||||||||||||||||
Employees and officer [Member] | Bottom of Range [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Exercise price per share | $ 0.42 | |||||||||||||||||||
Employees and officer [Member] | Top of range [member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Exercise price per share | $ 2.30 | |||||||||||||||||||
Employees [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Number of granted non - tradable share options | 30,000 | 1,107,334 | 463,000 | 976,500 | ||||||||||||||||
Share options exercisable into ordinary shares | 1,107,334 | 976,500 | ||||||||||||||||||
Exercise price per share | $ 0.43 | $ 0.46 | $ 0.43 | |||||||||||||||||
Number of vested share options, description | One third of the share options will vest after one year from commencement of employment, and the remaining will vest in eight equal quarterly batches over a period of two years. The share options will be exercisable during the earlier of a period of four years from the vesting date, or 90 days from the end of employment date. | One third of the share options will vest after one year from commencement of employment, and the remaining will vest in eight equal quarterly batches over a period of two years. The share options will be exercisable during the earlier of a period of four years from the vesting date, or 90 days from the end of employment date | One third of the share options will vest after one year from commencement of employment, and the remaining will vest in eight equal quarterly batches over a period of two years. The share options will be exercisable during the earlier of a period of four years from the vesting date, or 90 days from the end of employment date. 313,000 options include a cashless exercise mechanism. | One third of the share options will vest after one year from commencement of employment, and the remaining will vest in eight equal quarterly batches over a period of two years. | ||||||||||||||||
Description of share options exercisable | The share options will be exercisable during the earlier of a period of four years from the vesting date, or 90 days from the end of employment date. | |||||||||||||||||||
Employees [Member] | Tranche one [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Share options exercisable into ordinary shares | 313,000 | |||||||||||||||||||
Exercise price per share | $ 0.42 | |||||||||||||||||||
Employees [Member] | Tranche two [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Share options exercisable into ordinary shares | 150,000 | |||||||||||||||||||
Exercise price per share | $ 0.41 | |||||||||||||||||||
Four Advisors [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Number of granted non - tradable share options | 200,000 | |||||||||||||||||||
Exercise price per share | $ 1.95 | |||||||||||||||||||
Number of vested share options, description | Options vest quarterly over one year and expire 3 years from the grant date. | |||||||||||||||||||
Service provider [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Number of granted non - tradable share options | 75,000 | |||||||||||||||||||
Share options exercisable into ordinary shares | 25,000 | 25,000 | 75,000 | |||||||||||||||||
Number of vested share options, description | The options are exercisable immediately and will expire 18 months from the grant date. | |||||||||||||||||||
Service provider [Member] | ADSs [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Number of granted non - tradable share options | 15,000 | |||||||||||||||||||
Share options exercisable into ordinary shares | 5,000 | 5,000 | 15,000 | |||||||||||||||||
Exercise price per share | $ 10 | |||||||||||||||||||
Officers [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Number of granted non - tradable share options | 525,000 | 300,000 | ||||||||||||||||||
Exercise price per share | $ 1.59 | $ 1.59 | ||||||||||||||||||
Number of vested share options, description | The share options will vest in 12 equal quarterly batches over a period of three years. The share options will be exercisable during the earlier of a period of four years from the vesting date, or 90 days from the end of employment date. The options include a cashless exercise mechanism. | The share options will vest in 12 equal quarterly batches over a period of three years. The share options will be exercisable during the earlier of a period of four years from the vesting date, or 90 days from the end of employment date. 275,000 of the options include a cashless exercise mechanism. | ||||||||||||||||||
Employees and Consultants [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Number of granted non - tradable share options | 981,500 | 653,000 | ||||||||||||||||||
Number of vested share options, description | One third of the share options will vest after one year from commencement of employment, and the remaining will vest in eight equal quarterly batches over a period of two years. The share options will be exercisable during the earlier of a period of four years from the vesting date, or 90 days from the end of employment date. 837,500 options include a cashless exercise mechanism. | For 603,00 options- One third of the share options will vest after one year from commencement of employment, and the remaining will vest in eight equal quarterly batches over a period of two years. The remaining 50,000 options will vest in four equal quarterly batches over a period of one year. The share options will be exercisable during the earlier of a period of four years from the vesting date, or 90 days from the end of employment date. 298,000 options include a cashless exercise mechanism. | ||||||||||||||||||
Employees and Consultants [Member] | Tranche one [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Share options exercisable into ordinary shares | 897,500 | 305,000 | ||||||||||||||||||
Exercise price per share | $ 0.38 | $ 0.28 | ||||||||||||||||||
Employees and Consultants [Member] | Tranche two [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Share options exercisable into ordinary shares | 84,000 | 348,000 | ||||||||||||||||||
Exercise price per share | $ 0.41 | $ 0.31 | ||||||||||||||||||
Directors and chairman [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Number of granted non - tradable share options | 3,340,878 | |||||||||||||||||||
Share options exercisable into ordinary shares | 3,340,878 | |||||||||||||||||||
Directors and chairman [Member] | Bottom of Range [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Exercise price per share | $ 0.44 | |||||||||||||||||||
Directors and chairman [Member] | Top of range [member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Exercise price per share | $ 2.30 | |||||||||||||||||||
Directors [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Number of granted non - tradable share options | 275,000 | 250,000 | ||||||||||||||||||
Share options exercisable into ordinary shares | 275,000 | 250,000 | ||||||||||||||||||
Exercise price per share | $ 2.33 | |||||||||||||||||||
Number of vested share options, description | The share options will vest in 12 equal quarterly batches over a period of three years. | |||||||||||||||||||
Description of share options exercisable | Starting from April 20, 2017, and be exercisable during a period of five years from the grant date, in consideration for an exercise price of $ 1.77 for each share option. | |||||||||||||||||||
Yissum [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Number of granted non - tradable share options | 559,097 | |||||||||||||||||||
Share options exercisable into ordinary shares | 223,697 | |||||||||||||||||||
Two external directors and independent director [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Number of vested share options, description | The share options will vest in 12 equal quarterly batches over a period of 3 years. | |||||||||||||||||||
Description of share options exercisable | Exercisable during a period of 5 years from the grant date. | |||||||||||||||||||
Fundraising finders [Member] | ||||||||||||||||||||
Share-Based Payments (Textual) | ||||||||||||||||||||
Description of share options exercisable | Period of 24 months |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||||
Cash | [1] | $ 3,753 | $ 6,103 | $ 12,379 |
Restricted deposits | 368 | 453 | ||
Trade receivables | 1,313 | 94 | ||
Other receivables | 215 | 238 | ||
Financial assets | 5,649 | 6,888 | ||
Financial liabilities at amortized cost | 4,731 | 3,330 | ||
Total net financial assets (liabilities) | 918 | 3,558 | ||
NIS [Member]] | ||||
Statement Line Items [Line Items] | ||||
Cash | 583 | 237 | ||
Restricted deposits | 347 | 433 | ||
Trade receivables | ||||
Other receivables | 10 | 238 | ||
Financial assets | 940 | 908 | ||
Financial liabilities at amortized cost | 2,850 | 2,001 | ||
Total net financial assets (liabilities) | (1,910) | (1,093) | ||
Linked to the US dollar [Member] | ||||
Statement Line Items [Line Items] | ||||
Cash | 3,169 | 5,865 | ||
Restricted deposits | 21 | 20 | ||
Trade receivables | 1,079 | 21 | ||
Other receivables | 205 | |||
Financial assets | 4,474 | 5,906 | ||
Financial liabilities at amortized cost | 1,880 | 1,329 | ||
Total net financial assets (liabilities) | 2,594 | 4,577 | ||
Linked to the EURO and Other [Member] | ||||
Statement Line Items [Line Items] | ||||
Cash | 1 | 1 | ||
Restricted deposits | ||||
Trade receivables | 234 | 73 | ||
Other receivables | ||||
Financial assets | 235 | 74 | ||
Financial liabilities at amortized cost | 1 | |||
Total net financial assets (liabilities) | $ 234 | $ 74 | ||
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. |
Financial Instruments (Details
Financial Instruments (Details 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Increase at a rate of 5% [Member] | |
Statement Line Items [Line Items] | |
Changes in exchange rate | $ (95) |
Increase at a rate of 10% [Member] | |
Statement Line Items [Line Items] | |
Changes in exchange rate | (191) |
Decrease at a rate of 5% [Member] | |
Statement Line Items [Line Items] | |
Changes in exchange rate | 95 |
Decrease at a rate of 10% [Member] | |
Statement Line Items [Line Items] | |
Changes in exchange rate | $ 191 |
Financial Instruments (Detail_2
Financial Instruments (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||||
Trade payables | $ 1,414 | $ 512 | ||
Other payables | 2,178 | 1,683 | ||
Other long-term liabilities | [1] | 244 | 302 | $ 326 |
Liability in respect of government grants | [1] | 895 | 833 | $ 629 |
Financial liabilities | 4,731 | 3,330 | ||
First year [Member] | ||||
Statement Line Items [Line Items] | ||||
Trade payables | 1,414 | 512 | ||
Other payables | 2,150 | 1,655 | ||
Other long-term liabilities | ||||
Liability in respect of government grants | ||||
Financial liabilities | 3,564 | 2,167 | ||
More than a year or undetermined [Member] | ||||
Statement Line Items [Line Items] | ||||
Trade payables | ||||
Other payables | 28 | |||
Other long-term liabilities | 244 | 302 | ||
Liability in respect of government grants | 895 | 833 | ||
Financial liabilities | $ 1,167 | $ 1,163 | ||
[1] | Presented according to the change in the Company's functional and presentation currency from NIS to U.S. dollars, effective January 1, 2018. See note 1.E. |
Transactions and Balances wit_3
Transactions and Balances with Related Parties (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | ||
Other payables | $ 2,178 | $ 1,683 |
Related parties [member] | ||
Statement Line Items [Line Items] | ||
Other payables | $ 74 | $ 115 |
Transactions and Balances wit_4
Transactions and Balances with Related Parties (Details 1) $ in Thousands | Dec. 31, 2018USD ($)RelatedPartiesDirectors | Dec. 31, 2017USD ($)RelatedPartiesDirectors | Dec. 31, 2016USD ($)RelatedPartiesDirectors |
Transactions And Balances With Related Parties | |||
Salaries and related expenses- related parties employed by the Group | $ 829 | $ 1,138 | $ 1,501 |
Number of related parties | RelatedParties | 4 | 5 | 5 |
Compensation for directors not employed by the Group | $ 311 | $ 494 | $ 739 |
Number of directors | Directors | 7 | 9 | 8 |
Transactions and Balances wit_5
Transactions and Balances with Related Parties (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2018 | Nov. 20, 2017 | May 24, 2017 | Apr. 19, 2017 | Apr. 02, 2015 | Aug. 31, 2018 | Jan. 02, 2018 | Apr. 19, 2017 | Nov. 16, 2016 | Jan. 27, 2016 | Dec. 31, 2015 |
Private placement [Member] | |||||||||||
Transactions and Balances with Related Parties (Textual) | |||||||||||
Ordinary shares issued | 285,715 | ||||||||||
Yissum [Member] | |||||||||||
Transactions and Balances with Related Parties (Textual) | |||||||||||
Grant of stock options | 559,097 | ||||||||||
Share options exercisable into ordinary shares | 223,697 | ||||||||||
Employees [Member] | |||||||||||
Transactions and Balances with Related Parties (Textual) | |||||||||||
Grant of stock options | 30,000 | 1,107,334 | 463,000 | 976,500 | |||||||
Share options exercisable into ordinary shares | 1,107,334 | 976,500 | |||||||||
Employees and officer [Member] | |||||||||||
Transactions and Balances with Related Parties (Textual) | |||||||||||
Grant of stock options | 710,000 | 2,800,140 | |||||||||
Share options exercisable into ordinary shares | 710,000 | 2,800,140 | |||||||||
Four founders and Chairman [Member] | |||||||||||
Transactions and Balances with Related Parties (Textual) | |||||||||||
Grant of stock options | 2,360,000 | ||||||||||
Share options exercisable into ordinary shares | 2,360,000 | ||||||||||
Directors [Member] | |||||||||||
Transactions and Balances with Related Parties (Textual) | |||||||||||
Ordinary shares issued | 3,746,161 | ||||||||||
Grant of stock options | 275,000 | 250,000 | |||||||||
Exercise of warrants | 3,746,161 | ||||||||||
Consideration amount | $ 816 | ||||||||||
Share options exercisable into ordinary shares | 275,000 | 250,000 | |||||||||
Reduction of exercise price | $ 1.84 | ||||||||||
Avi Reichental [Member] | |||||||||||
Transactions and Balances with Related Parties (Textual) | |||||||||||
Grant of stock options | 25,000 | 275,000 | |||||||||
Share options exercisable into ordinary shares | 25,000 | 275,000 | |||||||||
Weighted average exercise price of share options exercisable | $ 1.77 | ||||||||||
Itzhak Shrem [Member] | |||||||||||
Transactions and Balances with Related Parties (Textual) | |||||||||||
Grant of stock options | 275,000 | ||||||||||
Share options exercisable into ordinary shares | 275,000 | ||||||||||
Weighted average exercise price of share options exercisable | $ 1.59 |
Events After the Reporting Da_2
Events After the Reporting Date (Details) - Non-adjusting events after reporting period [member] $ in Thousands | 1 Months Ended |
Feb. 28, 2019USD ($)shares | |
Events After the Reporting Date (Textual) | |
Ordinary shares issued | 80,000,000 |
Options to purchase of ordinary shares | 6,000,000 |
Gross proceeds from the offering | $ | $ 12,000,000 |
Total (net) consideration | $ | $ 10,600,000 |
Warrants [Member] | |
Events After the Reporting Date (Textual) | |
Ordinary shares issued | 80,000,000 |
ADS [Member] | |
Events After the Reporting Date (Textual) | |
Ordinary shares issued | 16,000,000 |
Options to purchase of ordinary shares | 6,000,000 |
ADS [Member] | Warrants [Member] | |
Events After the Reporting Date (Textual) | |
Ordinary shares issued | 80,000,000 |