Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information Line Items | |
Entity Registrant Name | Foresight Autonomous Holdings Ltd. |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 312,760,305 |
Amendment Flag | false |
Entity Central Index Key | 0001691221 |
Entity Current Reporting Status | No |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
Entity Ex Transition Period | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38094 |
Entity Incorporation, State or Country Code | L3 |
Entity Interactive Data Current | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 38,772 | $ 4,827 |
Short term deposits | 5,166 | 5,233 |
Marketable equity securities | 42 | 23 |
Other current receivables | 401 | 613 |
Total current assets | 44,381 | 10,696 |
Non-current assets | ||
Operating lease right-of-use asset | 1,104 | 1,278 |
Investment in equity securities | 4,011 | |
Investment in affiliated company | 6,729 | |
Fixed assets, net | 427 | 631 |
Total non-current assets | 5,542 | 8,638 |
TOTAL ASSETS | 49,923 | 19,334 |
Current liabilities | ||
Trade payables | 391 | 498 |
Operating lease liability | 427 | 411 |
Other current payables | 1,207 | 1,130 |
Total current liabilities | 2,025 | 2,039 |
Operating lease liability non-current | 853 | 1,007 |
TOTAL LIABILITIES | 2,878 | 3,046 |
Shareholders’ equity | ||
Ordinary shares, no par value; Authorized 1,000,000,000 shares; Issued and outstanding: 312,760,305 and 154,649,602 shares as of December 31, 2020 and December 31, 2019, respectively | ||
Additional paid in capital | 111,739 | 65,681 |
Accumulated deficit | (64,768) | (49,393) |
Total Foresight Autonomous Holdings Ltd. shareholders’ equity | 46,971 | 16,288 |
Non-controlling interest | 74 | |
Total equity | 47,045 | 16,288 |
TOTAL LIABILITIES AND EQUITY | $ 49,923 | $ 19,334 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in Dollars per share) | ||
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 312,760,305 | 154,649,602 |
Common stock, shares outstanding | 312,760,305 | 154,649,602 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Research and development expenses, net | $ 8,563 | $ 10,210 | $ 8,638 |
Marketing and sales expenses | 1,268 | 1,350 | 987 |
General and administrative expenses | 3,005 | 3,469 | 3,696 |
Operating loss | 12,836 | 15,029 | 13,321 |
Equity in net loss of an affiliated company | 2,718 | 839 | 2,905 |
Financial income, net | (179) | (429) | (1,569) |
Net Loss | $ 15,375 | $ 15,439 | $ 14,657 |
Basic and diluted loss per share (in USD) (in Dollars per share) | $ (0.07) | $ (0.10) | $ (0.12) |
Weighted average number of shares outstanding used in computing basic and diluted loss per share - in thousands (in Shares) | 219,913 | 149,534 | 120,612 |
Statements of Changes in Shareh
Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Share Capital | Additional paid in capital | Accumulated deficit | Total Foresight Autonomous Holdings Ltd. Shareholders' equity | Non- controlling interest | Total |
Balance at Dec. 31, 2017 | $ 44,114 | $ (19,297) | $ 24,817 | $ 24,817 | ||
Balance (in Shares) at Dec. 31, 2017 | 109,502,289 | |||||
Issuance of ordinary shares and warrants | 11,208 | 11,208 | 11,208 | |||
Issuance of ordinary shares and warrants (in Shares) | 21,963,411 | |||||
Exercise of warrants | 125 | 125 | 125 | |||
Exercise of warrants (in Shares) | 156,500 | |||||
Exercise of options | 34 | 34 | 34 | |||
Exercise of options (in Shares) | 288,204 | |||||
Share-based payment | 2,040 | 2,040 | 2,040 | |||
Share-based payment (in Shares) | 25,000 | |||||
Loss for the year | (14,657) | (14,657) | (14,657) | |||
Balance at Dec. 31, 2018 | 57,521 | (33,954) | 23,567 | 23,567 | ||
Balance (in Shares) at Dec. 31, 2018 | 131,935,404 | |||||
Issuance of ordinary shares and warrants | 6,521 | 6,521 | 6,521 | |||
Issuance of ordinary shares and warrants (in Shares) | 21,733,333 | |||||
Derivative warrant liabilities classified in equity | 1 | 1 | 1 | |||
Exercise of options (in Shares) | 850,523 | |||||
Share-based payment | 1,638 | 1,638 | 1,638 | |||
Share-based payment (in Shares) | 130,342 | |||||
Loss for the year | (15,439) | (15,439) | (15,439) | |||
Balance at Dec. 31, 2019 | 65,681 | (49,393) | 16,288 | 16,288 | ||
Balance (in Shares) at Dec. 31, 2019 | 154,649,602 | |||||
Issuance of ordinary shares | 44,707 | 44,707 | 44,707 | |||
Issuance of ordinary shares (in Shares) | 156,847,640 | |||||
Exercise of options | 263 | 263 | 263 | |||
Exercise of options (in Shares) | 688,063 | |||||
Share-based payment | 1,088 | 1,088 | 74 | 1,162 | ||
Share-based payment (in Shares) | 575,000 | |||||
Loss for the year | (15,375) | (15,375) | (15,375) | |||
Balance at Dec. 31, 2020 | $ 111,739 | $ (64,768) | $ 46,971 | $ 74 | $ 47,045 | |
Balance (in Shares) at Dec. 31, 2020 | 312,760,305 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from Operating Activities | |||
Loss for the year | $ (15,375) | $ (15,439) | $ (14,657) |
Adjustments to reconcile loss to net cash used in operating activities: | 3,880 | 3,578 | 3,184 |
Net cash used in operating activities | (11,495) | (11,861) | (11,473) |
Cash Flows from Investing Activities | |||
Changes in short term deposits | 67 | 7,273 | (337) |
Investment in affiliated company | (5,065) | ||
Proceeds from sales of other investments | 21 | ||
Proceeds from sales of marketable securities | 68 | ||
Purchase of fixed assets | (50) | (103) | (733) |
Net cash provided by (used in) investing activities | 85 | 7,191 | (6,135) |
Cash flows from Financing Activities | |||
Issuance of ordinary shares and warrants, net of issuance expenses | 45,017 | 6,521 | 11,208 |
Proceeds from exercise of warrants | 125 | ||
Proceeds from exercise of options | 263 | 34 | |
Net cash provided by financing activities | 45,280 | 6,521 | 11,367 |
Effect of exchange rate changes on cash and cash equivalents | 75 | (182) | (237) |
Increase (decrease) in cash and cash equivalents | 33,945 | 1,669 | (6,478) |
Cash and cash equivalents at the beginning of the period | 4,827 | 3,158 | 9,636 |
Cash and cash equivalents at the end of the period | 38,772 | 4,827 | 3,158 |
Share-based payment | 1,162 | 1,638 | 2,040 |
Depreciation | 254 | 259 | 235 |
Revaluation of derivative warrant liabilities | 1 | (2,071) | |
Equity in net loss of an affiliated company | 2,718 | 839 | 2,905 |
Revaluation of other investments | 324 | (316) | |
Revaluation of marketable securities | (87) | (1) | |
Exchange rate changes on cash and cash equivalents | (75) | 182 | 237 |
Decrease (Increase) in other current assets | 212 | (142) | 11 |
Increase (decrease) in trade payables | (296) | 154 | 14 |
Change in operating lease liability | 60 | 110 | |
Increase (decrease) in other payables | (68) | 213 | 130 |
Adjustments to reconcile loss to net cash used in operating activities | 3,880 | 3,578 | 3,184 |
Accrued issuance expenses recorded in shareholders’ equity | 310 | ||
Exercise of warrant of investment in affiliated company | $ 4,004 |
General
General | 12 Months Ended |
Dec. 31, 2020 | |
General [Abstract] | |
GENERAL | NOTE 1 - GENERAL A. Foresight Autonomous Holdings Ltd. (the “Company”) was originally incorporated in Israel in September 1977 under the name “Golan Malechet Macshevet Ltd.” as a private company, and in April 1987 became a public company. In 2010, the Company changed its name to “Asia Development (A.D.B.M.) Ltd.” The Company’s ordinary shares (the “Ordinary Shares”) are traded on the Tel Aviv Stock Exchange (“TASE”). In addition, since June 15, 2017 the Company has American Depository Shares (the “ADSs”) registered with the U.S. Securities and Exchange Commission. The ADSs are listed on The Nasdaq Capital Market, and the ratio of the Company’s Ordinary Shares to ADSs is 5:1. on January 5, 2016, the Company acquired (the “Acquisition Transaction”) 100% of the outstanding shares of Foresight Automotive Ltd. (“Foresight Ltd.”), a company incorporated in Israel, pursuant to a capital stock exchange agreement dated as of October 11, 2015, among the Company, Magna B.S.P. Ltd. (“Magna”), and Foresight Ltd. In exchange for the outstanding shares of Foresight Ltd., the Company issued to Magna a total of 35,884,116 of the Company’s Ordinary Shares representing approximately 64.50% of the Ordinary Shares then issued and outstanding after giving effect to the Acquisition Transaction. As a result of the Acquisition Transaction, Foresight Ltd. became a wholly owned subsidiary of the Company as of January 5, 2016 and, subsequent to the Acquisition Transaction, the Company changed its name to “Foresight Autonomous Holdings Ltd.” The Company and its subsidiaries Foresight Ltd. and Eye-Net Mobile Ltd (“Eye-Net”) are collectively referred to as the “Company” or the “Group”. Foresight Ltd. was established in July 2015 by Magna in order to transfer all of Magna’s three-dimensional (3D) computer vision research and development technology and business in the area of Advanced Driver Assistance Systems (“ADAS”) to a separate entity. As part of the reorganization, Magna transferred to Foresight Ltd. all of the intellectual assets comprised mostly of know-how, software and algorithms developed by Magna. The Company is a technology company developing smart multi-spectral vision software solutions and cellular-based applications. Through its wholly owned subsidiaries, Foresight Ltd. and Eye-Net, the Company develops both “in-line-of-sight” vision systems and “beyond-line-of-sight” accident-prevention solutions. The Company’s vision solutions include modules of automatic calibration, sensor fusion and dense 3D point cloud that can be applied to different markets such as automotive, defense, autonomous vehicles and heavy industrial equipment. Eye-Net’s cellular-based solution suite provides real-time pre-collision alerts to enhance road safety and situational awareness for all road users in the urban mobility environment by incorporating cutting-edge artificial intelligence (“AI”) technology. The Group activities are subject to significant risks and uncertainties, including failing to secure additional funding to operationalize its technology before competitors develop similar technology. In addition, the Group is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements and limited operating history. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES A. Basis of Presentation: The financial statements have been prepared in conformity with accounting principles generally accepted in United Sates of America (“US GAAP”). B. Use of estimates in the preparation of financial statements: The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company’s management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect reported amounts and disclosures made. Actual results could differ from those estimates. C. Financial statement in U.S. dollars: The functional currency of the Company is the U.S. dollar (“dollar” or “USD”) since the dollar is the currency of the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future. Transactions and balances denominated in dollars are presented at their original amounts. Transactions and balances denominated in foreign currencies have been re-measured to dollars in accordance with the provisions of Accounting Standards Codification (“ASC”) 830-10, “Foreign Currency Translation.” All transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statement of comprehensive loss as financial income or expenses, as appropriate. D. Cash and cash equivalents: Cash equivalents are short-term highly liquid investments that are readily convertible to cash with maturities of three months or less as of the date acquired. E. Property and equipment: Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, at the following annual rates: % Computers and software 15-33 Office furniture and equipment 7 Leasehold improvements Over the shorter of the related lease period or the life of the asset F. Fair value of financial instruments: The carrying values of cash and cash equivalents, short term deposits, other current receivables, marketable equity securities, trade payables and other accounts payable approximate their fair value due to the short-term maturity of these instruments. G. Marketable equity securities: Marketable equity securities classified as trading are recorded at fair value. The fair value is based on the current market value. Unrealized gains and losses before the securities are sold are reported in the statement of comprehensive loss. H. Non-Marketable equity securities: Equity investments without readily determinable fair value are carried at cost minus impairment, if any. When an observable price change in orderly transactions for the identical or a similar investment of the same issuer has occurred, the Company elects to carry those equity investments at fair value as of the date that the observable transaction occurred. I. Investment in Affiliate Company: Investment in ordinary shares of an entity in which the Company can exercise significant influence but does not own a majority equity interest or otherwise control is accounted for using the equity method and is included as an investment in an affiliate company in the consolidated balance sheet. The Company records its share in undistributed earnings and losses since acquisition in the consolidated statements of operations. The Company reviews its investment for other-than-temporary impairment whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. J. Leases: Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the Company’s consolidated balance sheet. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities were recognized based on the present value of the remaining lease payments over the lease term. When the Company’s lease did not provide an implicit rate, the Company used its incremental borrowing rate in determining the present value of lease payments. The Company used the implicit rate when readily determinable. The operating lease ROU asset excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments are recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For certain equipment leases, such as cars, the Company accounts for the lease and non-lease components as a single lease component. Additionally, for certain equipment leases, the Company applies a portfolio approach to effectively account for the operating lease ROU assets and liabilities. The Company has made an accounting policy election not to recognize ROU assets and lease liabilities that arise from short-term leases for facilities and equipment. Instead, the Company recognizes the lease payments in the consolidated statement of operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. K. Share-based compensation: The Company accounts for stock-based compensation expense based on estimated grant date fair value, using the Black-Scholes option-pricing model. The fair value is recognized as an expense in the consolidated financial statements over the requisite service periods. The determination of fair value and the timing of expense using option pricing models such as the Black-Scholes model require the input of subjective assumptions, including the expected term and the expected price volatility of the underlying stock. The Company estimates the expected term assumption using the “simplified” method. In determining the Company’s expected stock price volatility assumption, the Company reviews the historical and implied volatility of the Company’s Ordinary Shares. The Company has historically not paid dividends and has no foreseeable plans to issue dividends. The risk-free interest rate is based on the yield from governmental zero-coupon bonds with an equivalent term. L. Basic and diluted net loss per share: Basic loss per share is calculated by dividing the net loss by the weighted average number of Ordinary Shares outstanding during the year. Diluted loss per share is calculated by dividing the net loss by the weighted average number of Ordinary Shares outstanding plus the number of additional Ordinary Shares that would have been outstanding if all potentially dilutive Ordinary Shares had been issued, using the treasury stock method, in accordance with ASC 260-10, “Earnings per Share.” Potentially dilutive Ordinary Shares were excluded from the diluted loss per share calculation because they were anti-dilutive. The weighted average number of Ordinary Shares outstanding has been retroactively restated for the equivalent number of shares received by the accounting acquirer as a result of the reverse recapitalization as if these shares had been outstanding as of the beginning of the earliest period presented. The following table present summarized basic and diluted per Ordinary Share and per ADS: Year ended December 31 2020 2019 2018 Net loss 15,375 15,439 14,657 Basic and diluted loss per Ordinary Share (in USD) (0.07 ) (0.10 ) (0.12 ) Basic and diluted loss per ADS (in USD) (0.35 ) (0.52 ) (0.61 ) Weighted average number of Ordinary Shares outstanding used in computing basic and diluted loss per share - in thousands 219,913 149,534 120,612 Weighted average number of ADSs outstanding used in computing basic and diluted loss per ADS - in thousands 43,983 29,907 24,122 M. Research and development expenses, net: Research and development expenses are charged to the statement of comprehensive loss as incurred. N Reclassification: Certain amounts in prior years consolidated financial statements have been reclassified to conform to the current year’s presentation. O. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the “FASB”) issued a new standard, Accounting Standards Update (“ASU”) 2016 -13, “Financial Instruments—Credit Losses,” requiring measurement and recognition of expected credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The Company adopted this ASU, effective January 1, 2020, using the modified retrospective approach, and the effect on the Company’s consolidated condensed financial statements and related disclosures was not material. P. Recent Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The adoption of this ASU did not have a significant impact on its financial position or results of operations. In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The ASU is based on a consensus of the Emerging Issues Task Force and is expected to increase comparability in accounting for these transactions. ASU 2016-01 made targeted improvements to accounting for financial instruments, including providing an entity the ability to measure certain equity securities without a readily determinable fair value at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Among other topics, the amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting. The ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The adoption of this ASU did not have a material impact on our consolidated financial position, results of operations, cash flows, or presentation thereof. |
Other Current Receivables
Other Current Receivables | 12 Months Ended |
Dec. 31, 2020 | |
Other Current Receivables [Abstract] | |
OTHER CURRENT RECEIVABLES | NOTE 3 - OTHER CURRENT RECEIVABLES December 31, 2020 2019 USD in thousands Governmental institutes 150 211 Prepaid expenses 197 339 Other receivables 54 63 401 613 |
Equity Investment
Equity Investment | 12 Months Ended |
Dec. 31, 2020 | |
Equity Investment [Abstract] | |
EQUITY INVESTMENT | NOTE 4 - EQUITY INVESTMENT Rail Vision Ltd. (“Rail Vision”) was incorporated in Israel on April 18, 2016 and is a development stage company that is focused on train safety, accident prevention and enhanced efficiency in the rail industry. During 2016, the Company entered into a share purchase agreement to acquire 32% of the share capital of Rail Vision at an average price per share of $60 and three types of warrants to purchase ordinary shares of Rail Vision: Warrant 1, Warrant 2 and Warrant 3 exercisable within 18 months, 30 months and 24 months following their issuance, at an exercise price of $189, $270 and $216, respectively. On November 7, 2016, the Company and other investors completed the investment in Rail Vision. As a result, the Company purchased a total of 23,692 ordinary shares of Rail Vision at an average price per share equal to $60 and 23,692 of Warrants 1, 23,692 of Warrants 2 and 2,704 of Warrants 3. The Company’s total investment in Rail Vision amounted to $1,422 and was allocated to warrants investment and investment in the ordinary shares based on the relative fair value, as of the date of investment completion. Since the Company had a significant influence in Rail Vision but did not own a majority equity interest or otherwise a control in it, the Company accounted the investment in Rail Vision using the equity method, and included as an investment in an affiliate company in the consolidated balance sheet. From 2017 through 2018 the Company exercised 26,396 Warrants 1 and 2,704 Warrants 3, following those exercises along with other capital raises in Rail Vision, as of December 31, 2018 the Company increased its holdings in Rail Vision to 35.91% (and 33.81% on a fully diluted basis). A. Activity in investment in the affiliated company is as follows: Investment in affiliated company % Equity Interests As of January 1, 2019 7,568 35.91 % Gain from issuance of shares to third parties (see note 4A1) 1,941 Equity in net loss of affiliated company (2,780 ) As of December 31, 2019 6,729 24.12 % Equity in net loss of affiliated company (2,718 ) As of December 30, 2020 4,011 19.34 % 1. In 2019, Knorr-Bremse Systeme für Schienenfahrzeuge GmbH (“KB”), an affiliate of Knorr-Bremse AG (Frankfurt: KBX), a global market leader for braking systems and a leading supplier of other rail and commercial vehicle subsystems, invested $10,000 in Rail Vision, in consideration of an issuance of an aggregate of 40,984 ordinary shares of Rail Vision, at a price per share equal to $244 (the “PPS”) representing a post investment valuation of approximately $47,000, reflecting 21.34% of Rail Vision’s issued and outstanding capital. KB has also been issued an aggregate of 14,903 warrants to purchase up to 14,903 of Rail Vision’s ordinary shares at an exercise price per share equal to the PPS. During 2019, a total of 3,007 warrants were exercised by KB and the remaining warrants expired. As of December 31, 2019, KB held 21.19% of Rail Vision’s issued and outstanding ordinary shares. Following KB’s investment in Rail Vision, and exercise of warrants by KB and third parties during the year ended December 31, 2019, the Company’s holdings in Rail Vision, as of December 31, 2019, decreased from 35.91% as of December 31, 2018, to 24.12%. As a result, during 2019 the Company recorded a gain of $1,941 from issuance to third parties in “Equity in net loss (gain) of affiliated company.” 2. In October 2020, KB invested additional $10,000 in Rail Vision, in consideration of an issuance of an aggregate of 51,282 preferred A shares of Rail Vision, at a price per share equal to $195 representing a post investment valuation of approximately $50,000, reflecting 19.81% of Rail Vision’s issued and outstanding capital. As of December 31, 2020, KB held 36.79% of Rail Vision’s issued and outstanding share capital (ordinary shares and preferred A shares). As of December 30, 2020, following an agreement with other investors in Rail Vision, which reduced the Company’s right to nominate only one director (instead of two directors) out of eight directors on Rail Vision Board of Directors. Consequently, the Company has lost its significate influence over Rail Vision as of this date. The loss of significate influence over Rail Vision does not have a material impact on the Company’s consolidated statements of comprehensive loss. The Company presented the remaining equity interest in Rail Vision as an investment in equity securities without readily determined fair value since that date. As of December 31, 2020, the Company held 19.34% of the issued and outstanding capital (and 15.83% on a fully diluted basis) of Rail Vision. B. The following tables present summarized financial information derived from Rail Vision’s consolidated financial statements, which are prepared on the basis of US GAAP: Balance sheet data: As of December 31, 2019 USD in thousands Current assets 9,820 Long-term assets 2,228 Current liabilities (1,113 ) Long-term liabilities (1,270 ) Equity (9,665 ) Operating data: Year ended December 31, 2020 2019 USD in thousands Revenue -- -- Operating loss (10,271 ) (10,046 ) Net loss (10,273 ) (10,032 ) |
Fixed Assets, Net
Fixed Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
FIXED ASSETS, NET | NOTE 5 - FIXED ASSETS, NET December 31, 2020 2019 USD in thousands Cost: Computers and software 595 597 Office furniture and equipment 216 173 Leasehold improvements 349 346 1,160 1,116 Less – accumulated depreciation 733 485 Fixed assets, net 427 631 Depreciation expenses for the years ended December 31, 2020 and December 31, 2019 were $254 and $259, respectively. |
Employee Rights Upon Retirement
Employee Rights Upon Retirement | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
EMPLOYEE RIGHTS UPON RETIREMENT | NOTE 6 - EMPLOYEE RIGHTS UPON RETIREMENT Israeli labor law generally requires payment of severance pay upon dismissal of an employee or upon termination of employment in certain other circumstances. Pursuant to section 14 of the Israeli Severance Pay Law, 5723-1963, the Company’s employees covered under this section are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, made in their name with pension companies. Payments in accordance with section 14 relieve the Company from any future severance payments in respect of those employees. |
Other Current Payables
Other Current Payables | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
OTHER CURRENT PAYABLES | NOTE 7 - OTHER CURRENT PAYABLES December 31, 2020 2019 USD in thousands Employees and related expenses 719 882 Accrued expenses 428 208 Other payables 60 40 1,207 1,130 |
Commitments and Contingencies L
Commitments and Contingencies Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES LIABILITIES | NOTE 8 - COMMITMENTS AND CONTINGENCIES LIABILITIES A. Agreement with Magna On January 28, 2019, the Company’s shareholders approved the extension of the research and development services agreement with Magna for software development in the area of ADAS. Subject to the conditions prescribed in the agreement, Magna will provide Foresight Ltd. with research and development services for a 12-month period with an option to extend the agreement for two additional periods. According to the agreement, the monthly payment to Magna for the research and development services will not exceed NIS 235 (approximately $73). The Company has decided to extend the two additional periods. B. Israel Innovation Authority Magna obtained grants from the Israel Innovation Authority (the “IIA”) for participation in research and development programs for the years 2011 through 2013, and, in return, further to the acquisition transaction, the Company is obligated to pay royalties amounting to 3% to 5% of its future sales up to the amount of the grant. The grant is linked to the exchange rate of the dollar and bears interest of LIBOR per annum. Through the years ended December 31, 2020, 2019 and 2018 total grants obtained amounted to $661, $615 and $567, respectively. The refund of the grants is contingent upon the successful outcome of the Company’s research and development programs and the attainment of sales. The Company has no obligation to refund these grants if sales are not generated. The financial risk is assumed completely by the Government of Israel. The grants are received from the government on a project-by-project basis. If the project fails, the Company has no obligation to repay any grant received for the specific unsuccessful or aborted project. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Text Block [Abstract] | |
LEASES | NOTE 9 - LEASES The Company leases certain property and equipment under operating and finance leases. The Company’s leases have remaining lease terms ranging from less than 1 year to 30 years, some of which include options to extend the lease for up to 5 years, and some of which include options to terminate the lease within 1 year. The Company has no finance leases. Supplemental cash flow information related to operating leases was as follows: Year Ended December 31, 2020 Cash payments for operating leases $ 471 New operating lease assets obtained in exchange for operating lease liabilities $ 171 As of December 31, 2020, the Company’s operating leases had a weighted average remaining lease term of 3.2 years and a weighted average discount rate of 5%. Future lease payments under operating leases as of December 31, 2020 were as follows: Operating 2021 $ 432 2022 423 2023 396 2024 93 Total future lease payments 1,344 Less imputed interest (64 ) Total lease liability balance $ 1,280 |
Shareholders_ Equity
Shareholders’ Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 10 - SHAREHOLDERS’ EQUITY A. The rights of Ordinary Shares are as follows: The Ordinary Shares confer upon the holders the right to receive notice to participate and vote in general meetings of shareholders of the Company, the right to receive dividends, if declared, and the right to participate in a distribution of the surplus of assets upon liquidation of the Company. B. Issuance of shares, warrants and options 1. Private placements (a) During 2016, the Company raised $6,835 (gross) through private placements of its Ordinary Shares. The Company issued a total of 15,050,032 Ordinary Shares (NIS 1.75 per share, approximately $0.45 per share), and a total of 12,022,835 Series A warrants, 13,565,691 Series B warrants and 3,178,557 Series E warrants at an exercise price of NIS 3 per share (approximately $0.93 per share), NIS 4 (approximately $1.24 per share), NIS 3 (approximately $0.93 per share), respectively, to purchase 1 Ordinary Share, respectively. After deducting closing costs and fees, the Company received net proceeds of approximately $6,245. During 2019, the Series A warrants were exercised in full. On June 30, 2020, the outstanding balance of Series B warrants and Series E warrants, consisting of an aggregate of 11,781,552 and 2,687,197, respectively, fully expired. (b) During 2017, the Company raised $11,645 (gross) through private placements of its Ordinary Shares. The Company issued a total of 21,027,690 Ordinary Shares (average of NIS 2.01 per share, approximately average of $0.55 per share), and a total of 19,520,514 Series F warrants and 1,051,665 Series G warrants at an exercise price of $0.80 and $0.95, respectively, to purchase 1 Ordinary Share for every share purchased in the private placement agreements. After deducting closing costs and fees, the Company received net proceeds of approximately $10,745. During 2018, the outstanding balance of Series G warrants, consisting of an aggregate of 1,001,665, fully expired. On June 30, 2020, the outstanding balance of Series F warrants, consisting of an aggregate of 18,917,985, fully expired. (c) On June 21, 2018 and June 25, 2018, the Company raised $12,351 in gross proceeds through a private placement of its Ordinary Shares with several leading Israeli institutional investors and several private investors. The Company issued a total of 21,963,411 Ordinary Shares, (NIS 2.05 per share, approximately $0.56 per share). In addition, the Company issued Series F-1 warrants to purchase 22,067,679 Ordinary Shares at an exercise price of $0.80 per share, exercisable until the 24-month anniversary of the date of issuance. After deducting closing costs and fees, the Company received net proceeds of approximately $11,208. 22,067,679 Series F-1 warrants expired on June 30, 2020. (d) On January 27, 2019, the Company entered into a development agreement for manufacturing and engineering consulting services, and an investment agreement with RH Electronics Ltd. (“RH”). Pursuant to the agreement, RH purchased 1,233,333 Ordinary Shares for a total consideration of $1,000 at a price per share of NIS 3 (approximately $1.23 per share). (e) On May 10, 2020, the Company raised $350 (gross) through a private placement of its Ordinary Shares. The Company issued a total of 700,000 ADSs (3,500,000 Ordinary Shares) at $0.50 per ADS. After deducting closing costs and fees, the Company received net proceeds of approximately $321, net of issuance expenses. 2. Public Offering and Registered direct offering On March 19, 2019, the Company raised $6,150 (gross) through a public offering of its ADSs. The Company issued a total of 4,100,000 ADSs (20,500,000 Ordinary Shares) at $1.50 per ADS. After deducting closing costs and fees, the Company received net proceeds of approximately $5,521, net of issuance expenses. On April 30, 2020, the Company raised $2,650 (gross) through a registered direct offering of its ADSs. The Company issued a total of 5,300,000 ADSs (26,500,000 Ordinary Shares) at $0.50 per ADS. After deducting closing costs and fees, the Company received net proceeds of approximately $2,294, net of issuance expenses. On May 19, 2020, the Company raised $5,000 (gross) through a registered direct offering of its ADSs. The Company issued a total of 8,333,334 ADSs (41,666,670 Ordinary Shares) at $0.60 per ADS. After deducting closing costs and fees, the Company received net proceeds of approximately $4,498, net of issuance expenses. On June 9, 2020, the Company raised $6,400 (gross) through a registered direct offering of its ADSs. The Company issued a total of 6,400,000 ADSs (32,000,000 Ordinary Shares) at $1.00 per ADS. After deducting closing costs and fees, the Company received net proceeds of approximately $5,816, net of issuance expenses. On October 2, 2020, the Company entered into a sales agreement pursuant to which the Company raised $8,085 (gross). From October through December 2020, The Company issued a total of 4,371,131 ADSs (21,855,655 Ordinary Shares) at a weighted average price of $1.85 per ADS. After deducting closing costs and fees, the Company received net proceeds of approximately $7,752, net of issuance expenses. On December 30, 2020, the Company raised $26,000 (gross) through a registered direct offering of its ADSs. The Company issued a total of 6,265,063 ADSs (31,325,315 Ordinary Shares) at $4.15 per ADS. After deducting closing costs and fees, the Company received net proceeds of approximately $24,026, net of issuance expenses. 3. Shares and warrants to service providers: (a) Shares granted to service providers: On February 14, 2018, the Company granted 25,000 Ordinary Shares to a service provider. The Company recorded in its 2018 statement of comprehensive loss an expense of $19 in respect of such grant, included in general and administrative expenses. On July 2, 2019, the Company granted 130,342 Ordinary Shares to a service provider. The Company recorded in its 2019 statement of comprehensive loss an expense of $50 in respect of such grant, included in general and administrative expenses. During 2020, the Company granted 575,000 Ordinary Shares to several service providers. The Company recorded in its 2020 statement of comprehensive loss an expense of $124 in respect of such grant included in general and administrative expenses. (b) Warrants and Options granted to service providers: (1) On March 25, 2018, the Company granted options to service provider to purchase a total of 500,000 Ordinary Shares at an exercise price of NIS 3 (approximately $0.86 per share at the grant date). The options vested equally over a period of 4 quarters ending January 1, 2019. The Company recorded in its 2018 statement of comprehensive loss an expense of $78 in respect of such grant, included in general and administrative expenses. (2) On April 23, 2018, the Company granted options to service provider to purchase a total of 100,000 Ordinary Shares at an exercise price of NIS 3.78 (approximately $1.06 per share at the grant date). The options vested as to one third of the options after one year and balance of the remaining options vest equally over eight quarters until fully vested on March 31, 2021. On March 20, 2019, the Company approved a modification of the outstanding options from an exercise price of NIS 3.78 to an exercise price of NIS 1.95 per share (approximately $0.56 per share). (3) On June 21 and June 25, 2018, the Company granted to an intermediator in its private placement 104,268 Series F-1 warrants to purchase 104,268 Ordinary Shares at an exercise price of USD $0.80. These options expire 24 months after their grant date and were fully vested as of their grant date. In respect of the portion of such grant allocated to the instruments issued in the private placement, the related compensation costs were recorded in equity with no impact on the statement of comprehensive loss. On June 30, 2020 the outstanding balance of Series F-1 warrants in a total of 104,268 fully expired (4) On July 17, 2019, the Company granted options to service provider to purchase a total of 25,000 Ordinary Shares at an exercise price of NIS 1.95 per share (approximately $0.56 per share at the grant date). The options vest equally over eight quarters until fully vested on March 31, 2021. (5) On September 23, 2019, the Company approved a modification of the exercise price of options held by Magna’s employees, previously granted on August 27, 2017, from NIS 3.57 per share to an exercise price of NIS 1.95 (approximately $0.56) per share. (6) On July 16, 2020, the Company granted to Magna’s employees additional options to purchase a total of 950,000 Ordinary Shares at an exercise price of NIS 0.787 (approximately $0.23 per share at the grant date) for one third of the options, an exercise price of NIS 1.06 (approximately $0.31 per share at the grant date) for the second third of the options and an exercise price of NIS 1.33 (approximately $0.38 per share at the grant date) for the last third of the options. The options vest over 12 quarters until fully vested on December 31, 2022. The Company recorded in its 2020 statement of comprehensive loss an expense of $51 in respect of such grant, included in research and development expenses. (7) On November 12, 2020, the Company granted options to service provider to purchase a total of 100,000 Ordinary Shares at an exercise price of NIS 1.33 (approximately $0.39 per share at the grant date). The options vest equally over eight quarters until fully vested on October 1, 2022. 4. Shares and options to employees (a) Incentive Plan In November 2015, the Board of Directors of the Company authorized a share option plan (“2016 Equity Incentive Plan”). The 2016 Equity Incentive Plan provides for the grant of share options to service provider, employees and office holders of the Company. Awards may be granted under the 2016 Equity Incentive Plan until November 2025, when the 2016 Equity Incentive Plan expires. According to the 2016 Equity Incentive Plan, the aggregate number of Ordinary Shares that may be granted pursuant to awards will not exceed 15% of the Company’s capital on a fully diluted basis. (b) The fair value of options granted was estimated using the Black-Scholes option pricing model, and based on the following assumptions: As of December 31, 2020 2019 Exercise price $0.31-$0.54 $0.55 Expected volatility 76%-97% 66%-78% Risk-free interest 0.08%-0.31% 0.29%-0.79% Expected life of up to (years) 1.66-4.24 2.25-3.28 The following table summarizes the option activity for the year ended December 31, 2020 for options granted to employees, officers and directors: As of December 31, 2020 2019 Number of options Weighted average exercise price Weighted average remaining contractual term (in years) Number of options Weighted average exercise price Weighted average remaining contractual term (in years) Outstanding at beginning of period (a) 12,848,788 $ 0.63 11,544,622 $ 0.76 Granted (b) 13,578,000 $ 0.32 3,775,000 $ 0.55 Exercised (769,205 ) $ 0.30 (1,200,000 ) $ 0.08 Forfeited (1,580,833 ) $ 1.32 (1,270,834 ) $ 0.78 Outstanding at the end of period 24,076,750 $ 0.47 1.61 12,848,788 $ 0.63 1.16 Exercisable at the end of period 12,642,667 0.87 8,200,872 0.59 As of December 31, 2020, there was $1,723 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Plan. This cost is expected to be recognized over a weighted-average period of 2.21 years. (c) Options Granted during 2018 and 2019 On June 18, 2018, the Company granted options to purchase 100,000 Ordinary Shares to its chairman of the Board of Directors at an exercise price of NIS 3.78 (approximately $1.06 per share at the grant date). One third of the options vested after one year and the balance of the remaining options vest over eight quarters until fully vested on March 31, 2021. During 2018, the Company granted options to purchase 2,640,000 Ordinary Shares to its employees at an average exercise price of NIS 3.78 (approximately $1.06 per share at the grant date). One third of the options vested after one year and the balance of the remaining options vest over eight quarters until fully vested. On March 20, 2019, in accordance with the terms of the Company’s 2016 Equity Incentive Plan, the Company’s Board of Directors approved a modification of outstanding options held by officers and employees that had an exercise price of NIS 3.78 per share (approximately $1.05 per share at the grant date) and reduced the exercise price to NIS 1.95 per share (approximately $0.54 per share at the grant date). This resolution was effective from May 6, 2019, after receiving approval from the Israeli Tax Authorities. The Company calculated the fair value of such options immediately before and after the modification. The Company immediately recognized the additional fair value attributable to vested options, approximately $27, as stock compensation expenses. The additional fair value resulting from the modification, approximately $54, is being expensed over the remaining vesting period of the modified options. During 2019, the Company granted options to purchase 2,575,000 Ordinary Shares to its employees at an exercise price of NIS 1.95 (approximately $0.54 per share at the grant date). One third of the options vest after one year and the balance of the remaining options vest over eight quarters until fully vested. On September 23, 2019, the Company granted to four members of its Board of Directors options to purchase an aggregate of 300,000 Ordinary Shares, each, at an exercise price of NIS 1.95 (approximately $0.56 per share at the grant date). The options vest over 12 quarters until fully vested on July 31, 2022. (d) Options Granted during 2020 On March 12, 2020 and on July 16, 2020, the Company extended the exercise period of 3,194,205 and of 2,150,000 outstanding options granted during 2017 to employees and to the Chief Executive Officer and to the Vice President of Human Resources, respectively, for one additional year. As a result, the Company recorded in its 2020 statement of comprehensive loss a total expense of $33. On June 9, 2020, the Company granted to three of its senior officers options to purchase an aggregate of 3,650,000 Ordinary Shares, at an exercise price of NIS 0.787 (approximately $0.23 per share at the grant date) for one third of the options, an exercise price of NIS 1.06 (approximately $0.31 per share at the grant date) for the second third of the options and an exercise price of NIS 1.33 (approximately $0.38 per share at the grant date) for the last third of the options. The options vest over 12 quarters until fully vested on March 31, 2023. The Company recorded in its 2020 statement of comprehensive loss an expense of $108, in respect of such grant. On July 16, 2020, the Company’s shareholders approved, among others, a grant of options to two members of the Company’s Board of Directors, to the Company’s Chief Executive Officer and to the Vice President of Human Resources to purchase 300,000 each, 4,113,000, and 700,000, respectively, of the Company’s Ordinary Shares at an exercise price of NIS 0.787 (approximately $0.23 per share at the grant date) for one third of the options, an exercise price of NIS 1.06 (approximately $0.31 per share at the grant date) for the second third of the options and an exercise price of NIS 1.33 (approximately $0.38 per share at the grant date) for the last third of the options. The options vest over 12 quarters until fully vested on December 31, 2022. The Company recorded in its 2020 statement of comprehensive loss an expense of $292, in respect of such grants, included in general and administrative expenses. On August 19, 2020, the Company granted to its Vice President of Operations options to purchase an aggregate of 700,000 Ordinary Shares, at an exercise price of NIS 0.986 (approximately $0.29 per share at the grant date) for one third of the options, an exercise price of NIS 1.06 (approximately $0.31 per share at the grant date) for the second third of the options and an exercise price of NIS 1.33 (approximately $0.38 per share at the grant date) for the last third of the options. The options vest over 12 quarters until fully vested on June 30, 2023. The Company recorded in its 2020 statement of comprehensive loss an expense of $11, in respect of such grant, included in research and development expenses. During 2020, the Company granted options to purchase 1,000,000 Ordinary Shares to its employees at an exercise price ranging between NIS 0.787 to NIS 1.95 (an average of approximately $0.46 per share at the grant date). One third of the options vest after one year and the balance of the remaining options vest over eight quarters until fully vested. In addition, the Company granted options to purchase 2,815,000 Ordinary Shares to its employees at an exercise price ranging between NIS 0.787 to NIS 1.95 (an average of approximately $0.36 per share at the grant date). The options vest over 12 quarters until fully vested. (e) Options Granted to Eye-net’s employees On August 19, 2020, the Company’s subsidiary, Eye-net, granted options to purchase 8,700 Ordinary Shares of Eye-net to its employees at an exercise price of $100 per share. The options vest over 12 quarters until fully vested on June 30, 2023. The Company recorded in its 2020 statement of comprehensive loss an expense of $74, in respect of such grant. 5. Share Based Compensation Expense: The total share-based compensation expense, related to Ordinary Shares, options granted to employees, directors and service providers was comprised, at each period, as follows: Year ended December 31, 2020 2019 2018 USD in thousands Research and development 469 568 621 Marketing and sales 62 214 196 General and administrative 631 856 1,223 1,162 1,638 2,040 Less: Share-based compensation expense attributable to non-controlling interests 74 -- -- Share-based compensation expense attributable to Foresight Autonomous Holdings Ltd. 1,088 1,638 2,040 |
Research and Development, Net
Research and Development, Net | 12 Months Ended |
Dec. 31, 2020 | |
Research and Development [Abstract] | |
RESEARCH AND DEVELOMENT, NET | NOTE 11 - RESEARCH AND DEVELOMENT, NET Year ended December 31, 2020 2019 2018 USD in thousands Payroll and related expenses (*) 5,922 5,679 5,793 Subcontracted work and consulting 1,534 3,123 1,744 Share-based payments to service provider 67 37 43 Rent and office maintenance 671 720 629 Travel expenses 54 236 76 Other 415 492 393 Sales of prototypes (100 ) (77 ) (40 ) 8,563 10,210 8,638 (*) Includes share-based payment of $402, $531 and $578 in 2020, 2019 and 2018, respectively. |
Marketing and Sales
Marketing and Sales | 12 Months Ended |
Dec. 31, 2020 | |
Marketing And Sales Disclosure [Abstract] | |
MARKETING AND SALES | NOTE 12 - MARKETING AND SALES Year ended December 31, 2020 2019 2018 USD in thousands Payroll and related expenses (*) 833 870 489 Exhibitions, conventions and travel expenses 175 172 189 Consultants 178 212 249 Other 82 96 60 1,268 1,350 987 (*) Includes share-based payment of $62, $206 and $182 in 2020, 2019 and 2018, respectively. |
General and Administrative
General and Administrative | 12 Months Ended |
Dec. 31, 2020 | |
General And Administrative Disclosure [Abstract] | |
GENERAL AND ADMINISTRATIVE | NOTE 13 - GENERAL AND ADMINISTRATIVE Year ended December 31, 2020 2019 2018 USD in thousands Payroll and related expenses (*) 1,342 1,534 1,776 Share-based payments to service providers 128 75 179 Professional services 926 1,151 1,071 Directors fees and insurance (**) 348 404 361 Travel expenses 14 41 54 Rent and office maintenance 146 195 131 Other 101 69 124 3,005 3,469 3,696 (*) Includes share-based payment of $389, $625, and $893 in 2020, 2019 and 2018, respectively. (**) Includes share-based payment of $113 $156 and $151 in 2020, 2019 and 2018, respectively. |
Financial Expense (Income) Net
Financial Expense (Income) Net | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Financial Expense Income Net [Abstract] | |
FINANCIAL EXPENSE (INCOME) NET | NOTE 14 - FINANCIAL EXPENSE (INCOME) NET Year ended December 31, 2020 2019 2018 USD in thousands Reevaluation of securities, net (85 ) -- (1 ) Reevaluation of other investments -- 324 (316 ) Reevaluation of derivative warrant liabilities -- 1 (2,071 ) Exchange rate differences -- (601 ) 1,000 Other (94 ) (153 ) (181 ) (179 ) (429 ) (1,569 ) |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
TAXES ON INCOME | NOTE 15 - TAXES ON INCOME A. The Company is subject to income taxes under Israeli tax laws: 1. Corporate tax rates in Israel The Israeli corporate tax rate was 23% in 2020, 2019 and 2018. Such tax rate changes had no significant impact on the Company’s financial statements. 2. As of December 31, 2020, the Company generated net operation losses of approximately $37,951, which may be carried forward and offset against taxable income in the future for an indefinite period. 3. The Company is still in its development stage and has not yet generated revenues; therefore, it is more likely than not that sufficient taxable income will not be available for the tax losses to be utilized in the future. Therefore, a valuation allowance was recorded to reduce the deferred tax assets to its recoverable amounts. December 31, 2020 2019 2018 Deferred tax assets: USD in thousands Operating loss carryforward 37,951 25,077 18,711 Deferred taxes due to carryforward losses 8,729 5,768 4,303 Valuation allowance (8,729 ) (5,768 ) (4,303 ) Net deferred tax asset -- -- -- 4. The Company has no uncertain tax positions and foreign sources of income. 5. The Company has final tax assessments until and including 2016. |
Transactions and Balances with
Transactions and Balances with Interested and Related Parties | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
TRANSACTIONS AND BALANCES WITH INTERESTED AND RELATED PARTIES | NOTE 16 - TRANSACTIONS AND BALANCES WITH INTERESTED AND RELATED PARTIES A. Transactions: Year ended December 31, 2020 2019 2018 USD in thousands Subcontracted work and consulting 672 722 660 Share-based payments to service provider 67 37 43 739 759 703 B. Balances: As of 2020 2019 USD in thousands Other accounts payable 70 67 70 67 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 17 - SUBSEQUENT EVENTS 1. On January 18, 2021, the Company’s Board of Directors approved an extension of all the options already granted under the Company’s 2016 Equity Incentive Plan to seven years from the grant date instead of three years from vesting date. 2. On March 8, 2021, the extraordinary shareholders meeting approved a special bonus to the Chief Executive Officer of approximately $100 for the year 2020. 3. On January 22, 2021, the Company entered into an At the Market Sales agreement, or the Sales Agreement, pursuant to which the Company may sell up to $60,000 from time to time. As of March 25, 2021, the Company issued a total of 1,378,344 ADSs (6,891,720 Ordinary Shares) at a weighted average price of $10.137 per ADS. After deducting closing costs and fees, as of March 25, 2021, the Company received net proceeds of approximately $13,500, net of issuance expenses. 4. On February 25, 2021, the Company issued options to purchase 1,105,000 Ordinary Shares to its employees at an exercise price ranging between NIS 1.33 to NIS 5.93 (an average of approximately $1.41 per share at the grant date). |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | A. Basis of Presentation: The financial statements have been prepared in conformity with accounting principles generally accepted in United Sates of America (“US GAAP”). |
Use of estimates in the preparation of financial statements | B. Use of estimates in the preparation of financial statements: The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company’s management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect reported amounts and disclosures made. Actual results could differ from those estimates. |
Financial statement in U.S. dollars | C. Financial statement in U.S. dollars: The functional currency of the Company is the U.S. dollar (“dollar” or “USD”) since the dollar is the currency of the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future. Transactions and balances denominated in dollars are presented at their original amounts. Transactions and balances denominated in foreign currencies have been re-measured to dollars in accordance with the provisions of Accounting Standards Codification (“ASC”) 830-10, “Foreign Currency Translation.” All transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statement of comprehensive loss as financial income or expenses, as appropriate. |
Cash and cash equivalents | D. Cash and cash equivalents: Cash equivalents are short-term highly liquid investments that are readily convertible to cash with maturities of three months or less as of the date acquired. |
Property and equipment | E. Property and equipment: Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, at the following annual rates: % Computers and software 15-33 Office furniture and equipment 7 Leasehold improvements Over the shorter of the related lease period or the life of the asset |
Fair value of financial instruments | F. Fair value of financial instruments: The carrying values of cash and cash equivalents, short term deposits, other current receivables, marketable equity securities, trade payables and other accounts payable approximate their fair value due to the short-term maturity of these instruments. |
Marketable equity securities | G. Marketable equity securities: Marketable equity securities classified as trading are recorded at fair value. The fair value is based on the current market value. Unrealized gains and losses before the securities are sold are reported in the statement of comprehensive loss. |
Non-Marketable equity securities | H. Non-Marketable equity securities: Equity investments without readily determinable fair value are carried at cost minus impairment, if any. When an observable price change in orderly transactions for the identical or a similar investment of the same issuer has occurred, the Company elects to carry those equity investments at fair value as of the date that the observable transaction occurred. |
Investment in Affiliate Company | I. Investment in Affiliate Company: Investment in ordinary shares of an entity in which the Company can exercise significant influence but does not own a majority equity interest or otherwise control is accounted for using the equity method and is included as an investment in an affiliate company in the consolidated balance sheet. The Company records its share in undistributed earnings and losses since acquisition in the consolidated statements of operations. The Company reviews its investment for other-than-temporary impairment whenever events or changes in business circumstances indicate that the carrying value of the investment may not be fully recoverable. |
Leases | J. Leases: Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities in the Company’s consolidated balance sheet. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities were recognized based on the present value of the remaining lease payments over the lease term. When the Company’s lease did not provide an implicit rate, the Company used its incremental borrowing rate in determining the present value of lease payments. The Company used the implicit rate when readily determinable. The operating lease ROU asset excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments are recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. For certain equipment leases, such as cars, the Company accounts for the lease and non-lease components as a single lease component. Additionally, for certain equipment leases, the Company applies a portfolio approach to effectively account for the operating lease ROU assets and liabilities. The Company has made an accounting policy election not to recognize ROU assets and lease liabilities that arise from short-term leases for facilities and equipment. Instead, the Company recognizes the lease payments in the consolidated statement of operations on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. |
Share-based compensation | K. Share-based compensation: The Company accounts for stock-based compensation expense based on estimated grant date fair value, using the Black-Scholes option-pricing model. The fair value is recognized as an expense in the consolidated financial statements over the requisite service periods. The determination of fair value and the timing of expense using option pricing models such as the Black-Scholes model require the input of subjective assumptions, including the expected term and the expected price volatility of the underlying stock. The Company estimates the expected term assumption using the “simplified” method. In determining the Company’s expected stock price volatility assumption, the Company reviews the historical and implied volatility of the Company’s Ordinary Shares. The Company has historically not paid dividends and has no foreseeable plans to issue dividends. The risk-free interest rate is based on the yield from governmental zero-coupon bonds with an equivalent term. |
Basic and diluted net loss per share | L. Basic and diluted net loss per share: Basic loss per share is calculated by dividing the net loss by the weighted average number of Ordinary Shares outstanding during the year. Diluted loss per share is calculated by dividing the net loss by the weighted average number of Ordinary Shares outstanding plus the number of additional Ordinary Shares that would have been outstanding if all potentially dilutive Ordinary Shares had been issued, using the treasury stock method, in accordance with ASC 260-10, “Earnings per Share.” Potentially dilutive Ordinary Shares were excluded from the diluted loss per share calculation because they were anti-dilutive. The weighted average number of Ordinary Shares outstanding has been retroactively restated for the equivalent number of shares received by the accounting acquirer as a result of the reverse recapitalization as if these shares had been outstanding as of the beginning of the earliest period presented. The following table present summarized basic and diluted per Ordinary Share and per ADS: Year ended December 31 2020 2019 2018 Net loss 15,375 15,439 14,657 Basic and diluted loss per Ordinary Share (in USD) (0.07 ) (0.10 ) (0.12 ) Basic and diluted loss per ADS (in USD) (0.35 ) (0.52 ) (0.61 ) Weighted average number of Ordinary Shares outstanding used in computing basic and diluted loss per share - in thousands 219,913 149,534 120,612 Weighted average number of ADSs outstanding used in computing basic and diluted loss per ADS - in thousands 43,983 29,907 24,122 |
Research and development expenses, net | M. Research and development expenses, net: Research and development expenses are charged to the statement of comprehensive loss as incurred. |
Reclassification | Reclassification: Certain amounts in prior years consolidated financial statements have been reclassified to conform to the current year’s presentation. |
Recently Adopted Accounting Pronouncements | O. Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (the “FASB”) issued a new standard, Accounting Standards Update (“ASU”) 2016 -13, “Financial Instruments—Credit Losses,” requiring measurement and recognition of expected credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. The Company adopted this ASU, effective January 1, 2020, using the modified retrospective approach, and the effect on the Company’s consolidated condensed financial statements and related disclosures was not material. |
Recent Accounting Standards | P. Recent Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The adoption of this ASU did not have a significant impact on its financial position or results of operations. In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The ASU is based on a consensus of the Emerging Issues Task Force and is expected to increase comparability in accounting for these transactions. ASU 2016-01 made targeted improvements to accounting for financial instruments, including providing an entity the ability to measure certain equity securities without a readily determinable fair value at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Among other topics, the amendments clarify that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting. The ASU is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The adoption of this ASU did not have a material impact on our consolidated financial position, results of operations, cash flows, or presentation thereof. |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful lives | % Computers and software 15-33 Office furniture and equipment 7 Leasehold improvements Over the shorter of the related lease period or the life of the asset |
Schedule of basic and diluted per Ordinary Share and per ADS | Year ended December 31 2020 2019 2018 Net loss 15,375 15,439 14,657 Basic and diluted loss per Ordinary Share (in USD) (0.07 ) (0.10 ) (0.12 ) Basic and diluted loss per ADS (in USD) (0.35 ) (0.52 ) (0.61 ) Weighted average number of Ordinary Shares outstanding used in computing basic and diluted loss per share - in thousands 219,913 149,534 120,612 Weighted average number of ADSs outstanding used in computing basic and diluted loss per ADS - in thousands 43,983 29,907 24,122 |
Other Current Receivables (Tabl
Other Current Receivables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Current Receivables [Abstract] | |
Schedule of other current receivables | December 31, 2020 2019 USD in thousands Governmental institutes 150 211 Prepaid expenses 197 339 Other receivables 54 63 401 613 |
Equity Investment (Tables)
Equity Investment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Investment [Abstract] | |
Schedule of investment in affiliate of activity | Investment in affiliated company % Equity Interests As of January 1, 2019 7,568 35.91 % Gain from issuance of shares to third parties (see note 4A1) 1,941 Equity in net loss of affiliated company (2,780 ) As of December 31, 2019 6,729 24.12 % Equity in net loss of affiliated company (2,718 ) As of December 30, 2020 4,011 19.34 % |
Schedule of investment in affiliate of balance sheet data | Balance sheet data: As of December 31, 2019 USD in thousands Current assets 9,820 Long-term assets 2,228 Current liabilities (1,113 ) Long-term liabilities (1,270 ) Equity (9,665 ) |
Schedule of investment in affiliate of operating data | Operating data: Year ended December 31, 2020 2019 USD in thousands Revenue -- -- Operating loss (10,271 ) (10,046 ) Net loss (10,273 ) (10,032 ) |
Fixed Assets, Net (Tables)
Fixed Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of fixed assets, net | December 31, 2020 2019 USD in thousands Cost: Computers and software 595 597 Office furniture and equipment 216 173 Leasehold improvements 349 346 1,160 1,116 Less – accumulated depreciation 733 485 Fixed assets, net 427 631 |
Other Current Payables (Tables)
Other Current Payables (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of other current payables | December 31, 2020 2019 USD in thousands Employees and related expenses 719 882 Accrued expenses 428 208 Other payables 60 40 1,207 1,130 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Text Block [Abstract] | |
Schedule of supplemental cash flow information related to operating leases | Year Ended December 31, 2020 Cash payments for operating leases $ 471 New operating lease assets obtained in exchange for operating lease liabilities $ 171 |
Schedule of future lease payments under operating leases | Operating 2021 $ 432 2022 423 2023 396 2024 93 Total future lease payments 1,344 Less imputed interest (64 ) Total lease liability balance $ 1,280 |
Shareholders_ Equity (Tables)
Shareholders’ Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Schedule of fair value of options granted using the Black-Scholes option pricing model | As of December 31, 2020 2019 Exercise price $0.31-$0.54 $0.55 Expected volatility 76%-97% 66%-78% Risk-free interest 0.08%-0.31% 0.29%-0.79% Expected life of up to (years) 1.66-4.24 2.25-3.28 |
Schedule of option activity | As of December 31, 2020 2019 Number of options Weighted average exercise price Weighted average remaining contractual term (in years) Number of options Weighted average exercise price Weighted average remaining contractual term (in years) Outstanding at beginning of period (a) 12,848,788 $ 0.63 11,544,622 $ 0.76 Granted (b) 13,578,000 $ 0.32 3,775,000 $ 0.55 Exercised (769,205 ) $ 0.30 (1,200,000 ) $ 0.08 Forfeited (1,580,833 ) $ 1.32 (1,270,834 ) $ 0.78 Outstanding at the end of period 24,076,750 $ 0.47 1.61 12,848,788 $ 0.63 1.16 Exercisable at the end of period 12,642,667 0.87 8,200,872 0.59 |
Schedule of share-based compensation expense | Year ended December 31, 2020 2019 2018 USD in thousands Research and development 469 568 621 Marketing and sales 62 214 196 General and administrative 631 856 1,223 1,162 1,638 2,040 Less: Share-based compensation expense attributable to non-controlling interests 74 -- -- Share-based compensation expense attributable to Foresight Autonomous Holdings Ltd. 1,088 1,638 2,040 |
Research and Development, Net (
Research and Development, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Research and Development [Abstract] | |
Schedule of research and development, net | Year ended December 31, 2020 2019 2018 USD in thousands Payroll and related expenses (*) 5,922 5,679 5,793 Subcontracted work and consulting 1,534 3,123 1,744 Share-based payments to service provider 67 37 43 Rent and office maintenance 671 720 629 Travel expenses 54 236 76 Other 415 492 393 Sales of prototypes (100 ) (77 ) (40 ) 8,563 10,210 8,638 |
Marketing and Sales (Tables)
Marketing and Sales (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Marketing And Sales Disclosure [Abstract] | |
Schedule of marketing and sales | Year ended December 31, 2020 2019 2018 USD in thousands Payroll and related expenses (*) 833 870 489 Exhibitions, conventions and travel expenses 175 172 189 Consultants 178 212 249 Other 82 96 60 1,268 1,350 987 |
General and Administrative (Tab
General and Administrative (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
General And Administrative Disclosure [Abstract] | |
Schedule of general and administrative | Year ended December 31, 2020 2019 2018 USD in thousands Payroll and related expenses (*) 1,342 1,534 1,776 Share-based payments to service providers 128 75 179 Professional services 926 1,151 1,071 Directors fees and insurance (**) 348 404 361 Travel expenses 14 41 54 Rent and office maintenance 146 195 131 Other 101 69 124 3,005 3,469 3,696 |
Financial Expense (Income) Net
Financial Expense (Income) Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Financial Expense Income Net [Abstract] | |
Schedule of financial expense income net | Year ended December 31, 2020 2019 2018 USD in thousands Reevaluation of securities, net (85 ) -- (1 ) Reevaluation of other investments -- 324 (316 ) Reevaluation of derivative warrant liabilities -- 1 (2,071 ) Exchange rate differences -- (601 ) 1,000 Other (94 ) (153 ) (181 ) (179 ) (429 ) (1,569 ) |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets | December 31, 2020 2019 2018 Deferred tax assets: USD in thousands Operating loss carryforward 37,951 25,077 18,711 Deferred taxes due to carryforward losses 8,729 5,768 4,303 Valuation allowance (8,729 ) (5,768 ) (4,303 ) Net deferred tax asset -- -- -- |
Transactions and Balances wit_2
Transactions and Balances with Interested and Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | Year ended December 31, 2020 2019 2018 USD in thousands Subcontracted work and consulting 672 722 660 Share-based payments to service provider 67 37 43 739 759 703 As of 2020 2019 USD in thousands Other accounts payable 70 67 70 67 |
General (Details)
General (Details) | Jan. 05, 2016shares |
General [Abstract] | |
Acquisition transaction, description | Ordinary Shares to ADSs is 5:1. |
Percentage of acquisition transaction | 100.00% |
Ordinary shares issued (in Shares) | 35,884,116 |
Ordinary shares issued, percentage | 64.50% |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - Schedule of estimated useful lives | 12 Months Ended |
Dec. 31, 2020 | |
Computers and software [Member] | Minimum [Member] | |
Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items] | |
Property and equipment estimated useful lives of assets | 15.00% |
Computers and software [Member] | Maximum [Member] | |
Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items] | |
Property and equipment estimated useful lives of assets | 33.00% |
Office furniture and equipment [Member] | |
Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items] | |
Property and equipment estimated useful lives of assets | 7.00% |
Leasehold improvements [Member] | |
Significant Accounting Policies (Details) - Schedule of estimated useful lives [Line Items] | |
Property and equipment estimated useful lives of assets | Over the shorter of the related lease period or the life of the asset |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of basic and diluted per Ordinary Share and per ADS - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of basic and diluted per Ordinary Share and per ADS [Abstract] | |||
Net loss | $ 15,375 | $ 15,439 | $ 14,657 |
Basic and diluted loss per Ordinary Share (in USD) | $ (0.07) | $ (0.10) | $ (0.12) |
Basic and diluted loss per ADS (in USD) | $ (0.35) | $ (0.52) | $ (0.61) |
Weighted average number of Ordinary Shares outstanding used in computing basic and diluted loss per share - in thousands | 219,913 | 149,534 | 120,612 |
Weighted average number of ADSs outstanding used in computing basic and diluted loss per ADS - in thousands | 43,983 | 29,907 | 24,122 |
Other Current Receivables (Deta
Other Current Receivables (Details) - Schedule of other current receivables - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of other current receivables [Abstract] | ||
Governmental institutes | $ 150 | $ 211 |
Prepaid expenses | 197 | 339 |
Other receivables | 54 | 63 |
Other current receivables | $ 401 | $ 613 |
Equity Investment (Details)
Equity Investment (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 07, 2016 | Oct. 31, 2020 | Apr. 18, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Equity Investment (Details) [Line Items] | ||||||
Description of share purchase agreement | During 2016, the Company entered into a share purchase agreement to acquire 32% of the share capital of Rail Vision at an average price per share of $60 and three types of warrants to purchase ordinary shares of Rail Vision: Warrant 1, Warrant 2 and Warrant 3 exercisable within 18 months, 30 months and 24 months following their issuance, at an exercise price of $189, $270 and $216, respectively. | |||||
Equity method investment, percentage | 19.34% | 24.12% | 35.91% | |||
Investments (in Dollars) | $ 4,011 | |||||
Rail Vision Ltd [Member] | ||||||
Equity Investment (Details) [Line Items] | ||||||
Purchased ordinary shares | 23,692 | |||||
Price per share (in Dollars per share) | $ 60,000 | $ 195,000 | ||||
Investments (in Dollars) | $ 1,422 | |||||
Equity method investment, percentage | 19.81% | 36.79% | 21.34% | 35.91% | ||
Percentage of diluted basis | 15.83% | 33.81% | ||||
Investments (in Dollars) | $ 10,000 | $ 10,000 | ||||
Revaluation of investments (in Dollars) | $ 50,000 | $ 47,000 | ||||
Percentage of issued and outstanding | 19.34% | |||||
Rail Vision Ltd [Member] | Ordinary Shares [Member] | ||||||
Equity Investment (Details) [Line Items] | ||||||
Price per share (in Dollars per share) | $ 244 | |||||
Shares issued | 40,984 | |||||
Knorr-Bremse [Member] | ||||||
Equity Investment (Details) [Line Items] | ||||||
Equity method investment, percentage | 35.91% | 24.12% | ||||
Gain of equity (in Dollars) | $ 1,941 | |||||
Warrants 1 [Member] | Rail Vision Ltd [Member] | ||||||
Equity Investment (Details) [Line Items] | ||||||
Purchased ordinary shares | 23,692 | 26,396 | ||||
Warrants 2 [Member] | Rail Vision Ltd [Member] | ||||||
Equity Investment (Details) [Line Items] | ||||||
Purchased ordinary shares | 23,692 | |||||
Warrants 3 [Member] | Rail Vision Ltd [Member] | ||||||
Equity Investment (Details) [Line Items] | ||||||
Purchased ordinary shares | 2,704 | 2,704 | ||||
Warrant [Member] | Rail Vision Ltd [Member] | ||||||
Equity Investment (Details) [Line Items] | ||||||
Warrants issued | 14,903 | |||||
Warrant [Member] | Knorr-Bremse [Member] | ||||||
Equity Investment (Details) [Line Items] | ||||||
Exercised warrants to purchase ordinary shares | 3,007 | |||||
Ordinary Shares [Member] | ||||||
Equity Investment (Details) [Line Items] | ||||||
Equity method investment, percentage | 21.19% | |||||
Ordinary Shares [Member] | Rail Vision Ltd [Member] | ||||||
Equity Investment (Details) [Line Items] | ||||||
Warrants issued | 14,903 | |||||
Preferred A shares [Member] | Rail Vision Ltd [Member] | ||||||
Equity Investment (Details) [Line Items] | ||||||
Shares issued | 51,282 |
Equity Investment (Details) - S
Equity Investment (Details) - Schedule of investment in affiliate of activity - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of investment in affiliate of activity [Abstract] | ||
Investment in affiliated company, Beginning balance | $ 6,729 | $ 7,568 |
Investment in affiliated company, Beginning balance percentage | 24.12% | 35.91% |
Gain from issuance of shares to third parties | $ 1,941 | |
Equity in net loss of affiliated company | $ (2,718) | (2,780) |
Investment in affiliated company, Beginning balance | $ 4,011 | $ 6,729 |
Investment in affiliated company, Beginning balance percentage | 19.34% | 24.12% |
Equity Investment (Details) -_2
Equity Investment (Details) - Schedule of investment in affiliate of balance sheet data - Equity Investment [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Equity Investment (Details) - Schedule of investment in affiliate of balance sheet data [Line Items] | |
Current assets | $ 9,820 |
Long-term assets | 2,228 |
Current liabilities | (1,113) |
Long-term liabilities | (1,270) |
Equity | $ (9,665) |
Equity Investment (Details) -_3
Equity Investment (Details) - Schedule of investment in affiliate of operating data - Equity Investment [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Investment (Details) - Schedule of investment in affiliate of operating data [Line Items] | ||
Revenue | ||
Operating loss | (10,271) | (10,046) |
Net loss | $ (10,273) | $ (10,032) |
Fixed Assets, Net (Details)
Fixed Assets, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 254 | $ 259 | $ 235 |
Fixed Assets, Net (Details) - S
Fixed Assets, Net (Details) - Schedule of fixed assets, net - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 1,160 | $ 1,116 |
Less – accumulated depreciation | 733 | 485 |
Fixed assets, net | 427 | 631 |
Computers and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | 595 | 597 |
Office furniture and equipment [Membert] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | 216 | 173 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Fixed assets, gross | $ 349 | $ 346 |
Employee Rights Upon Retireme_2
Employee Rights Upon Retirement (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Retirement benefits, description | the Company’s employees covered under this section are entitled to monthly deposits, at a rate of 8.33% of their monthly salary, made in their name with pension companies. |
Other Current Payables (Details
Other Current Payables (Details) - Schedule of other current payables - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of other current payables [Abstract] | ||
Employees and related expenses | $ 719 | $ 882 |
Accrued expenses | 428 | 208 |
Other payables | 60 | 40 |
Other current payables | $ 1,207 | $ 1,130 |
Commitments and Contingencies_2
Commitments and Contingencies Liabilities (Details) ₪ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 28, 2019USD ($) | Jan. 28, 2019ILS (₪) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Commitments and Contingencies Liabilities (Details) [Line Items] | |||||
Research and development expenses, net | $ 8,563 | $ 10,210 | $ 8,638 | ||
Royalty, description | Magna obtained grants from the Israel Innovation Authority (the “IIA”) for participation in research and development programs for the years 2011 through 2013, and, in return, further to the acquisition transaction, the Company is obligated to pay royalties amounting to 3% to 5% of its future sales up to the amount of the grant. | ||||
Grants receivable | $ 661 | $ 615 | $ 567 | ||
Magna [Member] | |||||
Commitments and Contingencies Liabilities (Details) [Line Items] | |||||
Research and development expenses, net | $ 73 | ₪ 235 |
Leases (Details)
Leases (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Leases Abstract | |
Operating leases term, description | The Company’s leases have remaining lease terms ranging from less than 1 year to 30 years, some of which include options to extend the lease for up to 5 years, and some of which include options to terminate the lease within 1 year. |
Operating leases weighted average remaining lease term | 3 years 73 days |
Weighted average discount rate | 5.00% |
Leases (Details) - Schedule of
Leases (Details) - Schedule of supplemental cash flow information related to operating leases $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Schedule of supplemental cash flow information related to operating leases [Abstract] | |
Cash payments for operating leases | $ 471 |
New operating lease assets obtained in exchange for operating lease liabilities | $ 171 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of future lease payments under operating leases $ in Thousands | Dec. 31, 2020USD ($) |
Schedule of future lease payments under operating leases [Abstract] | |
2021 | $ 432 |
2022 | 423 |
2023 | 396 |
2024 | 93 |
Total future lease payments | 1,344 |
Less imputed interest | (64) |
Total lease liability balance | $ 1,280 |
Shareholders_ Equity (Details)
Shareholders’ Equity (Details) | Nov. 12, 2020$ / sharesshares | Nov. 12, 2020₪ / sharesshares | Oct. 02, 2020USD ($)$ / sharesshares | Jun. 09, 2020USD ($)$ / sharesshares | Jun. 09, 2020$ / shares₪ / shares | May 10, 2020 | Jul. 02, 2019USD ($)shares | May 04, 2017shares | Dec. 30, 2020USD ($)$ / sharesshares | Aug. 19, 2020$ / sharesshares | Aug. 19, 2020₪ / sharesshares | Jul. 16, 2020$ / sharesshares | Jul. 16, 2020₪ / sharesshares | Jun. 30, 2020shares | May 19, 2020USD ($)$ / sharesshares | Apr. 30, 2020USD ($)$ / sharesshares | Sep. 23, 2019$ / sharesshares | Sep. 23, 2019₪ / sharesshares | Jul. 17, 2019 | Mar. 20, 2019$ / shares | Mar. 20, 2019₪ / shares | Mar. 19, 2019USD ($)$ / sharesshares | Jan. 27, 2019 | Jun. 25, 2018USD ($)shares | Jun. 18, 2018$ / sharesshares | Jun. 18, 2018₪ / sharesshares | Apr. 23, 2018 | Mar. 25, 2018 | Feb. 14, 2018USD ($)shares | Sep. 23, 2017 | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020₪ / shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019USD ($)₪ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | Mar. 12, 2020shares | Dec. 31, 2016₪ / shares |
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Options to purchase ordinary shares | 100,000 | 100,000 | |||||||||||||||||||||||||||||||||||||
General and administrative expenses (in Dollars) | $ | $ 3,005,000 | $ 3,469,000 | $ 3,696,000 | ||||||||||||||||||||||||||||||||||||
Research and development expenses (in Dollars) | $ | 8,563,000 | 10,210,000 | 8,638,000 | ||||||||||||||||||||||||||||||||||||
Exercise price per share | ₪ / shares | ₪ 33 | ||||||||||||||||||||||||||||||||||||||
Options vesting term | The options vest equally over eight quarters until fully vested on October 1, 2022. | The options vest equally over eight quarters until fully vested on October 1, 2022. | The options vest over 12 quarters until fully vested on June 30, 2023. | The options vest over 12 quarters until fully vested on June 30, 2023. | |||||||||||||||||||||||||||||||||||
Unrecognized compensation cost (in Dollars) | $ | $ 1,088,000 | 1,638,000 | $ 2,040,000 | ||||||||||||||||||||||||||||||||||||
Service Providers Options Nine [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Warrants and options, description | the Company granted options to service provider to purchase a total of 500,000 Ordinary Shares at an exercise price of NIS 3 (approximately $0.86 per share at the grant date). The options vested equally over a period of 4 quarters ending January 1, 2019. The Company recorded in its 2018 statement of comprehensive loss an expense of $78 in respect of such grant, included in general and administrative expenses. | ||||||||||||||||||||||||||||||||||||||
Public Offering [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Warrants and options, description | the Company granted options to service provider to purchase a total of 100,000 Ordinary Shares at an exercise price of NIS 3.78 (approximately $1.06 per share at the grant date). The options vested as to one third of the options after one year and balance of the remaining options vest equally over eight quarters until fully vested on March 31, 2021. On March 20, 2019, the Company approved a modification of the outstanding options from an exercise price of NIS 3.78 to an exercise price of NIS 1.95 per share (approximately $0.56 per share). | ||||||||||||||||||||||||||||||||||||||
Service Providers Options [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Warrants and options, description | the Company granted to an intermediator in its private placement 104,268 Series F-1 warrants to purchase 104,268 Ordinary Shares at an exercise price of USD $0.80. These options expire 24 months after their grant date and were fully vested as of their grant date. In respect of the portion of such grant allocated to the instruments issued in the private placement, the related compensation costs were recorded in equity with no impact on the statement of comprehensive loss. On June 30, 2020 the outstanding balance of Series F-1 warrants in a total of 104,268 fully expired | ||||||||||||||||||||||||||||||||||||||
Service Providers Options Twelve [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Warrants and options, description | the Company granted options to service provider to purchase a total of 25,000 Ordinary Shares at an exercise price of NIS 1.95 per share (approximately $0.56 per share at the grant date). The options vest equally over eight quarters until fully vested on March 31, 2021. | ||||||||||||||||||||||||||||||||||||||
Service Providers Options Five [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Warrants and options, description | the Company approved a modification of the exercise price of options held by Magna’s employees, previously granted on August 27, 2017, from NIS 3.57 per share to an exercise price of NIS 1.95 (approximately $0.56) per share. | ||||||||||||||||||||||||||||||||||||||
Shares and Options to Employees [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Total unrecognized compensation cost (in Dollars) | $ | $ 6,245,000 | $ 6,245,000 | |||||||||||||||||||||||||||||||||||||
Service Providers Options [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Shares issued to service provider | 130,342 | 25,000 | 575,000 | ||||||||||||||||||||||||||||||||||||
General and administrative expenses (in Dollars) | $ | $ 50,000 | $ 19,000 | $ 124,000 | ||||||||||||||||||||||||||||||||||||
Weighted average volatility | 95.70% | ||||||||||||||||||||||||||||||||||||||
Risk free interest rates | 0.51% | ||||||||||||||||||||||||||||||||||||||
Dividend yields | 0.00% | ||||||||||||||||||||||||||||||||||||||
Weighted average life of the options, description | weighted average life of the options of one – 2.6 years. | ||||||||||||||||||||||||||||||||||||||
Private Placement [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Private placements gross amount (in Dollars) | $ | $ 6,835,000 | ||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | 15,050,032 | ||||||||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 0.45 | ||||||||||||||||||||||||||||||||||||||
Agreement, description | the Company raised $350 (gross) through a private placement of its Ordinary Shares. The Company issued a total of 700,000 ADSs (3,500,000 Ordinary Shares) at $0.50 per ADS. After deducting closing costs and fees, the Company received net proceeds of approximately $321, net of issuance expenses. | the Company entered into a development agreement for manufacturing and engineering consulting services, and an investment agreement with RH Electronics Ltd. (“RH”). Pursuant to the agreement, RH purchased 1,233,333 Ordinary Shares for a total consideration of $1,000 at a price per share of NIS 3 (approximately $1.23 per share). | |||||||||||||||||||||||||||||||||||||
Private Placement [Member] | Series A warrants [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Warrants to purchase ordinary shares | 12,022,835 | ||||||||||||||||||||||||||||||||||||||
Private Placement [Member] | Series B Warrants [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Share price | ₪ / shares | ₪ 0.93 | ||||||||||||||||||||||||||||||||||||||
Warrants to purchase ordinary shares | 13,565,691 | ||||||||||||||||||||||||||||||||||||||
Options to purchase ordinary shares | 11,781,552 | ||||||||||||||||||||||||||||||||||||||
Warrants outstanding | 104,268 | 104,268 | |||||||||||||||||||||||||||||||||||||
Private Placement [Member] | Series E Warrants [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Price per warrant | ₪ / shares | 1.24 | ||||||||||||||||||||||||||||||||||||||
Warrants to purchase ordinary shares | 3,178,557 | ||||||||||||||||||||||||||||||||||||||
Options to purchase ordinary shares | 2,687,197 | ||||||||||||||||||||||||||||||||||||||
Private Placement [Member] | Warrants G [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Warrants outstanding | 1,001,665 | ||||||||||||||||||||||||||||||||||||||
Private Placement [Member] | Warrants F [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Warrants outstanding | 18,917,985 | ||||||||||||||||||||||||||||||||||||||
Private Placement [Member] | Warrants F 1 [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Warrants outstanding | 67,679 | ||||||||||||||||||||||||||||||||||||||
Net proceeds form private placement (in Dollars) | $ | $ 11,208,220 | ||||||||||||||||||||||||||||||||||||||
Public Offering [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | 21,855,655 | 32,000,000 | 31,325,315 | 41,666,670 | 26,500,000 | 20,500,000 | |||||||||||||||||||||||||||||||||
Net of issuance expenses (in Dollars) | $ | $ 7,752,000 | $ 5,816,000 | $ 24,026,000 | $ 4,498,000 | $ 2,294,000 | $ 5,521,000 | |||||||||||||||||||||||||||||||||
Public Offering [Member] | ADS [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Gross proceeds from public offering (in Dollars) | $ | $ 11,645,000 | ||||||||||||||||||||||||||||||||||||||
Public Offering [Member] | ADS [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Issuance of ordinary shares | 4,371,131 | 6,400,000 | 6,265,063 | 8,333,334 | 5,300,000 | 4,100,000 | |||||||||||||||||||||||||||||||||
Share price | $ / shares | $ 1.85 | $ 1 | $ 1 | $ 4.15 | $ 0.60 | $ 0.50 | $ 1.50 | ||||||||||||||||||||||||||||||||
Gross proceeds from public offering (in Dollars) | $ | $ 8,085,000 | $ 6,400,000 | $ 26,000,000 | $ 5,000,000 | $ 2,650,000 | $ 6,150,000 | |||||||||||||||||||||||||||||||||
Private Placement Two [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Sale of stock, description | The Company issued a total of 21,027,690 Ordinary Shares (average of NIS 2.01 per share, approximately average of $0.55 per share), and a total of 19,520,514 Series F warrants and 1,051,665 Series G warrants at an exercise price of $0.80 and $0.95, respectively, to purchase 1 Ordinary Share for every share purchased in the private placement agreements. After deducting closing costs and fees, the Company received net proceeds of approximately $10,745. | ||||||||||||||||||||||||||||||||||||||
Private Placement Three [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Sale of stock, description | the Company raised $12,351 in gross proceeds through a private placement of its Ordinary Shares with several leading Israeli institutional investors and several private investors. The Company issued a total of 21,963,411 Ordinary Shares, (NIS 2.05 per share, approximately $0.56 per share). In addition, the Company issued Series F-1 warrants to purchase 22,067,679 Ordinary Shares at an exercise price of $0.80 per share, exercisable until the 24-month anniversary of the date of issuance. | ||||||||||||||||||||||||||||||||||||||
Chief Financial Officer [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
General and administrative expenses (in Dollars) | $ | $ 16,000 | $ 37,000 | |||||||||||||||||||||||||||||||||||||
Research and development expenses (in Dollars) | $ | $ 51,000 | ||||||||||||||||||||||||||||||||||||||
Employees [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Options to purchase ordinary shares | 1,000,000 | 2,575,000 | 2,640,000 | ||||||||||||||||||||||||||||||||||||
General and administrative expenses (in Dollars) | $ | $ 33,000 | ||||||||||||||||||||||||||||||||||||||
Warrants and options, description | the Company granted to Magna’s employees additional options to purchase a total of 950,000 Ordinary Shares at an exercise price of NIS 0.787 (approximately $0.23 per share at the grant date) for one third of the options, an exercise price of NIS 1.06 (approximately $0.31 per share at the grant date) for the second third of the options and an exercise price of NIS 1.33 (approximately $0.38 per share at the grant date) for the last third of the options. The options vest over 12 quarters until fully vested on December 31, 2022. | the Company granted to Magna’s employees additional options to purchase a total of 950,000 Ordinary Shares at an exercise price of NIS 0.787 (approximately $0.23 per share at the grant date) for one third of the options, an exercise price of NIS 1.06 (approximately $0.31 per share at the grant date) for the second third of the options and an exercise price of NIS 1.33 (approximately $0.38 per share at the grant date) for the last third of the options. The options vest over 12 quarters until fully vested on December 31, 2022. | |||||||||||||||||||||||||||||||||||||
Exercise price per share | (per share) | $ 0.54 | ₪ 5 | $ 0.46 | $ 0.54 | $ 1.95 | $ 1.06 | |||||||||||||||||||||||||||||||||
Options granted shares | 3,194,205 | ||||||||||||||||||||||||||||||||||||||
Employees [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Exercise price per share | ₪ / shares | ₪ 0.787 | ||||||||||||||||||||||||||||||||||||||
Employees [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Exercise price per share | ₪ / shares | 1.95 | ||||||||||||||||||||||||||||||||||||||
Chief Operating Officer [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Exercise price per share | $ / shares | $ 390 | ||||||||||||||||||||||||||||||||||||||
Percentage of capital on fully diluted basis | 15.00% | ||||||||||||||||||||||||||||||||||||||
Board of Directors Chairman [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Options to purchase ordinary shares | 100,000 | 100,000 | |||||||||||||||||||||||||||||||||||||
Exercise price per share | (per share) | $ 1.05 | ₪ 3.78 | $ 1.06 | ₪ 3.78 | |||||||||||||||||||||||||||||||||||
Unrecognized compensation cost (in Dollars) | $ | $ 1,723,000 | ||||||||||||||||||||||||||||||||||||||
Weighted-average period term | 2 years 76 days | ||||||||||||||||||||||||||||||||||||||
Description of options granted | The Company immediately recognized the additional fair value attributable to vested options, approximately $27, as stock compensation expenses. The additional fair value resulting from the modification, approximately $54, is being expensed over the remaining vesting period of the modified options. | The Company immediately recognized the additional fair value attributable to vested options, approximately $27, as stock compensation expenses. The additional fair value resulting from the modification, approximately $54, is being expensed over the remaining vesting period of the modified options. | One third of the options vested after one year and the balance of the remaining options vest over eight quarters until fully vested on March 31, 2021. | ||||||||||||||||||||||||||||||||||||
Four Members of Board of Directors Options [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Options to purchase ordinary shares | 300,000 | 300,000 | |||||||||||||||||||||||||||||||||||||
Exercise price per share | (per share) | $ 0.56 | ₪ 1.95 | |||||||||||||||||||||||||||||||||||||
Options vesting term | The options vest over 12 quarters until fully vested. | The options vest over 12 quarters until fully vested. | |||||||||||||||||||||||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Options to purchase ordinary shares | 4,113,000 | 4,113,000 | |||||||||||||||||||||||||||||||||||||
Options granted shares | 2,150,000 | 2,150,000 | |||||||||||||||||||||||||||||||||||||
Senior officers [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Options to purchase ordinary shares | 3,650,000 | ||||||||||||||||||||||||||||||||||||||
General and administrative expenses (in Dollars) | $ | $ 108,000 | ||||||||||||||||||||||||||||||||||||||
Options vesting term | The options vest over 12 quarters until fully vested on March 31, 2023. | ||||||||||||||||||||||||||||||||||||||
Senior officers [Member] | One third of options [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Exercise price per share | (per share) | $ 0.23 | $ 0.787 | |||||||||||||||||||||||||||||||||||||
Senior officers [Member] | Second third of options [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Exercise price per share | $ / shares | 0.31 | ||||||||||||||||||||||||||||||||||||||
Senior officers [Member] | Last third of options [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Exercise price per share | (per share) | $ 0.38 | $ 1.33 | |||||||||||||||||||||||||||||||||||||
Board of Directors [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Options to purchase ordinary shares | 300,000 | 300,000 | |||||||||||||||||||||||||||||||||||||
General and administrative expenses (in Dollars) | $ | $ 292,000 | ||||||||||||||||||||||||||||||||||||||
Options vesting term | The options vest over 12 quarters until fully vested on December 31, 2022. | The options vest over 12 quarters until fully vested on December 31, 2022. | |||||||||||||||||||||||||||||||||||||
Board of Directors [Member] | One third of options [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Exercise price per share | (per share) | $ 0.23 | ₪ 0.787 | |||||||||||||||||||||||||||||||||||||
Board of Directors [Member] | Second third of options [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Exercise price per share | $ / shares | 0.31 | ||||||||||||||||||||||||||||||||||||||
Board of Directors [Member] | Last third of options [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Exercise price per share | $ / shares | $ 0.38 | ||||||||||||||||||||||||||||||||||||||
Vice President [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Options to purchase ordinary shares | 700,000 | 700,000 | 700,000 | 700,000 | |||||||||||||||||||||||||||||||||||
General and administrative expenses (in Dollars) | $ | $ 11,000 | ||||||||||||||||||||||||||||||||||||||
Vice President [Member] | One third of options [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Exercise price per share | ₪ / shares | ₪ 0.986 | ||||||||||||||||||||||||||||||||||||||
Vice President [Member] | One third of options [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Exercise price per share | $ / shares | $ 0.29 | ||||||||||||||||||||||||||||||||||||||
Vice President [Member] | Second third of options [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Exercise price per share | $ / shares | 0.31 | ||||||||||||||||||||||||||||||||||||||
Vice President [Member] | Last third of options [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Exercise price per share | $ / shares | $ 0.38 | ||||||||||||||||||||||||||||||||||||||
Employees One [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Options to purchase ordinary shares | 2,815,000 | ||||||||||||||||||||||||||||||||||||||
Exercise price per share | $ / shares | $ 0.36 | ||||||||||||||||||||||||||||||||||||||
Employees One [Member] | Minimum [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Exercise price per share | ₪ / shares | 0.787 | ||||||||||||||||||||||||||||||||||||||
Employees One [Member] | Maximum [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Exercise price per share | ₪ / shares | ₪ 1.95 | ||||||||||||||||||||||||||||||||||||||
Eye-net’s employees [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Description of options granted | the Company’s subsidiary, Eye-net, granted options to purchase 8,700 Ordinary Shares of Eye-net to its employees at an exercise price of $100 per share. The options vest over 12 quarters until fully vested on June 30, 2023. The Company recorded in its 2020 statement of comprehensive loss an expense of $74, in respect of such grant. | the Company’s subsidiary, Eye-net, granted options to purchase 8,700 Ordinary Shares of Eye-net to its employees at an exercise price of $100 per share. The options vest over 12 quarters until fully vested on June 30, 2023. The Company recorded in its 2020 statement of comprehensive loss an expense of $74, in respect of such grant. | |||||||||||||||||||||||||||||||||||||
Series E Warrants [Member] | Private Placement [Member] | |||||||||||||||||||||||||||||||||||||||
Shareholders’ Equity (Details) [Line Items] | |||||||||||||||||||||||||||||||||||||||
Price per warrant | (per share) | $ 0.93 | ₪ 1.75 |
Shareholders_ Equity (Details)
Shareholders’ Equity (Details) - Schedule of fair value of options granted using the Black-Scholes option pricing model - Employee Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Shareholders’ Equity (Details) - Schedule of fair value of options granted using the Black-Scholes option pricing model [Line Items] | ||
Exercise price (in Dollars per share) | $ 0.55 | |
Minimum [Member] | ||
Shareholders’ Equity (Details) - Schedule of fair value of options granted using the Black-Scholes option pricing model [Line Items] | ||
Exercise price (in Dollars per share) | $ 0.31 | |
Expected volatility | 76.00% | 66.00% |
Risk-free interest | 0.08% | 0.29% |
Expected life of up to (years) | 1 year 240 days | 2 years 3 months |
Maximum [Member] | ||
Shareholders’ Equity (Details) - Schedule of fair value of options granted using the Black-Scholes option pricing model [Line Items] | ||
Exercise price (in Dollars per share) | $ 0.54 | |
Expected volatility | 97.00% | 78.00% |
Risk-free interest | 0.31% | 0.79% |
Expected life of up to (years) | 4 years 87 days | 3 years 102 days |
Shareholders_ Equity (Details_2
Shareholders’ Equity (Details) - Schedule of option activity - Employee Stock [Member] - $ / shares | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Shareholders’ Equity (Details) - Schedule of option activity [Line Items] | ||||
Number of Options, Outstanding at beginning of period | [1] | 12,848,788 | 11,544,622 | |
Weighted average exercise price, Outstanding at beginning of period (in Dollars per shre) | [1] | $ 0.63 | $ 0.76 | |
Number of Options, Granted | [2] | 13,578,000 | 3,775,000 | |
Weighted average exercise price, Granted (in Dollars per share) | [2] | $ 0.32 | $ 0.55 | |
Number of Options, Exercised | (769,205) | (1,200,000) | ||
Weighted average exercise price, Exercised (in Dollars per share) | $ 0.30 | $ 0.08 | ||
Number of Options, Forfeited | (1,580,833) | (1,270,834) | ||
Weighted average exercise price, Forfeited (in Dollars per share) | $ 1.32 | $ 0.78 | ||
Number of Options, Outstanding at the end of period | 24,076,750 | 12,848,788 | [1] | |
Weighted average exercise price, Outstanding at the end of period (in Dollars per share) | $ 0.47 | $ 0.63 | [1] | |
Weighted Average remaining contractual term (in years) | 1 year 222 days | 1 year 58 days | ||
Number of Options, Exercisable at the end of period | 12,642,667 | 8,200,872 | ||
Weighted Average remaining contractual term (in years), Exercisable at the end of period | 317 days | 215 days | ||
[1] | Incentive Plan In November 2015, the Board of Directors of the Company authorized a share option plan (“2016 Equity Incentive Plan”). The 2016 Equity Incentive Plan provides for the grant of share options to service provider, employees and office holders of the Company. Awards may be granted under the 2016 Equity Incentive Plan until November 2025, when the 2016 Equity Incentive Plan expires. According to the 2016 Equity Incentive Plan, the aggregate number of Ordinary Shares that may be granted pursuant to awards will not exceed 15% of the Company’s capital on a fully diluted basis. | |||
[2] | The fair value of options granted was estimated using the Black-Scholes option pricing model, and based on the following assumptions: |
Shareholders_ Equity (Details_3
Shareholders’ Equity (Details) - Schedule of share-based compensation expense - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shareholders’ Equity (Details) - Schedule of share-based compensation expense [Line Items] | |||
Share-based compensation expense | $ 1,162 | $ 1,638 | $ 2,040 |
Less: Share-based compensation expense attributable to non-controlling interests | 74 | ||
Share-based compensation expense attributable to Foresight Autonomous Holdings Ltd. | 1,088 | 1,638 | 2,040 |
Research and development [Member] | |||
Shareholders’ Equity (Details) - Schedule of share-based compensation expense [Line Items] | |||
Share-based compensation expense | 469 | 568 | 621 |
Marketing and sales [Member] | |||
Shareholders’ Equity (Details) - Schedule of share-based compensation expense [Line Items] | |||
Share-based compensation expense | 62 | 214 | 196 |
General and administrative [Member] | |||
Shareholders’ Equity (Details) - Schedule of share-based compensation expense [Line Items] | |||
Share-based compensation expense | $ 631 | $ 856 | $ 1,223 |
Research and Development, Net_2
Research and Development, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Research and Development Expense [Member] | |||
Research and Development, Net (Details) [Line Items] | |||
Share-based payment | $ 402 | $ 531 | $ 578 |
Research and Development, Net_3
Research and Development, Net (Details) - Schedule of research and development, net - Research and Development Expense [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Research and Development, Net (Details) - Schedule of research and development, net [Line Items] | ||||
Payroll and related expenses | [1] | $ 5,922 | $ 5,679 | $ 5,793 |
Subcontracted work and consulting | 1,534 | 3,123 | 1,744 | |
Share-based payments to service provider | 67 | 37 | 43 | |
Rent and office maintenance | 671 | 720 | 629 | |
Travel expenses | 54 | 236 | 76 | |
Other | 415 | 492 | 393 | |
Sales of prototypes | (100) | (77) | (40) | |
Research and development total | $ 8,563 | $ 10,210 | $ 8,638 | |
[1] | Includes share-based payment of $402, $531 and $578 in 2020, 2019 and 2018, respectively. |
Marketing and Sales (Details)
Marketing and Sales (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Marketing and Sales [Member] | ||
Marketing and Sales (Details) [Line Items] | ||
Share based payments | $ 206 | $ 182 |
Marketing and Sales (Details) -
Marketing and Sales (Details) - Schedule of marketing and sales - Marketing and Sales [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Marketing and Sales (Details) - Schedule of marketing and sales [Line Items] | ||||
Payroll and related expenses | [1] | $ 833 | $ 870 | $ 489 |
Exhibitions, conventions and travel expenses | 175 | 172 | 189 | |
Consultants | 178 | 212 | 249 | |
Other | 82 | 96 | 60 | |
Total marketing and sales | $ 1,268 | $ 1,350 | $ 987 | |
[1] | Includes share-based payment of $62, $206 and $182 in 2020, 2019 and 2018, respectively. |
General and Administrative (Det
General and Administrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
General and Administrative [Member] | |||
General and Administrative (Details) [Line Items] | |||
Share based payments | $ 625 | $ 893 | |
General and Administrative One [Member] | |||
General and Administrative (Details) [Line Items] | |||
Share based payments | $ 113 | $ 156 | $ 151 |
General and Administrative (D_2
General and Administrative (Details) - Schedule of general and administrative - General and Administrative [Member] - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
General and Administrative (Details) - Schedule of general and administrative [Line Items] | ||||
Payroll and related expenses | [1] | $ 1,342 | $ 1,534 | $ 1,776 |
Share-based payments to service providers | 128 | 75 | 179 | |
Professional services | 926 | 1,151 | 1,071 | |
Directors fees and insurance | [2] | 348 | 404 | 361 |
Travel expenses | 14 | 41 | 54 | |
Rent and office maintenance | 146 | 195 | 131 | |
Other | 101 | 69 | 124 | |
Total general and administrative | $ 3,005 | $ 3,469 | $ 3,696 | |
[1] | Includes share-based payment of $389, $625, and $893 in 2020, 2019 and 2018, respectively. | |||
[2] | Includes share-based payment of $113 $156 and $151 in 2020, 2019 and 2018, respectively. |
Financial Expense (Income) Ne_2
Financial Expense (Income) Net (Details) - Schedule of financial expense income net - Financial Expense (Income) Net [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial Expense (Income) Net (Details) - Schedule of financial expense income net [Line Items] | |||
Reevaluation of securities, net | $ (85) | $ (1) | |
Reevaluation of other investments | 324 | (316) | |
Reevaluation of derivative warrant liabilities | 1 | (2,071) | |
Exchange rate differences | (601) | 1,000 | |
Other | (94) | (153) | (181) |
Financial expense income net total | $ (179) | $ (429) | $ (1,569) |
Taxes on Income (Details)
Taxes on Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Israeli corporate tax rate | 23.00% | 23.00% | 23.00% |
Operating loss carryforward (in Dollars) | $ 37,951 | $ 25,077 | $ 18,711 |
Taxes on Income (Details) - Sch
Taxes on Income (Details) - Schedule of deferred tax assets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of deferred tax assets [Abstract] | |||
Operating loss carryforward | $ 37,951 | $ 25,077 | $ 18,711 |
Deferred taxes due to carryforward losses | 8,729 | 5,768 | 4,303 |
Valuation allowance | (8,729) | (5,768) | (4,303) |
Net deferred tax asset |
Transactions and Balances wit_3
Transactions and Balances with Interested and Related Parties (Details) - Schedule of related party transactions - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of related party transactions [Abstract] | |||
Subcontracted work and consulting | $ 672 | $ 722 | $ 660 |
Share-based payments to service provider | 67 | 37 | 43 |
Total | 739 | 759 | $ 703 |
Other accounts payable | 70 | 67 | |
Balance total | $ 70 | $ 67 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] | Mar. 25, 2021USD ($)$ / sharesshares | Mar. 08, 2021USD ($) | Feb. 25, 2021$ / sharesshares | Feb. 25, 2021$ / shares₪ / sharesshares | Jan. 22, 2021USD ($) | Jan. 18, 2021 |
Subsequent Events (Details) [Line Items] | ||||||
Description of options | the Company’s Board of Directors approved an extension of all the options already granted under the Company’s 2016 Equity Incentive Plan to seven years from the grant date instead of three years from vesting date. | |||||
Sale of stock | $ | $ 60,000 | |||||
Issuance of ordinary shares | shares | 6,891,720 | |||||
Issuance expenses net | $ | $ 13,500 | |||||
Issued options to purchase ordinary shares | shares | 1,105,000 | 1,105,000 | ||||
Exercise price per share | $ / shares | $ 1.41 | $ 1.41 | ||||
Minimum [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Issued options to purchase ordinary shares exercise price | ₪ / shares | $ 1.33 | |||||
Maximum [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Issued options to purchase ordinary shares exercise price | $ / shares | $ 5.93 | |||||
ADSs [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Issuance of ADSs | shares | 1,378,344 | |||||
Weighted average price per ADS | $ / shares | $ 10.137 | |||||
Chief Executive Officer [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Special bonus | $ | $ 100 |