2023 Q2 Form 10-Q Financial Statement
#000149315223015723 Filed on May 08, 2023
Income Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
Revenue | $674.0K | $303.0K | $2.000K |
YoY Change | 82.16% | 15050.0% | -91.67% |
Cost Of Revenue | $777.0K | $550.0K | $288.0K |
YoY Change | 38.5% | 90.97% | 41.87% |
Gross Profit | -$103.0K | -$247.0K | -$286.0K |
YoY Change | -46.07% | -13.64% | 59.78% |
Gross Profit Margin | -15.28% | -81.52% | -14300.0% |
Selling, General & Admin | $1.661M | $1.134M | $1.529M |
YoY Change | 21.33% | -25.83% | 41.84% |
% of Gross Profit | |||
Research & Development | $1.355M | $1.398M | $954.0K |
YoY Change | 32.71% | 46.54% | 186.49% |
% of Gross Profit | |||
Depreciation & Amortization | $37.00K | $155.0K | $50.00K |
YoY Change | -30.19% | 210.0% | 194.12% |
% of Gross Profit | |||
Operating Expenses | $3.016M | $2.532M | $2.475M |
YoY Change | 26.19% | 2.3% | 75.41% |
Operating Profit | -$3.119M | -$2.779M | -$2.761M |
YoY Change | 20.84% | 0.65% | 73.65% |
Interest Expense | $240.0K | $86.00K | -$27.00K |
YoY Change | -221.21% | -418.52% | 68.75% |
% of Operating Profit | |||
Other Income/Expense, Net | |||
YoY Change | |||
Pretax Income | -$2.876M | -$2.686M | -$2.788M |
YoY Change | 3.75% | -3.66% | 73.6% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$2.876M | -$2.686M | -$2.788M |
YoY Change | 3.75% | -3.66% | 73.6% |
Net Earnings / Revenue | -426.71% | -886.47% | -139400.0% |
Basic Earnings Per Share | -$0.28 | -$0.37 | -$0.39 |
Diluted Earnings Per Share | -$0.28 | -$0.37 | -$391.5K |
COMMON SHARES | |||
Basic Shares Outstanding | 10.43M shares | 10.43M shares | 7.122M shares |
Diluted Shares Outstanding | 10.44M shares | 7.276K shares |
Balance Sheet
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $22.06M | $24.59M | $19.32M |
YoY Change | 30.89% | 27.28% | 51.5% |
Cash & Equivalents | $3.319M | $9.583M | $8.292M |
Short-Term Investments | $18.74M | $15.01M | $11.03M |
Other Short-Term Assets | $668.0K | $564.0K | $416.0K |
YoY Change | 62.93% | 35.58% | -8.17% |
Inventory | $724.0K | $693.0K | $190.0K |
Prepaid Expenses | |||
Receivables | $158.0K | $61.00K | $14.00K |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $23.61M | $25.91M | $19.94M |
YoY Change | 31.37% | 29.93% | -17.14% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $513.0K | $508.0K | $1.218M |
YoY Change | -28.75% | -58.29% | 90.91% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $262.0K | $268.0K | $390.0K |
YoY Change | -20.36% | -31.28% | 8.33% |
Total Long-Term Assets | $2.804M | $2.557M | $3.283M |
YoY Change | -9.4% | -22.11% | 38.64% |
TOTAL ASSETS | |||
Total Short-Term Assets | $23.61M | $25.91M | $19.94M |
Total Long-Term Assets | $2.804M | $2.557M | $3.283M |
Total Assets | $26.41M | $28.46M | $23.22M |
YoY Change | 25.38% | 22.57% | -12.14% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $774.0K | $365.0K | $227.0K |
YoY Change | 150.49% | 60.79% | -53.86% |
Accrued Expenses | $1.208M | $943.0K | $839.0K |
YoY Change | 34.37% | 12.4% | -47.99% |
Deferred Revenue | $954.0K | $1.304M | |
YoY Change | -33.1% | ||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | |||
YoY Change | |||
Total Short-Term Liabilities | $2.983M | $2.620M | $2.342M |
YoY Change | 12.31% | 11.87% | 1.65% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $28.00K | $2.468M | $3.279M |
YoY Change | -99.03% | -24.73% | 83.29% |
Total Long-Term Liabilities | $2.630M | $2.468M | $3.279M |
YoY Change | -9.12% | -24.73% | 83.29% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $2.983M | $2.620M | $2.342M |
Total Long-Term Liabilities | $2.630M | $2.468M | $3.279M |
Total Liabilities | $5.613M | $5.088M | $5.621M |
YoY Change | 1.14% | -9.48% | 37.33% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$30.30M | -$27.45M | |
YoY Change | 45.3% | ||
Common Stock | $51.12M | $50.82M | |
YoY Change | 40.57% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $20.80M | $23.38M | $17.60M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $26.41M | $28.46M | $23.22M |
YoY Change | 25.38% | 22.57% | -12.14% |
Cashflow Statement
Concept | 2023 Q2 | 2023 Q1 | 2022 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$2.876M | -$2.686M | -$2.788M |
YoY Change | 3.75% | -3.66% | 73.6% |
Depreciation, Depletion And Amortization | $37.00K | $155.0K | $50.00K |
YoY Change | -30.19% | 210.0% | 194.12% |
Cash From Operating Activities | -$2.609M | -$2.474M | -$224.0K |
YoY Change | 20.01% | 1004.46% | -71.06% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $42.00K | $15.00K | -$24.00K |
YoY Change | 133.33% | -162.5% | -79.49% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$3.500M | -$12.00M | |
YoY Change | -333.33% | ||
Cash From Investing Activities | -$3.542M | -$12.02M | -$24.00K |
YoY Change | -339.0% | 49962.5% | -79.49% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | -$64.00K | $13.98M | |
YoY Change | |||
NET CHANGE | |||
Cash From Operating Activities | -$2.609M | -$2.474M | -224.0K |
Cash From Investing Activities | -$3.542M | -$12.02M | -24.00K |
Cash From Financing Activities | -$64.00K | $13.98M | |
Net Change In Cash | -$6.215M | -$512.0K | $0.00 |
YoY Change | 798.12% | -100.0% | |
FREE CASH FLOW | |||
Cash From Operating Activities | -$2.609M | -$2.474M | -$224.0K |
Capital Expenditures | $42.00K | $15.00K | -$24.00K |
Free Cash Flow | -$2.651M | -$2.489M | -$200.0K |
YoY Change | 20.94% | 1144.5% | -69.56% |
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11786000 | usd |
CY2023Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
348000 | usd |
CY2023Q1 | SCTC |
Stock Issued During Period Value Of Shares And Warrants
StockIssuedDuringPeriodValueOfSharesAndWarrants
|
13927000 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2686000 | usd |
CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
23375000 | usd |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
19616000 | usd |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
19616000 | usd |
CY2022Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
772000 | usd |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2788000 | usd |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
17600000 | usd |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
17600000 | usd |
CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2686000 | usd |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2788000 | usd |
CY2023Q1 | us-gaap |
Depreciation
Depreciation
|
155000 | usd |
CY2022Q1 | us-gaap |
Depreciation
Depreciation
|
50000 | usd |
CY2023Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
348000 | usd |
CY2022Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
772000 | usd |
CY2023Q1 | SCTC |
Severance Pay Asset And Liability
SeverancePayAssetAndLiability
|
-54000 | usd |
CY2023Q1 | SCTC |
Gain Or Loss On Exchange From Operating Lease Liability
GainOrLossOnExchangeFromOperatingLeaseLiability
|
9000 | usd |
CY2022Q1 | SCTC |
Gain Or Loss On Exchange From Operating Lease Liability
GainOrLossOnExchangeFromOperatingLeaseLiability
|
10000 | usd |
CY2023Q1 | us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-4000 | usd |
CY2022Q1 | us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-41000 | usd |
CY2023Q1 | SCTC |
Interest Income In Respect Of Deposits
InterestIncomeInRespectOfDeposits
|
-42000 | usd |
CY2022Q1 | SCTC |
Interest Income In Respect Of Deposits
InterestIncomeInRespectOfDeposits
|
13000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
1000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
6000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
63000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
23000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-48000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-16000 | usd |
CY2023Q1 | SCTC |
Increase Decrease In Right Of Use Asset
IncreaseDecreaseInRightOfUseAsset
|
44000 | usd |
CY2022Q1 | SCTC |
Increase Decrease In Right Of Use Asset
IncreaseDecreaseInRightOfUseAsset
|
19000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
283000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
-27000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
68000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
124000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
|
50000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
|
39000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
|
-60000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-228000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
1616000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
-63000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
|
20000 | usd |
CY2023Q1 | us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
182000 | usd |
CY2022Q1 | us-gaap |
Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
|
2000 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-2474000 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-224000 | usd |
CY2023Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
15000 | usd |
CY2022Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
24000 | usd |
CY2023Q1 | SCTC |
Withdrawal Short Term Deposits
WithdrawalShortTermDeposits
|
3000000 | usd |
CY2023Q1 | SCTC |
Payments Investment To Short Term Deposits
PaymentsInvestmentToShortTermDeposits
|
15000000 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-12015000 | usd |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-24000 | usd |
CY2023Q1 | SCTC |
Proceeds From Issuance Of Shares And Warrants
ProceedsFromIssuanceOfSharesAndWarrants
|
13977000 | usd |
CY2023Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
13977000 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-512000 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-248000 | usd |
CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
10099000 | usd |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
8581000 | usd |
CY2023Q1 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
-4000 | usd |
CY2022Q1 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
-41000 | usd |
CY2023Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
9583000 | usd |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
8292000 | usd |
CY2023Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
83000 | usd |
CY2022Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
46000 | usd |
CY2023Q1 | SCTC |
Non Cash Issuance Expenses
NonCashIssuanceExpenses
|
50000 | usd |
CY2023Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p id="xdx_80C_eus-gaap--NatureOfOperations_zumE0HZgn4gl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span id="xdx_823_zHesyyvHc6I">GENERAL</span>:</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a</b>.</span></td> <td style="font: 10pt Times New Roman, Times, Serif"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ScoutCam Inc. (the “Company”), formerly known as Intellisense Solutions Inc., (“Intellisense”), was incorporated under the laws of the State of Nevada on March 22, 2013. Prior to the closing of the Exchange Agreement (as defined below), the Company was a non-operating “shell company”.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s wholly owned subsidiary, ScoutCam Ltd. (“ScoutCam”), was formed in the State of Israel on January 3, 2019, as a wholly-owned subsidiary of Medigus Ltd. (“Medigus”), an Israeli company traded on the Nasdaq Capital Market, and commenced operations on March 1, 2019.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2019, Medigus and ScoutCam consummated an asset transfer agreement, under which Medigus transferred and assigned certain assets and intellectual property rights related to its miniaturized imaging business to ScoutCam.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 30, 2019, Intellisense and Medigus consummated a securities exchange agreement (the “Exchange Agreement”), pursuant to which Medigus delivered 100% of its holdings in ScoutCam to Intellisense in exchange for shares of Intellisense’s common stock representing 60% of the issued and outstanding share capital of Intellisense immediately upon the consummation of the Exchange Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2023, Medigus beneficially owned 18.45% of the Company’s outstanding common stock.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company, through ScoutCam, is engaged in the development, production and marketing of Predictive Maintenance (PdM) and Condition Based Monitoring (CBM) technologies, providing visual sensing and AI-based video analytics solutions for systems in the aviation, maritime, industrial non-destructing-testing industries, transportation, and energy industries. Some of the Company’s products utilize micro visualization technology in medical devices for minimally invasive medical procedures. </span></p></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SCOUTCAM INC.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – GENERAL </b>(continued):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>b</b>.</span></td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0">Since incorporation of ScoutCam and through March 31, 2023, the Company accumulated a deficit of approximately $27.4 million and its activities have been funded mainly by its shareholders. The Company’s management believes the Company’ cash and cash resources will allow the Company to fund its operating plan through at least the next 12 months from the filing date of these Interim Condensed Consolidated Financial Statements. However, the Company expects to continue to incur significant research and development and other costs related to its ongoing operations, requiring the Company to obtain additional funding in order to continue its future operations until becoming profitable.</p> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></td></tr> </table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_84C_eus-gaap--UseOfEstimates_zSKjrGRDnta4" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c. </b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_zMKgMDNVyNni">Use of estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The Company evaluates on an ongoing basis its assumptions, including those related to contingencies, deferred taxes, inventory impairment, stock-based compensation, as well as in estimates used in applying the revenue recognition policy. Actual results may differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | |
CY2023Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
346000 | usd |
CY2023Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
289000 | usd |
CY2022Q4 | us-gaap |
Sublease Income
SubleaseIncome
|
3000 | usd |
CY2023Q1 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
57000 | usd |
CY2023Q1 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
57000 | usd |
CY2023Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P0Y10M6D | |
CY2023Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.06 | pure |
CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
175000 | usd |
CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
85000 | usd |
CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
44000 | usd |
CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
304000 | usd |
CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
15000 | usd |
CY2023Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
289000 | usd |
CY2023Q1 | us-gaap |
Share Price
SharePrice
|
5 | |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
|
4.5 | |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.375 | pure |
CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P7Y | |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0394 | pure |
CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
1560040 | shares |
CY2022Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
3.64 | |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
57000 | shares |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
4.50 | |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
18512 | shares |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
3.37 | |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
1598528 | shares |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
3.68 | |
CY2023Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
|
908803 | shares |
CY2023Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
|
3.15 | |
CY2023Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
348000 | usd |
CY2023Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
303000 | usd |
CY2022Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
2000 | usd |
CY2023Q1 | us-gaap |
Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
|
P7Y | |
CY2023Q1 | us-gaap |
Contract With Customer Asset Net
ContractWithCustomerAssetNet
|
1435000 | usd |
CY2022Q4 | us-gaap |
Contract With Customer Asset Net
ContractWithCustomerAssetNet
|
1495000 | usd |
CY2023Q1 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
3416000 | usd |
CY2022Q4 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
3644000 | usd |
CY2022Q4 | us-gaap |
Contract With Customer Asset Net
ContractWithCustomerAssetNet
|
1495000 | usd |
CY2021Q4 | us-gaap |
Contract With Customer Asset Net
ContractWithCustomerAssetNet
|
1675000 | usd |
CY2023Q1 | SCTC |
Contract With Customer Asset Contract Costs
ContractWithCustomerAssetContractCosts
|
-60000 | usd |
CY2022 | SCTC |
Contract With Customer Asset Contract Costs
ContractWithCustomerAssetContractCosts
|
-180000 | usd |
CY2023Q1 | us-gaap |
Contract With Customer Asset Net
ContractWithCustomerAssetNet
|
1435000 | usd |
CY2022Q4 | us-gaap |
Contract With Customer Asset Net
ContractWithCustomerAssetNet
|
1495000 | usd |
CY2022Q4 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
3644000 | usd |
CY2021Q4 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
2420000 | usd |
CY2022 | SCTC |
Contract With Customer Liability Deferred Revenue Relating To New Sales
ContractWithCustomerLiabilityDeferredRevenueRelatingToNewSales
|
1613000 | usd |
CY2023Q1 | SCTC |
Contract With Customer Liability Revenue Recognized Development Services
ContractWithCustomerLiabilityRevenueRecognizedDevelopmentServices
|
-228000 | usd |
CY2022 | SCTC |
Contract With Customer Liability Revenue Recognized Development Services
ContractWithCustomerLiabilityRevenueRecognizedDevelopmentServices
|
-389000 | usd |
CY2023Q1 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
3416000 | usd |
CY2022Q4 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
3644000 | usd |
CY2023Q1 | us-gaap |
Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
|
3400000 | usd |
CY2023Q1 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
|
258000 | usd |
CY2022Q4 | us-gaap |
Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
|
438000 | usd |
CY2023Q1 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
300000 | usd |
CY2022Q4 | us-gaap |
Inventory Work In Process
InventoryWorkInProcess
|
148000 | usd |
CY2023Q1 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
135000 | usd |
CY2022Q4 | us-gaap |
Inventory Finished Goods
InventoryFinishedGoods
|
44000 | usd |
CY2023Q1 | us-gaap |
Inventory Net
InventoryNet
|
693000 | usd |
CY2022Q4 | us-gaap |
Inventory Net
InventoryNet
|
630000 | usd |
CY2023Q1 | us-gaap |
Inventory Write Down
InventoryWriteDown
|
0 | usd |
CY2023Q1 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
8000 | usd |
CY2022Q4 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
58000 | usd |
CY2023Q1 | us-gaap |
Compensation Expense Excluding Cost Of Good And Service Sold
CompensationExpenseExcludingCostOfGoodAndServiceSold
|
29000 | usd |
CY2022Q1 | us-gaap |
Compensation Expense Excluding Cost Of Good And Service Sold
CompensationExpenseExcludingCostOfGoodAndServiceSold
|
25000 | usd |