2023 Q4 Form 10-Q Financial Statement

#000149315223040489 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $1.946M $110.0K $134.0K
YoY Change 1123.9% -17.91% 482.61%
Cost Of Revenue $876.0K $321.0K $430.0K
YoY Change 148.86% -25.35% 103.79%
Gross Profit $1.070M -$211.0K -$296.0K
YoY Change -654.4% -28.72% 57.45%
Gross Profit Margin 54.98% -191.82% -220.9%
Selling, General & Admin $1.438M $1.307M $981.0K
YoY Change 262.22% 33.23% -44.95%
% of Gross Profit 134.39%
Research & Development $1.495M $1.354M $1.048M
YoY Change 27.34% 29.2% 75.84%
% of Gross Profit 139.72%
Depreciation & Amortization $45.00K $47.00K $57.00K
YoY Change -50.55% -17.54% 137.5%
% of Gross Profit 4.21%
Operating Expenses $2.943M $2.661M $2.029M
YoY Change 88.17% 31.15% -14.57%
Operating Profit -$1.873M -$2.872M -$2.325M
YoY Change 6.6% 23.53% -9.29%
Interest Expense $332.0K $330.0K $73.00K
YoY Change 256.99% 352.05% 7200.0%
% of Operating Profit
Other Income/Expense, Net $200.0K
YoY Change
Pretax Income -$1.341M -$2.542M -$2.244M
YoY Change -19.41% 13.28% -12.41%
Income Tax
% Of Pretax Income
Net Earnings -$1.341M -$2.542M -$2.244M
YoY Change -19.41% 13.28% -12.41%
Net Earnings / Revenue -68.91% -2310.91% -1674.63%
Basic Earnings Per Share -$0.24 -$0.32
Diluted Earnings Per Share -$0.13 -$0.24 -$315.1K
COMMON SHARES
Basic Shares Outstanding 10.44M shares 10.44M shares 7.122M shares
Diluted Shares Outstanding 10.44M shares 7.122M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.04M $19.51M $15.17M
YoY Change 29.63% 28.63% -23.12%
Cash & Equivalents $8.945M $15.94M $2.586M
Short-Term Investments $8.096M $3.569M $12.58M
Other Short-Term Assets $432.0K $573.0K $272.0K
YoY Change 53.74% 110.66% -49.35%
Inventory $504.0K $782.0K $652.0K
Prepaid Expenses
Receivables $1.372M $15.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $19.35M $20.86M $16.10M
YoY Change 37.06% 29.55% -21.16%
LONG-TERM ASSETS
Property, Plant & Equipment $477.0K $503.0K $708.0K
YoY Change -26.39% -28.95% -37.12%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $96.00K $254.0K $325.0K
YoY Change -70.73% -21.85% -21.88%
Total Long-Term Assets $3.480M $3.694M $2.913M
YoY Change 25.27% 26.81% -8.28%
TOTAL ASSETS
Total Short-Term Assets $19.35M $20.86M $16.10M
Total Long-Term Assets $3.480M $3.694M $2.913M
Total Assets $22.83M $24.56M $19.02M
YoY Change 35.12% 29.13% -19.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $287.0K $293.0K $366.0K
YoY Change -3.37% -19.95% 82.09%
Accrued Expenses $1.016M $1.569M $694.0K
YoY Change 30.59% 126.08% -21.14%
Deferred Revenue $527.0K $950.0K $1.429M
YoY Change -63.04% -33.52%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.082M $2.864M $2.556M
YoY Change -18.64% 12.05% 131.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $28.00K $28.00K $2.733M
YoY Change -98.9% -98.98% 44.3%
Total Long-Term Liabilities $2.940M $3.133M $2.733M
YoY Change 15.29% 14.64% 44.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.082M $2.864M $2.556M
Total Long-Term Liabilities $2.940M $3.133M $2.733M
Total Liabilities $5.022M $5.997M $5.289M
YoY Change -1.7% 13.39% 76.3%
SHAREHOLDERS EQUITY
Retained Earnings -$34.20M -$32.90M -$23.10M
YoY Change 38.11% 42.44%
Common Stock $52.01M $51.43M $36.83M
YoY Change 42.32% 39.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $17.81M $18.56M $13.73M
YoY Change
Total Liabilities & Shareholders Equity $22.83M $24.56M $19.02M
YoY Change 35.12% 29.13% -19.43%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$1.341M -$2.542M -$2.244M
YoY Change -19.41% 13.28% -12.41%
Depreciation, Depletion And Amortization $45.00K $47.00K $57.00K
YoY Change -50.55% -17.54% 137.5%
Cash From Operating Activities -$2.671M -$2.255M -$1.709M
YoY Change 34.36% 31.95% 3.58%
INVESTING ACTIVITIES
Capital Expenditures $19.00K $37.00K $45.00K
YoY Change -38.71% -17.78% -114.38%
Acquisitions
YoY Change
Other Investing Activities -$4.500M $15.00M -$3.000M
YoY Change -147.37% -600.0%
Cash From Investing Activities -$4.519M $14.96M -$3.045M
YoY Change -147.72% -591.4% 872.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -26.00K -$78.00K
YoY Change
NET CHANGE
Cash From Operating Activities -2.671M -$2.255M -$1.709M
Cash From Investing Activities -4.519M $14.96M -$3.045M
Cash From Financing Activities -26.00K -$78.00K
Net Change In Cash -7.216M $12.63M -$4.754M
YoY Change -196.46% -365.67% 131.0%
FREE CASH FLOW
Cash From Operating Activities -$2.671M -$2.255M -$1.709M
Capital Expenditures $19.00K $37.00K $45.00K
Free Cash Flow -$2.690M -$2.292M -$1.754M
YoY Change 33.23% 30.67% 31.19%

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us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
-28000 usd
CY2023Q3 us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
-5000 usd
CY2022Q3 SCTC Gain Or Loss On Exchange From Operating Lease Liability
GainOrLossOnExchangeFromOperatingLeaseLiability
2000 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-64000 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-301000 usd
CY2023Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-11000 usd
CY2022Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
26000 usd
SCTC Interest Income In Respect Of Deposits
InterestIncomeInRespectOfDeposits
22000 usd
SCTC Interest Income In Respect Of Deposits
InterestIncomeInRespectOfDeposits
66000 usd
CY2023Q3 SCTC Interest Income In Respect Of Deposits
InterestIncomeInRespectOfDeposits
-167000 usd
CY2022Q3 SCTC Interest Income In Respect Of Deposits
InterestIncomeInRespectOfDeposits
43000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-60000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
7000 usd
CY2023Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-158000 usd
CY2022Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-84000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
152000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
485000 usd
CY2023Q3 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
58000 usd
CY2022Q3 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
43000 usd
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
292000 usd
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-171000 usd
CY2023Q3 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-95000 usd
CY2022Q3 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-138000 usd
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-179000 usd
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-120000 usd
CY2023Q3 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-60000 usd
CY2022Q3 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-60000 usd
SCTC Increase Decrease In Right Of Use Asset
IncreaseDecreaseInRightOfUseAsset
211000 usd
SCTC Increase Decrease In Right Of Use Asset
IncreaseDecreaseInRightOfUseAsset
210000 usd
CY2023Q3 SCTC Increase Decrease In Right Of Use Asset
IncreaseDecreaseInRightOfUseAsset
117000 usd
CY2022Q3 SCTC Increase Decrease In Right Of Use Asset
IncreaseDecreaseInRightOfUseAsset
78000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-4000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
263000 usd
CY2023Q3 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-481000 usd
CY2022Q3 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
57000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-793000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
1333000 usd
CY2023Q3 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-110000 usd
CY2022Q3 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-102000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-225000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-183000 usd
CY2023Q3 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-115000 usd
CY2022Q3 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-58000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
396000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-3000 usd
CY2023Q3 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
307000 usd
CY2022Q3 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-24000 usd
us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
6000 usd
CY2022Q3 us-gaap Increase Decrease In Accounts Receivable Related Parties
IncreaseDecreaseInAccountsReceivableRelatedParties
-45000 usd
SCTC Increase Decrease In Other Account Payable
IncreaseDecreaseInOtherAccountPayable
80000 usd
CY2022Q3 SCTC Termination Of Rightofuse Assets In Exchange For Cancellation Of Operating Lease Obligations
TerminationOfRightofuseAssetsInExchangeForCancellationOfOperatingLeaseObligations
-65000 usd
SCTC Increase Decrease In Other Account Payable
IncreaseDecreaseInOtherAccountPayable
-60000 usd
CY2023Q3 SCTC Increase Decrease In Other Account Payable
IncreaseDecreaseInOtherAccountPayable
-230000 usd
CY2022Q3 SCTC Increase Decrease In Other Account Payable
IncreaseDecreaseInOtherAccountPayable
-145000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7338000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4107000 usd
CY2023Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2255000 usd
CY2022Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1709000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
94000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
87000 usd
CY2023Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
37000 usd
CY2022Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
45000 usd
SCTC Withdrawal Short Term Deposits
WithdrawalShortTermDeposits
18000000 usd
SCTC Withdrawal Short Term Deposits
WithdrawalShortTermDeposits
5000000 usd
CY2023Q3 SCTC Withdrawal Short Term Deposits
WithdrawalShortTermDeposits
15000000 usd
SCTC Payments Investment To Short Term Deposits
PaymentsInvestmentToShortTermDeposits
18500000 usd
SCTC Payments Investment To Short Term Deposits
PaymentsInvestmentToShortTermDeposits
6500000 usd
CY2022Q3 SCTC Payments Investment To Short Term Deposits
PaymentsInvestmentToShortTermDeposits
3000000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-594000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1587000 usd
CY2023Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
14963000 usd
CY2022Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3045000 usd
SCTC Proceeds From Issuance Of Shares And Warrants
ProceedsFromIssuanceOfSharesAndWarrants
13835000 usd
CY2023Q3 SCTC Proceeds From Issuance Of Shares And Warrants
ProceedsFromIssuanceOfSharesAndWarrants
-78000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13835000 usd
CY2023Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-78000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
5903000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-5694000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
12630000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-4754000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-64000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-301000 usd
CY2023Q3 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-11000 usd
CY2022Q3 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-26000 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
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3319000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
7314000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
15938000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2586000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
15938000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2586000 usd
SCTC Non Cash Change In Unpaid Issuance Expenses
NonCashChangeInUnpaidIssuanceExpenses
14000 usd
CY2023Q3 SCTC Non Cash Change In Unpaid Issuance Expenses
NonCashChangeInUnpaidIssuanceExpenses
-12000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1577000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
118000 usd
CY2023Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1112000 usd
CY2022Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
37000 usd
SCTC Termination Of Rightofuse Assets In Exchange For Cancellation Of Operating Lease Obligations
TerminationOfRightofuseAssetsInExchangeForCancellationOfOperatingLeaseObligations
-52000 usd
SCTC Termination Of Rightofuse Assets In Exchange For Cancellation Of Operating Lease Obligations
TerminationOfRightofuseAssetsInExchangeForCancellationOfOperatingLeaseObligations
-65000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80D_eus-gaap--NatureOfOperations_zDS7gdnwwyLd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 – <span id="xdx_823_zl80QJM8DUb9">GENERAL</span>:</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 49.6pt; text-align: justify; text-indent: -49.6pt"><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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Odysight.ai.Inc (the “Company”), formerly known as ScoutCam Inc., 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 0pt 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">On June 5, 2023, the Company filed with the Nevada Secretary of State a Certificate of Amendment to the Registrant’s Articles of Incorporation to change its name from “ScoutCam Inc.” to “Odysight.ai Inc.”, effective June 5, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s wholly owned subsidiary, Odysight.ai Ltd (“Odysight.ai”.), formerly known as ScoutCam Ltd., 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 0pt 0pt 0; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In December 2019, Medigus and Odysight.ai consummated an asset transfer agreement, under which Medigus transferred and assigned certain assets and intellectual property rights related to its miniaturized imaging business to Odysight.ai.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On December 30, 2019, the Company and Medigus consummated a securities exchange agreement (the “Exchange Agreement”), pursuant to which Medigus delivered <span id="xdx_902_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20191230__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MedigusMember__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementMember_zwpU7fihE4fk" title="Ownership percentage">100</span>% of its holdings in Odysight.ai to the Company in exchange for shares of the Company’s common stock representing <span id="xdx_904_ecustom--PercentageOfExchangeForSharesIssuedAndOutstandingShareCapital_pid_dp_uPure_c20191230__20191230__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MedigusMember__us-gaap--TypeOfArrangementAxis__custom--ExchangeAgreementMember_zjCFhZ4ZCMk8" title="Percentage of exchange for shares issued and outstanding share capital">60</span>% of the issued and outstanding share capital of the Company immediately upon the consummation of the Exchange Agreement.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2020-2023 Medigus has decreased its holdings in the Company such that as of March 31, 2023, Medigus owned <span id="xdx_907_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20230331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MedigusMember_zCzIYDKpLyEa">18.45</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of the Company’s outstanding common stock. On June 1, 2023, Medigus sold all its holdings in the Company to existing shareholders and to Chairman of the Board and CEO of the Company.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company, through Odysight.ai, provides image-based platforms. Through the use of its proprietary visualization technology, Odysight.ai offers solutions across predictive maintenance and condition-based monitoring markets, in sectors such as energy, automotive and aviation. Odysight.ai’s solutions are based on small and highly resilient cameras, specialized AI analysis and supplementary technologies. 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 0pt 0pt 0; 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"><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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ODYSIGHT.AI INC. (Formerly known as ScoutCam Inc.)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 60.65pt; 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">Since incorporation of Odysight.ai and through September 30, 2023, the Company accumulated a deficit of approximately $<span id="xdx_906_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn5n6_di_c20230930_zOFIawHQtWoa" title="Accumulated deficit">32.9</span> 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.</span></td></tr> </table> <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"> </span></p>
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-32900000 usd
us-gaap Inventory Write Down
InventoryWriteDown
0 usd
CY2023Q3 SCTC Termination Of Rightofuse Assets In Exchange For Cancellation Of Operating Lease Obligations
TerminationOfRightofuseAssetsInExchangeForCancellationOfOperatingLeaseObligations
-27000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_845_eus-gaap--UseOfEstimates_z4Y2mzw0lHed" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c. <span id="xdx_866_zrMe2GBXomsi">Use of estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0"><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"><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; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>ODYSIGHT.AI INC. (Formerly known as ScoutCam Inc.)</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; 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 0pt 0pt 0; 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 2 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES </b>(continued):</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2 us-gaap Sublease Income
SubleaseIncome
7000 usd
CY2023Q3 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
242000 usd
CY2022Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
438000 usd
CY2023Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
277000 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
148000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
262000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
203000 usd
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
143000 usd
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
67000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y10M20D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.06 pure
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
138000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
542000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
502000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
382000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
148000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1712000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
227000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1485000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
684000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.13
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
29117 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.78
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2214923 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.48
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
993487 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
3.21
us-gaap Share Based Compensation
ShareBasedCompensation
1056000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1916000 usd
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
371000 usd
CY2022Q3 us-gaap Share Based Compensation
ShareBasedCompensation
459000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1087000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
506000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
110000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
134000 usd
CY2023Q3 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P7Y
CY2023Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
263000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
44000 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
782000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
630000 usd
CY2023Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1316000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1495000 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2851000 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
SCTC Contract With Customer Asset Contract Costs
ContractWithCustomerAssetContractCosts
-179000 usd
CY2022 SCTC Contract With Customer Asset Contract Costs
ContractWithCustomerAssetContractCosts
-180000 usd
CY2023Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1316000 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
SCTC Contract With Customer Liability Revenue Recognized Development Services
ContractWithCustomerLiabilityRevenueRecognizedDevelopmentServices
-793000 usd
CY2022 SCTC Contract With Customer Liability Revenue Recognized Development Services
ContractWithCustomerLiabilityRevenueRecognizedDevelopmentServices
-389000 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2851000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3644000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2900000 usd
us-gaap Compensation Expense Excluding Cost Of Good And Service Sold
CompensationExpenseExcludingCostOfGoodAndServiceSold
29000 usd
us-gaap Compensation Expense Excluding Cost Of Good And Service Sold
CompensationExpenseExcludingCostOfGoodAndServiceSold
87000 usd
SCTC Royalties Agreement Description
RoyaltiesAgreementDescription
Pursuant to the agreement with the IIA relating to the program, the Company has to pay royalties of 3% to the IIA up to the amount IIA funding received and the accrued interest repayment of the grant is contingent upon the Company successfully completing its enhancement plans and generating sales from the enhancements preformed.
CY2023Q3 us-gaap Other Cost Of Operating Revenue
OtherCostOfOperatingRevenue
50000 usd

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sctc-20230930_cal.xml Edgar Link unprocessable
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form10-q_htm.xml Edgar Link completed
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report.css Edgar Link pending
sctc-20230930.xsd Edgar Link pending
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sctc-20230930_def.xml Edgar Link unprocessable
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