2024 Q4 Form 10-Q Financial Statement

#000149315224045352 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $1.292M $110.0K
YoY Change 1074.55% -17.91%
Cost Of Revenue $887.0K $321.0K
YoY Change 176.32% -25.35%
Gross Profit $405.0K -$211.0K
YoY Change -291.94% -28.72%
Gross Profit Margin 31.35% -191.82%
Selling, General & Admin $1.691M $1.307M
YoY Change 29.38% 33.23%
% of Gross Profit 417.53%
Research & Development $1.730M $1.354M
YoY Change 27.77% 29.2%
% of Gross Profit 427.16%
Depreciation & Amortization $28.00K $47.00K
YoY Change -40.43% -17.54%
% of Gross Profit 6.91%
Operating Expenses $3.421M $2.661M
YoY Change 28.56% 31.15%
Operating Profit -$3.016M -$2.872M
YoY Change 5.01% 23.53%
Interest Expense $330.0K
YoY Change 352.05%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.542M
YoY Change 13.28%
Income Tax
% Of Pretax Income
Net Earnings -$2.867M -$2.542M
YoY Change 12.79% 13.28%
Net Earnings / Revenue -221.9% -2310.91%
Basic Earnings Per Share -$0.23 -$0.24
Diluted Earnings Per Share -$0.23 -$0.24
COMMON SHARES
Basic Shares Outstanding 12.61M shares 12.60M shares 10.44M shares
Diluted Shares Outstanding 12.26M shares 10.44M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.51M
YoY Change 28.63%
Cash & Equivalents $20.91M $15.94M
Short-Term Investments $3.569M
Other Short-Term Assets $634.0K $573.0K
YoY Change 10.65% 110.66%
Inventory $328.0K $782.0K
Prepaid Expenses
Receivables $912.0K
Other Receivables $0.00
Total Short-Term Assets $23.10M $20.86M
YoY Change 10.72% 29.55%
LONG-TERM ASSETS
Property, Plant & Equipment $423.0K $503.0K
YoY Change -15.9% -28.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $96.00K $254.0K
YoY Change -62.2% -21.85%
Total Long-Term Assets $3.075M $3.694M
YoY Change -16.76% 26.81%
TOTAL ASSETS
Total Short-Term Assets $23.10M $20.86M
Total Long-Term Assets $3.075M $3.694M
Total Assets $26.17M $24.56M
YoY Change 6.58% 29.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $301.0K $293.0K
YoY Change 2.73% -19.95%
Accrued Expenses $209.0K $1.569M
YoY Change -86.68% 126.08%
Deferred Revenue $615.0K $950.0K
YoY Change -35.26% -33.52%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.924M $2.864M
YoY Change 2.09% 12.05%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $28.00K
YoY Change -98.98%
Total Long-Term Liabilities $2.335M $3.133M
YoY Change -25.47% 14.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.924M $2.864M
Total Long-Term Liabilities $2.335M $3.133M
Total Liabilities $5.259M $5.997M
YoY Change -12.31% 13.39%
SHAREHOLDERS EQUITY
Retained Earnings -$42.40M -$32.90M
YoY Change 28.88% 42.44%
Common Stock $63.33M $51.43M
YoY Change 23.15% 39.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.91M $18.56M
YoY Change
Total Liabilities & Shareholders Equity $26.17M $24.56M
YoY Change 6.58% 29.13%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$2.867M -$2.542M
YoY Change 12.79% 13.28%
Depreciation, Depletion And Amortization $28.00K $47.00K
YoY Change -40.43% -17.54%
Cash From Operating Activities -$2.199M -$2.255M
YoY Change -2.48% 31.95%
INVESTING ACTIVITIES
Capital Expenditures $8.000K $37.00K
YoY Change -78.38% -17.78%
Acquisitions
YoY Change
Other Investing Activities $15.00M
YoY Change -600.0%
Cash From Investing Activities -$8.000K $14.96M
YoY Change -100.05% -591.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $9.850M -$78.00K
YoY Change -12728.21%
NET CHANGE
Cash From Operating Activities -$2.199M -$2.255M
Cash From Investing Activities -$8.000K $14.96M
Cash From Financing Activities $9.850M -$78.00K
Net Change In Cash $7.643M $12.63M
YoY Change -39.49% -365.67%
FREE CASH FLOW
Cash From Operating Activities -$2.199M -$2.255M
Capital Expenditures $8.000K $37.00K
Free Cash Flow -$2.207M -$2.292M
YoY Change -3.71% 30.67%

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ShareBasedCompensation
371000 usd
ODYS Severance Pay Asset And Liability
SeverancePayAssetAndLiability
14000 usd
ODYS Severance Pay Asset And Liability
SeverancePayAssetAndLiability
-53000 usd
CY2024Q3 ODYS Severance Pay Asset And Liability
SeverancePayAssetAndLiability
1000 usd
CY2023Q3 ODYS Severance Pay Asset And Liability
SeverancePayAssetAndLiability
1000 usd
ODYS Interest And Exchange Differences From Operating Lease Liability
InterestAndExchangeDifferencesFromOperatingLeaseLiability
29000 usd
ODYS Interest And Exchange Differences From Operating Lease Liability
InterestAndExchangeDifferencesFromOperatingLeaseLiability
78000 usd
CY2024Q3 ODYS Interest And Exchange Differences From Operating Lease Liability
InterestAndExchangeDifferencesFromOperatingLeaseLiability
-13000 usd
CY2023Q3 ODYS Interest And Exchange Differences From Operating Lease Liability
InterestAndExchangeDifferencesFromOperatingLeaseLiability
56000 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-11000 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-64000 usd
CY2024Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
29000 usd
CY2023Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-11000 usd
ODYS Interest Income In Respect Of Deposits
InterestIncomeInRespectOfDeposits
-96000 usd
ODYS Interest Income In Respect Of Deposits
InterestIncomeInRespectOfDeposits
22000 usd
CY2023Q3 ODYS Interest Income In Respect Of Deposits
InterestIncomeInRespectOfDeposits
-167000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-460000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-60000 usd
CY2024Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
154000 usd
CY2023Q3 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-158000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-176000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
152000 usd
CY2024Q3 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-111000 usd
CY2023Q3 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
58000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-340000 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-225000 usd
CY2024Q3 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-114000 usd
CY2023Q3 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-115000 usd
ODYS Increase Decrease In Right Of Use Asset
IncreaseDecreaseInRightOfUseAsset
338000 usd
ODYS Increase Decrease In Right Of Use Asset
IncreaseDecreaseInRightOfUseAsset
211000 usd
CY2024Q3 ODYS Increase Decrease In Right Of Use Asset
IncreaseDecreaseInRightOfUseAsset
111000 usd
CY2023Q3 ODYS Increase Decrease In Right Of Use Asset
IncreaseDecreaseInRightOfUseAsset
117000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
202000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
292000 usd
CY2024Q3 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-23000 usd
CY2023Q3 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-95000 usd
CY2023Q3 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-110000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
606000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
396000 usd
CY2024Q3 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
187000 usd
CY2023Q3 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
307000 usd
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
66000 usd
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
80000 usd
CY2024Q3 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
26000 usd
CY2023Q3 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-230000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5522000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7338000 usd
CY2024Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2199000 usd
CY2023Q3 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2255000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
38000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
94000 usd
CY2024Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8000 usd
CY2023Q3 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
37000 usd
ODYS Withdrawal Short Term Deposits
WithdrawalShortTermDeposits
8000000 usd
ODYS Withdrawal Short Term Deposits
WithdrawalShortTermDeposits
18000000 usd
CY2023Q3 ODYS Withdrawal Short Term Deposits
WithdrawalShortTermDeposits
15000000 usd
ODYS Payments Investment To Short Term Deposits
PaymentsInvestmentToShortTermDeposits
18500000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
7962000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-594000 usd
CY2024Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8000 usd
CY2023Q3 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
14963000 usd
ODYS Proceeds From Issuance Of Shares And Warrants
ProceedsFromIssuanceOfSharesAndWarrants
9850000 usd
ODYS Proceeds From Issuance Of Shares And Warrants
ProceedsFromIssuanceOfSharesAndWarrants
13835000 usd
CY2024Q3 ODYS Proceeds From Issuance Of Shares And Warrants
ProceedsFromIssuanceOfSharesAndWarrants
9850000 usd
CY2023Q3 ODYS Proceeds From Issuance Of Shares And Warrants
ProceedsFromIssuanceOfSharesAndWarrants
-78000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9850000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13835000 usd
CY2024Q3 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9850000 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
12290000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
5903000 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
7643000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
12630000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
8945000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
10099000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13552000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
3319000 usd
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
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
CY2024Q3 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
29000 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
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
21224000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
15938000 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
21224000 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
15938000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
167000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1577000 usd
CY2024Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
47000 usd
CY2023Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1112000 usd
ODYS Termination Of Rightofuse Assets In Exchange For Cancellation Of Operating Lease Obligations
TerminationOfRightofuseAssetsInExchangeForCancellationOfOperatingLeaseObligations
-55000 usd
ODYS Termination Of Rightofuse Assets In Exchange For Cancellation Of Operating Lease Obligations
TerminationOfRightofuseAssetsInExchangeForCancellationOfOperatingLeaseObligations
-52000 usd
CY2023Q3 ODYS Termination Of Rightofuse Assets In Exchange For Cancellation Of Operating Lease Obligations
TerminationOfRightofuseAssetsInExchangeForCancellationOfOperatingLeaseObligations
-27000 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_804_eus-gaap--NatureOfOperations_zoVt85qVXWfk" 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_828_zc1QTpe9zsm6">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.</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">The Company’s wholly owned subsidiary, Odysight.ai Ltd (“Odysight.ai”), formerly known as ScoutCam Ltd., was incorporated in the State of Israel on January 3, 2019, and was merged into the Company on December 31, 2019, in a share exchange transaction, following which the surviving operations of the merged entity were the operations of 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 February 28, 2024, D. VIEW Ltd., a wholly owned subsidiary of the Company, was incorporated in the State of Israel to act as a local representative for the defense market in Israel.</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">The Company, through its subsidiaries, provides image-based platform solutions for the Predictive Maintenance (PdM) and Condition Based Monitoring (CBM) markets with its visualization and AI platform. The Company’s video sensor-based platform provides solutions for critical systems in the aviation, transportation, and energy industries. Its video-based sensors, embedded software, and AI algorithms are deployed in hard-to-reach locations and harsh environments across a variety of PdM and CBM use cases and allow maintenance and operations teams visibility into areas which are inaccessible under normal operation, or where the operating ambience is not suitable for continuous real-time monitoring. 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 the incorporation of Odysight.ai and through September 30, 2024, the Company accumulated a deficit of approximately $<span id="xdx_900_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_pn5n6_di_c20240930_zqQQbylKkkVg" title="Accumulated deficit">42.4</span> million and its activities have been funded mainly by its shareholders. The Company’s management believes the Company’ cash and cash resources as of September 30, 2024 will allow the Company to fund its operating plan through at least the next 12 months from the filing date of these 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-42400000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_847_eus-gaap--UseOfEstimates_zRjdq566Gezb" 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>c. <span id="xdx_867_zZJKzn6sAzAa">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 and 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; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Operating Lease Payments
OperatingLeasePayments
443000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
262000 usd
CY2024Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
146000 usd
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
143000 usd
CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y9M10D
CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.06 pure
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
147000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
552000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
447000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
157000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1303000 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
234000 usd
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1069000 usd
CY2024Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
209000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
132000 usd
CY2024Q3 ODYS Other Current Liabilities
OtherCurrentLiabilities
128000 usd
CY2023Q4 ODYS Other Current Liabilities
OtherCurrentLiabilities
79000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.01 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
3692000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2455069 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.46
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
760500 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.76
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
23335 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3192234 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.77
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
1573336 shares
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
3.47
us-gaap Share Based Compensation
ShareBasedCompensation
1500000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1056000 usd
CY2024Q3 us-gaap Share Based Compensation
ShareBasedCompensation
537000 usd
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
371000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2660000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1087000 usd
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1292000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
110000 usd
CY2024Q3 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P7Y
CY2024Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1123000 usd
CY2023Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1256000 usd
CY2024Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2094000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2322000 usd
CY2023Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1256000 usd
CY2022Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1495000 usd
ODYS Contract With Customer Asset Contract Costs During Period
ContractWithCustomerAssetContractCostsDuringPeriod
47000 usd
ODYS Contract With Customer Asset Contract Costs
ContractWithCustomerAssetContractCosts
-180000 usd
CY2023 ODYS Contract With Customer Asset Contract Costs
ContractWithCustomerAssetContractCosts
-239000 usd
CY2024Q3 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1123000 usd
CY2023Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1256000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2322000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3644000 usd
ODYS Contract With Customer Liability Additions During Period
ContractWithCustomerLiabilityAdditionsDuringPeriod
161000 usd
ODYS Contract With Customer Liability Revenue Recognized Development Services
ContractWithCustomerLiabilityRevenueRecognizedDevelopmentServices
-389000 usd
CY2023 ODYS Contract With Customer Liability Revenue Recognized Development Services
ContractWithCustomerLiabilityRevenueRecognizedDevelopmentServices
-1322000 usd
CY2024Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2094000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
2322000 usd
CY2024Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
16000000.0 usd
CY2024Q3 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
290000 usd
CY2023Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
445000 usd
CY2024Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
37000 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
34000 usd
CY2024Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1000 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
25000 usd
CY2024Q3 us-gaap Inventory Net
InventoryNet
328000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
504000 usd
us-gaap Inventory Write Down
InventoryWriteDown
0 usd
us-gaap Compensation Expense Excluding Cost Of Good And Service Sold
CompensationExpenseExcludingCostOfGoodAndServiceSold
29000 usd
ODYS Royalties Agreement Description
RoyaltiesAgreementDescription
Pursuant to the agreement with an IIA relating to the program, the Company is required to pay royalties of 3% to the IIA up to the amount of IIA funding received and the accrued interest repayment of the grant. Such repayment is contingent upon the Company successfully completing its enhancement plans and generating sales from the enhancements preformed.
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0001493152-24-045352-index-headers.html Edgar Link pending
0001493152-24-045352-index.html Edgar Link pending
0001493152-24-045352.txt Edgar Link pending
0001493152-24-045352-xbrl.zip Edgar Link pending
ex31-1.htm Edgar Link pending
ex31-2.htm Edgar Link pending
ex32-1.htm Edgar Link pending
ex32-2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
form10-q.htm Edgar Link pending
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odys-20240930.xsd Edgar Link pending
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odys-20240930_cal.xml Edgar Link unprocessable
odys-20240930_def.xml Edgar Link unprocessable
odys-20240930_lab.xml Edgar Link unprocessable
odys-20240930_pre.xml Edgar Link unprocessable
form10-q_htm.xml Edgar Link completed
R4.htm Edgar Link pending
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