Revision of Previously Issued Financial Statements

12 Months Ended

Dec. 31, 2024

Revision of Previously Issued Financial Statements [Abstract]

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

NOTE 9 – REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

The Company's consolidated financial statements for the year ended December 31, 2023 have been revised for the effect of certain adjustments that were made in the preparation of financial statements for the year ended December 31, 2024:

(1)

In the financial statements for the year ended December 31, 2023, the Company had capitalized certain payments made for patents registration, and recorded the amounts as an intangible assets. During the year ended December 31, 2024, the Company reconsidered this assessment and believes that these amounts should be expensed. As a consequence, the Company revised its financial statements to remove the intangible asset and adjust retained earnings for periods beginning in 2021 through the third quarter of 2024 in the cumulative amount of $104.

(2)

In March 2023, the Company entered into an Acquisition Agreement (see note 1B) pursuant to which it acquired 100% of the shares of CR Ltd. In the Consolidated Statements of Stockholders’ Deficit, an incorrect numbers and amount of common stock were allocated to the “Effect of the reverse recapitalization”, which have been corrected in these consolidated financial statements. The total number of common stock issued in the transaction did not change.

The Company have evaluated the materiality of the intangible asset and common stock impact quantitatively and qualitatively and concluded it was not material to any of the prior periods impacted. The Company elected to revise previously issued consolidated financial statements contained within this Annual Report on Form 10-K for the periods impacted to correct the effect of this immaterial intangible asset and common stock for the corresponding periods.