v3.25.2
Share-Based Compensation
 6 Months Ended
Jun. 30, 2025
Share-Based Compensation [Abstarct]  
SHARE-BASED COMPENSATION

NOTE 8 – SHARE-BASED COMPENSATION

 

The Company has adopted a share-based compensation plan, the 2022 Share Incentive Plan (the Plan), from which share-based compensation awards can be granted to employees, directors and consultants. As of June 30, 2025, there were 206,337 ADSs authorized for issuance and not yet issued under the Plan.

 

The Company has issued stock option and restricted share unit (RSU) awards to management, other employees, consultants, and directors. These awards generally vest ratably over a three-year period and the option awards expire after a term of five years or four years from the date of grant. The Company’s option and RSUs awards have vesting conditions based on service periods. During the first six months of 2025, the Company allocated RSUs vesting into 1,500 ADSs to an officer. In addition, the Company allocated 37,197 ADSs to employees in lieu of annual bonuses.

 

The fair value of the Company’s stock options granted to a consultant for the six months ended June 30, 2024 were estimated using the following assumptions:

 

   2024 
Expected volatility   91.04%
Risk free interest rate   4.73%
Expected dividend   0%
Expected term (in years)   5 years 

 

The expected volatility was determined on the basis of a weighted average share price volatility of the Company, as well as similar companies, for a period equal to the share options expected terms. The risk-free interest rate is based on the yield from U.S. treasury bonds with an equivalent term. The Company has historically not paid dividends and has no foreseeable plans to pay dividends. Share price was determined according to quoted share prices on Nasdaq.

 

Transactions related to the grant of options to employees, directors and consultant under the Company’s options plan during the six months ended June 30, 2025 were as follows:

 

    Number of
options		     Weighted
average
exercise
price
(USD)		     Weighted
average
remaining
contractual
term
(in years)		     Aggregate
Intrinsic
Value
(USD)		  
Outstanding at January 1, 2025     8,698,270       0.6       5.3       0.02  
                                 
Expired     (771,000 )     0.64      
-
      
-
  
Outstanding at June 30, 2025     7,927,270       0.06       5.3       0.02  
Vested and expected to vest at end of period     7,927,270       0.06       5.3      
-
  
Exercisable at June 30, 2025     7,927,270       0.06       5.3      
-
  

 

Transactions related to restricted share units (RSUs) during the six months ended June 30, 2025, were as follows:

 

    Number of
RSU and
PSU		     Weighted
average
grant date
fair value
(USD)		  
Outstanding at January 1, 2025     6,406,300       0.04  
Granted     19,348,500       0.01  
Vested     (20,645,500 )     0.01  
Forfeited     (410,800 )     0.07  
Outstanding at June 30, 2025     4,698,500       0.04  

 

The total equity-based compensation expense related to all of the Company’s equity-based awards recognized for the six months ended June 30, 2025 and 2024 amounted for approximately USD 184 thousand and USD 233 thousand, respectively.