| LOANS |
NOTE
9 –LOANS
The
table below summarizes the Company’s outstanding long-term loans as of December 31, 2024 and December 31, 2023, respectively:
SCHEDULE
OF LONG TERM LOANS
Principal
Amount | | |
Interest
Rate | | |
Year
of
Maturity | | |
December
31, 2024 | | |
December
31, 2023 | |
| (in
thousands) | | |
% | | |
| | |
(in
thousands) | |
| $ | 2,600 | | |
| 10 | | |
| 2034 | | |
$ | 2,895 | | |
$ | - | |
See
Note 3.
The
table below summarizes the Company’s outstanding short-term loans as of December 31, 2024 and December 31, 2023, respectively:
SCHEDULE OF SHORT TERM LOANS
| Currency | |
Interest
Rate | | |
December
31, 2024 | | |
December
31, 2023 | |
| | |
% | | |
(in
thousands) | |
| USD | |
| 8 | | |
$ | 291 | | |
$ | 258 | |
| USD | |
| 10 | | |
| 5,877 | | |
| 61 | |
| USD | |
| (*)8 | | |
| - | | |
| (**)331 | |
| Euro | |
| 8 | | |
| 15 | | |
| - | |
| | |
| | | |
$ | 6,183 | | |
$ | 650 | |
| (*) | | Weighted average
interest. |
| (**) | | The terms of the
loan were amended on January 1, 2024. Under the new terms, the loan became convertible into shares of Common Stock and the lender agreed
to extend the maturity date to December 31, 2024. In consideration for such extension, the Company issued to the lender warrants to purchase
36,000 shares of the Company’s Common Stock at a price of $8.5 per share and granted lender the right to convert any part of the
outstanding balance of the loan into Common Stock of the Company at the conversion rate of $8.5 per share. Based on its analysis, the
Company concluded that this change in terms should be accounted for as a modification. This loan was converted as per the debt exchange
agreement. See note 10. |
The
table below summarizes the Company’s warrants granted to loan holders for the period ended December 31, 2024.
SCHEDULE
OF WARRANTS GRANTED
| Date
of issuance | |
Number
of warrants | | |
Weighted
Average Exercise price | | |
Expiration
date |
| April 07, 2024 | |
| 15,625 | | |
$ | 1.03 | | |
December 31, 2025 |
| April 05, 2024 | |
| 24,272 | | |
$ | 1.03 | | |
December 31, 2025 |
| August 21, 2024 | |
| 21,875 | | |
$ | 1.03 | | |
August 20, 2029 |
| August 21, 2024 | |
| 97,088 | | |
$ | 1.03 | | |
August 20, 2029 |
| September 06, 2024 | |
| 24,272 | | |
$ | 1.03 | | |
September 05, 2025 |
| September 10, 2024 | |
| 1,942 | | |
$ | 10.3 | | |
September 09, 2025 |
| September 09, 2024 | |
| 24,272 | | |
$ | 1.03 | | |
September 08, 2029 |
| September 17, 2024 | |
| 24,272 | | |
$ | 1.03 | | |
September 15, 2029 |
| September 30, 2024 | |
| 14,563 | | |
$ | 1.03 | | |
September 29, 2025 |
| October 03, 2024 | |
| 200,000 | | |
$ | 1.03 | | |
November 29, 2025 |
| October 22, 2024 | |
| 485,437 | | |
$ | 1.03 | | |
October 21, 2025 |
| October 30, 2024 | |
| 38,834 | | |
$ | 1.03 | | |
October 28, 2025 |
| November 04, 2024 | |
| 242,718 | | |
$ | 1.03 | | |
November 03, 2029 |
| November 14, 2024 | |
| 194,175 | | |
$ | 1.03 | | |
November 13, 2025 |
| November 15, 2024 | |
| 242,718 | | |
$ | 1.03 | | |
November 14, 2029 |
| November 29, 2024 | |
| 48,544 | | |
$ | 1.03 | | |
December 28, 2029 |
| December 13, 2024 | |
| 48,544 | | |
$ | 1.03 | | |
December 12, 2029 |
| December 19, 2024 | |
| 48,544 | | |
$ | 1.03 | | |
December 18, 2029 |
| November 30, 2024 | |
| 2,020,238 | | |
$ | 1.03 | | |
March 31, 2026 |
| December 31, 2024 | |
| 250,432 | | |
$ | 1.03 | | |
March 31, 2026 |
| December 31, 2024 | |
| 249,701 | | |
$ | 1.03 | | |
March 31, 2026 |
| December 31, 2024 | |
| 149,302 | | |
$ | 1.03 | | |
March 31, 2026 |
| December 31, 2024 | |
| 1,012,037 | | |
$ | 1.03 | | |
December 30, 2029 |
| December 31, 2024 | |
| 48,970 | | |
$ | 1.03 | | |
December 30, 2029 |
| December 31, 2024 | |
| 48,784 | | |
$ | 1.03 | | |
December 30, 2029 |
| December 31, 2024 | |
| 48,704 | | |
$ | 1.03 | | |
December 30, 2029 |
| December 31, 2024 | |
| 246,909 | | |
$ | 1.03 | | |
December 30, 2029 |
| December 31, 2024 | |
| 250,234 | | |
$ | 1.03 | | |
December 30, 2029 |
| Total | |
| 6,123,006 | | |
$ | 1.03 | | |
|
In
October 2024, the Company entered into agreements with its lenders to extend the maturity dates of certain loans to dates ranging from
January through April 2025. In consideration for these extensions, the Company issued the lenders warrants to purchase an aggregate of
4,913,661 shares of the Company’s Common Stock at an exercise price of $1.03 per share. Based on management’s evaluation
of the modification terms, the Company concluded that the amendments should be accounted for as a debt extinguishment and recorded an
extinguishment loss of $5,280.
All warrants were fully vested upon issuance. The warrants remain exercisable only so long as the related service continues to be provided
to the Company, in accordance with the applicable warrant agreements.
|