LOAN TO FORMER PARENT COMPANY |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Related Party Transactions [Abstract] | |
| LOAN TO FORMER PARENT COMPANY | NOTE 4: LOAN TO FORMER PARENT COMPANY
On March 22, 2020, Gix Media entered into a loan agreement with the Former Parent Company. The loan bore interest at a rate determined from time to time in accordance with Section 3(j) of the Income Tax Ordinance, new version, and the Income Tax Regulations (Determination of Interest Rate for the purposes of Section 3(j), 1986).
On April 10, 2025, the Company’s board of directors approved the redemption of the loan between Gix Media and the Former Parent Company. As a result, Gix Media and the Former Parent Company entered into a redemption agreement, effective as of May 27, 2025, pursuant to which the outstanding loan was redeemed in consideration for the transfer to Gix Media of all of the Former Parent Company’s intangible assets, including, inter alia, intellectual property rights, trademarks, software, algorithms, domains, technological know-how and any other intangible asset (the “Redemption”). Since this transaction is between entities under common control, the intangible assets received from the Former Parent Company were recorded at their historical carrying amount as they were recorded at the Former Parent Company’s financial statements which is $0.
As a result, the outstanding loan amount including accrued interest, totaling $4,048, was redeemed in full. The Redemption was recorded as an increase to the accumulated deficit in the Company’s statement of changes in shareholders’ equity for the period ended June 30, 2025.
For the six months ended June 30, 2025, Gix Media recognized interest income in the amount of $63.
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