0001493152-21-028344 | 10-Q | XBRL Viewer

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2021	Nov. 10, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31
Entity File Number	000-19871
Entity Registrant Name	MICROBOT MEDICAL INC.
Entity Central Index Key	0000883975
Entity Tax Identification Number	94-3078125
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	25 Recreation Park Drive
Entity Address, Address Line Two	Unit 108
Entity Address, City or Town	Hingham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02043
City Area Code	(781)
Local Phone Number	875-3605
Title of 12(b) Security	Common Stock
Trading Symbol	MBOT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,108,133

Interim Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 13,428	$ 19,650
Marketable securities	4,999	4,998
Restricted cash	84	84
Prepaid expenses and other assets	277	521
Total current assets	18,788	25,253
Property and equipment, net	228	251
Operating right-of-use assets	685	775
Total assets	19,701	26,279
Current liabilities:
Accounts payable	489	275
Lease liabilities	267	187
Accrued liabilities	639	883
Total current liabilities	1,395	1,345
Non-current liabilities:
Long-term lease liabilities	436	626
Total liabilities	1,831	1,971
Commitments and contingencies
Stockholders’ equity:
Common stock; $0.01 par value; 60,000,000 shares authorized as of September 30, 2021 and December 31, 2020, 7,108,133 shares issued and outstanding as of September 30, 2021 and December 31, 2020	72	72
Additional paid-in capital	69,532	68,516
Accumulated deficit	(51,734)	(44,280)
Total stockholders’ equity	17,870	24,308
Total liabilities and stockholders’ equity	$ 19,701	$ 26,279

Interim Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	60,000,000	60,000,000
Common stock, shares issued	7,108,133	7,108,133
Common stock, shares outstanding	7,108,133	7,108,133

Interim Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Research and development	$ 1,389	$ 1,037	$ 3,897	$ 2,397
General and administrative	1,163	1,378	3,523	4,065
Operating loss	(2,552)	(2,415)	(7,420)	(6,462)
Financing expenses, net	(3)	(57)	(34)	(70)
Net loss	$ (2,555)	$ (2,472)	$ (7,454)	$ (6,532)
Basic and diluted net loss per share	$ (0.36)	$ (0.35)	$ (1.05)	$ (0.92)
Basic and diluted weighted average common shares outstanding	7,108,133	7,105,591	7,108,133	7,120,795

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Interim Consolidated Statements of Shareholder's Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
Balances at Dec. 31, 2019	$ 72	$ 69,954	$ (3,375)	$ (35,111)	$ 31,540
Balance, shares at Dec. 31, 2019	7,185,628
Exercise of options	$ 1	(1)
Exercise of options,shares	5,838
Cancellation of treasury Common Stock	$ (1)	(3,374)	3,375
Cancellation of treasury Common Stock,shares	(83,333)
Share-based compensation		1,468			1,468
Net loss				(6,532)	(6,532)
Balances at Sep. 30, 2020	$ 72	68,047		(41,643)	26,476
Balance, shares at Sep. 30, 2020	7,108,133
Balances at Jun. 30, 2020	$ 71	67,489		(39,171)	28,389
Balance, shares at Jun. 30, 2020	7,103,260
Exercise of options	$ 1	(1)
Exercise of options,shares	4,873
Share-based compensation		559			559
Net loss				(2,472)	(2,472)
Balances at Sep. 30, 2020	$ 72	68,047		(41,643)	26,476
Balance, shares at Sep. 30, 2020	7,108,133
Balances at Dec. 31, 2020	$ 72	68,516		(44,280)	24,308
Balance, shares at Dec. 31, 2020	7,108,133
Share-based compensation		1,016			1,016
Net loss				(7,454)	(7,454)
Balances at Sep. 30, 2021	$ 72	69,532		(51,734)	17,870
Balance, shares at Sep. 30, 2021	7,108,133
Balances at Jun. 30, 2021	$ 72	69,225		(49,179)	20,118
Balance, shares at Jun. 30, 2021	7,108,133
Share-based compensation		307			307
Net loss				(2,555)	(2,555)
Balances at Sep. 30, 2021	$ 72	$ 69,532		$ (51,734)	$ 17,870
Balance, shares at Sep. 30, 2021	7,108,133

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Interim Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Operating activities:
Net loss	$ (7,454)	$ (6,532)
Adjustments to reconcile net loss to net cash flows from operating activities:
Depreciation and amortization	48	53
Non-cash and accrued interest	(1)
Share-based compensation expense	1,016	1,468
Changes in assets and liabilities:
Prepaid expenses and other assets	133	292
Other payables and accrued liabilities	(209)	(663)
Net cash flows from operating activities	(6,467)	(5,382)
Investing activities:
Purchases of property and equipment	(25)	(83)
Investment in convertible loan		(200)
Proceeds from sales of investment	270
Proceeds from sales of marketable security		2,521
Net cash flows from investing activities	245	2,238
Financing activities:
Repayment of shareholders investment		(3,375)
Net cash flows from financing activities		(3,375)
Decrease in cash, cash equivalents and restricted cash	(6,222)	(6,519)
Cash, cash equivalents and restricted cash at beginning of period	19,734	33,129
Cash, cash equivalents and restricted cash at end of period	13,512	26,610
Supplemental disclosure of cash flow information:
Interest paid from litigation		236
Cash received from interest	3	31
Right-of-use asset and lease liability	$ 69

GENERAL

9 Months Ended

Sep. 30, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

GENERAL

NOTE 1 - GENERAL

Description of business:

Microbot Medical Inc. (the “Company”) is a pre-clinical medical device company specializing in the research, design and development of next generation micro-robotics assisted medical technologies targeting the minimally invasive surgery space. The Company is primarily focused on leveraging its micro-robotic technologies with the goal of redefining surgical robotics while improving surgical outcomes for patients.

On November 28, 2016, the Company consummated a transaction pursuant to an Agreement and Plan of Merger, dated August 15, 2016, with Microbot Medical Ltd., a private medical device company organized under the laws of the State of Israel (“Microbot Israel”). On the same day and in connection with the Merger, the Company changed its name from StemCells, Inc. to Microbot Medical Inc. On November 29, 2016, the Company’s common stock began trading on the Nasdaq Capital Market under the symbol “MBOT”.

The Company and its subsidiaries are collectively referred to as the “Company”.

Use of estimates:

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions pertaining to transactions and matters whose ultimate effect on the financial statements cannot precisely be determined at the time of financial statements preparation. Although these estimates are based on management’s best judgment, actual results may differ from these estimates.

Unaudited Interim Financial Statements:

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission (“SEC”) regulations. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed).

Operating results for the three and nine-month periods ended September 30, 2021, are not necessarily indicative of the results that may be expected for the year ended December 31, 2021.

Risk Factors:

To date, the Company has not generated revenues from its operations. As of September 30, 2021, the Company had unrestricted cash, cash equivalents and marketable securities balances of $18,427, which management believes are sufficient to fund its operations for more than 12 months from the date of issuance of these financial statements and sufficient to fund its operations necessary to continue development activities of its current proposed products.

Due to continuing research and development activities, the Company expects to continue to incur additional losses for the foreseeable future. While management of the Company believes that it has sufficient funds for more than 12 months, the Company may seek to raise additional funds through future issuances of either debt and/or equity securities and possibly additional grants from the Israeli Innovation Authority and other government institutions. The Company’s ability to raise additional capital in the equity and debt markets is dependent on a number of factors, including, but not limited to, the market demand for the Company’s stock, which itself is subject to a number of development and business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to the Company.

An epidemic of the coronavirus disease (“COVID-19”) is ongoing throughout the world. As the outbreak is still evolving, much of its impact remains unknown. As of this filing, it is impossible to predict the effect and potential spread of the coronavirus disease globally. The coronavirus disease may cause significant delays and disruptions to our pre-clinical studies.

Additionally, travel restrictions have been implemented with respect to certain countries in an effort to contain the coronavirus disease, and several countries have expanded screenings of travelers. As travel restrictions are increasingly implemented and extended to other countries, the Company and its contract research organizations may be unable to visit its clinical trial sites and monitor the data from its clinical trials on timely basis. The Company’s employees may also face travel restrictions, which would impact its business. Furthermore, some of the Company’s manufacturers and suppliers are in Europe and may be impacted by port closures and other restrictions resulting from the coronavirus outbreak, which may disrupt the Company’s supply chain or limit its ability to obtain sufficient materials for our products.

The ultimate impact of the COVID-19 outbreaks or similar health epidemics are highly uncertain and subject to changes, and the Company cannot presently predict the scope and severity of any potential business shutdowns or disruptions. However, if the Company or any of the third parties with whom the Company’s engages, including the suppliers, animal trial sites, contract research organizations, regulators, including the FDA health care providers and other third parties with whom the Company conducts business, were to experience shutdowns or other business disruptions, the Company’s ability to conduct our business and operations could be materially and negatively impacted, which could prevent or delay the Company from obtaining approval for its devices.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are identical to those applied in the preparation of the latest annual audited financial statements.

Fair value of financial instruments:

The carrying values of cash and cash equivalents, other receivables and other accounts payable and accrued liabilities approximate their fair value due to the short-term maturity of these instruments.

A fair value hierarchy is used to rank the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets and liabilities.

Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as unadjusted quoted prices for similar assets and liabilities, unadjusted quoted prices in the markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows:

	As of September 30, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	8,587	$	8,587	$	-	$	-

Marketable securities:
Other money market funds	$	1,999	$	1,999	$	-	$	-
US Treasury Bond		3,000		3,000		-		-
Total marketable securities:	$	4,999	$	4,999	$	-	$	-

	As of December 31, 2020
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	8,585	$	8,585	$	-	$	-

Marketable securities:
Other money market funds	$	2,000	$	2,000	$	-	$	-
US Treasury Bond		2,998		2,998		-		-
Total marketable securities:	$	4,998	$	4,998	$	-	$	-

Other assets:
Convertible loan investment	$	270	$	-	$	-	$	270

Contingencies:

Management records and discloses legal contingencies in accordance with ASC Topic 450 Contingencies. A provision is recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. The Company monitors the stage of progress of its litigation matters to determine if any adjustments are required.

Recently issued accounting pronouncements:

In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments”, which introduces a model based on expected losses to estimate credit losses for most financial assets and certain other instruments. In addition, for available-for-sale debt securities with unrealized losses, the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. The ASU is effective for smaller reporting companies for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2022 (January 1, 2023 for the Company) with early adoption permitted. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes” which eliminates the need for an organization to analyze whether the following apply in a given period: (1) exception to the incremental approach for intraperiod tax allocation; (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments; and (3) exceptions in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also is designed to improve financial statement preparers’ application of income tax-related guidance and simplify GAAP for (1) franchise taxes that are partially based on income, (2) transactions with a government that result in a step-up in the tax basis of goodwill, (3) separate financial statements of legal entities that are not subject to tax, and (4) enacted changes in tax laws in interim periods. The standard is effective for the Company on January 1, 2021 with early adoption permitted. The adoption of ASU 2019-12 on January 1, 2021 did not have a material impact on the Company’s consolidated financial statements.

LEASES

9 Months Ended

Sep. 30, 2021

Leases

LEASES

NOTE 3 - LEASES

We have lease agreements with lease and non-lease components, which we account for as a single lease component. Variable lease payments based on an index or rate are initially measured using the index or rate in effect at the lease commencement and included in the measurement of the lease liability; thereafter, changes to lease payments due to rate or index updates are recorded as rent expense in the period incurred. The effect of short-term leases on our ROU assets and lease liabilities was not material. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. In addition, we do not have any related party leases and our sublease transactions are de minimis.

Supplemental cash flow information related to operating leases was as follows:

	For the Nine Months Ended September 30,
	2021		2020

Cash payments for operating leases	$	233	$	145

Undiscounted maturities of operating lease payments as of September 30, 2021 are summarized as follows:


2021(Remainder of the year)	$	86
2022		301
2023		247
2024		155
Total future lease payments		789
Less imputed interest		(86	)
Total lease liability balance	$	703

Leases recorded on the balance sheet consist of the following:

	As of September 30,		As of December 31,
	2021		2020
Assets:
Operating lease right of use asset	$	685	$	775

Liabilities:
Operating lease - current		267		187
Operating lease - non-current		436		626
Total Operating lease liability	$	703	$	813

	As of September 30,			As of December 31,
	2021			2020

Operating leases weighted average remaining lease term (in years)		2.7			4.0
Operating leases weighted average discount rate		9	%		9	%

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 4 - COMMITMENTS AND CONTINGENCIES

Government Grants:

Microbot Israel has received grants from the Israeli Innovation Authority (“IIA”) for participation in research and development since 2013 through September 30, 2021 totaling approximately $1,500. In return, the Company is obligated to pay royalties amounting to 3.0%-3.5% of its future sales from commercialization of the funded research and development, up to the amount of the grants received.

The payment of royalties with respect to the repayment of the grants is contingent upon the successful completion of the Company’s research and development programs and generating sales. The Company has no obligation to repay these grants, if the project fails, is unsuccessful or aborted or if no sales are generated. The financial risk is assumed completely by the Government of Israel.

TRDF Agreement:

Microbot Israel signed an agreement with the Technion Research and Development Foundation (“TRDF”) in June 2012 by which TRDF transferred to Microbot Israel a global, exclusive, royalty-bearing license. As partial consideration for the license, Microbot Israel shall pay TRDF royalties on net sales (between 1.5%-3.0%) and on sublicense income as detailed in the agreement.

Agreement with CardioSert Ltd.:

On January 4, 2018, Microbot Israel entered into an agreement with CardioSert Ltd. (“CardioSert”) to acquire certain patent-protected technology owned by CardioSert (the “Technology”).

Pursuant to the Agreement, Microbot Israel made an initial payment of $50 to CardioSert and had 90-days to elect to complete the acquisition. At the end of the 90-day period, at Microbot Israel’s sole option, CardioSert shall assign and transfer the Technology to Microbot Israel and Microbot Israel shall pay to CardioSert additional amounts and securities as determined in the agreement.

On May 25, 2018, Microbot delivered an Exercise Notice to CardioSert Ltd., notifying it that Microbot elected to exercise the option to acquire the Technology owned by CardioSert and therefore made an additional cash payment of $250 and 6,738 shares of common stock estimated at $74.

The agreement may be terminated by Microbot Israel at any time for convenience upon 90-days’ notice. The agreement may be terminated by CardioSert in case the first commercial sale does not occur by the third anniversary of the date of signing of the agreement except if Microbot Israel has invested more than $2,000 in certain development stages, or the first commercial sale does not occur within 50 months. In each of the above termination events, or in case of breach by Microbot Israel, CardioSert shall have the right to buy back the Technology from Microbot Israel for $1.00, upon 60 days prior written notice, but only 1 year after such termination. Additionally, the agreement may be terminated by either party upon breach of the other (subject to cure).

CardioSert agreed to assist Microbot Israel in the development of the Technology for a minimum of one year, for a monthly consultation fee of NIS 40,000 (or approximately US$ 12.4, based on an exchange rate of NIS 3.229 to the dollar) covering up to 60 consulting hours per month.

ATM Agreement:

On June 10, 2021, the Company entered into an At-the-Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co. LLC (“Wainwright”), as sales agent, in connection with an “at the market offering” under which the Company may offer and sell, from time to time in its sole discretion, shares of its common stock, par value $0.01 per share, having an aggregate offering price of up to $10,000 at market prices or as otherwise agreed with Wainwright. Any shares sold under the ATM Agreement from time to time will be offered and sold pursuant to the Company’s Registration Statement on Form S-3, which was initially filed on November 25, 2020 and which was declared effective by the SEC on December 4, 2020, and the related prospectus as supplemented by a prospectus supplement that the Company filed on June 10, 2021.

The offer and sale of the shares pursuant to the ATM Agreement will terminate upon the earlier of (a) the issuance and sale of all of the shares of common stock subject to the ATM Agreement or (b) the termination of the ATM Agreement by Wainwright or the Company pursuant to the terms thereof. The Company has no obligation to sell any of the shares and may at any time suspend offers under the ATM Agreement or terminate the ATM Agreement.

Litigation:

Litigation Resulting from 2017 Financing

The Company lost its appeal of an adverse judgment in the lawsuit captioned Sabby Healthcare Master Fund Ltd. and Sabby Volatility Warrant Master Fund Ltd., Plaintiffs, against Microbot Medical Inc., Defendant, in the Supreme Court of the State of New York, County of New York (Index No. 654581/2017). As a result, the Securities Purchase Agreement (the “SPA”) related to the Company’s June 8, 2017 equity financing (the “Financing”) was rescinded as it related to Sabby Healthcare Master Fund Ltd. and Sabby Volatility Warrant Master Fund Ltd. (“Sabby”), and the Company paid approximately $3,700 to Sabby in return for the 83,333 shares of common stock Sabby purchased pursuant to the SPA. Soon after, the Company was named as the defendant in a lawsuit captioned Empery Asset Master Ltd., Empery Tax Efficient, LP, Empery Tax Efficient II, LP, Hudson Bay Master Fund Ltd., Plaintiffs, against Microbot Medical Inc., Defendant, in the Supreme Court of the State of New York, County of New York (the “Court”) (Index No. 651182/2020). The complaint alleges, among other things, that the Company breached multiple representations and warranties contained in the SPA, of which the Plaintiffs participated, and fraudulently induced Plaintiffs into signing the SPA. The complaint seeks rescission of the SPA and return of the Plaintiffs’ $6,750 purchase price with respect to the Financing. The Company filed a Motion to Dismiss on March 16, 2020, which was denied by decision and order entered on February 17, 2021. At this time no estimation of the potential outcome of the litigation can be made.

The Company’s management is unable to assess the likelihood that it would be successful in any trial with respect to the SPA or the Financing, having previously lost the Sabby lawsuit. Accordingly, no assurance can be given that if the Company goes to trial and ultimately loses, or if the Company decides to settle at any time, such an adverse outcome would not be material to the Company’s consolidated financial position.

Alliance Litigation

On April 28, 2019, the Company brought an action against Alliance Investment Management, Ltd. (“Alliance”), later amended to include Joseph Mona (“Mona”) as a defendant, in the Southern District of New York under Section 16(b) of the Securities Exchange Act of 1934, 15 U.S.C. 78p(b), to compel Alliance and Mona to disgorge short swing profits realized from purchases and sales of the Company’s securities within a period of less than six months. The amount of profits was estimated in the complaint to be approximately $468.

Several motions were filed during 2019 and 2020. On December 18, 2020, the Magistrate Judge issued a Report & Recommendation, which recommended that: (i) judgment of $485 be entered in the Company’s favor on its Section 16(b) claim against Mona; and (ii) Mona’s Section 10(b) claim be dismissed with prejudice (except as to allegations regarding statements purportedly made by employees of Integra Consulting, an outside investor relations firm, which the Magistrate recommended be dismissed without prejudice).

On March 30, 2021, the Court issued an Order adopting the Magistrate Judge’s Report & Recommendation; and on March 31, 2021, the Clerk entered Judgement against Joseph Mona and in favor of the Company in the amount of $484. On April 27, 2021, Mona filed an appeal of the Court’s Judgment, which is pending before the U.S. Court of Appeals for the Second Circuit.

On May 3, 2021, the Company obtained a writ of execution to enforce the Judgment against Mona, given Mona’s failure to post a bond or other security in the full amount of the Judgment pending the appeal as required by the Federal Rules of Civil Procedure.

On May 7, 2021, the Company filed a motion to permit the registration of the Judgment in districts outside the Southern District of New York in which Mona may have assets available to satisfy he Judgment. In June 2021, the Magistrate issued an order permitting Mona to file an Amended Counterclaim Complaint, and rejected the Company’s request to execute on the Judgment. The Company filed a response to Mona’s amended counterclaim on July 21, 2021, and is pursuing a renewed motion to execute on the Judgment and dismiss the counterclaim in view of case deficiencies revealed during discovery.

SHARE CAPITAL

9 Months Ended

Sep. 30, 2021

Equity [Abstract]

SHARE CAPITAL

NOTE 5 - SHARE CAPITAL

Share Capital Developments:

As of September 30, 2021 and December 31, 2020, the Company had 7,108,133 shares of common stock issued and outstanding.

Employee Stock Option Grants:

During the nine months ended September 30, 2021, the Company granted to Mr. Harel Gadot, the Company’s Chairman of the Board, President and CEO, and certain employees and consultants and directors, options to purchase an aggregate of 396,426 shares of the Company’s common stock, at an exercise price per share of $6.72 - $8.48. The stock options vest over a period of 2 – 3 years as outlined in the option agreements evidencing such grants. As a result, the Company recognized compensation expenses for the nine months ended September 30, 2021 in the total amount of $503 included in general and administrative expenses and $59 included in research and development expenses.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

Fair value of financial instruments:

Fair value of financial instruments:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets and liabilities.

Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows:

	As of September 30, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	8,587	$	8,587	$	-	$	-

Marketable securities:
Other money market funds	$	1,999	$	1,999	$	-	$	-
US Treasury Bond		3,000		3,000		-		-
Total marketable securities:	$	4,999	$	4,999	$	-	$	-

	As of December 31, 2020
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	8,585	$	8,585	$	-	$	-

Marketable securities:
Other money market funds	$	2,000	$	2,000	$	-	$	-
US Treasury Bond		2,998		2,998		-		-
Total marketable securities:	$	4,998	$	4,998	$	-	$	-

Other assets:
Convertible loan investment	$	270	$	-	$	-	$	270

Contingencies

Contingencies:

Recently issued accounting pronouncements

Recently issued accounting pronouncements:

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Policies [Abstract]

SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES FAIR VALUE MEASUREMENTS

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows:

	As of September 30, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	8,587	$	8,587	$	-	$	-

Marketable securities:
Other money market funds	$	1,999	$	1,999	$	-	$	-
US Treasury Bond		3,000		3,000		-		-
Total marketable securities:	$	4,999	$	4,999	$	-	$	-

	As of December 31, 2020
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	8,585	$	8,585	$	-	$	-

Marketable securities:
Other money market funds	$	2,000	$	2,000	$	-	$	-
US Treasury Bond		2,998		2,998		-		-
Total marketable securities:	$	4,998	$	4,998	$	-	$	-

Other assets:
Convertible loan investment	$	270	$	-	$	-	$	270

LEASES (Tables)

9 Months Ended

Sep. 30, 2021

Leases

SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO OPERATING LEASES

Supplemental cash flow information related to operating leases was as follows:

	For the Nine Months Ended September 30,
	2021		2020

Cash payments for operating leases	$	233	$	145

SCHEDULE OF MATURITIES OF LEASE LIABILITIES

Undiscounted maturities of operating lease payments as of September 30, 2021 are summarized as follows:


2021(Remainder of the year)	$	86
2022		301
2023		247
2024		155
Total future lease payments		789
Less imputed interest		(86	)
Total lease liability balance	$	703

SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES

Leases recorded on the balance sheet consist of the following:

	As of September 30,		As of December 31,
	2021		2020
Assets:
Operating lease right of use asset	$	685	$	775

Liabilities:
Operating lease - current		267		187
Operating lease - non-current		436		626
Total Operating lease liability	$	703	$	813

	As of September 30,			As of December 31,
	2021			2020

Operating leases weighted average remaining lease term (in years)		2.7			4.0
Operating leases weighted average discount rate		9	%		9	%

GENERAL (Details Narrative) $ in Thousands	Sep. 30, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unrestricted cash and cash equivalent	$ 18,427

SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Money Market Funds [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value	$ 8,587	$ 8,585
Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value	8,587	8,585
Money Market Funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value
Money Market Funds [Member] \| Fair Value, Inputs, Level 3 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value
Other Money Market Funds [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value	1,999	2,000
Other Money Market Funds [Member] \| Fair Value, Inputs, Level 1 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value	1,999	2,000
Other Money Market Funds [Member] \| Fair Value, Inputs, Level 2 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value
Other Money Market Funds [Member] \| Fair Value, Inputs, Level 3 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value
US Treasury Securities [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value	3,000	2,998
US Treasury Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value	3,000	2,998
US Treasury Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value
US Treasury Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value
Marketable Securities [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value	4,999	4,998
Marketable Securities [Member] \| Fair Value, Inputs, Level 1 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value	4,999	4,998
Marketable Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value
Marketable Securities [Member] \| Fair Value, Inputs, Level 3 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value
Convertible Loan Investment [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value		270
Convertible Loan Investment [Member] \| Fair Value, Inputs, Level 1 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value
Convertible Loan Investment [Member] \| Fair Value, Inputs, Level 2 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value
Convertible Loan Investment [Member] \| Fair Value, Inputs, Level 3 [Member]
Cash and Cash Equivalents [Line Items]
Assets, fair value		$ 270

SCHEDULE OF SUPPLEMENTAL CASH FLOW INFORMATION RELATED TO OPERATING LEASES (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Leases
Cash payments for operating leases	$ 233	$ 145

SCHEDULE OF MATURITIES OF LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases
2021(Remainder of the year)	$ 86
2022	301
2023	247
2024	155
Total future lease payments	789
Less imputed interest	(86)
Total lease liability balance	$ 703	$ 813

SCHEDULE OF SUPPLEMENTAL INFORMATION RELATED TO LEASES (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Leases
Operating lease right of use asset	$ 685	$ 775
Operating lease - current	267	187
Operating lease - non-current	436	626
Total Operating lease liability	$ 703	$ 813
Operating leases weighted average remaining lease term (in years)	2 years 8 months 12 days	4 years
Operating leases weighted average discount rate	9.00%	9.00%

COMMITMENTS AND CONTINGENCIES (Details Narrative) $ / shares in Units, ₪ in Thousands, $ in Thousands						1 Months Ended	3 Months Ended	9 Months Ended
	Dec. 18, 2020 USD ($)	Apr. 28, 2019 USD ($)	May 25, 2018 USD ($) shares	Jan. 04, 2018 USD ($) $ / shares	Jan. 04, 2018 ILS (₪)	Jun. 30, 2012	Mar. 31, 2021 USD ($)	Sep. 30, 2021 USD ($) $ / shares shares	Jun. 10, 2021 USD ($) $ / shares	Dec. 31, 2020 $ / shares
Loss Contingencies [Line Items]
Monthly consultation fee in USD \| $ / shares				$ 12.4
Common stock par value \| $ / shares								$ 0.01		$ 0.01
Litigation settlement	$ 485
Joseph Mona [Member]
Loss Contingencies [Line Items]
Purchase price of plaintiffs							$ 484
Securities Purchase Agreement [Member]
Loss Contingencies [Line Items]
Settlement amount								$ 3,700
Number of post-stock split shares returned \| shares								83,333
Purchase price of plaintiffs								$ 6,750
CardioSert Ltd [Member]
Loss Contingencies [Line Items]
Initial payment			$ 250	$ 50
Number of common shares acquired \| shares			6,738
Number of common shares acquired, value			$ 74
Buy back amount per patent \| $ / shares				$ 1.00
H.C. Wainwright & Co. LLC [Member] \| At-the-Market Offering Agreement [Member]
Loss Contingencies [Line Items]
Common stock par value \| $ / shares									$ 0.01
Offering costs									$ 10,000
Alliance Investment Management, Ltd. [Member]
Loss Contingencies [Line Items]
Litigation settlement		$ 468
Minimum [Member] \| CardioSert Ltd [Member]
Loss Contingencies [Line Items]
Investments				$ 2,000
Minimum [Member] \| Technion Research and Development Foundation Limited [Member]
Loss Contingencies [Line Items]
Royalties payable as percentage of future sales						1.50%
Maximum [Member] \| Technion Research and Development Foundation Limited [Member]
Loss Contingencies [Line Items]
Royalties payable as percentage of future sales						3.00%
2013 Through March 31, 2021 [Member] \| Israeli Innovation Authority [Member]
Loss Contingencies [Line Items]
Total grants obtained								$ 1,500
2013 Through March 31, 2021 [Member] \| Israeli Innovation Authority [Member] \| Minimum [Member]
Loss Contingencies [Line Items]
Royalties payable as percentage of future sales								3.00%
2013 Through March 31, 2021 [Member] \| Israeli Innovation Authority [Member] \| Maximum [Member]
Loss Contingencies [Line Items]
Royalties payable as percentage of future sales								3.50%
Israel, New Shekels
Loss Contingencies [Line Items]
Monthly consultation fee \| ₪					₪ 40,000
Currency exchange rate, description				exchange rate of NIS 3.229 to the dollar	exchange rate of NIS 3.229 to the dollar

SHARE CAPITAL (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]
Common stock, shares issued	7,108,133	7,108,133
Common stock, shares outstanding	7,108,133	7,108,133
General and Administrative Expense [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock-based employee compensation	$ 503
Research and Development Expense [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock-based employee compensation	$ 59
Mr. Harel Gadot [Member] \| Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of stock options granted	396,426
Mr. Harel Gadot [Member] \| Common Stock [Member] \| Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Weighted-average exercise price per share, granted	$ 6.72
Stock option vested term	2 years
Mr. Harel Gadot [Member] \| Common Stock [Member] \| Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Weighted-average exercise price per share, granted	$ 8.48
Stock option vested term	3 years