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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2024
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from __________________ to __________________
Commission
file number: 000-15746
VIEWBIX
INC.
(Exact
Name Of Registrant As Specified In Its Charter)
Delaware |
|
68-0080601 |
(State
of |
|
(I.R.S.
Employer |
Incorporation) |
|
Identification
Number) |
3
Hanehoshet St, Building B, 7th floor, Tel Aviv, Israel |
|
5268104 |
(Address
of Principal Executive Officers) |
|
(Zip
Code) |
Registrant’s
Telephone Number, Including Area Code: +972-73-391-2900
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer (as defined in Rule
12b-2 of the Exchange Act) or a smaller reporting company.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
Emerging
growth company |
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
On
August 14, 2024, the Registrant had 21,179,686 shares of common stock issued and outstanding.
VIEWBIX
INC.
TABLE
OF CONTENTS
PART
I - FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June
30, 2024
CONTENTS
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
U.S.
dollars in thousands (except share data)
| |
| | |
As of June 30 | | |
As of December 31 | |
| |
Note | | |
2024 | | |
2023 | |
| |
| | |
| | |
| |
ASSETS | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
CURRENT ASSETS | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Cash and cash equivalents | |
| | | |
| 609 | | |
| 1,774 | |
Restricted deposits | |
| | | |
| 42 | | |
| 149 | |
Accounts receivable | |
| | | |
| 6,073 | | |
| 11,359 | |
Loan to parent company | |
| 3 | | |
| 3,865 | | |
| 3,752 | |
Other current assets | |
| | | |
| 773 | | |
| 771 | |
| |
| | | |
| | | |
| | |
Total current assets | |
| | | |
| 11,362 | | |
| 17,805 | |
| |
| | | |
| | | |
| | |
NON-CURRENT ASSETS | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Deferred taxes | |
| | | |
| 95 | | |
| 147 | |
Property and equipment, net | |
| | | |
| 40 | | |
| 245 | |
Operating lease right-of-use asset | |
| 4 | | |
| - | | |
| 397 | |
Intangible assets, net | |
| 5 | | |
| 10,996 | | |
| 12,434 | |
Goodwill | |
| 5 | | |
| 7,515 | | |
| 12,254 | |
| |
| | | |
| | | |
| | |
Total non-current assets | |
| | | |
| 18,646 | | |
| 25,477 | |
| |
| | | |
| | | |
| | |
Total assets | |
| | | |
| 30,008 | | |
| 43,282 | |
The
accompanying notes are an integral part of these Interim Condensed Consolidated financial statements.
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Cont.)
U.S.
dollars in thousands (except share data)
| |
| | |
As of June 30 | | |
As of December 31 | |
| |
Note | | |
2024 | | |
2023 | |
| |
| | |
| | |
| |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Accounts payable | |
| | | |
| 8,797 | | |
| 12,359 | |
Short-term loans | |
| 6 | | |
| 2,360 | | |
| 5,000 | |
Current maturities of long-term loans | |
| 6 | | |
| 2,079 | | |
| 1,440 | |
Embedded derivatives | |
| 6,7 | | |
| 665 | | |
| - | |
Short-term convertible loans | |
| 6E | | |
| 459 | | |
| - | |
Other payables | |
| | | |
| 1,142 | | |
| 889 | |
Operating lease liabilities - short term | |
| 4 | | |
| - | | |
| 85 | |
| |
| | | |
| | | |
| | |
Total current liabilities | |
| | | |
| 15,502 | | |
| 19,773 | |
| |
| | | |
| | | |
| | |
NON-CURRENT LIABILITIES | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Long-term loans, net of current maturities | |
| 6 | | |
| 1,671 | | |
| 3,064 | |
Derivative warrant liability | |
| 6,7 | | |
| 1,833 | | |
| - | |
Operating lease liabilities - long term | |
| 4 | | |
| - | | |
| 304 | |
Deferred taxes | |
| | | |
| 1,306 | | |
| 1,517 | |
| |
| | | |
| | | |
| | |
Total non-current liabilities | |
| | | |
| 4,810 | | |
| 4,885 | |
| |
| | | |
| | | |
| | |
Commitments and Contingencies | |
| 8 | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
SHAREHOLDERS’ EQUITY | |
| 9 | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Common stock of $0.0001 par value - Authorized: 490,000,000 shares; Issued and outstanding: 15,855,301 and 14,920,585 shares as of June 30, 2024, and December 31, 2023, respectively. | |
| | | |
| 3 | | |
| 3 | |
Additional paid-in capital | |
| | | |
| 25,905 | | |
| 25,476 | |
Accumulated deficit | |
| | | |
| (18,837 | ) | |
| (10,661 | ) |
Equity attributed to shareholders of Viewbix Inc. | |
| | | |
| 7,071 | | |
| 14,818 | |
Non-controlling interests | |
| | | |
| 2,625 | | |
| 3,806 | |
Total equity | |
| | | |
| 9,696 | | |
| 18,624 | |
| |
| | | |
| | | |
| | |
Total liabilities and shareholders’ equity | |
| | | |
| 30,008 | | |
| 43,282 | |
The
accompanying notes are an integral part of these Interim Condensed Consolidated financial statements.
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
U.S.
dollars in thousands (except share data)
| |
Note | | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
For
the six months ended June 30, | | |
For
the three months ended June 30, | |
| |
Note | | |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
| | |
| | |
| | |
| | |
| |
Revenues | |
| | | |
| 17,335 | | |
| 48,016 | | |
| 7,333 | | |
| 27,154 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Costs
and Expenses: | |
| | | |
| | | |
| | | |
| | | |
| | |
Traffic-acquisition
and related costs | |
| | | |
| 14,069 | | |
| 42,031 | | |
| 5,854 | | |
| 24,050 | |
Research
and development | |
| | | |
| 1,262 | | |
| 1,513 | | |
| 532 | | |
| 717 | |
Selling
and marketing | |
| | | |
| 1,111 | | |
| 1,438 | | |
| 453 | | |
| 715 | |
General
and administrative | |
| | | |
| 1,302 | | |
| 1,392 | | |
| 646 | | |
| 688 | |
Depreciation
and amortization | |
| | | |
| 1,555 | | |
| 1,468 | | |
| 821 | | |
| 734 | |
Goodwill
impairment | |
| 6B | | |
| 4,739 | | |
| - | | |
| 4,739 | | |
| - | |
Other
income | |
| 1D,4 | | |
| (213 | ) | |
| - | | |
| (233 | ) | |
| - | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Operating
income (loss) | |
| | | |
| (6,490 | ) | |
| 174 | | |
| (5,479 | ) | |
| 250 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Financial
expense, net | |
| 10 | | |
| 2,907 | | |
| 431 | | |
| 2,744 | | |
| 246 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Income
tax expense (benefit) | |
| | | |
| (23 | ) | |
| 171 | | |
| (24 | ) | |
| 87 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net
loss | |
| | | |
| (9,374 | ) | |
| (428 | ) | |
| (8,199 | ) | |
| (83 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Less:
net income (loss) attributable to non-controlling interests | |
| | | |
| (1,198 | ) | |
| 93 | | |
| (1,022 | ) | |
| 41 | |
Net
loss attributable to shareholders of Viewbix Inc. | |
| | | |
| (8,176 | ) | |
| (521 | ) | |
| (7,177 | ) | |
| (124 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net
income per share – Basic and diluted attributed to shareholders: | |
| | | |
| (0.55 | ) | |
| (0.04 | ) | |
| (0.48 | ) | |
| (0.01 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted
average number of shares – Basic and diluted | |
| | | |
| 14,987,350 | | |
| 14,810,974 | | |
| 15,054,116 | | |
| 14,837,688 | |
The
accompanying notes are an integral part of these Interim Condensed Consolidated financial statements.
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
U.S.
dollars in thousands (except share data)
| |
Number | | |
Amount | | |
capital | | |
Deficit | | |
Shareholders | | |
Interests | | |
Equity | |
| |
Common stock | | |
Additional paid-in | | |
Accumulated | | |
Total Attributed to the company’s | | |
Non- Controlling | | |
Total | |
| |
Number | | |
Amount | | |
capital | | |
Deficit | | |
Shareholders | | |
Interests | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance as of January 1, 2024 | |
| 14,920,585 | | |
| 3 | | |
| 25,476 | | |
| (10,661 | ) | |
| 14,818 | | |
| 3,806 | | |
| 18,624 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (8,176 | ) | |
| (8,176 | ) | |
| (1,198 | ) | |
| (9,374 | ) |
Share-based compensation | |
| - | | |
| - | | |
| 12 | | |
| - | | |
| 12 | | |
| 17 | | |
| 29 | |
Issuance of shares and warrants in connection
with issuance of convertible loans (see 6.E) | |
| 934,716 | | |
| -(* | ) | |
| 180 | | |
| - | | |
| 180 | | |
| - | | |
| 180 | |
Receipts on account of shares and warrants (see note (see note
12.A) | |
| - | | |
| - | | |
| 237 | | |
| - | | |
| 237 | | |
| - | | |
| 237 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2024 | |
| 15,855,301 | | |
| 3 | | |
| 25,905 | | |
| (18,837 | ) | |
| 7,071 | | |
| 2,625 | | |
| 9,696 | |
| |
Common stock | | |
Additional paid-in | | |
Accumulated | | |
Total Attributed to the company’s | | |
Non- Controlling | | |
Total | |
| |
Number | | |
Amount | | |
capital | | |
Deficit | | |
Shareholders | | |
Interests | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance as of April 1, 2024 | |
| 14,920,585 | | |
| 3 | | |
| 25,482 | | |
| (11,660 | ) | |
| 13,825 | | |
| 3,642 | | |
| 17,467 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (7,177 | ) | |
| (7,177 | ) | |
| (1,022 | ) | |
| (8,199 | ) |
Share-based compensation | |
| - | | |
| - | | |
| 6 | | |
| - | | |
| 6 | | |
| 5 | | |
| 11 | |
Issuance of shares and warrants in connection with issuance of debt and
convertible debt (see 6.E) | |
| 934,716 | | |
| -(* | ) | |
| 180 | | |
| - | | |
| 180 | | |
| - | | |
| 180 | |
Receipts on account of shares and warrants (see note (see note 12.A) | |
| - | | |
| - | | |
| 237 | | |
| - | | |
| 237 | | |
| - | | |
| 237 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2024 | |
| 15,855,301 | | |
| 3 | | |
| 25,905 | | |
| (18,837 | ) | |
| 7,071 | | |
| 2,625 | | |
| 9,696 | |
The
accompanying notes are an integral part of these Interim Condensed Consolidated financial statements.
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
U.S.
dollars in thousands (except share data)
| |
Common stock | | |
Additional paid-in | | |
Accumulated | | |
Total Attributed to the company’s | | |
Non- Controlling | | |
Total | |
| |
Number | | |
Amount | | |
capital | | |
Deficit | | |
Shareholders | | |
Interests | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance as of January 1, 2023 | |
| 14,783,964 | | |
| 3 | | |
| 25,350 | | |
| (3,338 | ) | |
| 22,015 | | |
| 7,884 | | |
| 29,899 | |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| (521 | ) | |
| (521 | ) | |
| 93 | | |
| (428 | ) |
Share-based compensation (see note 9.A) | |
| 111,111 | | |
| - | | |
| 67 | | |
| - | | |
| 67 | | |
| 8 | | |
| 75 | |
Transaction with the non-controlling interests (see note 1.C) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,625 | ) | |
| (2,625 | ) |
Dividend declared to non-controlling interests | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (153 | ) | |
| (153 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2023 | |
| 14,895,075 | | |
| 3 | | |
| 25,417 | | |
| (3,859 | ) | |
| 21,561 | | |
| 5,207 | | |
| 26,768 | |
| |
Common stock | | |
Additional paid-in | | |
Accumulated | | |
Total Attributed to the company’s | | |
Non- Controlling | | |
Total | |
| |
Number | | |
Amount | | |
capital | | |
Deficit | | |
Shareholders | | |
Interests | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance as of April 1, 2023 | |
| 14,783,964 | | |
| 3 | | |
| 25,374 | | |
| (3,735 | ) | |
| 21,642 | | |
| 5,317 | | |
| 26,959 | |
Balance | |
| 14,783,964 | | |
| 3 | | |
| 25,374 | | |
| (3,735 | ) | |
| 21,642 | | |
| 5,317 | | |
| 26,959 | |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| (124 | ) | |
| (124 | ) | |
| 41 | | |
| (83 | ) |
Share-based compensation (see note 9.A) | |
| 111,111 | | |
| - | | |
| 43 | | |
| - | | |
| 43 | | |
| 2 | | |
| 45 | |
Dividend declared to non-controlling interests | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (153 | ) | |
| (153 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2023 | |
| 14,895,075 | | |
| 3 | | |
| 25,417 | | |
| (3,859 | ) | |
| 21,561 | | |
| 5,207 | | |
| 26,768 | |
Balance | |
| 14,895,075 | | |
| 3 | | |
| 25,417 | | |
| (3,859 | ) | |
| 21,561 | | |
| 5,207 | | |
| 26,768 | |
The
accompanying notes are an integral part of these Interim Condensed Consolidated financial statements.
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
U.S.
dollars in thousands (except share data)
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the six months ended June 30, | | |
For the three months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Cash flows from Operating Activities | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| (9,374 | ) | |
| (428 | ) | |
| (8,199 | ) | |
| (83 | ) |
| |
| | | |
| | | |
| | | |
| | |
Adjustments to reconcile net income to net cash provided by operating activities: | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| 1,555 | | |
| 1,468 | | |
| 821 | | |
| 734 | |
Share-based compensation | |
| 29 | | |
| 75 | | |
| 11 | | |
| 45 | |
Deferred taxes | |
| (159 | ) | |
| (92 | ) | |
| (78 | ) | |
| (34 | ) |
Accrued interest, net | |
| 34 | | |
| (6 | ) | |
| 20 | | |
| - | |
Interest income | |
| (79 | ) | |
| (43 | ) | |
| (40 | ) | |
| (22 | ) |
Amortization of loan discount | |
| 15 | | |
| - | | |
| 13 | | |
| - | |
Amortization of deferred debt issuance costs (see note 6.E) | |
| 6 | | |
| - | | |
| 6 | | |
| - | |
Goodwill Impairment | |
| 4,739 | | |
| - | | |
| 4,739 | | |
| - | |
Equity based debt issuance costs (see note 6.E) | |
| 26 | | |
| - | | |
| 26 | | |
| - | |
Loss from substantial debt terms modification (see note 6.E) | |
| 2,515 | | |
| - | | |
| 2,515 | | |
| - | |
Loss on sale and disposal of property and equipment | |
| 72 | | |
| - | | |
| 72 | | |
| - | |
Loss from termination of lease agreement | |
| 8 | | |
| - | | |
| 8 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Changes in assets and liabilities items: | |
| | | |
| | | |
| | | |
| | |
Decrease (increase) in accounts receivable | |
| 5,286 | | |
| 2,530 | | |
| 931 | | |
| (2,856 | ) |
Decrease (increase) in other current assets | |
| 59 | | |
| 280 | | |
| (89 | ) | |
| 129 | |
Decrease (increase) in operating lease right-of-use asset | |
| - | | |
| 44 | | |
| (23 | ) | |
| 22 | |
Decrease in severance pay, net | |
| - | | |
| (100 | ) | |
| - | | |
| (97 | ) |
Increase (decrease) in accounts payable | |
| (3,519 | ) | |
| (2,437 | ) | |
| 433 | | |
| 3,289 | |
Decrease (increase) in other payables | |
| 243 | | |
| (218 | ) | |
| 158 | | |
| (96 | ) |
Decrease in operating lease liabilities | |
| - | | |
| (58 | ) | |
| 25 | | |
| (28 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net cash provided by operating activities | |
| 1,456 | | |
| 1,015 | | |
| 1,349 | | |
| 1,003 | |
The
accompanying notes are an integral part of these Interim Condensed Consolidated financial statements.
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Cont.)
U.S.
dollars in thousands (except share data)
| |
For the six months ended June 30, | | |
For the three months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Cash flows from Investing Activities | |
| | | |
| | | |
| | | |
| | |
Purchase of property and equipment | |
| - | | |
| (10 | ) | |
| - | | |
| (8 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net cash used in investing activities | |
| - | | |
| (10 | ) | |
| - | | |
| (8 | ) |
| |
| | | |
| | | |
| | | |
| | |
Cash flows from Financing Activities | |
| | | |
| | | |
| | | |
| | |
Cash paid to non-controlling interests (see note 1.C) | |
| - | | |
| (2,625 | ) | |
| - | | |
| - | |
Receipt of short-term bank loan | |
| 1,750 | | |
| 1,200 | | |
| 1,650 | | |
| 1,200 | |
Receipt of short-term loan | |
| 350 | | |
| - | | |
| 350 | | |
| - | |
Repayment of short-term loans | |
| (4,711 | ) | |
| (269 | ) | |
| (3,968 | ) | |
| (22 | ) |
Receipt of long-term loans (see note 6.B) | |
| - | | |
| 1,500 | | |
| - | | |
| - | |
Repayment of long-term bank loans | |
| (320 | ) | |
| (874 | ) | |
| (320 | ) | |
| (457 | ) |
Payment of dividend to non-controlling interests | |
| - | | |
| (598 | ) | |
| - | | |
| (153 | ) |
Payment of dividend to shareholders (see note 9.E.1) | |
| - | | |
| (130 | ) | |
| - | | |
| - | |
Increase in loan to parent company | |
| (34 | ) | |
| (104 | ) | |
| (17 | ) | |
| (32 | ) |
Receipts on account of shares and warrants (see note 12.A) | |
| 237 | | |
| - | | |
| 237 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Net cash provided by (used in) financing activities | |
| (2,728 | ) | |
| (1,900 | ) | |
| (2,068 | ) | |
| 536 | |
| |
| | | |
| | | |
| | | |
| | |
Increase (decrease) in cash and cash equivalents and restricted cash | |
| (1,272 | ) | |
| (895 | ) | |
| (719 | ) | |
| 1,531 | |
| |
| | | |
| | | |
| | | |
| | |
Cash and cash equivalents and restricted cash at beginning of period | |
| 1,923 | | |
| 4,381 | | |
| 1,370 | | |
| 1,955 | |
| |
| | | |
| | | |
| | | |
| | |
Cash and cash equivalents and restricted cash at end of period | |
| 651 | | |
| 3,486 | | |
| 651 | | |
| 3,486 | |
| |
| | | |
| | | |
| | | |
| | |
Supplemental Disclosure of Cash Flow Activities: | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Cash paid during the period | |
| | | |
| | | |
| | | |
| | |
Taxes paid | |
| 80 | | |
| 512 | | |
| 26 | | |
| 327 | |
Interest paid | |
| 389 | | |
| 444 | | |
| 184 | | |
| 247 | |
Total Cash paid during the period | |
| 469 | | |
| 956 | | |
| 210 | | |
| 574 | |
Substantial non-cash activities: | |
| | | |
| | | |
| | | |
| | |
Deemed extinguishment and re-issuance of debt (see note 6.B) | |
| 500 | | |
| - | | |
| 500 | | |
| - | |
Termination of operating lease agreement (see note 4) | |
| 389 | | |
| - | | |
| 389 | | |
| - | |
Share-based compensation to a director (see note 9.A) | |
| - | | |
| 34 | | |
| - | | |
| 34 | |
The
accompanying notes are an integral part of these Interim Condensed Consolidated financial statements.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
1: GENERAL
A.
Organizational Background
Viewbix
Inc. (formerly known as Virtual Crypto Technologies, Inc.) (the “Company”) was incorporated in the State of Delaware on August
16, 1985, under a predecessor name, The InFerGene Company (“InFerGene Company”). On August 25, 1995, a wholly owned subsidiary
of InFerGene Company merged with Zaxis International, Inc., an Ohio corporation, which following such merger, the surviving entity, InFerGene
Company, changed its name to Zaxis International, Inc (“Zaxis”). In 2015 the Company changed its name to Emerald Medical
Applications Corp., subsequent to which the Company, through its subsidiary, was engaged in the development of technology for use in
detection of skin cancer. On January 29, 2018, the Company ceased its business operations in this field.
On
January 17, 2018, the Company formed a new wholly owned subsidiary under the laws of the State of Israel, Virtual Crypto Technologies
Ltd. (“VCT Israel”), to develop and market software and hardware products facilitating and supporting the purchase and/or
sale of cryptocurrencies. Effective as of March 7, 2018, the Company’s name was changed from Emerald Medical Applications Corp.
to Virtual Crypto Technologies, Inc. VCT Israel ceased its business operation in 2019 and prior to consummation of the Recapitalization
Transaction. On January 27, 2020, VCT Israel was sold to a third party for NIS 50 thousand (approximately $13).
On
February 7, 2019, the Company entered into a share exchange agreement (the “Share Exchange Agreement” or the “Recapitalization
Transaction”) with Gix Internet Ltd., a company organized under the laws of the State of Israel (“Gix” or “Parent
Company’’), pursuant to which, Gix assigned, transferred and delivered its 99.83% holdings in Viewbix Ltd., a company organized
under the laws of the State of Israel (“Viewbix Israel”), to the Company in exchange for shares of the Company, which resulted
in Viewbix Israel becoming a subsidiary of the Company. In connection with the Share Exchange Agreement, effective as of August 7, 2019,
the Company’s name was changed from Virtual Crypto Technologies, Inc. to Viewbix Inc.
B.
Reorganization Transaction
On
December 5, 2021, the Company entered into a certain Agreement and Plan of Merger with Gix Media Ltd. (“Gix Media”), an Israeli
company and the majority-owned (77.92%) subsidiary of Gix, the Parent Company and Vmedia Merger Sub Ltd., an Israeli company and wholly-owned
subsidiary of the Company (“Merger Sub”), pursuant to which, Merger Sub merged with and into Gix Media, with Gix Media being
the surviving entity and a wholly-owned subsidiary of the Company (the “Reorganization Transaction”).
On
September 19, 2022, (the “Closing Date”) the Reorganization Transaction was consummated and as a result, all outstanding
ordinary shares of Gix Media, having no par value (the “Gix Media Shares”) were delivered to the Company in exchange for
the Company’s shares of common stock, par value $0.0001 per share (“Common Stock”). As a result of the Reorganization
Transaction, the former holders of Gix Media Shares, who previously held approximately 68% of the Company’s Common Stock, hold
approximately 97% of the Company’s Common Stock, and Gix Media became a wholly owned subsidiary of the Company.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
1: GENERAL (Cont.)
B.
Reorganization Transaction (Cont.)
In
connection with the Closing of the Reorganization Transaction, the Company filed an Amended and Restated Certificate of Incorporation
(the “Amended COI”) with the Secretary of State of Delaware, effective as of August 31, 2022, pursuant to which, concurrently
with the effectiveness of the Amended COI, the Company, among other things, effected a reverse stock split of its common stock at a ratio
of 1-for-28.
As
the Company and Gix Media Ltd. were consolidated both by the Parent Company and Medigus Ltd. (the “Ultimate Parent”), before
and after the Reorganization Transaction, the Reorganization Transaction was accounted for as a transaction between entities under common
control. Accordingly, the financial information of the Company and Gix Media Ltd. is presented in these financial statements, for all
periods presented, reflecting the historical cost of the Company and Gix Media Ltd., as it is reflected in the consolidated financial
statements of the Parent Company, for all periods preceding March 1, 2022, the date the Ultimate Parent obtained a controlling interest
in the Parent Company and as it is reflected in the consolidated financial statements of the Ultimate Parent for all periods subsequent
to March 1, 2022.
C.
Business Overview
The
Company and its subsidiaries (the “Group”), Gix Media and Cortex Media Group Ltd. (“Cortex”), operate in the
field of digital advertising. The Group has two main activities that are reported as separate operating segments: the search segment
and the digital content segment.
The
search segment develops a variety of technological software solutions, which perform automation, optimization, and monetization of internet
campaigns, for the purposes of obtaining and routing internet user traffic to its customers. The search segment activity is conducted
by Gix Media.
The
digital content segment is engaged in the creation and editing of content, in different languages, for different target audiences, for
the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple, by utilizing such
content to obtain and route internet user traffic for its customers. The digital content segment activity is conducted by Cortex.
On
January 23, 2023, Gix Media acquired an additional 10% of the share capital of Cortex, increasing its holdings to 80% in consideration
for $2,625 (the “Subsequent Purchase”). The Subsequent Purchase was financed by Gix Media’s existing cash balances
and by a long-term bank loan received on January 17, 2023, in the amount of $1,500 (see also note 6.B).
The
Subsequent Purchase was recorded as a transaction with non-controlling interests in the Company’s statement of changes in shareholders
equity for the six months ended June 30, 2023.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
1: GENERAL (Cont.)
D.
Impact of the “Iron Swords” War on Israel
On
October 7, 2023, following the brutal attacks on Israel by Hamas, a terrorist organization located in the Gaza Strip that infiltrated
Israel’s southern border and conducted a series of attacks on civilian and military targets, Israel’s security cabinet declared
war (the “War”). Following the commencement of the War, hostilities also intensified between Israel and Hezbollah, a terrorist
organization located in Lebanon. This may escalate in the future into a greater regional conflict. The War led to a reduction of business
activities in Israel, evacuation of residences located in the northern and southern borders of Israel, a significant call up of military
reserves and lower availability of work force.
As
the Group’s customers are mainly in the US and Europe, its operations, revenues, and profitability were indirectly affected due
to recruitment of senior employees to military reserves for an extended period of time. In January 2024, the Gix Media and Cortex filed
a request with the Israeli Tax Authority (the “ITA”) to receive compensation for the decrease in revenues related to the
War. In April and May 2024, Gix Media and Cortex received a total of $337 from the ITA that were recorded as other income in the Company’s
consolidated statement of operations for the six months period ended June 30, 2024.
As
of the date of these financial statements the war is still on going. Therefore, there is no assurance that future developments of the
War will not have any impact for reasons beyond the Company’s control, such as expansion of the War to additional regions and the
recruitment of more senior employees. The Company has business continuity procedures in place, and will continue to follow developments,
assessing potential impact, if any, on the Company’s business, financials, and operations.
E.
Cortex Adverse Effect
In
April 2024, the Company was informed by Cortex that a significant customer of Cortex recently notified Cortex it will stop advertising
on Cortex’s sites, as part of its policy decision to cease advertising on Made for Advertising (“MFA”) sites (the “Cortex
Adverse Effect”). The Cortex Adverse Effect, which has materially affected Cortex’s business and operations, has occurred
following certain recent developments relating to publishers that are categorized by a number of on-line advertisers as MFA, including
decisions made by leading media on-line advertisers to prioritize different media categories and implement publishing restrictions in
connection with MFA. Due to the Cortex Adverse Effect and additional circumstances as explained in note 5.B, the Company recorded an impairment
of $4,739 in the goodwill related to the digital content segment.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
1: GENERAL (Cont.)
F.
Going Concern
During the second half of 2023 and the six months ended June 30, 2024 the
Company experienced a decrease in its revenues from the digital content and search segments, as a result of the Cortex Adverse effect
(see note 1.E), a decrease in user traffic acquired from third party advertising platforms, an industry-wide decrease in advertising budget,
changes and updates to internet browsers’ technology, which adversely impacted the Company’s ability to acquire traffic in
the search segment and a decrease in revenues from routing of traffic acquired from third-party strategic partners in the search segment,
as a result of lack of availability of suppliers credit from such third party strategic partners. As a result of the foregoing, during
the six months ended June 30, 2024, the Company recorded an operating loss of $6,490 compared to an operating profit of $174 in the six
months ended June 30, 2023. Additionally, the Company recorded a net loss of $9,374 during the six months ended June 30, 2024, compared
to $428 in the six months ended June 30, 2023. As of June 30, 2024, the Company had cash and cash equivalents of $609, bank loans of $5,789
and accumulated deficit of $18,837.
The
decline in revenues and other circumstances described above raise substantial doubts about the Company’s ability to continue as
a going concern during the 12-month period following the issuance date of these financial statements.
Management’s response to these conditions included reduction of salaries
and related expenses and reduction of professional services in the research and development, selling and marketing functions, reduction
of other operational expenses, such as lease costs and overheads, as well as creation of new partnerships and other new income sources.
In addition, during the three months ended June 30, 2024, the company entered into a facility agreement (see Note 6.E) and subsequent
to the balance sheet date raised through a private placement and through two additional facility agreements with certain investors and
lenders (see note 12) aggregate gross proceeds of $887. Additionally, the Company plans to uplist its shares of common stock to a national
securities exchange (the “Uplist”), after which, in accordance with the terms of the aforesaid private placement and facility
agreements, the company is expected to receive additional funds. Furthermore, the company’s subsidiaries entered into an addendum
to the loan agreement with Bank Leumi pursuant to which loans repayments were deferred while short term credit lines with Bank Leumi continued
to be utilized. However, there is significant uncertainty as to whether the Company will further succeed to implement its plans or be
able to secure additional funds when needed.
These
financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A.
Unaudited Interim Financial Statements
The
accompanying unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting
principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities
and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted
accounting principles 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). For further information,
reference is made to the consolidated financial statements and footnotes thereto included in the Group’s Annual Report on Form
10-K for the year ended December 31, 2023.
B.
Principles of Consolidation
The
accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany
balances and transactions have been eliminated in consolidation.
C.
Use of estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenue and expenses during the reporting period. The Company evaluates on an ongoing basis its
assumptions, including those related to contingencies, deferred taxes, inventory impairment, stock-based compensation, as well as in
estimates used in applying the revenue recognition policy. Actual results may differ from those estimates.
D.
Derivative Financial Instruments
The
Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. Derivative instruments are initially recorded at
fair value on the grant date and re-valued at each reporting date, with changes in the fair value reported in the unaudited condensed
statements of operations.
E.
Fair Value of Financial Instruments
Fair
value is defined as the price that would be received for sale of an asset or paid to transfer of a liability, in an orderly transaction
between market participants at the measurement date. US GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
| ● | Level
1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments
in active markets. |
| ● | Level
2, defined as inputs other than quoted prices in active markets that are either directly
or indirectly observable such as quoted prices for similar instruments in active markets
or quoted prices for identical or similar instruments in markets that are not active; and |
| ● | Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring
an entity to develop its own assumptions, such as valuations derived from valuation techniques
in which one or more significant inputs or significant value drivers are unobservable. |
F.
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 financial statements other than the significant accounting policies of derivative financial instruments and fair value of financial instruments
(see notes 2.D and 2.E above).
G.
Recent Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect
on the Group’s interim condensed consolidated financial statements.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
3: LOAN TO PARENT COMPANY
SCHEDULE OF LOAN FROM TO PARENT COMPANY
| |
As of June 30 2024 | | |
As of December 31 2023 | |
| |
| | | |
| | |
Loan to Parent Company | |
$ | 3,865 | | |
$ | 3,752 | |
The
balance with the Parent Company represents a balance of an intercompany loan under a loan agreement signed between Gix Media and the
Parent Company on March 22, 2020. The loan bears interest at a rate to be 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) or according to a market interest rate decision as agreed between the parties. The amount of the loan is in U.S. dollars.
On March 20, 2024, the Company’s board of directors approved to extend the loan between Gix Media and the Parent Company by 6 months
until July 1, 2024. All other terms and conditions of the loan remained unchanged.
For
the six months ended June 30, 2024 and 2023, Gix Media recognized interest income in the amount of $79 and $43, respectively.
NOTE
4: LEASES
On
February 25, 2021, Gix Media entered into a lease agreement for a new corporate office of 479 square meters in Ramat Gan, Israel, at
a monthly rent fee of $10. The lease period is for 36 months (the “initial lease period”) with an option by the Company to
extend the lease period for two additional terms of 24 months each. In accordance with the lease agreement, the Company made leasehold
improvements in exchange for a rent fee discount of $67 which will be spread over the initial lease period.
The
Company includes renewal options that it is reasonably certain to exercise in the measurement of the lease liabilities. In December 2023,
the Company exercised the option to extend the lease period for an additional term of 24 months (from March 1, 2024, to February 28,
2026).
On June 20, 2024, Gix Media
and the lessor of its offices entered into a lease termination agreement. According to the agreement, the lease, which originally had
a termination date of February 28, 2026, terminated on June 30, 2024. In compensation for the lessor’s consent to early termination
Gix Media paid to the lessor $7 in cash and $62 in office furniture and equipment, as per the carrying values of such assets on the Company’s
books as of the early termination date.
As a result of the early termination of the agreement, the Company recorded
a capital loss of $46 in other expenses in its statement of operations for the six months period ended June 30, 2024.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
5: GOODWILL AND INTANGIBLE ASSETS, NET
SCHEDULE OF GOODWILL AND INTANGIBLE ASSETS
| |
Internal-use Software | | |
Customer Relations | | |
Technology | | |
Goodwill | | |
Total | |
Cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of January 1, 2024 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 12,254 | | |
| 29,961 | |
Additions | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Impairment of goodwill | |
| - | | |
| - | | |
| - | | |
| (4,739 | ) | |
| (4,739 | ) |
Balance as of June 30, 2024 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 7,515 | | |
| 25,222 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated amortization: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of January 1, 2024 | |
| 276 | | |
| 1,631 | | |
| 3,366 | | |
| - | | |
| 5,273 | |
Amortization recognized during the period | |
| 76 | | |
| 445 | | |
| 917 | | |
| - | | |
| 1,438 | |
Balance as of June 30, 2024 | |
| 352 | | |
| 2,076 | | |
| 4,283 | | |
| - | | |
| 6,711 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Amortized cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
As of June 30, 2024 | |
| 113 | | |
| 4,158 | | |
| 6,725 | | |
| 7,515 | | |
| 18,511 | |
| |
Internal-use Software | | |
Customer Relations | | |
Technology | | |
Goodwill | | |
Total | |
Cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of January 1, 2023 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 17,361 | | |
| 35,068 | |
Cost, beginning balance | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 17,361 | | |
| 35,068 | |
Additions | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Impairment of goodwill | |
| - | | |
| - | | |
| - | | |
| (5,107 | ) | |
| (5,107 | ) |
Balance as of December 31, 2023 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 12,254 | | |
| 29,961 | |
Cost, ending balance | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 12,254 | | |
| 29,961 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated amortization: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of January 1, 2023 | |
| 122 | | |
| 741 | | |
| 1,531 | | |
| - | | |
| 2,394 | |
Accumulated amortization, beginning balance | |
| 122 | | |
| 741 | | |
| 1,531 | | |
| - | | |
| 2,394 | |
Amortization recognized during the year | |
| 154 | | |
| 890 | | |
| 1,835 | | |
| - | | |
| 2,879 | |
Balance as of December 31, 2023 | |
| 276 | | |
| 1,631 | | |
| 3,366 | | |
| - | | |
| 5,273 | |
Accumulated amortization, ending balance | |
| 276 | | |
| 1,631 | | |
| 3,366 | | |
| - | | |
| 5,273 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Amortized cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
As of December 31, 2023 | |
| 189 | | |
| 4,603 | | |
| 7,642 | | |
| 12,254 | | |
| 24,688 | |
Amortized cost | |
| 189 | | |
| 4,603 | | |
| 7,642 | | |
| 12,254 | | |
| 24,688 | |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
5: GOODWILL AND INTANGIBLE ASSETS, NET (Cont.)
|
B. |
Impairment of goodwill: |
As
of June 30, 2024, the Company identified indicators of impairment of the digital content reporting unit. As a result, the Company
performed an impairment test which included a quantitative analysis of the fair value of the reporting unit. The fair value was
estimated using the income approach, which is based on the present value of the future cash flows attributable to the reporting
unit. The Company compared the fair value of the reporting unit to its carrying amount. As the carrying amount exceeded the fair
value, the Company recognized an impairment loss of $4,739
which was driven mainly due to the Cortex Adverse Effect (see note 1.E) and due to a decrease in the cash flow projections.
As
of December 31, 2023, the Company recognized an impairment loss of $5,107 related to the digital content reporting unit.
NOTE
6: LOANS
|
A. |
Composition of long-term
and short-term loans of the Group: |
SCHEDULE OF COMPOSITION OF BALANCE OF GROUP’S LOANS
| |
Interest rate | |
|
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
| |
|
| | |
| |
Short-term bank loan – Gix Media | |
| SOFR + 4.25 | % |
|
| 900 | | |
| 3,500 | |
Short-term bank loan – Gix Media (received on June 13, 2024) | |
| SOFR + 4.08 | % |
|
| 339 | | |
| - | |
Short-term bank loan – Cortex | |
| SOFR + 4.08 | % |
|
| 800 | | |
| 1,500 | |
Short-term bank loan | |
| SOFR + 4.08 | % |
|
| 800 | | |
| 1,500 | |
Long-term bank loan, including current maturity – Gix Media (received on October 13, 2021) | |
| SOFR + 4.12 | % |
|
| 2,714 | | |
| 2,963 | |
Long-term bank loan, including current maturity – Gix Media (received on January 17, 2023) | |
| SOFR + 5.37 | % |
|
| 1,036 | | |
| 1,107 | |
Long-term loan – Viewbix Israel | |
| 9 | % |
|
| - | | |
| 434 | |
Long-term loan | |
| 9 | % |
|
| - | | |
| 434 | |
Short-term convertible loan - June 2024 Facility Agreement – Viewbix Inc | |
| 12 | % |
|
| 321 | | |
| - | |
Line of credit | |
| 12 | % |
|
| 321 | | |
| - | |
| |
| | |
|
| | | |
| | |
Bank Loan | |
| | |
|
| 6,110 | | |
| 9,504 | |
|
B. |
Gix Media’s Loan
Agreement |
On
January 23, 2023, Gix Media acquired an additional 10% of Cortex’s capital shares which was financed by Gix Media’s existing
cash balances and by a long-term bank loan received on January 17, 2023, in the amount of $1,500 to be repaid in 42 monthly payments
at an annual interest rate of SOFR + 5.37%.
On
June 13, 2024, Gix Media and Leumi entered into an addendum to an existing loan agreement between the parties which was be effective
from May 15, 2024, pursuant to which, inter alia: (i) the addendum will be effective until August 31, 2024; (ii) the Company is
obligated to transfer to Gix Media $600;
(iii) a new covenant, measured by reference to positive EBTIDA was implemented; (iv) all payments due to Leumi Long-term bank loan
were deferred to August 31, 2024 and from September 1, 2024, payments will be repaid as schedule until the end of the Long-term bank
loan; (v) a new $350
loan was granted to Gix Media on June 13, 2024, to be repaid until August 30, 2024, alongside the existing credit facility to Gix
Media, which remains equal to 80%
of Gix Media’s customer balance; (vi) Gix Media is obligated to perform a reduction in expenses, including reduction in
force.
|
C. |
Cortex’s Loan
Agreement: |
On
September 21, 2022, Cortex and Leumi entered into an addendum to an existing loan agreement between the parties, dated August 15, 2020
(“Cortex Loan Agreement”). As part of the addendum to the Cortex Loan Agreement, Leumi provided Cortex with a monthly renewable
credit line of $1,500 (the “Cortex Credit Line”). The Cortex Credit Line is determined every month at the level of 70% of
Cortex’s customers’ balance. The amounts that are drawn from the Cortex Credit Line bear an annual interest of SOFR + 3.52%.
On
April 27, 2023, Leumi increased the Cortex Credit Line by $1,000. In September 2023, Cortex and Leumi entered into an additional addendum
to the Cortex Loan Agreement, in which Leumi extended the Cortex Credit Line of $2,500 by one year which will expire on September 20,
2024. The amounts that are drawn from the Cortex Credit Line bear an annual interest of SOFR + 4.08%.
On
May 27, 2024, Cortex and Leumi entered into an amendment to Cortex Loan Agreement, pursuant to which, the credit facility to Cortex will
be 80% of Cortex’s customer balance and up to $2,000.
As
of June 30, 2024, Cortex has drawn $800 of the Cortex Credit Line.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
6: LOANS (Cont.)
|
D. |
Long term loan and issuance
of warrants: |
On November 15, 2023, Viewbix Israel entered
into a Loan Agreement (the “2023 Loan”) with certain lenders (the “Lenders”) whereby the Lenders provided Viewbix
Israel with loans in the aggregate amount of $480. In connection with the 2023 Loan, the Company issued to each lender a warrant to purchase
shares of common stock (the “2023 Warrants”). The 2023 Warrants are exercisable to 480,000 shares of common stock, at an exercise
price of $0.50 per share and will expire and cease to be exercisable on December 31, 2025. The Company recorded the 2023 Warrants as an
equity instrument.
The
terms of the 2023 Loan were substantially amended on June 18, 2024, by the June 2024 Facility Agreement (see note 6.E). These
amendments represent a substantial modification in accordance with ASC Topic 470. Accordingly, the terms modification was accounted
for as an extinguishment of the original financial liability and the initial recognition of new financial instruments issued at
their fair value as of the effective date of the June 2024 Facility Agreement. As a result of the substantial modification of terms,
the Company recognized finance expense of $2,515 in its interim condensed consolidated statement of operations for the six months
period ended June 30, 2024.
NOTE
6: LOANS (Cont.)
|
E. |
June 2024 Facility Agreement: |
On
June 18, 2024, the Company entered into a credit facility agreement which was amended and restated on July 22, 2024 (the “June
2024 Facility Agreement”) for a $1 million credit facility (the “June 2024 Facility Loan Amount”) with a group of lenders
including L.I.A. Pure Capital Ltd (the “June 2024 Lead Lender”, and collectively, the “June 2024 Lenders”). In
addition to the June 2024 Facility Loan Amount, the June 2024 Facility Agreement includes $531 of outstanding debt owed by the Company
to the June 2024 Lenders (the “June 2024 Prior Loan Amount”, and together with the June 2024 Facility Loan Amount, the “June
2024 Loan Amount”).
The
term (the “June 2024 Facility Term”) of the June 2024 Facility Agreement expires 12
months following the date of the June 2024 Facility Agreement (the “Initial Maturity Date”), provided that, if the
effectiveness of an uplisting of the Company’s shares of common stock to a national securities exchange (the
“Uplist”) occurs prior to the Initial Maturity Date, the June 2024 Facility Term will expire 12
months following the effective date of the Uplist. The June 2024 Facility Agreement sets forth a drawdown schedule as follows: (i)
an aggregate amount of $350 was drawn down on the date of the Prior June 2024 Facility Agreement, (ii) an aggregate amount of
$150 drawn down upon the filing of the Company’s PIPE Registration Statement (as defined in note 12.A) and (iii) an amount of
$500 drawn down upon the effectiveness of the Uplist.
The
June 2024 Facility Loan Amount accrues interest at a rate of 12% per annum, and the Company will also pay such interest on the June 2024
Prior Loan Amount, which is equal to $184 (the “June 2024 Facility Interest”). The June 2024 Facility Interest was paid
in advance for the first year of the June 2024 Facility in (i) shares of the Company’s common stock at a conversion rate of $0.25
for each U.S. dollar of June 2024 Facility Interest accrued on the respective June 2024 Loan Amount, equal to an aggregate of 734,716
shares of common stock (the “June 2024 Facility Shares”) and (b) a warrant to purchase a number of shares of common stock
equal to the June 2024 Facility Shares (the “June 2024 Facility Warrant”).
Immediately
following the effectiveness of the Uplist, (i) $663 of
the June 2024 Loan Amount will convert into shares of common stock at a conversion rate equal to $0.25 per
share of the Company’s common stock (the “June 2024 Convertible Stock”) and (ii) the company will issue a warrant
in substantially the same form and on substantially the same terms as a June 2024 Facility Warrant to purchase a number of shares of
the Company’s common stock equal to the June 2024 Convertible Stock with an exercise price of $0.25 per
share (the “June 2024 Conversion Warrant”, and (i) and (ii), collectively a “June 2024 Conversion Unit”).
Such portion of the June 2024 Loan Amount that is not converted into a June 2024 Conversion Unit will remain outstanding and will
not convert following the Uplist. For the duration of the June 2024 Facility Term of the June 2024 Facility Agreement, the June 2024
Lenders may elect to convert after the effectiveness of the Uplist such unconverted portion of the June 2024 Loan Amount into
additional June 2024 Conversion Units or, upon the expiration of the June 2024 Facility Term, such unconverted portion of the June
2024 Loan Amount will be repaid in accordance with the terms of the June 2024 Facility Agreement.
The
June 2024 Facility Warrants are exercisable upon issuance at an exercise price of $0.25 per share of common stock and will have a three-year
term from the issuance date.
In
addition and in connection with the June 2024 Facility Agreement, the Company agreed to pay the June 2024 Lead Lender a commission consisting
of (i) 200,000 shares of common stock, (ii) a warrant in substantially the same form and on substantially the same terms as the June
2024 Facility Warrant to purchase 200,000 shares of common stock with an exercise price of $0.25 per share (the “June 2024 Lead
Lender Warrant”) and (iii) a warrant to purchase 2,500,000 shares of common stock with an exercise price of $1.00 per share, representing
an aggregate exercise amount of $2.5 million, subject to beneficial ownership limitations and adjustments (the “June 2024 Lead
Lender Fee Warrant” and together with the June 2024 Lead Lender Warrant and the June 2024 Facility Warrants, the “June 2024
Warrants”) see also note 12.B.
The conversion and conversion related features of the June 2024 facility
loan were bifurcated from their host debt contract and recognized as liabilities measured at fair value at each cut-off date. The facility
loan was initially recorded at its fair value and subsequently measured at cost. The shares and Warrants A issued as prepayment of interest
and as commission to the 2024 Lead Lender were initially recognized at fair value and classified in equity. The June 2024 Lead Lender
Warrant was initially recognized at fair value and classified as a liability measured at fair value at each cut-off date (see note 7).
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
7: FINANCIAL INSTRUMENTS AT FAIR VALUE
Financial
instruments:
The
Company has financial instruments measured at level 3 from the June 2024 Facility Agreement (see note 6.E).
The
fair value of the financial instruments under the June 2024 Facility Agreement, as of June 18, 2024, was
calculated using the following unobservable inputs: share price: $0.118, expected volatility: 125%, exercise price: $0.25, risk-free
interest rate: 4.41%, expected life: 3.0 years.
The
fair value of the financial instruments estimated by the Company’s management as of June 30 and June 18, 2024, was substantially
the same.
The
following table presents the financial liabilities that were measured at fair value through profit or loss:
SCHEDULE
OF FINANCIAL LIABILITIES
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
Level 3 | | |
Level 3 | |
Embedded derivatives | |
| 665 | | |
| - | |
Derivative warrant liability | |
| 1,833 | | |
| - | |
Total financial liabilities | |
| 2,498 | | |
| - | |
NOTE
8: COMMITMENTS AND CONTINGENCIES
Liens:
On
September 19, 2022, as part of the Reorganization Transaction terms, the Company has provided several liens under Gix Media’s Financing
Agreement with Leumi in connection with the Cortex Transaction, as follows: (1) a guarantee to Bank Leumi of all of Gix Media’s
obligations and undertakings to Bank Leumi unlimited in amount; (2) a subordination letter signed by the Company to Leumi Bank; (3) A
first ranking all asset charge over all of the assets of the Company; and (4) a Deposit Account Control Agreement over the Company’s
bank accounts.
Gix
Media has provided several liens under the Financing Agreement with Leumi in connection with the Cortex Transaction, as follows: (1)
a floating lien on Gix Media’s assets; (2) a lien on Gix Media’s bank account in Leumi; (3) a lien on Gix Media’s rights
under the Cortex Transaction; (4) a fixed lien on Gix Media’s intellectual property; and (5) a lien on Gix Media’s full holdings
in Cortex.
Gix
Media restricted deposits in the amount of $8 as of June 30, 2024, are used as a security in respect of credit cards. Cortex has a restricted
deposit in the amount of $34 as of June 30, 2024, is used as a security in respect of its leased offices.
NOTE
9: SHAREHOLDERS’ EQUITY
A.
Shares of Common Stock:
Shares
of Common Stock confer the rights to: (i) participate in the general meetings, to one vote per share for any purpose, to an equal part,
on share basis, (ii) in distribution of dividends and (iii) to equally participate, on share basis, in distribution of excess of assets
and funds from the Company and will not confer other privileges.
On
May 18, 2023, the Company’s Board of Directors (the “Board”) approved to issue and grant 111,111 shares of restricted
Common Stock (“Equity Grant”) to one of the Company’s directors (the “Director”). The Equity Grant was
granted for consulting services provided to the Company by the Director, specifically in connection with securing favorable terms for
a bank financing. The Company recorded a share-based compensation expense of $34 in general and administrative expenses in connection
to the Equity Grant.
On
June 18, 2024, as part of the June 2024 Facility Agreement the Company issued to June 2024 Lenders 934,716 shares of common stock and
934,716 warrant to purchase shares of common stock with an exercise price of $0.25 per share. In addition, the Company issued to the
June 2024 Lead Lender a warrant to purchase 2,500,000 shares of common stock with an exercise price of $1.00 per share, representing
an aggregate exercise amount of $2.5 million.
B.
Warrants:
The
following table summarizes information of outstanding warrants as of June 30, 2024:
SCHEDULE OF OUTSTANDING WARRANTS
| |
Warrants | | |
Warrant Term | |
Exercise Price | | |
Exercisable | |
| |
| | |
| |
| | |
| |
Class J Warrants | |
| 130,333 | | |
July 2029 | |
| 13.44 | | |
| 130,333 | |
Class K Warrants | |
| 130,333 | | |
July 2029 | |
| 22.40 | | |
| 130,333 | |
2023 Warrants (see note 6.D) | |
| 480,000 | | |
December 2025 | |
| 0.50 | | |
| 480,000 | |
June 2024 Facility Agreement Warrants | |
| 934,716 | | |
June 2027 | |
| 0.25 | | |
| 934,716 | |
June 2024 Lead Lender Warrants (see note 12.B) | |
| 2,500,000 | | |
June 2027 | |
| 1.00 | | |
| 2,500,000 | |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
9: SHAREHOLDERS’ EQUITY (Cont.)
C.
Share option plan
In
2017, after the completion of Gix Media’s acquisition by the Parent Company, the Parent Company granted options to Gix Media’s
employees. These options entitle the employees to purchase ordinary shares of the Parent Company that are traded on Tel-Aviv Stock Exchange.
On
March 2, 2023, the Board approved the adoption of the 2023 Stock Incentive Plan (the “2023 Plan”). The 2023 Plan permits
the issuance of up to (i) 2,500,000 shares of Common Stock, plus (ii) an annual increase equal to the lesser of (A) 5% of the Company’s
outstanding capital stock on the last day of the immediately preceding calendar year; and (B) such smaller amount as determined by the
Board, provided that no more than 2,500,000 shares of Common Stock may be issued upon the exercise of Incentive Stock Options. If any
outstanding awards expire, are canceled or are forfeited, the underlying shares would be available for future grants under the 2023 Plan.
As of the date of approval of the financial statements, the Company had reserved 2,500,000 shares of Common Stock for issuance under
the 2023 Plan.
The
2023 Plan provides for the grant of stock options, restricted stock, restricted stock units, stock or other stock-based awards, under
various tax regimes, including, without limitation, in compliance with Section 102 and Section 3(i) of the Israeli Income Tax Ordinance
(New Version) 5271-1961, and for awards granted to United States employees or service providers, including those who are deemed to be
residents of the United States for tax purposes, Section 422 and Section 409A of the United States Internal Revenue Code of 1986.
In
connection with the adoption of the 2023 Plan, on March 7, 2023, the Company entered into certain intercompany reimbursement agreements
with two of its subsidiaries, Viewbix Israel and Gix Media (the “Recharge Agreements”). The Recharge Agreements provide for
the offer of awards under the 2023 Plan to employees or service providers of Viewbix Israel and Gix Media (the “Affiliates”)
under the 2023 Plan. Under the Recharge Agreements, the Affiliates will each bear the costs of awards granted to its employees or its
service providers under the 2023 Plan and will reimburse the Company upon the issuance of shares of Common Stock pursuant to an award,
for the costs of shares issued, but in any event not prior to the vesting of an award. The reimbursement amount will be equal to the
lower of (a) the book expense for such award as recorded on the financial statements of one of the respective Affiliates, determined
and calculated according to U.S. GAAP, or any other financial reporting standard that may be applicable in the future, or (b) the fair
value of the shares of Common Stock at the time of exercise of an option or at the time of vesting of an RSU, as applicable.
On
July 20, 2023, the Company granted 51,020 restricted share units (the “RSUs”) under the 2023 Plan to Gix Media’s CEO,
as part of his employment terms, (the “Grantee”) under the following terms and conditions: (1) 51,020 of Common Stock underlying
the grant of RSUs (2) Vesting Commencement Date: July 1, 2023 (3) vesting schedule: 50% of the RSUs will vest immediately upon the Vesting
Commencement Date (the “First Tranche”) and the remaining 50% of the RSUs will vest 12 months after the Vesting Commencement
Date (the “Second Tranche”), provided, in each case, that the Grantee remains continuously as a Service Provider (as defined
under the 2023 Plan) of Gix Media or its affiliates throughout each such vesting date (the “Grant”).
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
9: SHAREHOLDERS’ EQUITY (Cont.)
C.
Share option plan (Cont.)
On
July 1, 2023, following the Grant and upon the vesting of the First Tranche, the Company issued 25,510 shares of Common Stock to the
Grantee. The Company recorded a share-based compensation expense of $25 in general and administrative expenses with connection to the
issuance of shares upon the vesting of the First Tranche. Subsequent to the balance sheet date, upon the vesting of the Second Tranche,
the Company issued 25,510 shares of Common Stock to the Grantee (see note 12.G).
D.
Dividends:
On
September 14, 2022, Gix Media declared a dividend to its shareholders prior to the consummation of the Reorganization Transaction in
the amount of $1,000, of which an amount of $83 was paid as tax to the Israeli Tax Authority. During 2022 Gix Media distributed an amount
of $787 out of the remaining amount of $917, which an amount of $714 that was distributed to the Parent Company, was offset from the
loan to Parent Company. The remaining amount of $130 was distributed by Gix Media in January 2023.
On
December 25, 2022, Cortex declared a dividend in the total amount of $445 to the non-controlling interests. The amount was distributed
by Cortex to non-controlling interests in two payments of $219 and $226 in February and March 2023, respectively.
No
dividends were distributed during the six-month period ending June 30, 2024.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
10: FINANCIAL EXPENSE, NET
SCHEDULE
OF FINANCIAL EXPENSE NET
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the six months ended June 30, | | |
For the three months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Financial expense (income): | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Bank fees | |
| 44 | | |
| 33 | | |
| 26 | | |
| 19 | |
Exchange rate differences | |
| (49 | ) | |
| 25 | | |
| (18 | ) | |
| 12 | |
Interest expense on bank loans | |
| 406 | | |
| 437 | | |
| 198 | | |
| 247 | |
Loss from substantial debt terms modification | |
| 2,515 | | |
| - | | |
| 2,515 | | |
| - | |
Interest income on loans from Parent Company | |
| (79 | ) | |
| (43 | ) | |
| (40 | ) | |
| (22 | ) |
Other | |
| 70 | | |
| (21 | ) | |
| 63 | | |
| (10 | ) |
Financial expense, net | |
| 2,907 | | |
| 431 | | |
| 63 | | |
| (10 | ) |
NOTE
11: SEGMENT REPORTING
The
Group operates in two different segments in such a way that each company in the Group operates as a separate business segment.
Search
segment- the search segment develops a variety of technological software solutions, which perform automation, optimization and monetization
of internet campaigns, for the purposes of obtaining and routing internet user traffic to its customers.
Digital
content segment- the digital content segment is engaged in the creation and editing of content, in different languages, for different
target audiences, for the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple,
by utilizing such content to obtain internet user traffic for its customers.
The
segments’ results include items that directly serve and/or are used by the segment’s business activity and are directly allocated
to the segment. As such they do not include depreciation and amortization expenses for intangible assets created at the time of the purchase
of those companies, financing expenses created for loans taken for the purpose of purchasing those companies and therefore these items
are not allocated to the various segments.
Segments’
assets and liabilities are not reviewed by the Group’s chief operating decision maker and therefore were not reflected in the segment
reporting.
Segments
revenues and operating results:
SCHEDULE OF SEGMENTS REVENUES AND OPERATING RESULTS
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | | |
Total | |
| |
For the six months ended June 30, 2024 | |
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenues from external customers | |
| 3,587 | | |
| 13,748 | | |
| - | | |
| 17,335 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 1,555 | | |
| 1,555 | |
Goodwill Impairment | |
| - | | |
| - | | |
| 4,739 | | |
| 4,739 | |
Segment operating income (loss) | |
| 718 | | |
| (199 | ) | |
| (7,009 | ) | |
| (6,490 | ) |
Financial expenses, net | |
| (10 | ) | |
| (74 | ) | |
| (2,823 | ) | |
| (2,907 | ) |
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | |
|
Total | |
| |
For the six months ended June 30, 2023 | |
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | |
|
Total | |
| |
| | |
| | |
| |
|
| |
Revenues from external customers | |
| 10,952 | | |
| 37,064 | | |
| - | |
|
| 48,016 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 1,468 | |
|
| 1,468 | |
Segment operating income (loss) | |
| 766 | | |
| 1,664 | | |
| (2,256 | ) |
|
| 174 | |
Financial expenses, net | |
| (81 | ) | |
| (46 | ) | |
| (304 | ) (*) |
|
| (431 | ) |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
11: SEGMENT REPORTING (Cont.)
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | | |
Total | |
| |
For the three months ended June 30, 2024 | |
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenues from external customers | |
| 1,115 | | |
| 6,218 | | |
| - | | |
| 7,333 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 821 | | |
| 821 | |
Goodwill Impairment | |
| - | | |
| - | | |
| 4,739 | | |
| 4,739 | |
Segment operating income (loss) | |
| 256 | | |
| 186 | | |
| (5,921 | ) | |
| (5,479 | ) |
Financial expenses, net | |
| (11 | ) | |
| (60 | ) | |
| (2,673 | ) | |
| (2,744 | ) |
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | |
|
Total | |
| |
For the three months ended June 30, 2023 | |
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | |
|
Total | |
| |
| | |
| | |
| |
|
| |
Revenues from external customers | |
| 5,842 | | |
| 21,312 | | |
| - | |
|
| 27,154 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 734 | |
|
| 734 | |
Segment operating income (loss) | |
| 535 | | |
| 868 | | |
| (1,153 | ) |
|
| 250 | |
Financial expenses, net | |
| (7 | ) | |
| (83 | ) | |
| (156 | ) (*) |
|
| (246 | ) |
The
“adjustment” column for segment operating income includes unallocated selling, general, and administrative expenses and certain
items which management excludes from segment results when evaluating segment performance, as follows:
SCHEDULE OF RECONCILIATION BETWEEN SEGMENTS OPERATING RESULTS
| |
For the six months ended June 30, 2024 | | |
For the three months ended June 30, 2024 | |
| |
| | |
| |
Depreciation and amortization expenses not attributable to segments (**) | |
| (1,555 | ) | |
| (821 | ) |
General and administrative not attributable to the segments (***) | |
| (715 | ) | |
| (361 | ) |
Goodwill Impairment | |
| (4,739 | ) | |
| (4,739 | ) |
| |
| ) | |
| ) |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
11: SEGMENT REPORTING (Cont.)
| |
For the six months ended June 30, 2023 | | |
For the three months ended June 30, 2023 | |
| |
| | |
| |
Depreciation and amortization expenses not attributable to segments (**) | |
| (1,468 | ) | |
| (734 | ) |
General and administrative not attributable to the segments (***) | |
| (788 | ) | |
| (419 | ) |
| |
| ) | |
| ) |
|
(*) |
Mainly consist of financial
expenses from the Financing Agreement of bank loans taken for business combinations (see note 6). |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
12: SUBSEQUENT EVENTS
A.
Private Placement
On
July 3, 2024, the Company entered into a definitive securities purchase agreement (the “Purchase Agreement”) with a certain
investor (the “Lead Investor”) for the purchase and sale in a private placement (the “Private Placement”) of
units consisting of (i) 1,027,500 shares of the Company’s common stock at a purchase price of $0.25 per share (the “PIPE
Shares”) and (ii) common stock purchase warrants to purchase up to 1,541,250 shares of the Company’s common stock (the “PIPE
Warrants”) to the Lead Investor and other investors (collectively, the “Investors”) acceptable to the Lead Investor
and the Company.
The
aggregate gross proceeds received by the Company from the Private Placement were $257,
of which $237 received in June 2024 and the $20 remaining received in July 2024.
The PIPE Warrants are exercisable upon issuance at an exercise price of $0.25 per
share and will have a three-year term
from the issuance date. In addition, the PIPE Warrants are subject to an automatic exercise provision in the event that the
Company’s shares of common stock are approved for listing on the Nasdaq Capital Market.
Upon
the closing of the Private Placement, the Company agreed to pay the Lead Investor: (1) $10 for actual and documented fees and expenses
incurred and, (2) a commission consisting of (i) a cash fee of $123 and (ii) 51,375 shares of the Company’s common stock.
In
July 2024, the Company issued to the Investors 1,027,500 shares of common stock and 1,541,250 warrants in connection with the Private
Placement.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
12: SUBSEQUENT EVENTS (Cont.)
B.
June 2024 Facility Agreement
Following
the closing of the Private Placement (as defined in note 12.A), the exercise price of the June 2024 Lead Lender Warrant was adjusted
to $0.118, which is the effective price per share of common stock in the Private Placement, and the number of shares of common stock
issuable upon the exercise of the June 2024 Lead Lender Warrant was also adjusted to a total of 21,186,440 shares, such that the adjusted
exercise price and number of warrants issued is equal to an aggregate amount of $2.5 million.
C.
First July 2024 Facility Agreement
On
July 4, 2024, the Company entered into a credit facility agreement, as restated on July 22, 2024, and amended on July 25, 2024 (the “First
July 2024 Facility Agreement”) for a $2.5 million (the “First July 2024 Facility Loan Amount”) with a certain lender.
The
First July 2024 Facility Loan Amount will remain available until the earliest of (a)(i) its drawing down in full, (ii) the 36-month anniversary
of the First July 2024 Facility Agreement and (b) upon such date that the Company completes a $2.0 million financing transaction (the
“First July 2024 Facility Term”). In the event the First July 2024 Facility Term lapses, the First July 2024 Facility Loan
Amount will be repaid to the lender immediately.
The
First July 2024 Facility Agreement sets forth a drawdown schedule as follows: (i) an aggregate of $50,000 was drawn down on July 4, 2024,
(ii) an aggregate of $50 will be drawn down upon the effectiveness of the Uplist (see note 6.E), and (iii) following the Uplist, an
aggregate of $200 will be drawn down on a quarterly basis until the First July 2024 Facility Loan Amount is exhausted.
The
First July 2024 Facility Amount will accrue interest at a rate of 12% per annum. The interest for the first year was paid in advance
in (i) 1,200,000 shares of the Company’s common stock at a conversion rate of $0.25, and (ii) 1,200,000 warrants to purchase such
number of shares of the Company’s common stock at a conversion rate of $0.25 (the “First July 2024 Facility Warrants”).
The First July 2024 Facility Warrants are exercisable upon issuance at an exercise price of $0.25 per share of common stock and will
have a three-year term from the issuance date.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
12: SUBSEQUENT EVENTS (Cont.)
C.
First July 2024 Facility Agreement (Cont.)
Immediately
following the effectiveness of the Uplist, (i) $100 of the First July 2024 Facility Loan Amount will convert in shares of common
stock at a conversion rate of $0.25 per share (such amount of shares converted, the “First July 2024 Convertible Stock”),
and, (ii) the Company will issue a warrant to purchase such amount of First July 2024 Convertible Stock, with an exercise price of $0.25
per share (the “First July 2024 Conversion Warrant”). The remaining First July 2024 Facility Loan Amount outstanding and
not converted following the Uplist will remain available for the duration of the First July 2024 Facility Term, whereby, upon the lapse
of the First July 2024 Facility Term, such amount will be repaid to the First July 2024 Lender.
In
addition, the Company agreed to pay the First July 2024 Lender a one-time fee consisting of: (i) 500,000 shares of the Company’s
common stock, representing five percent (5%) of the First July 2024 Facility Loan Amount at a conversion rate of $0.25 and (ii) a warrant
to purchase 1,000,000 shares of the Company’s common stock with an exercise price of $0.25 per share.
D.
Services Agreements
On
July 14, 2024 and July 25, 2024, the Company entered into consulting agreements with certain consultants (the
“Consultants”) pursuant to which the Consultants agreed to provide certain services to the Company in connection with
the Uplist. In consideration with the Consultants’ services, the Company issued to the Consultants 480,000
shares of common stock in July 2024.
E.
Second July 2024 Facility Agreement
On
July 28, 2024, the Company entered into a credit facility agreement (the “Second July 2024 Facility Agreement”) for a $3.0
million (the “Second July 2024 Facility Loan Amount”) with certain lenders (the “Second July 2024 Lenders”).
The
Second July 2024 Facility Loan Amount will remain available until the earliest of (a)(i) its drawing down in full, (ii) the 40-month
anniversary of the Second July 2024 Facility Agreement and (b) upon such date that the Company completes a $2.5 million financing transaction
(the “Second July 2024 Facility Term”). In the event the Second July 2024 Facility Term lapses, the Second July 2024 Facility
Loan Amount will be repaid to the Second July 2024 Lenders immediately thereafter.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
12: SUBSEQUENT EVENTS (Cont.)
E.
Second July 2024 Facility Agreement (cont.)
The
Second July 2024 Facility Loan Amount will accrue interest at a rate of 12% per annum. The interest for the first year was paid in advance
in (i) 1,440,000 shares of the Company’s common stock at a conversion rate of $0.25, and (ii) 1,440,000 warrants to purchase such
number of shares of the Company’s common stock at a conversion rate of $0.25 (the “Second July 2024 Facility Warrants”).
the interest for the second year will be paid by the Company in cash. The Second July 2024 Facility Warrants are exercisable upon issuance
at an exercise price of $0.25 per share of common stock, and will have a three-year term from the issuance date.
Immediately
following the effectiveness of the Uplist, (i) $160 of the Second July 2024 Facility Loan Amount will convert in shares of common
stock at a conversion rate of $0.25 per share (such amount of shares converted, the “Second July 2024 Convertible Stock”),
and, (ii) the Company will issue a warrant to purchase such amount of Second July 2024 Convertible Stock, with an exercise price of $0.25
per share (the “Second July 2024 Conversion Warrant”). The remaining Second July 2024 Facility Loan Amount outstanding and
not converted following the Second Uplist Conversion will remain available for the duration of the Second July 2024 Facility Term, whereby,
upon the lapse of the Second July 2024 Facility Term, such amount will be repaid to the Second July 2024 Lenders.
In
addition, the Company agreed to pay the Second July 2024 Lenders a one-time fee consisting of 600,000 shares of the Company’s common
stock, representing five percent (5%) of the Second July 2024 Facility Loan Amount at a conversion rate of $0.25.
F.
Securities Exchange Agreement
On
July 31, 2024, the Company entered into a Securities Exchange Agreement, with Metagramm Software Ltd. (“Metagramm”) pursuant
to which the Company agreed to issue to Metagramm 9.99% of its issued and outstanding share capital in exchange for 19.99% of Metagramm’s
issued and outstanding share capital. The transactions contemplated by the Securities Exchange Agreement are expected to close following
the Uplist (as defined in note 6.E).
G.
Grant of shares
On
July 1, 2024, the Company issued 25,510 shares of Common Stock to Gix Media’s CEO.
H. Reverse stock split
On
July 15, 2024, the Company filed an amendment to its Certificate of Incorporation (the “Amendment”) to effect a 1-for-4 reverse
stock split of the Company’s Common Stock. As of the issuance date of this interim condensed consolidated financial statements,
the reverse stock split is not yet effective.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS AND RESULTS OF OPERATIONS
Special
Note Regarding Forward-Looking Statements
The
following management’s discussion and analysis section should be read in conjunction with the Company’s unaudited financial
statements as of June 30, 2024 and 2023, and the related statements of statement operation, statement of changes in shareholders’
equity and statements of cash flows for the six and three months then ended, and the related notes thereto contained in this Quarterly
Report on Form 10-Q (this “Quarterly Report”).
Our
reporting currency and functional currency is the U.S. dollar. Unless otherwise expressly stated or the context otherwise requires, references
in this prospectus to “NIS” are to New Israeli Shekels, and references to “dollars” or “$” mean U.S.
dollars.
On
July 10, 2024, our board of directors approved a one-for-four consolidation of our share capital, pursuant to which holders of our
shares of common stock will receive one share of common stock for every four shares of common stock held. The reverse split is not
yet in effect, and will be effectuated upon approval by FINRA. Unless the context expressly indicates otherwise, all references to
share and per share amounts referred to herein reflect the amounts before giving effect to the reverse split.
Forward-Looking
Statements
This
management discussion and analysis section contains forward-looking statements, such as statements of the Company’s plans, objectives,
expectations, and intentions. Any statements that are not statements of historical fact are forward-looking statements. When used, the
words “believe,” “plan,” “intend,” “anticipate,” “target,” “estimate,”
“expect” and the like, and/or future tense or conditional constructions “will,” “may,” “could,”
“should,” etc., or similar expressions, identify certain of these forward-looking statements. These forward-looking statements
are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied
by the forward-looking statements. Forward-looking statements are based on information we have when those statements are made or our
management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could
cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important
factors that could cause such differences include, but are not limited to:
●
the continued demand of digital advertising as an integral part of corporate marketing and internal communications plans and the continued
growth and acceptance of digital advertising as effective alternatives to traditional offline marketing products and service;
●
our ability to retain and attract a programmatic advertiser, and the associated payments received from such programmatic advertisers’
ads on websites which have been categorized as “Made for Advertising”;
●
our ability to generate enough cash flow to meet our debt obligations or fund our other liquidity needs, and substantial doubt regarding
our ability to continue as a going concern;
●
our need to raise additional capital to meet our business requirements in the future and such capital raising may be costly or difficult
to obtain and could dilute out shareholders’ ownership interests;
●
our ability to receive credit facility to fund our operations, at favorable terms, or at all;
●
our ability to pay our obligations when they become due, including our loan and facility agreements and Financing Agreement (as defined
below);
●
our subsidiaries’ future performance, including our ability to instill potential measures to assist Cortex and Gix Media in mitigating
future economic harm;
●
entry of new competitors and products, the impact of large and established internet and technology companies and potential technological
obsolescence of our offered platforms; and
●
political, economic and military conditions in Israel, including the recent attack by Hamas and other terrorist organizations from the
Gaza Strip and elsewhere in the region and Israel’s war against them, as well as the war’s potential impact on our business
and operation.
The
foregoing does not represent an exhaustive list of matters that may be covered by the forward-looking statements contained herein or
risk factors that we are faced with which may cause our actual results to differ from those anticipated in our forward-looking statements.
For a discussion of these and other risks that relate to our business and investing in our common stock, you should carefully review
the risks and uncertainties described in this Quarterly Report on Form 10-Q, and those contained in section captioned “Risk Factors”
of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the
“SEC”) on March 25, 2024 (the “Annual Report”). The Company’s actual results could differ materially from
those contemplated in these forward-looking statements as a result of these factors. The Company does not undertake any obligation to
update forward-looking statements to reflect events or circumstances occurring after the date of this Quarterly Report.
Overview
and Background
Viewbix
Inc. (the “Registrant”, “Viewbix” or the “Company”) is a digital advertising platform that
develops and markets a variety of technological platforms that automate, optimize and monetize digital online campaigns.
Viewbix’s operations were previously focused on analysis of the video marketing performance of its clients as well as the
effectiveness of their messaging (“Video Advertising Platform”). With the Video Advertising Platform, Viewbix allowed
its clients with digital video properties the ability to use its platforms in a way that allows viewers to engage and interact with
the video. The Video Advertising Platform measures when a viewer performs a specific action while watching a video and collects and
reports the results to the client. However, due to the Company’s failure to meet predetermined sales targets which were set
pursuant to the Recapitalization Transaction (as defined in note 1.A to the interim condensed consolidated financial statements).
with Gix Internet Ltd., in January 2020, the Company determined to reduce its operations and the size of its sales and R&D team
in Video Advertising Platform.
The
Company, through its subsidiaries Gix Media Ltd. (“Gix Media”) and Cortex Media Group Ltd. (“Cortex”), expanded
its digital advertising operations across two main sectors: ad search and digital content (the “Search Platform”
and the “Content Platform”, respectively”). Gix Media and Cortex develop and market a variety of technological software
solutions that automate, optimize and monetize online campaigns. Cortex also creates, edits and markets content in various languages
to different target audiences in order to generate revenues from advertisements displayed together with the content, which are posted
on digital content, marketing and advertising platforms. These technological tools enable advertisers and website owners to earn more
from their advertising campaigns and generate additional profits from their sites.
Through
its Search Platform, the Company provides services to leading search engines worldwide (“Search Engines”) by developing,
marketing and distributing software products to internet users. The operations and activity on this platform are powered by Gix Media.
Through
the Content Platform, the Company provides editing and marketing services of content in different languages and to different target audiences
with the goal of generating revenues from advertising employed in such content, which is based on digital content marketing and advertising
platforms. The operations and activity on this platform are powered by Cortex.
Search
Platform
Gix
Media’s Search Platform allows for the referral of user traffic (i.e., searches that are performed by internet users) to the
Search Engines, such as Yahoo and Bing, where the Search Engines display the ads of their customers. The Search Engines pay Gix
Media for the searches that were referred by it, based on the amount of consideration that the Search Engine receives from the
advertisers for the user traffic generated, less a certain percentage from the revenues attributed to the Search Engine. Since the
customers of Gix Media are the Search Engines, and not the advertisers, Gix Media recognizes revenues for the actual amount received
from the Search Engines, and not from the advertisement revenue itself.
The
referral of user traffic by Gix Media to the Search Engines is possible after users download Gix Media’s products, which are browser
add-ons, usually from the browser stores (mostly Google Chrome browsers) and by downloading desktop software products, free of charge,
for the Apple operating system (for Mac computers) and for the Microsoft operating system (for PC computers). When downloading Gix Media’s
products, the users grant permission to Gix Media to refer the searches performed while using Gix Media’s products to the Search
Engines.
In
addition, Gix Media provides user traffic referral services to Search Engines through the referral of traffic of browsers who engage
content generated by Gix Media. This content is displayed on ad spaces that are purchased by the Company by content recommendation companies
(such as Yahoo!, Outbrain, Taboola and Gemini). When occasional users click on such content, Gix Media transfers user traffic to a Search
Engine which contains search words that are related to the advertising content.
Content
Platform
Cortex’s
Content Platform produces engaging content and marketing material in various languages to various target audiences, in order to generate
revenues from advertisements displayed together with the content, which are posted on digital content, marketing and advertising platforms.
Cortex acts as a digital content platform that publishes content written by creative writers and editors which it employs. The content
is displayed on several different content websites owned by Cortex, covering various subjects including culture, history, trips, pets,
entertainment and leisure, food, etc. (the “Cortex Websites”). Cortex developed capabilities that enable it and its customers
to profit from the original content which it publishes by advertising the content on leading international third-party websites and online
ad platforms (the “Third Party Platforms”). Readers are exposed to the articles on the Third-Party Platforms and may choose
to read them by clicking an ad, after which readers are directed automatically to the Cortex Websites where the content is posted.
The
technological tools developed by Cortex allow businesses in the digital advertising market (Search Engines, ad exchanges, advertisers,
content owners and brand owners) to earn more from their advertising campaigns and generate additional profit from their websites, both
from its content and from its advertising.
Advertisers
display ads on various platforms for potential customers (internet users and readers). In order to help maximize the effectiveness of
advertising, Cortex developed different advertising systems and tools for content management, content distribution and campaigns and
measurement of performance on the various platforms that display the content.
Recent
Developments
Credit
Facilities of the Company
2023
Loan Agreement
On
November 15, 2023, Viewbix Ltd., the Company’s subsidiary (“Viewbix Israel”) entered into a Loan Agreement (the
“2023 Loan”) with certain lenders (the “2023 Loan Lenders”) whereby the Lenders provided Viewbix Israel with
loans in the aggregate amount of $480,000 (which sum may be increased to up to $1,000,000, at the discretion of the 2023 Loan
Lenders). In accordance with the terms of the 2023 Loan, the principal amount bears an annual interest at a rate of 9% and shall be
repaid over the course of two years following January 1, 2024. In the event that Viewbix Israel fails to repay a part or all of the
loan amount (including the accrued interest) and subject to certain conditions, the outstanding loan amount may be converted, at
each 2023 Loan Lender’s discretion, into shares of the Company’s Common Stock, at a price per share equal to the 30-day
average of the closing bid price of the Common Stock, calculated as of such date the respective portion of the outstanding loan
amount becomes repayable.
In
connection with the 2023 Loan, the Company issued to each 2023 Loan Lender a warrant to purchase shares of Common Stock (the
“2023 Warrants”), such that the number of shares of Common Stock underlying each 2023 Warrant will reflect (one-for-one)
the number of dollars provided by each Lender as part of the principal amount. Each 2023 Warrant has an exercise price per share of
Common Stock of $0.50 and will expire and cease to be exercisable on December 31, 2025. The 2023 Warrants were issued to the Lenders
pursuant to Regulation S of the Securities Act of 1933, as amended (“Regulation S”).
June
2024 Facility Agreement
On
July 22, 2024, we entered into an amended and restated facility agreement (the “June 2024 Facility Agreement”) for a $1
million (the “June 2024 Facility Loan Amount”) credit facility (the “June 2024 Credit Facility”) with the
2023 Loan Lenders and certain lenders set forth therein (the “June 2024 Lenders”) that amends and restates the prior
facility agreement entered into on June 18, 2024 between the Company and the June 2024 Lenders (the “Prior June 2024 Facility
Agreement”). In addition to the June 2024 Facility Loan Amount, the June 2024 Facility Agreement contemplates the inclusion of
an additional $530,657 of outstanding debt owed by us to the June 2024 Lenders (the “June 2024 Prior Loan Amount”, and
together with the June 2024 Facility Loan Amount, the “June 2024 Loan Amount”), which June 2024 Prior Loan Amount is
entitled to certain rights under the June 2024 Credit Facility.
The
term (the “June 2024 Facility Term”) of the June 2024 Credit Facility expires 12 months following the date of the June 2024
Facility Agreement (the “Initial Maturity Date”), provided that, if the effectiveness of an uplisting of our shares of common
stock to a NASDAQ security exchange securities exchange (the “Uplist”) occurs prior to the Initial Maturity Date, the June 2024 Facility
Term shall expire 12 months following the effective date of the Uplist. The June 2024 Facility Agreement sets forth a drawdown schedule
as follows: (i) an aggregate of $350,000 was drawn down on the date of the Prior June 2024 Facility Agreement, (ii) an aggregate of $150,000
was drawn down upon the filing of the Registration Statement (as defined below) and (iii) an aggregate of $500,000 drawn down upon the
effectiveness of the Uplist.
The
June 2024 Credit Facility accrues interest at a rate of 12% per annum, and we will also pay such interest on the June 2024 Prior Loan
Amount, which is equal to $183,679 (the “June 2024 Facility Interest”). The June 2024 Facility Interest was paid in advance
for the first year of the June 2024 Facility in (i) shares of our common stock at a conversion rate of $0.25 for each U.S. dollar of
June 2024 Facility Interest accrued on the respective June 2024 Loan Amount, equal to an aggregate of 734,716 shares of common stock
(the “June 2024 Facility Shares”) and (b) a warrant to purchase a number of shares of common stock equal to the June 2024
Facility Shares (the “June 2024 Facility Warrant”).
Immediately
following the effectiveness of the Uplist, (i) $662,957 of the June 2024 Loan Amount will convert into shares of common stock at a conversion
rate equal to $0.25 per share of our common stock (the “June 2024 Convertible Stock”) and (ii) we will issue a warrant in
substantially the same form and on substantially the same terms as a June 2024 Facility Warrant to purchase a number of shares of our
common stock equal to the June 2024 Convertible Stock with an exercise price of $0.25 per share (the “June 2024 Conversion Warrant”,
and (i) and (ii), collectively a “June 2024 Conversion Unit”). Such portion of the June 2024 Loan Amount that is not converted
into a June 2024 Conversion Unit will remain outstanding and will not convert following the Uplist. For the duration of the June 2024
Facility Term of the June 2024 Credit Facility, the June 2024 Lenders may elect to convert such unconverted portion of the June 2024
Loan Amount into additional June 2024 Conversion Units or, upon the expiration of the June 2024 Facility Term, such unconverted portion
of the June 2024 Loan Amount will be repaid in accordance with the terms of the June 2024 Facility Agreement.
The
June 2024 Facility Warrants are exercisable upon issuance at an exercise price of $0.25 per share of common stock, subject to certain
beneficial ownership limitations and price adjustments set forth therein, and will have a three-year term from the issuance date.
In
addition and in connection with the June 2024 Credit Facility, we agreed to pay L.I.A. Pure Capital Ltd. (the “June 2024 Lead
Lender”) a commission consisting of (i) 200,000 shares of common stock, (ii) a warrant in substantially the same form and on
substantially the same terms as the June 2024 Facility Warrant to purchase 200,000 shares of common stock with an exercise price of
$0.25 per share (the “June 2024 Lead Lender Warrant”) and (iii) a warrant to purchase 2,500,000 shares of common stock
with an exercise price of $1.00 per share, representing an aggregate exercise amount of $2.5 million, subject to beneficial
ownership limitations and adjustments (the “June 2024 Lead Lender Fee Warrant” and together with the June 2024 Lead
Lender Warrant and the June 2024 Facility Warrants, the “June 2024 Warrants”).
The
June 2024 Lead Lender Fee Warrant were immediately exercisable upon issuance and have a three-year term from the issuance date. Following
the closing of the Private Placement (as defined below), the exercise price of the June 2024 Lead Lender Fee Warrant was adjusted to
$0.118, which is the effective price per share of common stock in the Private Placement, or the June 2024 Lead Lender Fee Warrant Adjusted
Exercise Price, and the number of shares of common stock issuable upon the exercise of the June 2024 Lead Lender Fee Warrant was also
adjusted to a total 21,186,440 shares, or the June 2024 Lead Lender Fee Warrant Adjusted Shares, such that the product of the June 2024
Lead Lender Fee Warrant Adjusted Exercise Price and the June 2024 Lead Lender Fee Warrant Adjusted Shares is equal to an aggregate exercise
amount of $2.5 million.
We
undertook to file a registration statement (the “Registration Statement”) with the Securities and Exchange Commission (the
“SEC”) to register, inter alia, the resale by the June 2024 Lenders of shares of common stock underlying the June 2024 Credit
Facility, the June 2024 Warrants and the June 2024 Conversion Units, which we filed on July 31, 2024.
Private
Placement
On
July 3, 2024, we entered into a definitive securities purchase agreement (the “Purchase Agreement”) with a global investment
firm (the “Lead Investor”) for the purchase and sale in a private placement (the “Private Placement”) of units
(the “Units”) consisting of (i) 1,027,500 shares of our common stock (the “PIPE Shares”) and (ii) common stock
purchase warrants (the “PIPE Warrants”) to purchase up to 1,541,250 shares of our common stock (the “PIPE Warrant Shares”)
to the Lead Investor and other investors (collectively, the “Investors”) acceptable to the Lead Investor and us. The Private
Placement closed on July 3, 2024. The purchase price per Unit was $0.25.
The
PIPE Warrants are exercisable upon issuance at an exercise price of $0.25 per share, subject to certain adjustments and certain anti-dilution
protection set forth therein, and will have a three-year term from the issuance date. In addition, the PIPE Warrants are subject to an
automatic exercise provision in the event that our shares of common stock are approved for listing on the Nasdaq Capital Market.
The
aggregate gross proceeds to us from the Private Placement were $256,875.
In
connection with the Private Placement, we entered into a registration rights agreement (the “Registration Rights Agreement”)
with the Investors. Pursuant to the Registration Rights Agreement, we are required to file a resale registration statement (the “PIPE
Registration Statement”) with the SEC to register for resale of the PIPE Shares issued in the Private Placement and the PIPE Warrant
Shares issuable upon exercise of the PIPE Warrants, within 30 days of the date of the Purchase Agreement, and to have such PIPE Registration
Statement declared effective within 30 days following the filing date of the PIPE Registration Statement in the event the PIPE Registration
Statement is not reviewed by the SEC, or 60 days following the filing date of the PIPE Registration Statement in the event the PIPE Registration
Statement is reviewed by the SEC. We will be obligated to pay certain liquidated damages if we fail to file the PIPE Registration Statement
when required, fail to cause the PIPE Registration Statement to be declared effective by the SEC when required, or if we fail to maintain
the effectiveness of the PIPE Registration Statement. We filed the PIPE Registration Statement on July 31, 2024.
The
Purchase Agreement and the Registration Rights Agreement also contain representations, warranties, indemnification and other provisions
customary for transactions of this nature. In addition, pursuant to the Purchase Agreement, we agreed to abide by certain customary standstill
restrictions for a period of 30 days following the effective date of the PIPE Registration Statement. In addition, while the PIPE Warrants
are outstanding, the Investors shall not, and shall cause its affiliates to not enter into or effect, directly or indirectly, hedging
transactions that establish a net short position. Upon the closing of the Private Placement, we reimbursed the Lead Investor $10,000
for actual and documented fees and expenses incurred. In addition, we paid a commission to the Lead Investor of (i) a cash fee of $12,844
and (ii) 51,375 shares of our common stock.
First
July 2024 Facility Agreement
On
July 22, 2024, we entered into an amended and restated facility agreement, as amended on July 25, 2024 (as amended, the “First
July 2024 Facility Agreement”) for a $2.5 million (the “First July 2024 Facility Loan Amount”) credit facility (the
“First July 2024 Credit Facility”) with a certain lender (the “First July 2024 Lender”) that amends and restates
the prior facility agreement entered into on July 4, 2024 between the Company and the July 2024 Lender (the “Prior First July 2024
Facility Agreement”).
The
First July 2024 Facility Loan Amount will remain available until the earliest to occur of (a)(i) its drawing down in full, (ii) the 36-month
anniversary of the First July 2024 Facility Agreement and (b) upon such date that the Company completes a $2.0 million financing transaction
(the “First July 2024 Facility Term”). In the event the First July 2024 Facility Term lapses, the First July 2024 Facility
Loan Amount shall be repaid to the First July 2024 Lender immediately thereafter.
The
First July 2024 Facility Agreement sets forth a drawdown schedule as follows: (i) an aggregate of $50,000 was drawn down on the effective
date of the Prior First July 2024 Facility Agreement, (ii) an aggregate of $50,000 shall be drawn down upon the effectiveness of the
Uplist, and (iii) following the Uplist, an aggregate of $200,000 shall be drawn down on a quarterly basis until the First July 2024 Facility
Loan Amount is exhausted.
The
First July 2024 Credit Facility will accrue interest at a rate of 12% per annum (the “First July 2024 Facility Interest”).
The First July 2024 Facility Interest was paid in advance for the first year of the First July 2024 Facility in (i) 1,200,000 shares of
our common stock at a conversion rate of $0.25 for each U.S. dollar of First July 2024 Facility Interest accrued on the respective First
July 2024 Facility Loan Amount, and (ii) 1,200,000 warrants to purchase a number of shares of our common stock at a conversion rate of
$0.25 for each U.S. dollar of First July 2024 Facility Interest accrued on the respective First July 2024 Facility Loan Amount (the “First
July 2024 Facility Warrants”). The First July 2024 Facility Warrants are exercisable upon issuance at an exercise price of $0.25
per share of common stock, subject to certain beneficial ownership limitations and price adjustments set forth therein, and will have
a three-year term from the issuance date.
Immediately
following the effectiveness of the Uplist, (i) $100,000 of the First July 2024 Facility Loan Amount will convert in shares of common
stock at a conversion rate of $0.25 per share (such amount of shares converted, the “First July 2024 Convertible Stock”),
and, (ii) we will issue a warrant to purchase such amount of First July 2024 Convertible Stock, with an exercise price of $0.25 per share
(the “First July 2024 Conversion Warrant”, and together with the First July 2024 Convertible Stock, a “First July 2024
Conversion Unit”, and collectively the “First Uplist Conversion”). The remaining First July 2024 Facility Loan Amount
outstanding and not converted following the First Uplist Conversion shall remain available for the duration of the First July 2024 Facility
Term, whereby, upon the lapse of the First July 2024 Facility Term, such amount shall be repaid to such First July 2024 Lender.
In
addition and in connection with the First July 2024 Credit Facility, we agreed to pay the First July 2024 Lender a one-time fee consisting
of: (i) 500,000 shares of our common stock, representing five percent (5%) of the First July 2024 Facility Loan Amount at a conversion
rate of $0.25 and (ii) a warrant to purchase 1,000,000 shares of our common stock with an exercise price of $0.25 per share (the “First
July 2024 Facility Fee Warrant” and together with the First July 2024 Facility Warrants, the “First July 2024 Warrants).
We
undertook to file a registration statement with the SEC to register, inter alia, the resale by the First July 2024 Lender of shares of
common stock underlying the First July 2024 Credit Facility, the First July 2024 Warrants and the First July 2024 Conversion Units, which
we filed on July 31, 2024.
Second
July 2024 Facility Agreement
On
July 28, 2024, we entered into a facility agreement (the “Second July 2024 Facility Agreement”) for a $3.0 million (the “Second
July 2024 Facility Loan Amount”) credit facility (the “Second July 2024 Credit Facility”) with certain lenders (the
“Second July 2024 Lenders”).
The
Second July 2024 Facility Loan Amount will remain available until the earliest to occur of (a)(i) its drawing down in full, (ii) the
40-month anniversary of the Second July 2024 Facility Agreement and (b) upon such date that the Company completes a $2.5 million financing
transaction (the “Second July 2024 Facility Term”). In the event the Second July 2024 Facility Term lapses, the Second July
2024 Facility Loan Amount shall be repaid to the Second July 2024 Lenders immediately thereafter.
The
Second July 2024 Facility Agreement sets forth a drawdown schedule as follows: (i) an aggregate of $80,000 was drawn down on the effective
date of the Second July 2024 Facility Agreement, (ii) an aggregate of $80,000 shall be drawn down upon the effectiveness of the Uplist,
and (iii) following the Uplist, an aggregate of $80,000 shall be drawn down on a monthly basis until the Second July 2024 Facility Loan
Amount is exhausted.
The
Second July 2024 Credit Facility will accrue interest at a rate of 12% per annum (the “Second July 2024 Facility Interest”).
The Second July 2024 Facility Interest was paid in advance for the first year of the Second July 2024 Facility in (i) 1,440,000 shares
of our common stock at a conversion rate of $0.25 for each U.S. dollar of Second July 2024 Facility Interest accrued on the respective
Second July 2024 Facility Loan Amount, and (ii) 1,440,000 warrants to purchase a number of shares of our common stock at a conversion
rate of $0.25 for each U.S. dollar of Second July 2024 Facility Interest accrued on the respective Second July 2024 Facility Loan Amount
(the “Second July 2024 Facility Warrants”). As of the second-year anniversary of the Second July 2024 Credit Facility, the
Second July 2024 Facility Interest will be paid by us in cash to the Second July 2024 Lenders. The Second July 2024 Facility Warrants
are exercisable upon issuance at an exercise price of $0.25 per share of common stock, subject to certain beneficial ownership limitations
and price adjustments set forth therein, and will have a three-year term from the issuance date.
Immediately
following the effectiveness of the Uplist, (i) $160,000 of the Second July 2024 Facility Loan Amount will convert in shares of common
stock at a conversion rate of $0.25 per share (such amount of shares converted, the “Second July 2024 Convertible Stock”),
and (ii) we will issue a warrant to purchase such amount of Second July 2024 Convertible Stock, with an exercise price of $0.25 per
share (the “Second July 2024 Conversion Warrant”, and together with the Second July 2024 Convertible Stock, a “Second
July 2024 Conversion Unit”, and collectively the “Second Uplist Conversion”). The remaining Second July 2024 Facility
Loan Amount outstanding and not converted following the Second Uplist Conversion shall remain available for the duration of the Second
July 2024 Facility Term, whereby, upon the lapse of the Second July 2024 Facility Term, such amount shall be repaid to such Second July
2024 Lender.
In
addition and in connection with the Second July 2024 Credit Facility, we agreed to pay the Second July 2024 Lenders a one-time fee consisting
of 600,000 shares of our common stock, representing five percent (5%) of the Second July 2024 Facility Loan Amount at a conversion rate
of $0.25.
We
undertook to file a registration statement with the SEC to register, inter alia, the resale by the Second July 2024 Lenders of shares
of common stock underlying the Second July 2024 Credit Facility, the Second July 2024 Facility Warrants and the Second July 2024 Conversion
Units, which we filed on July 31, 2024.
Securities
Exchange Agreement
On
July 31, 2024, we entered into an amended and restated securities exchange agreement, or the Securities Exchange Agreement, with Metagramm
Software Ltd., or Metagramm, pursuant to which we agreed to issue to Metagramm 9.99% of our issued and outstanding capital stock on a
post-closing basis in exchange for 19.99% of Metagramm’s issued and outstanding share capital on a post-closing basis. The transactions
contemplated by the Securities Exchange Agreement are expected to close following the Uplist (as defined above), subject to satisfaction
of customary closing conditions.
Services
Agreements
On
July 14, 2024 and July 25, 2024, we entered into consulting agreements (the “Consultant Agreements”) with certain consultants
(the “Consultants”) pursuant to which the Consultants agreed to provide certain services to us. As partial compensation,
we issued 480,000 shares of our common stock (the “Consultant Shares”) to the Consultants.
Amendment
to Certificate of Incorporation
On
July 15, 2024, the Company filed an Amendment to its Certificate of Incorporation (the “Amendment”) to effect a 1-for-4
reverse stock split of the Company’s common stock, par value $0.0001 per share (the “Common Stock” and the “Reverse
Stock Split”). The Amendment became effective upon filing. Upon the effectiveness of the Reverse Stock Split, every four (4) outstanding
shares of the Company’s Common Stock were converted into, and automatically became, one (1) share of the Company’s Common
Stock. As a result of the effectiveness of the Amendment and the Reverse Stock Split, 18,839,686 shares of the Company’s Common
Stock issued and outstanding immediately prior to the Reverse Stock Split were converted into approximately 4,709,922 shares of the Company’s
Common Stock. The Reverse Stock Split did not change the par value of the Common Stock or the number of authorized shares of Common Stock,
which was 490,000,000 shares of Common Stock immediately prior to the effectiveness of the Reverse Stock Split. As a result of the Reverse
Stock Split, the number of shares of the Company’s Common Stock that may be purchased upon the exercise of outstanding warrants,
options, or other securities convertible into, or exercisable or exchangeable for, shares of our Common Stock, and the exercise or conversion
prices for these securities, have also be ratably adjusted in accordance with their terms. All descriptions of our capital stock, including
share amounts and per share amounts in this Quarterly Report, are presented before giving effect to the Reverse Stock Split.
Reorganization
Transaction with Gix Media Ltd.
On
December 5, 2021, the Company entered into a certain Agreement and Plan of Merger (the “Reorganization Transaction”) with
Gix Media., an Israeli company and the majority-owned subsidiary of Gix Internet, in the field of MarTech (Marketing Technology) solutions,
primarily search and content monetization and Vmedia Merger Sub Ltd., an Israeli company and wholly-owned subsidiary of the Company (“Merger
Sub”), pursuant to which, following the Reorganization Transaction, and upon satisfaction of additional closing conditions, Merger
Sub will merge with and into Gix Media, with Gix Media being the surviving entity and wholly-owned subsidiary of the Company. Prior to
the closing of the Reorganization Transaction, Gix Media was a majority-owned subsidiary of Gix Internet, which held approximately 58%
of the Common Stock of the Company, on a fully diluted basis.
On
September 19, 2022, the Reorganization Transaction, was consummated (the “Closing”) and, as a result, all outstanding ordinary
shares of Gix Media, having no par value (the “Gix Media Shares”) were exchanged for shares of the Company’s Common
Stock such that Gix Media became a wholly owned subsidiary of the Company. Following the Reorganization Transaction, holders of the Gix
Media Shares held 90% of the Company’s Common Stock on a fully diluted basis, with Gix Internet holding 76.67% of the Common Stock
on a fully diluted basis.
The
following diagram illustrates the associated corporate structure of the Company prior to and following the Reorganization Transaction.
Following
the closing of the Reorganization Transaction, the Company began to integrate Gix Media’s technology into its operations aiming
to expand its growth potential in the search and content monetization space. Gix Media’s business operations include both (i) the
provision of services to the world’s leading Search Engines through the development, marketing and distribution of free software
to many Internet users, and (ii) editing and marketing of content in different languages to different target markets, for the purpose
of monetizing advertisements on digital marketing and advertising platforms.
Acquisition
of Cortex Media Group Ltd. and Cortex Adverse Effect
On
October 13, 2021, Gix Media acquired 70% (on a fully diluted basis) of the share capital of Cortex (the “Cortex Acquisition”),
an Israeli private company operating in the field of online media and advertising. In consideration for the Cortex Acquisition, Gix Media
paid NIS 35 million in cash (approximately $11 million), out of which an amount of $0.5 million was deposited in trust for a period of
12 months from the closing date. The Cortex Acquisition also includes the obligation and right of Gix Media to acquire 30% of Cortex’s
share capital in three equal tranches, each at the beginning of 2023, 2024 and 2025 (“Remaining Balance Shares”), such that
following the acquisition of all of the Remaining Balance Shares, Gix Media will hold 100% of Cortex’s share capital on a fully
diluted basis. On January 23, 2023, Gix Media purchased an additional 10% of Cortex’s share capital. In January 2024, Gix Media
did not purchase an additional 10% of Cortex’s share capital, as Cortex did not meet certain Key Performance Indicators (KPIs),
as conditioned in the definitive agreements of the Cortex Acquisition.
In
connection with the Cortex Acquisition, on October 13, 2021, Gix Media entered into a financing agreement with Bank Leumi Le Israel
(“Leumi”), for the provision of a line of credit in the total amount of up to $3.5 million and a long-term loan totaling
$6 million, which Gix Media used to finance the Cortex Acquisition (the “Financing Agreement”). On July 25, 2022, Gix
Media and Leumi entered into an addendum to the Financing Agreement according to which Leumi will provide Gix Media with a loan of
up to $1,500,000 to be withdrawn at the discretion of Gix Media by no later than January 31, 2023 (the “Additional
Loan”). The Additional Loan was withdrawn in connection with the purchase of the additional 10% of Cortex’s share
capital on January 17, 2023. On October 10, 2023, Gix Media and Leumi entered into a second addendum to the Financing Agreement (the
“Second Addendum”), according to which, effective as of September 26, 2023, certain provisions, including among others,
the conditions of the financial covenants contained therein and the interest rate quote, were amended according to the agreed terms
between the parties.
In
April 2024, the Company was informed by Cortex, that certain recent developments relating to publishers that are categorized by a number
of programmatic advertisers as “Made for Advertising” (“MFA”) sites, including decisions made by leading media
programmatic advertisers to prioritize different media categories and implement publishing restrictions in connection with MFA, have
materially affected Cortex’s business and operations. In connection with the foregoing, a significant customer of Cortex notified
Cortex that in light of the foregoing changes relating to MFA that customer decided to stop advertising on Cortex’s Websites, which
decision significantly and negatively impacted Cortex’s future revenue streams (the “Cortex Adverse Effect”). Upon
receipt of this update, the Company’s board of directors convened a meeting to discuss the implications on the Company as well
as potential measures to assist Cortex in mitigating any future economic harm to Cortex and the Company, including (inter alia), assisting
with reducing operating expenses, helping identify new revenues sources for Cortex, participating in any negotiations with Cortex’s
and Gix Media’s bank regarding the terms of its outstanding loans and business plans in an effort to provide additional liquidity
and ensure continued compliance with Cortex’s and Gix Media’s obligations towards the bank, and assisting with fundraising
prospects in debt or equity capital in order to help enable Cortex’s and Gix Media’s continued business and operations.
On
June 13, 2024, Gix Media and Leumi entered into an addendum to an existing loan agreement between the parties which was be effective
from May 15, 2024, pursuant to which, inter alia: (i) the addendum will be effective until August 31, 2024; (ii) the Company is obligated
to transfer to Gix Media $600,000; (iii) a new covenant, measured by reference to positive EBTIDA was implemented; (iv) all payments
due to Leumi Long-term bank loan were deferred to August 31, 2024 and from September 1, 2024, payments will be repaid as schedule until
the end of the Long-term bank loan; (v) a new $350,000 loan was granted to Gix Media on June 13, 2024, to be repaid until August 30,
2024, alongside the existing credit facility to Gix Media, which remains equal to 80% of Gix Media’s customer balance; (vi) Gix
Media is obligated to perform a reduction in expenses, including reduction in force.
Reincorporation
in Nevada
On
September 27, 2023, our stockholders approved to grant to the Board of Directors the power to effect a reincorporation of the Company
from the State of Delaware to the State of Nevada by way of a parent-subsidiary merger (the “Reincorporation”). The Reincorporation
will be effected pursuant to an Agreement and Plan of Merger to be entered between the Company and Viewbix Inc., a soon to be formed
wholly-owned subsidiary under the laws of the State of Nevada (the “Surviving Corporation”), which will provide that the
Company, as parent in this transaction, will merge with and into the Surviving Corporation. Upon the consummation of the Reincorporation,
the Company will cease its legal existence as a Delaware corporation, and the Surviving Corporation will continue the Company’s
business as the surviving corporation under the name “Viewbix Inc.” succeeding to all of the Company’s rights, assets,
liabilities and obligations, except that its affairs will cease to be governed by the Delaware General Corporation Law and will be subject
to the Nevada Revised Statutes. In addition, as approved by our stockholders, upon completion of the Reincorporation, the Company will
adopt an Articles of Incorporation and new bylaws under the Nevada Revised Statues, which will replace its current Certificate of Incorporation
and Bylaws. As of the date of this Quarterly Report, our Board of Directors has not effected the Reincorporation. The Reincorporation
remains subject to obtaining approval of a tax ruling from the Israeli Tax Authority. We anticipate the Reincorporation will take effect
in the third quarter of 2024.
Corporate
Information
We
were incorporated in the State of Delaware on August 16, 1985 under a predecessor name, The InFerGene Company (“InFerGene Company”).
On August 25, 1995, a wholly owned subsidiary of InFerGene Company merged with Zaxis International, Inc., an Ohio corporation, which
following such merger, the surviving entity, InFerGene Company, changed its name to Zaxis International, Inc.
Our
principal executive offices are located at: 3 Hanehoshet St, Building B, 7th floor, Tel Aviv, Israel and our telephone number is +972-73-391-2900. Our website address is www.viewbix.com. The information contained on, or that can be accessed through, our websites
is not incorporated by reference into this prospectus and is intended for informational purposes only.
Results
of Operations
Results
of Operations During the Three Months Ended June 30, 2024 as Compared to the Three Months Ended June 30, 2023
Our
revenues were $7,333 thousand for the three months ended June 30, 2024, compared to $27,154 thousand during the same period in the prior
year.
Our
revenues from Cortex’s Content Platform were $6,218 thousand for the three months ended June 30, 2024, a decrease of 15,094 as
compared to $21,312 thousand during the same period in the prior year. The reasons for the decrease during the three months ended June
30, 2024 are due to the Cortex Adverse Effect.
Our
revenues from Gix Media’s Search Platform were $1,115 thousand for the three months ended June 30, 2024, a decrease of $4,727 as
compared to $5,842 thousand during the same period in the prior year. The reasons for the decrease during the three months ended June
30, 2024, is due to: (1) decrease in the amount of search referrals conducted by users, provided by Gix Media to Search Engines, caused
primarily by changes and updates to internet browsers’ technology, which have caused a decrease in revenues from the direct model,
and (2) a decrease in the number of searches received from Gix Media’s third-party strategic partners in the indirect model mainly
as a result of decrease in the credit lines received from third-party strategic partners.
Our
traffic-acquisition and related costs were $5,854 thousand for the three months ended June 30, 2024, a decrease of $18,196 compared to
$24,050 thousand during the same period in the prior year. The reason for the decrease in the three months ended June 30, 2024, is due
to the decrease in revenues from both the Content and Search Platforms during the three months ended June 30, 2024 as mentioned above.
Our
research and development expenses were $532 thousand for the three months ended June 30, 2024, as compared to $717 thousand during the
same period in the prior year. The reason for the decrease in the three months ended June 30, 2024, is due to the expense reduction in
both the Content and Search Platforms during the three months ended June 30, 2024, as compared to the same period in the prior year.
Our
selling and marketing expenses decrease to $453 thousand for the three months ended June 30, 2024, as compared to $715 thousand during
the same period in the prior year. The reason for the decrease in the three months ended June 30, 2024, is due to the expense reduction
primarily in salaries in the Content Platforms during the three months ended June 30, 2024, as compared to the same period in the prior
year.
Our
general and administrative expenses were $646 thousand for the three months ended June 30, 2024, a slight decrease as compared to $688
thousand during the same period in the prior year.
Our
depreciation and amortization expenses for the three months ended June 30, 2024, were $821 thousand as compared to $734 thousand during
the same period in the prior year.
A
goodwill impairment loss of $4,739 thousand was recorded during the three months ended June 30, 2024, compared to $0 during the
three mounts ended June 30, 2023. The total amount of goodwill impairment loss recognized by us, during the three mounts ended June
30, 2024, was related to the Content Platform (see also note 5.B to our interim condensed consolidated financial statements ended
June 30, 2024).
Our
other income for the three months ended June 30, 2024, were $233 thousand, compared to $0 thousand during the three months ended June
30, 2023. The increase in our other income during to the three months ended June 30, 2024 is mainly due to Gix Media and Cortex receiving
governmental grants from the Israel Tax Authority in relation to the “Iron Swords” war.
Our
net financial expenses were $2,744 thousand for the three months ended June 30, 2024, compared to $246 thousand net financial
expenses during the same period in the prior year. The reason for the increase during the three months ended June 30, 2024, is
mainly due to financing expenses recorded due to accounting treatment of financial instruments, created and recorded as part of the
June 2024 Credit Facility.
Our
income tax benefit was $24 thousand for the three months ended June 30, 2024, as compared to a $87 thousand tax expenses during the same
period in the prior year. The reason for the decrease during the three months ended June 30, 2024, is due to the decrease in income before
tax.
Results
of Operations During the Six Months Ended June 30, 2024 as Compared to the Six Months Ended June 30, 2023
Our
revenues were $17,335 thousand for the six months ended June 30, 2024, compared to $48,016 thousand during the same period in the prior
year.
Our
revenues from Cortex’s Content Platform were $13,748 thousand for the six months ended June 30, 2024, a decrease of $23,316 as compared
to $37,064 thousand during the same period in the prior year. The reason for the decrease during the six months ended June 30, 2024,
is due to (1) a decrease of user traffic acquisition from Third-Party Platforms causing a lower amount of users to reach the Cortex Websites
and thus decreasing the exposures to the ads displayed on the Cortex Websites, and an industry-wide decrease in advertising budget, and
(2) the Cortex Adverse Effect.
Our
revenues from Gix Media’s Search Platform were 3,587 thousand for the six months ended June 30, 2024, a decrease of $7,365 thousand
as compared to $10,952 thousand during the same period in the prior year. The reasons for the decrease during the Six months ended June
30, 2024, is due to: (1) decrease in the amount of search referrals conducted by users, provided by Gix Media to Search Engines, caused
primarily by changes and updates to internet browsers’ technology, which have caused a decrease in revenues from the direct model,
and (2) a decrease in the number of searches received from Gix Media’s third-party strategic partners in the indirect model mainly
as a result of decrease in the credit lines received from third-party strategic partners.
Our
traffic-acquisition and related costs were $14,069 thousand for the six months ended June 30, 2024, a decrease of $27,962 compared to
$42,031 thousand during the same period in the prior year. The reason for the decrease in the six months ended June 30, 2024, is due
to the decrease in revenues from both the Content and Search Platforms during the three months ended June 30, 2024, as mentioned above.
Our
research and development expenses were $1,262 thousand for the six months ended June 30, 2024, compared to $1,513 thousand during the
same period in the prior year. The reason for the decrease in the six months ended June 30, 2024, is due to the reduction of expenses
in the Search and Content Platform, primarily in salaries and technological services.
Our
selling and marketing expenses were $1,111 thousand for the six months ended June 30, 2024, which is a decrease of $327 thousand as compared
to $1,438 thousand during the same period in the prior year. The reason for the decrease in the six months ended June 30, 2024, is due
to the expense reduction primarily in salaries in the Content Platforms during the six months ended June 30, 2024, as compared to the
same period in the prior year.
Our
general and administrative expenses were $1,302 thousand for the six months ended June 30, 2024, a slight decrease as compared to $1,392
thousand during the same period in the prior year.
Our
depreciation and amortization expenses increased to $1,555 thousand for the six months ended June 30, 2024, as compared to $1,468 thousand
during the same period in the prior year.
A goodwill impairment loss of
$4,739 thousand was recorded during the six months ended June 30, 2024, compared to $0 during the six mounts ended June 30, 2023. The
total amount of goodwill impairment loss recognized by us, during the six mounts ended June 30, 2024, was related to the Content Platform
(see also note 5.B to our interim condensed consolidated financial statements ended June 30,2024).
Our other income was $213 thousand
for the six months ended June 30, 2024, compared to $0 thousand during the six months ended June 30, 2023. The increase in our other income
during the six months ended June 30, 2024 is mainly due to Gix Media and Cortex receiving governmental grants from the Israel Tax Authority
in relation to the “Iron Swords” war.
Our net financial expenses were
$2,907 thousand for the six months ended June 30, 2024, compared to $431 thousand during the same period in the prior year. The reason
for the increase during the six months ended June 30, 2024, is mainly due to financing expenses recorded due to accounting treatment of
financial instruments, created and recorded as part of the June 2024 Credit Facility
Our
income tax benefit was $23 thousand for the six months ended June 30, 2024, as compared to $171 thousand income tax expenses during the
same period in the prior year. The reason for the decrease during the six months ended June 30, 2024, is due to the decrease in income
before tax.
Liquidity
and Capital Resources
As
of June 30, 2024, we had current assets of $11,362 thousand, consisting of $609 thousand in cash and cash equivalents, $42 thousand restricted
deposits, $6,073 thousand in accounts receivable, $773 thousand in other current assets and $3,865 thousand in a loan to our Parent
Company.
As
of June 30, 2024, we had non-current assets of $18,646 thousand, consisting of $95 thousand in deferred taxes, $40 thousand in
property and equipment net, $10,996 thousand in intangible assets net and $7,515 thousand in goodwill.
As of June 30, 2024, we had
$15,502 thousand in current liabilities consisting of $8,797 thousand in accounts payable, $1,142 thousand in other payables and
$4,439 thousand in short term loans and current maturities of long-term loans, $665 thousand in derivative warrant liability and
$459 thousand in short-term convertible loans.
As of June 30, 2024, we had
$4,810 thousand in non-current liabilities consisting of $1,671 thousand long-term loans, $1,833 thousands in warrant liability and
$1,306 thousand in deferred taxes.
As
of December 31, 2023, we had current assets of $17,805 thousand consisting of $1,774 thousand in cash and cash equivalents, $149 thousand
in restricted deposits, $11,359 thousand in accounts receivable, $771 thousand in other current assets and $3,752 thousand in the loan
to our Parent Company.
As
of December 31, 2023, we had non-current assets of $25,477 thousand consisting of $147 thousand in deferred taxes, $397 thousand in operating
lease right-of-use assets, $245 thousand in property and equipment net, $12,434 thousand in intangible assets net and $12,254 thousand
in goodwill.
As
of December 31, 2023, we had $19,773 thousand in current liabilities consisting of $12,359 thousand in accounts payable, $889 thousand
in other payables, $6,440 thousand in short term loans and current maturities of a long-term loans and $85 thousand in operating lease
liabilities.
As
of December 31, 2023, we had $4,885 thousand in non-current liabilities consisting of $3,064 thousand long-term loans, $304 thousand
in operating lease liabilities - long term and $1,517 thousand in deferred taxes.
We
had a negative working capital of $4,140 thousand compared to a negative working capital of $1,968 thousand as of June 30, 2024 and
December 31, 2023, respectively.
During the three months
ended June 30, 2024, we had a positive cash flow from operating activities of $1,349 thousand, which was the result of $8,199
thousand in net loss, $8,113 thousand from positive adjustments to operating activities, and $1,435 thousands from positive changes
in assets and liabilities items.
During the six months
ended June 30, 2024, we had positive cash flow from operating activities of $1,456 thousand, which was the result of $9,374 thousand
in net loss, $8,761 thousand from positive adjustments to operating activities, and $2,069 thousands from positive changes in assets
and liabilities items.
There
are no limitations in the Company’s Amended and Restated Certificate of Incorporation on the Company’s ability to borrow
funds or raise funds through the issuance of shares of its common stock to affect a business combination.
Gix
Media has provided several liens under the Financing Agreement with Leumi in connection with the Cortex Transaction, including: (1) a
floating lien on Gix Media’s assets; (2) a lien on Gix Media’s bank account in Leumi; (3) a lien on Gix Media’s rights
under the Cortex Transaction; (4) a fixed lien on Gix Media’s intellectual property; and (5) a lien on all of Gix Media’s
holdings in Cortex.
As
of June 30, 2024, the Company has also provided several liens under Financing Agreement with Leumi in connection with the Cortex Acquisition,
as follows: (1) a guarantee to Leumi of all of Gix Media’s obligations and undertakings to Leumi, unlimited in amount; (2) a subordination
letter on behalf of the Company to Leumi; (3) a first ranking asset charge over all of the assets of the Company; and (4) a Deposit Account
Control Agreement over the Company’s bank accounts.
According
to the Financing Agreement, Gix Media undertook to meet financial covenants over the life of the loans, including positive EBITDA. As
of June 30, 2024, Gix Media is in compliance with the financial covenants in connection with the Financing Agreement.
Going
Concern
The
Company experienced a decrease in its revenues from the digital content and search segments, as a result of the Cortex Adverse effect,
a decrease in user traffic acquired from third party advertising platforms, an industry-wide decrease in advertising budget, changes
and updates to internet browsers’ technology, which adversely impacted the Company’s ability to acquire traffic in the search
segment and a decrease in revenues from routing of traffic acquired from third-party strategic partners in the search segment, as a result
of lack of availability of suppliers credit from such third party strategic partners. As a result of the foregoing, the Company’s
operations were adversely affected.
The
decline in revenues and other circumstances described above raise substantial doubts about the Company’s ability to continue as
a going concern during the 12-month period following the issuance date of this Quarterly Report.
Management’s
response to these conditions included reduction of salaries and related expenses and reduction of professional services in the research
and development, selling and marketing functions, reduction of other operational expenses, such as lease costs and overheads, as well
as creation of new partnerships and other new income sources. In addition, the company entered into a facility agreements and a private
placement, through which it has raised capital. Additionally, the Company plans to effect the Uplist, after which, in accordance with
the terms of the aforesaid private placement and facility agreements, the company is expected to receive additional funds. Furthermore,
the company’s subsidiaries entered into an addendum to the loan agreement with Bank Leumi pursuant to which loans repayments were
deferred while short term credit lines with Bank Leumi continued to be utilized. However, there is significant uncertainty as to whether
the Company will further succeed to implement its plans or be able to secure additional funds when needed
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
required for smaller reporting companies.
ITEM
4. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
As
of June 30, 2024, the Company’s chief executive officer and chief financial officer, conducted an evaluation (the “Evaluation”)
regarding the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under
the Exchange Act). Based upon the Evaluation, as required by Rules 13a-15 or 15d-15, the Company’s chief executive officer and
chief financial officer concluded that, and pursuant to the Committee of Sponsoring Organizations of the Treadway Commission in Internal
Control-Integrated Framework (2013), the Company’s disclosure controls and procedures were effective as of the end of June
30, 2024.
Changes
in Internal Control Over Financial Reporting
There
were no changes in our internal control over financial reporting or in other factors identified in connection with the evaluation required
by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the quarter ended June 30, 2024, that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.
PART
II - OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
We
are currently not involved in any litigation that we believe could have a material adverse effect on our financial condition or results
of operations, except as set forth below. There is no action, suit, proceeding, inquiry or investigation before or by any court, public
board, government agency, self-regulatory organization or body pending or, to the knowledge of the executive officers of the Company,
threatened against or affecting the Company, our common stock, our officers or directors in their capacities as such, in which an adverse
decision could have a material adverse effect.
ITEM
1A. RISK FACTORS
Our
business faces many risks, a number of which are described under the caption “Risk Factors” in our Annual Report. Other than
as set forth below, there have been no material changes from the risk factors previously disclosed in our Annual Report. The risks described
in our Annual Report and below may not be the only risks we face. Other risks of which we are not yet aware, or that we currently believe
are not material, may also materially and adversely impact our business operations or financial results. If any of the events or circumstances
described in the risk factors contained in our Annual Report or described below occurs, our business, financial condition or results
of operations could be adversely impacted and the value of an investment in our securities could decline. Investors and prospective investors
should consider the risks described in our Annual Report and below, and the information contained under the caption “Forward-Looking
Statements” and elsewhere in this Quarterly Report on Form 10-Q before deciding whether to invest in our securities.
Our
common stock may never be listed on a recognized national exchange
Our
common stock trades on the OTCQB Pink Sheets. You should not assume that any effort to uplist
the trading of our common stock to a recognized national exchange would be successful, or if successful, that compliance with the listing
requirements of such recognized national exchange will be maintained, including but not limited to requirements associated with maintenance
of a minimum net worth, minimum stock price, minimum number of shareholders, and ability to establish a sufficient number of market makers.
A failure or inability to uplist the trading of our common stock to a recognized national
exchange, or any failure to maintain compliance with the listing requirements of such recognized national exchange, may materially adversely
affect our Company and the trading price of our common stock.
In
addition, failure to uplist to a recognize national exchange may adversely impact our ability to finance our operations through investments,
which may in turn may impact our ability to pay our obligations, including under our financing agreements, loan agreements and credit
facilities, when they become due.
The
foregoing risks may have a material adverse effect on our Company and the trading price of our common stock.
Unless
and until our common stock is approved for listing on a recognized national exchange, many potential investors may be unwilling to purchase
our common stock
Our
common stock currently trades on the OTCQB Pink Sheets. Many funds and other potential investors are unable or unwilling to purchase
stocks on the OTCQB Pink Sheets, being required or simply preferring to purchase stocks that have been approved for listing on a recognized
national exchange, such as the NASDAQ or the NYSE. Recognizing this situation, we would like to uplist
from the OTCQB Pink Sheets to a recognized national exchange such as NASDAQ, if and when we meet the NASDAQ’s listing requirements.
Unless and until we successfully uplist, potential investor interest in our common stock
may be muted, which may adversely affect our company and the trading price of our common stock. The foregoing risks may have a material
adverse effect on our Company and the trading price of our common stock.
We
may not be able to retain and attract programmatic advertisers, and the associated payments received from such programmatic advertisers’
ads on websites which have been categorized as “Made for Advertising” may be adversely affected.
Certain
recent developments relating to publishers that are categorized by a number of programmatic advertisers as “Made for Advertising”
(MFA) sites, including decisions made by leading media programmatic advertisers to prioritize different media categories and implement
publishing restrictions in connection with MFA, have negatively impacted Cortex’s business and operations. In connection with the
foregoing, a significant customer of Cortex has decided to stop advertising on Cortex’s sites. Additional advertising customers
of Cortex may opt to stop advertising on Cortex’s sites, which will impact Cortex’s, and as a result thereof, the Company’s
current and future revenue streams and results of operations. The foregoing issues could lead to decreased advertiser interest in Cortex’s
sites, potentially resulting in lower bids for ad space, and as a result thereof, lower revenues from Cortex’s business, and decrease
in the Company’s results of operation.
We
may not be able to receive credit facility to fund our operations, on favorable terms, or at all.
We
generally finance our operations primarily through a combination of cash flow generated from operations and borrowings under our credit
facilities, loans, and through credit with our vendors. Our ability to access capital through our existing credit facilities and raise
additional capital by expanding our credit facilities on economically favorable terms (including available borrowing line and the rate
of interest charged thereunder) or at all, or if we are in violation of our financial covenants in the future and do not receive a waiver,
depends on our ability to stay in compliance with the Third Addendum to the Financing Agreement. The Third Addendum poses certain limitations,
as explained elsewhere in this Quarterly Report. In addition, and as a result of the decrease in the Company’s revenues, our financial
performance has been negatively impacted, which may affect the terms on which we are able to obtain credit facilities and loans.
If
adequate capital is not available at the time we need it, we may have to curtail future growth or change our expansion plans, which could
have a material adverse effect on us.
If
borrowing under our existing credit facilities is reduced, or otherwise becomes unavailable, or we are unable to arrange substitute financing
facilities or other sources of capital, our ability to fund our operations would be impaired, which would have a material adverse effect
on our results of operations.
We
may be unable to pay our obligations when they become due, including under the Financing Agreement.
We
have financed our acquisitions principally through the raising of debt, credit facilities, and our operations through credit with our
vendors. Our ability to continue our operations and to pay our obligations, including under the Financing Agreement and credit facilities
(as described elsewhere in this Quarterly Report), when they become due is contingent upon obtaining additional financing.
In
addition, during August 2024, we will be required to renegotiate the terms of the Financing Agreement, which may result in certain credit
facilities being restricted, which may cause a delinquency in payments. As a result of such delays, the Company’s Gix Media’s
and Cortex’s operations and revenues could be impaired.
If
during August 2024, Leumi does not continue its approval of the Third Addendum to the Financing Agreement, or if the Company, Cortex
and Gix Media cannot maintain compliance with the terms and covenant of the Financing Agreement, or if we are unable to obtain sufficient
amounts of additional capital, we may be required to reduce the scope of our planned operations, and/or consider reductions in personnel
costs or other operating costs, in addition to the measures currently contemplated pursuant to the Financing Agreement.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURE
Not
applicable.
ITEM
5. OTHER INFORMATION
None.
ITEM
6. EXHIBITS
(a)
The following documents are filed as exhibits to this Quarterly Report or incorporated by reference herein.
* |
Filed
herewith. |
|
|
** |
Furnished
herewith. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
VIEWBIX
INC. |
|
|
|
|
By: |
/s/
Amihay Hadad |
|
Name:
|
Amihay
Hadad |
|
Title: |
Chief
Executive Officer |
Date:
August 14, 2024 |
|
(Principal
Executive Officer) |
|
By: |
/s/
Shahar Marom |
|
Name:
|
Shahar
Marom |
|
Title: |
Chief
Financial Officer |
Date:
August 14, 2024 |
|
(Principal
Financial Officer) |
Exhibit
31.1
CERTIFICATION
PURSUANT TO
RULE
13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS
ADOPTED PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Amihay Hadad, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 of Viewbix Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period end covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period end presented
in this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period end in which this report is being prepared; |
|
|
|
|
b. |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period end covered by this report based on such
evaluation; |
|
|
|
|
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 14, 2024 |
|
|
|
/s/
Amihay Hadad |
|
Amihay
Hadad |
|
Chief
Executive Officer
(principal
executive officer) |
|
Exhibit
31.2
CERTIFICATION
PURSUANT TO
RULE
13a-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934,
AS
ADOPTED PURSUANT TO
SECTION
302 OF THE SARBANES-OXLEY ACT OF 2002
I,
Shahar Marom, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 of Viewbix Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period end covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period end presented
in this report; |
|
|
4. |
The
registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
a. |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period end in which this report is being prepared; |
|
|
|
|
b. |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period end covered by this report based on such
evaluation; |
|
|
|
|
d. |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The
registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions): |
|
a. |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b. |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 14, 2024 |
|
|
|
/s/
Shahar Marom |
|
Shahar
Marom |
|
Chief
Financial Officer
(principal
financial and accounting officer) |
|
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Viewbix Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2024, as
filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Amihay Hadad, Chief Executive Officer
of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that
to the best of my knowledge:
(1) |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
|
(2) |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
/s/
Amihay Hadad |
|
Amihay
Hadad |
|
Chief
Executive Officer
(principal
executive officer) |
|
Viewbix
Inc. |
|
August
14, 2024 |
|
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Viewbix Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2024, as
filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Shahar Marom, Chief Financial Officer
of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that
to the best of my knowledge:
(1) |
The
Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
|
(2) |
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company. |
/s/
Shahar Marom |
|
Shahar
Marom |
|
Chief
Financial Officer
(principal
financial and accounting officer) |
|
Viewbix
Inc. |
|
August
14, 2024 |
|
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v3.24.2.u1
Interim Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2024 |
Dec. 31, 2023 |
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 609
|
$ 1,774
|
Restricted deposits |
42
|
149
|
Accounts receivable |
6,073
|
11,359
|
Loan to parent company |
3,865
|
3,752
|
Other current assets |
773
|
771
|
Total current assets |
11,362
|
17,805
|
NON-CURRENT ASSETS |
|
|
Deferred taxes |
95
|
147
|
Property and equipment, net |
40
|
245
|
Operating lease right-of-use asset |
|
397
|
Intangible assets, net |
10,996
|
12,434
|
Goodwill |
7,515
|
12,254
|
Total non-current assets |
18,646
|
25,477
|
Total assets |
30,008
|
43,282
|
CURRENT LIABILITIES |
|
|
Accounts payable |
8,797
|
12,359
|
Short-term loans |
2,360
|
5,000
|
Current maturities of long-term loans |
2,079
|
1,440
|
Embedded derivatives |
665
|
|
Short-term convertible loans |
459
|
|
Other payables |
1,142
|
889
|
Operating lease liabilities - short term |
|
85
|
Total current liabilities |
15,502
|
19,773
|
NON-CURRENT LIABILITIES |
|
|
Long-term loans, net of current maturities |
1,671
|
3,064
|
Derivative warrant liability |
1,833
|
|
Operating lease liabilities - long term |
|
304
|
Deferred taxes |
1,306
|
1,517
|
Total non-current liabilities |
4,810
|
4,885
|
Commitments and Contingencies |
|
|
SHAREHOLDERS’ EQUITY |
|
|
Common stock of $0.0001 par value - Authorized: 490,000,000 shares; Issued and outstanding: 15,855,301 and 14,920,585 shares as of June 30, 2024, and December 31, 2023, respectively. |
3
|
3
|
Additional paid-in capital |
25,905
|
25,476
|
Accumulated deficit |
(18,837)
|
(10,661)
|
Equity attributed to shareholders of Viewbix Inc. |
7,071
|
14,818
|
Non-controlling interests |
2,625
|
3,806
|
Total equity |
9,696
|
18,624
|
Total liabilities and shareholders’ equity |
$ 30,008
|
$ 43,282
|
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Interim Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
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$ 0.0001
|
$ 0.0001
|
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|
490,000,000
|
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v3.24.2.u1
Interim Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Income Statement [Abstract] |
|
|
|
|
Revenues |
$ 7,333
|
$ 27,154
|
$ 17,335
|
$ 48,016
|
Costs and Expenses: |
|
|
|
|
Traffic-acquisition and related costs |
5,854
|
24,050
|
14,069
|
42,031
|
Research and development |
532
|
717
|
1,262
|
1,513
|
Selling and marketing |
453
|
715
|
1,111
|
1,438
|
General and administrative |
646
|
688
|
1,302
|
1,392
|
Depreciation and amortization |
821
|
734
|
1,555
|
1,468
|
Goodwill impairment |
4,739
|
|
4,739
|
|
Other income |
(233)
|
|
(213)
|
|
Operating income (loss) |
(5,479)
|
250
|
(6,490)
|
174
|
Financial expense, net |
2,744
|
246
|
2,907
|
431
|
Income (loss) before income taxes |
(8,223)
|
4
|
(9,397)
|
(257)
|
Income tax expense (benefit) |
(24)
|
87
|
(23)
|
171
|
Net loss |
(8,199)
|
(83)
|
(9,374)
|
(428)
|
Less: net income (loss) attributable to non-controlling interests |
(1,022)
|
41
|
(1,198)
|
93
|
Net loss attributable to shareholders of Viewbix Inc. |
$ (7,177)
|
$ (124)
|
$ (8,176)
|
$ (521)
|
Net income per share - Basic attributed to shareholders |
$ (0.48)
|
$ (0.01)
|
$ (0.55)
|
$ (0.04)
|
Net income per share - Diluted attributed to shareholders |
$ (0.48)
|
$ (0.01)
|
$ (0.55)
|
$ (0.04)
|
Weighted average number of shares - Basic |
15,054,116
|
14,837,688
|
14,987,350
|
14,810,974
|
Weighted average number of shares - Diluted |
15,054,116
|
14,837,688
|
14,987,350
|
14,810,974
|
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v3.24.2.u1
Interim Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Parent [Member] |
Noncontrolling Interest [Member] |
Total |
Balance at Dec. 31, 2022 |
$ 3
|
|
$ 25,350
|
$ (3,338)
|
$ 22,015
|
$ 7,884
|
$ 29,899
|
Balance, shares at Dec. 31, 2022 |
14,783,964
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
(521)
|
(521)
|
93
|
(428)
|
Share-based compensation (see note 9.A) |
|
|
67
|
|
67
|
8
|
75
|
Share-based compensation (see note 8.A), shares |
111,111
|
|
|
|
|
|
|
Transaction with the non-controlling interests (see note 1.C) |
|
|
|
|
|
(2,625)
|
(2,625)
|
Dividend declared to non-controlling interests |
|
|
|
|
|
(153)
|
(153)
|
Balance at Jun. 30, 2023 |
$ 3
|
|
25,417
|
(3,859)
|
21,561
|
5,207
|
26,768
|
Balance, shares at Jun. 30, 2023 |
14,895,075
|
|
|
|
|
|
|
Balance at Mar. 31, 2023 |
$ 3
|
|
25,374
|
(3,735)
|
21,642
|
5,317
|
26,959
|
Balance, shares at Mar. 31, 2023 |
14,783,964
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
(124)
|
(124)
|
41
|
(83)
|
Share-based compensation (see note 9.A) |
|
|
43
|
|
43
|
2
|
45
|
Share-based compensation (see note 8.A), shares |
111,111
|
|
|
|
|
|
|
Dividend declared to non-controlling interests |
|
|
|
|
|
(153)
|
(153)
|
Balance at Jun. 30, 2023 |
$ 3
|
|
25,417
|
(3,859)
|
21,561
|
5,207
|
26,768
|
Balance, shares at Jun. 30, 2023 |
14,895,075
|
|
|
|
|
|
|
Balance at Dec. 31, 2023 |
$ 3
|
|
25,476
|
(10,661)
|
14,818
|
3,806
|
18,624
|
Balance, shares at Dec. 31, 2023 |
14,920,585
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
(8,176)
|
(8,176)
|
(1,198)
|
(9,374)
|
Share-based compensation |
|
|
12
|
|
12
|
17
|
29
|
Issuance of shares and warrants in connection with issuance of debt and convertible debt (see 6.E) |
|
[1] |
180
|
|
180
|
|
180
|
Issuance of shares and warrants in connection with issuance of debt and convertible debt (see 6.E), shares |
934,716
|
|
|
|
|
|
|
Receipts on account of shares and warrants (see note (see note 12.A) |
|
|
237
|
|
237
|
|
237
|
Balance at Jun. 30, 2024 |
$ 3
|
|
25,905
|
(18,837)
|
7,071
|
2,625
|
9,696
|
Balance, shares at Jun. 30, 2024 |
15,855,301
|
|
|
|
|
|
|
Balance at Mar. 31, 2024 |
$ 3
|
|
25,482
|
(11,660)
|
13,825
|
3,642
|
17,467
|
Balance, shares at Mar. 31, 2024 |
14,920,585
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
(7,177)
|
(7,177)
|
(1,022)
|
(8,199)
|
Share-based compensation |
|
|
6
|
|
6
|
5
|
11
|
Issuance of shares and warrants in connection with issuance of debt and convertible debt (see 6.E) |
|
[1] |
180
|
|
180
|
|
180
|
Issuance of shares and warrants in connection with issuance of debt and convertible debt (see 6.E), shares |
934,716
|
|
|
|
|
|
|
Receipts on account of shares and warrants (see note (see note 12.A) |
|
|
237
|
|
237
|
|
237
|
Balance at Jun. 30, 2024 |
$ 3
|
|
$ 25,905
|
$ (18,837)
|
$ 7,071
|
$ 2,625
|
$ 9,696
|
Balance, shares at Jun. 30, 2024 |
15,855,301
|
|
|
|
|
|
|
|
|
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v3.24.2.u1
Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Cash flows from Operating Activities |
|
|
|
|
|
Net loss |
$ (8,199)
|
$ (83)
|
$ (9,374)
|
$ (428)
|
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
Depreciation and amortization |
821
|
734
|
1,555
|
1,468
|
|
Share-based compensation |
11
|
45
|
29
|
75
|
|
Deferred taxes |
(78)
|
(34)
|
(159)
|
(92)
|
|
Accrued interest, net |
20
|
|
34
|
(6)
|
|
Interest income |
(40)
|
(22)
|
(79)
|
(43)
|
|
Amortization of loan discount |
13
|
|
15
|
|
|
Amortization of deferred debt issuance costs (see note 6.E) |
6
|
|
6
|
|
|
Goodwill Impairment |
4,739
|
|
4,739
|
|
$ 5,107
|
Equity based debt issuance costs (see note 6.E) |
26
|
|
26
|
|
|
Loss from substantial debt terms modification (see note 6.E) |
2,515
|
|
2,515
|
|
|
Loss on sale and disposal of property and equipment |
72
|
|
72
|
|
|
Loss from termination of lease agreement |
8
|
|
8
|
|
|
Changes in assets and liabilities items: |
|
|
|
|
|
Decrease (increase) in accounts receivable |
931
|
(2,856)
|
5,286
|
2,530
|
|
Decrease (increase) in other current assets |
(89)
|
129
|
59
|
280
|
|
Decrease (increase) in operating lease right-of-use asset |
(23)
|
22
|
|
44
|
|
Decrease in severance pay, net |
|
(97)
|
|
(100)
|
|
Increase (decrease) in accounts payable |
433
|
3,289
|
(3,519)
|
(2,437)
|
|
Decrease (increase) in other payables |
158
|
(96)
|
243
|
(218)
|
|
Decrease in operating lease liabilities |
25
|
(28)
|
|
(58)
|
|
Net cash provided by operating activities |
1,349
|
1,003
|
1,456
|
1,015
|
|
Cash flows from Investing Activities |
|
|
|
|
|
Purchase of property and equipment |
|
(8)
|
|
(10)
|
|
Net cash used in investing activities |
|
(8)
|
|
(10)
|
|
Cash flows from Financing Activities |
|
|
|
|
|
Cash paid to non-controlling interests (see note 1.C) |
|
|
|
(2,625)
|
|
Receipt of short-term bank loan |
1,650
|
1,200
|
1,750
|
1,200
|
|
Receipt of short-term loan |
350
|
|
350
|
|
|
Repayment of short-term loans |
(3,968)
|
(22)
|
(4,711)
|
(269)
|
|
Receipt of long-term loans (see note 6.B) |
|
|
|
1,500
|
|
Repayment of long-term bank loans |
(320)
|
(457)
|
(320)
|
(874)
|
|
Payment of dividend to non-controlling interests |
|
(153)
|
|
(598)
|
|
Payment of dividend to shareholders (see note 9.E.1) |
|
|
|
(130)
|
|
Increase in loan to parent company |
(17)
|
(32)
|
(34)
|
(104)
|
|
Receipts on account of shares and warrants (see note 12.A) |
237
|
|
237
|
|
|
Net cash provided by (used in) financing activities |
(2,068)
|
536
|
(2,728)
|
(1,900)
|
|
Increase (decrease) in cash and cash equivalents and restricted cash |
(719)
|
1,531
|
(1,272)
|
(895)
|
|
Cash and cash equivalents and restricted cash at beginning of period |
1,370
|
1,955
|
1,923
|
4,381
|
4,381
|
Cash and cash equivalents and restricted cash at end of period |
651
|
3,486
|
651
|
3,486
|
$ 1,923
|
Cash paid during the period |
|
|
|
|
|
Taxes paid |
26
|
327
|
80
|
512
|
|
Interest paid |
184
|
247
|
389
|
444
|
|
Total Cash paid during the period |
210
|
574
|
469
|
956
|
|
Substantial non-cash activities: |
|
|
|
|
|
Deemed extinguishment and re-issuance of debt (see note 6.B) |
500
|
|
500
|
|
|
Termination of operating lease agreement (see note 4) |
389
|
|
389
|
|
|
Share-based compensation to a director (see note 9.A) |
|
$ 34
|
|
$ 34
|
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v3.24.2.u1
GENERAL
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
GENERAL |
NOTE
1: GENERAL
A.
Organizational Background
Viewbix
Inc. (formerly known as Virtual Crypto Technologies, Inc.) (the “Company”) was incorporated in the State of Delaware on August
16, 1985, under a predecessor name, The InFerGene Company (“InFerGene Company”). On August 25, 1995, a wholly owned subsidiary
of InFerGene Company merged with Zaxis International, Inc., an Ohio corporation, which following such merger, the surviving entity, InFerGene
Company, changed its name to Zaxis International, Inc (“Zaxis”). In 2015 the Company changed its name to Emerald Medical
Applications Corp., subsequent to which the Company, through its subsidiary, was engaged in the development of technology for use in
detection of skin cancer. On January 29, 2018, the Company ceased its business operations in this field.
On
January 17, 2018, the Company formed a new wholly owned subsidiary under the laws of the State of Israel, Virtual Crypto Technologies
Ltd. (“VCT Israel”), to develop and market software and hardware products facilitating and supporting the purchase and/or
sale of cryptocurrencies. Effective as of March 7, 2018, the Company’s name was changed from Emerald Medical Applications Corp.
to Virtual Crypto Technologies, Inc. VCT Israel ceased its business operation in 2019 and prior to consummation of the Recapitalization
Transaction. On January 27, 2020, VCT Israel was sold to a third party for NIS 50 thousand (approximately $13).
On
February 7, 2019, the Company entered into a share exchange agreement (the “Share Exchange Agreement” or the “Recapitalization
Transaction”) with Gix Internet Ltd., a company organized under the laws of the State of Israel (“Gix” or “Parent
Company’’), pursuant to which, Gix assigned, transferred and delivered its 99.83% holdings in Viewbix Ltd., a company organized
under the laws of the State of Israel (“Viewbix Israel”), to the Company in exchange for shares of the Company, which resulted
in Viewbix Israel becoming a subsidiary of the Company. In connection with the Share Exchange Agreement, effective as of August 7, 2019,
the Company’s name was changed from Virtual Crypto Technologies, Inc. to Viewbix Inc.
B.
Reorganization Transaction
On
December 5, 2021, the Company entered into a certain Agreement and Plan of Merger with Gix Media Ltd. (“Gix Media”), an Israeli
company and the majority-owned (77.92%) subsidiary of Gix, the Parent Company and Vmedia Merger Sub Ltd., an Israeli company and wholly-owned
subsidiary of the Company (“Merger Sub”), pursuant to which, Merger Sub merged with and into Gix Media, with Gix Media being
the surviving entity and a wholly-owned subsidiary of the Company (the “Reorganization Transaction”).
On
September 19, 2022, (the “Closing Date”) the Reorganization Transaction was consummated and as a result, all outstanding
ordinary shares of Gix Media, having no par value (the “Gix Media Shares”) were delivered to the Company in exchange for
the Company’s shares of common stock, par value $0.0001 per share (“Common Stock”). As a result of the Reorganization
Transaction, the former holders of Gix Media Shares, who previously held approximately 68% of the Company’s Common Stock, hold
approximately 97% of the Company’s Common Stock, and Gix Media became a wholly owned subsidiary of the Company.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
1: GENERAL (Cont.)
B.
Reorganization Transaction (Cont.)
In
connection with the Closing of the Reorganization Transaction, the Company filed an Amended and Restated Certificate of Incorporation
(the “Amended COI”) with the Secretary of State of Delaware, effective as of August 31, 2022, pursuant to which, concurrently
with the effectiveness of the Amended COI, the Company, among other things, effected a reverse stock split of its common stock at a ratio
of 1-for-28.
As
the Company and Gix Media Ltd. were consolidated both by the Parent Company and Medigus Ltd. (the “Ultimate Parent”), before
and after the Reorganization Transaction, the Reorganization Transaction was accounted for as a transaction between entities under common
control. Accordingly, the financial information of the Company and Gix Media Ltd. is presented in these financial statements, for all
periods presented, reflecting the historical cost of the Company and Gix Media Ltd., as it is reflected in the consolidated financial
statements of the Parent Company, for all periods preceding March 1, 2022, the date the Ultimate Parent obtained a controlling interest
in the Parent Company and as it is reflected in the consolidated financial statements of the Ultimate Parent for all periods subsequent
to March 1, 2022.
C.
Business Overview
The
Company and its subsidiaries (the “Group”), Gix Media and Cortex Media Group Ltd. (“Cortex”), operate in the
field of digital advertising. The Group has two main activities that are reported as separate operating segments: the search segment
and the digital content segment.
The
search segment develops a variety of technological software solutions, which perform automation, optimization, and monetization of internet
campaigns, for the purposes of obtaining and routing internet user traffic to its customers. The search segment activity is conducted
by Gix Media.
The
digital content segment is engaged in the creation and editing of content, in different languages, for different target audiences, for
the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple, by utilizing such
content to obtain and route internet user traffic for its customers. The digital content segment activity is conducted by Cortex.
On
January 23, 2023, Gix Media acquired an additional 10% of the share capital of Cortex, increasing its holdings to 80% in consideration
for $2,625 (the “Subsequent Purchase”). The Subsequent Purchase was financed by Gix Media’s existing cash balances
and by a long-term bank loan received on January 17, 2023, in the amount of $1,500 (see also note 6.B).
The
Subsequent Purchase was recorded as a transaction with non-controlling interests in the Company’s statement of changes in shareholders
equity for the six months ended June 30, 2023.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
1: GENERAL (Cont.)
D.
Impact of the “Iron Swords” War on Israel
On
October 7, 2023, following the brutal attacks on Israel by Hamas, a terrorist organization located in the Gaza Strip that infiltrated
Israel’s southern border and conducted a series of attacks on civilian and military targets, Israel’s security cabinet declared
war (the “War”). Following the commencement of the War, hostilities also intensified between Israel and Hezbollah, a terrorist
organization located in Lebanon. This may escalate in the future into a greater regional conflict. The War led to a reduction of business
activities in Israel, evacuation of residences located in the northern and southern borders of Israel, a significant call up of military
reserves and lower availability of work force.
As
the Group’s customers are mainly in the US and Europe, its operations, revenues, and profitability were indirectly affected due
to recruitment of senior employees to military reserves for an extended period of time. In January 2024, the Gix Media and Cortex filed
a request with the Israeli Tax Authority (the “ITA”) to receive compensation for the decrease in revenues related to the
War. In April and May 2024, Gix Media and Cortex received a total of $337 from the ITA that were recorded as other income in the Company’s
consolidated statement of operations for the six months period ended June 30, 2024.
As
of the date of these financial statements the war is still on going. Therefore, there is no assurance that future developments of the
War will not have any impact for reasons beyond the Company’s control, such as expansion of the War to additional regions and the
recruitment of more senior employees. The Company has business continuity procedures in place, and will continue to follow developments,
assessing potential impact, if any, on the Company’s business, financials, and operations.
E.
Cortex Adverse Effect
In
April 2024, the Company was informed by Cortex that a significant customer of Cortex recently notified Cortex it will stop advertising
on Cortex’s sites, as part of its policy decision to cease advertising on Made for Advertising (“MFA”) sites (the “Cortex
Adverse Effect”). The Cortex Adverse Effect, which has materially affected Cortex’s business and operations, has occurred
following certain recent developments relating to publishers that are categorized by a number of on-line advertisers as MFA, including
decisions made by leading media on-line advertisers to prioritize different media categories and implement publishing restrictions in
connection with MFA. Due to the Cortex Adverse Effect and additional circumstances as explained in note 5.B, the Company recorded an impairment
of $4,739 in the goodwill related to the digital content segment.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
1: GENERAL (Cont.)
F.
Going Concern
During the second half of 2023 and the six months ended June 30, 2024 the
Company experienced a decrease in its revenues from the digital content and search segments, as a result of the Cortex Adverse effect
(see note 1.E), a decrease in user traffic acquired from third party advertising platforms, an industry-wide decrease in advertising budget,
changes and updates to internet browsers’ technology, which adversely impacted the Company’s ability to acquire traffic in
the search segment and a decrease in revenues from routing of traffic acquired from third-party strategic partners in the search segment,
as a result of lack of availability of suppliers credit from such third party strategic partners. As a result of the foregoing, during
the six months ended June 30, 2024, the Company recorded an operating loss of $6,490 compared to an operating profit of $174 in the six
months ended June 30, 2023. Additionally, the Company recorded a net loss of $9,374 during the six months ended June 30, 2024, compared
to $428 in the six months ended June 30, 2023. As of June 30, 2024, the Company had cash and cash equivalents of $609, bank loans of $5,789
and accumulated deficit of $18,837.
The
decline in revenues and other circumstances described above raise substantial doubts about the Company’s ability to continue as
a going concern during the 12-month period following the issuance date of these financial statements.
Management’s response to these conditions included reduction of salaries
and related expenses and reduction of professional services in the research and development, selling and marketing functions, reduction
of other operational expenses, such as lease costs and overheads, as well as creation of new partnerships and other new income sources.
In addition, during the three months ended June 30, 2024, the company entered into a facility agreement (see Note 6.E) and subsequent
to the balance sheet date raised through a private placement and through two additional facility agreements with certain investors and
lenders (see note 12) aggregate gross proceeds of $887. Additionally, the Company plans to uplist its shares of common stock to a national
securities exchange (the “Uplist”), after which, in accordance with the terms of the aforesaid private placement and facility
agreements, the company is expected to receive additional funds. Furthermore, the company’s subsidiaries entered into an addendum
to the loan agreement with Bank Leumi pursuant to which loans repayments were deferred while short term credit lines with Bank Leumi continued
to be utilized. However, there is significant uncertainty as to whether the Company will further succeed to implement its plans or be
able to secure additional funds when needed.
These
financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
|
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A.
Unaudited Interim Financial Statements
The
accompanying unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting
principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities
and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted
accounting principles 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). For further information,
reference is made to the consolidated financial statements and footnotes thereto included in the Group’s Annual Report on Form
10-K for the year ended December 31, 2023.
B.
Principles of Consolidation
The
accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany
balances and transactions have been eliminated in consolidation.
C.
Use of estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenue and expenses during the reporting period. The Company evaluates on an ongoing basis its
assumptions, including those related to contingencies, deferred taxes, inventory impairment, stock-based compensation, as well as in
estimates used in applying the revenue recognition policy. Actual results may differ from those estimates.
D.
Derivative Financial Instruments
The
Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. Derivative instruments are initially recorded at
fair value on the grant date and re-valued at each reporting date, with changes in the fair value reported in the unaudited condensed
statements of operations.
E.
Fair Value of Financial Instruments
Fair
value is defined as the price that would be received for sale of an asset or paid to transfer of a liability, in an orderly transaction
between market participants at the measurement date. US GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
| ● | Level
1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments
in active markets. |
| ● | Level
2, defined as inputs other than quoted prices in active markets that are either directly
or indirectly observable such as quoted prices for similar instruments in active markets
or quoted prices for identical or similar instruments in markets that are not active; and |
| ● | Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring
an entity to develop its own assumptions, such as valuations derived from valuation techniques
in which one or more significant inputs or significant value drivers are unobservable. |
F.
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 financial statements other than the significant accounting policies of derivative financial instruments and fair value of financial instruments
(see notes 2.D and 2.E above).
G.
Recent Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect
on the Group’s interim condensed consolidated financial statements.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
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v3.24.2.u1
LOAN TO PARENT COMPANY
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
LOAN TO PARENT COMPANY |
NOTE
3: LOAN TO PARENT COMPANY
SCHEDULE OF LOAN FROM TO PARENT COMPANY
| |
As of June 30 2024 | | |
As of December 31 2023 | |
| |
| | | |
| | |
Loan to Parent Company | |
$ | 3,865 | | |
$ | 3,752 | |
The
balance with the Parent Company represents a balance of an intercompany loan under a loan agreement signed between Gix Media and the
Parent Company on March 22, 2020. The loan bears interest at a rate to be 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) or according to a market interest rate decision as agreed between the parties. The amount of the loan is in U.S. dollars.
On March 20, 2024, the Company’s board of directors approved to extend the loan between Gix Media and the Parent Company by 6 months
until July 1, 2024. All other terms and conditions of the loan remained unchanged.
For
the six months ended June 30, 2024 and 2023, Gix Media recognized interest income in the amount of $79 and $43, respectively.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2.u1
LEASES
|
6 Months Ended |
Jun. 30, 2024 |
Leases |
|
LEASES |
NOTE
4: LEASES
On
February 25, 2021, Gix Media entered into a lease agreement for a new corporate office of 479 square meters in Ramat Gan, Israel, at
a monthly rent fee of $10. The lease period is for 36 months (the “initial lease period”) with an option by the Company to
extend the lease period for two additional terms of 24 months each. In accordance with the lease agreement, the Company made leasehold
improvements in exchange for a rent fee discount of $67 which will be spread over the initial lease period.
The
Company includes renewal options that it is reasonably certain to exercise in the measurement of the lease liabilities. In December 2023,
the Company exercised the option to extend the lease period for an additional term of 24 months (from March 1, 2024, to February 28,
2026).
On June 20, 2024, Gix Media
and the lessor of its offices entered into a lease termination agreement. According to the agreement, the lease, which originally had
a termination date of February 28, 2026, terminated on June 30, 2024. In compensation for the lessor’s consent to early termination
Gix Media paid to the lessor $7 in cash and $62 in office furniture and equipment, as per the carrying values of such assets on the Company’s
books as of the early termination date.
As a result of the early termination of the agreement, the Company recorded
a capital loss of $46 in other expenses in its statement of operations for the six months period ended June 30, 2024.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
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v3.24.2.u1
GOODWILL AND INTANGIBLE ASSETS, NET
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL AND INTANGIBLE ASSETS, NET |
NOTE
5: GOODWILL AND INTANGIBLE ASSETS, NET
SCHEDULE OF GOODWILL AND INTANGIBLE ASSETS
| |
Internal-use Software | | |
Customer Relations | | |
Technology | | |
Goodwill | | |
Total | |
Cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of January 1, 2024 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 12,254 | | |
| 29,961 | |
Additions | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Impairment of goodwill | |
| - | | |
| - | | |
| - | | |
| (4,739 | ) | |
| (4,739 | ) |
Balance as of June 30, 2024 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 7,515 | | |
| 25,222 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated amortization: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of January 1, 2024 | |
| 276 | | |
| 1,631 | | |
| 3,366 | | |
| - | | |
| 5,273 | |
Amortization recognized during the period | |
| 76 | | |
| 445 | | |
| 917 | | |
| - | | |
| 1,438 | |
Balance as of June 30, 2024 | |
| 352 | | |
| 2,076 | | |
| 4,283 | | |
| - | | |
| 6,711 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Amortized cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
As of June 30, 2024 | |
| 113 | | |
| 4,158 | | |
| 6,725 | | |
| 7,515 | | |
| 18,511 | |
| |
Internal-use Software | | |
Customer Relations | | |
Technology | | |
Goodwill | | |
Total | |
Cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of January 1, 2023 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 17,361 | | |
| 35,068 | |
Cost, beginning balance | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 17,361 | | |
| 35,068 | |
Additions | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Impairment of goodwill | |
| - | | |
| - | | |
| - | | |
| (5,107 | ) | |
| (5,107 | ) |
Balance as of December 31, 2023 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 12,254 | | |
| 29,961 | |
Cost, ending balance | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 12,254 | | |
| 29,961 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated amortization: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of January 1, 2023 | |
| 122 | | |
| 741 | | |
| 1,531 | | |
| - | | |
| 2,394 | |
Accumulated amortization, beginning balance | |
| 122 | | |
| 741 | | |
| 1,531 | | |
| - | | |
| 2,394 | |
Amortization recognized during the year | |
| 154 | | |
| 890 | | |
| 1,835 | | |
| - | | |
| 2,879 | |
Balance as of December 31, 2023 | |
| 276 | | |
| 1,631 | | |
| 3,366 | | |
| - | | |
| 5,273 | |
Accumulated amortization, ending balance | |
| 276 | | |
| 1,631 | | |
| 3,366 | | |
| - | | |
| 5,273 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Amortized cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
As of December 31, 2023 | |
| 189 | | |
| 4,603 | | |
| 7,642 | | |
| 12,254 | | |
| 24,688 | |
Amortized cost | |
| 189 | | |
| 4,603 | | |
| 7,642 | | |
| 12,254 | | |
| 24,688 | |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
5: GOODWILL AND INTANGIBLE ASSETS, NET (Cont.)
|
B. |
Impairment of goodwill: |
As
of June 30, 2024, the Company identified indicators of impairment of the digital content reporting unit. As a result, the Company
performed an impairment test which included a quantitative analysis of the fair value of the reporting unit. The fair value was
estimated using the income approach, which is based on the present value of the future cash flows attributable to the reporting
unit. The Company compared the fair value of the reporting unit to its carrying amount. As the carrying amount exceeded the fair
value, the Company recognized an impairment loss of $4,739
which was driven mainly due to the Cortex Adverse Effect (see note 1.E) and due to a decrease in the cash flow projections.
As
of December 31, 2023, the Company recognized an impairment loss of $5,107 related to the digital content reporting unit.
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v3.24.2.u1
LOANS
|
6 Months Ended |
Jun. 30, 2024 |
Receivables [Abstract] |
|
LOANS |
NOTE
6: LOANS
|
A. |
Composition of long-term
and short-term loans of the Group: |
SCHEDULE OF COMPOSITION OF BALANCE OF GROUP’S LOANS
| |
Interest rate | |
|
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
| |
|
| | |
| |
Short-term bank loan – Gix Media | |
| SOFR + 4.25 | % |
|
| 900 | | |
| 3,500 | |
Short-term bank loan – Gix Media (received on June 13, 2024) | |
| SOFR + 4.08 | % |
|
| 339 | | |
| - | |
Short-term bank loan – Cortex | |
| SOFR + 4.08 | % |
|
| 800 | | |
| 1,500 | |
Short-term bank loan | |
| SOFR + 4.08 | % |
|
| 800 | | |
| 1,500 | |
Long-term bank loan, including current maturity – Gix Media (received on October 13, 2021) | |
| SOFR + 4.12 | % |
|
| 2,714 | | |
| 2,963 | |
Long-term bank loan, including current maturity – Gix Media (received on January 17, 2023) | |
| SOFR + 5.37 | % |
|
| 1,036 | | |
| 1,107 | |
Long-term loan – Viewbix Israel | |
| 9 | % |
|
| - | | |
| 434 | |
Long-term loan | |
| 9 | % |
|
| - | | |
| 434 | |
Short-term convertible loan - June 2024 Facility Agreement – Viewbix Inc | |
| 12 | % |
|
| 321 | | |
| - | |
Line of credit | |
| 12 | % |
|
| 321 | | |
| - | |
| |
| | |
|
| | | |
| | |
Bank Loan | |
| | |
|
| 6,110 | | |
| 9,504 | |
|
B. |
Gix Media’s Loan
Agreement |
On
January 23, 2023, Gix Media acquired an additional 10% of Cortex’s capital shares which was financed by Gix Media’s existing
cash balances and by a long-term bank loan received on January 17, 2023, in the amount of $1,500 to be repaid in 42 monthly payments
at an annual interest rate of SOFR + 5.37%.
On
June 13, 2024, Gix Media and Leumi entered into an addendum to an existing loan agreement between the parties which was be effective
from May 15, 2024, pursuant to which, inter alia: (i) the addendum will be effective until August 31, 2024; (ii) the Company is
obligated to transfer to Gix Media $600;
(iii) a new covenant, measured by reference to positive EBTIDA was implemented; (iv) all payments due to Leumi Long-term bank loan
were deferred to August 31, 2024 and from September 1, 2024, payments will be repaid as schedule until the end of the Long-term bank
loan; (v) a new $350
loan was granted to Gix Media on June 13, 2024, to be repaid until August 30, 2024, alongside the existing credit facility to Gix
Media, which remains equal to 80%
of Gix Media’s customer balance; (vi) Gix Media is obligated to perform a reduction in expenses, including reduction in
force.
|
C. |
Cortex’s Loan
Agreement: |
On
September 21, 2022, Cortex and Leumi entered into an addendum to an existing loan agreement between the parties, dated August 15, 2020
(“Cortex Loan Agreement”). As part of the addendum to the Cortex Loan Agreement, Leumi provided Cortex with a monthly renewable
credit line of $1,500 (the “Cortex Credit Line”). The Cortex Credit Line is determined every month at the level of 70% of
Cortex’s customers’ balance. The amounts that are drawn from the Cortex Credit Line bear an annual interest of SOFR + 3.52%.
On
April 27, 2023, Leumi increased the Cortex Credit Line by $1,000. In September 2023, Cortex and Leumi entered into an additional addendum
to the Cortex Loan Agreement, in which Leumi extended the Cortex Credit Line of $2,500 by one year which will expire on September 20,
2024. The amounts that are drawn from the Cortex Credit Line bear an annual interest of SOFR + 4.08%.
On
May 27, 2024, Cortex and Leumi entered into an amendment to Cortex Loan Agreement, pursuant to which, the credit facility to Cortex will
be 80% of Cortex’s customer balance and up to $2,000.
As
of June 30, 2024, Cortex has drawn $800 of the Cortex Credit Line.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
6: LOANS (Cont.)
|
D. |
Long term loan and issuance
of warrants: |
On November 15, 2023, Viewbix Israel entered
into a Loan Agreement (the “2023 Loan”) with certain lenders (the “Lenders”) whereby the Lenders provided Viewbix
Israel with loans in the aggregate amount of $480. In connection with the 2023 Loan, the Company issued to each lender a warrant to purchase
shares of common stock (the “2023 Warrants”). The 2023 Warrants are exercisable to 480,000 shares of common stock, at an exercise
price of $0.50 per share and will expire and cease to be exercisable on December 31, 2025. The Company recorded the 2023 Warrants as an
equity instrument.
The
terms of the 2023 Loan were substantially amended on June 18, 2024, by the June 2024 Facility Agreement (see note 6.E). These
amendments represent a substantial modification in accordance with ASC Topic 470. Accordingly, the terms modification was accounted
for as an extinguishment of the original financial liability and the initial recognition of new financial instruments issued at
their fair value as of the effective date of the June 2024 Facility Agreement. As a result of the substantial modification of terms,
the Company recognized finance expense of $2,515 in its interim condensed consolidated statement of operations for the six months
period ended June 30, 2024.
NOTE
6: LOANS (Cont.)
|
E. |
June 2024 Facility Agreement: |
On
June 18, 2024, the Company entered into a credit facility agreement which was amended and restated on July 22, 2024 (the “June
2024 Facility Agreement”) for a $1 million credit facility (the “June 2024 Facility Loan Amount”) with a group of lenders
including L.I.A. Pure Capital Ltd (the “June 2024 Lead Lender”, and collectively, the “June 2024 Lenders”). In
addition to the June 2024 Facility Loan Amount, the June 2024 Facility Agreement includes $531 of outstanding debt owed by the Company
to the June 2024 Lenders (the “June 2024 Prior Loan Amount”, and together with the June 2024 Facility Loan Amount, the “June
2024 Loan Amount”).
The
term (the “June 2024 Facility Term”) of the June 2024 Facility Agreement expires 12
months following the date of the June 2024 Facility Agreement (the “Initial Maturity Date”), provided that, if the
effectiveness of an uplisting of the Company’s shares of common stock to a national securities exchange (the
“Uplist”) occurs prior to the Initial Maturity Date, the June 2024 Facility Term will expire 12
months following the effective date of the Uplist. The June 2024 Facility Agreement sets forth a drawdown schedule as follows: (i)
an aggregate amount of $350 was drawn down on the date of the Prior June 2024 Facility Agreement, (ii) an aggregate amount of
$150 drawn down upon the filing of the Company’s PIPE Registration Statement (as defined in note 12.A) and (iii) an amount of
$500 drawn down upon the effectiveness of the Uplist.
The
June 2024 Facility Loan Amount accrues interest at a rate of 12% per annum, and the Company will also pay such interest on the June 2024
Prior Loan Amount, which is equal to $184 (the “June 2024 Facility Interest”). The June 2024 Facility Interest was paid
in advance for the first year of the June 2024 Facility in (i) shares of the Company’s common stock at a conversion rate of $0.25
for each U.S. dollar of June 2024 Facility Interest accrued on the respective June 2024 Loan Amount, equal to an aggregate of 734,716
shares of common stock (the “June 2024 Facility Shares”) and (b) a warrant to purchase a number of shares of common stock
equal to the June 2024 Facility Shares (the “June 2024 Facility Warrant”).
Immediately
following the effectiveness of the Uplist, (i) $663 of
the June 2024 Loan Amount will convert into shares of common stock at a conversion rate equal to $0.25 per
share of the Company’s common stock (the “June 2024 Convertible Stock”) and (ii) the company will issue a warrant
in substantially the same form and on substantially the same terms as a June 2024 Facility Warrant to purchase a number of shares of
the Company’s common stock equal to the June 2024 Convertible Stock with an exercise price of $0.25 per
share (the “June 2024 Conversion Warrant”, and (i) and (ii), collectively a “June 2024 Conversion Unit”).
Such portion of the June 2024 Loan Amount that is not converted into a June 2024 Conversion Unit will remain outstanding and will
not convert following the Uplist. For the duration of the June 2024 Facility Term of the June 2024 Facility Agreement, the June 2024
Lenders may elect to convert after the effectiveness of the Uplist such unconverted portion of the June 2024 Loan Amount into
additional June 2024 Conversion Units or, upon the expiration of the June 2024 Facility Term, such unconverted portion of the June
2024 Loan Amount will be repaid in accordance with the terms of the June 2024 Facility Agreement.
The
June 2024 Facility Warrants are exercisable upon issuance at an exercise price of $0.25 per share of common stock and will have a three-year
term from the issuance date.
In
addition and in connection with the June 2024 Facility Agreement, the Company agreed to pay the June 2024 Lead Lender a commission consisting
of (i) 200,000 shares of common stock, (ii) a warrant in substantially the same form and on substantially the same terms as the June
2024 Facility Warrant to purchase 200,000 shares of common stock with an exercise price of $0.25 per share (the “June 2024 Lead
Lender Warrant”) and (iii) a warrant to purchase 2,500,000 shares of common stock with an exercise price of $1.00 per share, representing
an aggregate exercise amount of $2.5 million, subject to beneficial ownership limitations and adjustments (the “June 2024 Lead
Lender Fee Warrant” and together with the June 2024 Lead Lender Warrant and the June 2024 Facility Warrants, the “June 2024
Warrants”) see also note 12.B.
The conversion and conversion related features of the June 2024 facility
loan were bifurcated from their host debt contract and recognized as liabilities measured at fair value at each cut-off date. The facility
loan was initially recorded at its fair value and subsequently measured at cost. The shares and Warrants A issued as prepayment of interest
and as commission to the 2024 Lead Lender were initially recognized at fair value and classified in equity. The June 2024 Lead Lender
Warrant was initially recognized at fair value and classified as a liability measured at fair value at each cut-off date (see note 7).
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
|
X |
- DefinitionThe entire disclosure for claims held for amounts due to entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.24.2.u1
FINANCIAL INSTRUMENTS AT FAIR VALUE
|
6 Months Ended |
Jun. 30, 2024 |
Investments, All Other Investments [Abstract] |
|
FINANCIAL INSTRUMENTS AT FAIR VALUE |
NOTE
7: FINANCIAL INSTRUMENTS AT FAIR VALUE
Financial
instruments:
The
Company has financial instruments measured at level 3 from the June 2024 Facility Agreement (see note 6.E).
The
fair value of the financial instruments under the June 2024 Facility Agreement, as of June 18, 2024, was
calculated using the following unobservable inputs: share price: $0.118, expected volatility: 125%, exercise price: $0.25, risk-free
interest rate: 4.41%, expected life: 3.0 years.
The
fair value of the financial instruments estimated by the Company’s management as of June 30 and June 18, 2024, was substantially
the same.
The
following table presents the financial liabilities that were measured at fair value through profit or loss:
SCHEDULE
OF FINANCIAL LIABILITIES
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
Level 3 | | |
Level 3 | |
Embedded derivatives | |
| 665 | | |
| - | |
Derivative warrant liability | |
| 1,833 | | |
| - | |
Total financial liabilities | |
| 2,498 | | |
| - | |
|
X |
- DefinitionThe entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures.
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v3.24.2.u1
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
8: COMMITMENTS AND CONTINGENCIES
Liens:
On
September 19, 2022, as part of the Reorganization Transaction terms, the Company has provided several liens under Gix Media’s Financing
Agreement with Leumi in connection with the Cortex Transaction, as follows: (1) a guarantee to Bank Leumi of all of Gix Media’s
obligations and undertakings to Bank Leumi unlimited in amount; (2) a subordination letter signed by the Company to Leumi Bank; (3) A
first ranking all asset charge over all of the assets of the Company; and (4) a Deposit Account Control Agreement over the Company’s
bank accounts.
Gix
Media has provided several liens under the Financing Agreement with Leumi in connection with the Cortex Transaction, as follows: (1)
a floating lien on Gix Media’s assets; (2) a lien on Gix Media’s bank account in Leumi; (3) a lien on Gix Media’s rights
under the Cortex Transaction; (4) a fixed lien on Gix Media’s intellectual property; and (5) a lien on Gix Media’s full holdings
in Cortex.
Gix
Media restricted deposits in the amount of $8 as of June 30, 2024, are used as a security in respect of credit cards. Cortex has a restricted
deposit in the amount of $34 as of June 30, 2024, is used as a security in respect of its leased offices.
|
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- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.2.u1
SHAREHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
SHAREHOLDERS’ EQUITY |
NOTE
9: SHAREHOLDERS’ EQUITY
A.
Shares of Common Stock:
Shares
of Common Stock confer the rights to: (i) participate in the general meetings, to one vote per share for any purpose, to an equal part,
on share basis, (ii) in distribution of dividends and (iii) to equally participate, on share basis, in distribution of excess of assets
and funds from the Company and will not confer other privileges.
On
May 18, 2023, the Company’s Board of Directors (the “Board”) approved to issue and grant 111,111 shares of restricted
Common Stock (“Equity Grant”) to one of the Company’s directors (the “Director”). The Equity Grant was
granted for consulting services provided to the Company by the Director, specifically in connection with securing favorable terms for
a bank financing. The Company recorded a share-based compensation expense of $34 in general and administrative expenses in connection
to the Equity Grant.
On
June 18, 2024, as part of the June 2024 Facility Agreement the Company issued to June 2024 Lenders 934,716 shares of common stock and
934,716 warrant to purchase shares of common stock with an exercise price of $0.25 per share. In addition, the Company issued to the
June 2024 Lead Lender a warrant to purchase 2,500,000 shares of common stock with an exercise price of $1.00 per share, representing
an aggregate exercise amount of $2.5 million.
B.
Warrants:
The
following table summarizes information of outstanding warrants as of June 30, 2024:
SCHEDULE OF OUTSTANDING WARRANTS
| |
Warrants | | |
Warrant Term | |
Exercise Price | | |
Exercisable | |
| |
| | |
| |
| | |
| |
Class J Warrants | |
| 130,333 | | |
July 2029 | |
| 13.44 | | |
| 130,333 | |
Class K Warrants | |
| 130,333 | | |
July 2029 | |
| 22.40 | | |
| 130,333 | |
2023 Warrants (see note 6.D) | |
| 480,000 | | |
December 2025 | |
| 0.50 | | |
| 480,000 | |
June 2024 Facility Agreement Warrants | |
| 934,716 | | |
June 2027 | |
| 0.25 | | |
| 934,716 | |
June 2024 Lead Lender Warrants (see note 12.B) | |
| 2,500,000 | | |
June 2027 | |
| 1.00 | | |
| 2,500,000 | |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
9: SHAREHOLDERS’ EQUITY (Cont.)
C.
Share option plan
In
2017, after the completion of Gix Media’s acquisition by the Parent Company, the Parent Company granted options to Gix Media’s
employees. These options entitle the employees to purchase ordinary shares of the Parent Company that are traded on Tel-Aviv Stock Exchange.
On
March 2, 2023, the Board approved the adoption of the 2023 Stock Incentive Plan (the “2023 Plan”). The 2023 Plan permits
the issuance of up to (i) 2,500,000 shares of Common Stock, plus (ii) an annual increase equal to the lesser of (A) 5% of the Company’s
outstanding capital stock on the last day of the immediately preceding calendar year; and (B) such smaller amount as determined by the
Board, provided that no more than 2,500,000 shares of Common Stock may be issued upon the exercise of Incentive Stock Options. If any
outstanding awards expire, are canceled or are forfeited, the underlying shares would be available for future grants under the 2023 Plan.
As of the date of approval of the financial statements, the Company had reserved 2,500,000 shares of Common Stock for issuance under
the 2023 Plan.
The
2023 Plan provides for the grant of stock options, restricted stock, restricted stock units, stock or other stock-based awards, under
various tax regimes, including, without limitation, in compliance with Section 102 and Section 3(i) of the Israeli Income Tax Ordinance
(New Version) 5271-1961, and for awards granted to United States employees or service providers, including those who are deemed to be
residents of the United States for tax purposes, Section 422 and Section 409A of the United States Internal Revenue Code of 1986.
In
connection with the adoption of the 2023 Plan, on March 7, 2023, the Company entered into certain intercompany reimbursement agreements
with two of its subsidiaries, Viewbix Israel and Gix Media (the “Recharge Agreements”). The Recharge Agreements provide for
the offer of awards under the 2023 Plan to employees or service providers of Viewbix Israel and Gix Media (the “Affiliates”)
under the 2023 Plan. Under the Recharge Agreements, the Affiliates will each bear the costs of awards granted to its employees or its
service providers under the 2023 Plan and will reimburse the Company upon the issuance of shares of Common Stock pursuant to an award,
for the costs of shares issued, but in any event not prior to the vesting of an award. The reimbursement amount will be equal to the
lower of (a) the book expense for such award as recorded on the financial statements of one of the respective Affiliates, determined
and calculated according to U.S. GAAP, or any other financial reporting standard that may be applicable in the future, or (b) the fair
value of the shares of Common Stock at the time of exercise of an option or at the time of vesting of an RSU, as applicable.
On
July 20, 2023, the Company granted 51,020 restricted share units (the “RSUs”) under the 2023 Plan to Gix Media’s CEO,
as part of his employment terms, (the “Grantee”) under the following terms and conditions: (1) 51,020 of Common Stock underlying
the grant of RSUs (2) Vesting Commencement Date: July 1, 2023 (3) vesting schedule: 50% of the RSUs will vest immediately upon the Vesting
Commencement Date (the “First Tranche”) and the remaining 50% of the RSUs will vest 12 months after the Vesting Commencement
Date (the “Second Tranche”), provided, in each case, that the Grantee remains continuously as a Service Provider (as defined
under the 2023 Plan) of Gix Media or its affiliates throughout each such vesting date (the “Grant”).
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
9: SHAREHOLDERS’ EQUITY (Cont.)
C.
Share option plan (Cont.)
On
July 1, 2023, following the Grant and upon the vesting of the First Tranche, the Company issued 25,510 shares of Common Stock to the
Grantee. The Company recorded a share-based compensation expense of $25 in general and administrative expenses with connection to the
issuance of shares upon the vesting of the First Tranche. Subsequent to the balance sheet date, upon the vesting of the Second Tranche,
the Company issued 25,510 shares of Common Stock to the Grantee (see note 12.G).
D.
Dividends:
On
September 14, 2022, Gix Media declared a dividend to its shareholders prior to the consummation of the Reorganization Transaction in
the amount of $1,000, of which an amount of $83 was paid as tax to the Israeli Tax Authority. During 2022 Gix Media distributed an amount
of $787 out of the remaining amount of $917, which an amount of $714 that was distributed to the Parent Company, was offset from the
loan to Parent Company. The remaining amount of $130 was distributed by Gix Media in January 2023.
On
December 25, 2022, Cortex declared a dividend in the total amount of $445 to the non-controlling interests. The amount was distributed
by Cortex to non-controlling interests in two payments of $219 and $226 in February and March 2023, respectively.
No
dividends were distributed during the six-month period ending June 30, 2024.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
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v3.24.2.u1
FINANCIAL EXPENSE, NET
|
6 Months Ended |
Jun. 30, 2024 |
Financial Expense Net |
|
FINANCIAL EXPENSE, NET |
NOTE
10: FINANCIAL EXPENSE, NET
SCHEDULE
OF FINANCIAL EXPENSE NET
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the six months ended June 30, | | |
For the three months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Financial expense (income): | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Bank fees | |
| 44 | | |
| 33 | | |
| 26 | | |
| 19 | |
Exchange rate differences | |
| (49 | ) | |
| 25 | | |
| (18 | ) | |
| 12 | |
Interest expense on bank loans | |
| 406 | | |
| 437 | | |
| 198 | | |
| 247 | |
Loss from substantial debt terms modification | |
| 2,515 | | |
| - | | |
| 2,515 | | |
| - | |
Interest income on loans from Parent Company | |
| (79 | ) | |
| (43 | ) | |
| (40 | ) | |
| (22 | ) |
Other | |
| 70 | | |
| (21 | ) | |
| 63 | | |
| (10 | ) |
Financial expense, net | |
| 2,907 | | |
| 431 | | |
| 63 | | |
| (10 | ) |
|
X |
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v3.24.2.u1
SEGMENT REPORTING
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
SEGMENT REPORTING |
NOTE
11: SEGMENT REPORTING
The
Group operates in two different segments in such a way that each company in the Group operates as a separate business segment.
Search
segment- the search segment develops a variety of technological software solutions, which perform automation, optimization and monetization
of internet campaigns, for the purposes of obtaining and routing internet user traffic to its customers.
Digital
content segment- the digital content segment is engaged in the creation and editing of content, in different languages, for different
target audiences, for the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple,
by utilizing such content to obtain internet user traffic for its customers.
The
segments’ results include items that directly serve and/or are used by the segment’s business activity and are directly allocated
to the segment. As such they do not include depreciation and amortization expenses for intangible assets created at the time of the purchase
of those companies, financing expenses created for loans taken for the purpose of purchasing those companies and therefore these items
are not allocated to the various segments.
Segments’
assets and liabilities are not reviewed by the Group’s chief operating decision maker and therefore were not reflected in the segment
reporting.
Segments
revenues and operating results:
SCHEDULE OF SEGMENTS REVENUES AND OPERATING RESULTS
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | | |
Total | |
| |
For the six months ended June 30, 2024 | |
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenues from external customers | |
| 3,587 | | |
| 13,748 | | |
| - | | |
| 17,335 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 1,555 | | |
| 1,555 | |
Goodwill Impairment | |
| - | | |
| - | | |
| 4,739 | | |
| 4,739 | |
Segment operating income (loss) | |
| 718 | | |
| (199 | ) | |
| (7,009 | ) | |
| (6,490 | ) |
Financial expenses, net | |
| (10 | ) | |
| (74 | ) | |
| (2,823 | ) | |
| (2,907 | ) |
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | |
|
Total | |
| |
For the six months ended June 30, 2023 | |
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | |
|
Total | |
| |
| | |
| | |
| |
|
| |
Revenues from external customers | |
| 10,952 | | |
| 37,064 | | |
| - | |
|
| 48,016 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 1,468 | |
|
| 1,468 | |
Segment operating income (loss) | |
| 766 | | |
| 1,664 | | |
| (2,256 | ) |
|
| 174 | |
Financial expenses, net | |
| (81 | ) | |
| (46 | ) | |
| (304 | ) (*) |
|
| (431 | ) |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
11: SEGMENT REPORTING (Cont.)
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | | |
Total | |
| |
For the three months ended June 30, 2024 | |
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenues from external customers | |
| 1,115 | | |
| 6,218 | | |
| - | | |
| 7,333 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 821 | | |
| 821 | |
Goodwill Impairment | |
| - | | |
| - | | |
| 4,739 | | |
| 4,739 | |
Segment operating income (loss) | |
| 256 | | |
| 186 | | |
| (5,921 | ) | |
| (5,479 | ) |
Financial expenses, net | |
| (11 | ) | |
| (60 | ) | |
| (2,673 | ) | |
| (2,744 | ) |
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | |
|
Total | |
| |
For the three months ended June 30, 2023 | |
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | |
|
Total | |
| |
| | |
| | |
| |
|
| |
Revenues from external customers | |
| 5,842 | | |
| 21,312 | | |
| - | |
|
| 27,154 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 734 | |
|
| 734 | |
Segment operating income (loss) | |
| 535 | | |
| 868 | | |
| (1,153 | ) |
|
| 250 | |
Financial expenses, net | |
| (7 | ) | |
| (83 | ) | |
| (156 | ) (*) |
|
| (246 | ) |
|
(*) |
Mainly consist of financial
expenses from the Financing Agreement of bank loans taken for business combinations (see note 6). |
The
“adjustment” column for segment operating income includes unallocated selling, general, and administrative expenses and certain
items which management excludes from segment results when evaluating segment performance, as follows:
SCHEDULE OF RECONCILIATION BETWEEN SEGMENTS OPERATING RESULTS
| |
For the six months ended June 30, 2024 | | |
For the three months ended June 30, 2024 | |
| |
| | |
| |
Depreciation and amortization expenses not attributable to segments (**) | |
| (1,555 | ) | |
| (821 | ) |
General and administrative not attributable to the segments (***) | |
| (715 | ) | |
| (361 | ) |
Goodwill Impairment | |
| (4,739 | ) | |
| (4,739 | ) |
| |
| ) | |
| ) |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
11: SEGMENT REPORTING (Cont.)
| |
For the six months ended June 30, 2023 | | |
For the three months ended June 30, 2023 | |
| |
| | |
| |
Depreciation and amortization expenses not attributable to segments (**) | |
| (1,468 | ) | |
| (734 | ) |
General and administrative not attributable to the segments (***) | |
| (788 | ) | |
| (419 | ) |
| |
| ) | |
| ) |
|
(*) |
Mainly consist of financial
expenses from the Financing Agreement of bank loans taken for business combinations (see note 6). |
|
(**) |
Mainly consist of technology
and customer relations amortization costs from business combinations. |
|
|
|
|
(***) |
Mainly consist of salary
and related expenses and professional consulting expenses. |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
|
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.24.2.u1
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
12: SUBSEQUENT EVENTS
A.
Private Placement
On
July 3, 2024, the Company entered into a definitive securities purchase agreement (the “Purchase Agreement”) with a certain
investor (the “Lead Investor”) for the purchase and sale in a private placement (the “Private Placement”) of
units consisting of (i) 1,027,500 shares of the Company’s common stock at a purchase price of $0.25 per share (the “PIPE
Shares”) and (ii) common stock purchase warrants to purchase up to 1,541,250 shares of the Company’s common stock (the “PIPE
Warrants”) to the Lead Investor and other investors (collectively, the “Investors”) acceptable to the Lead Investor
and the Company.
The
aggregate gross proceeds received by the Company from the Private Placement were $257,
of which $237 received in June 2024 and the $20 remaining received in July 2024.
The PIPE Warrants are exercisable upon issuance at an exercise price of $0.25 per
share and will have a three-year term
from the issuance date. In addition, the PIPE Warrants are subject to an automatic exercise provision in the event that the
Company’s shares of common stock are approved for listing on the Nasdaq Capital Market.
Upon
the closing of the Private Placement, the Company agreed to pay the Lead Investor: (1) $10 for actual and documented fees and expenses
incurred and, (2) a commission consisting of (i) a cash fee of $123 and (ii) 51,375 shares of the Company’s common stock.
In
July 2024, the Company issued to the Investors 1,027,500 shares of common stock and 1,541,250 warrants in connection with the Private
Placement.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
12: SUBSEQUENT EVENTS (Cont.)
B.
June 2024 Facility Agreement
Following
the closing of the Private Placement (as defined in note 12.A), the exercise price of the June 2024 Lead Lender Warrant was adjusted
to $0.118, which is the effective price per share of common stock in the Private Placement, and the number of shares of common stock
issuable upon the exercise of the June 2024 Lead Lender Warrant was also adjusted to a total of 21,186,440 shares, such that the adjusted
exercise price and number of warrants issued is equal to an aggregate amount of $2.5 million.
C.
First July 2024 Facility Agreement
On
July 4, 2024, the Company entered into a credit facility agreement, as restated on July 22, 2024, and amended on July 25, 2024 (the “First
July 2024 Facility Agreement”) for a $2.5 million (the “First July 2024 Facility Loan Amount”) with a certain lender.
The
First July 2024 Facility Loan Amount will remain available until the earliest of (a)(i) its drawing down in full, (ii) the 36-month anniversary
of the First July 2024 Facility Agreement and (b) upon such date that the Company completes a $2.0 million financing transaction (the
“First July 2024 Facility Term”). In the event the First July 2024 Facility Term lapses, the First July 2024 Facility Loan
Amount will be repaid to the lender immediately.
The
First July 2024 Facility Agreement sets forth a drawdown schedule as follows: (i) an aggregate of $50,000 was drawn down on July 4, 2024,
(ii) an aggregate of $50 will be drawn down upon the effectiveness of the Uplist (see note 6.E), and (iii) following the Uplist, an
aggregate of $200 will be drawn down on a quarterly basis until the First July 2024 Facility Loan Amount is exhausted.
The
First July 2024 Facility Amount will accrue interest at a rate of 12% per annum. The interest for the first year was paid in advance
in (i) 1,200,000 shares of the Company’s common stock at a conversion rate of $0.25, and (ii) 1,200,000 warrants to purchase such
number of shares of the Company’s common stock at a conversion rate of $0.25 (the “First July 2024 Facility Warrants”).
The First July 2024 Facility Warrants are exercisable upon issuance at an exercise price of $0.25 per share of common stock and will
have a three-year term from the issuance date.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
12: SUBSEQUENT EVENTS (Cont.)
C.
First July 2024 Facility Agreement (Cont.)
Immediately
following the effectiveness of the Uplist, (i) $100 of the First July 2024 Facility Loan Amount will convert in shares of common
stock at a conversion rate of $0.25 per share (such amount of shares converted, the “First July 2024 Convertible Stock”),
and, (ii) the Company will issue a warrant to purchase such amount of First July 2024 Convertible Stock, with an exercise price of $0.25
per share (the “First July 2024 Conversion Warrant”). The remaining First July 2024 Facility Loan Amount outstanding and
not converted following the Uplist will remain available for the duration of the First July 2024 Facility Term, whereby, upon the lapse
of the First July 2024 Facility Term, such amount will be repaid to the First July 2024 Lender.
In
addition, the Company agreed to pay the First July 2024 Lender a one-time fee consisting of: (i) 500,000 shares of the Company’s
common stock, representing five percent (5%) of the First July 2024 Facility Loan Amount at a conversion rate of $0.25 and (ii) a warrant
to purchase 1,000,000 shares of the Company’s common stock with an exercise price of $0.25 per share.
D.
Services Agreements
On
July 14, 2024 and July 25, 2024, the Company entered into consulting agreements with certain consultants (the
“Consultants”) pursuant to which the Consultants agreed to provide certain services to the Company in connection with
the Uplist. In consideration with the Consultants’ services, the Company issued to the Consultants 480,000
shares of common stock in July 2024.
E.
Second July 2024 Facility Agreement
On
July 28, 2024, the Company entered into a credit facility agreement (the “Second July 2024 Facility Agreement”) for a $3.0
million (the “Second July 2024 Facility Loan Amount”) with certain lenders (the “Second July 2024 Lenders”).
The
Second July 2024 Facility Loan Amount will remain available until the earliest of (a)(i) its drawing down in full, (ii) the 40-month
anniversary of the Second July 2024 Facility Agreement and (b) upon such date that the Company completes a $2.5 million financing transaction
(the “Second July 2024 Facility Term”). In the event the Second July 2024 Facility Term lapses, the Second July 2024 Facility
Loan Amount will be repaid to the Second July 2024 Lenders immediately thereafter.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
12: SUBSEQUENT EVENTS (Cont.)
E.
Second July 2024 Facility Agreement (cont.)
The
Second July 2024 Facility Loan Amount will accrue interest at a rate of 12% per annum. The interest for the first year was paid in advance
in (i) 1,440,000 shares of the Company’s common stock at a conversion rate of $0.25, and (ii) 1,440,000 warrants to purchase such
number of shares of the Company’s common stock at a conversion rate of $0.25 (the “Second July 2024 Facility Warrants”).
the interest for the second year will be paid by the Company in cash. The Second July 2024 Facility Warrants are exercisable upon issuance
at an exercise price of $0.25 per share of common stock, and will have a three-year term from the issuance date.
Immediately
following the effectiveness of the Uplist, (i) $160 of the Second July 2024 Facility Loan Amount will convert in shares of common
stock at a conversion rate of $0.25 per share (such amount of shares converted, the “Second July 2024 Convertible Stock”),
and, (ii) the Company will issue a warrant to purchase such amount of Second July 2024 Convertible Stock, with an exercise price of $0.25
per share (the “Second July 2024 Conversion Warrant”). The remaining Second July 2024 Facility Loan Amount outstanding and
not converted following the Second Uplist Conversion will remain available for the duration of the Second July 2024 Facility Term, whereby,
upon the lapse of the Second July 2024 Facility Term, such amount will be repaid to the Second July 2024 Lenders.
In
addition, the Company agreed to pay the Second July 2024 Lenders a one-time fee consisting of 600,000 shares of the Company’s common
stock, representing five percent (5%) of the Second July 2024 Facility Loan Amount at a conversion rate of $0.25.
F.
Securities Exchange Agreement
On
July 31, 2024, the Company entered into a Securities Exchange Agreement, with Metagramm Software Ltd. (“Metagramm”) pursuant
to which the Company agreed to issue to Metagramm 9.99% of its issued and outstanding share capital in exchange for 19.99% of Metagramm’s
issued and outstanding share capital. The transactions contemplated by the Securities Exchange Agreement are expected to close following
the Uplist (as defined in note 6.E).
G.
Grant of shares
On
July 1, 2024, the Company issued 25,510 shares of Common Stock to Gix Media’s CEO.
H. Reverse stock split
On
July 15, 2024, the Company filed an amendment to its Certificate of Incorporation (the “Amendment”) to effect a 1-for-4 reverse
stock split of the Company’s Common Stock. As of the issuance date of this interim condensed consolidated financial statements,
the reverse stock split is not yet effective.
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v3.24.2.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Unaudited Interim Financial Statements |
A.
Unaudited Interim Financial Statements
The
accompanying unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting
principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities
and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted
accounting principles 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). For further information,
reference is made to the consolidated financial statements and footnotes thereto included in the Group’s Annual Report on Form
10-K for the year ended December 31, 2023.
|
Principles of Consolidation |
B.
Principles of Consolidation
The
accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany
balances and transactions have been eliminated in consolidation.
|
Use of estimates |
C.
Use of estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenue and expenses during the reporting period. The Company evaluates on an ongoing basis its
assumptions, including those related to contingencies, deferred taxes, inventory impairment, stock-based compensation, as well as in
estimates used in applying the revenue recognition policy. Actual results may differ from those estimates.
|
Derivative Financial Instruments |
D.
Derivative Financial Instruments
The
Company evaluates its financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives in accordance with ASC Topic 815, “Derivatives and Hedging”. Derivative instruments are initially recorded at
fair value on the grant date and re-valued at each reporting date, with changes in the fair value reported in the unaudited condensed
statements of operations.
|
Fair Value of Financial Instruments |
E.
Fair Value of Financial Instruments
Fair
value is defined as the price that would be received for sale of an asset or paid to transfer of a liability, in an orderly transaction
between market participants at the measurement date. US GAAP establishes a three-tier fair value hierarchy, which prioritizes the inputs
used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). These tiers include:
| ● | Level
1, defined as observable inputs such as quoted prices (unadjusted) for identical instruments
in active markets. |
| ● | Level
2, defined as inputs other than quoted prices in active markets that are either directly
or indirectly observable such as quoted prices for similar instruments in active markets
or quoted prices for identical or similar instruments in markets that are not active; and |
| ● | Level
3, defined as unobservable inputs in which little or no market data exists, therefore requiring
an entity to develop its own assumptions, such as valuations derived from valuation techniques
in which one or more significant inputs or significant value drivers are unobservable. |
|
Significant Accounting Policies |
F.
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 financial statements other than the significant accounting policies of derivative financial instruments and fair value of financial instruments
(see notes 2.D and 2.E above).
|
Recent Accounting Pronouncements |
G.
Recent Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect
on the Group’s interim condensed consolidated financial statements.
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- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.
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v3.24.2.u1
GOODWILL AND INTANGIBLE ASSETS, NET (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF GOODWILL AND INTANGIBLE ASSETS |
SCHEDULE OF GOODWILL AND INTANGIBLE ASSETS
| |
Internal-use Software | | |
Customer Relations | | |
Technology | | |
Goodwill | | |
Total | |
Cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of January 1, 2024 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 12,254 | | |
| 29,961 | |
Additions | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Impairment of goodwill | |
| - | | |
| - | | |
| - | | |
| (4,739 | ) | |
| (4,739 | ) |
Balance as of June 30, 2024 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 7,515 | | |
| 25,222 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated amortization: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of January 1, 2024 | |
| 276 | | |
| 1,631 | | |
| 3,366 | | |
| - | | |
| 5,273 | |
Amortization recognized during the period | |
| 76 | | |
| 445 | | |
| 917 | | |
| - | | |
| 1,438 | |
Balance as of June 30, 2024 | |
| 352 | | |
| 2,076 | | |
| 4,283 | | |
| - | | |
| 6,711 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Amortized cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
As of June 30, 2024 | |
| 113 | | |
| 4,158 | | |
| 6,725 | | |
| 7,515 | | |
| 18,511 | |
| |
Internal-use Software | | |
Customer Relations | | |
Technology | | |
Goodwill | | |
Total | |
Cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of January 1, 2023 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 17,361 | | |
| 35,068 | |
Cost, beginning balance | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 17,361 | | |
| 35,068 | |
Additions | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Impairment of goodwill | |
| - | | |
| - | | |
| - | | |
| (5,107 | ) | |
| (5,107 | ) |
Balance as of December 31, 2023 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 12,254 | | |
| 29,961 | |
Cost, ending balance | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 12,254 | | |
| 29,961 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated amortization: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of January 1, 2023 | |
| 122 | | |
| 741 | | |
| 1,531 | | |
| - | | |
| 2,394 | |
Accumulated amortization, beginning balance | |
| 122 | | |
| 741 | | |
| 1,531 | | |
| - | | |
| 2,394 | |
Amortization recognized during the year | |
| 154 | | |
| 890 | | |
| 1,835 | | |
| - | | |
| 2,879 | |
Balance as of December 31, 2023 | |
| 276 | | |
| 1,631 | | |
| 3,366 | | |
| - | | |
| 5,273 | |
Accumulated amortization, ending balance | |
| 276 | | |
| 1,631 | | |
| 3,366 | | |
| - | | |
| 5,273 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Amortized cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
As of December 31, 2023 | |
| 189 | | |
| 4,603 | | |
| 7,642 | | |
| 12,254 | | |
| 24,688 | |
Amortized cost | |
| 189 | | |
| 4,603 | | |
| 7,642 | | |
| 12,254 | | |
| 24,688 | |
|
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v3.24.2.u1
LOANS (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Receivables [Abstract] |
|
SCHEDULE OF COMPOSITION OF BALANCE OF GROUP’S LOANS |
SCHEDULE OF COMPOSITION OF BALANCE OF GROUP’S LOANS
| |
Interest rate | |
|
As of June 30, 2024 | | |
As of December 31, 2023 | |
| |
| |
|
| | |
| |
Short-term bank loan – Gix Media | |
| SOFR + 4.25 | % |
|
| 900 | | |
| 3,500 | |
Short-term bank loan – Gix Media (received on June 13, 2024) | |
| SOFR + 4.08 | % |
|
| 339 | | |
| - | |
Short-term bank loan – Cortex | |
| SOFR + 4.08 | % |
|
| 800 | | |
| 1,500 | |
Short-term bank loan | |
| SOFR + 4.08 | % |
|
| 800 | | |
| 1,500 | |
Long-term bank loan, including current maturity – Gix Media (received on October 13, 2021) | |
| SOFR + 4.12 | % |
|
| 2,714 | | |
| 2,963 | |
Long-term bank loan, including current maturity – Gix Media (received on January 17, 2023) | |
| SOFR + 5.37 | % |
|
| 1,036 | | |
| 1,107 | |
Long-term loan – Viewbix Israel | |
| 9 | % |
|
| - | | |
| 434 | |
Long-term loan | |
| 9 | % |
|
| - | | |
| 434 | |
Short-term convertible loan - June 2024 Facility Agreement – Viewbix Inc | |
| 12 | % |
|
| 321 | | |
| - | |
Line of credit | |
| 12 | % |
|
| 321 | | |
| - | |
| |
| | |
|
| | | |
| | |
Bank Loan | |
| | |
|
| 6,110 | | |
| 9,504 | |
|
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v3.24.2.u1
FINANCIAL INSTRUMENTS AT FAIR VALUE (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Investments, All Other Investments [Abstract] |
|
SCHEDULE OF FINANCIAL LIABILITIES |
The
following table presents the financial liabilities that were measured at fair value through profit or loss:
SCHEDULE
OF FINANCIAL LIABILITIES
| |
June 30, 2024 | | |
December 31, 2023 | |
| |
Level 3 | | |
Level 3 | |
Embedded derivatives | |
| 665 | | |
| - | |
Derivative warrant liability | |
| 1,833 | | |
| - | |
Total financial liabilities | |
| 2,498 | | |
| - | |
|
X |
- DefinitionTabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.
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v3.24.2.u1
SHAREHOLDERS’ EQUITY (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
SCHEDULE OF OUTSTANDING WARRANTS |
The
following table summarizes information of outstanding warrants as of June 30, 2024:
SCHEDULE OF OUTSTANDING WARRANTS
| |
Warrants | | |
Warrant Term | |
Exercise Price | | |
Exercisable | |
| |
| | |
| |
| | |
| |
Class J Warrants | |
| 130,333 | | |
July 2029 | |
| 13.44 | | |
| 130,333 | |
Class K Warrants | |
| 130,333 | | |
July 2029 | |
| 22.40 | | |
| 130,333 | |
2023 Warrants (see note 6.D) | |
| 480,000 | | |
December 2025 | |
| 0.50 | | |
| 480,000 | |
June 2024 Facility Agreement Warrants | |
| 934,716 | | |
June 2027 | |
| 0.25 | | |
| 934,716 | |
June 2024 Lead Lender Warrants (see note 12.B) | |
| 2,500,000 | | |
June 2027 | |
| 1.00 | | |
| 2,500,000 | |
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- DefinitionTabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.
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v3.24.2.u1
FINANCIAL EXPENSE, NET (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Financial Expense Net |
|
SCHEDULE OF FINANCIAL EXPENSE NET |
SCHEDULE
OF FINANCIAL EXPENSE NET
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
| |
For the six months ended June 30, | | |
For the three months ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Financial expense (income): | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | |
Bank fees | |
| 44 | | |
| 33 | | |
| 26 | | |
| 19 | |
Exchange rate differences | |
| (49 | ) | |
| 25 | | |
| (18 | ) | |
| 12 | |
Interest expense on bank loans | |
| 406 | | |
| 437 | | |
| 198 | | |
| 247 | |
Loss from substantial debt terms modification | |
| 2,515 | | |
| - | | |
| 2,515 | | |
| - | |
Interest income on loans from Parent Company | |
| (79 | ) | |
| (43 | ) | |
| (40 | ) | |
| (22 | ) |
Other | |
| 70 | | |
| (21 | ) | |
| 63 | | |
| (10 | ) |
Financial expense, net | |
| 2,907 | | |
| 431 | | |
| 63 | | |
| (10 | ) |
|
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v3.24.2.u1
SEGMENT REPORTING (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
SCHEDULE OF SEGMENTS REVENUES AND OPERATING RESULTS |
SCHEDULE OF SEGMENTS REVENUES AND OPERATING RESULTS
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | | |
Total | |
| |
For the six months ended June 30, 2024 | |
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenues from external customers | |
| 3,587 | | |
| 13,748 | | |
| - | | |
| 17,335 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 1,555 | | |
| 1,555 | |
Goodwill Impairment | |
| - | | |
| - | | |
| 4,739 | | |
| 4,739 | |
Segment operating income (loss) | |
| 718 | | |
| (199 | ) | |
| (7,009 | ) | |
| (6,490 | ) |
Financial expenses, net | |
| (10 | ) | |
| (74 | ) | |
| (2,823 | ) | |
| (2,907 | ) |
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | |
|
Total | |
| |
For the six months ended June 30, 2023 | |
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | |
|
Total | |
| |
| | |
| | |
| |
|
| |
Revenues from external customers | |
| 10,952 | | |
| 37,064 | | |
| - | |
|
| 48,016 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 1,468 | |
|
| 1,468 | |
Segment operating income (loss) | |
| 766 | | |
| 1,664 | | |
| (2,256 | ) |
|
| 174 | |
Financial expenses, net | |
| (81 | ) | |
| (46 | ) | |
| (304 | ) (*) |
|
| (431 | ) |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
11: SEGMENT REPORTING (Cont.)
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | | |
Total | |
| |
For the three months ended June 30, 2024 | |
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenues from external customers | |
| 1,115 | | |
| 6,218 | | |
| - | | |
| 7,333 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 821 | | |
| 821 | |
Goodwill Impairment | |
| - | | |
| - | | |
| 4,739 | | |
| 4,739 | |
Segment operating income (loss) | |
| 256 | | |
| 186 | | |
| (5,921 | ) | |
| (5,479 | ) |
Financial expenses, net | |
| (11 | ) | |
| (60 | ) | |
| (2,673 | ) | |
| (2,744 | ) |
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | |
|
Total | |
| |
For the three months ended June 30, 2023 | |
| |
Search segment | | |
Digital
content
segment | | |
Adjustments (See below) | |
|
Total | |
| |
| | |
| | |
| |
|
| |
Revenues from external customers | |
| 5,842 | | |
| 21,312 | | |
| - | |
|
| 27,154 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 734 | |
|
| 734 | |
Segment operating income (loss) | |
| 535 | | |
| 868 | | |
| (1,153 | ) |
|
| 250 | |
Financial expenses, net | |
| (7 | ) | |
| (83 | ) | |
| (156 | ) (*) |
|
| (246 | ) |
|
(*) |
Mainly consist of financial
expenses from the Financing Agreement of bank loans taken for business combinations (see note 6). |
|
SCHEDULE OF RECONCILIATION BETWEEN SEGMENTS OPERATING RESULTS |
The
“adjustment” column for segment operating income includes unallocated selling, general, and administrative expenses and certain
items which management excludes from segment results when evaluating segment performance, as follows:
SCHEDULE OF RECONCILIATION BETWEEN SEGMENTS OPERATING RESULTS
| |
For the six months ended June 30, 2024 | | |
For the three months ended June 30, 2024 | |
| |
| | |
| |
Depreciation and amortization expenses not attributable to segments (**) | |
| (1,555 | ) | |
| (821 | ) |
General and administrative not attributable to the segments (***) | |
| (715 | ) | |
| (361 | ) |
Goodwill Impairment | |
| (4,739 | ) | |
| (4,739 | ) |
| |
| ) | |
| ) |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
11: SEGMENT REPORTING (Cont.)
| |
For the six months ended June 30, 2023 | | |
For the three months ended June 30, 2023 | |
| |
| | |
| |
Depreciation and amortization expenses not attributable to segments (**) | |
| (1,468 | ) | |
| (734 | ) |
General and administrative not attributable to the segments (***) | |
| (788 | ) | |
| (419 | ) |
| |
| ) | |
| ) |
|
(*) |
Mainly consist of financial
expenses from the Financing Agreement of bank loans taken for business combinations (see note 6). |
|
(**) |
Mainly consist of technology
and customer relations amortization costs from business combinations. |
|
|
|
|
(***) |
Mainly consist of salary
and related expenses and professional consulting expenses. |
|
X |
- DefinitionTabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.
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v3.24.2.u1
GENERAL (Details Narrative) $ / shares in Units, ₪ in Thousands |
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
|
|
|
|
Jan. 23, 2023
USD ($)
|
Sep. 19, 2022
$ / shares
|
Aug. 31, 2022 |
Jan. 27, 2020
USD ($)
|
Jan. 27, 2020
ILS (₪)
|
May 31, 2024
USD ($)
|
Apr. 30, 2024
USD ($)
|
Jun. 30, 2024
USD ($)
$ / shares
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
$ / shares
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
$ / shares
|
Jun. 13, 2023
USD ($)
|
Jan. 17, 2023
USD ($)
|
Dec. 05, 2021 |
Feb. 07, 2019 |
Common stock, par value | $ / shares |
|
$ 0.0001
|
|
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
|
$ 0.0001
|
|
|
|
|
Related party transaction description |
|
As a result of the Reorganization
Transaction, the former holders of Gix Media Shares, who previously held approximately 68% of the Company’s Common Stock, hold
approximately 97% of the Company’s Common Stock, and Gix Media became a wholly owned subsidiary of the Company
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reverse stock split |
|
|
reverse stock split of its common stock at a ratio
of 1-for-28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income |
|
|
|
|
|
$ 337,000
|
$ 337,000
|
|
|
|
|
|
|
|
|
|
Goodwill impairment |
|
|
|
|
|
|
$ 4,739
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
|
|
|
|
|
$ (5,479,000)
|
$ 250,000
|
$ (6,490,000)
|
$ 174,000
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
(8,199,000)
|
$ (83,000)
|
(9,374,000)
|
$ (428,000)
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
|
|
609,000
|
|
609,000
|
|
$ 1,774,000
|
|
|
|
|
Bank loan |
|
|
|
|
|
|
|
5,789,000
|
|
5,789,000
|
|
|
|
|
|
|
Accumulated deficit |
|
|
|
|
|
|
|
(18,837,000)
|
|
$ (18,837,000)
|
|
$ (10,661,000)
|
|
|
|
|
Proceeds |
|
|
|
|
|
|
|
$ 887,000
|
|
|
|
|
|
|
|
|
Cortex Media Group Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business acquire percentage |
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business consideration |
$ 2,625,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gix Media Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
80.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
77.92%
|
|
Long-term bank loan |
|
|
|
|
|
|
|
|
|
|
|
|
$ 350,000
|
$ 1,500,000
|
|
|
Share Exchange Agreement [Member] | Gix Internet Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99.83%
|
Virtual Crypto Israel [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale |
|
|
|
$ 13,000
|
₪ 50
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionPercentage of voting equity interests acquired at the acquisition date in the business combination.
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SCHEDULE OF GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Cost, beginning balance |
|
|
$ 29,961
|
$ 35,068
|
$ 35,068
|
Additions |
|
|
|
|
|
Impairment of goodwill |
$ (4,739)
|
|
(4,739)
|
|
(5,107)
|
Cost, ending balance |
25,222
|
|
25,222
|
|
29,961
|
Accumulated amortization, beginning balance |
|
|
5,273
|
2,394
|
2,394
|
Amortization recognized during the year |
|
|
1,438
|
|
2,879
|
Accumulated amortization, ending balance |
6,711
|
|
6,711
|
|
5,273
|
Amortized cost |
18,511
|
|
18,511
|
|
24,688
|
Internal Software [Member] |
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
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|
|
465
|
465
|
465
|
Additions |
|
|
|
|
|
Impairment of goodwill |
|
|
|
|
|
Cost, ending balance |
465
|
|
465
|
|
465
|
Accumulated amortization, beginning balance |
|
|
276
|
122
|
122
|
Amortization recognized during the year |
|
|
76
|
|
154
|
Accumulated amortization, ending balance |
352
|
|
352
|
|
276
|
Amortized cost |
113
|
|
113
|
|
189
|
Customer Relations [Member] |
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Cost, beginning balance |
|
|
6,234
|
6,234
|
6,234
|
Additions |
|
|
|
|
|
Impairment of goodwill |
|
|
|
|
|
Cost, ending balance |
6,234
|
|
6,234
|
|
6,234
|
Accumulated amortization, beginning balance |
|
|
1,631
|
741
|
741
|
Amortization recognized during the year |
|
|
445
|
|
890
|
Accumulated amortization, ending balance |
2,076
|
|
2,076
|
|
1,631
|
Amortized cost |
4,158
|
|
4,158
|
|
4,603
|
Technology [Member] |
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Cost, beginning balance |
|
|
11,008
|
11,008
|
11,008
|
Additions |
|
|
|
|
|
Impairment of goodwill |
|
|
|
|
|
Cost, ending balance |
11,008
|
|
11,008
|
|
11,008
|
Accumulated amortization, beginning balance |
|
|
3,366
|
1,531
|
1,531
|
Amortization recognized during the year |
|
|
917
|
|
1,835
|
Accumulated amortization, ending balance |
4,283
|
|
4,283
|
|
3,366
|
Amortized cost |
6,725
|
|
6,725
|
|
7,642
|
Goodwill [Member] |
|
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
|
Cost, beginning balance |
|
|
12,254
|
17,361
|
17,361
|
Additions |
|
|
|
|
|
Impairment of goodwill |
|
|
(4,739)
|
|
(5,107)
|
Cost, ending balance |
7,515
|
|
7,515
|
|
12,254
|
Accumulated amortization, beginning balance |
|
|
|
|
|
Amortization recognized during the year |
|
|
|
|
|
Accumulated amortization, ending balance |
|
|
|
|
|
Amortized cost |
$ 7,515
|
|
$ 7,515
|
|
$ 12,254
|
X |
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v3.24.2.u1
SCHEDULE OF COMPOSITION OF BALANCE OF GROUP’S LOANS (Details) - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Bank Loan |
$ 6,110
|
$ 9,504
|
Gix Media Ltd [Member] | October 13, 2021 [Member] |
|
|
Debt instrument description |
SOFR + 4.12
|
SOFR + 4.12
|
Long-term loan |
$ 2,714
|
$ 2,963
|
Gix Media Ltd [Member] | January 17 2023 [Member] |
|
|
Debt instrument description |
SOFR + 5.37
|
SOFR + 5.37
|
Long-term loan |
$ 1,036
|
$ 1,107
|
Gix Media Ltd [Member] | Short Term Bank Loan [Member] |
|
|
Bank Loan |
$ 900
|
$ 3,500
|
Debt instrument description |
SOFR + 4.25
|
SOFR + 4.25
|
Gix Media Ltd One [Member] | Short Term Bank Loan [Member] |
|
|
Bank Loan |
$ 339
|
|
Debt instrument description |
SOFR + 4.08
|
SOFR + 4.08
|
Cortex Media Group Ltd [Member] | Short Term Bank Loan [Member] |
|
|
Bank Loan |
$ 800
|
$ 1,500
|
Debt instrument description |
SOFR + 4.08
|
SOFR + 4.08
|
Viewbix Israel [Member] | Long Term Bank Loan [Member] |
|
|
Long-term loan |
|
$ 434
|
Debt instrument interest rate |
9.00%
|
9.00%
|
Viewbix Inc [Member] | June Facility [Member] |
|
|
Debt instrument interest rate |
12.00%
|
12.00%
|
Line of credit |
$ 321
|
|
X |
- DefinitionAmount of short-term bank loan secured by broker-dealer customer's security.
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v3.24.2.u1
LOANS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
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1 Months Ended |
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Jun. 18, 2024 |
Jan. 17, 2023 |
Sep. 21, 2022 |
Sep. 30, 2023 |
Jun. 30, 2024 |
May 27, 2024 |
Mar. 31, 2024 |
Nov. 15, 2023 |
Jun. 13, 2023 |
Apr. 27, 2023 |
Jan. 23, 2023 |
June 2024 Lead Lender Warrant [Member] |
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Exercise price |
$ 1.00
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Shares issued |
2,500,000
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Warrants exercise amount |
$ 2,500
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Cortex's Loan Agreement [Member] |
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Debt instrument description |
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SOFR + 3.52
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SOFR + 4.08
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Line of credit facility, remaining borrowing capacity percentage |
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80.00%
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Line of credit |
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$ 1,500
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$ 2,500
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$ 800
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$ 2,000
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$ 1,000
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Debt instrument interest rate |
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70.00%
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Debt instrument maturity date |
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Sep. 20, 2024
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Loan Agreement [Member] | Viewbix Israel [Member] |
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Lenders provided loans in the aggregate amount |
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$ 480
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2023 Warrant [Member] | Viewbix Israel [Member] |
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Warrants to purchase shares |
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480,000
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Exercise price |
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$ 0.50
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Warrants expire date |
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Dec. 31, 2025
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June 2024 Facility Agreement [Member] |
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Line of credit |
1,000
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Exercise price |
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$ 0.25
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Line of credit facility, outstanding debt owed |
$ 531
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Line of credit facility, expiration period |
12 months
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Line of credit facility, withdrawn amount description |
(i)
an aggregate amount of $350 was drawn down on the date of the Prior June 2024 Facility Agreement, (ii) an aggregate amount of
$150 drawn down upon the filing of the Company’s PIPE Registration Statement (as defined in note 12.A) and (iii) an amount of
$500 drawn down upon the effectiveness of the Uplist.
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Accrued interest percentage |
12.00%
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Line of credit facility, interest accrued |
$ 184
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Conversion price |
$ 0.25
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Debt conversion, shares issued |
734,716
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June 2024 Facility Agreement [Member] | June 2024 Lead Lender Warrant [Member] |
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Warrants to purchase shares |
2,500,000
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Exercise price |
$ 1.00
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Warrants exercise amount |
$ 2,500
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June 2024 Facility Agreement [Member] | Warrant [Member] |
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Warrants to purchase shares |
200,000
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Exercise price |
$ 0.25
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Warrants term |
3 years
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June 2024 Facility Agreement [Member] | Common Stock [Member] |
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Shares issued |
200,000
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June 2024 Facility Agreement [Member] | June 2024 Convertible Stock [Member] |
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Line of credit facility, interest accrued |
$ 663
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Conversion price |
$ 0.25
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Gix Media Ltd [Member] |
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Long-term bank loan |
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$ 1,500
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$ 350
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Debt instrument description |
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SOFR + 5.37
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Transfer of long-term bank loan |
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$ 600
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Line of credit facility, remaining borrowing capacity percentage |
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80.00%
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Cortex Media Group Ltd [Member] |
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Business acquire percentage |
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10.00%
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SCHEDULE OF OUTSTANDING WARRANTS (Details)
|
6 Months Ended |
Jun. 30, 2024
$ / shares
shares
|
June 2024 Facility Agreement [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Warrants |
934,716
|
Warrant Term |
June 2027
|
Exercise Price | $ / shares |
$ 0.25
|
Exercisable |
934,716
|
Class J Warrants [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Warrants |
130,333
|
Warrant Term |
July 2029
|
Exercise Price | $ / shares |
$ 13.44
|
Exercisable |
130,333
|
Class K Warrants [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Warrants |
130,333
|
Warrant Term |
July 2029
|
Exercise Price | $ / shares |
$ 22.40
|
Exercisable |
130,333
|
2023 Warrants [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Warrants |
480,000
|
Warrant Term |
December 2025
|
Exercise Price | $ / shares |
$ 0.50
|
Exercisable |
480,000
|
June 2024 Lead Lender Warrant [Member] |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
Warrants |
2,500,000
|
Warrant Term |
June 2027
|
Exercise Price | $ / shares |
$ 1.00
|
Exercisable |
2,500,000
|
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v3.24.2.u1
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
Jun. 18, 2024 |
Jul. 20, 2023 |
Jul. 01, 2023 |
May 18, 2023 |
Sep. 14, 2022 |
Mar. 31, 2023 |
Feb. 28, 2023 |
Jan. 31, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Mar. 02, 2023 |
Dec. 25, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, voting rights |
|
|
|
|
|
|
|
|
|
|
Shares
of Common Stock confer the rights to: (i) participate in the general meetings, to one vote per share for any purpose, to an equal part,
on share basis, (ii) in distribution of dividends and (iii) to equally participate, on share basis, in distribution of excess of assets
and funds from the Company and will not confer other privileges.
|
|
|
|
|
Share-based compensation expense |
|
|
|
|
|
|
|
|
$ 11
|
$ 45
|
$ 29
|
$ 75
|
|
|
|
Dividends declared |
|
|
|
|
|
|
|
|
|
|
|
|
$ 917
|
|
|
Dividends non controling interest |
|
|
|
|
|
|
|
|
|
$ 153
|
|
$ 598
|
|
|
|
Parent Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend distribution |
|
|
|
|
|
|
|
|
|
|
|
|
714
|
|
|
Israel Tax Authority [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes paid |
|
|
|
|
$ 83
|
|
|
|
|
|
|
|
|
|
|
Gix Media Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared |
|
|
|
|
$ 1,000
|
|
|
|
|
|
|
|
|
|
|
Dividend distribution |
|
|
|
|
|
|
|
$ 130
|
|
|
|
|
$ 787
|
|
|
Cortex Media Group Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 445
|
Dividends non controling interest |
|
|
|
|
|
$ 226
|
$ 219
|
|
|
|
|
|
|
|
|
Share-Based Payment Arrangement, Tranche One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common shares issued |
|
|
25,510
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Payment Arrangement, Tranche Two [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common shares issued |
|
|
25,510
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares, granted |
|
51,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based arrangement, description |
|
(1) 51,020 of Common Stock underlying
the grant of RSUs (2) Vesting Commencement Date: July 1, 2023 (3) vesting schedule: 50% of the RSUs will vest immediately upon the Vesting
Commencement Date (the “First Tranche”) and the remaining 50% of the RSUs will vest 12 months after the Vesting Commencement
Date (the “Second Tranche”), provided, in each case, that the Grantee remains continuously as a Service Provider (as defined
under the 2023 Plan) of Gix Media or its affiliates throughout each such vesting date (the “Grant”).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restricted shares, granted |
|
51,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2023 Stock Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of share for issuance |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,500,000
|
|
Outstanding capital stock percent |
|
|
|
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
Common stock reserved for issuance |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,500,000
|
|
June 2024 Lead Lender Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
2,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
$ 1.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrants exercise amount |
$ 2,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 2024 Lenders [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
934,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 2024 Lenders [Member] | Warrant [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued |
934,716
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercise price |
$ 0.25
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and Administrative Expense [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense |
|
|
|
$ 34
|
|
|
|
|
|
|
|
|
|
|
|
General and Administrative Expense [Member] | Share-Based Payment Arrangement, Tranche One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense |
|
|
$ 25
|
|
|
|
|
|
|
|
|
|
|
|
|
Board of Directors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of restricted stock shares |
|
|
|
111,111
|
|
|
|
|
|
|
|
|
|
|
|
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SCHEDULE OF SEGMENTS REVENUES AND OPERATING RESULTS (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
|
Revenues from external customers |
$ 7,333
|
$ 27,154
|
|
$ 17,335
|
$ 48,016
|
|
|
Depreciation and amortization |
821
|
734
|
|
1,555
|
1,468
|
|
|
Goodwill Impairment |
4,739
|
|
|
4,739
|
|
|
$ 5,107
|
Segment operating income (loss) |
(5,479)
|
250
|
|
(6,490)
|
174
|
|
|
Financial expenses, net |
(2,744)
|
(246)
|
|
(2,907)
|
(431)
|
|
|
Segment Income (loss), before income taxes |
(8,223)
|
4
|
|
(9,397)
|
(257)
|
|
|
Search Segment [Member] |
|
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
|
Revenues from external customers |
1,115
|
5,842
|
|
3,587
|
10,952
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
Goodwill Impairment |
|
|
|
|
|
|
|
Segment operating income (loss) |
256
|
535
|
|
718
|
766
|
|
|
Financial expenses, net |
(11)
|
(7)
|
|
(10)
|
(81)
|
|
|
Segment Income (loss), before income taxes |
245
|
528
|
|
708
|
685
|
|
|
Digital Content Segment [Member] |
|
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
|
Revenues from external customers |
6,218
|
21,312
|
|
13,748
|
37,064
|
|
|
Depreciation and amortization |
|
|
|
|
|
|
|
Goodwill Impairment |
|
|
|
|
|
|
|
Segment operating income (loss) |
186
|
868
|
|
(199)
|
1,664
|
|
|
Financial expenses, net |
(60)
|
(83)
|
|
(74)
|
(46)
|
|
|
Segment Income (loss), before income taxes |
126
|
785
|
|
(273)
|
1,618
|
|
|
Adjustments [Member] |
|
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
|
Revenues from external customers |
|
|
|
|
|
|
|
Depreciation and amortization |
821
|
734
|
|
1,555
|
1,468
|
|
|
Goodwill Impairment |
4,739
|
|
|
4,739
|
|
|
|
Segment operating income (loss) |
(5,921)
|
(1,153)
|
|
(7,009)
|
(2,256)
|
|
|
Financial expenses, net |
(2,673)
|
(156)
|
[1] |
(2,823)
|
(304)
|
[1] |
|
Segment Income (loss), before income taxes |
$ (8,594)
|
$ (1,309)
|
|
$ (9,832)
|
$ (2,560)
|
|
|
|
|
X |
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SCHEDULE OF RECONCILIATION BETWEEN SEGMENTS OPERATING RESULTS (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Depreciation and amortization expenses not attributable to segments |
|
$ (821)
|
$ (734)
|
$ (1,555)
|
$ (1,468)
|
|
General and administrative not attributable to the segments |
|
(646)
|
(688)
|
(1,302)
|
(1,392)
|
|
Goodwill Impairment |
|
(4,739)
|
|
(4,739)
|
|
$ (5,107)
|
Total |
|
(8,223)
|
4
|
(9,397)
|
(257)
|
|
Operating Segments [Member] |
|
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
|
Depreciation and amortization expenses not attributable to segments |
[1] |
(821)
|
(734)
|
(1,555)
|
(1,468)
|
|
General and administrative not attributable to the segments |
[2] |
(361)
|
(419)
|
(715)
|
(788)
|
|
Goodwill Impairment |
|
(4,739)
|
|
(4,739)
|
|
|
Total |
|
$ (5,921)
|
$ (1,153)
|
$ (7,009)
|
$ (2,256)
|
|
|
|
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v3.24.2.u1
SUBSEQUENT EVENTS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
|
|
|
|
|
1 Months Ended |
Jul. 31, 2024 |
Jul. 28, 2024 |
Jul. 15, 2024 |
Jul. 04, 2024 |
Jul. 03, 2024 |
Jul. 01, 2024 |
Jun. 18, 2024 |
Aug. 31, 2022 |
Jul. 31, 2024 |
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Reverse stock split |
|
|
|
|
|
|
|
reverse stock split of its common stock at a ratio
of 1-for-28
|
|
June 2024 Lead Lender Warrant [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
|
|
|
$ 1.00
|
|
|
Warrants exercise amount |
|
|
|
|
|
|
$ 2,500
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Reverse stock split |
|
|
1-for-4
|
|
|
|
|
|
|
Subsequent Event [Member] | Chief Executive Officer [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
|
25,510
|
|
|
|
Subsequent Event [Member] | First July 2024 Facility Agreement [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Warrants to purchase shares |
|
|
|
1,200,000
|
|
|
|
|
|
Exercise price |
|
|
|
$ 0.25
|
|
|
|
|
|
Warrants term |
|
|
|
3 years
|
|
|
|
|
|
Line of credit |
|
|
|
$ 2,500
|
|
|
|
|
|
Line of credit facility, financing transaction |
|
|
|
$ 2,000
|
|
|
|
|
|
Line of credit facility, withdrawn amount description |
|
|
|
(i) an aggregate of $50,000 was drawn down on July 4, 2024,
(ii) an aggregate of $50 will be drawn down upon the effectiveness of the Uplist (see note 6.E), and (iii) following the Uplist, an
aggregate of $200 will be drawn down on a quarterly basis until the First July 2024 Facility Loan Amount is exhausted.
|
|
|
|
|
|
Accrued interest percentage |
|
|
|
12.00%
|
|
|
|
|
|
Conversion price |
|
|
|
$ 0.25
|
|
|
|
|
|
Subsequent Event [Member] | First July 2024 Facility Agreement [Member] | Consultants [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued for services |
|
|
|
|
|
|
|
|
480,000
|
Subsequent Event [Member] | First July 2024 Facility Agreement [Member] | First July 2024 Lender [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
500,000
|
|
|
|
|
|
Warrants to purchase shares |
|
|
|
1,000,000
|
|
|
|
|
|
Exercise price |
|
|
|
$ 0.25
|
|
|
|
|
|
Conversion price |
|
|
|
$ 0.25
|
|
|
|
|
|
Line of credit facility, one-time fee, percentage |
|
|
|
5.00%
|
|
|
|
|
|
Subsequent Event [Member] | First July 2024 Facility Agreement [Member] | First July 2024 Convertible Stock [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Exercise price |
|
|
|
$ 0.25
|
|
|
|
|
|
Conversion price |
|
|
|
$ 0.25
|
|
|
|
|
|
Lenders provided loans in the aggregate amount |
|
|
|
$ 100
|
|
|
|
|
|
Subsequent Event [Member] | First July 2024 Facility Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
1,200,000
|
|
|
|
|
|
Conversion price |
|
|
|
$ 0.25
|
|
|
|
|
|
Subsequent Event [Member] | Second July 2024 Facility Agreement [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Warrants to purchase shares |
|
1,440,000
|
|
|
|
|
|
|
|
Exercise price |
|
$ 0.25
|
|
|
|
|
|
|
|
Warrants term |
|
3 years
|
|
|
|
|
|
|
|
Line of credit |
|
$ 3,000
|
|
|
|
|
|
|
|
Line of credit facility, financing transaction |
|
$ 2,500
|
|
|
|
|
|
|
|
Accrued interest percentage |
|
12.00%
|
|
|
|
|
|
|
|
Conversion price |
|
$ 0.25
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Second July 2024 Facility Agreement [Member] | Second July 2024 Lenders [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
600,000
|
|
|
|
|
|
|
|
Conversion price |
|
$ 0.25
|
|
|
|
|
|
|
|
Line of credit facility, one-time fee, percentage |
|
5.00%
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Second July 2024 Facility Agreement [Member] | Second July 2024 Convertible Stock [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Exercise price |
|
$ 0.25
|
|
|
|
|
|
|
|
Conversion price |
|
$ 0.25
|
|
|
|
|
|
|
|
Lenders provided loans in the aggregate amount |
|
$ 160
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Second July 2024 Facility Agreement [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
1,440,000
|
|
|
|
|
|
|
|
Conversion price |
|
$ 0.25
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Securities Exchange Agreement [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Issued and outstanding share capital, percentage |
9.99%
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | Securities Exchange Agreement [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Issued and outstanding share capital, percentage |
19.99%
|
|
|
|
|
|
|
|
|
Subsequent Event [Member] | June 2024 Lead Lender Warrant [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
21,186,440
|
|
|
|
|
Exercise price |
|
|
|
|
$ 0.118
|
|
|
|
|
Warrants exercise amount |
|
|
|
|
$ 2,500
|
|
|
|
|
Subsequent Event [Member] | Private Placement [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
1,027,500
|
|
|
|
|
Sale of stock, price per share |
|
|
|
|
$ 0.25
|
|
|
|
|
Warrants to purchase shares |
|
|
|
|
1,541,250
|
|
|
|
|
Proceeds from Issuance of Private Placement |
|
|
|
|
$ 257
|
|
|
|
|
Exercise price |
|
|
|
|
$ 0.25
|
|
|
|
|
Warrants term |
|
|
|
|
3 years
|
|
|
|
|
Subsequent Event [Member] | Private Placement [Member] | Investor [Member] |
|
|
|
|
|
|
|
|
|
Subsequent Event [Line Items] |
|
|
|
|
|
|
|
|
|
Number of shares issued |
|
|
|
|
51,375
|
|
|
|
|
Actual and documented fees |
|
|
|
|
$ 10
|
|
|
|
|
Cash fee |
|
|
|
|
$ 123
|
|
|
|
|
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