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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 March 31, 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) |
11
Derech Menachem Begin Street, Ramat Gan, Israel |
|
5268104 |
(Address
of Principal Executive Officers) |
|
(Zip
Code) |
Registrant’s
Telephone Number, Including Area Code: +972 9-774-1505
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
May 19, 2024, the Registrant had 14,920,585 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)
March
31, 2024
CONTENTS
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
U.S.
dollars in thousands (except share data)
| |
| | |
As of March 31 | | |
As of December 31 | |
| |
Note | | |
2024 | | |
2023 | |
| |
| | |
| | |
| |
ASSETS | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
CURRENT ASSETS | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Cash and cash equivalents | |
| | | |
| 1,284 | | |
| 1,774 | |
Restricted deposits | |
| | | |
| 86 | | |
| 149 | |
Accounts receivable | |
| | | |
| 7,004 | | |
| 11,359 | |
Loan to parent company | |
| 3 | | |
| 3,808 | | |
| 3,752 | |
Other current assets | |
| | | |
| 623 | | |
| 771 | |
| |
| | | |
| | | |
| | |
Total current assets | |
| | | |
| 12,805 | | |
| 17,805 | |
| |
| | | |
| | | |
| | |
NON-CURRENT ASSETS | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Deferred taxes | |
| | | |
| 144 | | |
| 147 | |
Property and equipment, net | |
| | | |
| 230 | | |
| 245 | |
Operating lease right-of-use asset | |
| 4 | | |
| 374 | | |
| 397 | |
Intangible assets, net | |
| 5 | | |
| 11,715 | | |
| 12,434 | |
Goodwill | |
| 5 | | |
| 12,254 | | |
| 12,254 | |
| |
| | | |
| | | |
| | |
Total non-current assets | |
| | | |
| 24,717 | | |
| 25,477 | |
| |
| | | |
| | | |
| | |
Total assets | |
| | | |
| 37,522 | | |
| 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 March 31 | | |
As of December 31 | |
| |
Note | | |
2024 | | |
2023 | |
| |
| | |
| | |
| |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Accounts payable | |
| | | |
| 8,407 | | |
| 12,359 | |
Short-term loans | |
| 6 | | |
| 4,357 | | |
| 5,000 | |
Current maturities of long-term loans | |
| 6 | | |
| 2,065 | | |
| 1,440 | |
Other payables | |
| | | |
| 988 | | |
| 889 | |
Operating lease liabilities - short term | |
| 4 | | |
| 83 | | |
| 85 | |
| |
| | | |
| | | |
| | |
Total current liabilities | |
| | | |
| 15,900 | | |
| 19,773 | |
| |
| | | |
| | | |
| | |
NON-CURRENT LIABILITIES | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Long-term loans, net of current maturities | |
| 6 | | |
| 2,441 | | |
| 3,064 | |
Operating lease liabilities - long term | |
| 4 | | |
| 281 | | |
| 304 | |
Deferred taxes | |
| | | |
| 1,433 | | |
| 1,517 | |
| |
| | | |
| | | |
| | |
Total non-current liabilities | |
| | | |
| 4,155 | | |
| 4,885 | |
| |
| | | |
| | | |
| | |
Commitments and Contingencies | |
| 7 | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
SHAREHOLDERS’ EQUITY | |
| 8 | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Common stock of $0.0001 par value - Authorized: 490,000,000 shares; Issued and outstanding: 14,920,585 shares as of March 31, 2024, and December 31, 2023. | |
| | | |
| 3 | | |
| 3 | |
Additional paid-in capital | |
| | | |
| 25,482 | | |
| 25,476 | |
Accumulated deficit | |
| | | |
| (11,660 | ) | |
| (10,661 | ) |
Equity attributed to shareholders of Viewbix Inc. | |
| | | |
| 13,825 | | |
| 14,818 | |
Non-controlling interests | |
| | | |
| 3,642 | | |
| 3,806 | |
Total equity | |
| | | |
| 17,467 | | |
| 18,624 | |
| |
| | | |
| | | |
| | |
Total liabilities and shareholders’ equity | |
| | | |
| 37,522 | | |
| 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)
| |
2024 | | |
2023 | |
| |
For the three months ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Revenues | |
| 10,002 | | |
| 20,862 | |
| |
| | | |
| | |
Costs and Expenses: | |
| | | |
| | |
Traffic-acquisition and related costs | |
| 8,215 | | |
| 17,981 | |
Research and development | |
| 730 | | |
| 796 | |
Selling and marketing | |
| 658 | | |
| 723 | |
General and administrative | |
| 656 | | |
| 704 | |
Depreciation and amortization | |
| 734 | | |
| 734 | |
Other expenses | |
| 20 | | |
| - | |
| |
| | | |
| | |
Operating loss | |
| (1,011 | ) | |
| (76 | ) |
| |
| | | |
| | |
Financial expense, net | |
| 163 | | |
| 185 | |
| |
| | | |
| | |
| |
| | | |
| | |
Income tax expense | |
| 1 | | |
| 84 | |
| |
| | | |
| | |
Net loss | |
| (1,175 | ) | |
| (345 | ) |
| |
| | | |
| | |
Less: net income (loss) attributable to non-controlling interests | |
| (176 | ) | |
| 52 | |
Net loss attributable to shareholders of Viewbix Inc. | |
| (999 | ) | |
| (397 | ) |
| |
| | | |
| | |
Net income per share – Basic and diluted attributed to shareholders: | |
| (0.07 | ) | |
| (0.03 | ) |
| |
| | | |
| | |
Weighted average number of shares – Basic and diluted: | |
| 14,920,585 | | |
| 14,783,964 | |
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, 2024 | |
| 14,920,585 | | |
| 3 | | |
| 25,476 | | |
| (10,661 | ) | |
| 14,818 | | |
| 3,806 | | |
| 18,624 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| (999 | ) | |
| (999 | ) | |
| (176 | ) | |
| (1,175 | ) |
Share-based compensation | |
| - | | |
| - | | |
| 6 | | |
| - | | |
| 6 | | |
| 12 | | |
| 18 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of March 31, 2024 | |
| 14,920,585 | | |
| 3 | | |
| 25,482 | | |
| (11,660 | ) | |
| 13,825 | | |
| 3,642 | | |
| 17,467 | |
| |
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 | |
Balance | |
| 14,783,964 | | |
| 3 | | |
| 25,350 | | |
| (3,338 | ) | |
| 22,015 | | |
| 7,884 | | |
| 29,899 | |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| (397 | ) | |
| (397 | ) | |
| 52 | | |
| (345 | ) |
Share-based compensation | |
| - | | |
| - | | |
| 24 | | |
| - | | |
| 24 | | |
| 6 | | |
| 30 | |
Transaction with the non-controlling interests (see note 1.C) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,625 | ) | |
| (2,625 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of March 31, 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 | |
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 | |
| |
For the three months ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Cash flows from Operating Activities | |
| | | |
| | |
Net loss | |
| (1,175 | ) | |
| (345 | ) |
| |
| | | |
| | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |
| | | |
| | |
Depreciation and amortizations | |
| 734 | | |
| 734 | |
Share-based compensation | |
| 18 | | |
| 30 | |
Deferred taxes | |
| (81 | ) | |
| (58 | ) |
Accrued interest, net | |
| 14 | | |
| (6 | ) |
Interest income | |
| (39 | ) | |
| (21 | ) |
Amortization of loan discount | |
| 2 | | |
| - | |
| |
| | | |
| | |
Changes in assets and liabilities items: | |
| | | |
| | |
Decrease in accounts receivable | |
| 4,355 | | |
| 5,386 | |
Decrease in other current assets | |
| 148 | | |
| 151 | |
Decrease in operating lease right-of-use asset | |
| 23 | | |
| 22 | |
Decrease in severance pay, net | |
| - | | |
| (3 | ) |
Decrease in accounts payable | |
| (3,952 | ) | |
| (5,726 | ) |
Increase (decrease) in other payables | |
| 85 | | |
| (122 | ) |
Decrease in operating lease liabilities | |
| (25 | ) | |
| (30 | ) |
| |
| | | |
| | |
Net cash provided by operating activities | |
| 107 | | |
| 12 | |
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 three months ended March 31, | |
| |
2024 | | |
2023 | |
| |
| | |
| |
Cash flows from Investing Activities | |
| | | |
| | |
Purchase of property and equipment | |
| - | | |
| (2 | ) |
| |
| | | |
| | |
Net cash used in investing activities | |
| - | | |
| (2 | ) |
| |
| | | |
| | |
Cash flows from Financing Activities | |
| | | |
| | |
Cash paid to non-controlling interests (see note 1.C) | |
| - | | |
| (2,625 | ) |
Receipt of short-term bank loan | |
| 100 | | |
| - | |
Repayment of short-term loans | |
| (743 | ) | |
| (247 | ) |
Receipt of long-term bank loan | |
| - | | |
| 1,500 | |
Repayment of long-term bank loans | |
| - | | |
| (417 | ) |
Payment of dividend to non-controlling interests | |
| - | | |
| (445 | ) |
Payment of dividend to shareholders | |
| - | | |
| (130 | ) |
Increase in loan to parent company | |
| (17 | ) | |
| (72 | ) |
| |
| | | |
| | |
Net cash used in financing activities | |
| (660 | ) | |
| (2,436 | ) |
| |
| | | |
| | |
Decrease in cash and cash equivalents and restricted cash | |
| (553 | ) | |
| (2,426 | ) |
| |
| | | |
| | |
Cash and cash equivalents and restricted cash at beginning of period | |
| 1,923 | | |
| 4,381 | |
Cash and cash equivalents and restricted cash at end of period | |
| 1,370 | | |
| 1,955 | |
| |
| | | |
| | |
Supplemental Disclosure of Cash Flow Activities: | |
| | | |
| | |
| |
| | | |
| | |
Cash paid during the period | |
| | | |
| | |
Taxes paid | |
| 54 | | |
| 185 | |
Interest paid | |
| 205 | | |
| 197 | |
Total Cash paid during the period | |
| 259 | | |
| 382 | |
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 subsidiarity, 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 three months ended March 31, 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.
The
Group’s activities are not directly affected by the War, as its customers are predominantly from the US or Europe, markets that
were not influenced by the War. However, as a result of the War, the Group’s operations were affected due to the recruitment of
some of the Group’s senior employees to reserves, including the CEO of Gix Media. The absence of senior employees for an extended
period affected customer relationship and operational and functional continuity and delayed some of the Company’s plans for the
fourth quarter of 2023. These effects indirectly contributed to a decline in the Company’s revenues, profitability, and cash flow.
The
Company has hired skilled employees to replace those who were recruited to military reserves. however, 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.
Going Concern
The
Company experienced a decrease in its revenues from the digital content and search segments as a result of 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 and other changes in the online advertising industry during the second half of 2023 and the
three months ended March 31, 2024. As a result of the foregoing, during the three months ended March 31, 2024, the Company recorded
an operating loss of $1,011 compared
to an operating loss of $76 in
the same period last year. Additionally, the Company recorded a net loss of $1,175 compared
to $345 in
the same period last year. As of March 31, 2024, the Company had cash and cash equivalents of $1,284, bank loans of $8,427 and
accumulated deficit of $11,660.
Additionally, subsequent to the balance sheet date, a significant customer notified Cortex it will stop advertising on
Cortex’s websites (see also note 10).
While
subsequent to the balance sheet date Cortex has successfully taken steps to implement certain adjustments to its business model in response
to such conditions, 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
plans in response to these conditions include reducing operating expenses, creating new income sources, seeking additional liquidity
opportunities to ensure the Company’s continued operations and raising funds through issuance of debt or equity from various potential
investors. However, there is significant uncertainty as to whether the Company will succeed in implementing its plans, or be able to
secure sufficient 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.
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.
E.
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 March 31 2024 | | |
As of December 31 2023 | |
| |
| | | |
| | |
Loan to Parent Company | |
$ | 3,808 | | |
$ | 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 three months ended March 31, 2024 and 2023, Gix Media recognized interest income in the amount of $39 and $21, 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).
Weighted-average
remaining lease term and discount rate were as follows:
SCHEDULE
OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES
| |
As of March 31 2024 | |
| |
| |
Operating leases weighted average remaining lease term (in years) | |
| 3.92 | |
Operating leases weighted average discount rate | |
| 3.10 | % |
| |
As of December 31 2023 | |
| |
| |
Operating leases weighted average remaining lease term (in years) | |
| 4.17 | |
Operating leases weighted average discount rate | |
| 3.10 | % |
Operating
lease expenses amounted to $28 and $26 for the three months ended March 31, 2024 and 2023, respectively.
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 | |
| - | | |
| - | | |
| - | | |
| | | |
| | |
Balance as of March 31, 2024 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 12,254 | | |
| 29,961 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated amortization: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of January 1, 2024 | |
| 276 | | |
| 1,631 | | |
| 3,366 | | |
| - | | |
| 5,273 | |
Amortization recognized during the period | |
| 38 | | |
| 222 | | |
| 459 | | |
| - | | |
| 719 | |
Balance as of March 31, 2024 | |
| 314 | | |
| 1,853 | | |
| 3,825 | | |
| - | | |
| 5,992 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Amortized cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
As of March 31, 2024 | |
| 151 | | |
| 4,381 | | |
| 7,183 | | |
| 12,254 | | |
| 23,969 | |
| |
Internal-use
Software | | |
Customer
Relations | | |
Technology | | |
Goodwill
(*) | | |
Total | |
Cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
as of January 1, 2023 | |
| 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 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated
amortization: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
as of January 1, 2023 | |
| 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 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Amortized
cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
As
of December 31, 2023 | |
| 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
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 March 31, 2024 | | |
As of December 31, 2023 | |
| |
| | |
| | |
| |
Short-term bank loan – Gix Media | |
| SOFR + 4.08 | % | |
| 3,057 | | |
| 3,500 | |
Short-term bank loan – Cortex | |
| SOFR + 3.93 | % | |
| 1,300 | | |
| 1,500 | |
Short-term bank loan | |
| SOFR + 3.93 | % | |
| 1,300 | | |
| 1,500 | |
Long-term bank loan, including current maturity – Gix Media (received on October 13, 2021) | |
| SOFR + 4.12 | % | |
| 2,963 | | |
| 2,963 | |
Long-term bank loan, including current maturity – Gix Media (received on January 17, 2023) | |
| SOFR + 5.37 | % | |
| 1,107 | | |
| 1,107 | |
Long-term loan – Viewbix Israel | |
| 9 | % | |
| 436 | | |
| 434 | |
Long-term loan | |
| 9 | % | |
| 436 | | |
| 434 | |
| |
| | | |
| | | |
| | |
Bank Loan | |
| | | |
| 8,863 | | |
| 9,504 | |
|
B. |
Bank
Financing for Cortex’s capital shares additional Purchase: |
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%.
|
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%.
As
of March 31, 2024, Cortex has drawn $1,300 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, of which, $200 was provided by the Ultimate Parent.
In accordance with the terms of the 2023 Loan, the principal amount bears an annual interest at a rate of 9% and will be repaid over
the course of two years following January 1, 2024 (the “Repayment Period”). During the Repayment Period, for the first 12
months, Viewbix Israel will repay the interest on a quarterly basis and for the remaining 12 months, Viewbix Israel will repay the principal
amount on a quarterly basis (in 4 equal payments) along with the interest. If Viewbix Israel fails to repay all or part of the 2023 Loan
amount, the Lenders have the option to convert the outstanding 2023 Loan amount into shares of Common Stock of the Company.
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, 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
Company allocated the total amount of $480 in respect of the warrants issued and the 2023 Loan extended based on their relative fair
values. As a result of the allocation, a discount of $55 was attributed as the fair value of the 2023 Warrants. The discount is amortized
over the term of the Loan as finance expense.
The
allocation of the total proceeds of $480 to the liability and equity components was as follows:
SCHEDULE
OF FAIR VALUE DISTRIBUTION OF LIABILITY AND EQUITY COMPONENTS
Instrument | |
Fair Value | | |
% of Fair Value | | |
Allocated Amount | |
Loan | |
| 428 | | |
| 88.63 | | |
| 425 | |
Warrants | |
| 55 | | |
| 11.37 | | |
| 55 | |
Total | |
| 483 | | |
| 100.00 | | |
| 480 | |
The
composition of long-term loan balance as of the transaction is as follows:
SCHEDULE
OF COMPOSITION OF LONG TERM LOAN
| |
| | |
Loan | |
| 480 | |
Discount | |
| (55 | ) |
Long term loan, net | |
| 425 | |
For
the three months ended March 31, 2024, the Company recorded amortization expenses of $2 as financial expenses in the consolidated statements
of operations.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited
U.S.
dollars in thousands (except share data)
NOTE
7: 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 $52 as of March 31, 2024, are used as a security in respect of credit cards, bank guaranties,
office lease agreement and hedge transactions on the USD exchange rate. Cortex has a restricted deposit in the amount of $34 as of March
31, 2024, is used as a security in respect of its leased offices.
NOTE
8: 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.
B.
Warrants:
The
following table summarizes information of outstanding warrants as of March 31, 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 | |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited
U.S.
dollars in thousands (except share data)
NOTE
8: 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, 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
8: SHAREHOLDERS’ EQUITY (Cont.)
C.
Share option plan (Cont.)
In
July 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.
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 three-month period ending March 31, 2024.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited
U.S.
dollars in thousands (except share data)
NOTE
9: 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) | | |
For the three months ended March 31, 2024 | |
| |
| | |
| | |
| | |
| |
Revenues from external customers | |
| 2,472 | | |
| 7,530 | | |
| - | | |
| 10,002 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 734 | | |
| 734 | |
Segment operating income (loss) | |
| 462 | | |
| (385 | ) | |
| (1,088 | ) | |
| (1,011 | ) |
Financial (expenses) income, net | |
| 1 | | |
| (14 | ) | |
| (150 | )(*) | |
| (163 | ) |
| |
Search segment | | |
Digital content segment | | |
Adjustments (See below) | | |
For the three months ended March 31, 2023 | |
| |
| | |
| | |
| | |
| |
Revenues from external customers | |
| 5,110 | | |
| 15,752 | | |
| - | | |
| 20,862 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 734 | | |
| 734 | |
Segment operating income (loss) | |
| 231 | | |
| 796 | | |
| (1,103 | ) | |
| (76 | ) |
Financial (expenses) income, net | |
| (74 | ) | |
| 37 | | |
| (148 | )(*) | |
| (185 | ) |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited
U.S.
dollars in thousands (except share data)
NOTE
9: SEGMENT REPORTING (Cont.)
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 three months ended March 31, 2024 | |
| |
| |
Depreciation and amortization expenses not attributable to segments (**) | |
$ | (734 | ) |
General and administrative not attributable to the segments (***) | |
$ | (354 | ) |
| |
$ | ) |
| |
For the three months ended March 31, 2023 | |
| |
| |
Depreciation and amortization expenses not attributable to segments (**) | |
$ | (734 | ) |
General and administrative not attributable to the segments (***) | |
$ | (369 | ) |
| |
$ | ) |
|
(*) |
Mainly
consist of financial expenses from the Financing Agreement of bank loans taken for business combinations (see note 6). |
NOTE
10: SUBSEQUENT EVENTS
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.
Following
the Cortex Adverse Effect, the Company and the bank in which Cortex’s and Gix Media’s accounts, credit facilities, and loans
are maintained approved on May 20, 2024 a debt restructuring program pursuant to which, inter alia, the credit lines to Cortex were increased
to 80% of the balance of Cortex’s customers (up to a limit of $2 million), as opposed to the 70% limitation imposed prior to the
restructuring program, Gix Media’s monthly revolving credit lines were increased by an additional $300 thousand, the Company committed
to perform cost-cutting measures, including a reduction in head count, the Company will raise up to $1.25 million by means of issuance
of equity or debt, the covenants under the original loan agreements as of March 31, 2024 were waived and a new covenant, measured by
reference to EBTIDA, was implemented, and a grace in relation to a portion of the monthly loan repayments was given. The debt restructuring
program will be in effect until August 2024, after which it will be renegotiated between the Company and the bank.
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 March 31, 2024 and 2023, and the related statements of statement operation, statement of changes in shareholders’
equity and statements of cash flows for the nine and three months then ended, and the related notes thereto contained in this Quarterly
Report on Form 10-Q (this “Quarterly Report”).
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 the contemplated debt restructuring program currently under negotiation
with our credit and debtholders; |
|
|
● |
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 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 the Digital Advertising
Platform.
The
Company, through its subsidiaries Gix Media and Cortex, expanded its digital advertising operations across two additional 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 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
Cortex
Adverse Effect
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 recently notified Cortex that
in light of the foregoing changes relating to MFA that customer decided to stop advertising on Cortex’s Websites, which decision
Cortex anticipates will significantly and negatively impact its 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.
Following
the Cortex Adverse Effect, the Company updated Cortex’s and Gix Media’s bank, in which Cortex’s and Gix Media’s
accounts, credit facilities, and loans rendered by the bank are maintained, and, as a result, the bank determined to limit each company’s
respective credit facilities with the bank until a debt restructuring program can be established between the parties. On May 20, 2024, the Company and the bank agreed in principle on a debt
restructuring program pursuant to which, inter alia: (i) the credit facility to Cortex was increased to 80% of the balance of Cortex’s
customers (up to a limit of $2 million), as opposed to the 70% limitation imposed previously; (ii) Gix Media’s monthly revolving
credit facilities were increased by an additional $300 thousand; (iii) the Company committed to perform cost-cutting measures, including
a reduction in head count; (iv) the Company committed to pursue a capital raise of up to $1.25 million by means of issuance of equity
or debt; (v) the covenants under the original loan agreements as of March 31, 2024 were waived; (vi) a new covenant, measured by reference
to EBTIDA, was implemented; and (vii) implemented a grace period in relation to a portion of the monthly loan repayments was given (the
“Program”).
The Program will be in effect until August 2024, after which it will be
renegotiated between the Company and the bank.
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.
In
connection with the Closing, effective as of August 31, 2022, the Company adopted an Amended and Restated Certificate of Incorporation
(“Certificate of Incorporation”), pursuant to which the Company, among other things, effected a reverse stock split of its
Common Stock at a ratio of 1-for-28 (the “Reverse Split”) and an Amended and Restated Bylaws (“Bylaws”). All
descriptions of our capital stock, including share amounts and per share amounts in this Quarterly Report, are presented after giving
effect to the Reverse Split.
Acquisition
of Cortex Media Group Ltd.
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 Ltd
(“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.
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 “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 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 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 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”).
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 Annual 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
second half 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 11 Derech Menachem Begin Street, Ramat Gan, Israel, 5268104 and our telephone number is +972
9-774-1505. Our website address is www.viewbix.com.
Results
of Operations
Results
of Operations During the Three Months Ended March 31, 2024 as Compared to the Three Months Ended March 31, 2023
Our
revenues were $10,002 thousand for the three months ended March 31, 2024, compared to $20,862 thousand during the same period in the
prior year.
Our
revenues from Cortex’s Content Platform were $7,530 thousand for the three months ended March 31, 2024, a decrease of $8,222 as
compared to $15,752 thousand during the same period in the prior year. The reason for the decrease during the three months ended March
31, 2024, is due to 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.
Our
revenues from Gix Media’s Search Platform were $2,472 thousand for the three months ended March 31, 2024, a decrease of $2,638
as compared to $5,110 thousand during the same period in the prior year. The reasons for the decrease during the three months ended March
31, 2024, is due to the 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 a decrease in the number of searches received from Gix Media’s third-party strategic partners in the indirect model.
Our
traffic-acquisition and related costs were $8,215 thousand for the three months ended March 31, 2024, as compared to $17,981 thousand
during the same period in the prior year. The decrease of $9,766 thousand is due to the decrease in revenues from
both the Content and Search Platforms during the three months ended March 31, 2024 as mentioned above.
Our
research and development expenses were $730 thousand for the three months ended March 31, 2024, a slight decrease as compared to
$796 thousand during the same period in the prior year.
Our
selling and marketing expenses decreased to $658 thousand for the three months ended March 31, 2024, as compared to $723 thousand during
the same period in the prior year. The reason for the decrease in the three months ended March 31, 2024, is due to the decrease of the
costs incurred in the content platform mainly connected with content displayed on the Cortex Websites.
Our
general and administrative expenses were $656 thousand for the three months ended March 31, 2024, a slight decrease as compared to $704
thousand during the same period in the prior year.
Our
depreciation and amortization expenses were $734 for the three months ended March 31, 2024, and for the same period in the prior year.
Our
other expenses for the three months ended March 31, 2024, were $20 thousand, compared to $0 thousand during the three months ended March
31, 2023. The reason for the increase in the three months ended March 31, 2024, is
due to costs incurred in connection with the reincorporation in Nevada.
Our
net financial expenses were $163 thousand for the three months ended March 31, 2024, a slight decrease as compared to $185 thousand net
financial expenses during the same period in the prior year.
Our
tax expenses were $1 thousand for the three months ended March 31, 2024, as compared to $84 thousand income tax during the
same period in the prior year. The reason for the decrease during the three months ended March 31, 2024, is due to the decrease in
income before tax.
Liquidity
and Capital Resources
As
of March 31, 2024, we had current assets of $12,805 thousand consisting of $1,284 thousand in cash and cash equivalents, $86 thousand
restricted deposits, $7,004 thousand in accounts receivable, $623 thousand in other current assets and $3,808 thousand in loan to our
Parent Company.
As
of March 31, 2024, we had non-current assets of $24,717 thousand consisting of $144 thousand in deferred taxes, $374 thousand in operating
lease right-of-use asset, $230 thousand in property and equipment net, $11,715 thousand in intangible assets, net and $12,254 thousand
in goodwill.
As
of March 31, 2024, we had $15,900 thousand in current liabilities consisting of $8,407 thousand in accounts payable, $988 thousand in
other payables, $6,422 thousand in short term loans and current maturities of long-term loans, $83 thousand in operating lease liabilities
– short term.
As
of March 31, 2024, we had $4,155 thousand in non-current liabilities consisting of $2,441 thousand long-term loans, $281 thousand in
operating lease liabilities - long term and $1,433 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 $5,220 thousand compared to a negative working capital of $1,968 thousand as of March 31, 2024 and
December 31, 2023, respectively.
During
the three months ended March 31, 2024, we had positive cash flow from operating activities of $107 thousand, which was the result
of $1,175 thousand in net loss, $648 thousand from positive adjustments to operating activities, and $634 thousands from positive changes
in assets and liabilities items.
During
the three months ended March 31, 2023, we had positive cash flow from operating activities of $12 thousand, which was the result
of $345 thousand in net loss, $679 thousand from positive adjustments to operating activities, and $322 thousands from negative 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 March 31, 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 Bank Leumi of all of Gix Media’s obligations and undertakings to Bank Leumi, unlimited in amount;
(2) a subordination letter on behalf of the Company to Leumi Bank; (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.
As
of March 31, 2024, the Company is party to the 2023 Loan, which is in the aggregate amount of $480,000. 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 Lender’s discretion, into shares of the Company’s
Common Stock.
Going
Concern
The
Company experienced the Cortex Adverse Effect, a decrease in its revenues from the digital content and search segments as a result
of 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, and other changes in the online advertising industry. As a result of the
foregoing, the Company’s operations were adversely affected.
While Cortex have successfully taken steps to implement certain adjustments
to the business model in response to the Cortex Adverse Effect, 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 Quarterly Report.
Management’s plans in response to these conditions include reducing
operating expenses, creating new income sources, seeking additional liquidity opportunities to ensure the Company’s continued operations
and raising funds through issuance of debt or equity from various potential investors. However, there is significant uncertainty as to
whether the Company will succeed in implementing its plans, or be able to secure sufficient 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 March 31, 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 internal control over financial reporting was effective as of the end of March
31, 2024.
Changes
in Internal Control Over Financial Reporting
During
the quarter ended March 31, 2024, there were no changes to our internal controls over financial reporting that have materially
affected or are reasonably likely to materially affect our internal controls over financial reporting.
PART
II - OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
There
are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner
of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to
the Company or has a material interest adverse to the Company. The Company’s property is not the subject of any pending legal proceedings.
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.
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 Program. The Program 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 Program.
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 Program (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 Program, which may result in the 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, the bank does not continue its approval of the Program, or if the Company, Cortex and Gix Media cannot maintain
compliance with the terms and covenant of the Program, 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 Program.
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.
* |
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:
May 20, 2024 |
|
(Principal
Executive Officer) |
|
By: |
/s/
Shahar Marom |
|
Name:
|
Shahar
Marom |
|
Title: |
Chief
Financial Officer |
Date:
May 20, 2024 |
|
(Principal
Financial and Accounting 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 March 31, 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:
May 20, 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 March 31, 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:
May 20, 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 March 31, 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. |
|
May
20, 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 March 31, 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. |
|
May
20, 2024 |
|
v3.24.1.1.u2
Cover - shares
|
3 Months Ended |
|
Mar. 31, 2024 |
May 19, 2024 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Mar. 31, 2024
|
|
Document Fiscal Period Focus |
Q1
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-15746
|
|
Entity Registrant Name |
VIEWBIX
INC.
|
|
Entity Central Index Key |
0000797542
|
|
Entity Tax Identification Number |
68-0080601
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
11
Derech Menachem Begin Street
|
|
Entity Address, City or Town |
Ramat Gan
|
|
Entity Address, Country |
IL
|
|
Entity Address, Postal Zip Code |
5268104
|
|
City Area Code |
+972
|
|
Local Phone Number |
9-774-1505
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
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Entity Shell Company |
false
|
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Entity Common Stock, Shares Outstanding |
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14,920,585
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v3.24.1.1.u2
Interim Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 1,284
|
$ 1,774
|
Restricted deposits |
86
|
149
|
Accounts receivable |
7,004
|
11,359
|
Loan to parent company |
3,808
|
3,752
|
Other current assets |
623
|
771
|
Total current assets |
12,805
|
17,805
|
NON-CURRENT ASSETS |
|
|
Deferred taxes |
144
|
147
|
Property and equipment, net |
230
|
245
|
Operating lease right-of-use asset |
374
|
397
|
Intangible assets, net |
11,715
|
12,434
|
Goodwill |
12,254
|
12,254
|
Total non-current assets |
24,717
|
25,477
|
Total assets |
37,522
|
43,282
|
CURRENT LIABILITIES |
|
|
Accounts payable |
8,407
|
12,359
|
Short-term loans |
4,357
|
5,000
|
Current maturities of long-term loans |
2,065
|
1,440
|
Other payables |
988
|
889
|
Operating lease liabilities - short term |
83
|
85
|
Total current liabilities |
15,900
|
19,773
|
NON-CURRENT LIABILITIES |
|
|
Long-term loans, net of current maturities |
2,441
|
3,064
|
Operating lease liabilities - long term |
281
|
304
|
Deferred taxes |
1,433
|
1,517
|
Total non-current liabilities |
4,155
|
4,885
|
Commitments and Contingencies |
|
|
SHAREHOLDERS’ EQUITY |
|
|
Common stock of $0.0001 par value - Authorized: 490,000,000 shares; Issued and outstanding: 14,920,585 shares as of March 31, 2024, and December 31, 2023. |
3
|
3
|
Additional paid-in capital |
25,482
|
25,476
|
Accumulated deficit |
(11,660)
|
(10,661)
|
Equity attributed to shareholders of Viewbix Inc. |
13,825
|
14,818
|
Non-controlling interests |
3,642
|
3,806
|
Total equity |
17,467
|
18,624
|
Total liabilities and shareholders’ equity |
$ 37,522
|
$ 43,282
|
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Interim Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares
|
Mar. 31, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
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|
$ 0.0001
|
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|
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v3.24.1.1.u2
Interim Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Income Statement [Abstract] |
|
|
Revenues |
$ 10,002
|
$ 20,862
|
Costs and Expenses: |
|
|
Traffic-acquisition and related costs |
8,215
|
17,981
|
Research and development |
730
|
796
|
Selling and marketing |
658
|
723
|
General and administrative |
656
|
704
|
Depreciation and amortization |
734
|
734
|
Other expenses |
20
|
|
Operating loss |
(1,011)
|
(76)
|
Financial expense, net |
163
|
185
|
Loss before income taxes |
(1,174)
|
(261)
|
Income tax expense |
1
|
84
|
Net loss |
(1,175)
|
(345)
|
Less: net income (loss) attributable to non-controlling interests |
(176)
|
52
|
Net loss attributable to shareholders of Viewbix Inc. |
$ (999)
|
$ (397)
|
Net income per share - Basic attributed to shareholders |
$ (0.07)
|
$ (0.03)
|
Net income per share - Diluted attributed to shareholders |
$ (0.07)
|
$ (0.03)
|
Weighted average number of shares - Basic |
14,920,585
|
14,783,964
|
Weighted average number of shares - Diluted |
14,920,585
|
14,783,964
|
X |
- DefinitionThe current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.
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v3.24.1.1.u2
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) |
|
|
(397)
|
(397)
|
52
|
(345)
|
Share-based compensation |
|
24
|
|
24
|
6
|
30
|
Transaction with the non-controlling interests (see note 1.C) |
|
|
|
|
(2,625)
|
(2,625)
|
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
|
|
|
|
|
|
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) |
|
|
(999)
|
(999)
|
(176)
|
(1,175)
|
Share-based compensation |
|
6
|
|
6
|
12
|
18
|
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
|
|
|
|
|
|
X |
- DefinitionAdjustments to additional paid in capital transaction with noncontrolling interest value.
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v3.24.1.1.u2
Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Cash flows from Operating Activities |
|
|
Net loss |
$ (1,175)
|
$ (345)
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
Depreciation and amortizations |
734
|
734
|
Share-based compensation |
18
|
30
|
Deferred taxes |
(81)
|
(58)
|
Accrued interest, net |
14
|
(6)
|
Interest income |
(39)
|
(21)
|
Amortization of loan discount |
2
|
|
Changes in assets and liabilities items: |
|
|
Decrease in accounts receivable |
4,355
|
5,386
|
Decrease in other current assets |
148
|
151
|
Decrease in operating lease right-of-use asset |
23
|
22
|
Decrease in severance pay, net |
|
(3)
|
Decrease in accounts payable |
(3,952)
|
(5,726)
|
Increase (decrease) in other payables |
85
|
(122)
|
Decrease in operating lease liabilities |
(25)
|
(30)
|
Net cash provided by operating activities |
107
|
12
|
Cash flows from Investing Activities |
|
|
Purchase of property and equipment |
|
(2)
|
Net cash used in investing activities |
|
(2)
|
Cash flows from Financing Activities |
|
|
Cash paid to non-controlling interests (see note 1.C) |
|
(2,625)
|
Receipt of short-term bank loan |
100
|
|
Repayment of short-term loans |
(743)
|
(247)
|
Receipt of long-term bank loan |
|
1,500
|
Repayment of long-term bank loans |
|
(417)
|
Payment of dividend to non-controlling interests |
|
(445)
|
Payment of dividend to shareholders |
|
(130)
|
Increase in loan to parent company |
(17)
|
(72)
|
Net cash used in financing activities |
(660)
|
(2,436)
|
Decrease in cash and cash equivalents and restricted cash |
(553)
|
(2,426)
|
Cash and cash equivalents and restricted cash at beginning of period |
1,923
|
4,381
|
Cash and cash equivalents and restricted cash at end of period |
1,370
|
1,955
|
Cash paid during the period |
|
|
Taxes paid |
54
|
185
|
Interest paid |
205
|
197
|
Total Cash paid during the period |
$ 259
|
$ 382
|
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v3.24.1.1.u2
GENERAL
|
3 Months Ended |
Mar. 31, 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 subsidiarity, 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 three months ended March 31, 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.
The
Group’s activities are not directly affected by the War, as its customers are predominantly from the US or Europe, markets that
were not influenced by the War. However, as a result of the War, the Group’s operations were affected due to the recruitment of
some of the Group’s senior employees to reserves, including the CEO of Gix Media. The absence of senior employees for an extended
period affected customer relationship and operational and functional continuity and delayed some of the Company’s plans for the
fourth quarter of 2023. These effects indirectly contributed to a decline in the Company’s revenues, profitability, and cash flow.
The
Company has hired skilled employees to replace those who were recruited to military reserves. however, 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.
Going Concern
The
Company experienced a decrease in its revenues from the digital content and search segments as a result of 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 and other changes in the online advertising industry during the second half of 2023 and the
three months ended March 31, 2024. As a result of the foregoing, during the three months ended March 31, 2024, the Company recorded
an operating loss of $1,011 compared
to an operating loss of $76 in
the same period last year. Additionally, the Company recorded a net loss of $1,175 compared
to $345 in
the same period last year. As of March 31, 2024, the Company had cash and cash equivalents of $1,284, bank loans of $8,427 and
accumulated deficit of $11,660.
Additionally, subsequent to the balance sheet date, a significant customer notified Cortex it will stop advertising on
Cortex’s websites (see also note 10).
While
subsequent to the balance sheet date Cortex has successfully taken steps to implement certain adjustments to its business model in response
to such conditions, 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
plans in response to these conditions include reducing operating expenses, creating new income sources, seeking additional liquidity
opportunities to ensure the Company’s continued operations and raising funds through issuance of debt or equity from various potential
investors. However, there is significant uncertainty as to whether the Company will succeed in implementing its plans, or be able to
secure sufficient 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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- DefinitionThe entire disclosure for the business description and basis of presentation concepts. Business description describes the nature and type of organization including but not limited to organizational structure as may be applicable to holding companies, parent and subsidiary relationships, business divisions, business units, business segments, affiliates and information about significant ownership of the reporting entity. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
3 Months Ended |
Mar. 31, 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.
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.
E.
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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v3.24.1.1.u2
LOAN TO PARENT COMPANY
|
3 Months Ended |
Mar. 31, 2024 |
Related Party Transactions [Abstract] |
|
LOAN TO PARENT COMPANY |
NOTE
3: LOAN TO PARENT COMPANY
SCHEDULE OF LOAN FROM TO PARENT COMPANY
| |
As of March 31 2024 | | |
As of December 31 2023 | |
| |
| | | |
| | |
Loan to Parent Company | |
$ | 3,808 | | |
$ | 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 three months ended March 31, 2024 and 2023, Gix Media recognized interest income in the amount of $39 and $21, 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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v3.24.1.1.u2
LEASES
|
3 Months Ended |
Mar. 31, 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).
Weighted-average
remaining lease term and discount rate were as follows:
SCHEDULE
OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES
| |
As of March 31 2024 | |
| |
| |
Operating leases weighted average remaining lease term (in years) | |
| 3.92 | |
Operating leases weighted average discount rate | |
| 3.10 | % |
| |
As of December 31 2023 | |
| |
| |
Operating leases weighted average remaining lease term (in years) | |
| 4.17 | |
Operating leases weighted average discount rate | |
| 3.10 | % |
Operating
lease expenses amounted to $28 and $26 for the three months ended March 31, 2024 and 2023, respectively.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited
U.S.
dollars in thousands (except share data)
|
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v3.24.1.1.u2
GOODWILL AND INTANGIBLE ASSETS, NET
|
3 Months Ended |
Mar. 31, 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 | |
| - | | |
| - | | |
| - | | |
| | | |
| | |
Balance as of March 31, 2024 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 12,254 | | |
| 29,961 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated amortization: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of January 1, 2024 | |
| 276 | | |
| 1,631 | | |
| 3,366 | | |
| - | | |
| 5,273 | |
Amortization recognized during the period | |
| 38 | | |
| 222 | | |
| 459 | | |
| - | | |
| 719 | |
Balance as of March 31, 2024 | |
| 314 | | |
| 1,853 | | |
| 3,825 | | |
| - | | |
| 5,992 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Amortized cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
As of March 31, 2024 | |
| 151 | | |
| 4,381 | | |
| 7,183 | | |
| 12,254 | | |
| 23,969 | |
| |
Internal-use
Software | | |
Customer
Relations | | |
Technology | | |
Goodwill
(*) | | |
Total | |
Cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
as of January 1, 2023 | |
| 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 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated
amortization: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
as of January 1, 2023 | |
| 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 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Amortized
cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
As
of December 31, 2023 | |
| 189 | | |
| 4,603 | | |
| 7,642 | | |
| 12,254 | | |
| 24,688 | |
(*) |
As
of December 31, 2023, the Company recognized 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 and 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 $5,107. The assessment of impairment loss was not impacted by subsequent events that occurred in April 2024 (see note 10),
which may result in an additional goodwill impairment loss during the second quarter of 2024. |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited
U.S.
dollars in thousands (except share data)
|
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v3.24.1.1.u2
LOANS
|
3 Months Ended |
Mar. 31, 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 March 31, 2024 | | |
As of December 31, 2023 | |
| |
| | |
| | |
| |
Short-term bank loan – Gix Media | |
| SOFR + 4.08 | % | |
| 3,057 | | |
| 3,500 | |
Short-term bank loan – Cortex | |
| SOFR + 3.93 | % | |
| 1,300 | | |
| 1,500 | |
Short-term bank loan | |
| SOFR + 3.93 | % | |
| 1,300 | | |
| 1,500 | |
Long-term bank loan, including current maturity – Gix Media (received on October 13, 2021) | |
| SOFR + 4.12 | % | |
| 2,963 | | |
| 2,963 | |
Long-term bank loan, including current maturity – Gix Media (received on January 17, 2023) | |
| SOFR + 5.37 | % | |
| 1,107 | | |
| 1,107 | |
Long-term loan – Viewbix Israel | |
| 9 | % | |
| 436 | | |
| 434 | |
Long-term loan | |
| 9 | % | |
| 436 | | |
| 434 | |
| |
| | | |
| | | |
| | |
Bank Loan | |
| | | |
| 8,863 | | |
| 9,504 | |
|
B. |
Bank
Financing for Cortex’s capital shares additional Purchase: |
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%.
|
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%.
As
of March 31, 2024, Cortex has drawn $1,300 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, of which, $200 was provided by the Ultimate Parent.
In accordance with the terms of the 2023 Loan, the principal amount bears an annual interest at a rate of 9% and will be repaid over
the course of two years following January 1, 2024 (the “Repayment Period”). During the Repayment Period, for the first 12
months, Viewbix Israel will repay the interest on a quarterly basis and for the remaining 12 months, Viewbix Israel will repay the principal
amount on a quarterly basis (in 4 equal payments) along with the interest. If Viewbix Israel fails to repay all or part of the 2023 Loan
amount, the Lenders have the option to convert the outstanding 2023 Loan amount into shares of Common Stock of the Company.
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, 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
Company allocated the total amount of $480 in respect of the warrants issued and the 2023 Loan extended based on their relative fair
values. As a result of the allocation, a discount of $55 was attributed as the fair value of the 2023 Warrants. The discount is amortized
over the term of the Loan as finance expense.
The
allocation of the total proceeds of $480 to the liability and equity components was as follows:
SCHEDULE
OF FAIR VALUE DISTRIBUTION OF LIABILITY AND EQUITY COMPONENTS
Instrument | |
Fair Value | | |
% of Fair Value | | |
Allocated Amount | |
Loan | |
| 428 | | |
| 88.63 | | |
| 425 | |
Warrants | |
| 55 | | |
| 11.37 | | |
| 55 | |
Total | |
| 483 | | |
| 100.00 | | |
| 480 | |
The
composition of long-term loan balance as of the transaction is as follows:
SCHEDULE
OF COMPOSITION OF LONG TERM LOAN
| |
| | |
Loan | |
| 480 | |
Discount | |
| (55 | ) |
Long term loan, net | |
| 425 | |
For
the three months ended March 31, 2024, the Company recorded amortization expenses of $2 as financial expenses in the consolidated statements
of operations.
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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v3.24.1.1.u2
COMMITMENTS AND CONTINGENCIES
|
3 Months Ended |
Mar. 31, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
7: 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 $52 as of March 31, 2024, are used as a security in respect of credit cards, bank guaranties,
office lease agreement and hedge transactions on the USD exchange rate. Cortex has a restricted deposit in the amount of $34 as of March
31, 2024, is used as a security in respect of its leased offices.
|
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v3.24.1.1.u2
SHAREHOLDERS’ EQUITY
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
SHAREHOLDERS’ EQUITY |
NOTE
8: 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.
B.
Warrants:
The
following table summarizes information of outstanding warrants as of March 31, 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 | |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited
U.S.
dollars in thousands (except share data)
NOTE
8: 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, 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
8: SHAREHOLDERS’ EQUITY (Cont.)
C.
Share option plan (Cont.)
In
July 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.
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 three-month period ending March 31, 2024.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited
U.S.
dollars in thousands (except share data)
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v3.24.1.1.u2
SEGMENT REPORTING
|
3 Months Ended |
Mar. 31, 2024 |
Segment Reporting [Abstract] |
|
SEGMENT REPORTING |
NOTE
9: 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) | | |
For the three months ended March 31, 2024 | |
| |
| | |
| | |
| | |
| |
Revenues from external customers | |
| 2,472 | | |
| 7,530 | | |
| - | | |
| 10,002 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 734 | | |
| 734 | |
Segment operating income (loss) | |
| 462 | | |
| (385 | ) | |
| (1,088 | ) | |
| (1,011 | ) |
Financial (expenses) income, net | |
| 1 | | |
| (14 | ) | |
| (150 | )(*) | |
| (163 | ) |
| |
Search segment | | |
Digital content segment | | |
Adjustments (See below) | | |
For the three months ended March 31, 2023 | |
| |
| | |
| | |
| | |
| |
Revenues from external customers | |
| 5,110 | | |
| 15,752 | | |
| - | | |
| 20,862 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 734 | | |
| 734 | |
Segment operating income (loss) | |
| 231 | | |
| 796 | | |
| (1,103 | ) | |
| (76 | ) |
Financial (expenses) income, net | |
| (74 | ) | |
| 37 | | |
| (148 | )(*) | |
| (185 | ) |
(*) | 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
9: SEGMENT REPORTING (Cont.)
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 three months ended March 31, 2024 | |
| |
| |
Depreciation and amortization expenses not attributable to segments (**) | |
$ | (734 | ) |
General and administrative not attributable to the segments (***) | |
$ | (354 | ) |
| |
$ | ) |
| |
For the three months ended March 31, 2023 | |
| |
| |
Depreciation and amortization expenses not attributable to segments (**) | |
$ | (734 | ) |
General and administrative not attributable to the segments (***) | |
$ | (369 | ) |
| |
$ | ) |
|
(*) |
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. |
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v3.24.1.1.u2
SUBSEQUENT EVENTS
|
3 Months Ended |
Mar. 31, 2024 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
10: SUBSEQUENT EVENTS
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.
Following
the Cortex Adverse Effect, the Company and the bank in which Cortex’s and Gix Media’s accounts, credit facilities, and loans
are maintained approved on May 20, 2024 a debt restructuring program pursuant to which, inter alia, the credit lines to Cortex were increased
to 80% of the balance of Cortex’s customers (up to a limit of $2 million), as opposed to the 70% limitation imposed prior to the
restructuring program, Gix Media’s monthly revolving credit lines were increased by an additional $300 thousand, the Company committed
to perform cost-cutting measures, including a reduction in head count, the Company will raise up to $1.25 million by means of issuance
of equity or debt, the covenants under the original loan agreements as of March 31, 2024 were waived and a new covenant, measured by
reference to EBTIDA, was implemented, and a grace in relation to a portion of the monthly loan repayments was given. The debt restructuring
program will be in effect until August 2024, after which it will be renegotiated between the Company and the bank.
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v3.24.1.1.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
3 Months Ended |
Mar. 31, 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.
|
Significant Accounting Policies |
D.
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.
|
Recent Accounting Pronouncements |
E.
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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X |
- 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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v3.24.1.1.u2
LEASES (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Leases |
|
SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES |
Weighted-average
remaining lease term and discount rate were as follows:
SCHEDULE
OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES
| |
As of March 31 2024 | |
| |
| |
Operating leases weighted average remaining lease term (in years) | |
| 3.92 | |
Operating leases weighted average discount rate | |
| 3.10 | % |
| |
As of December 31 2023 | |
| |
| |
Operating leases weighted average remaining lease term (in years) | |
| 4.17 | |
Operating leases weighted average discount rate | |
| 3.10 | % |
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v3.24.1.1.u2
GOODWILL AND INTANGIBLE ASSETS, NET (Tables)
|
3 Months Ended |
Mar. 31, 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 | |
| - | | |
| - | | |
| - | | |
| | | |
| | |
Balance as of March 31, 2024 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 12,254 | | |
| 29,961 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated amortization: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of January 1, 2024 | |
| 276 | | |
| 1,631 | | |
| 3,366 | | |
| - | | |
| 5,273 | |
Amortization recognized during the period | |
| 38 | | |
| 222 | | |
| 459 | | |
| - | | |
| 719 | |
Balance as of March 31, 2024 | |
| 314 | | |
| 1,853 | | |
| 3,825 | | |
| - | | |
| 5,992 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Amortized cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
As of March 31, 2024 | |
| 151 | | |
| 4,381 | | |
| 7,183 | | |
| 12,254 | | |
| 23,969 | |
| |
Internal-use
Software | | |
Customer
Relations | | |
Technology | | |
Goodwill
(*) | | |
Total | |
Cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
as of January 1, 2023 | |
| 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 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated
amortization: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance
as of January 1, 2023 | |
| 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 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Amortized
cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
As
of December 31, 2023 | |
| 189 | | |
| 4,603 | | |
| 7,642 | | |
| 12,254 | | |
| 24,688 | |
(*) |
As
of December 31, 2023, the Company recognized 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 and 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 $5,107. The assessment of impairment loss was not impacted by subsequent events that occurred in April 2024 (see note 10),
which may result in an additional goodwill impairment loss during the second quarter of 2024. |
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v3.24.1.1.u2
LOANS (Tables)
|
3 Months Ended |
Mar. 31, 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 March 31, 2024 | | |
As of December 31, 2023 | |
| |
| | |
| | |
| |
Short-term bank loan – Gix Media | |
| SOFR + 4.08 | % | |
| 3,057 | | |
| 3,500 | |
Short-term bank loan – Cortex | |
| SOFR + 3.93 | % | |
| 1,300 | | |
| 1,500 | |
Short-term bank loan | |
| SOFR + 3.93 | % | |
| 1,300 | | |
| 1,500 | |
Long-term bank loan, including current maturity – Gix Media (received on October 13, 2021) | |
| SOFR + 4.12 | % | |
| 2,963 | | |
| 2,963 | |
Long-term bank loan, including current maturity – Gix Media (received on January 17, 2023) | |
| SOFR + 5.37 | % | |
| 1,107 | | |
| 1,107 | |
Long-term loan – Viewbix Israel | |
| 9 | % | |
| 436 | | |
| 434 | |
Long-term loan | |
| 9 | % | |
| 436 | | |
| 434 | |
| |
| | | |
| | | |
| | |
Bank Loan | |
| | | |
| 8,863 | | |
| 9,504 | |
|
SCHEDULE OF FAIR VALUE DISTRIBUTION OF LIABILITY AND EQUITY COMPONENTS |
The
allocation of the total proceeds of $480 to the liability and equity components was as follows:
SCHEDULE
OF FAIR VALUE DISTRIBUTION OF LIABILITY AND EQUITY COMPONENTS
Instrument | |
Fair Value | | |
% of Fair Value | | |
Allocated Amount | |
Loan | |
| 428 | | |
| 88.63 | | |
| 425 | |
Warrants | |
| 55 | | |
| 11.37 | | |
| 55 | |
Total | |
| 483 | | |
| 100.00 | | |
| 480 | |
|
SCHEDULE OF COMPOSITION OF LONG TERM LOAN |
The
composition of long-term loan balance as of the transaction is as follows:
SCHEDULE
OF COMPOSITION OF LONG TERM LOAN
| |
| | |
Loan | |
| 480 | |
Discount | |
| (55 | ) |
Long term loan, net | |
| 425 | |
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v3.24.1.1.u2
SHAREHOLDERS’ EQUITY (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
Equity [Abstract] |
|
SCHEDULE OF OUTSTANDING WARRANTS |
The
following table summarizes information of outstanding warrants as of March 31, 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 | |
|
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v3.24.1.1.u2
SEGMENT REPORTING (Tables)
|
3 Months Ended |
Mar. 31, 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) | | |
For the three months ended March 31, 2024 | |
| |
| | |
| | |
| | |
| |
Revenues from external customers | |
| 2,472 | | |
| 7,530 | | |
| - | | |
| 10,002 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 734 | | |
| 734 | |
Segment operating income (loss) | |
| 462 | | |
| (385 | ) | |
| (1,088 | ) | |
| (1,011 | ) |
Financial (expenses) income, net | |
| 1 | | |
| (14 | ) | |
| (150 | )(*) | |
| (163 | ) |
| |
Search segment | | |
Digital content segment | | |
Adjustments (See below) | | |
For the three months ended March 31, 2023 | |
| |
| | |
| | |
| | |
| |
Revenues from external customers | |
| 5,110 | | |
| 15,752 | | |
| - | | |
| 20,862 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 734 | | |
| 734 | |
Segment operating income (loss) | |
| 231 | | |
| 796 | | |
| (1,103 | ) | |
| (76 | ) |
Financial (expenses) income, net | |
| (74 | ) | |
| 37 | | |
| (148 | )(*) | |
| (185 | ) |
(*) | 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 three months ended March 31, 2024 | |
| |
| |
Depreciation and amortization expenses not attributable to segments (**) | |
$ | (734 | ) |
General and administrative not attributable to the segments (***) | |
$ | (354 | ) |
| |
$ | ) |
| |
For the three months ended March 31, 2023 | |
| |
| |
Depreciation and amortization expenses not attributable to segments (**) | |
$ | (734 | ) |
General and administrative not attributable to the segments (***) | |
$ | (369 | ) |
| |
$ | ) |
|
(*) |
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 |
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v3.24.1.1.u2
GENERAL (Details Narrative) $ / shares in Units, ₪ in Thousands, $ in Thousands |
|
|
|
|
3 Months Ended |
|
|
|
|
Jan. 23, 2023
USD ($)
|
Sep. 19, 2022
$ / shares
|
Aug. 31, 2022 |
Jan. 27, 2020
USD ($)
|
Jan. 27, 2020
ILS (₪)
|
Mar. 31, 2024
USD ($)
$ / shares
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
$ / shares
|
Jan. 17, 2023
USD ($)
|
Dec. 05, 2021 |
Feb. 07, 2019 |
Common stock, par value | $ / shares |
|
$ 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
|
|
|
|
|
|
|
|
|
Operating Income (Loss) |
|
|
|
|
|
$ 1,011
|
$ 76
|
|
|
|
|
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest |
|
|
|
|
|
1,175
|
$ 345
|
|
|
|
|
Cash equivalents |
|
|
|
|
|
1,284
|
|
|
|
|
|
Bank loans |
|
|
|
|
|
8,427
|
|
|
|
|
|
Retained Earnings (Accumulated Deficit) |
|
|
|
|
|
$ 11,660
|
|
$ 10,661
|
|
|
|
Cortex Media Group Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
Business acquire percentage |
10.00%
|
|
|
|
|
|
|
|
|
|
|
Business consideration |
$ 2,625
|
|
|
|
|
|
|
|
|
|
|
Gix Media Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
80.00%
|
|
|
|
|
|
|
|
|
77.92%
|
|
Long-term bank loan |
|
|
|
|
|
|
|
|
$ 1,500
|
|
|
Share Exchange Agreement [Member] | Gix Internet Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
|
|
|
|
|
|
|
99.83%
|
Virtual Crypto Israel [Member] |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sale |
|
|
|
$ 13
|
₪ 50
|
|
|
|
|
|
|
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SCHEDULE OF GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands |
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Balance as of January 1, 2023 |
|
$ 29,961
|
$ 35,068
|
|
Additions |
|
|
|
|
Balance as of December 31, 2023 |
|
29,961
|
29,961
|
|
Balance as of January 1, 2023 |
|
5,273
|
2,394
|
|
Amortization recognized during the year |
|
719
|
2,879
|
|
Balance as of December 31, 2023 |
|
5,992
|
5,273
|
|
As of December 31, 2023 |
|
23,969
|
24,688
|
|
Impairment of goodwill |
|
|
(5,107)
|
|
Internal Software [Member] |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Balance as of January 1, 2023 |
|
465
|
465
|
|
Additions |
|
|
|
|
Balance as of December 31, 2023 |
|
465
|
465
|
|
Balance as of January 1, 2023 |
|
276
|
122
|
|
Amortization recognized during the year |
|
38
|
154
|
|
Balance as of December 31, 2023 |
|
314
|
276
|
|
As of December 31, 2023 |
|
151
|
189
|
|
Impairment of goodwill |
|
|
|
|
Customer Relations [Member] |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Balance as of January 1, 2023 |
|
6,234
|
6,234
|
|
Additions |
|
|
|
|
Balance as of December 31, 2023 |
|
6,234
|
6,234
|
|
Balance as of January 1, 2023 |
|
1,631
|
741
|
|
Amortization recognized during the year |
|
222
|
890
|
|
Balance as of December 31, 2023 |
|
1,853
|
1,631
|
|
As of December 31, 2023 |
|
4,381
|
4,603
|
|
Impairment of goodwill |
|
|
|
|
Technology [Member] |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Balance as of January 1, 2023 |
|
11,008
|
11,008
|
|
Additions |
|
|
|
|
Balance as of December 31, 2023 |
|
11,008
|
11,008
|
|
Balance as of January 1, 2023 |
|
3,366
|
1,531
|
|
Amortization recognized during the year |
|
459
|
1,835
|
|
Balance as of December 31, 2023 |
|
3,825
|
3,366
|
|
As of December 31, 2023 |
|
7,183
|
7,642
|
|
Impairment of goodwill |
|
|
|
|
Goodwill [Member] |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Balance as of January 1, 2023 |
[1] |
12,254
|
17,361
|
|
Additions |
[1] |
|
|
|
Balance as of December 31, 2023 |
|
12,254
|
12,254
|
[1] |
Balance as of January 1, 2023 |
[1] |
|
|
|
Amortization recognized during the year |
|
|
|
[1] |
Balance as of December 31, 2023 |
|
|
|
[1] |
As of December 31, 2023 |
|
$ 12,254
|
12,254
|
[1] |
Impairment of goodwill |
[1] |
|
$ (5,107)
|
|
|
|
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v3.24.1.1.u2
SCHEDULE OF COMPOSITION OF BALANCE OF GROUP’S LOANS (Details) - USD ($) $ in Thousands |
3 Months Ended |
12 Months Ended |
Mar. 31, 2024 |
Dec. 31, 2023 |
Bank Loan |
$ 8,863
|
$ 9,504
|
Gix Media Ltd [Member] | October 13, 2021 [Member] |
|
|
Debt instrument description |
SOFR + 4.12
|
SOFR + 4.12
|
Long-term loan |
$ 2,963
|
$ 2,963
|
Gix Media Ltd [Member] | January 17 2023 [Member] |
|
|
Debt instrument description |
SOFR + 5.37
|
SOFR + 5.37
|
Long-term loan |
$ 1,107
|
$ 1,107
|
Gix Media Ltd [Member] | Short Term Bank Loan [Member] |
|
|
Bank Loan |
$ 3,057
|
$ 3,500
|
Debt instrument description |
SOFR + 4.08
|
SOFR + 4.08
|
Cortex Media Group Ltd [Member] | Short Term Bank Loan [Member] |
|
|
Bank Loan |
$ 1,300
|
$ 1,500
|
Debt instrument description |
SOFR + 3.93
|
SOFR + 3.93
|
Viewbix Israel [Member] | Long Term Bank Loan [Member] |
|
|
Long-term loan |
$ 436
|
$ 434
|
Debt instrument interest rate |
9.00%
|
9.00%
|
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v3.24.1.1.u2
LOANS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
1 Months Ended |
3 Months Ended |
|
|
Nov. 15, 2023 |
Jan. 17, 2023 |
Sep. 21, 2022 |
Sep. 30, 2023 |
Mar. 31, 2024 |
Apr. 27, 2023 |
Jan. 23, 2023 |
Warrrants discount |
|
|
|
|
$ 55
|
|
|
Proceeds from liability and equity |
|
|
|
|
480
|
|
|
Amortization expense |
|
|
|
|
2
|
|
|
Cortex's Loan Agreement [Member] |
|
|
|
|
|
|
|
Debt instrument description |
|
|
SOFR + 3.52
|
SOFR + 4.08
|
|
|
|
Line of credit |
|
|
$ 1,500
|
$ 2,500
|
$ 1,300
|
$ 1,000
|
|
Annual interest at a rate |
|
|
70.00%
|
|
|
|
|
Debt instrument maturity date |
|
|
|
Sep. 20, 2024
|
|
|
|
Loan Agreement [Member] | Viewbix Israel [Member] |
|
|
|
|
|
|
|
Annual interest at a rate |
9.00%
|
|
|
|
|
|
|
Lenders provided loans in the aggregate amount |
$ 480
|
|
|
|
|
|
|
Repayment period |
2 years
|
|
|
|
|
|
|
Repayment date |
Jan. 01, 2024
|
|
|
|
|
|
|
Description of repayment terms |
During the Repayment Period, for the first 12
months, Viewbix Israel will repay the interest on a quarterly basis and for the remaining 12 months, Viewbix Israel will repay the principal
amount on a quarterly basis (in 4 equal payments) along with the interest.
|
|
|
|
|
|
|
Loan Agreement [Member] | Viewbix Israel [Member] | Parent Company [Member] |
|
|
|
|
|
|
|
Lenders provided loans in the aggregate amount |
$ 200
|
|
|
|
|
|
|
2023 Warrant [Member] | Viewbix Israel [Member] |
|
|
|
|
|
|
|
Warrants excercisable |
|
|
|
|
480,000
|
|
|
Excercise price |
|
|
|
|
$ 0.50
|
|
|
Warrants expire date |
|
|
|
|
Dec. 31, 2025
|
|
|
Warrrants issued |
|
|
|
|
$ 480
|
|
|
Warrrants discount |
|
|
|
|
$ 55
|
|
|
Gix Media Ltd [Member] |
|
|
|
|
|
|
|
Long-term bank loan |
|
$ 1,500
|
|
|
|
|
|
Debt instrument description |
|
SOFR + 5.37
|
|
|
|
|
|
Cortex Media Group Ltd [Member] |
|
|
|
|
|
|
|
Business acquire percentage |
|
|
|
|
|
|
10.00%
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v3.24.1.1.u2
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) $ in Thousands |
|
|
|
1 Months Ended |
3 Months Ended |
12 Months Ended |
|
|
Jul. 20, 2023 |
May 18, 2023 |
Sep. 14, 2022 |
Jul. 31, 2023 |
Mar. 31, 2023 |
Feb. 28, 2023 |
Jan. 31, 2023 |
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2022 |
Mar. 02, 2023 |
Dec. 25, 2022 |
Subsidiary or Equity Method Investee [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 |
|
|
|
|
|
|
|
$ 18
|
$ 30
|
|
|
|
Dividends declared |
|
|
|
|
|
|
|
|
|
$ 917
|
|
|
Dividends non controling interest |
|
|
|
|
|
|
|
|
$ 445
|
|
|
|
Parent Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary or Equity Method Investee [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Dividend distribution |
|
|
|
|
|
|
|
|
|
714
|
|
|
Israel Tax Authority [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary or Equity Method Investee [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes paid |
|
|
$ 83
|
|
|
|
|
|
|
|
|
|
Gix Media Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary or Equity Method Investee [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared |
|
|
$ 1,000
|
|
|
|
|
|
|
|
|
|
Dividend distribution |
|
|
|
|
|
|
$ 130
|
|
|
$ 787
|
|
|
Cortex Media Group Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary or Equity Method Investee [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared |
|
|
|
|
|
|
|
|
|
|
|
$ 445
|
Dividends non controling interest |
|
|
|
|
$ 226
|
$ 219
|
|
|
|
|
|
|
Share-Based Payment Arrangement, Tranche One [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary or Equity Method Investee [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense |
|
|
|
$ 25
|
|
|
|
|
|
|
|
|
Number of common shares issued |
|
|
|
25,510
|
|
|
|
|
|
|
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary or Equity Method Investee [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Shares, granted |
51,020
|
|
|
|
|
|
|
|
|
|
|
|
Share based arrangement, description |
(1)
|
|
|
|
|
|
|
|
|
|
|
|
Restricted shares, granted |
51,020
|
|
|
|
|
|
|
|
|
|
|
|
2023 Stock Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary or Equity Method Investee [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of share for issuance |
|
|
|
|
|
|
|
|
|
|
2,500,000
|
|
Outstanding capital stock percent |
|
|
|
|
|
|
|
|
|
|
5.00%
|
|
Common stock reserved for issuance |
|
|
|
|
|
|
|
|
|
|
2,500,000
|
|
General and Administrative Expense [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary or Equity Method Investee [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation expense |
|
$ 34
|
|
|
|
|
|
|
|
|
|
|
Board of Directors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Subsidiary or Equity Method Investee [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of restricted stock shares |
|
111,111
|
|
|
|
|
|
|
|
|
|
|
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v3.24.1.1.u2
SCHEDULE OF SEGMENTS REVENUES AND OPERATING RESULTS (Details) - USD ($) $ in Thousands |
3 Months Ended |
Mar. 31, 2024 |
Mar. 31, 2023 |
Segment Reporting Information [Line Items] |
|
|
|
Revenues from external customers |
|
$ 10,002
|
$ 20,862
|
Depreciation and amortization |
|
734
|
734
|
Segment operating income (loss) |
|
(1,011)
|
(76)
|
Financial (expenses) income, net |
|
(163)
|
(185)
|
Segment Income (loss), before income taxes |
|
(1,174)
|
(261)
|
Search Segment [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Revenues from external customers |
|
2,472
|
5,110
|
Depreciation and amortization |
|
|
|
Segment operating income (loss) |
|
462
|
231
|
Financial (expenses) income, net |
|
1
|
(74)
|
Segment Income (loss), before income taxes |
|
463
|
157
|
Digital Content Segment [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Revenues from external customers |
|
7,530
|
15,752
|
Depreciation and amortization |
|
|
|
Segment operating income (loss) |
|
(385)
|
796
|
Financial (expenses) income, net |
|
(14)
|
37
|
Segment Income (loss), before income taxes |
|
(399)
|
833
|
Adjustments [Member] |
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
Revenues from external customers |
|
|
|
Depreciation and amortization |
|
734
|
734
|
Segment operating income (loss) |
|
(1,088)
|
(1,103)
|
Financial (expenses) income, net |
[1] |
(150)
|
(148)
|
Segment Income (loss), before income taxes |
|
$ (1,238)
|
$ (1,251)
|
|
|
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SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] $ in Thousands |
1 Months Ended |
Apr. 30, 2024
USD ($)
|
Subsequent Event [Line Items] |
|
Subsequent event description |
Following
the Cortex Adverse Effect, the Company and the bank in which Cortex’s and Gix Media’s accounts, credit facilities, and loans
are maintained approved on May 20, 2024 a debt restructuring program pursuant to which, inter alia, the credit lines to Cortex were increased
to 80% of the balance of Cortex’s customers (up to a limit of $2 million), as opposed to the 70% limitation imposed prior to the
restructuring program, Gix Media’s monthly revolving credit lines were increased by an additional $300 thousand, the Company committed
to perform cost-cutting measures, including a reduction in head count, the Company will raise up to $1.25 million by means of issuance
of equity or debt, the covenants under the original loan agreements as of March 31, 2024 were waived and a new covenant, measured by
reference to EBTIDA, was implemented, and a grace in relation to a portion of the monthly loan repayments was given.
|
Line of credit |
$ 300
|
Issuance of equity |
1,250
|
Maximum [Member] |
|
Subsequent Event [Line Items] |
|
Line of credit |
$ 2,000
|
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