UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6 - K

 

Report of Foreign Private Issuer

 

Pursuant to Rule 13a - 16 or 15d -16

Under the Securities Exchange Act of 1934

 

For the Month of September 2023

 

Commission file number 001-14184

 

B.O.S. Better Online Solutions Ltd.

(Translation of Registrant’s Name into English)

 

20 Freiman Street, Rishon LeZion, 7535825, Israel

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

 

Form 20-F ☒ Form 40-F ☐

 

 

 

 

 

 

B.O.S. Better Online Solutions Ltd.

 

This Form 6-K, including the exhibits, is hereby incorporated by reference into all effective registration statements, filed by us under the Securities Act of 1933, as amended, to the extent not superseded by documents or reports subsequently filed or furnished.

 

Attached hereto are the following exhibits:

 

99.1   Unaudited Condensed Interim Consolidated Financial Statements of the Registrant as of June 30, 2023.
     
99.2   Management’s Discussion and Analysis of Results of Operations and Financial Condition for the Six Months ended June 30, 2023 and June 30, 2022.

 

1

 

 

SIGNATURE

 

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.

 

  B.O.S. Better Online Solutions Ltd.
  (Registrant)
     
  By: /s/ Moshe Zeltzer
    Moshe Zeltzer
    Chief Financial Officer

 

Dated: September 29, 2023

 

2

 

 

EXHIBIT INDEX

 

EXHIBIT NO.   DESCRIPTION
     
99.1   Unaudited Condensed Interim Consolidated Financial Statements of the Registrant as of June 30, 2023.
     
99.2   Management’s Discussion and Analysis of Results of Operations and Financial Condition for the Six Months ended June 30, 2023 and June 30, 2022.

 

 

3

 

 

6-K BOS BETTER ONLINE SOLUTIONS LTD

Exhibit 99.1

 

B.O.S. BETTER ONLINE SOLUTIONS LTD.

 

AND ITS SUBSIDIARIES

 

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

 

AS OF JUNE 30, 2023

 

IN U.S. DOLLARS

 

UNAUDITED

 

INDEX

 

  Page
   
Condensed Interim Consolidated Balance Sheets F-2 - F-3
   
Condensed Interim Consolidated Statements of Operations F-4
   
Condensed Interim Consolidated Statements of Comprehensive Income F-5
   
Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity F-6
   
Condensed Interim Consolidated Statements of Cash Flows F-7 - F-8
   
Notes to Condensed Interim Consolidated Financial Statements F-9 - F-16

 

- - - - - - - - - -

 

F-1

 

 

B.O.S. BETTER ONLINE SOLUTIONS LTD.

AND ITS SUBSIDIARIES

 

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

 

   June 30,
2023		   December 31,
2022		 
   Unaudited   Audited 
ASSETS          
           
CURRENT ASSETS:          
Cash and cash equivalents  $1,931   $1,763 
Restricted bank deposits   144    130 
Trade receivables (net of allowance for doubtful accounts of $148 and $82 at June 30, 2023 and December 31 2022, respectively)   11,011    10,834 
Other accounts receivable and prepaid expenses   1,167    1,414 
Inventories   7,667    6,433 
           
Total current assets   21,920    20,574 
           
NON-CURRENT ASSETS:          
Long-term assets   244    260 
Property and equipment, net   3,341    3,270 
Operating lease right-of-use assets, net   955    1,110 
Intangible assets, net   1,174    486 
Goodwill   4,895    4,895 
           
Total non-current assets   10,609    10,021 
           
Total assets  $32,529   $30,595 

 

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

 

F-2

 

 

B.O.S. BETTER ONLINE SOLUTIONS LTD.

AND ITS SUBSIDIARIES

 

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands (except share and per share data)

 

   June 30,
2023		   December 31,
2022		 
   Unaudited   Audited 
LIABILITIES AND SHAREHOLDERS’ EQUITY        
         
CURRENT LIABILITIES:        
Current maturities of non-current loans  $391   $586 
Operating lease liabilities, current   235    301 
Trade payables   7,801    7,984 
Employees and payroll accruals   980    1,016 
Deferred revenues   1,550    542 
Advances net of inventory in progress   79    47 
Accrued expenses and other liabilities   812    719 
           
Total current liabilities   11,848    11,195 
           
NON-CURRENT LIABILITIES:          
Loans, net of current maturities   1,209    1,294 
Operating lease liabilities, non-current   674    827 
Deferred revenues   401    241 
Accrued severance pay   363    404 
           
Total non-current liabilities   2,647    2,766 
           
COMMITMENTS AND CONTINGENT LIABILITIES   
 
    
 
 
           
SHAREHOLDERS’ EQUITY:          
Share capital          
Ordinary shares: Authorized; 11,000,000 shares at June 30, 2023 and December 31, 2022; Issued and outstanding: 5,740,518 and 5,701,518 shares at June 30, 2023 and December 31, 2022, respectively   84,915    84,830 
Additional paid-in capital   1,228    1,179 
Accumulated other comprehensive loss   (243)   (243)
Accumulated deficit   (67,866)   (69,132)
           
Total equity   18,034    16,634 
           
Total liabilities and shareholders’ equity  $32,529   $30,595 

 

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

 

F-3

 

 

B.O.S. BETTER ONLINE SOLUTIONS LTD.

AND ITS SUBSIDIARIES

 

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands (except share and per share data)

 

   Six months period ended
June 30,		 
   2023   2022 
   Unaudited   Unaudited 
         
Revenues  $23,478   $21,138 
Cost of revenues   18,409    16,667 
           
Gross profit  $5,069   $4,471 
           
Operating costs and expenses:          
Research and development   78    87 
Sales and marketing   2,470    2,384 
General and administrative   912    999 
           
Total operating costs and expenses   3,460    3,470 
           
Operating income   1,609    1,001 
Financial expenses, net   (343)   (529)
Income before taxes on income   1,266    472 
Taxes on income   
-
    
-
 
Net income  $1,266   $472 
           
Basic and diluted net income per share
  $0.22   $0.09 
           
Weighted average number of shares used in computing net income per share:          
Basic   5,707    5,395 
           
Diluted   5,767    5,438 

 

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

 

F-4

 

 

B.O.S. BETTER ONLINE SOLUTIONS LTD.

AND ITS SUBSIDIARIES

 

CONSOLIDATED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

U.S. dollars in thousands, except per share data

 

   Six months period ended
June 30,		 
   2023   2022 
   Unaudited   Unaudited 
         
Net income  $1,266   $472 
Cash flow hedging instruments:          
Change in unrealized gains and losses   
-
    
-
 
Gain in respect of derivative instruments designated for cash flow hedge, net of taxes   
-
    
-
 
           
Other comprehensive gain   
-
    
-
 
           
Comprehensive income  $1,266   $472 

 

The accompanying notes are an integral part of the consolidated financial statements.

 

F-5

 

 

B.O.S. BETTER ONLINE SOLUTIONS LTD.

AND ITS SUBSIDIARIES

 

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

U.S. dollars in thousands (except share data)

 

   Ordinary
shares		   Share capital
and additional
paid-in
capital		   Accumulated
other
comprehensive
loss		   Accumulated
deficit		   Total shareholders’
equity		 
                     
Balance as of January 1, 2022   5,250,518   $84,854   $(243)  $(70,264)  $14,347 
Issuance of ordinary shares and warrants, net   450,000    911    
-
    
-
    911 
Exercise of options into ordinary shares   1,000    2    
-
    
-
    2 
Share-based compensation expense   -    51    
-
    
-
    51 
Net income   -    
-
    
-
    472    472 
                          
Balance as of June 30, 2022 (unaudited)   5,701,518   $85,818   $(243)  $(69,792)  $15,783 
                          
Balance as of January 1, 2023   5,701,518   $86,009   $(243)  $(69,132)  $16,634 
Issuance of ordinary shares and warrants, net   -    
-
    
-
    
-
    
-
 
Exercise of options into ordinary shares   39,000    85    
-
    
-
    85 
Share-based compensation expense   -    49    
-
    
-
    49 
Net income   -    
-
    
-
    1,266    1,266 
                          
Balance as of June 30, 2023 (unaudited)   5,740,518   $86,143   $(243)  $(67,866)  $18,034 

 

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

 

F-6

 

 

B.O.S. BETTER ONLINE SOLUTIONS LTD.

AND ITS SUBSIDIARIES

 

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

 

   Six months period ended
June 30,		 
   2023   2022 
   Unaudited 
Cash flows from operating activities:        
         
Net income  $1,266   $472 
Adjustments required to reconcile net income to net cash provided by operating activities:          
Depreciation and amortization   239    164 
Interest and exchange rate of loans   (83)   (133)
Severance pay, net   (41)   (31)
Share-based compensation expenses   49    51 
Increase in trade receivables, net   (177)   (830)
Decrease (Increase) in other accounts receivable and other long term assets   263    (357)
Increase in inventories   (1,202)   (156)
Increase (decrease) in trade payables   (183)   831 
Decrease in operating lease liabilities   (64)   (124)
Decrease (Increase) in employees and payroll accruals, deferred revenues, accrued expenses and other liabilities   809    (218)
           
Net cash provided by (used in) operating activities  $876   $(331)
           
Cash flows to investing activities:          
           
Purchase of property and equipment   (237)   (394)
Acquisition of assets (b)   (344)   (656)
           
Net cash used in investing activities  $(581)  $(1,050)

 

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

 

F-7

 

 

B.O.S. BETTER ONLINE SOLUTIONS LTD.

AND ITS SUBSIDIARIES

 

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

 

   Six months period ended
June 30,		 
   2023   2022 
   Unaudited 
Cash flows from financing activities:        
         
Proceeds received from issuance units that consist of ordinary shares and warrants, net   -    913 
Proceeds received from issuance of shares upon options exercised, net   85    - 
Proceeds received from loans   88    - 
Repayment of loans   (286)   (399)
           
Net cash provided by (used in) financing activities  $(113)  $514 
           
Change in cash and cash equivalents, and restricted cash   182    (867)
Cash, cash equivalents and restricted cash at the beginning of the period   1,893    2,117 
           
Cash, cash equivalents and restricted cash at the end of the period  $2,075   $1,250 
           
Supplementary cash flow activities:          
           
(a) Cash paid during the period for:          
Interest  $198   $19 

 

(b) Net cash used to pay for the acquisition of assets (see Note 5):

 

   April 02,
2023		 
Suppliers relationship   761 
Accrued expenses   (417)
Amount of cash paid   344 

 

The accompanying notes are an integral part of the condensed interim consolidated financial statements.

 

F-8

 

 

B.O.S. BETTER ONLINE SOLUTIONS LTD.

AND ITS SUBSIDIARIES

 

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands

 

NOTE 1:– GENERAL

 

  A. B.O.S. Better Online Solutions Ltd. (“BOS” or the “Company”) is an Israeli corporation. The Company’s shares are listed on NASDAQ under the ticker BOSC.

 

  B. As of June 30, 2023, the Company has three operating segments that include Intelligent Robotics, RFID and Supply Chain Solutions.

 

  C. The Company’s wholly owned subsidiaries include:

 

  1. BOS-Dimex Ltd., (“BOS-Dimex”), is an Israeli company that comprises the RFID segment. BOS-Dimex provides comprehensive turn-key solutions for Automatic Identification and Data Collection (AIDC), combining a mobile infrastructure with software applications of manufacturers that we represent. BOS-Dimex also offers on-site inventory count services in the fields of apparel, food, convenience and pharma as well as asset tagging and counting services for corporate and governmental entities.

 

  2. BOS-Odem Ltd. (“BOS-Odem”), an Israeli company, is a distributor of electronic components to customers worldwide, mainly in the aerospace and defense industries. BOS-Odem is also a supply chain service provider for aviation customers that prefer to consolidate their component acquisitions through a supplier that is able to provide a comprehensive solution to their components-supply needs. BOS-Odem is part of the Supply Chain Solutions segment; and

 

  3. Ruby-Tech Inc., a New York corporation, is a wholly owned subsidiary of BOS-Odem and a part of the Supply Chain Solutions segment.

 

F-9

 

 

B.O.S. BETTER ONLINE SOLUTIONS LTD.

AND ITS SUBSIDIARIES

 

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands

 

NOTE 2:– SIGNIFICANT ACCOUNTING POLICIES

 

The significant accounting policies applied in the financial statements of the Company as of December 31, 2022, were applied consistently in these financial statements.

 

  A. Use of estimates in the preparation of financial statements

 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“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 dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. As applicable to these consolidated financial statements, the most significant estimates and assumptions include (i) net realizable value of the inventory, (ii) impairment analysis of goodwill and intangible assets, (iii) allowance for doubtful accounts; and (vi) revenue recognition.

 

  B. Income per share

 

The Company computes net income per share in accordance with ASC 260, “Earnings per share”. Basic income per share is computed by dividing net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period, net of the weighted average number of treasury shares (if any).

 

Diluted income per ordinary share is computed similar to basic income per share, except that the denominator is increased to include the number of additional potential ordinary shares that would have been outstanding if the potential ordinary shares had been issued and if the additional ordinary shares were dilutive. Potential ordinary shares are excluded from the computation for a period in which a net income is reported or if their effect is anti-dilutive.

 

An amount of 570,000 and 1.2 million weighted average outstanding options and warrants have been excluded from the calculation of the diluted net income per share for the period of six months ended June 30, 2023 and 2022, respectively, because the effect of the ordinary shares issuable as a result of the exercise or conversion of these instruments was determined to be anti-dilutive.

 

  C. Reclassified amounts

 

Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications did not have material effect on the reported results of operations, shareholder’s equity or cash flows.

 

  D. Recently issued accounting pronouncements

 

There are currently no accounting standards that have been issued but not yet adopted that we believe will have a significant impact on our consolidated financial position, results of operations or cash flows.

 

F-10

 

 

B.O.S. BETTER ONLINE SOLUTIONS LTD.

AND ITS SUBSIDIARIES

 

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands

 

NOTE 3:– UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

 

These accompanying unaudited condensed interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States for interim financial information. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position as of June 30, 2023 have been included. Operating results for the six-month period ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ended December 31, 2023, or any other interim period in the future.

 

The consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements.

 

The unaudited interim financial statements should be read in conjunction with the Company’s annual financial statements and accompanying notes as of December 31, 2022 included in the Company’s Annual Report on Form 20-F, filed with the Securities Exchange Commission on March 30, 2023.

 

NOTE 4:- INVENTORIES

 

Composition:

 

   June 30,
2023		   December 31,
2022		 
   Unaudited   Audited 
Raw materials  $31   $177 
Inventory in progress   955    1,750 
Finished goods   6,973    5,788 
Net – advances from customers   (292)   (1,282)
           
   $7,667   $6,433 

 

F-11

 

 

B.O.S. BETTER ONLINE SOLUTIONS LTD.

AND ITS SUBSIDIARIES

 

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands

 

NOTE 5:– INTANGIBLE ASSETS, NET

 

A. Composition:

 

  

June 30,
2023

   December 31,
2022		   Weighted
average
amortization
period		 
   Unaudited   Audited     
Cost:            
Customer relationship   1,032    1,032    7-8.84 
Suppliers relationship*   761    
-
    8.84 
Non-competition   270    270    4 
                
    2,063    1,302      
Accumulated amortization and impairments:               
Customer relationship   776    758      
Suppliers relationship   20    
-
      
Non-competition   93    58      
                
    889    816      
                
Amortized cost  $1,174   $486      

 

  B. Amortization expenses amounting to $73 and $108 were recorded during the period of six months ended June 30, 2023 and the year ended December 31, 2022, respectively.

 

*On July 7, 2013, the Company entered into a profit sharing agreement with Proteus Ltd, providing for the joint market and sale of certain products.

 

On April 2, 2023, Proteus sold to the Company its share in the joint activity in consideration of $723, of which $138 was paid on signing and the rest is paid in monthly installments during a two year period.

 

Pursuant to the sale agreement, Proteus will gradually phase out its marketing and sale of the products until the end of 2023.

 

On May 31, 2023, the Company entered into an agreement with Microwave Ltd. for the purchase of its distribution rights for certain products, in consideration of $38, paid at signing.  

 

F-12

 

 

B.O.S. BETTER ONLINE SOLUTIONS LTD.

AND ITS SUBSIDIARIES

 

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands

 

NOTE 6:– LEASES

 

We have entered into several non-cancellable operating lease agreements for our offices and vehicles. Our leases have original lease periods expiring between 2023 and 2034. Payments due under such lease contracts include primarily fix payments. We assume renewals in our determination of the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

 

The components of lease costs, lease term and discount rate are as follows:

 

   Six Months
Ended		 
   June 30,
2023		 
   (unaudited) 
Operating lease cost:    
Vehicles   91 
Facilities rent   107 
    198 
Remaining Lease Term     
Vehicles   0.58 -2.34 years 
Facilities rent   2.27-11.1 years 
      
Weighted Average Discount Rate     
Vehicles   2.02%
Facilities rent   5.27%

 

The following is a schedule, by years, of maturities of operating lease liabilities as of June 30, 2023:

 

   June 30,
2023		 
   (unaudited) 
Period:    
The remainder of 2023   178 
2024   206 
2025   140 
2026   97 
2027   63 
2028-2034   467 
Total operating lease payments   1,151 
Less: imputed interest   242 
Present value of lease liabilities   909 

 

F-13

 

 

B.O.S. BETTER ONLINE SOLUTIONS LTD.

AND ITS SUBSIDIARIES

 

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands

 

NOTE 7:– SEGMENTS AND GEOGRAPHICAL INFORMATION

 

Commencing January 1, 2020 the Company presents its business operations in three reportable segments, consisting of the RFID segment, Supply Chain Solutions segment and the Intelligent Robotics segment.

 

The Company’s management makes financial decisions and allocates resources, based on the information it receives from its internal management system. The Company allocates resources and assesses performance for each operating segment using information about revenues and gross profit.

 

  a. Information about the operating segments for the six months ended June 30, 2023 and 2022 is as follows:

 

   RFID   Supply
Chain Solutions		   Intelligent Robotics   Intercompany   Consolidated 
                     
Six months ended June 30, 2023:                    
                     
Revenues  $6,948   $15,351   $1,257   $(77)  $23,478 
                          
Gross profit  $1,796   $3,253   $20   $
-
   $5,069 
                          
Allocated operating expenses  $1,097   $1,859   $130   $
-
   $3,086 
                          
Acquisition expenses  $
-
    
-
    
-
    
-
   $
-
 
                          
Unallocated operating expenses   
-
    
-
    
-
    
-
   $374 
                          
Operating Income (loss)  $699   $1,394   $(110)  $
-
   $1,609 
                          
Financial expenses   
-
    
-
    
-
    
-
   $(343)
                          
Net Income before tax   
-
    
-
    
-
    
-
   $1,266 
                          
Tax on income   
-
    
-
    
-
    
-
   $
-
 
                          
Net Income   
-
    
-
    
-
    
-
   $1,266 

 

F-14

 

 

B.O.S. BETTER ONLINE SOLUTIONS LTD.

AND ITS SUBSIDIARIES

 

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands

 

NOTE 7:–SEGMENTS AND GEOGRAPHICAL INFORMATION – Cont.

 

   RFID  

Supply
Chain Solutions

   Intelligent Robotics   Intercompany   Consolidated 
                     
Six months ended June 30, 2022:                    
                     
Revenues  $7,693   $12,873   $572   $
      -
   $21,138 
                          
Gross profit  $1,915   $2,575   $(19)  $
-
   $4,471 
                          
Allocated operating expenses  $1,209   $1,585   $271   $
-
   $3,065 
                          
Acquisition expenses  $44    
-
    
-
    
-
   $44 
                          
Unallocated operating expenses   
-
    
-
    
-
    
-
   $361 
                          
Operating Income (loss)  $662   $990   $(290)  $
-
   $1,001 
                          
Financial expenses   
-
    
-
    
-
    
-
   $(529)
                          
Net Income before tax   
-
    
-
    
-
    
-
   $472 
                          
Tax on income   
-
    
-
    
-
    
-
   $
-
 
                          
Net Income   
-
    
-
    
-
    
-
   $472 

 

  b. The following presents total revenues for the six months ended June 30, 2023 and 2022 based on the location of customers:

 

   June 30, 
   2023   2022 
   Unaudited 
         
Israel  $19,765   $16,686 
Far East   707    1,536 
India   1,060    641 
Europe   838    399 
United States   1,080    1,733 
Others   28    143 
           
   $23,478   $21,138 

 

F-15

 

  

B.O.S. BETTER ONLINE SOLUTIONS LTD.

AND ITS SUBSIDIARIES

 

NOTES TO CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except for per share prices)

 

NOTE 8:– SHAREHOLDERS’ EQUITY

 

a.In June 2023, a total of 39,000 options were exercised for the amount of $85.

 

b.On May 2, 2022, the Company entered into a definitive agreement with several investors for the sale of 450,000 units, each consisting of one ordinary share and one half warrant to purchase an ordinary share, at a unit purchase price of $2.2. The warrants have an exercise price of $2.2 per ordinary share and are immediately exercisable into ordinary shares over a five-year term. The sale was made in a registered direct offering with a total gross amount of $990 or $911 net of incremental and direct issuance expenses.

 

c.In April 2022, a total of 1,000 options were exercised for the amount of $2.

 

 

NOTE 9:–SUBSEQUENT EVENTS

 

In July 2023, a total of 17,853 options were exercised for the amount of $18.

 

 

F-16

 

 

 

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Exhibit 99.2

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION FOR THE SIX MONTHS ENDED JUNE 30, 2023 AND JUNE 30, 2022

 

The following discussion and analysis of the results of BOS Better Online Solutions Ltd. (sometimes referred to herein as, “BOS”, the “Company”, “we”, “us” or “our’) should be read in conjunction with our interim condensed consolidated financial statements as of and for the six months ended June 30, 2023, appearing elsewhere in this Form 6-K, our audited consolidated financial statements and other financial information as of and for the year ended December 31, 2022 appearing in our Annual Report on Form 20-F for the year ended December 31, 2022 and Item 5—”Operating and Financial Review and Prospects” of that Annual Report.

 

Forward-Looking Statements

 

Statements in this Report on Form 6-K may constitute “forward-looking statements” within the meaning of the United States Federal securities laws that are based on our beliefs and assumptions as well as information currently available to us. Such forward-looking statements may be identified by the use of the words “anticipate”, “believe”, “estimate”, “expect”, “plan”, “intend”, “should”, “predict”, “potential”, “opinion” or the negative of these terms or similar expressions. Such statements reflect our current views with respect to future events and are subject to certain risks and uncertainties. While we believe such forward-looking statements are based on reasonable assumptions, should one or more of the underlying assumptions prove incorrect, or these risks or uncertainties materialize, our actual results may differ materially from those described herein. Forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. Factors that could cause or contribute to such differences include, but are not limited to, those set forth under “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2022, as well as those discussed elsewhere in that Annual Report and in our other filings with the Securities and Exchange Commission.

 

Overview

 

BOS empowers inventory processes through its three business divisions:

 

●The Intelligent Robotics division automates industrial and logistic inventory processes;

 

●The RFID division marks and tracks inventory; and

 

●The Supply Chain division manages inventory.

 

Results of Operation

 

Revenues for the six months ended June 30, 2023 were $23.5 million, compared to $21.14 million in the six months ended June 30, 2022. The increase is mainly attributed to the Supply Chain division.

 

Gross profit for the six months ended June 30, 2023 amounted to $5.07 million (a gross margin of 21.6%), compared to $4.48 million (a gross margin of 21.1%) for the six months ended June 30, 2022.

 

Sales and marketing expenses for the six months ended June 30, 2023 were $2.47 million or 10.5% of revenues, compared to $2.38 million or 11.2% of revenues in the six months ended June 30, 2022.

 

General and administrative expenses for the six months ended June 30, 2023 were $0.91 million, compared to $1 million in the six months ended June 30, 2022.

 

Operating income in the six months ended June 30, 2023 amounted to $1.6 million, compared to an operating income of $1 million in the six months ended June 30, 2022.

 

Financial expenses for the six months ended June 30, 2023 were $343,000, compared to $529,000 in the six months ended June 30, 2022. This decrease in expenses is attributed to foreign exchange differences between the Israeli NIS and the US dollar.

 

Net income in the six months ended June 30, 2023 amounted to $1.27 million, compared to a net income of $472,000 in the six months ended June 30, 2022. On a per share basis, the basic and diluted net income per share in the six months ended June 30, 2023 was $0.22, compared to a $0.09 net income per share in the six months ended June 30, 2022.

 

1

 

 

Liquidity and Capital Resources

 

As of June 30, 2023, we had $1.21 million in long-term bank loans, and current maturities of $391,000. Cash and cash equivalents as of June 30, 2023 amounted to $1.9 million.

 

The Company had a positive working capital of $10.1 million as of June 30, 2023, and it is the Company's opinion that the current working capital is sufficient for the Company's present requirements. Working capital requirements will vary from time-to-time and will depend on numerous factors, including but not limited to, the operating results, scope of sales, supplier and customer credit terms, and acquisition activities.

 

We have in-balance sheet financial instruments and off-balance sheet contingent commitments. Our in-balance sheet financial instruments consist of our assets and liabilities. As of June 30, 2023, our trade receivables' and trade payables' aging days were 85 and 98 days, respectively. The fair value of our financial instruments is similar to their book value. Our off-balance sheet contingent commitments consist of: (a) royalty commitments that are directly related to our future revenues, and (b) directors' and officers' indemnities, in excess of the proceeds received from liability insurance, which we obtain.

 

Cash Flows

 

Net cash provided by operating activities in the six months ended June 30, 2023 was $876,000, compared to $331,000 used in in the six months ended June 30, 2022.

 

Net cash used in investing activities in the six months ended June 30, 2023 amounted to $581,000. Net cash used in investing activities in the six months ended June 30, 2022 amounted to $1,050,000.

 

On July 7, 2013, the Company entered into a profit sharing agreement with Proteus Ltd, providing for the joint market and sale of certain products.

 

On April 2, 2023, Proteus sold to the Company its share in the joint activity in consideration of $723, of which $138 was paid on signing and the rest is paid in monthly installments during a two year period. Pursuant to the sale agreement, Proteus will gradually phase out its marketing and sale of the products until the end of 2023.

 

On May 31, 2023, the Company entered into an agreement with Microwave Ltd. for the purchase of its distribution rights for certain products, in consideration of $38, paid at signing.   

 

On March 09, 2022, the Company's RFID division acquired the activities of the Dagesh Company, which provides inventory counting services in Israel, mainly for retail stores. In consideration for the acquisition, BOS shall pay NIS 2.7 million (approximately $US 820,000) of which NIS 1.5 million was paid at the closing, NIS 650,000 was paid in April 2022, NIS 450,000 was paid in April 2023, and NIS 150,000 shall be paid by March 2024.

 

On May 09, 2022, the Company entered into an agreement to purchase 546 square meters of offices, 495 square meters of warehouse space and nine parking spaces in Rishon Lezion. The purchased real estate is part of the facilities leased by BOS in Rishon Lezion. BOS was paid for this acquisition NIS 6.5 million (approximately $1.9 million).

 

Net cash used in financing activities in the six months ended June 30, 2023 was $113,000, compared to $514,000 provided by in the six months ended June 30, 2022.

 

On May 2, 2022, the Company entered into a definitive agreement with several investors for the sale of 450,000 units, each consisting of one ordinary share and one half warrant to purchase an ordinary share, at a unit purchase price of $2.2. The warrants have an exercise price of $2.2 per ordinary share and are immediately exercisable into ordinary shares over a five-year term. The sale was made in a registered direct offering with a total gross amount of $990 or $911 net of incremental and direct issuance expenses.

 

 

2

 

 

 

v3.23.3
Document And Entity Information
 6 Months Ended
Jun. 30, 2023
Document Information Line Items  
Entity Registrant Name BOS BETTER ONLINE SOLUTIONS LTD
Document Type 6-K
Current Fiscal Year End Date --12-31
Amendment Flag false
Entity Central Index Key 0001005516
Document Period End Date Jun. 30, 2023
Document Fiscal Year Focus 2023
Document Fiscal Period Focus Q2
Entity File Number 001-14184
v3.23.3
Condensed Interim Consolidated Balance Sheets - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
CURRENT ASSETS:    
Cash and cash equivalents $ 1,931 $ 1,763
Restricted bank deposits 144 130
Trade receivables (net of allowance for doubtful accounts of $148 and $82 at June 30, 2023 and December 31 2022, respectively) 11,011 10,834
Other accounts receivable and prepaid expenses 1,167 1,414
Inventories 7,667 6,433
Total current assets 21,920 20,574
NON-CURRENT ASSETS:    
Long-term assets 244 260
Property and equipment, net 3,341 3,270
Operating lease right-of-use assets, net 955 1,110
Intangible assets, net 1,174 486
Goodwill 4,895 4,895
Total non-current assets 10,609 10,021
Total assets 32,529 30,595
CURRENT LIABILITIES:    
Current maturities of non-current loans 391 586
Operating lease liabilities, current 235 301
Trade payables 7,801 7,984
Employees and payroll accruals 980 1,016
Deferred revenues 1,550 542
Advances net of inventory in progress 79 47
Accrued expenses and other liabilities 812 719
Total current liabilities 11,848 11,195
NON-CURRENT LIABILITIES:    
Loans, net of current maturities 1,209 1,294
Operating lease liabilities, non-current 674 827
Deferred revenues 401 241
Accrued severance pay 363 404
Total non-current liabilities 2,647 2,766
COMMITMENTS AND CONTINGENT LIABILITIES
SHAREHOLDERS’ EQUITY:    
Ordinary shares: Authorized; 11,000,000 shares at June 30, 2023 and December 31, 2022; Issued and outstanding: 5,740,518 and 5,701,518 shares at June 30, 2023 and December 31, 2022, respectively 84,915 84,830
Additional paid-in capital 1,228 1,179
Accumulated other comprehensive loss (243) (243)
Accumulated deficit (67,866) (69,132)
Total equity 18,034 16,634
Total liabilities and shareholders’ equity $ 32,529 $ 30,595
v3.23.3
Condensed Interim Consolidated Balance Sheets (Parentheticals) - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Statement of Financial Position [Abstract]    
Trade receivables, allowance for doubtful accounts (in Dollars) $ 148 $ 82
Ordinary shares, shares authorized 11,000,000 11,000,000
Ordinary shares, shares issued 5,740,518 5,701,518
Ordinary shares, shares outstanding 5,740,518 5,701,518
v3.23.3
Condensed Interim Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]    
Revenues $ 23,478 $ 21,138
Cost of revenues 18,409 16,667
Gross profit 5,069 4,471
Operating costs and expenses:    
Research and development 78 87
Sales and marketing 2,470 2,384
General and administrative 912 999
Total operating costs and expenses 3,460 3,470
Operating income 1,609 1,001
Financial expenses, net (343) (529)
Income before taxes on income 1,266 472
Taxes on income
Net income $ 1,266 $ 472
Basic net income per share (in Dollars per share) $ 0.22 $ 0.09
Weighted average number of shares used in computing net income per share:    
Basic (in Shares) 5,707 5,395
Diluted (in Shares) 5,767 5,438
v3.23.3
Condensed Interim Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]    
Diluted net income per share $ 0.22 $ 0.09
v3.23.3
Consolidated Interim Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Statement of Comprehensive Income [Abstract]    
Net income $ 1,266 $ 472
Cash flow hedging instruments:    
Change in unrealized gains and losses
Gain in respect of derivative instruments designated for cash flow hedge, net of taxes
Other comprehensive gain
Comprehensive income $ 1,266 $ 472
v3.23.3
Condensed Interim Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Thousands
Ordinary shares
Share capital and additional paid-in capital
Accumulated other comprehensive loss
Accumulated deficit
Total
Balance at Dec. 31, 2021   $ 84,854 $ (243) $ (70,264) $ 14,347
Balance (in Shares) at Dec. 31, 2021 5,250,518        
Issuance of ordinary shares and warrants, net   911 911
Issuance of ordinary shares and warrants, net (in Shares) 450,000        
Exercise of options into ordinary shares   2 2
Exercise of options into ordinary shares (in Shares) 1,000        
Share-based compensation expense   51 51
Net income   472 472
Balance at Jun. 30, 2022   85,818 (243) (69,792) 15,783
Balance (in Shares) at Jun. 30, 2022 5,701,518        
Balance at Dec. 31, 2022   86,009 (243) (69,132) $ 16,634
Balance (in Shares) at Dec. 31, 2022 5,701,518       5,701,518
Issuance of ordinary shares and warrants, net  
Exercise of options into ordinary shares   85 $ 85
Exercise of options into ordinary shares (in Shares) 39,000       39,000
Share-based compensation expense   49 $ 49
Net income   1,266 1,266
Balance at Jun. 30, 2023   $ 86,143 $ (243) $ (67,866) $ 18,034
Balance (in Shares) at Jun. 30, 2023 5,740,518       5,740,518
v3.23.3
Condensed Interim Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Statement of Cash Flows [Abstract]    
Net income $ 1,266 $ 472
Adjustments required to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 239 164
Interest and exchange rate of loans (83) (133)
Severance pay, net (41) (31)
Share-based compensation expenses 49 51
Increase in trade receivables, net (177) (830)
Decrease (Increase) in other accounts receivable and other long term assets 263 (357)
Increase in inventories (1,202) (156)
Increase (decrease) in trade payables (183) 831
Decrease in operating lease liabilities (64) (124)
Decrease (Increase) in employees and payroll accruals, deferred revenues, accrued expenses and other liabilities 809 (218)
Net cash provided by (used in) operating activities 876 (331)
Purchase of property and equipment (237) (394)
Acquisition of assets (b) (344) (656)
Net cash used in investing activities (581) (1,050)
Proceeds received from issuance units that consist of ordinary shares and warrants, net   913
Proceeds received from issuance of shares upon options exercised, net 85  
Proceeds received from loans 88  
Repayment of loans (286) (399)
Net cash provided by (used in) financing activities (113) 514
Change in cash and cash equivalents, and restricted cash 182 (867)
Cash, cash equivalents and restricted cash at the beginning of the period 1,893 2,117
Cash, cash equivalents and restricted cash at the end of the period 2,075 1,250
Interest $ 198 $ 19
v3.23.3
Net cash used to pay for the acquisition of assets
$ in Thousands
Apr. 02, 2023
USD ($)
Net Cash Used To Pay For The Acquisition Of Assets Abstract  
Suppliers relationship $ 761
Accrued expenses (417)
Amount of cash paid $ 344
v3.23.3
General
 6 Months Ended
Jun. 30, 2023
General [Abstract]  
GENERAL
NOTE 1:– GENERAL

 

  A. B.O.S. Better Online Solutions Ltd. (“BOS” or the “Company”) is an Israeli corporation. The Company’s shares are listed on NASDAQ under the ticker BOSC.

 

  B. As of June 30, 2023, the Company has three operating segments that include Intelligent Robotics, RFID and Supply Chain Solutions.

 

  C. The Company’s wholly owned subsidiaries include:

 

  1. BOS-Dimex Ltd., (“BOS-Dimex”), is an Israeli company that comprises the RFID segment. BOS-Dimex provides comprehensive turn-key solutions for Automatic Identification and Data Collection (AIDC), combining a mobile infrastructure with software applications of manufacturers that we represent. BOS-Dimex also offers on-site inventory count services in the fields of apparel, food, convenience and pharma as well as asset tagging and counting services for corporate and governmental entities.

 

  2. BOS-Odem Ltd. (“BOS-Odem”), an Israeli company, is a distributor of electronic components to customers worldwide, mainly in the aerospace and defense industries. BOS-Odem is also a supply chain service provider for aviation customers that prefer to consolidate their component acquisitions through a supplier that is able to provide a comprehensive solution to their components-supply needs. BOS-Odem is part of the Supply Chain Solutions segment; and

 

  3. Ruby-Tech Inc., a New York corporation, is a wholly owned subsidiary of BOS-Odem and a part of the Supply Chain Solutions segment.
v3.23.3
Significant Accounting Policies
 6 Months Ended
Jun. 30, 2023
Significant Accounting Policies [Abstract]  
SIGNIFICANT ACCOUNTING POLICIES
NOTE 2:– SIGNIFICANT ACCOUNTING POLICIES

 

The significant accounting policies applied in the financial statements of the Company as of December 31, 2022, were applied consistently in these financial statements.

 

  A. Use of estimates in the preparation of financial statements

 

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“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 dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. As applicable to these consolidated financial statements, the most significant estimates and assumptions include (i) net realizable value of the inventory, (ii) impairment analysis of goodwill and intangible assets, (iii) allowance for doubtful accounts; and (vi) revenue recognition.

 

  B. Income per share

 

The Company computes net income per share in accordance with ASC 260, “Earnings per share”. Basic income per share is computed by dividing net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period, net of the weighted average number of treasury shares (if any).

 

Diluted income per ordinary share is computed similar to basic income per share, except that the denominator is increased to include the number of additional potential ordinary shares that would have been outstanding if the potential ordinary shares had been issued and if the additional ordinary shares were dilutive. Potential ordinary shares are excluded from the computation for a period in which a net income is reported or if their effect is anti-dilutive.

 

An amount of 570,000 and 1.2 million weighted average outstanding options and warrants have been excluded from the calculation of the diluted net income per share for the period of six months ended June 30, 2023 and 2022, respectively, because the effect of the ordinary shares issuable as a result of the exercise or conversion of these instruments was determined to be anti-dilutive.

 

  C. Reclassified amounts

 

Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications did not have material effect on the reported results of operations, shareholder’s equity or cash flows.

 

  D. Recently issued accounting pronouncements

 

There are currently no accounting standards that have been issued but not yet adopted that we believe will have a significant impact on our consolidated financial position, results of operations or cash flows.
v3.23.3
Unaudited Condensed Interim Consolidated Financial Statements
 6 Months Ended
Jun. 30, 2023
Unaudited Condensed Interim Consolidated Financial Statements [Abstract]  
UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
NOTE 3:– UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

 

These accompanying unaudited condensed interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States for interim financial information. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s financial position as of June 30, 2023 have been included. Operating results for the six-month period ended June 30, 2023 are not necessarily indicative of the results that may be expected for the year ended December 31, 2023, or any other interim period in the future.

 

The consolidated balance sheet at December 31, 2022 has been derived from the audited consolidated financial statements at that date but does not include all of the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements.

 

The unaudited interim financial statements should be read in conjunction with the Company’s annual financial statements and accompanying notes as of December 31, 2022 included in the Company’s Annual Report on Form 20-F, filed with the Securities Exchange Commission on March 30, 2023.
v3.23.3
Inventories
 6 Months Ended
Jun. 30, 2023
Inventories [Abstract]  
INVENTORIES
NOTE 4:- INVENTORIES

 

Composition:

 

   June 30,
2023		   December 31,
2022		 
   Unaudited   Audited 
Raw materials  $31   $177 
Inventory in progress   955    1,750 
Finished goods   6,973    5,788 
Net – advances from customers   (292)   (1,282)
           
   $7,667   $6,433 
v3.23.3
Intangible Assets, Net
 6 Months Ended
Jun. 30, 2023
Intangible Assets, Net [Abstract]  
INTANGIBLE ASSETS, NET
NOTE 5:– INTANGIBLE ASSETS, NET

 

A. Composition:

 

  

June 30,
2023

   December 31,
2022		   Weighted
average
amortization
period		 
   Unaudited   Audited     
Cost:            
Customer relationship   1,032    1,032    7-8.84 
Suppliers relationship*   761    
-
    8.84 
Non-competition   270    270    4 
                
    2,063    1,302      
Accumulated amortization and impairments:               
Customer relationship   776    758      
Suppliers relationship   20    
-
      
Non-competition   93    58      
                
    889    816      
                
Amortized cost  $1,174   $486      

 

  B. Amortization expenses amounting to $73 and $108 were recorded during the period of six months ended June 30, 2023 and the year ended December 31, 2022, respectively.

 

*On July 7, 2013, the Company entered into a profit sharing agreement with Proteus Ltd, providing for the joint market and sale of certain products.

 

On April 2, 2023, Proteus sold to the Company its share in the joint activity in consideration of $723, of which $138 was paid on signing and the rest is paid in monthly installments during a two year period.

 

Pursuant to the sale agreement, Proteus will gradually phase out its marketing and sale of the products until the end of 2023.

 

On May 31, 2023, the Company entered into an agreement with Microwave Ltd. for the purchase of its distribution rights for certain products, in consideration of $38, paid at signing.  
v3.23.3
Leases
 6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
LEASES
NOTE 6:– LEASES

 

We have entered into several non-cancellable operating lease agreements for our offices and vehicles. Our leases have original lease periods expiring between 2023 and 2034. Payments due under such lease contracts include primarily fix payments. We assume renewals in our determination of the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

 

The components of lease costs, lease term and discount rate are as follows:

 

   Six Months
Ended		 
   June 30,
2023		 
   (unaudited) 
Operating lease cost:    
Vehicles   91 
Facilities rent   107 
    198 
Remaining Lease Term     
Vehicles   0.58 -2.34 years 
Facilities rent   2.27-11.1 years 
      
Weighted Average Discount Rate     
Vehicles   2.02%
Facilities rent   5.27%

 

The following is a schedule, by years, of maturities of operating lease liabilities as of June 30, 2023:

 

   June 30,
2023		 
   (unaudited) 
Period:    
The remainder of 2023   178 
2024   206 
2025   140 
2026   97 
2027   63 
2028-2034   467 
Total operating lease payments   1,151 
Less: imputed interest   242 
Present value of lease liabilities   909 
v3.23.3
Segments and Geographical Information
 6 Months Ended
Jun. 30, 2023
Segments and Geographical Information [Abstract]  
SEGMENTS AND GEOGRAPHICAL INFORMATION
NOTE 7:– SEGMENTS AND GEOGRAPHICAL INFORMATION

 

Commencing January 1, 2020 the Company presents its business operations in three reportable segments, consisting of the RFID segment, Supply Chain Solutions segment and the Intelligent Robotics segment.

 

The Company’s management makes financial decisions and allocates resources, based on the information it receives from its internal management system. The Company allocates resources and assesses performance for each operating segment using information about revenues and gross profit.

 

  a. Information about the operating segments for the six months ended June 30, 2023 and 2022 is as follows:

 

   RFID   Supply
Chain Solutions		   Intelligent Robotics   Intercompany   Consolidated 
                     
Six months ended June 30, 2023:                    
                     
Revenues  $6,948   $15,351   $1,257   $(77)  $23,478 
                          
Gross profit  $1,796   $3,253   $20   $
-
   $5,069 
                          
Allocated operating expenses  $1,097   $1,859   $130   $
-
   $3,086 
                          
Acquisition expenses  $
-
    
-
    
-
    
-
   $
-
 
                          
Unallocated operating expenses   
-
    
-
    
-
    
-
   $374 
                          
Operating Income (loss)  $699   $1,394   $(110)  $
-
   $1,609 
                          
Financial expenses   
-
    
-
    
-
    
-
   $(343)
                          
Net Income before tax   
-
    
-
    
-
    
-
   $1,266 
                          
Tax on income   
-
    
-
    
-
    
-
   $
-
 
                          
Net Income   
-
    
-
    
-
    
-
   $1,266 

 

   RFID  

Supply
Chain Solutions

   Intelligent Robotics   Intercompany   Consolidated 
                     
Six months ended June 30, 2022:                    
                     
Revenues  $7,693   $12,873   $572   $
      -
   $21,138 
                          
Gross profit  $1,915   $2,575   $(19)  $
-
   $4,471 
                          
Allocated operating expenses  $1,209   $1,585   $271   $
-
   $3,065 
                          
Acquisition expenses  $44    
-
    
-
    
-
   $44 
                          
Unallocated operating expenses   
-
    
-
    
-
    
-
   $361 
                          
Operating Income (loss)  $662   $990   $(290)  $
-
   $1,001 
                          
Financial expenses   
-
    
-
    
-
    
-
   $(529)
                          
Net Income before tax   
-
    
-
    
-
    
-
   $472 
                          
Tax on income   
-
    
-
    
-
    
-
   $
-
 
                          
Net Income   
-
    
-
    
-
    
-
   $472 

 

  b. The following presents total revenues for the six months ended June 30, 2023 and 2022 based on the location of customers:

 

   June 30, 
   2023   2022 
   Unaudited 
         
Israel  $19,765   $16,686 
Far East   707    1,536 
India   1,060    641 
Europe   838    399 
United States   1,080    1,733 
Others   28    143 
           
   $23,478   $21,138 
v3.23.3
Shareholders’ Equity
 6 Months Ended
Jun. 30, 2023
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS’ EQUITY
NOTE 8:– SHAREHOLDERS’ EQUITY

 

a.In June 2023, a total of 39,000 options were exercised for the amount of $85.

 

b.On May 2, 2022, the Company entered into a definitive agreement with several investors for the sale of 450,000 units, each consisting of one ordinary share and one half warrant to purchase an ordinary share, at a unit purchase price of $2.2. The warrants have an exercise price of $2.2 per ordinary share and are immediately exercisable into ordinary shares over a five-year term. The sale was made in a registered direct offering with a total gross amount of $990 or $911 net of incremental and direct issuance expenses.

 

c.In April 2022, a total of 1,000 options were exercised for the amount of $2.
v3.23.3
Subsequent Events
 6 Months Ended
Jun. 30, 2023
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
NOTE 9:–SUBSEQUENT EVENTS

 

In July 2023, a total of 17,853 options were exercised for the amount of $18.
v3.23.3
Accounting Policies, by Policy (Policies)
 6 Months Ended
Jun. 30, 2023
Significant Accounting Policies [Abstract]  
Use of estimates in the preparation of financial statements
  A. Use of estimates in the preparation of financial statements

The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States (“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 dates of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. As applicable to these consolidated financial statements, the most significant estimates and assumptions include (i) net realizable value of the inventory, (ii) impairment analysis of goodwill and intangible assets, (iii) allowance for doubtful accounts; and (vi) revenue recognition.
Income per share
  B. Income per share

The Company computes net income per share in accordance with ASC 260, “Earnings per share”. Basic income per share is computed by dividing net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period, net of the weighted average number of treasury shares (if any).

Diluted income per ordinary share is computed similar to basic income per share, except that the denominator is increased to include the number of additional potential ordinary shares that would have been outstanding if the potential ordinary shares had been issued and if the additional ordinary shares were dilutive. Potential ordinary shares are excluded from the computation for a period in which a net income is reported or if their effect is anti-dilutive.

An amount of 570,000 and 1.2 million weighted average outstanding options and warrants have been excluded from the calculation of the diluted net income per share for the period of six months ended June 30, 2023 and 2022, respectively, because the effect of the ordinary shares issuable as a result of the exercise or conversion of these instruments was determined to be anti-dilutive.
Reclassified amounts
  C. Reclassified amounts

Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications did not have material effect on the reported results of operations, shareholder’s equity or cash flows.
Recently issued accounting pronouncements
  D. Recently issued accounting pronouncements

There are currently no accounting standards that have been issued but not yet adopted that we believe will have a significant impact on our consolidated financial position, results of operations or cash flows.
v3.23.3
Inventories (Tables)
 6 Months Ended
Jun. 30, 2023
Inventories [Abstract]  
Schedule of Inventories
   June 30,
2023		   December 31,
2022		 
   Unaudited   Audited 
Raw materials  $31   $177 
Inventory in progress   955    1,750 
Finished goods   6,973    5,788 
Net – advances from customers   (292)   (1,282)
           
   $7,667   $6,433 
v3.23.3
Intangible Assets, Net (Tables)
 6 Months Ended
Jun. 30, 2023
Intangible Assets, Net [Abstract]  
Schedule of Intangible Assets
  

June 30,
2023

   December 31,
2022		   Weighted
average
amortization
period		 
   Unaudited   Audited     
Cost:            
Customer relationship   1,032    1,032    7-8.84 
Suppliers relationship*   761    
-
    8.84 
Non-competition   270    270    4 
                
    2,063    1,302      
Accumulated amortization and impairments:               
Customer relationship   776    758      
Suppliers relationship   20    
-
      
Non-competition   93    58      
                
    889    816      
                
Amortized cost  $1,174   $486      
*On July 7, 2013, the Company entered into a profit sharing agreement with Proteus Ltd, providing for the joint market and sale of certain products.
v3.23.3
Leases (Tables)
 6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Schedule of Lease Costs, Lease Term and Discount Rate The components of lease costs, lease term and discount rate are as follows:
   Six Months
Ended		 
   June 30,
2023		 
   (unaudited) 
Operating lease cost:    
Vehicles   91 
Facilities rent   107 
    198 
Remaining Lease Term     
Vehicles   0.58 -2.34 years 
Facilities rent   2.27-11.1 years 
      
Weighted Average Discount Rate     
Vehicles   2.02%
Facilities rent   5.27%
Schedule of Maturities of Operating Lease Liabilities The following is a schedule, by years, of maturities of operating lease liabilities as of June 30, 2023:
   June 30,
2023		 
   (unaudited) 
Period:    
The remainder of 2023   178 
2024   206 
2025   140 
2026   97 
2027   63 
2028-2034   467 
Total operating lease payments   1,151 
Less: imputed interest   242 
Present value of lease liabilities   909 
v3.23.3
Segments and Geographical Information (Tables)
 6 Months Ended
Jun. 30, 2023
Segments and Geographical Information [Abstract]  
Schedule of Operating Segments Information about the operating segments for the six months ended June 30, 2023 and 2022 is as follows:
   RFID   Supply
Chain Solutions		   Intelligent Robotics   Intercompany   Consolidated 
                     
Six months ended June 30, 2023:                    
                     
Revenues  $6,948   $15,351   $1,257   $(77)  $23,478 
                          
Gross profit  $1,796   $3,253   $20   $
-
   $5,069 
                          
Allocated operating expenses  $1,097   $1,859   $130   $
-
   $3,086 
                          
Acquisition expenses  $
-
    
-
    
-
    
-
   $
-
 
                          
Unallocated operating expenses   
-
    
-
    
-
    
-
   $374 
                          
Operating Income (loss)  $699   $1,394   $(110)  $
-
   $1,609 
                          
Financial expenses   
-
    
-
    
-
    
-
   $(343)
                          
Net Income before tax   
-
    
-
    
-
    
-
   $1,266 
                          
Tax on income   
-
    
-
    
-
    
-
   $
-
 
                          
Net Income   
-
    
-
    
-
    
-
   $1,266 

 

   RFID  

Supply
Chain Solutions

   Intelligent Robotics   Intercompany   Consolidated 
                     
Six months ended June 30, 2022:                    
                     
Revenues  $7,693   $12,873   $572   $
      -
   $21,138 
                          
Gross profit  $1,915   $2,575   $(19)  $
-
   $4,471 
                          
Allocated operating expenses  $1,209   $1,585   $271   $
-
   $3,065 
                          
Acquisition expenses  $44    
-
    
-
    
-
   $44 
                          
Unallocated operating expenses   
-
    
-
    
-
    
-
   $361 
                          
Operating Income (loss)  $662   $990   $(290)  $
-
   $1,001 
                          
Financial expenses   
-
    
-
    
-
    
-
   $(529)
                          
Net Income before tax   
-
    
-
    
-
    
-
   $472 
                          
Tax on income   
-
    
-
    
-
    
-
   $
-
 
                          
Net Income   
-
    
-
    
-
    
-
   $472 
Schedule of Total Revenues The following presents total revenues for the six months ended June 30, 2023 and 2022 based on the location of customers:
   June 30, 
   2023   2022 
   Unaudited 
         
Israel  $19,765   $16,686 
Far East   707    1,536 
India   1,060    641 
Europe   838    399 
United States   1,080    1,733 
Others   28    143 
           
   $23,478   $21,138 
v3.23.3
General (Details)
 6 Months Ended
Jun. 30, 2023
General [Abstract]  
Operating segments 3
v3.23.3
Significant Accounting Policies (Details) - shares
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Significant Accounting Policies [Abstract]    
Weighted average outstanding options 570,000  
Weighted average outstanding warrants   1,200,000
v3.23.3
Inventories (Details) - Schedule of Inventories - USD ($)
$ in Thousands
Jun. 30, 2023
Dec. 31, 2022
Schedule of Inventories [Abstract]    
Raw materials $ 31 $ 177
Inventory in progress 955 1,750
Finished goods 6,973 5,788
Net – advances from customers (292) (1,282)
Inventories $ 7,667 $ 6,433
v3.23.3
Intangible Assets, Net (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
May 31, 2023
Apr. 02, 2023
Jun. 30, 2023
Dec. 31, 2022
Intangible Assets, Net [Abstract]        
Amortization expenses     $ 73 $ 108
Proteus sold amount   $ 723    
Paid monthly installment   $ 138    
Products consideration paid at signing $ 38      
v3.23.3
Intangible Assets, Net (Details) - Schedule of Intangible Assets - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Cost:    
Total cost $ 2,063 $ 1,302
Accumulated amortization and impairments:    
Total accumulated amortization and impairments 889 816
Amortized cost 1,174 486
Customer relationship [Member]    
Cost:    
Total cost 1,032 1,032
Accumulated amortization and impairments:    
Total accumulated amortization and impairments $ 776 758
Customer relationship [Member] | Minimum [Member]    
Cost:    
Weighted average amortization period 7 years  
Customer relationship [Member] | Maximum [Member]    
Cost:    
Weighted average amortization period 8 years 10 months 2 days  
Suppliers relationship [Member]    
Cost:    
Total cost [1] $ 761
Weighted average amortization period 8 years 10 months 2 days  
Accumulated amortization and impairments:    
Total accumulated amortization and impairments $ 20
Non-competition [Member]    
Cost:    
Total cost $ 270 270
Weighted average amortization period 4 years  
Accumulated amortization and impairments:    
Total accumulated amortization and impairments $ 93 $ 58
[1] On July 7, 2013, the Company entered into a profit sharing agreement with Proteus Ltd, providing for the joint market and sale of certain products.
v3.23.3
Leases (Details) - Schedule of Lease Costs, Lease Term and Discount Rate
$ in Thousands
 6 Months Ended
Jun. 30, 2023
USD ($)
Operating lease cost:  
Vehicles (in Dollars) $ 91
Facilities rent (in Dollars) 107
Operating lease cost (in Dollars) $ 198
Weighted Average Discount Rate  
Vehicles 2.02%
Facilities rent 5.27%
Minimum [Member]  
Remaining Lease Term  
Vehicles 6 months 29 days
Facilities rent 2 years 3 months 7 days
Maximum [Member]  
Remaining Lease Term  
Vehicles 2 years 4 months 2 days
Facilities rent 11 years 1 month 6 days
v3.23.3
Leases (Details) - Schedule of Maturities of Operating Lease Liabilities
$ in Thousands
Jun. 30, 2023
USD ($)
Period:  
The remainder of 2023 $ 178
2024 206
2025 140
2026 97
2027 63
2028-2034 467
Total operating lease payments 1,151
Less: imputed interest 242
Present value of lease liabilities $ 909
v3.23.3
Segments and Geographical Information (Details)
Jan. 01, 2020
Segments and Geographical Information [Abstract]  
Reportable segments 3
v3.23.3
Segments and Geographical Information (Details) - Schedule of Operating Segments - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
RFID [Member]    
Segment Reporting Information [Line Items]    
Revenues $ 6,948 $ 7,693
Gross profit 1,796 1,915
Operating Income (loss) 699 662
Financial expenses
Net Income before tax
Tax on income
Net Income
RFID [Member] | Allocated operating expenses [Member]    
Segment Reporting Information [Line Items]    
Operating Income (loss) 1,097 1,209
RFID [Member] | Acquisition expenses [Member]    
Segment Reporting Information [Line Items]    
Operating Income (loss) 44
RFID [Member] | Unallocated operating expenses [Member]    
Segment Reporting Information [Line Items]    
Operating Income (loss)
Supply Chain Solutions [Member]    
Segment Reporting Information [Line Items]    
Revenues 15,351 12,873
Gross profit 3,253 2,575
Operating Income (loss) 1,394 990
Financial expenses
Net Income before tax
Tax on income
Net Income
Supply Chain Solutions [Member] | Allocated operating expenses [Member]    
Segment Reporting Information [Line Items]    
Operating Income (loss) 1,859 1,585
Supply Chain Solutions [Member] | Acquisition expenses [Member]    
Segment Reporting Information [Line Items]    
Operating Income (loss)
Supply Chain Solutions [Member] | Unallocated operating expenses [Member]    
Segment Reporting Information [Line Items]    
Operating Income (loss)
Intelligent Robotics [Member]    
Segment Reporting Information [Line Items]    
Revenues 1,257 572
Gross profit 20 (19)
Operating Income (loss) (110) (290)
Financial expenses
Net Income before tax
Tax on income
Net Income
Intelligent Robotics [Member] | Allocated operating expenses [Member]    
Segment Reporting Information [Line Items]    
Operating Income (loss) 130 271
Intelligent Robotics [Member] | Acquisition expenses [Member]    
Segment Reporting Information [Line Items]    
Operating Income (loss)
Intelligent Robotics [Member] | Unallocated operating expenses [Member]    
Segment Reporting Information [Line Items]    
Operating Income (loss)
Intercompany [Member]    
Segment Reporting Information [Line Items]    
Revenues (77)
Gross profit
Operating Income (loss)
Financial expenses
Net Income before tax
Tax on income
Net Income
Intercompany [Member] | Allocated operating expenses [Member]    
Segment Reporting Information [Line Items]    
Operating Income (loss)
Intercompany [Member] | Acquisition expenses [Member]    
Segment Reporting Information [Line Items]    
Operating Income (loss)
Intercompany [Member] | Unallocated operating expenses [Member]    
Segment Reporting Information [Line Items]    
Operating Income (loss)
Consolidated [Member]    
Segment Reporting Information [Line Items]    
Revenues 23,478 21,138
Gross profit 5,069 4,471
Operating Income (loss) 1,609 1,001
Financial expenses (343) (529)
Net Income before tax 1,266 472
Tax on income
Net Income 1,266 472
Consolidated [Member] | Allocated operating expenses [Member]    
Segment Reporting Information [Line Items]    
Operating Income (loss) 3,086 3,065
Consolidated [Member] | Acquisition expenses [Member]    
Segment Reporting Information [Line Items]    
Operating Income (loss) 44
Consolidated [Member] | Unallocated operating expenses [Member]    
Segment Reporting Information [Line Items]    
Operating Income (loss) $ 374 $ 361
v3.23.3
Segments and Geographical Information (Details) - Schedule of Total Revenues - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Segments and Geographical Information (Details) - Schedule of Total Revenues [Line Items]    
Total revenues $ 23,478 $ 21,138
Israel [Member]    
Segments and Geographical Information (Details) - Schedule of Total Revenues [Line Items]    
Total revenues 19,765 16,686
Far East [Member]    
Segments and Geographical Information (Details) - Schedule of Total Revenues [Line Items]    
Total revenues 707 1,536
India [Member]    
Segments and Geographical Information (Details) - Schedule of Total Revenues [Line Items]    
Total revenues 1,060 641
Europe [Member]    
Segments and Geographical Information (Details) - Schedule of Total Revenues [Line Items]    
Total revenues 838 399
United States [Member]    
Segments and Geographical Information (Details) - Schedule of Total Revenues [Line Items]    
Total revenues 1,080 1,733
Others [Member]    
Segments and Geographical Information (Details) - Schedule of Total Revenues [Line Items]    
Total revenues $ 28 $ 143
v3.23.3
Shareholders’ Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 6 Months Ended
May 02, 2022
Apr. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Stockholders' Equity Note [Abstract]        
Exercise of options shares (in Shares)   1,000 39,000  
Exercise of options amount   $ 2 $ 85 $ 2
Ordinary share (in Shares) 450,000      
Purchase price per shares (in Dollars per share) $ 2.2      
Exercise price per share (in Dollars per share) $ 2.2      
Total gross amount $ 990      
Net of incremental and direct issuance expenses $ 911      
v3.23.3
Subsequent Events (Details) - Subsequent Event [Member]
shares in Thousands, $ in Thousands
 1 Months Ended
Jul. 31, 2023
USD ($)
shares
Subsequent Events (Details) [Line Items]  
Share option | shares 17,853
Exercised amount | $ $ 18
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