TIDMSIM
RNS Number : 7918W
SimiGon Limited
28 April 2021
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
SimiGon Ltd
("SimiGon" or the "Company")
Audited Full Year Results
SimiGon Ltd (LSE: SIM), a global leader in providing simulation
and training solutions, announces its audited full year results for
the year ended 31 December 2020 (the "Period").
Financial Highlights
-- Revenues of $3.22 million (2019: $4.88 million), the decrease
reflecting slower progress in delivering against project milestones
due to COVID-19 restrictions and limitations on securing expected
new business wins
-- Consequential small impact on gross margin of 57% (2019: 63%)
-- Operating loss of $2.13 million (2019: $1.45 million)
mitigated by reducing operating expenses by 13% to $3.95 million
(2019: $4.53 million)
-- Net loss of $2.18 million (2019: $1.45 million)
-- Basic and diluted loss per share of $0.04 (2019: loss per share $0.03)
-- Liquid cash and cash equivalents of $4.95 million (2019: $6.04 million)
Operational Highlights
-- Continued to support major military flight training programs including:
i. The USAF Air Education and Training Command Undergraduate
Remotely Piloted Aircraft Training ("URT");
ii. Support for Lockheed Martin's UK Military Flight Training System ("UKMFTS"); and
iii. Providing software and services as part of long-term
relationship with a strategic European customer.
-- SimiGon successfully completed milestone deliveries for the
following military aviation training programs, :
i. SIMbox-based F-15E Mixed Reality training devices for USAF
ii. F-16 Maintenance Trainer Program for the Israeli Air Force (IAF)
iii. T-6A Simulation Based Trainers to the IAF
iv. C-130 Virtual Maintenance Training solution for strategic partner
-- Secured additional software and hardware warranties and
support services for the United States Air Force T-6A Level 5 FAA
Compliant Flight Training Device
-- Awarded with additional $0.5 million extension to its C-130
Virtual Maintenance Training contract previously announced in 2
December 2020 by a large international defense company
-- Awarded contract to deliver its Commercial Off the Shelf
SIMbox Virtual Reality Aircraft De-icing Simulator to USAF
maintenance squadron.
-- Selected as the Flight Simulation Training Device (FSTD)
provider for the United States Air Force Recruiting Service (AFRS)
AIM HIGH Flight Academy.
-- During the Period, SimiGon has continued its ongoing R&D
efforts to enhance simulation-based training and position the
Company to capitalize on new high growth market opportunities
mainly in maintenance training technologies.
-- Establishment of a Mergers & Acquisitions (M&A) team,
seeking strategic acquisition opportunities for the Company to
increase SimiGon's near term revenues as well as improve long term
growth prospects.
-- Promoted the Chief Operating Officer, Mr. Jack Sarnicki, to
President of SimiGon Inc., the main trading subsidiary of the
Company.
Ami Vizer, SimiGon's Chief Executive Officer and Executive
Chairman, commented: "SimiGon has worked through multiple
challenges presented by the COVID-19 global pandemic, delaying
numerous expected contracts and subcontracts in 2020 for SimiGon's
core business supporting military aircrew training. We have
continued to meet programme deliveries and received additional
program work while improving revenue during the second half of the
year.
We are currently encouraged by the changes in the simulation and
training environment, where ongoing programs that were delayed due
to the pandemic are returning to the fold and programs that have
been postponed are back on the agenda. The Company's ongoing
R&D efforts in XR, maintenance training and data analytics are
creating significant future growth potential together with
SimiGon's strategic programs and existing strong long-term
relationships, we are confident in the longer-term prospects for
the business".
Legal actions:
On January 13, 2020 D.D Goldstein Real Estates and Investment
Ltd., which to the Company's knowledge acquired 1,500,000 shares in
the Company during 2019, has filed two legal actions in the Tel
Aviv District Court - a petition for leave to file a monetary claim
concerning salaries on behalf of the Company and an action for
prerogative relief concerning resolutions approved at the Company's
annual general meeting held on December 30, 2019 regarding the
appointment of directors and the determination of their
compensation. The Company filed its response in each of the
proceedings. According to the court's decision, the petition for
leave to file a monetary claim will resume after a judgment in the
action for prerogative relief will be given.
On December 16,2020, the trial took place in the above-mentioned
action for prerogative relief and on February 9, 2021, at which
closing arguments were heard. The parties are now awaiting the
judgment in the action for prerogative relief, after which the
petition for leave to file a monetary claim will be resumed.
Coronavirus (COVID-19)
In March 2020 the World Health Organization declared coronavirus
COVID-19 a global pandemic. COVID19 threatens to be a disruptor to
companies, supply chains and the world economy. During the Period
there has been an impact on the Company's operations resulting from
the COVID-19 outbreak. Though the Company had not received any
cancelation notices from its customers in respect of active
purchase orders as a result of COVID-19, the restrictions imposed
in response to the pandemic have slowed the ability of the Company
to deliver during the Period, and whilst this business has been
delayed rather than lost, it is clear that the rate of winning new
business opportunities has been negatively impacted during the
Period.
Enquiries:
SimiGon Ltd
Ami Vizer, Chief Executive Officer and
Executive Chairman +1 (407) 951 5548
Efi Manea, Chief Financial Officer
finnCap (NOMAD & Broker) +44 (0) 207 220 0500
Henrik Persson
Overview
During the Period impacted by COVID-19 pandemic, the Company
achieved successful delivery milestones of its strategic contracts.
This includes milestones on the IAF F-16 Maintenance Trainer, C-130
virtual maintenance training solution and T-6A Simulation Based
Training programs, contractor logistics support to the USAF's URT
program and continued support for the UKMFTS. Advanced proven
technology, together with successful deliveries, have led SimiGon
to be contracted with programs throughout the period which
solidified SIMbox as a major training technology platform.
SimiGon's unique technologies offering supports industry demand
for more realistic training and depth perception provided with XR
solutions. As an integrated all-in-one system with a native
Learning Management System and Virtual Instructor, trainees receive
high value, self-paced training, saving end user organizations time
and money.
Over the Period, the Company continued its strategic focus on
its three main areas:
-- Product Support - Successfully delivering Distributed
Learning Solutions to our core strategic partners worldwide.
SimiGon, directly and through its partners, now has training sites
in North America, Europe, Middle East and in the Asia Pacific
markets.
-- New domains - Expand the utilization of our SIMbox technology
to multiple domains. This was successfully achieved by targeting
several high opportunity markets such as maintenance training
providers, commercial equipment operators, as well as training and
research labs that utilize SIMbox as part of their research.
-- R&D capabilities - Improve the technological capabilities
of SIMbox technology to enable the growth of the Company. Beyond
the expansion of our graphics engine, simulation and learning
management system, we have added and delivered XR solutions to
multiple clients around the globe.
The R&D efforts in the Period have focused on advancing the
Company's maintenance training technologies, improving XR
performance, enabling plug&play capability with consumer VR
headsets, together with continued development of the Company's
simulation software development tools, high fidelity Image
Generator, user monitoring and performance tracking with simulation
data analytics. This comprehensive solution developed by SimiGon
not only provides an immersive, high fidelity training environment,
it also provides organizations the ability to see trainee(s)
progression rate and areas of difficulty, enabling the curriculum
to be tweaked for better training results. SIMbox technologies
accelerating training are increasing the Company's opportunities
and market penetration across military and civilian training
markets.
Operational Review
SimiGon's core technology platform, SIMbox, and support services
were developed for large simulation training programmes for the
Government and Commercial sectors. As the Company evolves into a
training systems integrator, SimiGon remains at the forefront of
designing, developing, implementing and supporting advanced
simulation and training solutions to accelerate learning. Increased
operational proficiency lowers safety risks and better prepares
operators for real operations, whether they are flights, weapons
systems operations, flight line maintenance tasks or deep sea oil
rig operations. Leveraging the robust SIMbox ecosystem, SimiGon and
its partners are delivering XR capable simulation-based training
content across multiple domains and across the hardware spectrum,
from tablets and laptops/PCs to high fidelity training devices.
SimiGon's strategic, simulation-based training solutions offer
flexible licensing models with traditional software licensing or
SaaS. SimiGon's technologies and capabilities provide significant
added value to multiple industries.
Markets
Virtual Training and Simulation
According to Allied Market Research, the virtual training and
simulation market is poised for double digit growth. Valued at
$204.41 billion in 2019, the market is projected to reach $601.85
billion by 2027. Virtual training is a cost-effective training
methodology where a simulated, virtual environment allows trainees
to learn and master new skills and procedures. Virtual training is
widely used in military and civilian flight simulation, healthcare
training, energy, transportation training, e-learning, digital
manufacturing, and others.
Aerospace and defense related industry
SimiGon's core market is military aviation, where the Company is
a preferred technology supplier to the world's largest military
training programs and Government contractor.
The Company's track record of delivering on time and within
budget has led to winning multiple military-related contracts
around the world, as well as serving to further entrench the
Company with existing customers into new programs.
Civilian and Commercial vertical markets
SimiGon's significant capabilities, proven in the defense
sector, are being leveraged to pursue new civilian training
contracts. SimiGon's civilian training market opportunities range
from education, maintenance, safety, energy and other industrial
operations skills. The Company's efforts to grow vertical
Government and Civilian training are proceeding. The Company
recognizes the growth potential in XR training solutions and is
developing and marketing relevant solutions to support this
fundamental shift in the training world.
The global Smart Education and Learning market is projected to
grow with a CAGR of 20.3% from 2021 to 2027, according to Market
Insight Solutions, and reach $142 billion by 2027.
ReportLinker.com's Extended Reality Market report states the
global extended reality (XR) market is projected to grow from
$42.55 billion in 2020 to $333.16 billion by 2025, at a CAGR of
50.9% from 2020 to 2025. This growth will stem from demand for AR,
VR and MR.
User learning experiences are transforming the training industry
as traditional ways of teaching are upended by new technologies.
Adaptive learning, Artificial Intelligence (AI) driven
simulation-based learning, analytics, blended learning, and
collaborative learning, all part of SimiGon products, are
continuously evolving offer users enhanced learning methodologies
and experiences.
The simulation-based learning segment is anticipated to
continued its fast paces growth, enabling professional
organizations and educational institutions to virtually experience
real world environments for trainees to practice, navigate,
explore, and obtain more information through a virtual medium
before they start working on real-life tasks. Growing awareness
among people and rising popularity of smart education are
encouraging solution providers to invest in research and
development for creating more reliable, better, and cost-effective
solutions.
As an Open System Architecture ("OSA") software framework,
SimiGon's ability to integrate with new technologies makes its
viable long-term training simulation software fully capable of
leveraging the immersive training needs of the XR civilian markets.
SimiGon software offers an advanced solution to organizations
seeking to teach visual and interactive problem solving in far
ranging markets such as civilian aviation, technician training,
language training, customer service training and corporate
leadership. The Company's technology, experience and personnel,
place it in a unique position to take advantage of the cultural
shifts democratizing learning and training to reach the wider
consumer market.
Marketing
SimiGon has significantly boosted its digital marketing efforts
during the pandemic with a full-time, dedicated digital marketing
specialist. The Company is creating and posting new videos and
other media for social channels consumption on a regular basis. The
Company has been able to rapidly grow its presence on LinkedIn and
YouTube as well as Instagram, Facebook and Twitter. SimiGon is
expecting to continue this marketing push along with traditional
outreach at industry conferences in the US and Europe and
participation in smaller industry demos for select end users.
General
The Company continues to further develop its disruptive,
baseline, commercial off-the-shelf ("COTS") product with additional
top layer application content and capabilities to reach more end
users and vertical markets.
Targeted verticals such as commercial aviation maintenance
training, security training, language training and vocational
training have common requirements to the defense-related industries
the Company continues to target. Specifically, they are highly
regulated, require complex and specialized skill training and have
zero tolerance for error. SimiGon is seeking to increase market
share and broaden the end user applications for its base line
SIMbox software platform in new domains.
Business Model
The Company's strategy, is to focus on long-term, high value,
stable SaaS license contracts and services that provide better
revenue and profit visibility as a result of distributing over the
Period in which they are provided rather than lumpy license
sales.
With SaaS-based contracts, the recurring maintenance and support
stream is already included in the contract terms. In addition, the
Company maintains flexibility with its traditional perpetual
license fee model where the Company is paid for software license
and support, as well as providing turnkey solutions for customers
and partners as a Prime contractor or Sub-contractor.
Growth Strategy
The Company is focused on organic growth with its existing
customer base, offering continuous product developments and
services; leveraging its experience and IP developed from existing
contracts as a Prime Contractor and Subcontractor to win new
business and capture sales in established segments; and expanding
its core technology's applicability for new market domains,
directly and indirectly.
SimiGon's highly scalable, COTS technology training management
system makes it an ideal solution to address new training domains
with little customization required. New projects and markets
continue to utilize the product infrastructure and developer tools
to create the new application content; once developed, they are
leveraged to target the wider market.
In addition, SimiGon is seeking to acquire simulation &
training businesses that are aligned with the Company's strategic
focus in the Government and Commercial training and simulation
market. SimiGon is in the enviable position of having both the
financial ability and trust of our key shareholders to make
strategic business acquisitions that will help us expand in our key
market segments.
Long term contracts
The Company maintained its solid portfolio of long-term
partnerships:
-- On December 2019, the Company has been awarded a $1.8 million
contract from a large international defense electronics company
("Defense Company") to design, develop and implement a C-130
virtual maintenance training solution (the "Contract"). The
Contract for the C-130 training system is a new product
complementing SimiGon's current range of VMT solutions, including
the F-16 training system which is already used by the IAF. This
Contract, along with other ground based training systems using
SimiGon technologies in the IAF, including T-6A Virtual Reality
systems and the M-346 Advanced Jet Trainer, further solidifies
SimiGon technologies as the IAF's primary training technology
platform for aircrew academy members. The Contract's period of
performance (excluding 12 months warranty and support) is
approximately eighteen (18) months. During the Period, SimiGon has
successfully delivered programs milestones. On October 2020, the
Company has been awarded with additional $0.5 million extension to
thIS Contract.
-- The Company has been awarded in year 2019 with a Blanket
Purchase Agreement from the USAF for the supply of Virtual and
Mixed Reality Systems (BPA). The BPA, has a contract ceiling of $6
million over a two-year period, which and the Company continued to
deliver upon during year 2020. This allows the U.S. Government to
rapidly order Virtual Reality (VR) and Mixed Reality (MR)
solutions. SimiGon was one of four contractors awarded.
-- SimiGon continues its successful support for UKMFTS as a
technology and services provider to Lockheed Martin. The Company
continues to deliver under this long term contract, now in its
ninth year of support, exceeding partner and end user expectations
of SimiGon's technologies and performance.
-- Ongoing USAF contracts for the continued maintenance and
support including onsite hardware and software support for the
sixteen SIMbox-based T-6A Level 5 FTDs.
-- SimiGon completed multiple delivery milestones for the $2
million IAF F16 Maintenance Trainer contract announced in June 2016
to provide F-16 maintenance simulation based training systems to
the IAF's technician school in Haifa, Israel. This contract, in the
maintenance training domain, is a new, lucrative vertical for
SimiGon and will provide us with the experience and credentials to
leverage for similar new business opportunities in other regions
and other sectors.
-- The Company continues to support and has further expanded its
long-term relationship with a major existing European customer that
it has been supplying with software and services since 2009.
-- SimiGon continues its successful support of the SIMbox-based
T-6A Simulation Based Trainers units provided to the IAF Flight
Academy.
Financial Performance
Revenue for the year ended 31 December 2020 was $3.22 million,
compared to $4.88 million in 2019. 47.16% of SimiGon's revenues
came from North America (2019: 41.5%), 52.84% from Europe, Middle
East, South America, Australia and Far East (2019: 58.5%). This
decrease was attributable to the operational difficulties and
delays in delivering against contracts during the COVID-19 pandemic
and slowing of new business opportunities.
During the Period, loss before income taxes were $2.18 million
(2019: loss before tax expenses of $1.45 million).
Gross profit for the year ended 31 December 2020 was $1.82
million, as compared to $3.09 million for the year ended 31
December 2019. Accordingly, gross margins decrease to 57% for the
year ended 31 December 2020 as compared to 63% for the year ended
31 December 2019.
Total operating expenses for the year ended 31 December 2020
decreased by 13% to $3.95 million as compared to $4.53 million for
the year ended 31 December 2019. R&D expenses for year ended 31
December 2020 decreased by 15% to $1.85 million as compared to
$2.18 million for the year ended 31 December 2019. Without
considering the impact of the adoption of IFRS 16 on the financial
reports for year 2019, the decrease in the R&D expenses was
mainly due to reductions in salary and related benefits expenses.
Marketing expenses for the year ended 31 December 2020 increased by
12% to $1.04 million as compared to $1.19 million for the year
ended 31 December 2019 mainly due to salary expenses as part of the
Company intention to increase marketing efforts.
General and administration expenses for the year ended 31
December 2020 decreased by 9% to $1.06 million as compared to $1.17
million the year ended 31 December 2019 mainly due to salary and
related benefits expenses.
Operating loss for the year ended 31 December 2020 was $2.13
million, as compared to $1.45 million for the year ended 31
December 2019.
As a consequence of the factors above, the loss for the fiscal
year was $2.18 million (2019: loss of $1.45 million).
Basic and diluted loss per share was $0.04 for the year ended 31
December 2020 as compared to basic and diluted loss per share of
$0.03 for the year ended 31 December 2019.
As at 31 December 2020 the Company had cash and cash equivalents
of $4.95 million as compared to $6.04 million as at 31 December
2019, with trade receivables net of $0.96 million, out of which, a
total of $0.5 million has been collected since the year end.
Despite the uncertainty as to the severity and duration of
COVID-19 global pandemic, and its impact that has been and might be
on the Company's operation, the financial statements have been
prepared on a going concern basis which assumes that the Company
will continue its operations for the foreseeable future and be able
to realize its assets and discharge its liabilities and commitments
in the normal course of business. In arriving at this
determination, the Company has undertaken a thorough review of the
Company's cash flow forecast and potential liquidity risks. Cash
flow projections have been prepared which show that the Company
will have sufficient funds to finance its operations and meet its
obligations during the period of at least 12 months from the date
of approval of the financial statements.
The following has been performed by the Company as part of its
ongoing activities to reduce the impact of COVID19 on its
financials:
-- On April 24 2020, the Company's subsidiary SimiGon Inc. has
received a loan in a total of $0.23 million from the US Small
Business Administration (SBA) as part of their Paycheck Protection
Program that helps businesses keep their workforce employed during
COVID-19 crisis. The SBA will forgive loans if all employee
retention criteria are met, and the funds are used for eligible
expenses ("PPP Loan").
On February 2021, SimiGon Inc. has received a full forgiveness
from the SBA.
-- On April 15 2021, the Company's subsidiary SimiGon Inc. has
received additional PPP Loan in a total of $0.24 million from the
SBA.
-- The Company receive a state-guaranteed bank loan in a total
amount of $0.23 million following the announcement made by the
State of Israel of the opening of dedicated small business
financial aid funds following the COVID-19 crisis.
Outlook
SimiGon's long term outlook remains positive as we have
weathered the worst of the pandemic's disruption. SimiGon
technologies, coupled with pent-up demand for military aviation
aircrew and maintainer training, ability to leverage existing
training content with heightened XR capable user experiences,
provide the pathway to growth and profitability.
The Company looks forward to putting the COVID-19 drag affect
behind us and press forward on its agility and ability to rapidly
scale to support new business and deliver its vision and business
strategy to shareholders.
23 Final Results Announcement
This final results announcement, which has been agreed with the
auditors, was approved by the Board of Directors on 27 April 2021.
It is not the Company's statutory accounts for the year ended 31
December 2020 but is extracted from those financial statements.
Copies of SimiGon's audited statutory accounts for the year ended
31 December 2020 will be available at the Company's website,
www.simigon.com, as soon as practicable after the release of this
announcement.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31,
---------------------------
2020 2019
------------- ------------
U.S. dollars in thousands
---------------------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents 1,227 2,974
Short-term bank deposit 1,831 1,181
Short-term investments 1,889 1,887
Short-term restricted cash - 523
Trade receivables, net 956 1,407
Other accounts receivable and prepaid
expenses 70 37
Total current assets 5,973 8,009
------------- ------------
NON-CURRENT ASSETS:
Restricted cash 50 38
Long-term prepaid expenses 27 27
Property, plant and equipment 22 99
Right-of-use assets 260 294
Goodwill 1,068 1,068
Total non-current assets 1,427 1,526
------------- ------------
Total assets 7,400 9,535
============= ============
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
December 31,
---------------------------
2020 2019
-------------- -----------
U.S. dollars in thousands
---------------------------
EQUITY AND LIABILITIES
CURRENT LIABILITIES:
Current maturities of loans 34 -
Trade payables 138 86
Current maturities of lease liabilities 242 245
Deferred revenues 72 236
Other accounts payable and accrued expenses 701 845
-------------- -----------
Total current liabilities 1,187 1,412
-------------- -----------
NON-CURRENT LIABILITIES:
Lease liabilities 21 31
Employee benefit liabilities 369 362
Long-term loan 215 -
Other non-current liabilities 713 708
Total non-current liabilities 1,318 1,101
-------------- -----------
Total liabilities 2,505 2,513
-------------- -----------
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS
OF THE COMPANY:
Share capital 125 125
Additional paid-in capital 16,652 16,651
Treasury shares (105) (105)
Accumulated deficit (11,777) (9,649)
-------------- -----------
Total equity attributable to equity
holders of the Company 4,895 7,022
-------------- -----------
Total equity 4,895 7,022
-------------- -----------
Total liabilities and equity 7,400 9,535
============== ===========
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year ended
December 31,
--------------------------------
2020 2019 2018
---------- --------- ---------
U.S. dollars in thousands
(except share and per share
amounts)
--------------------------------
Revenues 3,221 4,882 5,029
Cost of revenues 1,397 1,797 973
---------- --------- ---------
Gross profit 1,824 3,085 4,056
---------- --------- ---------
Operating expenses:
Research and development 1,850 2,175 2,335
Selling and marketing 1,040 1,187 1,019
General and administrative 1,062 1,171 1,462
---------- --------- ---------
Total operating expenses 3,952 4,533 4,816
---------- --------- ---------
Operating loss (2,128) (1,448) (760)
Other Income 6 - -
Loss before financial expenses (2.122) (1,448) (760)
---------- --------- ---------
Finance income 168 215 134
Finance expenses 226 215 157
---------- --------- ---------
Loss before income taxes (2,180) (1,448) (783)
Income tax benefit (expense) - - (224)
---------- --------- ---------
Loss (2,180) (1,448) (1,007)
========== ========= =========
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Year ended
December 31,
--------------------------------
2020 2019 2018
---------- --------- ---------
U.S. dollars in thousands
(except share and per share
amounts)
--------------------------------
Loss (2,180) (1,448) (1,007)
---------- --------- ---------
Other comprehensive income not
to be reclassified to profit
or loss in subsequent periods:
Remeasurement gain (loss) from
defined benefit plan 52 (27) 16
---------- --------- ---------
Total comprehensive loss (2,128) (1,475) (991)
========== ========= =========
Loss attributable to:
Equity holders of the Company (2,180) (1,448) (1,013)
Non-controlling interests - - 6
---------- --------- ---------
(2,180) (1,448) (1,007)
========== ========= =========
Total comprehensive loss attributable
to:
Equity holders of the Company (2,128) (1,475) (997)
Non-controlling interests - - 6
---------- --------- ---------
(2,128) (1,475) (991)
========== ========= =========
Basic and diluted loss per share
attributable to equity holders
of the Company in U.S. dollars (0.04) (0.03) (0.02)
========== ========= =========
Weighted average number of shares
used in computing basic and diluted
earnings per share (in thousands) 51,022 51,020 51,259
========== ========= =========
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Attributable to equity holders of the Company
---------------------------------------------------------------
Additional
Number Share paid-in Treasury Accumulated Non-controlling Total
of shares capital capital shares deficit Total interests equity
---------- ------- ---------- -------- ----------- ------- --------------- -------
U.S. dollars in thousands (except share amounts)
-----------------------------------------------------------------------------------------
Balance as of
January
1, 2018 51,394,189 125 16,639 - (7,177) 9,587 (6) 9,581
Total
comprehensive
loss - - - - (997) (997) 6 (991)
Purchase of
Treasury
shares (535,571) - - (105) - (105) - (105)
Shares-based
compensation - - 8 - - 8 - 8
Balance as of
December *)
31, 2018 50,858,618 125 16,647 (105) (8,174) 8,493 - 8,493
Total
comprehensive
loss - - - - (1,475) (1,475) - (1,475)
Share issuance
upon exercise
of **)
options 5,000 - 1 - - 1 - 1
Share-based
compensation - 3 - 3 3
---------- ------- ---------- -------- ----------- ------- --------------- -------
Balance as of
December *)
31, 2019 50,863,618 125 16,651 (105) (9,649) 7,022 - 7,022
---------- ------- ---------- -------- ----------- ------- --------------- -------
Total
comprehensive
loss - - - - (2,128) (2,128) - (2,128)
Share-based
compensation - - 1 - - 1 - 1
---------- ------- ---------- -------- ----------- ------- --------------- -------
Balance as of
December *)
31, 2020 50,863,618 125 16,652 (105) (11,777) 4,895 - 4,895
========== ======= ========== ======== =========== ======= =============== =======
*) Net of 535,571 shares held in treasury.
**) Represents an amount lower than $ 1 thousand.
CONSOLIDATED STATEMENTS OF CASH FLOW
Year ended
December 31,
-----------------------------
2020 2019 2018
--------- -------- --------
U.S. dollars in thousands
-----------------------------
Cash flows from operating activities:
Loss (2,180) (1,448) (1,007)
--------- -------- --------
Adjustments to reconcile loss to net
cash provided by (used in) operating
activities:
Adjustments to the profit or loss
items:
Depreciation and amortization 328 308 46
Deferred tax - - 226
Finance expenses (income), net 5 (70) 64
Financial expenses lease liabilities 16 20 -
Share-based compensation 2 3 8
Change in employee benefit liabilities,
net 59 47 15
Changes in asset and liability items:
Decrease (increase) in trade receivables 451 1,164 (823)
Decrease (increase) in other accounts
receivable and prepaid expenses (including
long-term) (33) 61 59
Increase (decrease) in trade payables 52 (74) 26
Increase (decrease) in deferred revenues (164) (91) (74)
Increase (decrease) in other accounts
payable and accrued expenses (144) 146 -
--------- -------- --------
572 1,514 (453)
--------- -------- --------
Net cash provided by (used in) operating
activities (1,608) 66 (1,460)
--------- -------- --------
CONSOLIDATED STATEMENTS OF CASH FLOW
Year ended
December 31,
-----------------------------
2020 2019 2018
---------- ------ ---------
U.S. dollars in thousands
-----------------------------
Cash flows from investing activities:
Decrease (increase) in restricted cash 511 278 (164)
Increase in short-term bank deposits (638) (139) -
Increase in long-term deposits - (2)
Purchase of property, plant and equipment (10) (88) (16)
Sale of equipment 55 - -
Net cash provided by (used in) investing
activities (82) 51 (182)
---------- ------ ---------
Cash flows from financing activities:
Repayment of lease liabilities (291) (287) -
Proceeds from share issuance upon exercise
of options - 1 -
Proceed from bank loan 234 - -
Purchase of treasury shares - - (105)
Receipt of refundable grants - - 22
Net cash used in financing activities (57) (286) (83)
---------- ------ ---------
Decrease in cash and cash equivalents (1,747) (169) (1,725)
Cash and cash equivalents at beginning
of year 2,974 3,143 4,868
---------- ------ ---------
Cash and cash equivalents at end of
year 1,227 2,974 3,143
========== ====== =========
(a) Supplemental disclosure of non-cash
activities:
Right-of-use assets and corresponding
lease liabilities 262 59 -
===
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