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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the quarterly period ended June 30, 2023
or
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the transition period from __________________ to __________________
Commission
file number: 000-15746
VIEWBIX
INC.
(Exact
Name Of Registrant As Specified In Its Charter)
Delaware |
|
68-0080601 |
(State
of |
|
(I.R.S.
Employer |
Incorporation) |
|
Identification
Number) |
11
Derech Menachem Begin Street, Ramat Gan, Israel |
|
5268104 |
(Address
of Principal Executive Offices) |
|
(Zip
Code) |
Registrant’s
Telephone Number, Including Area Code: +972 9-774-1505
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer (as defined in Rule
12b-2 of the Exchange Act) or a smaller reporting company.
Large
accelerated filer |
☐ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☒ |
Smaller
reporting company |
☒ |
|
|
Emerging
growth company |
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
On
August 14, 2023, the Registrant had 14,920,585 shares of common stock issued and outstanding.
VIEWBIX
INC.
TABLE
OF CONTENTS
PART
I - FINANCIAL INFORMATION
ITEM
1. FINANCIAL STATEMENTS
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
June
30, 2023
CONTENTS
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
U.S.
dollars in thousands (except share data)
| |
Note | | |
2023 | | |
2022 | |
| |
| | |
As of June 30 | | |
As of December 31 | |
| |
Note | | |
2023 | | |
2022 | |
| |
| | |
| | |
| |
ASSETS | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
CURRENT ASSETS | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Cash and cash equivalents | |
| | | |
| 3,304 | | |
| 4,196 | |
Restricted deposits | |
| | | |
| 182 | | |
| 185 | |
Accounts receivable | |
| | | |
| 18,415 | | |
| 20,945 | |
Loan to parent company | |
| 3 | | |
| 3,689 | | |
| 3,542 | |
Other current assets | |
| | | |
| 693 | | |
| 973 | |
| |
| | | |
| | | |
| | |
Total current assets | |
| | | |
| 26,283 | | |
| 29,841 | |
| |
| | | |
| | | |
| | |
NON-CURRENT ASSETS | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Severance pay funds | |
| | | |
| - | | |
| 52 | |
Deferred taxes | |
| | | |
| 211 | | |
| 340 | |
Property and equipment, net | |
| | | |
| 272 | | |
| 302 | |
Operating lease right-of-use asset | |
| 4 | | |
| 442 | | |
| 486 | |
Intangible assets, net | |
| 5 | | |
| 13,885 | | |
| 15,313 | |
Goodwill | |
| 5 | | |
| 17,361 | | |
| 17,361 | |
| |
| | | |
| | | |
| | |
Total non-current assets | |
| | | |
| 32,171 | | |
| 33,854 | |
| |
| | | |
| | | |
| | |
Total assets | |
| | | |
| 58,454 | | |
| 63,695 | |
The
accompanying notes are an integral part of these Interim Condensed Consolidated financial statements.
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Cont.)
U.S.
dollars in thousands (except share data)
| |
| | |
As of June 30 | | |
As of December 31 | |
| |
Note | | |
2023 | | |
2022 | |
| |
| | |
| | |
| |
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Accounts payable | |
| | | |
| 17,345 | | |
| 19,782 | |
Short-term loans | |
| 6 | | |
| 6,000 | | |
| 5,069 | |
Current maturities of long-term loans | |
| 6 | | |
| 1,879 | | |
| 1,500 | |
Other payables | |
| | | |
| 1,285 | | |
| 2,084 | |
Operating lease liabilities - short term | |
| 4 | | |
| 83 | | |
| 87 | |
| |
| | | |
| | | |
| | |
Total current liabilities | |
| | | |
| 26,592 | | |
| 28,522 | |
| |
| | | |
| | | |
| | |
NON-CURRENT LIABILITIES | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Accrued severance pay | |
| | | |
| - | | |
| 152 | |
Long-term loans, net of current maturities | |
| 6 | | |
| 3,128 | | |
| 2,881 | |
Operating lease liabilities - long term | |
| 4 | | |
| 334 | | |
| 388 | |
Deferred taxes | |
| | | |
| 1,632 | | |
| 1,853 | |
| |
| | | |
| | | |
| | |
Total non-current liabilities | |
| | | |
| 5,094 | | |
| 5,274 | |
| |
| | | |
| | | |
| | |
Commitments and Contingencies | |
| 7 | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | |
SHAREHOLDERS’ EQUITY | |
| 8 | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Common stock of $0.0001 par value - Authorized: 490,000,000 shares; Issued and outstanding: 14,895,075 and 14,783,964 shares as of June 30, 2023 and December 31, 2022, respectively. | |
| | | |
| 3 | | |
| 3 | |
Additional paid-in capital | |
| | | |
| 25,417 | | |
| 25,350 | |
Accumulated deficit | |
| | | |
| (3,859 | ) | |
| (3,338 | ) |
Equity attributed to shareholders of Viewbix Inc. | |
| | | |
| 21,561 | | |
| 22,015 | |
Non-controlling interests | |
| | | |
| 5,207 | | |
| 7,884 | |
Total equity | |
| | | |
| 26,768 | | |
| 29,899 | |
| |
| | | |
| | | |
| | |
Total liabilities and shareholders’ equity | |
| | | |
| 58,454 | | |
| 63,695 | |
The
accompanying notes are an integral part of these Interim Condensed Consolidated financial statements.
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
U.S.
dollars in thousands (except share data)
| |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Note | | |
For
the six months ended June 30, | | |
For
the three months ended June 30, | |
| |
| | |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| | |
| |
Revenues | |
| | | |
| 48,016 | | |
| 43,337 | | |
| 27,154 | | |
| 22,902 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Costs
and Expenses: | |
| | | |
| | | |
| | | |
| | | |
| | |
Traffic-acquisition
and related costs | |
| | | |
| 42,031 | | |
| 37,265 | | |
| 24,050 | | |
| 19,650 | |
Research
and development | |
| | | |
| 1,513 | | |
| 1,641 | | |
| 717 | | |
| 793 | |
Selling and
marketing | |
| | | |
| 1,438 | | |
| 1,225 | | |
| 715 | | |
| 605 | |
General and
administrative | |
| | | |
| 1,392 | | |
| 876 | | |
| 688 | | |
| 329 | |
Depreciation
and amortization | |
| | | |
| 1,468 | | |
| 1,315 | | |
| 734 | | |
| 729 | |
Other
expenses | |
| | | |
| - | | |
| 35 | | |
| - | | |
| 35 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Operating
income | |
| | | |
| 174 | | |
| 980 | | |
| 250 | | |
| 761 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Financial
expense, net | |
| | | |
| 431 | | |
| 1,073 | | |
| 246 | | |
| 736 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Income
tax expense (benefit) | |
| | | |
| 171 | | |
| 8 | | |
| 87 | | |
| (23 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net
income (loss) | |
| | | |
| (428 | ) | |
| (101 | ) | |
| (83 | ) | |
| 48 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Less:
net income attributable to non-controlling interests | |
| | | |
| 93 | | |
| 430 | | |
| 41 | | |
| 311 | |
Net
loss attributable to shareholders of Viewbix Inc. | |
| | | |
| (521 | ) | |
| (531 | ) | |
| (124 | ) | |
| (263 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net income
per share – Basic attributed to shareholders: | |
| | | |
| (0.04 | ) | |
| (0.04 | ) | |
| (0.01 | ) | |
| (0.02 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Net income
per share – Diluted attributed to shareholders: | |
| | | |
| (0.04 | ) | |
| (0.04 | ) | |
| (0.01 | ) | |
| (0.02 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted average number of
shares – Basic: | |
| | | |
| 14,810,974 | | |
| 14,783,964 | (*) | |
| 14,837,688 | | |
| 14,783,964 | (*) |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Weighted
average number of shares – Diluted: | |
| | | |
| 15,071,640 | | |
| 15,044,630 | (*) | |
| 15,098,354 | | |
| 15,044,630 | (*) |
The
accompanying notes are an integral part of these Interim Condensed Consolidated financial statements.
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
U.S.
dollars in thousands (except share data)
| |
Number | | |
Amount | | |
capital | | |
Deficit | | |
Shareholders | | |
Interests | | |
Equity | |
| |
Common stock | | |
Additional paid-in | | |
Accumulated | | |
Total Attributed to the company’s | | |
Non- Controlling | | |
Total | |
| |
Number | | |
Amount | | |
capital | | |
Deficit | | |
Shareholders | | |
Interests | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance as of January 1, 2023 | |
| 14,783,964 | | |
| 3 | | |
| 25,350 | | |
| (3,338 | ) | |
| 22,015 | | |
| 7,884 | | |
| 29,899 | |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| (521 | ) | |
| (521 | ) | |
| 93 | | |
| (428 | ) |
Share-based compensation (see note 8.A) | |
| 111,111 | | |
| - | | |
| 67 | | |
| - | | |
| 67 | | |
| 8 | | |
| 75 | |
Transaction with the non-controlling interests (see note 1.C) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,625 | ) | |
| (2,625 | ) |
Dividend declared to non-controlling interests | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (153 | ) | |
| (153 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2023 | |
| 14,895,075 | | |
| 3 | | |
| 25,417 | | |
| (3,859 | ) | |
| 21,561 | | |
| 5,207 | | |
| 26,768 | |
| |
Common stock | | |
Additional paid-in | | |
Accumulated | | |
Total Attributed to the company’s | | |
Non- Controlling | | |
Total | |
| |
Number | | |
Amount | | |
capital | | |
Deficit | | |
Shareholders | | |
Interests | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance as of April 1, 2023 | |
| 14,783,964 | | |
| 3 | | |
| 25,374 | | |
| (3,735 | ) | |
| 21,642 | | |
| 5,317 | | |
| 26,959 | |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| (124 | ) | |
| (124 | ) | |
| 41 | | |
| (83 | ) |
Share-based compensation (see note 8.A) | |
| 111,111 | | |
| - | | |
| 43 | | |
| - | | |
| 43 | | |
| 2 | | |
| 45 | |
Dividend declared to non-controlling interests | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (153 | ) | |
| (153 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2023 | |
| 14,895,075 | | |
| 3 | | |
| 25,417 | | |
| (3,859 | ) | |
| 21,561 | | |
| 5,207 | | |
| 26,768 | |
The
accompanying notes are an integral part of these Interim Condensed Consolidated financial statements.
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
U.S.
dollars in thousands (except share data)
| |
Common stock (*) | | |
Additional paid-in | | |
Accumulated | | |
Total Attributed to the company’s | | |
Non- Controlling | | |
Total | |
| |
Number | | |
Amount | | |
capital | | |
Deficit | | |
Shareholders | | |
Interests | | |
Equity | |
Balance as of January 1, 2022 | |
| 14,783,964 | | |
| 3 | | |
| 16,074 | | |
| (2,366 | ) | |
| 13,711 | | |
| 4,806 | | |
| 18,517 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| (531 | ) | |
| (531 | ) | |
| 430 | | |
| (101 | ) |
Share-based compensation | |
| | | |
| | | |
| 5 | | |
| | | |
| 5 | | |
| 3 | | |
| 8 | |
Adjustment to ultimate parent’s carrying values (see note 1.B) | |
| - | | |
| - | | |
| 9,227 | | |
| - | | |
| 9,227 | | |
| 4,101 | | |
| 13,328 | |
Dividend declared to non-controlling interests | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (742 | ) | |
| (742 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2022 | |
| 14,783,964 | | |
| 3 | | |
| 25,306 | | |
| (2,897 | ) | |
| 22,412 | | |
| 8,598 | | |
| 31,010 | |
| |
Common stock (*) | | |
Additional paid-in | | |
Accumulated | | |
Total Attributed to the company’s | | |
Non- Controlling | | |
Total | |
| |
Number | | |
Amount | | |
capital | | |
Deficit | | |
Shareholders | | |
Interests | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance as of April 1, 2022 | |
| 14,783,964 | | |
| 3 | | |
| 25,302 | | |
| (2,634 | ) | |
| 22,671 | | |
| 8,676 | | |
| 31,347 | |
Balance | |
| 14,783,964 | | |
| 3 | | |
| 25,302 | | |
| (2,634 | ) | |
| 22,671 | | |
| 8,676 | | |
| 31,347 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
| - | | |
| - | | |
| - | | |
| (263 | ) | |
| (263 | ) | |
| 311 | | |
| 48 | |
Share-based compensation | |
| - | | |
| - | | |
| 4 | | |
| - | | |
| 4 | | |
| 3 | | |
| 7 | |
Dividend declared to non-controlling interests | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (392 | ) | |
| (392 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of June 30, 2022 | |
| 14,783,964 | | |
| 3 | | |
| 25,306 | | |
| (2,897 | ) | |
| 22,412 | | |
| 8,598 | | |
| 31,010 | |
Balance | |
| 14,783,964 | | |
| 3 | | |
| 25,306 | | |
| (2,897 | ) | |
| 22,412 | | |
| 8,598 | | |
| 31,010 | |
The
accompanying notes are an integral part of these Interim Condensed Consolidated financial statements.
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
U.S.
dollars in thousands (except share data)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the six months ended June 30, | | |
For the three months ended June 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Cash flows from Operating Activities | |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
| (428 | ) | |
| (101 | ) | |
| (83 | ) | |
| 48 | |
| |
| | | |
| | | |
| | | |
| | |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |
| | | |
| | | |
| | | |
| | |
Depreciation and amortization | |
| 1,468 | | |
| 1,315 | | |
| 734 | | |
| 729 | |
Share-based compensation | |
| 75 | | |
| 8 | | |
| 45 | | |
| 7 | |
Deferred taxes | |
| (92 | ) | |
| (123 | ) | |
| (34 | ) | |
| (68 | ) |
Accrued interest, net | |
| (49 | ) | |
| (39 | ) | |
| (22 | ) | |
| (17 | ) |
Exchange rate differences on loans | |
| - | | |
| 961 | | |
| - | | |
| 777 | |
| |
| | | |
| | | |
| | | |
| | |
Changes in assets and liabilities items: | |
| | | |
| | | |
| | | |
| | |
Decrease (increase) in accounts receivable | |
| 2,530 | | |
| (3 | ) | |
| (2,856 | ) | |
| (2,086 | ) |
Decrease (increase) in other receivables | |
| 280 | | |
| (188 | ) | |
| 129 | | |
| 309 | |
Decrease in operating lease right-of-use assets | |
| 44 | | |
| 42 | | |
| 22 | | |
| 22 | |
Decrease in severance pay, net | |
| (100 | ) | |
| (1 | ) | |
| (97 | ) | |
| (20 | ) |
Increase (decrease) in accounts payable | |
| (2,437 | ) | |
| (1,067 | ) | |
| 3,289 | | |
| 2,952 | |
Decrease in other payables | |
| (218 | ) | |
| (297 | ) | |
| (96 | ) | |
| (160 | ) |
Decrease in operating lease liabilities | |
| (58 | ) | |
| (37 | ) | |
| (28 | ) | |
| (19 | ) |
Increase in loan from parent company | |
| - | | |
| 128 | | |
| - | | |
| 74 | |
| |
| | | |
| | | |
| | | |
| | |
Net cash provided by operating activities | |
| 1,015 | | |
| 598 | | |
| 1,003 | | |
| 2,548 | |
The
accompanying notes are an integral part of these Interim Condensed Consolidated financial statements.
VIEWBIX
INC.
INTERIM
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Cont.)
U.S.
dollars in thousands (except share data)
|
|
For the six months
ended June 30, |
|
|
For
the three months
ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Cash flows from Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of property and equipment |
|
|
(10 |
) |
|
|
(45 |
) |
|
|
(8 |
) |
|
|
(6 |
) |
Cash paid to non-controlling interests (see note 1.C) |
|
|
(2,625 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Capitalization of software development costs |
|
|
- |
|
|
|
(16 |
) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
(2,635 |
) |
|
|
(61 |
) |
|
|
(8 |
) |
|
|
(6 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receipt of short-term bank loan |
|
|
1,200 |
|
|
|
1,000 |
|
|
|
1,200 |
|
|
|
1,000 |
|
Repayment of short-term loans |
|
|
(269 |
) |
|
|
- |
|
|
|
(22 |
) |
|
|
- |
|
Receipt of long-term bank loan |
|
|
1,500 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Repayment of long-term bank loans |
|
|
(874 |
) |
|
|
(702 |
) |
|
|
(457 |
) |
|
|
(353 |
) |
Payment of dividend to non-controlling interests |
|
|
(598 |
) |
|
|
(742 |
) |
|
|
(153 |
) |
|
|
(392 |
) |
Payment of dividend to shareholders (see note 8.E.1) |
|
|
(130 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Increase in loan to parent company |
|
|
(104 |
) |
|
|
(856 |
) |
|
|
(32 |
) |
|
|
(627 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) financing activities |
|
|
725 |
|
|
|
(1,300 |
) |
|
|
536 |
|
|
|
(372 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in cash and cash equivalents and restricted cash |
|
|
(895 |
) |
|
|
(763 |
) |
|
|
1,531 |
|
|
|
2,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents and restricted cash at beginning of period |
|
|
4,381 |
|
|
|
5,442 |
|
|
|
1,955 |
|
|
|
2,509 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents and restricted cash at end of period |
|
|
3,486 |
|
|
|
4,679 |
|
|
|
3,486 |
|
|
|
4,679 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Flow Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes paid |
|
|
512 |
|
|
|
416 |
|
|
|
327 |
|
|
|
90 |
|
Interest paid |
|
|
444 |
|
|
|
227 |
|
|
|
247 |
|
|
|
124 |
|
|
|
|
956 |
|
|
|
643 |
|
|
|
574 |
|
|
|
214 |
|
Substantial non-cash activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-based compensation to a director (see note 8.A) |
|
|
34 |
|
|
|
- |
|
|
|
34 |
|
|
|
- |
|
The
accompanying notes are an integral part of these Interim Condensed Consolidated financial statements.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
1: GENERAL
A.
Organizational Background
Viewbix
Inc. (formerly known as Virtual Crypto Technologies, Inc.) (the “Company”) was incorporated in the State of Delaware on August
16, 1985, under a predecessor name, The InFerGene Company (“InFerGene Company”). On August 25, 1995, a wholly owned subsidiary
of InFerGene Company merged with Zaxis International, Inc., an Ohio corporation, which following such merger, the surviving entity, InFerGene
Company, changed its name to Zaxis International, Inc (“Zaxis”). In 2015 the Company changed its name to Emerald Medical
Applications Corp., subsequent to which the Company, through its subsidiarity, was engaged in the development of technology for use in
detection of skin cancer. On January 29, 2018, the Company ceased its business operations in this field.
On
January 17, 2018, the Company formed a new wholly owned subsidiary under the laws of the State of Israel, Virtual Crypto Technologies
Ltd. (“VCT Israel”), to develop and market software and hardware products facilitating and supporting the purchase and/or
sale of cryptocurrencies. Effective as of March 7, 2018, the Company’s name was changed from Emerald Medical Applications Corp.
to Virtual Crypto Technologies, Inc. VCT Israel ceased its business operation in 2019 and prior to consummation of the Recapitalization
Transaction. On January 27, 2020, VCT Israel was sold to a third party for NIS 50 thousand (approximately $13).
On
February 7, 2019, the Company entered into a share exchange agreement (the “Share Exchange Agreement” or the “Recapitalization
Transaction”) with Gix Internet Ltd., a company organized under the laws of the State of Israel (“Gix” or “Parent
Company’’), pursuant to which, Gix assigned, transferred and delivered its 99.83% holdings in Viewbix Ltd., a company organized
under the laws of the State of Israel (“Viewbix Israel”), to the Company in exchange for shares of the Company, which resulted
in Viewbix Israel becoming a subsidiary of the Company. In connection with the Share Exchange Agreement, effective as of August 7, 2019,
the Company’s name was changed from Virtual Crypto Technologies, Inc. to Viewbix Inc.
B.
Reorganization Transaction
On
December 5, 2021, the Company entered into a certain Agreement and Plan of Merger with Gix Media Ltd. (“Gix Media”), an Israeli
company and the majority-owned (77.92%) subsidiary of Gix, the Parent Company and Vmedia Merger Sub Ltd., an Israeli company and wholly-owned
subsidiary of the Company (“Merger Sub”), pursuant to which, Merger Sub merged with and into Gix Media, with Gix Media being
the surviving entity and a wholly-owned subsidiary of the Company (the “Reorganization Transaction”).
On
September 19, 2022, (the “Closing Date”) the Reorganization Transaction was consummated and as a result, all outstanding
ordinary shares of Gix Media, having no par value (the “Gix Media Shares”) were delivered to the Company in exchange for
the Company’s shares of common stock, par value $0.0001 per share (“Common Stock”). As a result of the Reorganization
Transaction, the former holders of Gix Media Shares, who previously held approximately 68% of the Company’s Common Stock, hold
approximately 97% of the Company’s Common Stock, and Gix Media became a wholly owned subsidiary of the Company.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
1: GENERAL (Cont.)
B.
Reorganization Transaction (Cont.)
As
the Company and Gix Media Ltd. were consolidated both by the Parent Company and Medigus Ltd. (the “Ultimate Parent”),
before and after the Reorganization Transaction, the Reorganization Transaction was accounted for as a transaction between entities under
common control. Accordingly, the financial information of the Company and Gix Media Ltd. is presented in these financial statements,
for all periods presented, reflecting the historical cost of the Company and Gix Media Ltd., as it is reflected in the consolidated financial
statements of the Parent Company, for all periods preceding March 1, 2022, the date the Ultimate Parent obtained a controlling interest
in the Parent Company and as it is reflected in the consolidated financial statements of the Ultimate Parent for all periods subsequent
to March 1, 2022.
Share
and per share data in these financial statements have been retrospectively adjusted, for the six and three months ended June 30, 2022,
to reflect a number of shares that is equivalent to the number of shares of the Company post the Reorganization Transaction.
C.
Business Overview
The
Company and its subsidiaries (the “Group”), Gix Media and Cortex Media Group Ltd. (“Cortex”), operate in the
field of digital advertising. The Group has two main activities that are reported as separate operating segments: the search segment
and the digital content segment.
The
search segment develops a variety of technological software solutions, which perform automation, optimization, and monetization of internet
campaigns, for the purposes of obtaining and routing internet user traffic to its customers. The search segment activity is conducted
by Gix Media.
The
digital content segment is engaged in the creation and editing of content, in different languages, for different target audiences, for
the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple, by utilizing such
content to obtain and route internet user traffic for its customers. The digital content segment activity is conducted by Cortex.
As
of December 31, 2022, Gix Media held 70% of Cortex’s share capital.
On
January 23, 2023, Gix Media acquired an additional 10% of the share capital of Cortex, increasing its holdings to 80% in consideration
for $2,625 (the “Subsequent Purchase”). The Subsequent Purchase was financed by Gix Media’s existing cash balances
and by a long-term bank loan received on January 17, 2023, in the amount of $1,500.
The
Subsequent Purchase was recorded as a transaction with non-controlling interests in the Company’s statement of changes in shareholders
equity for the six month period ended June 30, 2023.
D.
Reverse Stock Split
In
connection with the Closing of the Reorganization Transaction, the Company filed an Amended and Restated Certificate of Incorporation
(the “Amended COI”) with the Secretary of State of Delaware, effective as of August 31, 2022, pursuant to which, concurrently
with the effectiveness of the Amended COI, the Company, among other things, effected a reverse stock split of its Common Stock at a ratio
of 1-for-28. Share and per share data in these financial statements have been retrospectively adjusted to reflect the reverse stock split
for the six and three months ended June 30, 2022.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A.
Unaudited Interim Financial Statements
The
accompanying unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting
principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities
and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair
presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). For further information,
reference is made to the consolidated financial statements and footnotes thereto included in the Group’s Annual Report on Form
10-K for the year ended December 31, 2022.
B.
Principles of Consolidation
The
accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany
balances and transactions have been eliminated in consolidation.
C.
Use of estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenue and expenses during the reporting period. The Company evaluates on an ongoing basis its
assumptions, including those related to contingencies, deferred taxes, inventory impairment, stock-based compensation, as well as in
estimates used in applying the revenue recognition policy. Actual results may differ from those estimates.
D.
Significant Accounting Policies
The
significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are
identical to those applied in the preparation of the latest annual financial statements.
E.
Recent Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect
on the Group’s condensed consolidated financial statements.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
3: LOAN TO PARENT COMPANY
SCHEDULE
OF LOAN FROM TO PARENT COMPANY
| |
As of June 30 2023 | | |
As of December 31 2022 | |
| |
| | |
| |
Loan to Parent Company | |
$ | 3,689 | | |
$ | 3,542 | |
The
balance with the Parent Company represents a balance of an intercompany loan under a loan agreement signed between Gix Media and the
Parent Company on March 22, 2020. The loan bears interest at a rate to be determined from time to time in accordance with Section 3(j)
of the Income Tax Ordinance, new version, and the Income Tax Regulations (Determination of Interest Rate for the purposes of Section
3(j), 1986) or according to a market interest rate decision as agreed between the parties. The amount of the loan is in U.S. dollars.
On
November 20, 2022, the Company, Gix Media and the Parent Company agreed to restructure loan agreements between the parties (see note
15 in the 2022 annual financial statements) such that the Company fully repaid the loan to the Parent Company by offsetting its amount
from the loan owed by the Parent Company to Gix Media. As a result, as of June 30, 2023, and December 31, 2022, the Company has no further
obligations under the loan agreement with the Parent Company.
For
the six months ended June 30, 2023, and the year ended 2022, Gix Media recognized interest income in the amount of $43 and $143, respectively.
NOTE
4: LEASES
On
February 25, 2021, Gix Media entered into a lease agreement for a new corporate office of 479 square meters in Ramat Gan, Israel, at
a monthly rent fee of $10. The lease period is for 36 months (the “initial lease period”) with an option by the Company to
extend for two additional terms of 24 months each. In accordance with the lease agreement, the Company made leasehold improvements in
exchange for a rent fee discount of $67 which will be spread over the initial lease period.
The
Company includes renewal options that it is reasonably certain to exercise in the measurement of the lease liabilities.
Weighted-average
remaining lease term and discount rate were as follows:
SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES
|
|
As
of
June
30 2023 |
|
|
|
|
|
Operating
leases weighted average remaining lease term (in years) |
|
|
4.67 |
|
Operating
leases weighted average discount rate |
|
|
3.10 |
% |
|
|
As
of
December
31 2022 |
|
|
|
|
|
Operating
leases weighted average remaining lease term (in years) |
|
|
5.17 |
|
Operating
leases weighted average discount rate |
|
|
3.10 |
% |
Operating
lease expenses amounted to $51 and $25 for the six and three months ended June 30, 2023, respectively.
Operating
lease expenses amounted to $51 and $26 for the six and three months ended June 30, 2022, respectively.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
5: GOODWILL AND INTANGIBLE ASSETS, NET
Composition:
SCHEDULE
OF GOODWILL AND INTANGIBLE ASSETS
| |
* | | |
| | |
| | |
| | |
| |
| |
Internal-use
Software (*) | | |
Customer
Relations | | |
Technology | | |
Goodwill | | |
Total | |
| |
(*) | | |
| | |
| | |
| | |
| |
Cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of
January 1, 2023 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 17,361 | | |
| 35,068 | |
Adjustments
to Ultimate Parent company carrying values (see note 1.B) |
|
|
- |
|
|
|
(1,519 |
) |
|
|
3,251 |
|
|
|
4,878 |
|
|
|
6,610 |
|
Additions | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Balance as of June 30,
2023 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 17,361 | | |
| 35,068 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated
amortization: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of January 1, 2023 | |
| 122 | | |
| 741 | | |
| 1,531 | | |
| - | | |
| 2,394 | |
Adjustments
to Ultimate Parent company carrying values (see note 1.B) |
|
|
- |
|
|
|
(4,457 |
) |
|
|
(3,413 |
) |
|
|
- |
|
|
|
(7,870 |
) |
Amortization
recognized during the period | |
| 69 | | |
| 444 | | |
| 915 | | |
| - | | |
| 1,428 | |
Balance as of June 30,
2023 | |
| 191 | | |
| 1,185 | | |
| 2,446 | | |
| - | | |
| 3,822 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Amortized
cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
As
of June 30, 2023 | |
| 274 | | |
| 5,049 | | |
| 8,562 | | |
| 17,361 | | |
| 31,246 | |
| |
* | | |
| | |
| | |
| | |
| |
|
|
Internal-use
Software (*) |
|
|
Customer
Relations |
|
|
Technology |
|
|
Goodwill |
|
|
Total |
|
Cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
as of January 1, 2022 |
|
|
449 |
|
|
|
7,753 |
|
|
|
7,757 |
|
|
|
12,483 |
|
|
|
28,442 |
|
Beginning
balance |
|
|
449 |
|
|
|
7,753 |
|
|
|
7,757 |
|
|
|
12,483 |
|
|
|
28,442 |
|
Adjustments
to Ultimate Parent company carrying values (see note 1.B) |
|
|
- |
|
|
|
(1,519 |
) |
|
|
3,251 |
|
|
|
4,878 |
|
|
|
6,610 |
|
Additions |
|
|
16 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
16 |
|
Balance
as of December 31, 2022 |
|
|
465 |
|
|
|
6,234 |
|
|
|
11,008 |
|
|
|
17,361 |
|
|
|
35,068 |
|
Ending
balance |
|
|
465 |
|
|
|
6,234 |
|
|
|
11,008 |
|
|
|
17,361 |
|
|
|
35,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2022 |
|
|
- |
|
|
|
4,261 |
|
|
|
3,284 |
|
|
|
- |
|
|
|
7,545 |
|
Beginning balance |
|
|
- |
|
|
|
4,261 |
|
|
|
3,284 |
|
|
|
- |
|
|
|
7,545 |
|
Adjustments
to Ultimate Parent company carrying values (see note 1.B) |
|
|
- |
|
|
|
(4,457 |
) |
|
|
(3,413 |
) |
|
|
- |
|
|
|
(7,870 |
) |
Amortization
recognized during the year |
|
|
122 |
|
|
|
937 |
|
|
|
1,660 |
|
|
|
- |
|
|
|
2,719 |
|
Balance
as of December 31, 2022 |
|
|
122 |
|
|
|
741 |
|
|
|
1,531 |
|
|
|
- |
|
|
|
2,394 |
|
Ending
balance |
|
|
122 |
|
|
|
741 |
|
|
|
1,531 |
|
|
|
- |
|
|
|
2,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized
cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of December 31, 2022 |
|
|
343 |
|
|
|
5,493 |
|
|
|
9,477 |
|
|
|
17,361 |
|
|
|
32,674 |
|
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
6: LOANS
A. Bank Financing for Cortex’s capital shares additional Purchase:
On
January 23, 2023, Gix Media acquired an additional 10% of Cortex’s capital shares (see note 1.C) which was financed by Gix Media’s
existing cash balances and by a long-term bank loan received on January 17, 2023, in the amount of $1,500 to be repaid in 42 monthly
payments at an annual interest rate of SOFR + 5.37%.
B.
Cortex’s Loan Agreement:
On
September 21, 2022, Cortex and Bank Leumi Le Israel Ltd (“Leumi”) entered into an addendum to an existing loan agreement
between the parties, dated August 15, 2020. As part of the addendum to the loan agreement, Leumi provided Cortex with a monthly renewable
credit line of $1,500 (the “Cortex Credit Line”). The Cortex Credit Line is determined every month at the level of 70% of
Cortex’s customers’ balance. The amounts that are drawn from the Cortex Credit Line bear an annual interest of SOFR + 3.52%
(Overnight Financing Rate Secured, guaranteed daily interest as determined in accordance with the Federal Bank in New York).
On
April 27, 2023, Leumi increased the Cortex Credit Line by $1,000, which was fully withdrawn by Cortex as of June 30, 2023.
C.
Composition of long-term loans, short-term loans, and credit lines of the Group:
The
following is the composition of the balance of the Group’s loans according to their nominal value:
SCHEDULE OF COMPOSITION OF THE BALANCE OF THE GROUP’S LOANS
| |
Interest rate (*) | |
|
As of June 30, 2023 | | |
As of December 31, 2022 | |
| |
| |
|
| | |
| |
Short-term loan – the Company | |
| 8 | % |
|
| - | | |
| 69 | |
Short-term bank loan – Gix Media | |
| LIBOR + 3.20 | % |
|
| 3,500 | | |
| 3,500 | |
Short-term bank loan – Cortex | |
| SOFR + 3.52 | % |
|
| 2,500 | | |
| 1,500 | |
Long-term bank loan, including current maturity – Gix Media (received on October 13, 2021) | |
| LIBOR + 4.12 | % |
|
| 3,686 | | |
| 4,381 | |
Long-term bank loan, including current maturity – Gix Media (received on January 17, 2023) | |
| SOFR + 5.37 | % |
|
| 1,321 | | |
| - | |
Bank loan | |
| | |
|
| 11,007 | | |
| 9,450 | |
D.
Short term loan:
On
December 18, 2020, the Company entered into a loan agreement and Stock Subscription Agreement with certain Investors, pursuant to which
the Investors lent an aggregate amount of $69 at an annual interest rate of 8% (the “Loan”). In January 2023, the Company
reached an agreement with the investors that the Loan received will be repaid in 3 equal monthly payments. In April 2023, the Loan was
fully repaid by the Company.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
7: COMMITMENTS AND CONTINGENCIES
Liens:
On
September 19, 2022, as part of the Reorganization Transaction terms, the Company has provided several liens under Gix Media’s Financing
Agreement with Leumi in connection with the Cortex Transaction, as follows: (1) a guarantee to Leumi of all of Gix Media’s obligations
and undertakings to Leumi unlimited in amount; (2) a subordination letter signed by the Company to Leumi; (3) A first ranking all asset
charge over all of the assets of the Company; and (4) a Deposit Account Control Agreement over the Company’s bank accounts.
Gix
Media has provided several liens under the Financing Agreement with Leumi in connection with the Cortex Transaction, as follows: (1)
a floating lien on Gix Media’s assets; (2) a lien on Gix Media’s bank account in Leumi; (3) a lien on Gix Media’s rights
under the Cortex Transaction; (4) a fixed lien on Gix Media’s intellectual property; and (5) a lien on Gix Media’s full holdings
in Cortex.
NOTE
8: SHAREHOLDERS’ EQUITY
A.
Shares of Common Stock:
Shares
of Common Stock confer the rights to: (i) participate in the general meetings, to one vote per share for any purpose, to an equal part,
on share basis, (ii) in distribution of dividends and (iii) to equally participate, on share basis, in distribution of excess of assets
and funds from the Company and will not confer other privileges.
On
May 18, 2023, the Company’s Board of Directors (the “Board”) approved to issue and grant 111,111 shares of restricted
Common Stock (“Equity Grant”) to one of the Company’s directors (the “Director”). The Equity Grant was
granted for consulting services provided to the Company by the Director, specifically in connection with securing favorable terms for
a bank financing. The Company recorded a share-based compensation expense of $34 in general and administrative expenses with connection
to the Equity Grant.
B.
Warrants:
The
following table summarizes information of outstanding warrants as of June 30, 2023 and December 31, 2022:
SUMMARY
OF OUTSTANDING WARRANTS
| |
Warrants | | |
Warrant Term | |
Exercise Price | | |
Exercisable | |
| |
| | |
| |
| | |
| |
Class J Warrants | |
| 130,333 | | |
July 2029 | |
| 13.44 | | |
| 130,333 | |
Class K Warrants | |
| 130,333 | | |
July 2029 | |
| 22.40 | | |
| 130,333 | |
C.
Reverse Stock Split:
On
August 31, 2022, the Company filed the Amended COI with the Secretary of State of Delaware to affect a 28 to 1 reverse stock split of
the Company’s outstanding shares of Common Stock. All share and per share data in these financial statements have been retrospectively
adjusted to reflect the reverse stock split.
D.
Share option plan:
In
2017, after the completion of Gix Media’s acquisition by the Parent Company, the Parent Company granted options to Gix Media’s
employees. These options entitle the employees to purchase ordinary shares of the Parent Company that are traded on Tel-Aviv Stock Exchange.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
8: SHAREHOLDERS’ EQUITY (Cont.)
D.
Share option plan (Cont.):
On
March 2, 2023, the Board approved the adoption of the 2023 Stock Incentive Plan (the “2023 Plan”). The 2023 Plan permits
the issuance of up to (i) 2,500,000 shares of Common Stock, plus (ii) an annual increase equal to the lesser of (A) 5% of the Company’s
outstanding capital stock on the last day of the immediately preceding calendar year; and (B) such smaller amount as determined by the
Board, provided that no more than 2,500,000 shares of Common Stock may be issued upon the exercise of Incentive Stock Options. If any
outstanding awards expire, are canceled or are forfeited, the underlying shares would be available for future grants under the 2023 Plan.
As of the date of approval of the financial statements, the Company had reserved 2,500,000 shares of Common Stock for issuance under
the 2023 Plan.
The
2023 Plan provides for the grant of stock options, restricted stock, restricted stock units, stock or other stock-based awards, under
various tax regimes, including, without limitation, in compliance with Section 102 and Section 3(i) of the Israeli Income Tax Ordinance
(New Version) 5271-1961, and for awards granted to United States employees or service providers, including those who are deemed to be
residents of the United States for tax purposes, Section 422 and Section 409A of the United States Internal Revenue Code of 1986.
In
connection with the adoption of the 2023 Plan, on March 7, 2023, the Company entered into certain intercompany reimbursement agreements
with two of its subsidiaries, Viewbix Israel and Gix Media (the “Recharge Agreements”). The Recharge Agreements provide for
the offer of awards under the 2023 Plan to service providers of Viewbix Israel and Gix Media (the “Affiliates”) under the
2023 Plan. Under the Recharge Agreements, the Affiliates will each bear the costs of awards granted to its service providers under the
2023 Plan and will reimburse the Company upon the issuance of shares of Common Stock pursuant to an award, for the costs of shares issued,
but in any event not prior to the vesting of an award. The reimbursement amount shall be equal to the lower of (a) the book expense for
such award as recorded on the financial statements of one of the respective Affiliates, determined and calculated according to U.S. GAAP,
or any other financial reporting standard that may be applicable in the future, or (b) the fair value of the shares of Common Stock at
the time of exercise of an option or at the time of vesting of an RSU, as applicable.
As
of the date of approval of these financial statements, 51,020 stock-based awards were granted by the Company under 2023 Plan (see note
10).
E.
Dividends:
|
1. |
On
September 14, 2022, Gix Media declared a dividend in the amount of $1,000 of which an amount of $83 was paid as tax to the Israeli
Tax Authority. During 2022 Gix Media distributed an amount of $787 out of the remaining amount of $917, which an amount of $714 that
was distributed to the Parent Company, was offset from the loan to Parent Company (see also note 3). The remaining amount of $130
was distributed by Gix Media in January 2023. |
|
|
|
|
2. |
On
December 25, 2022, Cortex declared a dividend in the total amount of $445 to the non-controlling interests. The amount was distributed
by Cortex to non-controlling interests in two payments of $219 and $226 in February and March 2023, respectively. |
|
|
|
|
3. |
On
June 29, 2023, Cortex declared and distributed a dividend in the total amount of $153 to the non-controlling interests. |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
9: SEGMENT REPORTING
The
Group operates in two different segments in such a way that each company in the Group operates as a separate business segment.
Search
segment- the search segment develops a variety of technological software solutions, which perform automation, optimization and monetization
of internet campaigns, for the purposes of obtaining and routing internet user traffic to its customers.
Digital
content segment- the digital content segment is engaged in the creation and editing of content, in different languages, for different
target audiences, for the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple,
by utilizing such content to obtain internet user traffic for its customers.
The
segments’ results include items that directly serve and/or are used by the segment’s business activity and are directly allocated
to the segment. As such they do not include depreciation and amortization expenses for intangible assets created at the time of the purchase
of those companies, financing expenses created for loans taken for the purpose of purchasing those companies, and therefore these items
are not allocated to the various segments.
Segments’
assets and liabilities are not reviewed by the Group’s chief operating decision maker and therefore were not reflected in the segment
reporting.
Segments
revenues and operating results:
SCHEDULE
OF SEGMENTS REVENUES AND OPERATING RESULTS
| |
Search segment | | |
Digital content segment | | |
Adjustments (See below) | | |
Total | |
| |
For the six months ended June 30, 2023 | |
| |
Search segment | | |
Digital content segment | | |
Adjustments (See below) | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenues from external customers | |
| 10,952 | | |
| 37,064 | | |
| - | | |
| 48,016 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 1,468 | | |
| 1,468 | |
Segment operating income (loss) | |
| 766 | | |
| 1,664 | | |
| (2,256 | ) | |
| 174 | |
Financial expenses, net | |
| (81 | ) | |
| (46 | ) | |
| (*)
(304 | ) | |
| (431 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
For
the six months ended June 30, 2022 | |
| |
Search
segment | | |
Digital
content segment | | |
Adjustments (See
below) | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenues from
external customers | |
| 11,898 | | |
| 31,439 | | |
| - | | |
| 43,337 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 1,315 | | |
| 1,315 | |
Segment operating income (loss) | |
| 169 | | |
| 2,321 | | |
| (1,510 | ) | |
| 980 | |
Financial (expenses) income,
net | |
| (66 | ) | |
| 26 | | |
| (*)
(1,033 | ) | |
| (1,073 | ) |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
9: SEGMENT REPORTING (Cont.)
| |
| | |
| | |
| | |
| |
| |
For
the three months ended June 30, 2023 | |
| |
Search
segment | | |
Digital
content segment | | |
Adjustments (See
below) | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenues from
external customers | |
| 5,842 | | |
| 21,312 | | |
| - | | |
| 27,154 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 734 | | |
| 734 | |
Segment operating income (loss) | |
| 535 | | |
| 868 | | |
| (1,153 | ) | |
| 250 | |
Financial expenses, net | |
| (7 | ) | |
| (83 | ) | |
| (*)
(156 | ) | |
| (246 | ) |
| |
| | |
| | |
| | |
| |
| |
For
the three months ended June 30, 2022 | |
| |
Search
segment | | |
Digital
content segment | | |
Adjustments (See
below) | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenues from
external customers | |
| 5862 | | |
| 17,040 | | |
| - | | |
| 22,902 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 729 | | |
| 729 | |
Segment operating income (loss) | |
| 97 | | |
| 1,491 | | |
| (827 | ) | |
| 761 | |
Financial (expenses) income,
net | |
| - | | |
| 40 | | |
| (*)
(776 | ) | |
| (736 | ) |
|
(*) |
Mainly consist of financial expenses from the Financing Agreement of bank loans taken for business combinations (see note 6). |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
9: SEGMENT REPORTING (Cont.)
The
“adjustment” column for segment operating income includes unallocated selling, general, and administrative expenses and certain
items which management excludes from segment results when evaluating segment performance, as follows:
SCHEDULE
OF RECONCILIATION BETWEEN SEGMENTS OPERATING RESULTS
| |
For the six months ended June 30, 2023 | | |
For the three months ended June 30, 2023 | |
| |
| | |
| |
Depreciation and amortization expenses not attributable to segments (**) | |
| (1,468 | ) | |
| (734 | ) |
General and administrative not attributable to the segments (***) | |
| (788 | ) | |
| (419 | ) |
| |
| ) | |
| ) |
| |
For the six months ended June 30, 2022 | | |
For the three months ended June 30, 2022 | |
| |
| | |
| |
Depreciation and amortization expenses not attributable to segments (**) | |
| (1,315 | ) | |
| (729 | ) |
General and administrative not attributable to the segments (***) | |
| (195 | ) | |
| (98 | ) |
| |
| ) | |
| ) |
NOTE
10: SUBSEQUENT EVENTS
On
July 20, 2023, the Company granted 51,020 restricted share units (the “RSUs”) to the new CEO of Gix Media, the subsidiary
of the Company, as part of his employment terms, (the “Grantee”) under the following terms and conditions: (1) number of
Common Stock underlying the grant of RSUs: 51,020 (2) Vesting Commencement Date: July 1, 2023 (3) vesting schedule: 50% of the RSUs
will vest immediately upon the Vesting Commencement Date and the remaining 50% of the RSUs will vest 12 months after the Vesting Commencement
Date, provided, in each case, that the Grantee remains continuously as a Service Provider (as defined under the 2023 Plan) of Gix Media
or its affiliates throughout each such vesting date.
ITEM
2. MANAGEMENT’S DISCUSSION AND ANALYSIS AND RESULTS OF OPERATIONS
Special
Note Regarding Forward-Looking Statements
The
following management’s discussion and analysis section should be read in conjunction with the Company’s unaudited financial
statements as of June 30, 2023 and 2022, and the related statements of statement operation, statement of changes in shareholders’
equity and statements of cash flows for the six and three months then ended, and the related notes thereto contained in this Quarterly
Report on Form 10-Q (this “Quarterly Report”).
Forward-Looking
Statements
This
management discussion and analysis section contains forward-looking statements, such as statements of the Company’s plans, objectives,
expectations, and intentions. Any statements that are not statements of historical fact are forward-looking statements. When used, the
words “believe,” “plan,” “intend,” “anticipate,” “target,” “estimate,”
“expect” and the like, and/or future tense or conditional constructions “will,” “may,” “could,”
“should,” etc., or similar expressions, identify certain of these forward-looking statements. These forward-looking statements
are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied
by the forward-looking statements. Forward-looking statements are based on information we have when those statements are made or our
management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could
cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important
factors that could cause such differences include, but are not limited to:
● |
the
continued demand of digital advertising as an integral part of corporate marketing and internal communications plans and the continued
growth and acceptance of digital advertising as effective alternatives to traditional offline marketing products and service; |
|
|
● |
our
ability to generate enough cash flow to meet our debt obligations or fund our other liquidity needs; |
|
|
● |
our
need to raise additional capital to meet our business requirements in the future and such capital raising may be costly or difficult
to obtain and could dilute out shareholders’ ownership interests; |
|
|
● |
our
ability to adequately protect our intellectual property; |
|
|
● |
our
ability to successfully integrate the business of Gix Media Ltd. (“Gix Media”), our wholly owned subsidiary, and Cortex
Media Group Ltd. (“Cortex”), our majority owned subsidiary; |
|
|
● |
our
subsidiaries’ future performance; and |
|
|
● |
entry
of new competitors and products, the impact of large and established internet and technology companies and potential technological
obsolescence of our offered platforms. |
The
foregoing does not represent an exhaustive list of matters that may be covered by the forward-looking statements contained herein or
risk factors that we are faced with which may cause our actual results to differ from those anticipated in our forward-looking statements.
For a discussion of these and other risks that relate to our business and investing in our common stock, you should carefully review
the risks and uncertainties described in this Quarterly Report on Form 10-Q, and those contained in section captioned “Risk Factors”
of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (the
“SEC”) on March 24, 2023 (the “Annual Report”). The Company’s actual results could differ materially from
those contemplated in these forward-looking statements as a result of these factors. The Company does not undertake any obligation to
update forward-looking statements to reflect events or circumstances occurring after the date of this Quarterly Report.
Overview
and Background
Viewbix
Inc. (the “Registrant”, “Viewbix” or the “Company”) is a digital advertising platform that develops
and markets a variety of technological platforms that automate, optimize and monetize digital online campaigns. Viewbix’s operations
were previously focused on analysis of the video marketing performance of its clients as well as the effectiveness of their messaging
(“Video Advertising Platform”). With the Video Advertising Platform, Viewbix allowed its clients with digital video properties
the ability to use its platforms in a way that allows viewers to engage and interact with the video. The Video Advertising Platform measures
when a viewer performs a specific action while watching a video and collects and reports the results to the client. However, due to the
Company’s failure to meet predetermined sales targets which were set pursuant to the Recapitalization Transaction (as defined below),
in January 2020, the Company determined to reduce its operations and the size of its sales and R&D team in the Digital Advertising
Platform.
The
Company, through its subsidiaries Gix Media and Cortex, expanded its digital advertising operations across two additional main sectors:
ad search and digital content (the “Search Platform” and the “Content Platform”, respectively”). Gix Media
and Cortex develop and market a variety of technological software solutions that automate, optimize and monetize online campaigns. Cortex
also creates, edits and markets content in various languages to different target audiences in order to generate revenues from advertisements
displayed together with the content, which are posted on digital content, marketing and advertising platforms. These technological tools
enable advertisers and website owners to earn more from their advertising campaigns and generate additional profits from their sites.
Recent
Developments
Reorganization
Transaction with Gix Media Ltd.
On
December 5, 2021, the Company entered into a certain Agreement and Plan of Merger (the “Reorganization Transaction”) with
Gix Media., an Israeli company and the majority-owned subsidiary of Gix Internet, in the field of MarTech (Marketing Technology) solutions,
primarily search and content monetization and Vmedia Merger Sub Ltd., an Israeli company and wholly-owned subsidiary of the Company (“Merger
Sub”), pursuant to which, following the Reorganization Transaction, and upon satisfaction of additional closing conditions, Merger
Sub will merge with and into Gix Media, with Gix Media being the surviving entity and wholly-owned subsidiary of the Company. Prior to
the closing of the Reorganization Transaction, Gix Media was a majority-owned subsidiary of Gix Internet, which held approximately 58%
of the common stock of the Company, par value $0.0001 per share (“Common Stock”), on a fully diluted basis.
On
September 19, 2022, the Reorganization Transaction, was consummated (the “Closing”) and, as a result, all outstanding ordinary
shares of Gix Media, having no par value (the “Gix Media Shares”) were exchanged for shares of the Company’s Common
Stock such that Gix Media became a wholly owned subsidiary of the Company. Following the Reorganization Transaction, holders of the Gix
Media Shares held 90% of the Company’s Common Stock on a fully diluted basis, with Gix Internet holding 76.67% of the Common Stock
on a fully diluted basis.
The
following diagram illustrates the associated corporate structure of the Company prior to and following the Reorganization Transaction.
Following
the closing of the Reorganization Transaction, the Company began to integrate Gix Media’s technology into its operations aiming
to expand its growth potential in the search and content monetization space. Gix Media’s business operations include both (i) the
provision of services to the world’s leading search engines through the development, marketing and distribution of free software
to many Internet users, and (ii) editing and marketing of content in different languages to different target markets, for the purpose
of monetizing advertisements on digital marketing and advertising platforms.
In
connection with the Closing, effective as of August 31, 2022, the Company adopted an Amended and Restated Certificate of Incorporation
(“Certificate of Incorporation”), pursuant to which the Company, among other things, effected a reverse stock split of its
Common Stock at a ratio of 1-for-28 (the “Reverse Split”) and an Amended and Restated Bylaws (“Bylaws”). All
descriptions of our capital stock, including share amounts and per share amounts in this Quarterly Report, are presented after giving
effect to the Reverse Split.
Acquisition
of Cortex Media Group Ltd.
On
October 13, 2021, Gix Media acquired 70% (on a fully diluted basis) of the share capital of Cortex (the “Cortex Acquisition”),
an Israeli private company operating in the field of online media and advertising. In consideration for the Cortex Acquisition, Gix Media
paid NIS 35 million in cash (approximately $11 million), out of which an amount of $0.5 million was deposited in trust for a period of
12 months from the closing date. The Cortex Acquisition also includes the obligation and right of Gix Media to acquire 30% of Cortex’s
share capital in three equal tranches, each at the beginning of 2023, 2024 and 2025 (“Remaining Balance Shares”), such that
following the acquisition of all of the Remaining Balance Shares, Gix Media will hold 100% of Cortex’s share capital on a fully
diluted basis. On January 23, 2023, Gix Media purchased an additional 10% of Cortex’s share capital.
In
connection with the Cortex Acquisition, on October 13, 2021, Gix Media entered into a financing agreement with Bank Leumi Le Israel Ltd
(“Leumi”), for the provision of a line of credit in the total amount of up to $3.5 million and a long-term loan totaling
$6 million, which Gix Media used to finance the Cortex Acquisition (the “Financing Agreement”). On July 25, 2022, Gix Media
and Leumi entered into an addendum to the Financing Agreement according to which Leumi will provide Gix Media with a loan of up to $1,500,000
to be withdrawn at the discretion of Gix Media by no later than January 31, 2023 (the “Additional Loan”). The Additional
Loan was withdrawn in connection with the purchase of the additional 10% of Cortex’s share capital on January 17, 2023.
Corporate
Information
We
were incorporated in the State of Delaware on August 16, 1985 under a predecessor name, The InFerGene Company (“InFerGene Company”).
On August 25, 1995, a wholly owned subsidiary of InFerGene Company merged with Zaxis International, Inc., an Ohio corporation, which
following such merger, the surviving entity, InFerGene Company, changed its name to Zaxis International, Inc.
Our
principal executive offices are located at 11 Derech Menachem Begin Street, Ramat Gan, Israel, 5268104 and our telephone number is +972
9-774-1505. Our website address is www.viewbix.com.
Results
of Operations
Results
of Operations During the Three Months Ended June 30, 2023 as Compared to the Three Months Ended June 30, 2022
Our
revenues were $27,154 thousand for the three months ended June 30, 2023, compared to $22,902 thousand during the same period in the prior
year.
Our
revenues from Cortex’s Content Platform were $21,312 thousand for the three months ended June 30, 2023, an increase of $4,272 as
compared to $17,040 thousand during the same period in the prior year. The reasons for the increase during the three months ended June
30, 2023 are due to: (1) operational growth of the advertising platforms used by Cortex for its reader traffic acquisition process; (2)
an increase in the amount of readers exposed to Cortex’s digital content websites (the “Cortex Websites”) as result
of the increase in the content displayed on the Cortex Websites; and (3) the successful increase of digital content published in Spanish,
and launch of digital content published in new languages such as Portuguese and German.
Our
revenues from Gix Media’s Search Platform were $5,842 thousand for the three months ended June 30, 2023, a slight decrease as compared
to $5,862 thousand during the same period in the prior year.
Our
traffic-acquisition and related costs were $24,050 thousand for the three months ended June 30, 2023, an increase of $4,400 compared
to $19,650 thousand during the same period in the prior year. The reason for the increase in the three months ended June 30, 2023, is
due to the increase in the Content Platform’s revenues.
Our
research and development expenses were $717 thousand for the three months ended June 30, 2023, as compared to $793 thousand during the
same period in the prior year. The reason for the decrease in the three months ended June 30, 2023, is due to the reduction of expenses
in the Search Platform, primarily in salaries and technological services.
Our
selling and marketing expenses increased to $715 thousand for the three months ended June 30, 2023, as compared to $605 thousand during
the same period in the prior year. The reason for the increase in the three months ended June 30, 2023, is due to the increase of selling
and marketing expenses incurred in connection with the increase in the content displayed on the Cortex Websites and an increase primarily
in salaries in the Search Platform.
Our
general and administrative expenses increased to $688 thousand for the three months ended June 30, 2023, as compared to $329 thousand
during the same period in the prior year. The reason for the increase in the three months ended June 30, 2023, is due to the increase
in salary and related costs following the Reorganization Transaction with Gix Media on September 19, 2022, which led to the expansion
of the Company’s management team, which included, among other things, the appointment of a chairman in June 2022 and a full-time
chief financial officer in July 2022. In addition, during the three months ended June 30, 2023, there was an increase in professional
services and consultant costs following the Reorganization Transaction, as compared to the three months ended June 30, 2022.
Our
depreciation and amortization expenses for the three months ended June 30, 2023, were $734 thousand as compared to $729 thousand during
the same period in the prior year.
Our
other expenses for the three months ended June 30, 2023 were $0 thousand, compared to $35 thousand during the three months ended June
30, 2022. The decrease in our other expenses during to the three months ended June 30, 2023 is due to expenses incurred during the three
months ended June 30, 2022, in connection with the Reorganization Transaction which was consummated on September 19, 2022.
Our
net financial expenses were $246 thousand for the three months ended June 30, 2023, compared to $736 thousand net financial expenses
during the same period in the prior year. The reason for the decrease during the three months ended June 30, 2023, is mainly due to the
decrease in the financial expenses relating to the USD to NIS exchange rate, as compared to the three months ended June 30, 2022, which
was partially offset by the increase in interest expenses related to the Company’s bank loans due to increases in the market’s
interest rates during the three months ended June 30, 2023.
Our
income tax expenses were $87 thousand for the three months ended June 30, 2023, as compared to a $23 thousand tax benefit during the
same period in the prior year. The reason for the increase during the three months ended June 30, 2023, is due to the fact that during
the three months ended June 30, 2022, Gix Media recorded a tax benefit from previous years.
Results
of Operations During the Six Months Ended June 30, 2023 as Compared to the Six Months Ended June 30, 2023
Our
revenues were $48,016 thousand for the six months ended June 30, 2023, compared to $43,337 thousand during the same period in the prior
year.
Our
revenues from Cortex’s Content Platform were $37,064 thousand for the six months ended June 30, 2023, an increase of $5,625 as
compared to $31,439 thousand during the same period in the prior year. The reasons for the increase during the six months ended June
30, 2023 are due to: (1) operational growth of the advertising platforms used by Cortex for its reader traffic acquisition process; (2)
an increase in the amount of readers exposed to the Cortex Websites as result of the increase in the content displayed on the Cortex
Websites; and (3) the successful increase of digital content published in Spanish, and launch of digital content published in new languages
such as Portuguese and German.
Our
revenues from Gix Media’s Search Platform were $10,952 thousand for the six months ended June 30, 2023, a decrease of $946 as compared
to $11,898 thousand during the same period in the prior year. The reasons for the decrease during the six months ended June 30, 2023,
are due to the decrease in the amount of search referrals conducted by users, provided by Gix Media to search engines, caused primarily
by a decrease in the number of searches received from Gix Media’s third party strategic partners, including a significant strategic
partner of Gix Media. In response to this decrease, Gix Media expanded its user traffic resources during the six months ended June 30,
2023, by engaging with new strategic partners, which in turn mitigated the scope of the decrease.
Our
traffic-acquisition and related costs were $42,031 thousand for the six months ended June 30, 2023, an increase of $4,766 compared to
$37,265 thousand during the same period in the prior year. The reason for the increase in the six months ended June 30, 2023, is due
to the increase in the Content Platform’s revenues.
Our
research and development expenses were $1,513 thousand for the six months ended June 30, 2023, compared to $1,641 thousand during the
same period in the prior year. The reason for the decrease in the three months ended June 30, 2023, is due to the reduction of expenses
in the Search Platform, primarily in salaries and technological services.
Our
selling and marketing expenses were $1,438 thousand for the six months ended June 30, 2023, which is an increase of $213 thousand as
compared to $1,225 thousand during the same period in the prior year. The increase of selling and marketing expenses during the six months
ended June 30, 2023, is due to expenses incurred in connection with the increase in the content displayed on the Cortex Websites and
an increase primarily in salaries in the Search Platform.
Our
general and administrative expenses were $1,392 thousand for the six months ended June 30, 2023, an increase of $516 as compared to $876
thousand during the same period in the prior year. The reason for the increase in the six months ended June 30, 2023, is due to the increase
in salary and related costs following the Reorganization Transaction with Gix Media on September 19, 2022, which led to the expansion
of the Company’s management team, which included, among other things, the appointment of a chairman of the board in June 2022 and
a full-time chief financial officer in July 2022. In addition, during the six months ended June 30, 2023, there was an increase in professional
services and consultant costs following the Reorganization Transaction, as compared to the six months ended June 30, 2022.
Our
depreciation and amortization expenses increased to $1,468 thousand for the six months ended June 30, 2023, as compared to $1,315 thousand
during the same period in the prior year. The reason for the increase in the six months ended June 30, 2023, is due to reflection of
the historical cost and depreciation expenses of all intangible assets as reflected in the consolidated financial statements of Medigus
Ltd., due to the Reorganization Transaction on September 19, 2022. As the Company and Gix Media were consolidated both
by Gix Internet and Medigus Ltd., the ultimate parent, before and after the Reorganization Transaction, the Reorganization Transaction
was accounted for as a transaction between entities under common control (see Note 1b of our consolidated financial statements appearing
elsewhere in this Quarterly Report on Form 10-Q).
Our
other expenses were $0 thousand for the six months ended June 30, 2023, compared to $35 thousand during the six months ended June 30,
2022. The decrease in our other expenses during the six months ended June 30, 2023 is due to expenses incurred during the six months
ended June 30, 2023, in connection with the Reorganization Transaction which was consummated on September 19, 2022.
Our
net financial expenses were $431 thousand for the six months ended June 30, 2023, compared to $1,073 thousand during the same period
in the prior year. The reason for the decrease during the six months ended June 30, 2023, is mainly due to the decrease in financial
expenses relating to the USD to NIS exchange rate, as compared to the six months ended June 30, 2022, which was partially offset by the
increase in interest expenses related to the Company’s bank loans due to increases in the market’s interest rates during
the six months ended June 30, 2023.
Our
income tax expenses were $171 thousand for the six months ended June 30, 2023, as compared to $8 thousand during the same period in the
prior year. The reason for the increase during the six months ended June 30, 2023, is due to the fact that during the six months ended
June 30, 2022, Gix Media recorded a tax benefit from previous years.
Liquidity
and Capital Resources
As
of June 30, 2023, we had current assets of $26,283 thousand, consisting of $3,304 thousand in cash and cash equivalents, $182 thousand
restricted deposits, $18,415 thousand in accounts receivable, $693 thousand in other current assets and $3,689 thousand in a loan to
our Parent Company.
As
of June 30, 2023, we had non-current assets of $32,171 thousand, consisting of $211 thousand in deferred taxes, $442 thousand in operating
lease right-of-use asset, $272 thousand in property and equipment net, $13,885 thousand in intangible assets net and $17,361 thousand
in goodwill.
As
of June 30, 2023, we had $26,592 thousand in current liabilities consisting of $17,345 thousand in accounts payable, $1,285 thousand
in other payables, $7,879 thousand in short term loans and current maturities of long-term loans, $83 thousand in operating lease liabilities
– short term.
As
of June 30, 2023, we had $5,094 thousand in non-current liabilities consisting of $3,128 thousand long-term loans, $334 thousand in operating
lease liabilities - long term and $1,632 thousand in deferred taxes.
As
of December 31, 2022, we had current assets of $29,841 thousand consisting of $4,196 thousand in cash and cash equivalents, $185 thousand
restricted deposits, $20,945 thousand in accounts receivable, $973 thousand in other current assets and a $3,542 thousand in loan to
our Parent Company.
As
of December 31, 2022, we had non-current assets of $33,854 thousand consisting of $52 thousand in severance pay funds, $340 thousand
in deferred taxes, $486 thousand in operating lease right-of-use asset, $302 thousand in property and equipment net, $15,313 thousand
in intangible assets net and $17,361 thousand in goodwill.
As
of December 31, 2022, we had $28,522 thousand in current liabilities consisting of $19,782 thousand in accounts payable, $2,084 thousand
in other payables, $6,569 thousand in short term loans and current maturities of long-term loan, $87 thousand in operating lease liabilities
– short term.
As
of December 31, 2022, we had $5,274 thousand in non-current liabilities consisting of $152 thousand in accrued severance pay, $2,881
thousand in long-term loan, $388 thousand in operating lease liabilities - long term and $1,853 thousand in deferred taxes.
We
had a negative working capital of $309 thousand compared to positive working capital of $1,319 thousand as of June 30, 2023 and December
31, 2022, respectively.
During
the three months ended June 30, 2023, we had a positive cash flow from operating activities of $1,003 thousand, which was the result
of $83 thousand in net loss, $723 thousand from positive adjustments to operating activities, and $363 thousands from positive changes
in assets and liabilities items.
During
the six months ended June 30, 2023, we had positive cash flow from operating activities of $1,015 thousand, which was the result of $428
thousand in net loss, $1,402 thousand from positive adjustments to operating activities, and $41 thousands from positive changes in assets
and liabilities items.
There
are no limitations in the Company’s Amended and Restated Certificate of Incorporation on the Company’s ability to borrow
funds or raise funds through the issuance of shares of its common stock to affect a business combination.
Gix
Media has provided several liens under the Financing Agreement with Leumi in connection with the Cortex Transaction, including: (1) a
floating lien on Gix Media’s assets; (2) a lien on Gix Media’s bank account in Leumi; (3) a lien on Gix Media’s rights
under the Cortex Transaction; (4) a fixed lien on Gix Media’s intellectual property; and (5) a lien on all of Gix Media’s
holdings in Cortex.
As
of June 30, 2023, the Company has also provided several liens under Financing Agreement with Leumi in connection with the Cortex Acquisition,
as follows: (1) a guarantee to Leumi of all of Gix Media’s obligations and undertakings to Leumi, unlimited in amount; (2) a subordination
letter on behalf of the Company to Leumi; (3) a first ranking asset charge over all of the assets of the Company; and (4) a Deposit Account
Control Agreement over the Company’s bank accounts.
According
to the Financing Agreement, Gix Media undertook to meet financial covenants over the life of the loans as follows: the ratio of debt
to EBITDA, based on the Gix Media’s consolidated financial statements in all 4 consecutive quarters, will not exceed 2.4 in the
first two years and will not exceed 1.75 in the following two years. As of June 30, 2023, Gix Media is in compliance with the financial
covenants in connection with the Financing Agreement.
ITEM
3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not
required for smaller reporting companies.
ITEM
4. CONTROLS AND PROCEDURES
Evaluation
of Disclosure Controls and Procedures
As
of June 30, 2023, the Company’s chief executive officer and chief financial officer, conducted an evaluation (the “Evaluation”)
regarding the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under
the Exchange Act). Based upon the Evaluation, as required by Rules 13a-15 or 15d-15, the Company’s chief executive officer and
chief financial officer concluded that, and pursuant to the Committee of Sponsoring Organizations of the Treadway Commission in Internal
Control-Integrated Framework (2013), the Company’s disclosure controls and procedures were not effective as of the end of June
30, 2023.
The
Company’s disclosure controls and procedures were determined to be not effective as of the end of June 30, 2023, as the assets
of the acquired businesses, Gix Media and Cortex, which were excluded from management’s assessment of internal control over financial
reporting, constitute substantially all the Company’s assets as of June 30, 2023.
General
guidance from the SEC staff provides that if a registrant consummates a material purchase business combination during its fiscal year
and it is not possible to conduct an assessment of the acquired business’s internal control over financial reporting during the
period between the consummation date and the date of management’s assessment, management may exclude the acquired business from
management’s report on internal control over financial reporting.
As
previously described in our financial statements for the fiscal year ended December 31, 2022, as the Reorganization Transaction was consummated
on September 19, 2022, Gix Media, and its subsidiary Cortex, are each determined to be an acquired business for financial reporting purposes.
In accordance with the SEC staff guidance, our management excluded Gix Media and Cortex, which each represent an acquired business, from
management’s report on internal control over financial reporting as of June 30, 2023.
The
financial statements of each of Gix Media and Cortex reflect total assets constituting approximately 99% of the assets of the Company
according to the related consolidated financial statements of the Company as of June 30, 2023. Because the assets of Gix Media and Cortex
have been excluded from management’s assessment of internal control over financial reporting, and such assets constitute substantially
all of the Company’s assets as of June 30, 2023, the Company’s management concluded that, pursuant to the Committee of Sponsoring
Organizations of the Treadway Commission in Internal Control-Integrated Framework (2013), the disclosure controls and procedures were
not effective as of the end of June 30, 2023.
Changes
in Internal Control Over Financial Reporting
There
were no changes in our internal control over financial reporting or in other factors identified in connection with the evaluation required
by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the quarter ended June 30, 2023, that have materially affected,
or are reasonably likely to materially affect, our internal control over financial reporting.
Management’s
Remediation Plan
During
the quarter ended June 30, 2023, our management continued to implement a compliance project designed to assist the Company with effectively
complying with the rules contemplated under the Sarbanes-Oxley Act of 2002. While we believe these measures will strengthen our internal
control over financial reporting, we are required to implement and enhance controls underlying the financial information of Gix Media
and Cortex as well as have these controls operate and perform for a sufficient period to demonstrate that the Company’s disclosure
controls and procedures are effective. We are committed to continuing to improve our internal control processes and will continue to
diligently review our financial reporting controls and procedures.
PART
II - OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
There are no pending legal proceedings to which the Company
is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class
of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company.
The Company’s property is not the subject of any pending legal proceedings.
ITEM
1A. RISK FACTORS
As
a smaller reporting company, we are not required to provide the information required by this Item.
ITEM
2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4. MINE SAFETY DISCLOSURE
Not
applicable.
ITEM
5. OTHER INFORMATION
None.
ITEM
6. EXHIBITS
(a)
The following documents are filed as exhibits to this Quarterly Report.
* |
Filed
herewith. |
|
|
** |
Furnished
herewith. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
VIEWBIX
INC. |
|
|
|
|
By: |
/s/
Amihay Hadad |
|
Name:
|
Amihay
Hadad |
|
Title: |
Chief
Executive Officer |
Date:
August 14, 2023 |
|
(Principal
Executive Officer) |
|
By: |
/s/
Shahar Marom |
|
Name:
|
Shahar
Marom |
|
Title: |
Chief
Financial Officer |
Date:
August 14, 2023 |
|
(Principal
Financial and Accounting Officer) |
Exhibit 31.1
CERTIFICATION PURSUANT TO
RULE 13a-14(a) UNDER THE SECURITIES EXCHANGE ACT
OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Amihay Hadad, certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 of Viewbix Inc.; |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period end covered by this report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period end presented in this report; |
|
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
|
a. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period end in which this report is being prepared; |
|
|
|
|
b. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period end covered by this report based on such evaluation; |
|
|
|
|
d. |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 14, 2023 |
|
|
|
/s/ Amihay Hadad |
|
Amihay Hadad |
|
Chief Executive Officer
(principal executive officer) |
|
Exhibit 31.2
CERTIFICATION PURSUANT TO
RULE 13a-14(a) UNDER THE SECURITIES EXCHANGE ACT
OF 1934,
AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Shahar Marom, certify that:
1. |
I have reviewed this Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 of Viewbix Inc.; |
|
|
2. |
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period end covered by this report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period end presented in this report; |
|
|
4. |
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have: |
|
a. |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period end in which this report is being prepared; |
|
|
|
|
b. |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c. |
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period end covered by this report based on such evaluation; |
|
|
|
|
d. |
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a. |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
|
|
|
|
b. |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 14, 2023 |
|
|
|
/s/ Shahar Marom |
|
Shahar Marom |
|
Chief Financial Officer
(principal financial and accounting officer) |
|
Exhibit 32.1
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Viewbix
Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2023, as filed with the Securities and Exchange Commission
on the date hereof (the “Report”), I, Amihay Hadad, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Amihay Hadad |
|
Amihay Hadad |
|
Chief Executive Officer
(principal executive officer) |
|
Viewbix Inc. |
|
August 14, 2023 |
|
Exhibit 32.2
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Viewbix
Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2023, as filed with the Securities and Exchange Commission
on the date hereof (the “Report”), I, Shahar Marom, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
(1) |
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
|
(2) |
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Shahar Marom |
|
Shahar Marom |
|
Chief Financial Officer
(principal financial and accounting officer) |
|
Viewbix Inc. |
|
August 14, 2023 |
|
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 14, 2023 |
Cover [Abstract] |
|
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Document Type |
10-Q
|
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Amendment Flag |
false
|
|
Document Quarterly Report |
true
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false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-15746
|
|
Entity Registrant Name |
VIEWBIX
INC.
|
|
Entity Central Index Key |
0000797542
|
|
Entity Tax Identification Number |
68-0080601
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
11
Derech Menachem Begin Street
|
|
Entity Address, City or Town |
Ramat Gan
|
|
Entity Address, Country |
IL
|
|
Entity Address, Postal Zip Code |
5268104
|
|
City Area Code |
+972
|
|
Local Phone Number |
9-774-1505
|
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Entity Current Reporting Status |
Yes
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Entity Interactive Data Current |
Yes
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Entity Filer Category |
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Entity Small Business |
true
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v3.23.2
Interim Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$ 3,304
|
$ 4,196
|
Restricted deposits |
182
|
185
|
Accounts receivable |
18,415
|
20,945
|
Loan to parent company |
3,689
|
3,542
|
Other current assets |
693
|
973
|
Total current assets |
26,283
|
29,841
|
NON-CURRENT ASSETS |
|
|
Severance pay funds |
|
52
|
Deferred taxes |
211
|
340
|
Property and equipment, net |
272
|
302
|
Operating lease right-of-use asset |
442
|
486
|
Intangible assets, net |
13,885
|
15,313
|
Goodwill |
17,361
|
17,361
|
Total non-current assets |
32,171
|
33,854
|
Total assets |
58,454
|
63,695
|
CURRENT LIABILITIES |
|
|
Accounts payable |
17,345
|
19,782
|
Short-term loans |
6,000
|
5,069
|
Current maturities of long-term loans |
1,879
|
1,500
|
Other payables |
1,285
|
2,084
|
Operating lease liabilities - short term |
83
|
87
|
Total current liabilities |
26,592
|
28,522
|
NON-CURRENT LIABILITIES |
|
|
Accrued severance pay |
|
152
|
Long-term loans, net of current maturities |
3,128
|
2,881
|
Operating lease liabilities - long term |
334
|
388
|
Deferred taxes |
1,632
|
1,853
|
Total non-current liabilities |
5,094
|
5,274
|
Commitments and Contingencies |
|
|
SHAREHOLDERS’ EQUITY |
|
|
Common stock of $0.0001 par value - Authorized: 490,000,000 shares; Issued and outstanding: 14,895,075 and 14,783,964 shares as of June 30, 2023 and December 31, 2022, respectively. |
3
|
3
|
Additional paid-in capital |
25,417
|
25,350
|
Accumulated deficit |
(3,859)
|
(3,338)
|
Equity attributed to shareholders of Viewbix Inc. |
21,561
|
22,015
|
Non-controlling interests |
5,207
|
7,884
|
Total equity |
26,768
|
29,899
|
Total liabilities and shareholders’ equity |
$ 58,454
|
$ 63,695
|
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Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common stock, par value |
$ 0.0001
|
$ 0.0001
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Common stock, shares authorized |
490,000,000
|
490,000,000
|
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14,895,075
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14,895,075
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v3.23.2
Interim Condensed Consolidated Statements Of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Income Statement [Abstract] |
|
|
|
|
|
|
Revenues |
$ 27,154
|
$ 22,902
|
|
$ 48,016
|
$ 43,337
|
|
Costs and Expenses: |
|
|
|
|
|
|
Traffic-acquisition and related costs |
24,050
|
19,650
|
|
42,031
|
37,265
|
|
Research and development |
717
|
793
|
|
1,513
|
1,641
|
|
Selling and marketing |
715
|
605
|
|
1,438
|
1,225
|
|
General and administrative |
688
|
329
|
|
1,392
|
876
|
|
Depreciation and amortization |
734
|
729
|
|
1,468
|
1,315
|
|
Other expenses |
|
35
|
|
|
35
|
|
Operating income |
250
|
761
|
|
174
|
980
|
|
Financial expense, net |
246
|
736
|
|
431
|
1,073
|
|
Income (loss) before income taxes |
4
|
25
|
|
(257)
|
(93)
|
|
Income tax expense (benefit) |
87
|
(23)
|
|
171
|
8
|
|
Net income (loss) |
(83)
|
48
|
|
(428)
|
(101)
|
|
Less: net income attributable to non-controlling interests |
41
|
311
|
|
93
|
430
|
|
Net loss attributable to shareholders of Viewbix Inc. |
$ (124)
|
$ (263)
|
|
$ (521)
|
$ (531)
|
|
Net income per share – Basic attributed to shareholders: |
$ (0.01)
|
$ (0.02)
|
|
$ (0.04)
|
$ (0.04)
|
|
Net income per share – Diluted attributed to shareholders: |
$ (0.01)
|
$ (0.02)
|
|
$ (0.04)
|
$ (0.04)
|
|
Weighted average number of shares - Basic: |
14,810,974
|
14,783,964
|
[1] |
14,837,688
|
14,783,964
|
[1] |
Weighted average number of shares - Diluted: |
15,071,640
|
15,044,630
|
[1] |
15,098,354
|
15,044,630
|
[1] |
|
|
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v3.23.2
Interim Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Parent [Member] |
Noncontrolling Interest [Member] |
Total |
Balance at Dec. 31, 2021 |
|
$ 3
|
$ 16,074
|
$ (2,366)
|
$ 13,711
|
$ 4,806
|
$ 18,517
|
Balance, shares at Dec. 31, 2021 |
[1] |
14,783,964
|
|
|
|
|
|
Net income (loss) |
|
|
|
(531)
|
(531)
|
430
|
(101)
|
Share-based compensation |
|
|
5
|
|
5
|
3
|
8
|
Adjustment to ultimate parent’s carrying values (see note 1.B) |
|
|
9,227
|
|
9,227
|
4,101
|
13,328
|
Dividend declared to non-controlling interests |
|
|
|
|
|
(742)
|
(742)
|
Balance at Jun. 30, 2022 |
|
$ 3
|
25,306
|
(2,897)
|
22,412
|
8,598
|
31,010
|
Balance, shares at Jun. 30, 2022 |
[1] |
14,783,964
|
|
|
|
|
|
Balance at Mar. 31, 2022 |
|
$ 3
|
25,302
|
(2,634)
|
22,671
|
8,676
|
31,347
|
Balance, shares at Mar. 31, 2022 |
[1] |
14,783,964
|
|
|
|
|
|
Net income (loss) |
|
|
|
(263)
|
(263)
|
311
|
48
|
Share-based compensation |
|
|
4
|
|
4
|
3
|
7
|
Dividend declared to non-controlling interests |
|
|
|
|
|
(392)
|
(392)
|
Balance at Jun. 30, 2022 |
|
$ 3
|
25,306
|
(2,897)
|
22,412
|
8,598
|
31,010
|
Balance, shares at Jun. 30, 2022 |
[1] |
14,783,964
|
|
|
|
|
|
Balance at Dec. 31, 2022 |
|
$ 3
|
25,350
|
(3,338)
|
22,015
|
7,884
|
29,899
|
Balance, shares at Dec. 31, 2022 |
|
14,783,964
|
|
|
|
|
|
Net income (loss) |
|
|
|
(521)
|
(521)
|
93
|
(428)
|
Share-based compensation |
|
|
67
|
|
67
|
8
|
75
|
Transaction with the non-controlling interests (see note 1.C) |
|
|
|
|
|
(2,625)
|
(2,625)
|
Dividend declared to non-controlling interests |
|
|
|
|
|
(153)
|
(153)
|
Balance at Jun. 30, 2023 |
|
$ 3
|
25,417
|
(3,859)
|
21,561
|
5,207
|
26,768
|
Balance, shares at Jun. 30, 2023 |
|
14,895,075
|
|
|
|
|
|
Balance at Mar. 31, 2023 |
|
$ 3
|
25,374
|
(3,735)
|
21,642
|
5,317
|
26,959
|
Balance, shares at Mar. 31, 2023 |
|
14,783,964
|
|
|
|
|
|
Net income (loss) |
|
|
|
(124)
|
(124)
|
41
|
(83)
|
Share-based compensation |
|
|
43
|
|
43
|
2
|
45
|
Dividend declared to non-controlling interests |
|
|
|
|
|
(153)
|
(153)
|
Balance at Jun. 30, 2023 |
|
$ 3
|
$ 25,417
|
$ (3,859)
|
$ 21,561
|
$ 5,207
|
$ 26,768
|
Balance, shares at Jun. 30, 2023 |
|
14,895,075
|
|
|
|
|
|
|
|
X |
- DefinitionAdjustments to additional paid in capital transaction with noncontrolling interest value.
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v3.23.2
Interim Condensed Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Cash flows from Operating Activities |
|
|
|
|
Net income (loss) |
$ (83)
|
$ 48
|
$ (428)
|
$ (101)
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
Depreciation and amortization |
734
|
729
|
1,468
|
1,315
|
Share-based compensation |
45
|
7
|
75
|
8
|
Deferred taxes |
(34)
|
(68)
|
(92)
|
(123)
|
Accrued interest, net |
(22)
|
(17)
|
(49)
|
(39)
|
Exchange rate differences on loans |
|
777
|
|
961
|
Changes in assets and liabilities items: |
|
|
|
|
Decrease (increase) in accounts receivable |
(2,856)
|
(2,086)
|
2,530
|
(3)
|
Decrease (increase) in other receivables |
129
|
309
|
280
|
(188)
|
Decrease in operating lease right-of-use assets |
22
|
22
|
44
|
42
|
Decrease in severance pay, net |
(97)
|
(20)
|
(100)
|
(1)
|
Increase (decrease) in accounts payable |
3,289
|
2,952
|
(2,437)
|
(1,067)
|
Decrease in other payables |
(96)
|
(160)
|
(218)
|
(297)
|
Decrease in operating lease liabilities |
(28)
|
(19)
|
(58)
|
(37)
|
Increase in loan from parent company |
|
74
|
|
128
|
Net cash provided by operating activities |
1,003
|
2,548
|
1,015
|
598
|
Cash flows from Investing Activities |
|
|
|
|
Purchase of property and equipment |
(8)
|
(6)
|
(10)
|
(45)
|
Cash paid to non-controlling interests (see note 1.C) |
|
|
(2,625)
|
|
Capitalization of software development costs |
|
|
|
(16)
|
Net cash used in investing activities |
(8)
|
(6)
|
(2,635)
|
(61)
|
Cash flows from Financing Activities |
|
|
|
|
Receipt of short-term bank loan |
1,200
|
1,000
|
1,200
|
1,000
|
Repayment of short-term loans |
(22)
|
|
(269)
|
|
Receipt of long-term bank loan |
|
|
1,500
|
|
Repayment of long-term bank loans |
(457)
|
(353)
|
(874)
|
(702)
|
Payment of dividend to non-controlling interests |
(153)
|
(392)
|
(598)
|
(742)
|
Payment of dividend to shareholders (see note 8.E.1) |
|
|
(130)
|
|
Increase in loan to parent company |
(32)
|
(627)
|
(104)
|
(856)
|
Net cash provided by (used in) financing activities |
536
|
(372)
|
725
|
(1,300)
|
Increase (decrease) in cash and cash equivalents and restricted cash |
1,531
|
2,170
|
(895)
|
(763)
|
Cash and cash equivalents and restricted cash at beginning of period |
1,955
|
2,509
|
4,381
|
5,442
|
Cash and cash equivalents and restricted cash at end of period |
3,486
|
4,679
|
3,486
|
4,679
|
Cash paid during the period |
|
|
|
|
Taxes paid |
327
|
90
|
512
|
416
|
Interest paid |
(247)
|
(124)
|
(444)
|
(227)
|
Share-based compensation to a director (see note 8.A) |
$ 34
|
|
$ 34
|
|
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v3.23.2
GENERAL
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
GENERAL |
NOTE
1: GENERAL
A.
Organizational Background
Viewbix
Inc. (formerly known as Virtual Crypto Technologies, Inc.) (the “Company”) was incorporated in the State of Delaware on August
16, 1985, under a predecessor name, The InFerGene Company (“InFerGene Company”). On August 25, 1995, a wholly owned subsidiary
of InFerGene Company merged with Zaxis International, Inc., an Ohio corporation, which following such merger, the surviving entity, InFerGene
Company, changed its name to Zaxis International, Inc (“Zaxis”). In 2015 the Company changed its name to Emerald Medical
Applications Corp., subsequent to which the Company, through its subsidiarity, was engaged in the development of technology for use in
detection of skin cancer. On January 29, 2018, the Company ceased its business operations in this field.
On
January 17, 2018, the Company formed a new wholly owned subsidiary under the laws of the State of Israel, Virtual Crypto Technologies
Ltd. (“VCT Israel”), to develop and market software and hardware products facilitating and supporting the purchase and/or
sale of cryptocurrencies. Effective as of March 7, 2018, the Company’s name was changed from Emerald Medical Applications Corp.
to Virtual Crypto Technologies, Inc. VCT Israel ceased its business operation in 2019 and prior to consummation of the Recapitalization
Transaction. On January 27, 2020, VCT Israel was sold to a third party for NIS 50 thousand (approximately $13).
On
February 7, 2019, the Company entered into a share exchange agreement (the “Share Exchange Agreement” or the “Recapitalization
Transaction”) with Gix Internet Ltd., a company organized under the laws of the State of Israel (“Gix” or “Parent
Company’’), pursuant to which, Gix assigned, transferred and delivered its 99.83% holdings in Viewbix Ltd., a company organized
under the laws of the State of Israel (“Viewbix Israel”), to the Company in exchange for shares of the Company, which resulted
in Viewbix Israel becoming a subsidiary of the Company. In connection with the Share Exchange Agreement, effective as of August 7, 2019,
the Company’s name was changed from Virtual Crypto Technologies, Inc. to Viewbix Inc.
B.
Reorganization Transaction
On
December 5, 2021, the Company entered into a certain Agreement and Plan of Merger with Gix Media Ltd. (“Gix Media”), an Israeli
company and the majority-owned (77.92%) subsidiary of Gix, the Parent Company and Vmedia Merger Sub Ltd., an Israeli company and wholly-owned
subsidiary of the Company (“Merger Sub”), pursuant to which, Merger Sub merged with and into Gix Media, with Gix Media being
the surviving entity and a wholly-owned subsidiary of the Company (the “Reorganization Transaction”).
On
September 19, 2022, (the “Closing Date”) the Reorganization Transaction was consummated and as a result, all outstanding
ordinary shares of Gix Media, having no par value (the “Gix Media Shares”) were delivered to the Company in exchange for
the Company’s shares of common stock, par value $0.0001 per share (“Common Stock”). As a result of the Reorganization
Transaction, the former holders of Gix Media Shares, who previously held approximately 68% of the Company’s Common Stock, hold
approximately 97% of the Company’s Common Stock, and Gix Media became a wholly owned subsidiary of the Company.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
1: GENERAL (Cont.)
B.
Reorganization Transaction (Cont.)
As
the Company and Gix Media Ltd. were consolidated both by the Parent Company and Medigus Ltd. (the “Ultimate Parent”),
before and after the Reorganization Transaction, the Reorganization Transaction was accounted for as a transaction between entities under
common control. Accordingly, the financial information of the Company and Gix Media Ltd. is presented in these financial statements,
for all periods presented, reflecting the historical cost of the Company and Gix Media Ltd., as it is reflected in the consolidated financial
statements of the Parent Company, for all periods preceding March 1, 2022, the date the Ultimate Parent obtained a controlling interest
in the Parent Company and as it is reflected in the consolidated financial statements of the Ultimate Parent for all periods subsequent
to March 1, 2022.
Share
and per share data in these financial statements have been retrospectively adjusted, for the six and three months ended June 30, 2022,
to reflect a number of shares that is equivalent to the number of shares of the Company post the Reorganization Transaction.
C.
Business Overview
The
Company and its subsidiaries (the “Group”), Gix Media and Cortex Media Group Ltd. (“Cortex”), operate in the
field of digital advertising. The Group has two main activities that are reported as separate operating segments: the search segment
and the digital content segment.
The
search segment develops a variety of technological software solutions, which perform automation, optimization, and monetization of internet
campaigns, for the purposes of obtaining and routing internet user traffic to its customers. The search segment activity is conducted
by Gix Media.
The
digital content segment is engaged in the creation and editing of content, in different languages, for different target audiences, for
the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple, by utilizing such
content to obtain and route internet user traffic for its customers. The digital content segment activity is conducted by Cortex.
As
of December 31, 2022, Gix Media held 70% of Cortex’s share capital.
On
January 23, 2023, Gix Media acquired an additional 10% of the share capital of Cortex, increasing its holdings to 80% in consideration
for $2,625 (the “Subsequent Purchase”). The Subsequent Purchase was financed by Gix Media’s existing cash balances
and by a long-term bank loan received on January 17, 2023, in the amount of $1,500.
The
Subsequent Purchase was recorded as a transaction with non-controlling interests in the Company’s statement of changes in shareholders
equity for the six month period ended June 30, 2023.
D.
Reverse Stock Split
In
connection with the Closing of the Reorganization Transaction, the Company filed an Amended and Restated Certificate of Incorporation
(the “Amended COI”) with the Secretary of State of Delaware, effective as of August 31, 2022, pursuant to which, concurrently
with the effectiveness of the Amended COI, the Company, among other things, effected a reverse stock split of its Common Stock at a ratio
of 1-for-28. Share and per share data in these financial statements have been retrospectively adjusted to reflect the reverse stock split
for the six and three months ended June 30, 2022.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A.
Unaudited Interim Financial Statements
The
accompanying unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting
principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities
and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair
presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). For further information,
reference is made to the consolidated financial statements and footnotes thereto included in the Group’s Annual Report on Form
10-K for the year ended December 31, 2022.
B.
Principles of Consolidation
The
accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany
balances and transactions have been eliminated in consolidation.
C.
Use of estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenue and expenses during the reporting period. The Company evaluates on an ongoing basis its
assumptions, including those related to contingencies, deferred taxes, inventory impairment, stock-based compensation, as well as in
estimates used in applying the revenue recognition policy. Actual results may differ from those estimates.
D.
Significant Accounting Policies
The
significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are
identical to those applied in the preparation of the latest annual financial statements.
E.
Recent Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect
on the Group’s condensed consolidated financial statements.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
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v3.23.2
LOAN TO PARENT COMPANY
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
LOAN TO PARENT COMPANY |
NOTE
3: LOAN TO PARENT COMPANY
SCHEDULE
OF LOAN FROM TO PARENT COMPANY
| |
As of June 30 2023 | | |
As of December 31 2022 | |
| |
| | |
| |
Loan to Parent Company | |
$ | 3,689 | | |
$ | 3,542 | |
The
balance with the Parent Company represents a balance of an intercompany loan under a loan agreement signed between Gix Media and the
Parent Company on March 22, 2020. The loan bears interest at a rate to be determined from time to time in accordance with Section 3(j)
of the Income Tax Ordinance, new version, and the Income Tax Regulations (Determination of Interest Rate for the purposes of Section
3(j), 1986) or according to a market interest rate decision as agreed between the parties. The amount of the loan is in U.S. dollars.
On
November 20, 2022, the Company, Gix Media and the Parent Company agreed to restructure loan agreements between the parties (see note
15 in the 2022 annual financial statements) such that the Company fully repaid the loan to the Parent Company by offsetting its amount
from the loan owed by the Parent Company to Gix Media. As a result, as of June 30, 2023, and December 31, 2022, the Company has no further
obligations under the loan agreement with the Parent Company.
For
the six months ended June 30, 2023, and the year ended 2022, Gix Media recognized interest income in the amount of $43 and $143, respectively.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.2
LEASES
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
LEASES |
NOTE
4: LEASES
On
February 25, 2021, Gix Media entered into a lease agreement for a new corporate office of 479 square meters in Ramat Gan, Israel, at
a monthly rent fee of $10. The lease period is for 36 months (the “initial lease period”) with an option by the Company to
extend for two additional terms of 24 months each. In accordance with the lease agreement, the Company made leasehold improvements in
exchange for a rent fee discount of $67 which will be spread over the initial lease period.
The
Company includes renewal options that it is reasonably certain to exercise in the measurement of the lease liabilities.
Weighted-average
remaining lease term and discount rate were as follows:
SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES
|
|
As
of
June
30 2023 |
|
|
|
|
|
Operating
leases weighted average remaining lease term (in years) |
|
|
4.67 |
|
Operating
leases weighted average discount rate |
|
|
3.10 |
% |
|
|
As
of
December
31 2022 |
|
|
|
|
|
Operating
leases weighted average remaining lease term (in years) |
|
|
5.17 |
|
Operating
leases weighted average discount rate |
|
|
3.10 |
% |
Operating
lease expenses amounted to $51 and $25 for the six and three months ended June 30, 2023, respectively.
Operating
lease expenses amounted to $51 and $26 for the six and three months ended June 30, 2022, respectively.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
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v3.23.2
GOODWILL AND INTANGIBLE ASSETS, NET
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
GOODWILL AND INTANGIBLE ASSETS, NET |
NOTE
5: GOODWILL AND INTANGIBLE ASSETS, NET
Composition:
SCHEDULE
OF GOODWILL AND INTANGIBLE ASSETS
| |
* | | |
| | |
| | |
| | |
| |
| |
Internal-use
Software (*) | | |
Customer
Relations | | |
Technology | | |
Goodwill | | |
Total | |
| |
(*) | | |
| | |
| | |
| | |
| |
Cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of
January 1, 2023 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 17,361 | | |
| 35,068 | |
Adjustments
to Ultimate Parent company carrying values (see note 1.B) |
|
|
- |
|
|
|
(1,519 |
) |
|
|
3,251 |
|
|
|
4,878 |
|
|
|
6,610 |
|
Additions | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Balance as of June 30,
2023 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 17,361 | | |
| 35,068 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated
amortization: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of January 1, 2023 | |
| 122 | | |
| 741 | | |
| 1,531 | | |
| - | | |
| 2,394 | |
Adjustments
to Ultimate Parent company carrying values (see note 1.B) |
|
|
- |
|
|
|
(4,457 |
) |
|
|
(3,413 |
) |
|
|
- |
|
|
|
(7,870 |
) |
Amortization
recognized during the period | |
| 69 | | |
| 444 | | |
| 915 | | |
| - | | |
| 1,428 | |
Balance as of June 30,
2023 | |
| 191 | | |
| 1,185 | | |
| 2,446 | | |
| - | | |
| 3,822 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Amortized
cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
As
of June 30, 2023 | |
| 274 | | |
| 5,049 | | |
| 8,562 | | |
| 17,361 | | |
| 31,246 | |
| |
* | | |
| | |
| | |
| | |
| |
|
|
Internal-use
Software (*) |
|
|
Customer
Relations |
|
|
Technology |
|
|
Goodwill |
|
|
Total |
|
Cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
as of January 1, 2022 |
|
|
449 |
|
|
|
7,753 |
|
|
|
7,757 |
|
|
|
12,483 |
|
|
|
28,442 |
|
Beginning
balance |
|
|
449 |
|
|
|
7,753 |
|
|
|
7,757 |
|
|
|
12,483 |
|
|
|
28,442 |
|
Adjustments
to Ultimate Parent company carrying values (see note 1.B) |
|
|
- |
|
|
|
(1,519 |
) |
|
|
3,251 |
|
|
|
4,878 |
|
|
|
6,610 |
|
Additions |
|
|
16 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
16 |
|
Balance
as of December 31, 2022 |
|
|
465 |
|
|
|
6,234 |
|
|
|
11,008 |
|
|
|
17,361 |
|
|
|
35,068 |
|
Ending
balance |
|
|
465 |
|
|
|
6,234 |
|
|
|
11,008 |
|
|
|
17,361 |
|
|
|
35,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2022 |
|
|
- |
|
|
|
4,261 |
|
|
|
3,284 |
|
|
|
- |
|
|
|
7,545 |
|
Beginning balance |
|
|
- |
|
|
|
4,261 |
|
|
|
3,284 |
|
|
|
- |
|
|
|
7,545 |
|
Adjustments
to Ultimate Parent company carrying values (see note 1.B) |
|
|
- |
|
|
|
(4,457 |
) |
|
|
(3,413 |
) |
|
|
- |
|
|
|
(7,870 |
) |
Amortization
recognized during the year |
|
|
122 |
|
|
|
937 |
|
|
|
1,660 |
|
|
|
- |
|
|
|
2,719 |
|
Balance
as of December 31, 2022 |
|
|
122 |
|
|
|
741 |
|
|
|
1,531 |
|
|
|
- |
|
|
|
2,394 |
|
Ending
balance |
|
|
122 |
|
|
|
741 |
|
|
|
1,531 |
|
|
|
- |
|
|
|
2,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized
cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of December 31, 2022 |
|
|
343 |
|
|
|
5,493 |
|
|
|
9,477 |
|
|
|
17,361 |
|
|
|
32,674 |
|
|
(*) |
During 2020, Gix Media engaged with a subcontractor
for the development of an internal-use software (the “Software”). Gix Media capitalized its developments costs until March
1, 2022 and from this date the Software became available for use. Accordingly, Gix Media recognized amortization expenses over the estimated
useful life of the Software determined to be three years. For the six months ended June 30, 2023, and the period from March 1, 2022,
until December 31, 2022, Gix Media recorded amortization expenses of $69 and $122, respectively. |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
|
X |
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v3.23.2
LOANS
|
6 Months Ended |
Jun. 30, 2023 |
Receivables [Abstract] |
|
LOANS |
NOTE
6: LOANS
A. Bank Financing for Cortex’s capital shares additional Purchase:
On
January 23, 2023, Gix Media acquired an additional 10% of Cortex’s capital shares (see note 1.C) which was financed by Gix Media’s
existing cash balances and by a long-term bank loan received on January 17, 2023, in the amount of $1,500 to be repaid in 42 monthly
payments at an annual interest rate of SOFR + 5.37%.
B.
Cortex’s Loan Agreement:
On
September 21, 2022, Cortex and Bank Leumi Le Israel Ltd (“Leumi”) entered into an addendum to an existing loan agreement
between the parties, dated August 15, 2020. As part of the addendum to the loan agreement, Leumi provided Cortex with a monthly renewable
credit line of $1,500 (the “Cortex Credit Line”). The Cortex Credit Line is determined every month at the level of 70% of
Cortex’s customers’ balance. The amounts that are drawn from the Cortex Credit Line bear an annual interest of SOFR + 3.52%
(Overnight Financing Rate Secured, guaranteed daily interest as determined in accordance with the Federal Bank in New York).
On
April 27, 2023, Leumi increased the Cortex Credit Line by $1,000, which was fully withdrawn by Cortex as of June 30, 2023.
C.
Composition of long-term loans, short-term loans, and credit lines of the Group:
The
following is the composition of the balance of the Group’s loans according to their nominal value:
SCHEDULE OF COMPOSITION OF THE BALANCE OF THE GROUP’S LOANS
| |
Interest rate (*) | |
|
As of June 30, 2023 | | |
As of December 31, 2022 | |
| |
| |
|
| | |
| |
Short-term loan – the Company | |
| 8 | % |
|
| - | | |
| 69 | |
Short-term bank loan – Gix Media | |
| LIBOR + 3.20 | % |
|
| 3,500 | | |
| 3,500 | |
Short-term bank loan – Cortex | |
| SOFR + 3.52 | % |
|
| 2,500 | | |
| 1,500 | |
Long-term bank loan, including current maturity – Gix Media (received on October 13, 2021) | |
| LIBOR + 4.12 | % |
|
| 3,686 | | |
| 4,381 | |
Long-term bank loan, including current maturity – Gix Media (received on January 17, 2023) | |
| SOFR + 5.37 | % |
|
| 1,321 | | |
| - | |
Bank loan | |
| | |
|
| 11,007 | | |
| 9,450 | |
|
(*) |
The
LIBOR interest rate was published until end of June 2023 and from July 2023 was replaced by the Secured Overnight Financing Rate
(“SOFR”). |
D.
Short term loan:
On
December 18, 2020, the Company entered into a loan agreement and Stock Subscription Agreement with certain Investors, pursuant to which
the Investors lent an aggregate amount of $69 at an annual interest rate of 8% (the “Loan”). In January 2023, the Company
reached an agreement with the investors that the Loan received will be repaid in 3 equal monthly payments. In April 2023, the Loan was
fully repaid by the Company.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
|
X |
- DefinitionThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.
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v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
7: COMMITMENTS AND CONTINGENCIES
Liens:
On
September 19, 2022, as part of the Reorganization Transaction terms, the Company has provided several liens under Gix Media’s Financing
Agreement with Leumi in connection with the Cortex Transaction, as follows: (1) a guarantee to Leumi of all of Gix Media’s obligations
and undertakings to Leumi unlimited in amount; (2) a subordination letter signed by the Company to Leumi; (3) A first ranking all asset
charge over all of the assets of the Company; and (4) a Deposit Account Control Agreement over the Company’s bank accounts.
Gix
Media has provided several liens under the Financing Agreement with Leumi in connection with the Cortex Transaction, as follows: (1)
a floating lien on Gix Media’s assets; (2) a lien on Gix Media’s bank account in Leumi; (3) a lien on Gix Media’s rights
under the Cortex Transaction; (4) a fixed lien on Gix Media’s intellectual property; and (5) a lien on Gix Media’s full holdings
in Cortex.
|
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v3.23.2
SHAREHOLDERS’ EQUITY
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
SHAREHOLDERS’ EQUITY |
NOTE
8: SHAREHOLDERS’ EQUITY
A.
Shares of Common Stock:
Shares
of Common Stock confer the rights to: (i) participate in the general meetings, to one vote per share for any purpose, to an equal part,
on share basis, (ii) in distribution of dividends and (iii) to equally participate, on share basis, in distribution of excess of assets
and funds from the Company and will not confer other privileges.
On
May 18, 2023, the Company’s Board of Directors (the “Board”) approved to issue and grant 111,111 shares of restricted
Common Stock (“Equity Grant”) to one of the Company’s directors (the “Director”). The Equity Grant was
granted for consulting services provided to the Company by the Director, specifically in connection with securing favorable terms for
a bank financing. The Company recorded a share-based compensation expense of $34 in general and administrative expenses with connection
to the Equity Grant.
B.
Warrants:
The
following table summarizes information of outstanding warrants as of June 30, 2023 and December 31, 2022:
SUMMARY
OF OUTSTANDING WARRANTS
| |
Warrants | | |
Warrant Term | |
Exercise Price | | |
Exercisable | |
| |
| | |
| |
| | |
| |
Class J Warrants | |
| 130,333 | | |
July 2029 | |
| 13.44 | | |
| 130,333 | |
Class K Warrants | |
| 130,333 | | |
July 2029 | |
| 22.40 | | |
| 130,333 | |
C.
Reverse Stock Split:
On
August 31, 2022, the Company filed the Amended COI with the Secretary of State of Delaware to affect a 28 to 1 reverse stock split of
the Company’s outstanding shares of Common Stock. All share and per share data in these financial statements have been retrospectively
adjusted to reflect the reverse stock split.
D.
Share option plan:
In
2017, after the completion of Gix Media’s acquisition by the Parent Company, the Parent Company granted options to Gix Media’s
employees. These options entitle the employees to purchase ordinary shares of the Parent Company that are traded on Tel-Aviv Stock Exchange.
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
8: SHAREHOLDERS’ EQUITY (Cont.)
D.
Share option plan (Cont.):
On
March 2, 2023, the Board approved the adoption of the 2023 Stock Incentive Plan (the “2023 Plan”). The 2023 Plan permits
the issuance of up to (i) 2,500,000 shares of Common Stock, plus (ii) an annual increase equal to the lesser of (A) 5% of the Company’s
outstanding capital stock on the last day of the immediately preceding calendar year; and (B) such smaller amount as determined by the
Board, provided that no more than 2,500,000 shares of Common Stock may be issued upon the exercise of Incentive Stock Options. If any
outstanding awards expire, are canceled or are forfeited, the underlying shares would be available for future grants under the 2023 Plan.
As of the date of approval of the financial statements, the Company had reserved 2,500,000 shares of Common Stock for issuance under
the 2023 Plan.
The
2023 Plan provides for the grant of stock options, restricted stock, restricted stock units, stock or other stock-based awards, under
various tax regimes, including, without limitation, in compliance with Section 102 and Section 3(i) of the Israeli Income Tax Ordinance
(New Version) 5271-1961, and for awards granted to United States employees or service providers, including those who are deemed to be
residents of the United States for tax purposes, Section 422 and Section 409A of the United States Internal Revenue Code of 1986.
In
connection with the adoption of the 2023 Plan, on March 7, 2023, the Company entered into certain intercompany reimbursement agreements
with two of its subsidiaries, Viewbix Israel and Gix Media (the “Recharge Agreements”). The Recharge Agreements provide for
the offer of awards under the 2023 Plan to service providers of Viewbix Israel and Gix Media (the “Affiliates”) under the
2023 Plan. Under the Recharge Agreements, the Affiliates will each bear the costs of awards granted to its service providers under the
2023 Plan and will reimburse the Company upon the issuance of shares of Common Stock pursuant to an award, for the costs of shares issued,
but in any event not prior to the vesting of an award. The reimbursement amount shall be equal to the lower of (a) the book expense for
such award as recorded on the financial statements of one of the respective Affiliates, determined and calculated according to U.S. GAAP,
or any other financial reporting standard that may be applicable in the future, or (b) the fair value of the shares of Common Stock at
the time of exercise of an option or at the time of vesting of an RSU, as applicable.
As
of the date of approval of these financial statements, 51,020 stock-based awards were granted by the Company under 2023 Plan (see note
10).
E.
Dividends:
|
1. |
On
September 14, 2022, Gix Media declared a dividend in the amount of $1,000 of which an amount of $83 was paid as tax to the Israeli
Tax Authority. During 2022 Gix Media distributed an amount of $787 out of the remaining amount of $917, which an amount of $714 that
was distributed to the Parent Company, was offset from the loan to Parent Company (see also note 3). The remaining amount of $130
was distributed by Gix Media in January 2023. |
|
|
|
|
2. |
On
December 25, 2022, Cortex declared a dividend in the total amount of $445 to the non-controlling interests. The amount was distributed
by Cortex to non-controlling interests in two payments of $219 and $226 in February and March 2023, respectively. |
|
|
|
|
3. |
On
June 29, 2023, Cortex declared and distributed a dividend in the total amount of $153 to the non-controlling interests. |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
|
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v3.23.2
SEGMENT REPORTING
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SEGMENT REPORTING |
NOTE
9: SEGMENT REPORTING
The
Group operates in two different segments in such a way that each company in the Group operates as a separate business segment.
Search
segment- the search segment develops a variety of technological software solutions, which perform automation, optimization and monetization
of internet campaigns, for the purposes of obtaining and routing internet user traffic to its customers.
Digital
content segment- the digital content segment is engaged in the creation and editing of content, in different languages, for different
target audiences, for the purposes of generating revenues from leading advertising platforms, including Google, Facebook, Yahoo and Apple,
by utilizing such content to obtain internet user traffic for its customers.
The
segments’ results include items that directly serve and/or are used by the segment’s business activity and are directly allocated
to the segment. As such they do not include depreciation and amortization expenses for intangible assets created at the time of the purchase
of those companies, financing expenses created for loans taken for the purpose of purchasing those companies, and therefore these items
are not allocated to the various segments.
Segments’
assets and liabilities are not reviewed by the Group’s chief operating decision maker and therefore were not reflected in the segment
reporting.
Segments
revenues and operating results:
SCHEDULE
OF SEGMENTS REVENUES AND OPERATING RESULTS
| |
Search segment | | |
Digital content segment | | |
Adjustments (See below) | | |
Total | |
| |
For the six months ended June 30, 2023 | |
| |
Search segment | | |
Digital content segment | | |
Adjustments (See below) | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenues from external customers | |
| 10,952 | | |
| 37,064 | | |
| - | | |
| 48,016 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 1,468 | | |
| 1,468 | |
Segment operating income (loss) | |
| 766 | | |
| 1,664 | | |
| (2,256 | ) | |
| 174 | |
Financial expenses, net | |
| (81 | ) | |
| (46 | ) | |
| (*)
(304 | ) | |
| (431 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
For
the six months ended June 30, 2022 | |
| |
Search
segment | | |
Digital
content segment | | |
Adjustments (See
below) | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenues from
external customers | |
| 11,898 | | |
| 31,439 | | |
| - | | |
| 43,337 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 1,315 | | |
| 1,315 | |
Segment operating income (loss) | |
| 169 | | |
| 2,321 | | |
| (1,510 | ) | |
| 980 | |
Financial (expenses) income,
net | |
| (66 | ) | |
| 26 | | |
| (*)
(1,033 | ) | |
| (1,073 | ) |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
9: SEGMENT REPORTING (Cont.)
| |
| | |
| | |
| | |
| |
| |
For
the three months ended June 30, 2023 | |
| |
Search
segment | | |
Digital
content segment | | |
Adjustments (See
below) | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenues from
external customers | |
| 5,842 | | |
| 21,312 | | |
| - | | |
| 27,154 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 734 | | |
| 734 | |
Segment operating income (loss) | |
| 535 | | |
| 868 | | |
| (1,153 | ) | |
| 250 | |
Financial expenses, net | |
| (7 | ) | |
| (83 | ) | |
| (*)
(156 | ) | |
| (246 | ) |
| |
| | |
| | |
| | |
| |
| |
For
the three months ended June 30, 2022 | |
| |
Search
segment | | |
Digital
content segment | | |
Adjustments (See
below) | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenues from
external customers | |
| 5862 | | |
| 17,040 | | |
| - | | |
| 22,902 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 729 | | |
| 729 | |
Segment operating income (loss) | |
| 97 | | |
| 1,491 | | |
| (827 | ) | |
| 761 | |
Financial (expenses) income,
net | |
| - | | |
| 40 | | |
| (*)
(776 | ) | |
| (736 | ) |
|
(*) |
Mainly consist of financial expenses from the Financing Agreement of bank loans taken for business combinations (see note 6). |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
9: SEGMENT REPORTING (Cont.)
The
“adjustment” column for segment operating income includes unallocated selling, general, and administrative expenses and certain
items which management excludes from segment results when evaluating segment performance, as follows:
SCHEDULE
OF RECONCILIATION BETWEEN SEGMENTS OPERATING RESULTS
| |
For the six months ended June 30, 2023 | | |
For the three months ended June 30, 2023 | |
| |
| | |
| |
Depreciation and amortization expenses not attributable to segments (**) | |
| (1,468 | ) | |
| (734 | ) |
General and administrative not attributable to the segments (***) | |
| (788 | ) | |
| (419 | ) |
| |
| ) | |
| ) |
| |
For the six months ended June 30, 2022 | | |
For the three months ended June 30, 2022 | |
| |
| | |
| |
Depreciation and amortization expenses not attributable to segments (**) | |
| (1,315 | ) | |
| (729 | ) |
General and administrative not attributable to the segments (***) | |
| (195 | ) | |
| (98 | ) |
| |
| ) | |
| ) |
|
(**)
|
Mainly
consist of technology and customer relations amortization costs from business combinations. |
|
|
|
|
(***) |
Mainly
consist of salary and related expenses and professional consulting expenses. |
|
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v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
10: SUBSEQUENT EVENTS
On
July 20, 2023, the Company granted 51,020 restricted share units (the “RSUs”) to the new CEO of Gix Media, the subsidiary
of the Company, as part of his employment terms, (the “Grantee”) under the following terms and conditions: (1) number of
Common Stock underlying the grant of RSUs: 51,020 (2) Vesting Commencement Date: July 1, 2023 (3) vesting schedule: 50% of the RSUs
will vest immediately upon the Vesting Commencement Date and the remaining 50% of the RSUs will vest 12 months after the Vesting Commencement
Date, provided, in each case, that the Grantee remains continuously as a Service Provider (as defined under the 2023 Plan) of Gix Media
or its affiliates throughout each such vesting date.
|
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v3.23.2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Unaudited Interim Financial Statements |
A.
Unaudited Interim Financial Statements
The
accompanying unaudited interim condensed financial statements have been prepared in accordance with U.S. generally accepted accounting
principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities
and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by generally accepted
accounting principles for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair
presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). For further information,
reference is made to the consolidated financial statements and footnotes thereto included in the Group’s Annual Report on Form
10-K for the year ended December 31, 2022.
|
Principles of Consolidation |
B.
Principles of Consolidation
The
accompanying condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany
balances and transactions have been eliminated in consolidation.
|
Use of estimates |
C.
Use of estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial
statements and the reported amounts of revenue and expenses during the reporting period. The Company evaluates on an ongoing basis its
assumptions, including those related to contingencies, deferred taxes, inventory impairment, stock-based compensation, as well as in
estimates used in applying the revenue recognition policy. Actual results may differ from those estimates.
|
Significant Accounting Policies |
D.
Significant Accounting Policies
The
significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are
identical to those applied in the preparation of the latest annual financial statements.
|
Recent Accounting Pronouncements |
E.
Recent Accounting Pronouncements
Management
does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect
on the Group’s condensed consolidated financial statements.
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- DefinitionTabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.
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v3.23.2
LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES |
Weighted-average
remaining lease term and discount rate were as follows:
SCHEDULE OF WEIGHTED AVERAGE REMAINING LEASE TERMS AND DISCOUNT RATES
|
|
As
of
June
30 2023 |
|
|
|
|
|
Operating
leases weighted average remaining lease term (in years) |
|
|
4.67 |
|
Operating
leases weighted average discount rate |
|
|
3.10 |
% |
|
|
As
of
December
31 2022 |
|
|
|
|
|
Operating
leases weighted average remaining lease term (in years) |
|
|
5.17 |
|
Operating
leases weighted average discount rate |
|
|
3.10 |
% |
|
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v3.23.2
GOODWILL AND INTANGIBLE ASSETS, NET (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF GOODWILL AND INTANGIBLE ASSETS |
SCHEDULE
OF GOODWILL AND INTANGIBLE ASSETS
| |
* | | |
| | |
| | |
| | |
| |
| |
Internal-use
Software (*) | | |
Customer
Relations | | |
Technology | | |
Goodwill | | |
Total | |
| |
(*) | | |
| | |
| | |
| | |
| |
Cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of
January 1, 2023 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 17,361 | | |
| 35,068 | |
Adjustments
to Ultimate Parent company carrying values (see note 1.B) |
|
|
- |
|
|
|
(1,519 |
) |
|
|
3,251 |
|
|
|
4,878 |
|
|
|
6,610 |
|
Additions | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Balance as of June 30,
2023 | |
| 465 | | |
| 6,234 | | |
| 11,008 | | |
| 17,361 | | |
| 35,068 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Accumulated
amortization: | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance as of January 1, 2023 | |
| 122 | | |
| 741 | | |
| 1,531 | | |
| - | | |
| 2,394 | |
Adjustments
to Ultimate Parent company carrying values (see note 1.B) |
|
|
- |
|
|
|
(4,457 |
) |
|
|
(3,413 |
) |
|
|
- |
|
|
|
(7,870 |
) |
Amortization
recognized during the period | |
| 69 | | |
| 444 | | |
| 915 | | |
| - | | |
| 1,428 | |
Balance as of June 30,
2023 | |
| 191 | | |
| 1,185 | | |
| 2,446 | | |
| - | | |
| 3,822 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Amortized
cost: | |
| | | |
| | | |
| | | |
| | | |
| | |
As
of June 30, 2023 | |
| 274 | | |
| 5,049 | | |
| 8,562 | | |
| 17,361 | | |
| 31,246 | |
| |
* | | |
| | |
| | |
| | |
| |
|
|
Internal-use
Software (*) |
|
|
Customer
Relations |
|
|
Technology |
|
|
Goodwill |
|
|
Total |
|
Cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
as of January 1, 2022 |
|
|
449 |
|
|
|
7,753 |
|
|
|
7,757 |
|
|
|
12,483 |
|
|
|
28,442 |
|
Beginning
balance |
|
|
449 |
|
|
|
7,753 |
|
|
|
7,757 |
|
|
|
12,483 |
|
|
|
28,442 |
|
Adjustments
to Ultimate Parent company carrying values (see note 1.B) |
|
|
- |
|
|
|
(1,519 |
) |
|
|
3,251 |
|
|
|
4,878 |
|
|
|
6,610 |
|
Additions |
|
|
16 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
16 |
|
Balance
as of December 31, 2022 |
|
|
465 |
|
|
|
6,234 |
|
|
|
11,008 |
|
|
|
17,361 |
|
|
|
35,068 |
|
Ending
balance |
|
|
465 |
|
|
|
6,234 |
|
|
|
11,008 |
|
|
|
17,361 |
|
|
|
35,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated
amortization: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of January 1, 2022 |
|
|
- |
|
|
|
4,261 |
|
|
|
3,284 |
|
|
|
- |
|
|
|
7,545 |
|
Beginning balance |
|
|
- |
|
|
|
4,261 |
|
|
|
3,284 |
|
|
|
- |
|
|
|
7,545 |
|
Adjustments
to Ultimate Parent company carrying values (see note 1.B) |
|
|
- |
|
|
|
(4,457 |
) |
|
|
(3,413 |
) |
|
|
- |
|
|
|
(7,870 |
) |
Amortization
recognized during the year |
|
|
122 |
|
|
|
937 |
|
|
|
1,660 |
|
|
|
- |
|
|
|
2,719 |
|
Balance
as of December 31, 2022 |
|
|
122 |
|
|
|
741 |
|
|
|
1,531 |
|
|
|
- |
|
|
|
2,394 |
|
Ending
balance |
|
|
122 |
|
|
|
741 |
|
|
|
1,531 |
|
|
|
- |
|
|
|
2,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortized
cost: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As
of December 31, 2022 |
|
|
343 |
|
|
|
5,493 |
|
|
|
9,477 |
|
|
|
17,361 |
|
|
|
32,674 |
|
|
(*) |
During 2020, Gix Media engaged with a subcontractor
for the development of an internal-use software (the “Software”). Gix Media capitalized its developments costs until March
1, 2022 and from this date the Software became available for use. Accordingly, Gix Media recognized amortization expenses over the estimated
useful life of the Software determined to be three years. For the six months ended June 30, 2023, and the period from March 1, 2022,
until December 31, 2022, Gix Media recorded amortization expenses of $69 and $122, respectively. |
|
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v3.23.2
LOANS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Receivables [Abstract] |
|
SCHEDULE OF COMPOSITION OF THE BALANCE OF THE GROUP’S LOANS |
The
following is the composition of the balance of the Group’s loans according to their nominal value:
SCHEDULE OF COMPOSITION OF THE BALANCE OF THE GROUP’S LOANS
| |
Interest rate (*) | |
|
As of June 30, 2023 | | |
As of December 31, 2022 | |
| |
| |
|
| | |
| |
Short-term loan – the Company | |
| 8 | % |
|
| - | | |
| 69 | |
Short-term bank loan – Gix Media | |
| LIBOR + 3.20 | % |
|
| 3,500 | | |
| 3,500 | |
Short-term bank loan – Cortex | |
| SOFR + 3.52 | % |
|
| 2,500 | | |
| 1,500 | |
Long-term bank loan, including current maturity – Gix Media (received on October 13, 2021) | |
| LIBOR + 4.12 | % |
|
| 3,686 | | |
| 4,381 | |
Long-term bank loan, including current maturity – Gix Media (received on January 17, 2023) | |
| SOFR + 5.37 | % |
|
| 1,321 | | |
| - | |
Bank loan | |
| | |
|
| 11,007 | | |
| 9,450 | |
|
(*) |
The
LIBOR interest rate was published until end of June 2023 and from July 2023 was replaced by the Secured Overnight Financing Rate
(“SOFR”). |
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v3.23.2
SHAREHOLDERS’ EQUITY (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
SUMMARY OF OUTSTANDING WARRANTS |
The
following table summarizes information of outstanding warrants as of June 30, 2023 and December 31, 2022:
SUMMARY
OF OUTSTANDING WARRANTS
| |
Warrants | | |
Warrant Term | |
Exercise Price | | |
Exercisable | |
| |
| | |
| |
| | |
| |
Class J Warrants | |
| 130,333 | | |
July 2029 | |
| 13.44 | | |
| 130,333 | |
Class K Warrants | |
| 130,333 | | |
July 2029 | |
| 22.40 | | |
| 130,333 | |
|
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v3.23.2
SEGMENT REPORTING (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SCHEDULE OF SEGMENTS REVENUES AND OPERATING RESULTS |
SCHEDULE
OF SEGMENTS REVENUES AND OPERATING RESULTS
| |
Search segment | | |
Digital content segment | | |
Adjustments (See below) | | |
Total | |
| |
For the six months ended June 30, 2023 | |
| |
Search segment | | |
Digital content segment | | |
Adjustments (See below) | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenues from external customers | |
| 10,952 | | |
| 37,064 | | |
| - | | |
| 48,016 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 1,468 | | |
| 1,468 | |
Segment operating income (loss) | |
| 766 | | |
| 1,664 | | |
| (2,256 | ) | |
| 174 | |
Financial expenses, net | |
| (81 | ) | |
| (46 | ) | |
| (*)
(304 | ) | |
| (431 | ) |
| |
| | | |
| | | |
| | | |
| | |
| |
For
the six months ended June 30, 2022 | |
| |
Search
segment | | |
Digital
content segment | | |
Adjustments (See
below) | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenues from
external customers | |
| 11,898 | | |
| 31,439 | | |
| - | | |
| 43,337 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 1,315 | | |
| 1,315 | |
Segment operating income (loss) | |
| 169 | | |
| 2,321 | | |
| (1,510 | ) | |
| 980 | |
Financial (expenses) income,
net | |
| (66 | ) | |
| 26 | | |
| (*)
(1,033 | ) | |
| (1,073 | ) |
VIEWBIX
INC.
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
U.S.
dollars in thousands (except share data)
NOTE
9: SEGMENT REPORTING (Cont.)
| |
| | |
| | |
| | |
| |
| |
For
the three months ended June 30, 2023 | |
| |
Search
segment | | |
Digital
content segment | | |
Adjustments (See
below) | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenues from
external customers | |
| 5,842 | | |
| 21,312 | | |
| - | | |
| 27,154 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 734 | | |
| 734 | |
Segment operating income (loss) | |
| 535 | | |
| 868 | | |
| (1,153 | ) | |
| 250 | |
Financial expenses, net | |
| (7 | ) | |
| (83 | ) | |
| (*)
(156 | ) | |
| (246 | ) |
| |
| | |
| | |
| | |
| |
| |
For
the three months ended June 30, 2022 | |
| |
Search
segment | | |
Digital
content segment | | |
Adjustments (See
below) | | |
Total | |
| |
| | |
| | |
| | |
| |
Revenues from
external customers | |
| 5862 | | |
| 17,040 | | |
| - | | |
| 22,902 | |
Depreciation and amortization | |
| - | | |
| - | | |
| 729 | | |
| 729 | |
Segment operating income (loss) | |
| 97 | | |
| 1,491 | | |
| (827 | ) | |
| 761 | |
Financial (expenses) income,
net | |
| - | | |
| 40 | | |
| (*)
(776 | ) | |
| (736 | ) |
|
SCHEDULE OF RECONCILIATION BETWEEN SEGMENTS OPERATING RESULTS |
SCHEDULE
OF RECONCILIATION BETWEEN SEGMENTS OPERATING RESULTS
| |
For the six months ended June 30, 2023 | | |
For the three months ended June 30, 2023 | |
| |
| | |
| |
Depreciation and amortization expenses not attributable to segments (**) | |
| (1,468 | ) | |
| (734 | ) |
General and administrative not attributable to the segments (***) | |
| (788 | ) | |
| (419 | ) |
| |
| ) | |
| ) |
| |
For the six months ended June 30, 2022 | | |
For the three months ended June 30, 2022 | |
| |
| | |
| |
Depreciation and amortization expenses not attributable to segments (**) | |
| (1,315 | ) | |
| (729 | ) |
General and administrative not attributable to the segments (***) | |
| (195 | ) | |
| (98 | ) |
| |
| ) | |
| ) |
|
(**)
|
Mainly
consist of technology and customer relations amortization costs from business combinations. |
|
|
|
|
(***) |
Mainly
consist of salary and related expenses and professional consulting expenses. |
|
X |
- DefinitionTabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment.
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v3.23.2
GENERAL (Details Narrative) $ / shares in Units, ₪ in Thousands, $ in Thousands |
Jan. 23, 2023
USD ($)
|
Sep. 19, 2022
$ / shares
|
Aug. 31, 2022 |
Jun. 30, 2023
$ / shares
|
Jan. 17, 2023
USD ($)
|
Dec. 31, 2022
$ / shares
|
Dec. 05, 2021 |
Jan. 27, 2020
USD ($)
|
Jan. 27, 2020
ILS (₪)
|
Feb. 07, 2019 |
Common stock, par value | $ / shares |
|
$ 0.0001
|
|
$ 0.0001
|
|
$ 0.0001
|
|
|
|
|
Related party transaction description |
|
As a result of the Reorganization
Transaction, the former holders of Gix Media Shares, who previously held approximately 68% of the Company’s Common Stock, hold
approximately 97% of the Company’s Common Stock, and Gix Media became a wholly owned subsidiary of the Company
|
|
|
|
|
|
|
|
|
Long-term bank loan |
|
|
|
|
$ 1,500
|
|
|
|
|
|
Reverse stock split |
|
|
Company filed the Amended COI with the Secretary of State of Delaware to affect a 28 to 1 reverse stock split of
the Company’s outstanding shares of Common Stock
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Reverse stock split |
|
|
1-for-28
|
|
|
|
|
|
|
|
Gix Media [Member] |
|
|
|
|
|
|
|
|
|
|
Business acquire percentage |
10.00%
|
|
|
|
|
|
|
|
|
|
Business consideration |
$ 2,625
|
|
|
|
|
|
|
|
|
|
Cortex [Member] |
|
|
|
|
|
|
|
|
|
|
Business acquire percentage |
80.00%
|
|
|
|
|
|
|
|
|
|
Gix Media Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
|
|
70.00%
|
|
|
|
|
Share Exchange Agreement [Member] | Gix Internet Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
|
|
|
|
|
|
99.83%
|
Certain Agreement [Member] | Gix Media Ltd [Member] |
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
|
|
|
77.92%
|
|
|
|
Virtual Crypto Israel [Member] |
|
|
|
|
|
|
|
|
|
|
Due to related party |
|
|
|
|
|
|
|
$ 13
|
₪ 50
|
|
X |
- DefinitionPercentage of voting equity interests acquired at the acquisition date in the business combination.
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SCHEDULE OF GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Beginning balance |
|
$ 35,068
|
$ 28,442
|
Adjustments to Ultimate Parent company carrying values (see note 1.B) |
|
6,610
|
6,610
|
Additions |
|
|
16
|
Ending balance |
|
35,068
|
35,068
|
Beginning balance |
|
2,394
|
7,545
|
Adjustments to Ultimate Parent company carrying values (see note 1.B) |
|
(7,870)
|
(7,870)
|
Amortization recognized during the year |
|
1,428
|
2,719
|
Ending balance |
|
3,822
|
2,394
|
As of December 31, 2022 |
|
31,246
|
32,674
|
Internal Software [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Beginning balance |
[1] |
465
|
449
|
Adjustments to Ultimate Parent company carrying values (see note 1.B) |
[1] |
|
|
Additions |
[1] |
|
16
|
Ending balance |
[1] |
465
|
465
|
Beginning balance |
[1] |
122
|
|
Adjustments to Ultimate Parent company carrying values (see note 1.B) |
[1] |
|
|
Amortization recognized during the year |
[1] |
69
|
122
|
Ending balance |
[1] |
191
|
122
|
As of December 31, 2022 |
[1] |
274
|
343
|
Customer Relations [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Beginning balance |
|
6,234
|
7,753
|
Adjustments to Ultimate Parent company carrying values (see note 1.B) |
|
(1,519)
|
(1,519)
|
Additions |
|
|
|
Ending balance |
|
6,234
|
6,234
|
Beginning balance |
|
741
|
4,261
|
Adjustments to Ultimate Parent company carrying values (see note 1.B) |
|
(4,457)
|
(4,457)
|
Amortization recognized during the year |
|
444
|
937
|
Ending balance |
|
1,185
|
741
|
As of December 31, 2022 |
|
5,049
|
5,493
|
Technology [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Beginning balance |
|
11,008
|
7,757
|
Adjustments to Ultimate Parent company carrying values (see note 1.B) |
|
3,251
|
3,251
|
Additions |
|
|
|
Ending balance |
|
11,008
|
11,008
|
Beginning balance |
|
1,531
|
3,284
|
Adjustments to Ultimate Parent company carrying values (see note 1.B) |
|
(3,413)
|
(3,413)
|
Amortization recognized during the year |
|
915
|
1,660
|
Ending balance |
|
2,446
|
1,531
|
As of December 31, 2022 |
|
8,562
|
9,477
|
Goodwill [Member] |
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
Beginning balance |
|
17,361
|
12,483
|
Adjustments to Ultimate Parent company carrying values (see note 1.B) |
|
4,878
|
4,878
|
Additions |
|
|
|
Ending balance |
|
17,361
|
17,361
|
Beginning balance |
|
|
|
Adjustments to Ultimate Parent company carrying values (see note 1.B) |
|
|
|
Amortization recognized during the year |
|
|
|
Ending balance |
|
|
|
As of December 31, 2022 |
|
$ 17,361
|
$ 17,361
|
|
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SCHEDULE OF COMPOSITION OF THE BALANCE OF THE GROUP’S LOANS (Details) - USD ($) $ in Thousands |
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Bank loan |
|
$ 11,007
|
$ 9,450
|
The Company [Member] | Short Term Bank Loan [Member] |
|
|
|
Bank loan |
|
|
69
|
Debt instrument interest rate |
[1] |
8.00%
|
|
Gix Media [Member] | Short Term Bank Loan [Member] |
|
|
|
Bank loan |
|
$ 3,500
|
3,500
|
Debt instrument description |
[1] |
LIBOR + 3.20
|
|
Gix Media [Member] | Long Term Bank Loan [Member] |
|
|
|
Bank loan |
|
$ 3,686
|
4,381
|
Debt instrument description |
[1] |
LIBOR + 4.12
|
|
Gix Media [Member] | Long Term Bank Loan One [Member] |
|
|
|
Bank loan |
|
$ 1,321
|
|
Debt instrument description |
[1] |
SOFR + 5.37
|
|
Cortex [Member] | Short Term Bank Loan [Member] |
|
|
|
Bank loan |
|
$ 2,500
|
$ 1,500
|
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SOFR + 3.52
|
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|
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v3.23.2
LOANS (Details Narrative) - USD ($) $ in Thousands |
Jan. 23, 2023 |
Jan. 17, 2023 |
Jan. 17, 2023 |
Sep. 21, 2022 |
Apr. 27, 2023 |
Dec. 18, 2020 |
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
Debt Instrument, Frequency of Periodic Payment |
|
|
1,500
|
|
|
|
Loan And Stock Subscription Agreement [Member] | Investors [Member] |
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
|
|
8.00%
|
Debt Instrument, Face Amount |
|
|
|
|
|
$ 69
|
Cortex And Leumi [Member] |
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
Debt Instrument, Description |
|
SOFR + 5.37%
|
|
|
|
|
Cortex And Leumi [Member] | Loan Agreement [Member] |
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
Debt Instrument, Description |
|
|
|
SOFR + 3.52%
|
|
|
Debt Instrument, Interest Rate, Stated Percentage |
|
|
|
70.00%
|
|
|
Line of credit |
|
|
|
|
$ 1,000
|
|
Cortex And Leumi [Member] | Maximum [Member] | Loan Agreement [Member] |
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
Additional line of credit |
|
|
|
$ 1,500
|
|
|
Cortex Acquisition [Member] |
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
Business Acquisition, Description of Acquired Entity |
Gix Media acquired an additional 10% of Cortex’s capital shares
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v3.23.2
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
12 Months Ended |
Jun. 29, 2023 |
Mar. 02, 2023 |
Sep. 14, 2022 |
Aug. 31, 2022 |
Mar. 31, 2023 |
Feb. 28, 2023 |
Jan. 31, 2023 |
Aug. 18, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 25, 2023 |
Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, voting rights |
|
|
|
|
|
|
|
|
|
|
Shares
of Common Stock confer the rights to: (i) participate in the general meetings, to one vote per share for any purpose, to an equal part,
on share basis, (ii) in distribution of dividends and (iii) to equally participate, on share basis, in distribution of excess of assets
and funds from the Company and will not confer other privileges
|
|
|
|
Share based compensation |
|
|
|
|
|
|
|
|
$ 45,000
|
$ 7,000
|
$ 75,000
|
$ 8,000
|
|
|
Reverse stock split |
|
|
|
Company filed the Amended COI with the Secretary of State of Delaware to affect a 28 to 1 reverse stock split of
the Company’s outstanding shares of Common Stock
|
|
|
|
|
|
|
|
|
|
|
Declared dividends |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 917,000
|
Parent Company [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend distribution |
|
|
|
|
|
|
|
|
|
|
|
|
|
714,000
|
Gix Media [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Declared dividends |
|
|
$ 1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Dividend distribution |
|
|
|
|
|
|
$ 130,000
|
|
|
|
|
|
|
$ 787,000
|
Isaraeli Tax Authority [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Taxes Paid |
|
|
$ 83,000
|
|
|
|
|
|
|
|
|
|
|
|
Cortex [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends non controling interest |
$ 153,000
|
|
|
|
$ 226,000
|
$ 219,000
|
|
|
|
|
|
|
$ 445,000
|
|
2023 Stock Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of share for issuance |
|
2,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding capital stock percent |
|
5.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock reserved for issuance |
|
2,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reverse stock split |
|
|
|
1-for-28
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | 2023 Stock Incentive Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of share for issuance |
|
2,500,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of share for grant |
|
51,020
|
|
|
|
|
|
|
|
|
|
|
|
|
General and Administrative Expense [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
|
|
|
|
|
$ 34
|
|
|
|
|
|
|
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SCHEDULE OF SEGMENTS REVENUES AND OPERATING RESULTS (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues from external customers |
$ 27,154
|
$ 22,902
|
$ 48,016
|
$ 43,337
|
Depreciation and amortization |
734
|
729
|
1,468
|
1,315
|
Segment operating income (loss) |
250
|
761
|
174
|
980
|
Financial (expenses) income, net |
(246)
|
(736)
|
(431)
|
(1,073)
|
Segment Income (loss), before income taxes |
4
|
25
|
(257)
|
(93)
|
Search Segment [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues from external customers |
5,842
|
5,862
|
10,952
|
11,898
|
Depreciation and amortization |
|
|
|
|
Segment operating income (loss) |
535
|
97
|
766
|
169
|
Financial (expenses) income, net |
(7)
|
|
(81)
|
(66)
|
Segment Income (loss), before income taxes |
528
|
97
|
685
|
103
|
Digital Content Segment [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues from external customers |
21,312
|
17,040
|
37,064
|
31,439
|
Depreciation and amortization |
|
|
|
|
Segment operating income (loss) |
868
|
1,491
|
1,664
|
2,321
|
Financial (expenses) income, net |
(83)
|
40
|
(46)
|
26
|
Segment Income (loss), before income taxes |
785
|
1,531
|
1,618
|
2,347
|
Adjustments [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenues from external customers |
|
|
|
|
Depreciation and amortization |
734
|
729
|
1,468
|
1,315
|
Segment operating income (loss) |
(1,153)
|
(827)
|
(2,256)
|
(1,510)
|
Segment Income (loss), before income taxes |
$ (1,309)
|
$ (1,603)
|
$ (2,560)
|
$ (2,543)
|
X |
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v3.23.2
SCHEDULE OF RECONCILIATION BETWEEN SEGMENTS OPERATING RESULTS (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Segment Reporting Information [Line Items] |
|
|
|
|
|
Depreciation and amortization expenses not attributable to segments |
|
$ (734)
|
$ (729)
|
$ (1,468)
|
$ (1,315)
|
General and administrative not attributable to the segments |
|
(688)
|
(329)
|
(1,392)
|
(876)
|
Total |
|
4
|
25
|
(257)
|
(93)
|
Operating Segments [Member] |
|
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
|
Depreciation and amortization expenses not attributable to segments |
[1] |
(734)
|
(729)
|
(1,468)
|
(1,315)
|
General and administrative not attributable to the segments |
[2] |
(419)
|
(98)
|
(788)
|
(195)
|
Total |
|
$ (1,153)
|
$ (827)
|
$ (2,256)
|
$ (1,510)
|
|
|
X |
- DefinitionThe current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.
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v3.23.2
SUBSEQUENT EVENTS (Details Narrative) - Restricted Stock Units (RSUs) [Member] - Subsequent Event [Member]
|
Jul. 20, 2023
shares
|
Subsequent Event [Line Items] |
|
Shares, granted |
51,020
|
Share based arrangement, description |
(1) number of
Common Stock underlying the grant of RSUs: 51,020 (2) Vesting Commencement Date: July 1, 2023 (3) vesting schedule: 50% of the RSUs
will vest immediately upon the Vesting Commencement Date and the remaining 50% of the RSUs will vest 12 months after the Vesting Commencement
Date, provided, in each case, that the Grantee remains continuously as a Service Provider (as defined under the 2023 Plan) of Gix Media
or its affiliates throughout each such vesting date
|
Common Stock [Member] |
|
Subsequent Event [Line Items] |
|
Shares, granted |
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|
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