Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

LEASES

NOTE 6 - LEASES

In August 2019, the Company entered into an office space lease agreement. The lease term is for 36 months beginning on August 20, 2019 and ending on August 20, 2022, with an option to extend for an additional 36 months. Monthly rent payments including utilities amounting to approximately USD 14 (NIS 45,000) per month.

In addition, The Company entered into a three-year cancelable operating lease agreement for cars.

Approximate future minimum remaining rental payments due under these leases are as follows:

Year Ending:
2021	$	186
2022	$	175
2023	$	184
2024	$	184
2025	$	123

These leases generally have terms which range from 1 year to 6 years, and often include one or more options to renew. These renewal terms can extend the lease term from 1 year to 6 years, and are included in the lease term when it is reasonably certain that the Company will exercise the option. These operating leases are included in "Right of use asset" on the Company's December 31, 2020 consolidated balance sheets, and represent the Company's right to use the underlying asset for the lease term. The Company's obligations to make lease payments are included in the current liabilities as "Operating lease liability" and in the non-current liabilities as "Operating lease liability - long term" on the Company's December 31, 2020 consolidated balance sheets. Based on the present value of the lease payments for the remaining lease term of the Company's existing leases, the Company recognized right-of-use asset and operating lease liability of approximately $127 on January 1, 2019. Operating lease right-of-use asset and liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. As of December 31, 2020, right-of-use asset and operating lease liabilities were $708. Right-of-use asset includes the capitalization of improvements (net of amortization) amounting to $205. Total right-of-use asset as of December 31, 2020 amounted to $911.

Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments.

The interest rate used to discount future lease payment was 8.69%.

Maturities of lease liabilities as of December 31, 2020 were as follows

Due in a 12-month period ended December 31,

2021	$	186
2022	$	174
2023	$	185
2024	$	185
2025	$	123
Thereafter	$	853
Less imputed interest:	$	(145	)
Total lease liabilities	$	708