UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
(MARK ONE)
For
the quarterly period ended
OR
For the transition period from __________________ to __________________
Commission
File No.
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of | (I.R.S. Employer | |
| incorporation or organization) | Identification No.) |
(Address of principal executive offices, zip code)
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Indicate
by check mark whether the issuer (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.
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).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (check one):
| Large accelerated filer | ☐ | 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 Exchange Act Rule 12b-2 of the Exchange Act): Yes ☐ No
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
As of September 30, 2023 and November 13, 2023,
there were
FUEL DOCTOR HOLDINGS, INC.
TABLE OF CONTENTS
i
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q of Fuel Doctor Holdings, Inc., a Delaware corporation (the “Company”), contains “forward-looking statements.” In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: the Company’s need for and ability to obtain additional financing and the demand for the Company’s products, and other factors over which we have little or no control; and other factors discussed in the Company’s filings with the Securities and Exchange Commission (“SEC”).
We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events, except as required by law.
ii
PART I. FINANCIAL INFORMATION
ITEM 1: CONSOLIDATED FINANCIAL STATEMENTS.
FUEL DOCTOR HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands except share and per share data
| (Unaudited) | (Audited) | |||||||
September
30, | December
31, 2022 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash | $ | $ | ||||||
| Other accounts receivable | ||||||||
| Total current assets | ||||||||
| Non current assets: | ||||||||
| Investment in an affiliate (Note 4c) | ||||||||
| Intangible asset (Note 5) | ||||||||
| Loan to an affiliate (Note 4b) | ||||||||
| Total non current assets | ||||||||
| TOTAL ASSETS | $ | $ | ||||||
| LIABILITIES & STOCKHOLDERS’ EQUITY (DEFICIT) | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | $ | ||||||
| Related parties (Note 6) | ||||||||
| Other current liabilities | ||||||||
| Total current liabilities | ||||||||
| Non current liabilities: | ||||||||
| Deferred revenues | $ | $ | ||||||
| Total liabilities | $ | $ | ||||||
| Stockholders’ equity (Note 7) | ||||||||
| Preferred shares, par value $ | ||||||||
| Common stock, par value $ | ||||||||
| Additional paid-in capital | ||||||||
| Foreign currency transaction reserve | ( | ) | ( | ) | ||||
| Reserve from share-based compensation transactions | ||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Total stockholders’ equity (deficit) | ( | ) | ||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | $ | ||||||
See accompanying Notes to Condensed Consolidated Financial Statements
1
FUEL DOCTOR HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands except share and per share data (Unaudited)
(Unaudited)
| Three months ended | Nine months ended | |||||||||||||||
| September 30,
2023 | September 30,
2022 | September 30,
2023 | September 30,
2022 | |||||||||||||
| Research and development costs | $ | $ | $ | $ | ||||||||||||
| General and administrative costs | ||||||||||||||||
| Operating loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| Financial expenses | ||||||||||||||||
| Net loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| Share in profits (losses) of affiliate | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net loss for the period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| Other comprehensive loss | ( | ) | ( | ) | ( | ) | ||||||||||
| Net loss and comprehensive loss for the period | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| $ | ( | ) | ( | ) | $ | ( | ) | $ | ( | ) | ||||||
| Weighted average common shares outstanding | ||||||||||||||||
See accompanying Notes to Condensed Consolidated Financial Statements
2
FUEL DOCTOR HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT)
U.S. dollars in thousands except share and per share data
For the nine months ended September 30, 2023
(Unaudited)
| Ordinary shares | Additional Paid in | Stock-based | Accumulated other comprehensive | Accumulated | Total Shareholders’ | |||||||||||||||||||||||
| Number | Amount | capital | compensation | loss | Deficit | Deficit | ||||||||||||||||||||||
| Balance at January 1, 2022 | $ | $ | $ | $ | $ | ( | ) | $ | ||||||||||||||||||||
| Share based payment reserve | - | |||||||||||||||||||||||||||
| Net comprehensive loss for the period | - | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
| Balance at September 30, 2022 | $ | $ | $ | $ | ( | ) | ( | ) | $ | ( | ) | |||||||||||||||||
| Ordinary shares | Additional Paid in | Stock-based | Accumulated other comprehensive | Accumulated | Total Shareholders’ | |||||||||||||||||||||||
| Number | Amount | Capital | compensation | loss | Deficit | Equity | ||||||||||||||||||||||
| Balance at January 1, 2023 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||||||||||||||
| Exercise of options | ||||||||||||||||||||||||||||
| Issuance of shares in respect of converted loan | ||||||||||||||||||||||||||||
| Effect of reverse merger | ( | ) | - | ( | ) | |||||||||||||||||||||||
| Issuance of shares in respect of private placement | ||||||||||||||||||||||||||||
| Net comprehensive loss for the period | - | ( | ) | ( | ) | ( | ) | |||||||||||||||||||||
| Balance at September 30, 2023 | $ | $ | $ | $ | ( | ) | $ | ( | ) | $ | ||||||||||||||||||
See accompanying Notes to Condensed Consolidated Financial Statements
3
FUEL DOCTOR HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S.
dollars in thousands except share and per share data
(Unaudited)
| For the nine months ended | ||||||||
| September 30, | ||||||||
| 2023 | 2022 | |||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Adjustments to reconcile net loss to net cash (used) in operating activities: | ||||||||
| Share-based payment expenses | ||||||||
| Share in losses of affiliate | ||||||||
| Changes in operating assets and liabilities: | ||||||||
| Decrease (increase) in other accounts receivable | ( | ) | ||||||
| Increase (decrease) in related parties | ||||||||
| Increase (decrease) in accounts payable | ( | ) | ||||||
| Increase in other accounts payable and accrued expenses | ||||||||
| Increase in deferred revenues | - | |||||||
| Net cash provided by operating activities | ( | ) | ||||||
| CASH FLOWS (USED IN) INVESTING ACTIVITIES: | ||||||||
| Effect of reverse merger | ||||||||
| Increase in other accounts receivable | ( | ) | ||||||
| Investment in affiliated company | - | ( | ) | |||||
| Net cash used in investing activities | ( | ) | ||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
| Proceeds from issuance of shares in respect of a private placement | - | |||||||
| Proceeds from exercise of options | ||||||||
| Net cash provided by financing activities | ||||||||
| Net increase (decrease) in cash | ( | ) | ||||||
| Effect of changes in foreign exchange rates | ||||||||
| Cash at beginning of year | ||||||||
| Cash at end of period | $ | $ | ||||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||
| Cash paid during the period for: | ||||||||
| Interest | $ | $ | ||||||
| Franchise taxes | $ | $ | ||||||
| Changes in non-cash working capital due to merger: | ||||||||
| Increase in cash | ||||||||
| Increase in Accounts payable | ||||||||
| Decrease in Related party balances | ||||||||
| SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: | ||||||||
| Issuance of shares to in respect of converted loan | $ | $ | ||||||
See accompanying Notes to Condensed Consolidated Financial Statements
4
FUEL DOCTOR HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands except share and per share data
(UNAUDITED)
NOTE 1 – GENERAL
Fuel Doctor Holdings, Inc. (“Fuel Doctor” or the “Company”) was incorporated in the state of Delaware on March 25, 2008 as Silver Hill Management Services, Inc. On August 24, 2011, the Company changed its name to Fuel Doctor Holdings, Inc.
On
March 28, 2023, the Company entered into a Securities Exchange Agreement (the “Acquisition Agreement”) with the stockholders
of Charging Robotics Ltd. (“Charging Robotics”). Pursuant to the Acquisition Agreement, at the closing, which occurred on
April 7, 2023, the Company acquired
The
transaction between the Company and Charging Robotics was accounted for as a reverse recapitalization. As the shareholders of Charging
Robotics received the largest ownership interest in the Company, based upon the
Charging Robotics was formed in February 2021, as an Israeli corporation, to focus on an innovative wireless electric vehicles (EV) charging technology. At the heart of the technology is a wireless power transfer module that uses resonance coils to transfer electricity wirelessly. This module can be used for various products such as robotic and stationary platforms. The robotic platform will include a component which is small enough to fit under the vehicle, and which will automatically position itself for maximum efficiency charging and will return to its docking station at the end of the charging operation. Charging Robotics is also in the final stages of developing and installing a Wireless EV Charging System for automatic parking lots based on our wireless electricity transfer module, the first prototype of which is slated to be installed in an automated parking facility in Tel Aviv, Israel in December 2023, for pilot testing.
On
April 6, 2023, the Company issued a total of
5
FUEL DOCTOR HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands except share and per share data
(UNAUDITED)
NOTE 2 – UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
The financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP).
| a. | Use of estimates: |
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. As applicable to these financial statements, the most significant estimates and assumptions relate to shares based compensation and Going concern.
| b. | Financial statements in U.S. dollars: |
The costs of the Company are denominated in United States dollars (“dollars”). Some of the costs in our Israeli associate are incurred in New Israeli Shekels (NIS), however the selling prices will be linked to the Company’s price list which will be determined in dollars, the budget is managed in dollars, financing activities including loans and cash investments, are made in U.S. dollars and the Company’s management believes that the dollar is the primary currency of the economic environment in which the Company and its subsidiary operates. Thus, the dollar is the Company’s and its subsidiary functional and reporting currency.
Accordingly, transactions denominated in currencies other than the functional currency are re-measured to the functional currency in accordance with Accounting Standards Codification (“ASC”) No. 830, “Foreign Currency Matters” at the exchange rate at the date of the transaction or the average exchange rate in the relevant reporting period. At the end of each reporting period, financial assets and liabilities are re-measured to the functional currency using exchange rates in effect at the balance sheet date. Non-financial assets and liabilities are re-measured at historical exchange rates. Gains and losses related to re-measurement are recorded as financial income (expense) in the statements of operations as appropriate.
The functional currency of the affiliate company is the NIS and therefore foreign exchange differences are charged to the other comprehensive profit and loss.
| c. | Cash and cash equivalents: |
Cash equivalents are short-term highly liquid investments which include short term bank deposits (up to three months from date of deposit), that are not restricted as to withdrawals or use that are readily convertible to cash with maturities of three months or less as of the date acquired.
| d. | Investment in affiliated companies |
Affiliated
company is company held to the extent of
6
FUEL DOCTOR HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands except share and per share data
(UNAUDITED)
NOTE 2 – UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS (CONT.)
The investment in affiliated company is accounted for by the equity method under ASC Subtopic 323-30, “Investments - Equity Method and Joint Ventures: Partnerships, Joint Ventures, and Limited Liability Entities”. Upon initial recognition, the cost of investment is based on the direct costs of acquiring the investment including amounts incurred on behalf of the investee.
Following the acquisition, the Company recognizes its proportionate share of the affiliated company’s net income or loss after the date of investment. When previous losses have reduced the common stock investment account to zero, the Company continues to report its share of equity method losses in its statement of operations to the extent of and as an adjustment to other investments in the investee such as debt securities, long term loans or advances, if any. Such additional equity method losses are applied to the other investments based on the seniority of the other investments (priority in liquidation) and the percentage ownership interest in each type of other investment the Company holds (the ‘relative holdings approach’).
| e. | Impairment of long-lived assets: |
The Company’s long-lived assets are reviewed for impairment in accordance with ASC No. 360, “Property, Plant and Equipment” whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Recoverability of assets (or asset group) to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the year ended December 31, 2022, no impairment losses have been recorded.
| f. | Concentration of credit risks: |
Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents and restricted bank deposit. Cash and cash equivalents and restricted bank deposit are invested in major banks in Israel and the United States. Such funds in the Israel may be in excess of insured limits and are not insured in other jurisdictions. Management believes that the financial institutions that hold the Company and its subsidiary’ cash and cash equivalents have high credit ratings.
The Company, have no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements.
| g. | Research and development expenses: |
Research and development costs are charged to the statement of operations as incurred.
| h. | Fair value of financial instruments: |
ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.
7
FUEL DOCTOR HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands except share and per share data
(UNAUDITED)
NOTE 2 – UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS (CONT.)
In determining fair value, the Company uses various valuation approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the inputs as follows:
| Level 1 | — | Valuations based on quoted prices in active markets for identical assets that the Company has the ability to access. | |
| Level 2 | — | Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | |
| Level 3 | — | Valuations based on inputs that are unobservable and significant to the overall fair value measurement. |
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
The carrying amounts of cash and cash equivalents, other current assets, accounts payables and current liabilities approximate their fair value due to the short-term maturity of such instruments.
| i. | Income Tax: |
The Company account for income taxes in accordance with ASC 740, “Income Taxes” which prescribes the use of the liability method whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value if it not is more likely than not that a portion or all of the deferred tax assets will be realized. Based on ASC 740, a two-step approach is used to recognize and measure uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes.
The
second step is to measure the tax benefit as the largest amount that is more than
| j. | Contingencies: |
The Company records accruals for loss contingencies arising from claims, litigation and other sources when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted periodically as assessments change or additional information becomes available. Legal costs incurred in connection with loss contingencies are expensed as incurred.
8
FUEL DOCTOR HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands except share and per share data
(UNAUDITED)
NOTE 2 – UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS (CONT.)
| k. | Stock-based payments: |
The Company measures and recognizes the compensation expense for all equity-based payments to employees based on their estimated fair values in accordance with ASC 718, “Compensation-Stock Compensation”. Share-based payments including grants of stock options are recognized in the statement of comprehensive loss as an operating expense based on the fair value of the award at the date of grant. The fair value of stock options granted is estimated using the Black-Scholes option-pricing model. The Company has expensed compensation costs, net of estimated forfeitures, applying the accelerated vesting method, over the requisite service period or over the implicit service period when a performance condition affects the vesting, and it is considered probable that the performance condition will be achieved.
Share-based payments awarded to consultants (non-employees) are accounted for in accordance with ASC Topic 505-50, “Equity-Based Payments to Non-Employees”.
For year ended December 31, 2022, the Company recorded $15, in share-based compensation (see note 5(b)).
Basis of Presentation and Principles of Consolidation:
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary and were prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”)
All intercompany accounts and transactions have been eliminated in consolidation.
Unaudited Interim Financial Information
The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.
The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed financial statements contain all adjustments that are necessary to present fairly the Company’s financial position and results of operations for the interim periods presented. The results for the nine months ended September 30, 2023, are not necessarily indicative of the results for the year ending December 31, 2023, or for any future period.
Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2022, and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 21, 2023 (the “2022 Annual Report”).
As of September 30, 2023, there have been no material changes in the Company’s significant accounting policies from those that were disclosed in the 2022 Annual Report.
9
FUEL DOCTOR HOLDINGS, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands except share and per share data
(UNAUDITED)
NOTE 3 – GOING CONCERN
The
condensed consolidated financial statements have been prepared on a going concern basis which assumes the Company will be able to realize
its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss
since inception resulting in an accumulated deficit of $
Such conditions raise substantial doubts about the Company’s ability to continue as a going concern. Management’s plan includes raising funds from outside potential investors. However, there is no assurance such funding will be available to the Company or that it will be obtained on terms favorable to the Company or will provide the Company with sufficient funds to meet its objectives. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets, carrying amounts or the amount and classification of liabilities that may be required should the Company be unable to continue as a going concern.
NOTE 4 – INVESTMENT IN AFFILIATED COMPANY
| a. | On April 24, 2021 (“Closing Date”), Charging Robotics invested $ |
| b. | On July 28, 2022, the Charging Robotics entered into a convertible loan agreement with Revoltz pursuant to which Charging Robotics was required to invest an amount of $ |
The Total Loan Amount shall be converted into shares of Revoltz, upon the occurrence of any of the following events (each a “Trigger Event”):
| i) | The consummation of funding by Revoltz of an aggregate amount of $ |
| ii) | Revoltz has generated an aggregate of $ |
In the event that a Trigger Event shall not have occurred on or prior to the 24-month anniversary of the date on which the Loan Principal Amount is actually extended to Revoltz, the Loan shall be due and repayable by Revoltz to the Company.
On
September 30, 2023, the balance of the Loan Principal Amount granted was $
| c. |
| Balance January 1, 2022 | ||||
| Share in losses of affiliated company | ( | ) | ||
| Foreign currency translation | ( | ) | ||
| Balance December 31, 2022 | ||||
| Share in losses of affiliated company | ( | ) | ||
| Foreign currency translation | ( | ) | ||
| Balance September 30, 2023 |
10
FUEL DOCTOR HOLDINGS, INC.
NOTES TO THE condensed CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands except share and per share data
(UNAUDITED)
NOTE 5 – INTANGIBLE ASSET
| Balance, January 1, 2022 | $ | |||
| Additions | ||||
| Balance, December 31, 2022 | $ | |||
| Additions | ||||
| Balance, September 30, 2023 | $ |
NOTE 6 – RELATED PARTIES
| a. | In support of the Company’s efforts and cash requirements, the Company may rely on advances from related parties until such a time that the Company can support its operations or attains adequate financing through sales of stock or traditional debt financing. There is no formal written commitment for continued support by related parties. |
| (i) |
| Three
Months Ended September 30, | Nine
Months Ended September 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Consulting Fees – CEO | $ | $ | $ | $ | ||||||||||||
| Consulting Fees - CFO | $ | $ | $ | $ | ||||||||||||
No director fees were paid during the nine months ended September 30, 2023 and 2022.
| (ii) |
| September 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Consulting Fees - CEO | $ | $ | ||||||
| Consulting Fees - CFO | ||||||||
| Medigus | ||||||||
| $ | $ | |||||||
| b. | The Company currently operates out of an office of a related party free of rent. |
| c. | As of January 1, 2023, Charging Robotics owed a related party $ |
| d. | On October 1, 2021, Charging Robotics signed a consulting agreement with the CEO, pursuant to which Charging Robotics will pay the CEO a monthly fee of NIS |
During
the nine months ended September 30, 2023, the CEO earned $
11
FUEL DOCTOR HOLDINGS, INC.
NOTES TO THE condensed CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands except share and per share data
(UNAUDITED)
NOTE 7 – COMMON STOCK AND PREFERRED STOCK
| a. |
| September 30, 2023 | December 31, 2022 | |||||||||||||||
| Authorized | Issued
and outstanding | Authorized | Issued
and outstanding | |||||||||||||
| Shares of common stock (“Shares”) | ||||||||||||||||
| Preferred shares | ||||||||||||||||
On
March 22, 2022, the Company Amended the Articles of Incorporation and increased the number of authorized shares to
There were no shares of preferred stock outstanding at September 30, 2023, and December 31, 2022.
Each Ordinary share is entitled to receive dividend, participate in the distribution of the Company’s net assets upon liquidation and to receive notices of participate and vote (at one vote per share) at the general meetings of the Company on any matter upon which the general meeting is authorized.
On
March 28, 2023, Medigus, Charging Robotics and the Company signed a securities exchange agreement pursuant to which the Company is to
acquire
On
April 3, 2023, prior to the Acquisition Agreement (See note 1), Charging Robotics issued 15 shares of Charging Robotics representing
On
April 3, 2023, prior to the Acquisition Agreement, the Company issued
On
April 6, 2023, the Company sold a total of
On
July 4, 2023, the Company approved its 2023 Equity Incentive Plan (the “Plan”) for the directors, officers, consultants and
employees of the Company and its subsidiaries. The maximum number of options and restricted share units (“RSU”) issuable
under the Plan shall be equal to
On
August 28, 2023, the Company filed an amended and restated certificate of incorporation (the “Amended and Restated Certificate
of Incorporation”), to
The Company has submitted an Issuer Company-Related Action Notification Form to the Financial Industry Regulatory Authority, Inc. (“FINRA”) regarding the Name Change and Reverse Stock Split. FINRA’s approval of the Name Change and Reverse Stock Split is currently pending.
As a result of the Reverse Stock Split, shares of the Company’s common stock will be assigned a new CUSIP number which will be announced prior to the effective date of the Reverse Stock Split. The Reverse Stock Split does not affect the total number of shares of capital stock, including the common stock, that the Company is authorized to issue, or the par value of the common stock, which shall remain as set forth pursuant to the Certificate of Incorporation. No fractional shares of common stock will be issued in connection with the Reverse Stock Split, all of which were rounded up to the nearest whole number. The Company’s outstanding warrants and equity awards will be adjusted as a result of the Reverse Stock Split, as required by the terms of such warrants and equity awards.
12
FUEL DOCTOR HOLDINGS, INC.
NOTES TO THE condensed CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands except share and per share data
(UNAUDITED)
NOTE 7 – COMMON STOCK AND PREFERRED STOCK (CONT.)
| b. | Warrants: |
Pursuant
to the Acquisition (as defined in note 1), the Company issued the previous shareholders of Charging Robotics
| (i) | Inhouse demonstration for automatic robotic charging of an electric vehicle – until December 31, 2025. | |
| (ii) | Conditional PO for first system for automatic car parks – until December 31, 2025. | |
| (iii) | Commercial agreement for pilot with an organization which was approved by the board – until December 31, 2025. |
All Earn Out Milestones shall immediately accelerate upon the Company uplisting to the Nasdaq stock exchange.
| c. | Share options in the Company |
As of September 30, 2023 and December 31, 2022 there are no outstanding options in the Company
| d. | Share options in Charging Robotics |
| January 2022 | ||||
| Charging Robotics share price | $ | |||
| Charging Robotics Exercise price | $ | |||
| Dividend yield | % | |||
| Risk-free interest rate | % | |||
| Expected term (in years) | ||||
| Volatility | % | |||
For
the nine months ended September 30, 2023, the Company recorded $
| Number | Average weighted exercise price | |||||||
| Options outstanding at December 31, 2021 | $ | |||||||
| Granted | ||||||||
| Options outstanding at December 31, 2022 | $ | |||||||
| Exercised | ( | ) | ||||||
| Options outstanding at September 30, 2023 | $ | |||||||
| Options exercisable at December 31, 2022 | $ | |||||||
13
FUEL DOCTOR HOLDINGS, INC.
NOTES TO THE condensed CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands except share and per share data
(UNAUDITED)
NOTE 7 – COMMON STOCK AND PREFERRED STOCK (CONT.)
The following Charging Robotics options are outstanding as of September 30, 2023:
| Issuance date | Options outstanding | Exercise price per option | Options exercisable | Expiry date | ||||||||||
| January 1, 2022 | $ | |||||||||||||
The following Charging Robotics options are outstanding as of December 31, 2022:
| Issuance date | Options outstanding | Exercise price per option | Options exercisable | Expiry date | ||||||||||
| January 7, 2021 | $ | |||||||||||||
| January 1, 2022 | $ | |||||||||||||
NOTE 8 – SUBSEQUENT EVENTS
The Company evaluated all other events or transactions that occurred through November 13, 2023. The Company determined that it does not have any other subsequent event requiring recording or disclosure in the financial statements for the nine months ended September 30, 2023, other than described below:
14
ITEM 2: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The following discussion and analysis should be read in conjunction with, and is qualified in its entirety by, our consolidated financial statements (and notes related thereto) and other more detailed financial information appearing elsewhere in this Quarterly Report on Form 10-Q. Consequently, you should read the following discussion and analysis of our financial condition and results of operations together with such financial statements and other financial data included elsewhere in this Quarterly Report on Form 10-Q. Some of the information contained in this discussion and analysis are set forth elsewhere in this prospectus, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risks and uncertainties. You should review the “Risk Factors” section of our most recent Annual Report on Form 10-K for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.
Statements in this section and elsewhere in this Form 10-Q that are not statements of historical or current fact constitute “forward-looking” statements.
OVERVIEW OF OUR PERFORMANCE AND OPERATIONS
Recent Developments
On March 28, 2023, the Company entered into a Securities Exchange Agreement (the “Acquisition Agreement”) with Medigus Ltd. (“Medigus), the sole shareholder of Charging Robotics Ltd. (“Charging Robotics”). Pursuant to the Acquisition Agreement, at the closing, which occurred on April 7, 2023, the Company acquired 100% of the issued and outstanding share capital of Charging Robotics (the “Acquisition”), making Charging Robotics a wholly-owned subsidiary of the Company, in exchange for the issuance of a total of 921,750,000 newly issued shares of the Company’s common stock, $0.0001 par value per share (the “Shares”), and a total of 922,500,000 warrants to purchase Shares exercisable at par. As a result of the Acquisition, Medigus holds 67% of our outstanding share capital, with an option to increase its holdings to up to 71% of our outstanding share capital based on pre-set milestones set forth in the Acquisition Agreement.
Charging Robotics was formed in February 2021, as an Israeli corporation, to focus on an innovative wireless electric vehicles (“EVs”) charging technology. At the heart of the technology is a wireless power transfer module that uses resonance coils to transfer electricity wirelessly. This module can be used for various products such as robotic and stationary platforms.
The robotic platform will include a component which is small enough to fit under the vehicle, and which will automatically position itself for maximum efficiency charging and will return to its docking station at the end of the charging operation. The Company is concurrently also in the final stages of developing and installing a Wireless EV Charging System for automatic parking lots based on our wireless electricity transfer module, the first prototype of which is slated to be installed in an automated parking facility in Tel Aviv, Israel in December 2023, for purposes of pilot testing.
On April 6, 2023, the Company sold a total of 136,500,000 newly issued Shares to a total of three investors for a total of $500,500.
On April 7, 2023, Mr. Asaf Itzhaik and Mr. Moshe Revach resigned as directors of the Company and Ms. Tali Dinar, Mr. Yakov Baranes and Mr. Eliyahu Yoresh were appointed as directors to fill existing vacancies on the Company’s Board of Directors. None of the newly appointed directors had a prior relationship with the Company. In addition, Mr. Hovav Gilan (CEO of Charging Robotics) replaced Mr. Amitay Weiss as CEO of the Company.
On July 4, 2023, the Company approved its 2023 Equity Incentive Plan (the “Plan”) for the directors, officers, consultants and employees of the Company and its subsidiary companies. The maximum number of options and restricted share units (RSU) issuable under the Plan shall be equal to 205,898,404 Shares. As of the date of this report, no options or RSUs were issued.
15
In August 2023, Charging Robotics received a letter of intent from an automatic car park provider in Israel to evaluate its EV wireless charging system in one of the car park provider’s automatic car parks in Tel Aviv, Israel. We are therefore now shifting our attention away from the robotics solution to what we believe is a more easily-obtainable and, closer-to-market, wireless charging solution for automatic car parks. One of the market challenges is the limited availability of EV with wireless charging capabilities. By targeting the automatic car parks market with a solution that enables charging of EVs without wireless charging capabilities, we believe that we will be able to achieve sales sooner and with less resources. In addition, this solution does not require extensive developments that are needed for the robotic system. Charging Robotics plans to install this system for pilot testing in the parking facility in Tel Aviv, Israel in December 2023. Charing Robotics submitted this project for non-dilutive funding from the Israeli Innovation Authority in October 2023, and expects a response to its submission in November 2023.
We believe that wireless charging systems for automatic car parks is set to answer the unmet need of charging EVs in automatic car parks. Automatic car parks are gaining popularity as they offer an ultra-compact way to park cars, thus fighting the rising costs of land. However, since these are “lights out facilities” with no human access, there is no way for the driver to connect a charging cable to the vehicle. This is a big problem in areas where EVs are common and automatic car park providers are constantly looking for solutions to answer this need for their customers.
Besides enabling EV charging in automatic car parks, the system will have numerous advantages, including:
| (i) | Seamless Integration: The wireless charging system will be seamlessly integrated into the automatic car park infrastructure, requiring minimal modifications to the existing layout. This ensures an easy installation process while maximizing parking capacity; |
| (ii) | Convenient Charging Experience: EV drivers will experience the ultimate convenience by initiating the system using a dedicated smart phone application, which will also be used for reporting about the charging process; and |
| (iii) | Scalability and Adaptability: The system’s modular design enables easy scalability, allowing the parking lot operator to increase the number of chargers in the facility based on the growing number of EVs. The system will be able to charge all EVs at efficiencies of >93% which is revolutionary for wireless charging systems. |
Results of Operations for the nine months ended September 30, 2023 and September 30, 2022
Revenues
We have generated revenues of $0 and $0 for the nine months ended September 30, 2023 and September 30, 2022, respectively.
Operating expenses
Operating expenses for the nine months ended September 30, 2023, were $504 thousand compared with $708 thousand for the nine months ended September 30, 2022. The decrease in operating expenses in 2022, is due to a decrease in research and development expenses, offset by an increase in general and administrative expenses. Research and development expenses for the nine months ended September 30, 2023, amounted to $294 thousand, compared to $577 thousand for the nine months ended September 30, 2022. The decrease is mainly due to a decrease in the use of subcontractors. Subcontractor expenses for the nine months ended September 30, 2023, amounted to $241 thousand, compared to $542 thousand for the nine months ended September 30, 2022. General and administrative expenses increased by $79 thousand, from $131 thousand for the nine months ended September 30, 2022 to $210 thousand for the nine months ended September 30, 2023. The increase in general and administrative expenses is related to increased activity by the Company to pursue a potential acquisition of a company.
Results of Operations of the Company for the three months ended September 30, 2023 and September 30, 2022
Revenues
We have not generated any revenues for the three months ended September 30, 2023 and September 30, 2022.
Operating expenses
Operating expenses for the three months ended September 30, 2023, were $272 thousand compared with $252 thousand for the three months ended September 30, 2022. Research and development expenses for the three months ended September 30, 2023, amounted to $145 thousand, compared to $213 thousand for the three months ended September 30, 2022. The decrease is due mainly to a decrease in subcontractor expenses. General and administrative expenses increased by $88 thousand, from $39 thousand for the three months ended September 30, 2022, to $127 thousand for the three months ended September 30, 2023. The increase in general and administrative expenses is related to increased activity by the Company to pursue a potential acquisition, which was completed in April 2023.
16
Liquidity and Capital Resources
As of September 30, 2023 and December 31, 2022, the Company’s cash balance was $111 thousand and $27 thousand, respectively.
As of September 30, 2023 and December 31, 2022, the Company’s total assets were $409 thousand and $384 thousand, respectively.
As of September 30, 2023, the Company had total liabilities of $239 thousand that consisted of $74 thousand in accounts payable and accrued liabilities, $73 thousand in related parties, $49 thousand in deferred revenues and $43 thousand in other payables.
As of December 31, 2022, the Company had total liabilities of $752 thousand that consisted of $108 thousand in accounts payable and accrued liabilities, $595 thousand in related parties and $49 thousand in deferred revenues.
As of September 30, 2023, the Company had a negative working capital of $33 thousand. As of December 31, 2022, the Company had negative working capital of $605 thousand.
Working Capital and Cash Flows (in thousands of U.S. Dollars)
Working Capital
| September 30, | December 31, | |||||||
| 2023 | 2022 | |||||||
| Current Assets | $ | 157 | $ | 98 | ||||
| Current Liabilities | 190 | 703 | ||||||
| Working Capital (deficit) | $ | (33 | ) | $ | (605 | ) | ||
Cash Flows
| September 30, | September 30, | |||||||
| 2023 | 2022 | |||||||
| Cash flows (used) generated in operating activities | $ | (511 | ) | $ | 20 | |||
| Cash flows used in investing activities | 3 | (67 | ) | |||||
| Cash flows from financing activities | 591 | - | ||||||
| Net increase (decrease) in cash during the period | $ | 83 | $ | (47 | ) | |||
Cash Flows from Operating Activities
During the nine months ended September 30, 2023, we had negative cash flow from operations of $511 thousand compared to a positive cashflow of $20 thousand for the nine months ended September 30, 2022, which resulted mainly from an increase in non-cash working capital.
Cash Flows from Investing Activities
During the nine months ended September 30, 2023, we had positive cashflow of $3 from investing activities, compared to a negative cashflow of $67 thousand for the nine months ended September 30, 2022.
Cash Flows from Financing Activities
During the nine months ended September 30, 2023, we had a positive cash flow from financing activities of $591 thousand, compared to no cashflow for the nine months ended September 30, 2022.
17
Critical Accounting Policies
Going Concern
We have not attained profitable operations and are dependent upon the continued financial support from our shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from our future business. These factors raise substantial doubt regarding our ability to continue as a going concern.
Our ability to continue as a going concern is dependent upon our ability to generate future profitable operations and/or to obtain the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due.
The Company, as of September 30, 2023, had $111 thousand in cash and has not generated any revenues from operations to date. For the nine months ending September 30, 2023 and September 30, 2022, our operating expenses amounted to $504 thousand and $707 thousand, respectively. In the previous two fiscal years our operating expenses were $768 thousand and $408 for the years ended December 31, 2022 and December 31, 2021, respectively.
The Company continues to rely on borrowings and financings. In the next 12 months we expect to incur expenses equal to approximately $1 million to advance Charging Robotics’ product and expenses related to legal, accounting, audit and other professional service fees incurred in relation to the Company’s status as a U.S. reporting company. These conditions raise substantial doubt about our ability to continue as a going concern. The Company is currently devoting its efforts to raise further funds. The Company’s ability to continue as a going concern is dependent upon our ability to develop additional sources of capital, locate and complete a merger with another company, and ultimately, achieve profitable operations. There is no assurance that we will in fact have access to additional capital or financing as a public company.
Off-Balance Sheet Arrangements
We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources and would be considered material to investors.
Default on Notes
There are currently no notes in default.
Other Contractual Obligations
As of the year ended December 31, 2022 and the nine months ended September 30, 2023, we did not have any contractual obligations, other than those already disclosed in the Form 10K.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 3.
18
ITEM 4. CONTROLS AND PROCEDURES.
Evaluation of Disclosure Controls and Procedures.
We carried out an evaluation, under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Disclosure controls and procedures include, without limitation, means controls and other procedures that are designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is (i) recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms and (ii) accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Based on this evaluation, because of the Company’s limited resources and lack of employees, management, including our chief executive officer and chief financial officer, concluded that our disclosure controls and procedures were ineffective as of September 30, 2023 and as of the date of this filing, November 13, 2023.
Management has identified control deficiencies regarding inadequate accounting resources, the lack of segregation of duties and the need for a stronger internal control environment. Management of the Company believes that these material weaknesses are due to the small size of the Company’s accounting staff. The small size of the Company’s accounting outsourced staff may prevent adequate controls in the future due to the cost/benefit of such remediation.
To mitigate the current limited resources and limited employees, we rely heavily on direct management oversight of transactions, along with the use of external legal and accounting professionals. As we grow, we expect to increase our number of employees, which will enable us to implement adequate segregation of duties within the internal control framework.
These control deficiencies could result in a misstatement of account balances that would result in a reasonable possibility that a material misstatement to our consolidated financial statements may not be prevented or detected on a timely basis. In light of this material weakness, we performed additional analyses and procedures in order to conclude that our consolidated financial statements for the quarter ended September 30, 2023 included in this Quarterly Report on Form 10-Q were fairly stated in accordance with GAAP. Accordingly, management believes that despite our material weaknesses, our consolidated financial statements for the quarter ended September 30, 2023 are fairly stated, in all material respects, in accordance with GAAP.
Limitations on Effectiveness of Controls and Procedures
Our management, including our principal executive officer and principal financial officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all errors and all fraud. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include, but are not limited to, the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.
Changes in Internal Control over Financial Reporting
No changes in the Company’s internal control over financial reporting have come to management’s attention during the Company’s last fiscal quarter that have materially affected, or are likely to materially affect, the Company’s internal control over financial reporting.
19
PART II.OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
None.
ITEM 1A. RISK FACTORS
As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 1A.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. MINE SAFETY DISCLOSURES.
Not applicable.
ITEM 5. OTHER INFORMATION.
None.
20
ITEM 6. EXHIBITS.
Exhibit |
Description | |
| 31.1 | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
| 31.2 | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
| 32.1 | Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
| 32.2 | Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
| EX-101.INS | Inline XBRL Instance Document* | |
| EX-101.SCH | Inline XBRL Taxonomy Extension Schema Document* | |
| EX-101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document* | |
| EX-101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document* | |
| EX-101.LAB | Inline XBRL Taxonomy Extension Labels Linkbase Document* | |
| EX-101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document* | |
| EX-104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)* |
| * | The XBRL related information in Exhibit 101 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability of that section and shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document. |
21
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.
| FUEL DOCTOR HOLDINGS, INC. | |||
| Date: November 13, 2023 | By: | /s/ Hovav Gilan | |
| Name: | Hovav Gilan | ||
| Title: | Chief Executive Officer | ||
| (Principal Executive Officer) | |||
| By: | /s/ Gadi Levin | ||
| Name: | Gadi Levin | ||
| Title: | Chief Financial Officer | ||
| (Principal Financial and Accounting Officer) | |||
22
Exhibit 31.1
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Hovav Gilan, Chief Executive Officer, of Fuel Doctor Holdings, Inc. (the “Company”), certify that:
| 1. | I have reviewed this quarterly report on Form 10-Q of the Company for the quarter ended September 30, 2023; |
| 2. | Based on my knowledge, this quarterly 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 covered by this quarterly report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this quarterly report; |
| 4. | The Company’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 Company 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 Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is 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 Company’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this quarterly report based on such evaluation; and |
| d. | disclosed in this quarterly report any change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and |
| 5. | The Company’s other certifying officer and I have disclosed, based on the Company’s most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of Company’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 Company’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 Company’s internal control over financial reporting. |
| Date: November 13, 2023 | ||
| By: | /s/ Hovav Gilan | |
| Hovav Gilan | ||
| Chief Executive Officer | ||
Exhibit 31.2
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
I, Gadi Levin, Principal Financial Officer of Fuel Doctor Holdings, Inc. (the “Company”), certify that:
| 1. | I have reviewed this quarterly report on Form 10-Q of the Company for the quarter ended September 30, 2023; |
| 2. | Based on my knowledge, this quarterly 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 covered by this quarterly report; |
| 3. | Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the Company as of, and for, the periods presented in this quarterly report; |
| 4. | The Company’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 Company 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 Company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this quarterly report is 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 Company’s disclosure controls and procedures and presented in this quarterly report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this quarterly report based on such evaluation; and |
| d. | disclosed in this quarterly report any change in the Company’s internal control over financial reporting that occurred during the Company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting; and |
| 5. | The Company’s other certifying officer and I have disclosed, based on the Company’s most recent evaluation of internal control over financial reporting, to the Company’s auditors and the audit committee of Company’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 Company’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 Company’s internal control over financial reporting. |
| Date: November 13, 2023 | ||
| By: | /s/ Gadi Levin | |
| Gadi Levin | ||
| Principal Financial Officer | ||
Exhibit 32.1
Certification Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002,
18 U.S.C. Section 1350
I, Hovav Gilan, Chief Executive Officer of Fuel Doctor Holdings, Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, to my knowledge that:
| 1. | the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| 2. | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
| Date: November 13, 2023 | ||
| By: | /s/ Hovav Gilan | |
| Hovav Gilan | ||
| Chief Executive Officer | ||
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit 32.2
Certification Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002,
18 U.S.C. Section 1350
I, Gadi Levin, Principal Financial Officer of Fuel Doctor Holdings, Inc. (the “Company”), certify, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350, to my knowledge that:
| 1. | the Quarterly Report on Form 10-Q of the Company for the quarter ended September 30, 2023 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| 2. | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
| Date: November 13, 2023 | ||
| By: | /s/ Gadi Levin | |
| Gadi Levin | ||
| Principal Financial Officer | ||
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares |
Sep. 30, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Preferred shares, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
| Preferred shares, shares authorized | 10,000,000 | 10,000,000 |
| Preferred shares, shares issued | 0 | 0 |
| Preferred shares, outstanding | 0 | 0 |
| Common stock, par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized | 2,990,000,000 | 2,990,000,000 |
| Common stock, shares issued | 1,372,656,029 | 27,273 |
| Common stock, shares outstanding | 1,372,656,029 | 27,273 |
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
| Income Statement [Abstract] | ||||
| Research and development costs | $ 145 | $ 213 | $ 294 | $ 577 |
| General and administrative costs | 127 | 39 | 210 | 131 |
| Operating loss | (272) | (252) | (504) | (708) |
| Financial expenses | ||||
| Net loss | (272) | (252) | (504) | (708) |
| Share in profits (losses) of affiliate | (14) | (33) | (24) | (42) |
| Net loss for the period | (286) | (285) | (528) | (750) |
| Other comprehensive loss | (20) | 1 | (20) | (24) |
| Net loss and comprehensive loss for the period | $ (306) | $ (284) | $ (548) | $ (774) |
| Basic and diluted loss per common share (in Dollars per share) | $ 0 | $ (10.45) | $ 0 | $ (27.5) |
| Weighted average common shares outstanding (in Shares) | 1,372,656,029 | 27,273 | 869,445,617 | 27,273 |
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
| Income Statement [Abstract] | ||||
| Diluted loss per common share | $ 0.00 | $ (10.49) | $ 0.00 | $ (28.36) |
General |
9 Months Ended |
|---|---|
Sep. 30, 2023 | |
| General [Abstract] | |
| GENERAL | NOTE 1 – GENERAL
Fuel Doctor Holdings, Inc. (“Fuel Doctor” or the “Company”) was incorporated in the state of Delaware on March 25, 2008 as Silver Hill Management Services, Inc. On August 24, 2011, the Company changed its name to Fuel Doctor Holdings, Inc.
On March 28, 2023, the Company entered into a Securities Exchange Agreement (the “Acquisition Agreement”) with the stockholders of Charging Robotics Ltd. (“Charging Robotics”). Pursuant to the Acquisition Agreement, at the closing, which occurred on April 7, 2023, the Company acquired 100% of the issued and outstanding stock of Charging Robotics (the “Acquisition”), making Charging Robotics a wholly owned subsidiary of the Company, in exchange for the issuance of a total of 921,750,000 newly issued shares of the Company’s common stock.
The transaction between the Company and Charging Robotics was accounted for as a reverse recapitalization. As the shareholders of Charging Robotics received the largest ownership interest in the Company, based upon the 921,750,000 shares issued at the closing, and the 922,500,000 warrants exercisable at par and most significantly, the fact that the Share Exchange Agreement expressly provided that a majority of the Company’s board of directors could be appointed by Charging Robotics, Charging Robotics was determined to be the “accounting acquirer” in the reverse recapitalization. As a result, the historical financial statements of the Company were replaced with the historical financial statements of Charging Robotics.
Charging Robotics was formed in February 2021, as an Israeli corporation, to focus on an innovative wireless electric vehicles (EV) charging technology. At the heart of the technology is a wireless power transfer module that uses resonance coils to transfer electricity wirelessly. This module can be used for various products such as robotic and stationary platforms. The robotic platform will include a component which is small enough to fit under the vehicle, and which will automatically position itself for maximum efficiency charging and will return to its docking station at the end of the charging operation. Charging Robotics is also in the final stages of developing and installing a Wireless EV Charging System for automatic parking lots based on our wireless electricity transfer module, the first prototype of which is slated to be installed in an automated parking facility in Tel Aviv, Israel in December 2023, for pilot testing.
On April 6, 2023, the Company issued a total of 136,500,000 newly issued shares of the Company’s common stock in respect of a private placement for total proceeds of $500. |
Unaudited Interim Condensed Financial Statements |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Unaudited Interim Condensed Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS | NOTE 2 – UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
The financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP).
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. As applicable to these financial statements, the most significant estimates and assumptions relate to shares based compensation and Going concern.
The costs of the Company are denominated in United States dollars (“dollars”). Some of the costs in our Israeli associate are incurred in New Israeli Shekels (NIS), however the selling prices will be linked to the Company’s price list which will be determined in dollars, the budget is managed in dollars, financing activities including loans and cash investments, are made in U.S. dollars and the Company’s management believes that the dollar is the primary currency of the economic environment in which the Company and its subsidiary operates. Thus, the dollar is the Company’s and its subsidiary functional and reporting currency.
Accordingly, transactions denominated in currencies other than the functional currency are re-measured to the functional currency in accordance with Accounting Standards Codification (“ASC”) No. 830, “Foreign Currency Matters” at the exchange rate at the date of the transaction or the average exchange rate in the relevant reporting period. At the end of each reporting period, financial assets and liabilities are re-measured to the functional currency using exchange rates in effect at the balance sheet date. Non-financial assets and liabilities are re-measured at historical exchange rates. Gains and losses related to re-measurement are recorded as financial income (expense) in the statements of operations as appropriate.
The functional currency of the affiliate company is the NIS and therefore foreign exchange differences are charged to the other comprehensive profit and loss.
Cash equivalents are short-term highly liquid investments which include short term bank deposits (up to three months from date of deposit), that are not restricted as to withdrawals or use that are readily convertible to cash with maturities of three months or less as of the date acquired.
Affiliated company is company held to the extent of 20% or more (which are not subsidiary), or company less than 20% held, which the Company can exercise significant influence over operating and financial policy of the affiliate.
The investment in affiliated company is accounted for by the equity method under ASC Subtopic 323-30, “Investments - Equity Method and Joint Ventures: Partnerships, Joint Ventures, and Limited Liability Entities”. Upon initial recognition, the cost of investment is based on the direct costs of acquiring the investment including amounts incurred on behalf of the investee.
Following the acquisition, the Company recognizes its proportionate share of the affiliated company’s net income or loss after the date of investment. When previous losses have reduced the common stock investment account to zero, the Company continues to report its share of equity method losses in its statement of operations to the extent of and as an adjustment to other investments in the investee such as debt securities, long term loans or advances, if any. Such additional equity method losses are applied to the other investments based on the seniority of the other investments (priority in liquidation) and the percentage ownership interest in each type of other investment the Company holds (the ‘relative holdings approach’).
The Company’s long-lived assets are reviewed for impairment in accordance with ASC No. 360, “Property, Plant and Equipment” whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Recoverability of assets (or asset group) to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the year ended December 31, 2022, no impairment losses have been recorded.
Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents and restricted bank deposit. Cash and cash equivalents and restricted bank deposit are invested in major banks in Israel and the United States. Such funds in the Israel may be in excess of insured limits and are not insured in other jurisdictions. Management believes that the financial institutions that hold the Company and its subsidiary’ cash and cash equivalents have high credit ratings.
The Company, have no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements.
Research and development costs are charged to the statement of operations as incurred.
ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.
In determining fair value, the Company uses various valuation approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the inputs as follows:
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
The carrying amounts of cash and cash equivalents, other current assets, accounts payables and current liabilities approximate their fair value due to the short-term maturity of such instruments.
The Company account for income taxes in accordance with ASC 740, “Income Taxes” which prescribes the use of the liability method whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value if it not is more likely than not that a portion or all of the deferred tax assets will be realized. Based on ASC 740, a two-step approach is used to recognize and measure uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes.
The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. As of December 31, 2022, no liability for unrecognized tax positions has been recorded. Accordingly, no interest or penalties related to uncertain tax positions are recorded, either. It is the Company’s policy that any interest or penalties associated with unrecognized tax positions would be reflected in income tax expense.
The Company records accruals for loss contingencies arising from claims, litigation and other sources when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted periodically as assessments change or additional information becomes available. Legal costs incurred in connection with loss contingencies are expensed as incurred.
The Company measures and recognizes the compensation expense for all equity-based payments to employees based on their estimated fair values in accordance with ASC 718, “Compensation-Stock Compensation”. Share-based payments including grants of stock options are recognized in the statement of comprehensive loss as an operating expense based on the fair value of the award at the date of grant. The fair value of stock options granted is estimated using the Black-Scholes option-pricing model. The Company has expensed compensation costs, net of estimated forfeitures, applying the accelerated vesting method, over the requisite service period or over the implicit service period when a performance condition affects the vesting, and it is considered probable that the performance condition will be achieved.
Share-based payments awarded to consultants (non-employees) are accounted for in accordance with ASC Topic 505-50, “Equity-Based Payments to Non-Employees”.
For year ended December 31, 2022, the Company recorded $15, in share-based compensation (see note 5(b)).
Basis of Presentation and Principles of Consolidation:
The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary and were prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”)
All intercompany accounts and transactions have been eliminated in consolidation.
Unaudited Interim Financial Information
The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented.
The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed financial statements contain all adjustments that are necessary to present fairly the Company’s financial position and results of operations for the interim periods presented. The results for the nine months ended September 30, 2023, are not necessarily indicative of the results for the year ending December 31, 2023, or for any future period.
Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2022, and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 21, 2023 (the “2022 Annual Report”).
As of September 30, 2023, there have been no material changes in the Company’s significant accounting policies from those that were disclosed in the 2022 Annual Report. |
Going Concern |
9 Months Ended |
|---|---|
Sep. 30, 2023 | |
| Going Concern [Abstract] | |
| GOING CONCERN | NOTE 3 – GOING CONCERN
The condensed consolidated financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss since inception resulting in an accumulated deficit of $1,188, as of December 31, 2022, and $1,716 ,as of September 30, 2023, and further losses are anticipated in the development of its business. Management expects the Company to continue to generate substantial operating losses and to continue to fund its operations primarily through utilization of its current financial resources and through additional raises of capital.
Such conditions raise substantial doubts about the Company’s ability to continue as a going concern. Management’s plan includes raising funds from outside potential investors. However, there is no assurance such funding will be available to the Company or that it will be obtained on terms favorable to the Company or will provide the Company with sufficient funds to meet its objectives. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets, carrying amounts or the amount and classification of liabilities that may be required should the Company be unable to continue as a going concern. |
Investment in Affiliated Company |
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment in Affiliated Company [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| INVESTMENT IN AFFILIATED COMPANY | NOTE 4 – INVESTMENT IN AFFILIATED COMPANY
The Total Loan Amount shall be converted into shares of Revoltz, upon the occurrence of any of the following events (each a “Trigger Event”):
In the event that a Trigger Event shall not have occurred on or prior to the 24-month anniversary of the date on which the Loan Principal Amount is actually extended to Revoltz, the Loan shall be due and repayable by Revoltz to the Company.
On September 30, 2023, the balance of the Loan Principal Amount granted was $61.
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Intangible Asset |
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| Intangible Asset [Abstract] | ||||||||||||||||||||||||||
| INTANGIBLE ASSET | NOTE 5 – INTANGIBLE ASSET
The Company considers all intangibles to be definite-lived assets with lives of 20 years. The Company will start amortization at the end of the product development. Intangibles consisted of the following on September 30, 2023 and December 31, 2022:
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Related Parties |
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| RELATED PARTIES | NOTE 6 – RELATED PARTIES
No director fees were paid during the nine months ended September 30, 2023 and 2022.
During the nine months ended September 30, 2023, the CEO earned $63 (during the nine months ended September 30, 2022 - $66). |
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Common Stock and Preferred Stock |
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| COMMON STOCK AND PREFERRED STOCK | NOTE 7 – COMMON STOCK AND PREFERRED STOCK
On March 22, 2022, the Company Amended the Articles of Incorporation and increased the number of authorized shares to 3,000,000,000 with a par value of $0.0001 of which 2,990,000,000 shares shall be common stock with a par value of $0.0001 and 10,000,000 shares shall be preferred stock with a par value of $0.0001.
There were no shares of preferred stock outstanding at September 30, 2023, and December 31, 2022.
Each Ordinary share is entitled to receive dividend, participate in the distribution of the Company’s net assets upon liquidation and to receive notices of participate and vote (at one vote per share) at the general meetings of the Company on any matter upon which the general meeting is authorized.
On March 28, 2023, Medigus, Charging Robotics and the Company signed a securities exchange agreement pursuant to which the Company is to acquire 100% of the stock of Charging Robotics (the “Acquisition”), making Charging Robotics a wholly owned subsidiary of the Company and shareholders of the Charging Robotics will receive 72.88% of the issued and outstanding share capital of the Company. On April 4, 2023, the Acquisition closed, and the shareholders of Charging Robotics were issued 921,750,000 shares of the Company.
On April 3, 2023, prior to the Acquisition Agreement (See note 1), Charging Robotics issued 15 shares of Charging Robotics representing 4,091 shares of the Company, in respect of option exercises for total proceeds of $91.
On April 3, 2023, prior to the Acquisition Agreement, the Company issued 28 shares of Charging Robotics representing 7,636 shares of the Company, in respect of a converted loan from a related party (See Also note 6c).
On April 6, 2023, the Company sold a total of 136,500,000 newly issued shares of the Company’s common stock to a total of three investors for a total of $501.
On July 4, 2023, the Company approved its 2023 Equity Incentive Plan (the “Plan”) for the directors, officers, consultants and employees of the Company and its subsidiaries. The maximum number of options and restricted share units (“RSU”) issuable under the Plan shall be equal to 205,898,404 shares of the outstanding common shares of the Company. As of the date of this report, no options or RSUs have been issued by the Company.
On August 28, 2023, the Company filed an amended and restated certificate of incorporation (the “Amended and Restated Certificate of Incorporation”), to (i) change its name to Charging Robotics Inc. (the “Name Change”); and (ii) effect a one-for-one hundred fifty reverse stock split (the “Reverse Stock Split”) of its outstanding shares of Common Stock.
The Company has submitted an Issuer Company-Related Action Notification Form to the Financial Industry Regulatory Authority, Inc. (“FINRA”) regarding the Name Change and Reverse Stock Split. FINRA’s approval of the Name Change and Reverse Stock Split is currently pending.
As a result of the Reverse Stock Split, shares of the Company’s common stock will be assigned a new CUSIP number which will be announced prior to the effective date of the Reverse Stock Split. The Reverse Stock Split does not affect the total number of shares of capital stock, including the common stock, that the Company is authorized to issue, or the par value of the common stock, which shall remain as set forth pursuant to the Certificate of Incorporation. No fractional shares of common stock will be issued in connection with the Reverse Stock Split, all of which were rounded up to the nearest whole number. The Company’s outstanding warrants and equity awards will be adjusted as a result of the Reverse Stock Split, as required by the terms of such warrants and equity awards.
Pursuant to the Acquisition (as defined in note 1), the Company issued the previous shareholders of Charging Robotics 922,500,000 warrants exercisable upon the Company achieving each of the three (3) performance milestones (“the Earn Out Milestones”) as follows:
All Earn Out Milestones shall immediately accelerate upon the Company uplisting to the Nasdaq stock exchange.
As of September 30, 2023 and December 31, 2022 there are no outstanding options in the Company
On February 1, 2022, Charging Robotics issued 4 BGU Options, effective January 1, 2022. The fair value of the BGU Options granted was $30 using the Black-Scholes option pricing model using the following assumptions:
For the nine months ended September 30, 2023, the Company recorded $9 in share-based compensation expenses in respect of the BGU Options (during the nine months ended September 30, 2022 - $11).
A summary of stock options activity during the period is as follows:
The following Charging Robotics options are outstanding as of September 30, 2023:
The following Charging Robotics options are outstanding as of December 31, 2022:
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Subsequent Events |
9 Months Ended |
|---|---|
Sep. 30, 2023 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | NOTE 8 – SUBSEQUENT EVENTS
The Company evaluated all other events or transactions that occurred through November 13, 2023. The Company determined that it does not have any other subsequent event requiring recording or disclosure in the financial statements for the nine months ended September 30, 2023, other than described below: |
Accounting Policies, by Policy (Policies) |
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Sep. 30, 2023 | ||||||||||||||||||||||||
| Unaudited Interim Condensed Financial Statements [Abstract] | ||||||||||||||||||||||||
| Use of estimates: |
The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. As applicable to these financial statements, the most significant estimates and assumptions relate to shares based compensation and Going concern. |
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| Financial statements in U.S. dollars: |
The costs of the Company are denominated in United States dollars (“dollars”). Some of the costs in our Israeli associate are incurred in New Israeli Shekels (NIS), however the selling prices will be linked to the Company’s price list which will be determined in dollars, the budget is managed in dollars, financing activities including loans and cash investments, are made in U.S. dollars and the Company’s management believes that the dollar is the primary currency of the economic environment in which the Company and its subsidiary operates. Thus, the dollar is the Company’s and its subsidiary functional and reporting currency. Accordingly, transactions denominated in currencies other than the functional currency are re-measured to the functional currency in accordance with Accounting Standards Codification (“ASC”) No. 830, “Foreign Currency Matters” at the exchange rate at the date of the transaction or the average exchange rate in the relevant reporting period. At the end of each reporting period, financial assets and liabilities are re-measured to the functional currency using exchange rates in effect at the balance sheet date. Non-financial assets and liabilities are re-measured at historical exchange rates. Gains and losses related to re-measurement are recorded as financial income (expense) in the statements of operations as appropriate. The functional currency of the affiliate company is the NIS and therefore foreign exchange differences are charged to the other comprehensive profit and loss. |
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| Cash and cash equivalents: |
Cash equivalents are short-term highly liquid investments which include short term bank deposits (up to three months from date of deposit), that are not restricted as to withdrawals or use that are readily convertible to cash with maturities of three months or less as of the date acquired. |
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| Investment in affiliated companies |
Affiliated company is company held to the extent of 20% or more (which are not subsidiary), or company less than 20% held, which the Company can exercise significant influence over operating and financial policy of the affiliate.
The investment in affiliated company is accounted for by the equity method under ASC Subtopic 323-30, “Investments - Equity Method and Joint Ventures: Partnerships, Joint Ventures, and Limited Liability Entities”. Upon initial recognition, the cost of investment is based on the direct costs of acquiring the investment including amounts incurred on behalf of the investee. Following the acquisition, the Company recognizes its proportionate share of the affiliated company’s net income or loss after the date of investment. When previous losses have reduced the common stock investment account to zero, the Company continues to report its share of equity method losses in its statement of operations to the extent of and as an adjustment to other investments in the investee such as debt securities, long term loans or advances, if any. Such additional equity method losses are applied to the other investments based on the seniority of the other investments (priority in liquidation) and the percentage ownership interest in each type of other investment the Company holds (the ‘relative holdings approach’). |
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| Impairment of long-lived assets: |
The Company’s long-lived assets are reviewed for impairment in accordance with ASC No. 360, “Property, Plant and Equipment” whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Recoverability of assets (or asset group) to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the year ended December 31, 2022, no impairment losses have been recorded. |
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| Concentration of credit risks: |
Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents and restricted bank deposit. Cash and cash equivalents and restricted bank deposit are invested in major banks in Israel and the United States. Such funds in the Israel may be in excess of insured limits and are not insured in other jurisdictions. Management believes that the financial institutions that hold the Company and its subsidiary’ cash and cash equivalents have high credit ratings. The Company, have no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements. |
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| Research and development expenses: |
Research and development costs are charged to the statement of operations as incurred. |
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| Fair value of financial instruments: |
ASC Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”), defines fair value as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.
In determining fair value, the Company uses various valuation approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the inputs as follows:
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The carrying amounts of cash and cash equivalents, other current assets, accounts payables and current liabilities approximate their fair value due to the short-term maturity of such instruments. |
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| Income Tax: |
The Company account for income taxes in accordance with ASC 740, “Income Taxes” which prescribes the use of the liability method whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value if it not is more likely than not that a portion or all of the deferred tax assets will be realized. Based on ASC 740, a two-step approach is used to recognize and measure uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. As of December 31, 2022, no liability for unrecognized tax positions has been recorded. Accordingly, no interest or penalties related to uncertain tax positions are recorded, either. It is the Company’s policy that any interest or penalties associated with unrecognized tax positions would be reflected in income tax expense. |
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| Contingencies: |
The Company records accruals for loss contingencies arising from claims, litigation and other sources when it is probable that a liability has been incurred and the amount can be reasonably estimated. These accruals are adjusted periodically as assessments change or additional information becomes available. Legal costs incurred in connection with loss contingencies are expensed as incurred.
|
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| Stock-based payments: |
The Company measures and recognizes the compensation expense for all equity-based payments to employees based on their estimated fair values in accordance with ASC 718, “Compensation-Stock Compensation”. Share-based payments including grants of stock options are recognized in the statement of comprehensive loss as an operating expense based on the fair value of the award at the date of grant. The fair value of stock options granted is estimated using the Black-Scholes option-pricing model. The Company has expensed compensation costs, net of estimated forfeitures, applying the accelerated vesting method, over the requisite service period or over the implicit service period when a performance condition affects the vesting, and it is considered probable that the performance condition will be achieved. Share-based payments awarded to consultants (non-employees) are accounted for in accordance with ASC Topic 505-50, “Equity-Based Payments to Non-Employees”. For year ended December 31, 2022, the Company recorded $15, in share-based compensation (see note 5(b)). |
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| Basis of Presentation and Principles of Consolidation: | Basis of Presentation and Principles of Consolidation: The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary and were prepared in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”) All intercompany accounts and transactions have been eliminated in consolidation. |
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| Unaudited Interim Financial Information | Unaudited Interim Financial Information The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of the Company’s management, the accompanying unaudited condensed financial statements contain all adjustments that are necessary to present fairly the Company’s financial position and results of operations for the interim periods presented. The results for the nine months ended September 30, 2023, are not necessarily indicative of the results for the year ending December 31, 2023, or for any future period. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2022, and the notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 21, 2023 (the “2022 Annual Report”). As of September 30, 2023, there have been no material changes in the Company’s significant accounting policies from those that were disclosed in the 2022 Annual Report. |
Investment in Affiliated Company (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | ||||||||||||||||||||||||||||||||||||
| Investment in Affiliated Company [Abstract] | ||||||||||||||||||||||||||||||||||||
| Schedule of Table Summarizes the Equity Method Accounting For Investment in Affiliated Company | The following table summarizes the equity method accounting for the investment in affiliated company:
|
Intangible Asset (Tables) |
9 Months Ended | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | ||||||||||||||||||||||||||
| Intangible Asset [Abstract] | ||||||||||||||||||||||||||
| Schedule of All Intangibles to be Definite-Lived Assets | The
Company considers all intangibles to be definite-lived assets with lives of 20 years. The Company will start amortization at the end
of the product development. Intangibles consisted of the following on September 30, 2023 and December 31, 2022:
|
Related Parties (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Parties [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Compensation to Key Management Personnel for Employment Services | The compensation to key management personnel for employment services they provide to the Company is as follows:
|
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| Schedule of Owed to Related Parties | Balances owed to related parties
|
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Common Stock and Preferred Stock (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock and Preferred Stock [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Composed Share Capital | As of September 30, 2023, and December 31, 2022, the Company’s share capital is composed as follows:
|
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| Schedule of Summary of Stock Options Granted Using Black-Scholes Option Pricing Model | On
February 1, 2022, Charging Robotics issued 4 BGU Options, effective January 1, 2022. The fair value of the BGU Options granted was $30
using the Black-Scholes option pricing model using the following assumptions:
|
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| Schedule of Summary of Stock Options Activity | A
summary of stock options activity during the period is as follows:
|
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| Schedule of Stock Options Outstanding |
|
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General (Details) - USD ($) $ in Thousands |
9 Months Ended | ||
|---|---|---|---|
Apr. 06, 2023 |
Sep. 30, 2023 |
Mar. 28, 2023 |
|
| General [Line Items] | |||
| Share issued | 921,750,000 | 921,750,000 | |
| Warrants issued | 922,500,000 | ||
| New issued share | 136,500,000 | ||
| Total proceeds of private placement (in Dollars) | $ 500 | $ 500 | |
| Charging Robotics [Member] | |||
| General [Line Items] | |||
| Acquired interest percentage | 100.00% |
Unaudited Interim Condensed Financial Statements (Details) |
9 Months Ended |
|---|---|
Sep. 30, 2023 | |
| Unaudited Interim Condensed Financial Statements [Line Items] | |
| Tax benefit percentage | 50.00% |
| Maximum [Member] | |
| Unaudited Interim Condensed Financial Statements [Line Items] | |
| Affiliated, percentage | 20.00% |
| Minimum [Member] | |
| Unaudited Interim Condensed Financial Statements [Line Items] | |
| Affiliated, percentage | 20.00% |
Going Concern (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Going Concern [Abstract] | ||
| Accumulated deficit | $ (1,716) | $ (1,188) |
Investment in Affiliated Company (Details) - USD ($) $ in Thousands |
1 Months Ended | ||
|---|---|---|---|
Apr. 24, 2021 |
Sep. 30, 2023 |
Jul. 28, 2022 |
|
| Investment in Affiliated Company [Line Items] | |||
| Purchase percentage | 19.99% | ||
| Principal amount | $ 340 | ||
| Aggregate amount | 1,000 | ||
| Principal loan amount | $ 61 | ||
| Robotics [Member] | |||
| Investment in Affiliated Company [Line Items] | |||
| Investments | $ 250 | ||
| Revoltz [Member] | |||
| Investment in Affiliated Company [Line Items] | |||
| Investments | 60 | ||
| Aggregate amount | 7,000 | ||
| Aggregate revenue | $ 1,000 |
Investment in Affiliated Company (Details) - Schedule of Table Summarizes the Equity Method Accounting For Investment in Affiliated Company - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
| Schedule of Equity Method Accounting For Investment in Affiliated Company [Abstract] | ||
| Balance beginning | $ 217 | |
| Share in losses of affiliated company | $ (24) | (42) |
| Foreign currency translation | (22) | (23) |
| Balance ending | $ 106 | $ 152 |
Intangible Asset (Details) |
Sep. 30, 2023 |
|---|---|
| Intangible Asset [Abstract] | |
| Definite-lived assets term | 20 years |
Intangible Asset (Details) - Schedule of All Intangibles to be Definite-Lived Assets - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
| Intangible Asset [Line Items] | ||
| Beginning Balance | $ 74 | $ 74 |
| Additions | 11 | |
| Ending Balance | $ 85 | $ 74 |
Related Parties (Details) $ in Thousands |
9 Months Ended | ||||
|---|---|---|---|---|---|
|
Jan. 01, 2023
USD ($)
|
Oct. 01, 2021
USD ($)
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Oct. 01, 2021
ILS (₪)
|
|
| Related Parties [Abstract] | |||||
| Related party amount | $ 550 | ||||
| Annual percentage | 2.42% | ||||
| Related party description | Pursuant to the Medigus Loan Agreement, the interest rate remains unchanged, and the capital and interest was to be repaid in cash or shares, or a combination thereof by June 30, 2023. On April 4, 2023, the Medigus Loan balance owing was $553. $509 of the Medigus Loan was converted into 28 shares of Charging Robotics and the remaining Medigus Loan balance will be repaid in cash. | ||||
| Monthly fee | $ 7 | ₪ 24,700 | |||
| Stock options percentage | 3.00% | ||||
| Exercise price valuation | $ 10,000 | ||||
| CEO earned | $ 63 | $ 66 | |||
Related Parties (Details) - Schedule of Compensation to Key Management Personnel for Employment Services - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
|
| Consulting Fees - CEO [Member] | ||||
| Related Parties (Details) - Schedule of Compensation to Key Management Personnel for Employment Services [Line Items] | ||||
| Consulting Fees | $ 21 | $ 21 | $ 63 | $ 66 |
| Consulting Fees - CFO [Member] | ||||
| Related Parties (Details) - Schedule of Compensation to Key Management Personnel for Employment Services [Line Items] | ||||
| Consulting Fees | $ 12 | $ 2 | $ 32 | $ 6 |
Related Parties (Details) - Schedule of Owed to Related Parties - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Related Party Transaction [Line Items] | ||
| Total related parties | $ 73 | $ 595 |
| Consulting Fees - CEO [Member] | ||
| Related Party Transaction [Line Items] | ||
| Total related parties | 8 | 28 |
| Consulting Fees - CFO [Member] | ||
| Related Party Transaction [Line Items] | ||
| Total related parties | 4 | 17 |
| Medigus [Member] | ||
| Related Party Transaction [Line Items] | ||
| Total related parties | $ 61 | $ 550 |
Common Stock and Preferred Stock (Details) - Schedule of Composed Share Capital - shares |
Sep. 30, 2023 |
Dec. 31, 2022 |
|---|---|---|
| Schedule of Composed Share Capital [Abstract] | ||
| Shares of common stock (“Shares”), Authorized | 2,990,000,000 | 2,990,000,000 |
| Shares of common stock (“Shares”), Issued and outstanding | 1,372,656,029 | 27,273 |
| Preferred shares, Authorized | 10,000,000 | 10,000,000 |
| Preferred shares, Issued and outstanding |
Common Stock and Preferred Stock (Details) - Schedule of Summary of Stock Options Granted Using Black-Scholes Option Pricing Model |
1 Months Ended |
|---|---|
|
Feb. 01, 2022
$ / shares
| |
| Schedule of Summary of Stock Options Granted Using Black-Scholes Option Pricing Model [Abstract] | |
| Charging Robotics share price (in Dollars per share) | $ 7,410 |
| Charging Robotics Exercise price (in Dollars per share) | $ 0 |
| Dividend yield | 0.00% |
| Risk-free interest rate | 0.48% |
| Expected term (in years) | 10 years |
| Volatility | 75.00% |
Common Stock and Preferred Stock (Details) - Schedule of Summary of Stock Options Activity - $ / shares |
9 Months Ended | 12 Months Ended |
|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
| Schedule of Summary of Stock Options Activity [Abstract] | ||
| Number Options outstanding Beginning balance | 22 | 18 |
| Average weighted exercise price Options outstanding Beginning balance | $ 6,818 | $ 8,333 |
| Number Options outstanding Ending balance | 4 | 22 |
| Average weighted exercise price Options outstanding Ending balance | $ 6,818 | |
| Number Options exercisable | ||
| Average weighted exercise price Options exercisable | ||
| Number Exercised | (18) | |
| Average weighted exercise price Exercised | $ 8,333 | |
| Number Granted | 4 | |
| Average weighted exercise price Granted |
Common Stock and Preferred Stock (Details) - Schedule of Stock Options Outstanding - $ / shares |
9 Months Ended | 12 Months Ended |
|---|---|---|
Sep. 30, 2023 |
Dec. 31, 2022 |
|
| Schedule of Stock Options Outstanding [Line Items] | ||
| Options outstanding | 22 | |
| Options exercisable | 18 | |
| January 1, 2022 [Member] | ||
| Schedule of Stock Options Outstanding [Line Items] | ||
| Options outstanding | 4 | 4 |
| Exercise price per option (in Dollars per share) | ||
| Options exercisable | ||
| Expiry date | Jan. 01, 2032 | Jan. 01, 2032 |
| January 7, 2021 [Member] | ||
| Schedule of Stock Options Outstanding [Line Items] | ||
| Options outstanding | 18 | |
| Exercise price per option (in Dollars per share) | $ 8,333 | |
| Options exercisable | 18 | |
| Expiry date | Jan. 07, 2026 |