SHARE-BASED COMPENSATION

6 Months Ended

Jun. 30, 2023

Share-based Payment Arrangement [Abstract]

NOTE 3 - SHARE-BASED COMPENSATION

On January 2, 2023, options to purchase an aggregate of 534,246 ordinary shares were granted to six non-executive board members with an exercise price of $0.73 per share which was the share price on the grant date. The options vest over one year in four equal quarterly installments starting on the date of grant. This grant was approved by the shareholders of the Company on October 4, 2021. The fair value of the options at January 2, 2023 was $253.

On April 24, 2023, options to purchase an aggregate of 881,000 ordinary shares were granted to employees, executive officers and service providers with an exercise price of $0.795 per share which was the share price on the grant date. These options vest over four years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% of the option will vest in twelve equal quarterly installments following the first anniversary of the grant date. The fair value of the options at the date of grant was $485.

The fair value of each option granted is estimated at the date of grant using the Black-Scholes option-pricing model, with the following assumptions:

		Six months ended June 30, 2023
Exercise price		$0.73-$0.79
Dividend yield		-
Expected volatility		74%-76%
Risk-free interest rate		3.58%-3.98%
Expected life - in years		5.3-6.11

On April 24, 2023, options to purchase an aggregate of 350,000 ordinary shares were granted to the Company’s Chief Executive Officer with an exercise price of $0.795 per share which was the share price on that day. These options vest over four years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% of the option will vest in twelve equal quarterly installments following the first anniversary of the grant date. This grant is subject to the Company's shareholders' approval.

On June 4, 2023, options to purchase an aggregate of 33,638 ordinary shares were granted to non-executive board member with an exercise price of $0.89 per share which was the share price on that day. The options will vest over three years in 12 equal quarterly installments starting on the date of grant. This grant is subject to the Company's shareholders' approval.