6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the month of September 2021

Commission file number: 001-39674

G MEDICAL INNOVATIONS HOLDINGS LTD.

(Translation of registrant’s name into English)

5 Oppenheimer St.

Rehovot 7670105, Israel

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒       Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulations S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulations S-T Rule 101(b)(7): ☐

CONTENTS

This Report of Foreign Private Issuer on Form 6-K consists of the Registrant’s (i) Unaudited Interim Condensed Consolidated Financial Statements as of June 30, 2021, which is attached hereto as Exhibit 99.1; (ii) Management’s Discussion and Analysis of Financial Condition and Results of Operations for the six months ended June 30, 2021, which is attached hereto as Exhibit 99.2; and (iii) Press release issued on September 15, 2021, titled “G Medical Innovations Holdings Ltd. Reports Financial Results for the Six Months Ended June 30, 2021, with Revenue up 45.5%, which is attached hereto as Exhibit 99.3” 

1

EXHIBIT INDEX

Exhibit  No.
99.1	G Medical Innovations Holdings Ltd.’s Unaudited Interim Condensed Consolidated Financial Statements as of June 30, 2021.
99.2	G Medical Innovations Holdings Ltd.’s Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Six Months Ended June 30, 2021.
99.3	Press release issued by G Medical Innovations on September 15, 2021, titled “G Medical Innovations Holdings Ltd. Reports Financial Results for the Six Months Ended June 30, 2021, with Revenue up 45.5%.”
101.INS	Inline XBRL Instance Document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document.
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

2

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.

	G Medical Innovation Holdings Ltd.
Date: September 15, 2021	By:	/s/ Yacov Geva
		Name:	Dr. Yacov Geva
		Title:	Chief Executive Officer

3

EX-99.1

Exhibit 99.1

G Medical Innovations Holdings Ltd.

Unaudited Interim Condensed Consolidated Financial Statements as of June 30, 2021

Table of Contents

Unaudited Condensed Consolidated Interim Financial Statements:	Page
Unaudited Interim Condensed Consolidated Statements of Financial Position	2
Unaudited Interim Condensed Consolidated Statements of Loss and Other Comprehensive Loss	3
Unaudited Interim Condensed Consolidated Statements of Changes in Equity (Deficit)	4
Unaudited Interim Condensed Consolidated Statements of Cash Flow	5-6
Notes to the Unaudited Interim Condensed Consolidated Financial Statements	7-13

G Medical Innovations Holdings Ltd. 

Unaudited Interim Condensed Consolidated Statements of Financial Position
(In thousands of USD)

			June 30,			**December 31,
	Note		2021			2020
Assets
Cash and cash equivalents				13,380			278
Restricted deposit				629			630
Inventories				46			90
Trade receivables, net				672			717
Other accounts receivable				718			1,420
Total current assets				15,445			3,135
Other accounts receivable				233			-
Property, plant and equipment, net				1,542			2,315
Total non-current assets				1,775			2,315
Total assets				17,220			5,450
Liabilities and Shareholder’s
Short term loan and current portion of long-term loans				426			1,635
Trade payables				3,302			3,105	*
Loan from controlling shareholder				642			272
Convertible debenture		3,6		1,331			194
Derivative liabilities – warrants		3,6		343			359
Short term portion of lease liability				127			255
Financial liability				-			-
Other accounts payable				3,993			2,081	*
Total current liabilities				10,164			7,901
Long term lease liability				13			50
Long term loans				393			448
Total non-current liabilities				406			498
Shareholder’s Equity (Deficit)
Ordinary shares				1,212			819
Other reserve				1,500			1,500
Translation reserve				2			2
Additional paid in capital				81,234			67,257
Accumulated deficit				(80,570	)		(75,876	)
G Medical Innovations Holdings Ltd. shareholders’ equity (deficit)				3,378			(6,298	)
Non-controlling interest				3,272			3,349
Total shareholders’ equity (deficit)				6,650			(2,949	)
Total Liabilities and Shareholders’ Equity (Deficit)				17,220			5,450

(*) Reclassification

(**) The December 31, 2020 balances were derived from the Company’s audited annual financial statements.

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

2

G Medical Innovations Holdings Ltd. 

Unaudited Interim Condensed Consolidated Statements of Loss and Other Comprehensive Loss
(In thousands of USD, except per share amounts)

	For the six-month period ended June 30,
	2021			2020
Revenue:
Services		2,875			1,981
Products		50			29
Total revenue		2,925			2,010
Cost of revenue:
Cost of services		1,726			2,214
Cost of sales of products		58			320
Total cost of revenue		1,784			2,534
Gross profit (loss)		1,141			(524	)
Operating expenses:
Research and development expenses		619			699
Selling, general and administrative expenses		4,532			3,375
Expected credit loss		263			36
Operating loss		(4,273	)		(4,634	)
Finance income		447			205
Finance expenses		950			561
Financial expenses, net		503			356
Loss before tax		(4,776	)		(4,990	)
Income tax benefit		5			9
Loss for the period		(4,771	)		(4,981	)
Other comprehensive income, net of tax:
Items that will or may be reclassified to profit or loss:
Exchange gains arising on translation of foreign operations		-			-
Other comprehensive income		-			-
Total comprehensive loss for the period		(4,771	)		(4,981	)
Loss for the period attributed to:
Non-controlling interests		(77	)		(81	)
The Company’s shareholders		(4,694	)		(4,900	)
		(4,771	)		(4,981	)
Total comprehensive loss for the period attributed to:
Non-controlling interests		(77	)		(81	)
The Company’s shareholders		(4,694	)		(4,900	)
		(4,771	)		(4,981	)
Basic and diluted loss per share attributable to the Company’s shareholders in USD	*US$	(0.51	)	*US$	(0.84	)

* After giving effect to the reverse stock split (see also Note 4).

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

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G Medical Innovations Holdings Ltd.

Unaudited Interim Condensed Consolidated Statements of Changes in Equity (Deficit)

(In thousands of USD)

For the six-month period ended June 30, 2021:

	Share capital		Other reserve		Translation reserve		Additional paid in capital			Accumulated deficit			Total			Non-controlling Interest			Total Shareholders’ deficit
Balance at January 1, 2021		819		1,500		2		67,257			(75,876	)		(6,298	)		3,349			(2,949	)
Changes during the period:
Issuance of ordinary shares, net		270		-		-		13,144			-			13,414			-			13,414
Issuance of shares within share based compensation		95		-		-		(98	)		-			(3	)		-			(3	)
Conversion of financial liability to shares		28		-		-		931			-			959			-			959
Comprehensive loss for the period:
Loss for the period		-		-		-		-			(4,694	)		(4,694	)		(77	)		(4,771	)
Other comprehensive income		-		-		-		-			-			-			-			-
Total comprehensive loss for the period		-		-		-		-			(4,694	)		(4,694	)		(77	)		(4,771	)
Balance at June 30, 2021		1,212		1,500		2		81,234			(80,570	)		3,378			3,272			6,650

For the six-month period ended June 30, 2020:

	Share capital		Other reserve		Translation reserve		Additional paid in capital		Accumulated deficit			Total			Non-controlling Interest			Total Shareholders’ deficit
Balance at January 1, 2020		410		1,500		2		48,051		(63,340	)		(13,377	)		3,501			(9,876	)
Changes during the period:
Issuance of ordinary shares, net		131		-		-		5,173		-			5,304			-			5,304
Issuance of shares within share based compensation		11		-		-		467		-			478			-			478
Conversion of financial liability to shares		20		-		-		702		-			722			-			722
Conversion of loans from controlling shareholder into shares		93		-		-		4,907		-			5,000			-			5,000
Comprehensive loss for the period:
Loss for the period		-		-		-		-		(4,900	)		(4,900	)		(81	)		(4,981	)
Other comprehensive income		-		-		-		-		-			-			-			-
Total comprehensive loss for the period		-		-		-		-		(4,900	)		(4,900	)		(81	)		(4,981	)
Balance at June 30, 2020		665		1,500		2		59,300		(68,240	)		(6,773	)		3,420			(3,353	)

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

4

G Medical Innovations Holdings Ltd.

Unaudited Interim Condensed Consolidated Statements of Cash Flow
(In thousands of USD)

	For the six-month period ended June 30,
	2021			2020
Cash flow from operating activities:
Net loss for the period		(4,771	)		(4,981	)
Adjustments:
Depreciation and amortization		691			1,031
Share based compensation		(3	)		478
Change in fair value of derivative liabilities – warrants		(423	)		(439	)
Capital loss from sale of fixed assets		16
Accrued interest of long-term loans		81			52
Changes in deferred tax		-			(9	)
Change in fair value of convertible debenture		794			-
		1,156			1,113
Changes in assets and liabilities:
Decrease (Increase) in trade receivable		45			(28	)
Decrease in other accounts receivable		493			39
Decrease in inventories		44			254
Increase (decrease)  in trade payables		196			(955	)*
Increase (decrease) in other accounts payable		1,650			1,799	*
Accrued interest on loan from controlling shareholder		23			260
Change in restricted deposit		1			6
		2,452			1,375
Net cash used in operating activities		(1,163	)		(2,493	)
Cash flow from investing activities
Purchase of property, plant and equipment		-			(207	)
Proceeds from sale of fixed assets		66			-
Deposit in restricted deposit		-			82
Net cash used in / provided by investing activities		66			(125	)
Cash flow from financing activities
Issuance of ordinary shares, net		13,414			5,789
Loan received from controlling shareholder		347			121
Receipts of long-term loans		-			873
Principal paid on lease liabilities		(189	)		(259	)
Repayment of long -term loans		(123	)		(194	)
Short-term bank credit		-			(93	)
Repayment of financial liability		-			(3,001	)
Receipt (repayment (convertible debenture		343			(75	)
Receipt of derivative liabilities – warrants		407			-
Net cash provided by financing activities		14,199			3,161
Increase (decrease) in cash and cash equivalents		13,102			543
Cash and cash equivalents at beginning of the period		278			-
Effects of exchange rate changes on cash and cash equivalents		-			*
Cash and cash equivalents at the end of the period		13,380			543

(*) Reclassification

The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements.

5

G Medical Innovations Holdings Ltd.

Unaudited Interim Condensed Consolidated Statements of Cash Flow
(In thousands of USD)

APPENDIX A – NON-CASH ACTIVITIES:

	Six month period ended
	June 30, 2021		June 30, 2020
Conversion of convertible debenture into shares		-		722
Conversion of convertible debenture into financial liability		-		682
Conversion of loans into shares		959		-
Conversion of loan from controlling shareholder into shares		-		5,000
Non-cash issuance expenses in warrants		-		485

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G Medical Innovations Holdings Ltd.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(In thousands of USD, except per share amounts)

NOTE 1 - DESCRIPTION OF BUSINESS:

Overview

G Medical Innovations Holdings Ltd. (“G Medical” and together with its subsidiaries, the “Company”) was incorporated in October 2014 under the Cayman Island law. G Medical’s registered address is P.O. Box 10008, Willow House, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands. 

In May 2017, the Company was admitted to the official list on the Australian Stock Exchange (“ASX”) under the symbol GMV. In October 2020, the Company voluntarily delisted itself from the Official List on the Australian Stock Exchange (“ASX”).

In June 2021, the Company succeeded to close its initial public offering of 3,000,000 units, each unit consisting of one ordinary share and one warrant to purchase one ordinary share of the Company for gross proceeds of approximately $15,000 before deducting underwriting discounts and commissions and other offering-related expenses in the amount of $2,150. Only the costs attributable to the issuance of new shares that were deducted from equity. Listing costs were expensed. The ordinary shares and warrants of the Company began trading on the Nasdaq Capital Market on June 25, 2021, under the symbols “GMVD” and “GMVDW,” respectively.

The Company is ushering in a new era of healthcare and wellness by utilizing its patent-pending wireless technologies, and proprietary information technology and service platforms operating by two segments (see note 7), to empower a new generation of consumers, patients and providers to improve quality of life. The Company develops the next generation of mobile technologies that will empower consumers and providers to better monitor, manage, and improve clinical and personal health outcomes. The Company offers a suite of both consumer and clinical grade products and platforms which are positioned to reduce inefficiencies in healthcare delivery, improve access, reduce costs, increase quality of care, and make healthcare more personalized and precise.

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:

Basis of preparation

These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standards (the “IAS”) 34 Interim Financial Reporting. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2020 annual consolidated financial statements. The Company has applied the same accounting policies and methods of computation in its interim consolidated financial statements as in its 2020 annual consolidated financial statements.

Impact of accounting standards to be applied in future periods

There are a number of standards and interpretations which have been issued by the International Accounting Standards Board that are effective for periods beginning subsequent to December 31, 2021 (the date on which the Company’s next annual financial statements will be prepared up to) that the Company has decided not to adopt early. The Company does not believe these standards and interpretations will have a material impact on the financial statements once adopted.

7

G Medical Innovations Holdings Ltd.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(In thousands of USD, except per share amounts)

NOTE 3 – SIGNIFICANT EVENTS AND TRANSACTIONS IN THE PERIOD:

A. CLA Transaction (Alpha Capital):  

On December 21, 2020, the Company entered into a transaction (the “Initial Alpha CLA Transaction”), whereby the Company entered into a securities purchase agreement with Alpha Capital Anstalt (“Alpha”), pursuant to which the Company obtained a convertible loan in the aggregate amount of $350 against issuance of a convertible debenture and warrants to purchase 79,666 ordinary shares.

The Initial Alpha CLA Transaction debenture has a six-month term from issuance and bear interest at 10% per annum. The Initial Alpha CLA Transaction debenture is convertible into the ordinary shares at a conversion price equal to 80% of the public offering price per share in the Company’s initial public offering on Nasdaq in June 2021. Initial Alpha CLA Transaction warrants have an exercise price per share equal to the per share price of the Company’s ordinary shares in the Nasdaq IPO in June, and have a five-year term.

In addition, Alpha was also provided a right to purchase an additional $150 of a convertible debenture and warrants on the same terms as in the Initial Alpha CLA transaction (the “Subsequent Alpha CLA Transaction”). On February 17, 2021 Alpha exercised the foregoing right to invest $150 against issuance of additional convertible debentures and warrants to purchase 34,142 ordinary shares (the “Second CLA Transaction”). As of June 30, 2021, these convertible debentures amounted to $588, and the warrants amounted to $136. As of June 21, 2021, the debentures issued pursuant to the Initial Alpha CLA Transaction matured, and as of August 21, 2021, the debentures issued pursuant to the Subsequent Alpha CLA Transaction matured. To date, the Company has not repaid the foregoing debentures, and is discussing with Alpha the terms of repayment, and/or conversion.

In case of cash consideration, the Company will pay Alpha $350 plus interest of 10% per annum in respect of the Initial Alpha CLA Transaction and $150 plus interest of 10% per annum in respect of the Subsequent Alpha CLA Transaction.

The convertible debentures, as well as the warrants and the right to purchase additional convertible debentures were classified as a derivative financial liability (see measurement method in note 6). The fair value of the Initial CLA Transaction  is based on the assumption of converting into Units (shares and warrants).

B. Change in authorized share capital and reverse stock split:

On March 17, 2021, the Company gave public notice of an extraordinary general shareholders meeting to approve a reverse stock split, such that:

All ordinary shares (issued and unissued) be consolidated on the basis that every five ordinary shares of par value $0.018 will be consolidated into one ordinary share of par value $0.09, such that the authorized ordinary share capital of the Company following such consolidation is $180,000 divided into 2,000,000,000 ordinary shares of a par value of $0.09 each.

The reverse stock split and the amendments to the Company’s authorized share capital entered into effect on March 25, 2021 (which is the date of the above referenced extraordinary general shareholders meeting).

All shares, per share information and notes thereto have been retroactively adjusted for the reverse stock split as if such split occurred on the first day of the first period presented.

8

G Medical Innovations Holdings Ltd.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(In thousands of USD, except per share amounts)

NOTE 3 – SIGNIFICANT EVENTS AND TRANSACTIONS IN THE PERIOD (CONT.):

C. CLA Transactions (Jonathan B. Rubini):

On April 7, 2021, the Company entered into a transaction, whereby the Company entered into a securities purchase agreement, with Jonathan B. Rubini, pursuant to which the Company obtained a convertible loan in an aggregate amount of $600, against issuance of a convertible debenture, and warrants to purchase 136,571 ordinary shares at the same terms as the Initial Alpha CLA Transactions. As of June 30, 2021, this convertible debenture amounted to $743, and the warrants amounted to $169. The foregoing convertible debenture, as well as the warrants and the right to purchase additional convertible debentures were classified as a derivative financial liability (see measurement method in note 6).

D. World event - Coronavirus (COVID 19):

The global pandemic resulting from the disease known as COVID-19, caused by a novel strain of coronavirus, SARS-CoV-2, has caused national and global economic and financial market disruptions and may adversely impact our business. Although the Company did see an increase in revenue for the six months ended June 30, 2021 due to the to the impact of lifting of social restrictions related to COVID-19 pandemic, which led to patients returning to their doctors for medical tests. The Company cannot predict the duration or magnitude of the pandemic or the full impact that it may have on the Company’s operations and workforce, including the Company’s research and clinical trials and its ability to raise capital, which in turn could have an adverse impact on the Company’s business, financial condition and results of operation.

In April 2020, under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) in the United States, the Company’s U.S. subsidiary signed an agreement with the U.S. Small Business Administration (“SBA”) to receive a loan according to the Paycheck Protection Program (“PPP”) in the amount of approximately $900 from Bank of America. According to the terms of the PPP loan, the payments will be deferred for six months from the funding date and no collateral or personal guarantees are required. The PPP loan has a maturity of two years and bears an interest rate of 1%. A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. The Company applied for forgiveness for the PPP Loan.

The PPP loan was accounted for as a deduction from wage expenses in 2020 and not as a loan liability since all conditions for waiver were met as of December 31, 2020.

On April 3, 2021, the Company received approval for full forgiveness from the SBA and the loan was fully paid from SBA to Bank of America.

E. Nasdaq IPO:

On June 29, 2021, the Company closed its initial public offering of 3,000,000 units. (See Note 1 and Note 5).

NOTE 4 - RELATED PARTIES AND SHAREHOLDERS: 

During the six-month period ended June 30, 2021, the Company issued to the Company’s CEO, Dr. Yacov Geva, In addition to his ordinary salary, 1,055,555 ordinary shares and paid a bonus in the amount of $240 in consideration of his service to the Company and subject to the consummation of the June 2021 initial public offering.

9

G Medical Innovations Holdings Ltd.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(In thousands of USD, except per share amounts)

NOTE 5 - SHAREHOLDERS’ EQUITY (DEFICIT):

The ordinary shares in the Company confer upon their holders the right to receive notice to participate and vote in general meetings of the Company, and the right to receive dividends, if and when declared.

	Number of shares
	June 30, 2021				December 31, 2020
	Unaudited
	Authorized		Issued and outstanding		Authorized			Issued and outstanding
Ordinary shares of $0.09 par value		2,000,000,000		13,464,746		2,000,000,000	*		9,103,924	*
Warrants**		3,450,000		3,450,000		-			-

(*) After giving effect to the reverse stock split of 18:1 on October 29, 2020 and reverse stock split of 5:1 on March 25, 2021 (see below).

(**) the Warrants will be exercisable at a price equal to $6.25 per share and for a period of five years, starting from June 2021.

On October 29, 2020, the Company shareholders approved, a one-for-18 consolidation (hereinafter referred to as the reverse stock split of 18:1) of the Company’s ordinary shares pursuant to which holders of the ordinary shares received one ordinary share for every 18 ordinary share held. In addition, on March 25, 2021, the Company’s shareholders approved, a one-for-5 consolidation (hereinafter referred to as a reverse stock split of 5:1) of the Company’s ordinary shares pursuant to which holders of the Company’s ordinary shares received one ordinary share for every 5 ordinary share held.

On June 29, 2021, the Company closed its initial public offering of 3,000,000 units. Each unit consisted of one Ordinary Shares and one warrant to purchase one ordinary share at a price to the public of $5 per unit. The gross proceeds to the Company from the initial public offering were $15,000 before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The total issue expenses were in the amount of $2,150 whereas only the costs attributable to the offer of new shares are deducted from equity.

The Company also granted an option to the underwriter to purchase up to 450,000 additional ordinary shares and/or warrants at the public offering price less the underwriting discount. The underwriters exercise the option to purchase 450,000 warrants.

The Warrant were immediately exercisable on the date of issuance at an exercise price of $6.25 per ordinary share (125% of the public offering price per Unit) and will expire four years from the date of issuance.

In addition, and upon the consummation of the Company’s initial public offering, the Company issued 305,267 ordinary shares upon the conversion of approximately $1,200 of outstanding debt (part of the Company short- and long-term loans) associated with the Company’s acquisition of CardioStaff in November 2017, which was calculated based upon 80% of the public offering price of $5 per unit in the initial public offering.

The Company issued 1,055,555 ordinary shares at par value of $0.09 to the Company’s CEO, Dr. Yacov Geva, as part of a bonus for completing the Company’s initial public offering.

10

G Medical Innovations Holdings Ltd.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(In thousands of USD, except per share amounts)

NOTE 6 - FAIR VALUE MEASUREMENT:

The following table sets out the Company’s liabilities that are measured at fair value in the financial statements:

	Fair value measurements using input type
	June 30, 2021 (Unaudited)
	Level 1	Level 2	Level 3			Total
Derivative liability - warrants				(343	)		(343	)
Convertible debentures				(1,331	)		(1,331	)

	Fair value measurements using input type
	December 31, 2020
	Level 1	Level 2	Level 3		Total
Derivative liability - warrants	-	-	(359	)	(359	)
Convertible debenture	-	-	(194	)	(194	)

As of June 30, 2021, the fair value measurement of the warrant’s securities in the table above, was estimated using the Black Scholes model, based on a variety of significant unobservable inputs and thus represent a level 3 measurement within the fair value hierarchy. The measurement of the convertible debentures in the table above, was estimated as follows:

1. Alpha Capital convertible debentures were estimated under the assumption of converting to shares according to the fair value of the shares.

2. Jonathan B. Rubini convertible debenture which conversion date is October 2021 were estimated using a Monte Carlo simulation analysis, based on a variety of significant unobservable inputs a thus represent a level 3 measurement within the fair value hierarchy.

The key inputs that were used in the convertible debenture and warrants valuation were: risk-free interest rate – 0.88%, expected volatility - 50 % and AUD/USD exchange rate - 0.75

As of December 31, 2020, the fair value measurement of the convertible debenture and the warrant’s securities in the table above, was estimated using a Monte Carlo simulation analysis, based on a variety of significant unobservable inputs a thus represent a level 3 measurement within the fair value hierarchy.

The key inputs that were used in warrants and the convertible securities were: the risk-free interest rate- 0.12%, the expected volatility-100% and the AUD/USD exchange rate -0.7724.

11

G Medical Innovations Holdings Ltd.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(In thousands of USD, except per share amounts)

NOTE 6 - FAIR VALUE MEASUREMENT (CONT.):

The following tables describes the change in the Company’s liabilities that are measured at level 3 in the financial statements:

	Derivative liability
Derivative liability - warrants as of December 31, 2020		(359	)
Issuance of financial instruments		(407	)
Change in fair value		423
Derivative liability - warrants as of June 30, 2021		(343	)

	Convertible debenture
Convertible debenture as of December 31, 2020		(194	)
issuance of convertible debenture		(343	)
Gain due to change in fair value of convertible debenture		(794	)
Convertible debenture as of June 30, 2021		(1,331	)

NOTE 7 - REVENUE:

For the six months ended June 30, 2020 and June 30, 2021 total revenues consist primarily of monitoring patient services (approximately 98.6% and 98.3% respectively) which were generated in the U.S.

12

G Medical Innovations Holdings Ltd.

Notes to the Unaudited Interim Condensed Consolidated Financial Statements
(In thousands of USD, except per share amounts)

NOTE 8 - SEGMENT REPORTING:

The Company accounts for its segment information in accordance with IFRS 8 “Segment Reporting” which establishes annual and interim reporting standards for operating segments of a Company based on the Company’s internal accounting methods. Operating segments are based upon its internal organization structure, the manner in which our operations are managed and the availability of separate financial information. The Company has two operating segments: Products segment and Patient services segment.

Products: 

Development, manufacture and marketing of trans-telephonic and wireless diagnostic equipment for the medical industry and consumer market. Mobile medical device platform designed for self-testing of vital signs for the consumer market.

Patient Services:

Cardiac monitoring services of MCT, Event, Holter and Extended Holter.

Summarized financial information by segment, based on the Company’s internal financial reporting system utilized by the Company’s chief operating decision makers, follows: 

For the six-months period ended June 30, 2021:

	Products:		Patient Services:		Total:
	Unaudited
Revenues from external customers		50		2,875		2,925
Segment loss		1,528		883		2,411
Unallocated general and administrative expenses						1,862
Finance expenses, net						503
Loss before taxes on income						4,776

For the six-months period ended June 30, 2020:

	Products:		Patient Services:		Total:
	Unaudited
Revenues from external customers		29		1,981		2,010
Segment loss		1,739		1,828		3,567
Unallocated general and administrative expenses						1,067
Finance expenses, net						356
Loss before taxes on income						4,990

NOTE 9 - SUBSEQUENT EVENTS:

Options granted to directors and management

On September 5, 2021, the Board of the Company approved to issue Options to the directors and to the management a total of 900,000 Options that will become vested and exercisable over a period of three years, with exercise price per Option of US$ 3.27.

13

EX-99.2

Exhibit 99.2

MANAGEMENT’S DISCUSSION AND ANALYSIS OF

FINANCIAL CONDITION AND RESULTS OF OPERATIONS

For the Six Months Ended June 30, 2021

Cautionary Statement Regarding Forward-Looking Statements

Certain information included herein may be deemed to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Forward-looking statements are often characterized by the use of forward-looking terminology such as “may,” “will,” “expect,” “anticipate,” “estimate,” “continue,” “believe,” “should,” “intend,” “project” or other similar words, but are not the only way these statements are identified. These forward-looking statements may include, but are not limited to, statements relating to our objectives, plans and strategies, expansion of marketing and channel activities, converting prospects to customers, statements that contain projections of expected market size, results of operations or of financial condition, expected capital needs and expenses, statements relating to the sale, marketing, research, development, completion and use of our products, and all statements (other than statements of historical facts) that address activities, events or developments that we intend, expect, project, believe or anticipate will or may occur in the future. Forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties. We have based these forward-looking statements on assumptions and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate.

Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among other things:

● the overall global economic environment;

● the impact of competition and new technologies;

● general market, political and economic conditions in the countries in which we operate;

● projected capital expenditures and liquidity;

● changes in our strategy;

● the impact of the COVID-19 pandemic on our business and operating results; and

● litigation.

The foregoing list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting our company, reference is made to our final prospectus filed pursuant to Rule 424(b)(4) dated June 24, 2021 (“Final Prospectus”), which is on file with the Securities and Exchange Commission, or the SEC, and the other risk factors discussed from time to time by our company in reports filed or furnished to the SEC.

Except as otherwise required by law, we undertake no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

General

Introduction

Unless indicated otherwise by the context, all references in this report to “G Medical Innovations Holdings Ltd.”, the “Company”, “we”, “us” or “our” are to G Medical Innovations Holdings Ltd. and its subsidiaries. All references to “dollars” or “$” means United States dollars.

You should read the following discussion and analysis in conjunction with our unaudited consolidated financial statements for the six months ended June 30, 2021 and notes thereto, and together with our audited consolidated financial statements for the year ended December 31, 2020 and notes thereto filed with the SEC as part of our Annual Report.

Overview

We are an early commercial stage healthcare company engaged in the development of next generation mobile health (mHealth) and telemedicine solutions and monitoring service platforms. We believe we are at the forefront of the digital health revolution in developing the next generation mobile technologies and services that are designed to empower consumers, patients and providers to better monitor, manage and improve clinical and personal health outcomes, especially for those who suffer from cardiovascular disease (CVD), pulmonary disease and diabetes.

Using our proprietary suite of devices, software solutions, algorithms and monitoring services, we intend to drive recurring revenue streams in two vertical markets, with a focus on markets in the United States and China as well as other markets: business to business (B2B): professional healthcare markets (including hospitals, clinics and senior care facilities); and business to business to consumer (B2B2C) and business to consumer (B2C): consumer healthcare markets.

Financial Highlights

● Total revenues for the six months ended June 30, 2021 were $2,925,000, compared to $2,010,000 in the six months ended June 30, 2020. The increase derived from an increase in revenues from monitoring services, is mainly attributable to the impact of lifting of social restrictions related to Covid-19, which led to patients returning to their doctors for medical tests.

● Net loss for the six months ended June 30, 2021 was $4,771,000, or $0.51 per share, compared to $4,981,000, or $0.84 per share, in the six months ended June 30, 2020. The decrease is mainly attributed to the increase in revenues.

● Cash and cash equivalents totaled $13,380,000 as of June 30, 2021, compared to $278,000 as of December 31, 2020. The increase compared to December 31, 2020, mainly reflects proceeds received from our initial public offering in the first half of 2021, less cash used in operations during the six months ended June 30, 2021.

● Shareholders’ equity totaled $6,650,000 as of June 30, 2021, compared to shareholders’ deficit of $2,949,000 as of December 31, 2020.

Critical Accounting Policies

The preparation of financial statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. A comprehensive discussion of our critical accounting policies is included in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section in our Final Prospectus.

2

Results of Operations

The following discussion of our unaudited results of operations for the six-month periods ended June 30, 2021 and 2020, included in the following table, which presents selected financial information data, is based upon our unaudited statements of operations contained in our financial statements for those periods, and the related notes.

	For the Six-Month  Period Ended June 30,
	Thousands USD
	2021			2020
Revenues
Services		2,875			1,981
Products		50			29
Total revenues		2,925			2,010
Cost of revenues
Cost of services		1,726			2,214
Cost of sales of products		58			320
Total cost of revenues		1,784			2,534
Gross profit (loss)		1,141			(524	)
Operating expenses:
Research and development expenses		619			699
Selling, general and administrative expenses		4,532			3,375
Expected credit loss		263			36
Operating loss		(4,273	)		(4,634	)
Financial expenses, net		503			356
Loss before taxes on income		(4,776	)		(4,990	)
Income tax		5			9
Net comprehensive loss		(4,771	)		(4,981	)
Basic and diluted loss per share attributable to the Company’s shareholders in USD (after 5:1 reverse split effective March 25, 2021 and 18:1 reverse split effective October 29,2020)		(0.51	)		(0.84	)

Six Months Ended June 30, 2021, Compared with Six Months Ended June 30, 2020

Revenues. Our total revenues for the for the six months ended June 30, 2021, were $2,925,000, which consists primarily of services (approximately 98.3% of total revenues), representing a increase of $915,000 or 45.5% compared to $2,010,000 in the six months ended June 30, 2020. The increase was mainly influenced by the effect of the COVID-19 which caused many patients returning to their Dr.’s for medical tests.

Cost of Revenues. Cost of revenues for the six months ended June 30, 2021, were $1,784,000, which consists primarily of cost of services (96.7% of cost of revenues), representing a decrease of $750,000 compared to $2,534,000 in the six months ended June 30, 2020. The decrease of cost of revenues was mainly related to the decrease of supplies and distribution in the amount of $167,000, decrease related to depreciation and amortization expenses in the amount of $289,000 and decrease of $241,000 in write off inventory.

Research and Development. Research and Development, or R&D expenses for the six months ended June 30, 2021, were $619,000, representing a decrease of $80,000 compared to $699,000 in the six months ended June 30, 2020. The decrease related mainly to the decrease of salaries and related expenses in the amount of $186,000 reflecting a decrease in the number of employees offset by an increase of subcontractors, materials and others in the amount of $113,000.

3

Sales, General and administrative. Sales, General and administrative expenses for the six months ended June 30, 2021, were $4,532,000, representing an increase of $1,157,000 compared to $3,375,000 in the six months ended June 30, 2020. The increase related mainly to expenses of our initial public offering which were not attributed to the offer of new shares in the amount of $1,176,000, increase of salaries and related expenses in the amount of $256,000, offset by a decrease of $402,000 related to share based compensation and decrease in depreciation and amortization expenses in the amount of $114,000.

Operating Loss. Based on the foregoing, we recorded an operating loss of $4,273,000 for the six months ended June 30, 2021, compared to $4,634,000 in the six months ended June 30, 2020.

Finance expenses, net. Finance income and expenses consist of finance expenses or income as a result of the change in the fair value of warrants and convertible notes, bank fees, lease liability and exchange rate differences. Finance expenses, net, for the six months ended June 30, 2021, were $503,000, compared to $356,000 in the six months ended June 30, 2020. The increase in expenses resulted primarily from finance expenses as a result of the change in the fair value of convertible debenture, whereas the financial income was increase mainly as a result of change in the fair value of warrants, compared to the six months ended June 30, 2020.

Net Loss. Net loss for the six months ended June 30, 2021, was $4,771,000, or $0.51 per share, compared to $4,981,000, or $0.84 per share, in the six months ended June 30, 2020.

Liquidity and Capital Resources

Overview

Since our inception through June 30, 2021, we have funded our operations principally from the issuance of Ordinary Shares, warrants, convertible securities and loans. As of June 30, 2021, we had 13,380,000 in cash and cash equivalents.

The table below presents our cash flows:

	Six Month Periods Ended June 30,
(in thousands of U.S. dollars)	2021			2020
Operating activities		(1,163	)		(2,493	)
Investing activities		66			(125	)
Financing activities		14,199			3,161
Net increase in cash		13,102			543

Operating Activities

Net cash used in operating activities of $1,163,000 during the six months ended June 30, 2021 consists primarily of net loss, less adjustments for depreciation and amortization expenses, revaluation of liability in respect of warrants and convertible notes, as well as an increase in other accounts payable.

Net cash used in operating activities of $2,493,000 during the six months ended June 30, 2020 consists primarily of net loss, depreciation and amortization expenses, revaluation of liability in respect of warrants, share based compensation and increase in other accounts payable.

The decrease is mainly as a result of an increase in trade payables and a decrease in other accounts receivable.

4

Investing Activities

Net cash from investing activities of $66,000 during the six months ended June 30, 2021 was form proceeds from sale of fixed assets.

Net cash used in investing activities during the six months ended June 30, 2020 of $125,000 was primarily used for purchases of fixed assets.

Financing Activities

Net cash provided by financing activities of $14,199,000 in the six months ended June 30, 2021 consisted primarily of net proceeds from the issuance of ordinary shares and receipt of convertible securities.

Net cash provided by financing activities in the six months ended June 30, 2020 of $3,161,000 consisted primarily from net proceeds from the issuance of ordinary shares and decrease by repayment of convertible securities.

Outlook

To date, we have not achieved profitability and have sustained net losses in every fiscal year since our inception, and we have financed our operations primarily through proceeds from issuance of our ordinary shares, loans from controlling shareholder and other convertible securities.

Until we can generate significant recurring revenues and achieve profitability, we will need to seek additional sources of funds through the sale of additional equity securities, debt or other securities. Any required additional capital, whether forecasted or not, may not be available on reasonable terms, or at all. If we are unable to obtain additional financing or are unsuccessful in commercializing our products and securing sufficient funding, we may be required to reduce activities, curtail or even cease operations.

5

EX-99.3

Exhibit 99.3

G Medical Innovations Holdings Ltd. Reports Financial Results for the Six Months Ended June 30, 2021, with Revenue up 45.5%

● Demand for patient monitoring services recovering with revenue increasing 45.5% in first half of 2021

● Accelerating growth strategy with expansion of Prizma and Cardiac sales team

● UnityPoint Prizma vital signs pilot study to start end of September; new cardiac services program underway

● Continued focus on inorganic growth strategy via synergistic acquisitions

● Strengthened balance sheet with initial public offering (“IPO”) raising gross proceeds of $15.0 million

TEL AVIV and ILLINOIS, September 15, 2021 (GLOBE NEWSWIRE) -- G Medical Innovations Holdings Ltd. (NASDAQ:GMVD) (“G Medical” or the "Company"), a telehealth, medical device, and remote patient monitoring company providing clinical-grade solutions for consumers, medical professionals, and healthcare institutions, today announced financial results for the six months ended June 30, 2021.

“Our financial performance for the six months ended June 30, 2021, closes out a solid start to the first half of the fiscal year,” said Dr. Yacov Geva, President and CEO of G Medical Innovations. “Sales growth of more than 45% in the first half of the year shows that we are gradually recovering from the pandemic. We also believe the positive trends that were already underway prior to the COVID-19 pandemic are accelerating as telehealth is increasingly recognized as an essential technology by patients and healthcare providers. Blending physical, virtual, and automated care is a game changer for patients and providers alike. Based on our pipeline of existing opportunities for our Prizma and medical monitoring services, the engagement of GRS, a subsidiary of Guthy-Renker, to promote the Prizma G2 on TV, social media, radio and print through 2023, and the improvement in demand for our services, we remain optimistic about our growth prospects. In support of our growth strategy, we are expanding both Prizma evaluations and cardiac service monitoring opportunities with healthcare providers and expect to see recognition of these activities in 2022.”

Dr. Geva continued, "We are making significant, targeted investments during the second half of 2021, with increased sales and marketing capabilities, expansion of our medical monitoring technical teams while continuing to evaluate inorganic opportunities that could enhance our commercial portfolio. With a focus on investing for future growth, we believe the underlying fundamentals of our business are solid and that we are well positioned for the future.”

“The Company has embarked on a significant expansion of its salesforce with the recent hiring of 5 experienced regional sales executives with plans to add an additional 20 sales representatives by the end of 2021.The expanded salesforce will be focused exclusively on the U.S. market to accelerate G Medical’s revenue through enhanced presence in new geographies, development of new channels and increased adoption by existing customers.”

Financial Results

Total revenues for the first half of 2021 increased by 45.5% to $2,925,000, compared to $2,010,000 in the first half of 2020. The increase in revenues is primarily attributable from monitoring services, and the positive impact of lifting of social restrictions related to Covid-19, which led to patients returning to their doctors for medical tests.

Net loss for the first half of 2021 declined 39.3% to ($4,771,000), or ($0.51) per share, compared to ($4,981,000), or ($0.84) per share, in the six months ended June 30, 2020. The decrease is mainly attributed to the increase in revenues.

Liquidity remains strong with cash and cash equivalents totaling $13,380,000, compared to $278,000 as of December 31, 2020. The increase compared to December 31, 2020, mainly reflects proceeds received from the Company’s IPO in the first half of 2021, less cash used in operations during the six months ended June 30, 2021.

About G Medical Innovations Holdings Ltd.

G Medical Innovations Holdings Ltd. is an early commercial stage healthcare company engaged in the development of next generation mHealth and telehealth solutions and monitoring service platforms. The Company’s solutions and services can empower consumers, patients and providers to better monitor, manage and improve clinical and personal health outcomes, especially for those who suffer from cardiovascular disease, pulmonary disease and diabetes. The Company’s current product lines consist of its Prizma medical device, a clinical grade device that can transform almost any smartphone into a medical monitoring device enabling both healthcare providers and individuals to monitor, manage and share a wide range of vital signs and biometric indicators; its Extended Holter Patch System, a multi-channel patient-worn biosensor that captures electrocardiogram data continuously, including its QT Syndrome Prolongation Detection Capabilities Patch. In addition, the Company is developing its Wireless Vital Signs Monitoring System, which is expected to provide full, continuous and real time monitoring of a wide range of vital signs and biometrics. Its monitoring services include Independent Diagnostic Testing Facility and private monitoring services. For more information, please visit https://gmedinnovations.com/

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on G Medical’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of G Medical could differ materially from those described in or implied by the statements in this press release. For example, G Medical is using forward-looking statements when it discusses growth prospects, expanding both Prizma evaluations and cardiac service monitoring opportunities with healthcare providers and recognition of these activities in 2022, making significant, targeted investments during the second half of 2021, with increased sales and marketing capabilities, expansion of medical monitoring technical teams while continuing to evaluate inorganic opportunities that could enhance the company’s commercial portfolio, significant expansion of its salesforce and plans to add an additional 20 sales representatives by the end of 2021. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in G Medical’s final prospectus filed pursuant to Rule 424(b)(4) dated June 24, filed with the Securities and Exchange Commission (“SEC”), and in any subsequent filings with the SEC. Except as otherwise required by law, G Medical undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. G Medical is not responsible for the contents of third party websites.

2

Unaudited Interim Condensed Consolidated Statements of Loss and Other Comprehensive Loss
(In thousands of USD, except per share amounts)

	For the six-month period ended June 30,
	2021			2020
Revenue:
Services		2,875			1,981
Products		50			29
Total revenue		2,925			2,010
Cost of revenue:
Cost of services		1,726			2,214
Cost of sales of products		58			320
Total cost of revenue		1,784			2,534
Gross profit (loss)		1,141			(524	)
Operating expenses:
Research and development expenses		619			699
Selling, general and administrative expenses		4,532			3,375
Expected credit loss		263			36
Operating loss		(4,273	)		(4,634	)
Finance income		447			205
Finance expenses		950			561
Financial expenses, net		503			356
Loss before tax		(4,776	)		(4,990	)
Income tax benefit		5			9
Loss for the period		(4,771	)		(4,981	)
Other comprehensive income, net of tax:
Items that will or may be reclassified to profit or loss:
Exchange gains arising on translation of foreign operations		-			-
Other comprehensive income		-			-
Total comprehensive loss for the period		(4,771	)		(4,981	)
Loss for the period attributed to:
Non-controlling interests		(77	)		(81	)
The Company's shareholders		(4,694	)		(4,900	)
		(4,771	)		(4,981	)
Total comprehensive loss for the period attributed to:
Non-controlling interests		(77	)		(81	)
The Company's shareholders		(4,694	)		(4,900	)
		(4,771	)		(4,981	)
Basic and diluted loss per share attributable to the Company's shareholders in USD		*US$ (0.51)			*US$ (0.84)

*After giving effect to the reverse stock split (see also Note 4).

3

 Unaudited Interim Condensed Consolidated Statements of Financial Position
(In thousands of USD)

			June 30,			**December 31,
	Note		2021			2020
Assets
Cash and cash equivalents				13,380			278
Restricted deposit				629			630
Inventories				46			90
Trade receivables, net				672			717
Other accounts receivable				718			1,420
Total current assets				15,445			3,135
Other accounts receivable				233			-
Property, plant and equipment, net				1,542			2,315
Total non-current assets				1,775			2,315
Total assets				17,220			5,450
Liabilities and Shareholder’s
Short term loan and current portion of long-term loans				426			1,635
Trade payables				3,302			*3,105
Loan from controlling shareholder				642			272
Convertible debenture		3,6		1,331			194
Derivative liabilities – warrants		3,6		343			359
Short term portion of lease liability				127			255
Financial liability				-			-
Other accounts payable				3,993			*2,081
Total current liabilities				10,164			7,901
Long term lease liability				13			50
Long term loans				393			448
Total non-current liabilities				406			498
Shareholder’s Equity (Deficit)
Ordinary shares				1,212			819
Other reserve				1,500			1,500
Translation reserve				2			2
Additional paid in capital				81,234			67,257
Accumulated deficit				(80,570	)		(75,876	)
G Medical Innovations Holdings Ltd. shareholders' equity (deficit)				3,378			(6,298	)
Non-controlling interest				3,272			3,349
Total shareholders' equity (deficit)				6,650			(2,949	)
Total Liabilities and Shareholders’ Equity (Deficit)				17,220			5,450

(*) Reclassification

(**) The December 31, 2020 balances were derived from the Company’s audited annual financial statements.

G Medical Innovations Holdings Ltd. Company Contact

Investor Relations

TraDigital IR

Kevin McGrath

+1-646-418-7002

kevin@tradigitalir.com

4

XML

Document And Entity Information	6 Months Ended
	Jun. 30, 2021
Document Information Line Items
Entity Registrant Name	G MEDICAL INNOVATIONS HOLDINGS LTD.
Document Type	6-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001760764
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity File Number	001-39674

XML

Unaudited Interim Condensed Consolidated Statements of Financial Position - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020	[1]
Assets
Cash and cash equivalents	$ 13,380	$ 278
Restricted deposit	629	630
Inventories	46	90
Trade receivables, net	672	717
Other accounts receivable	718	1,420
Total current assets	15,445	3,135
Other accounts receivable	233
Property, plant and equipment, net	1,542	2,315
Total non-current assets	1,775	2,315
Total assets	17,220	5,450
Liabilities and Shareholder’s
Short term loan and current portion of long-term loans	426	1,635
Trade payables	3,302	3,105	[2]
Loan from controlling shareholder	642	272
Convertible debenture	1,331	194
Derivative liabilities – warrants	343	359
Short term portion of lease liability	127	255
Financial liability
Other accounts payable	3,993	2,081	[2]
Total current liabilities	10,164	7,901
Long term lease liability	13	50
Long term loans	393	448
Total non-current liabilities	406	498
Shareholder’s Equity (Deficit)
Ordinary shares	1,212	819
Other reserve	1,500	1,500
Translation reserve	2	2
Additional paid in capital	81,234	67,257
Accumulated deficit	(80,570)	(75,876)
G Medical Innovations Holdings Ltd. shareholders’ equity (deficit)	3,378	(6,298)
Non-controlling interest	3,272	3,349
Total shareholders’ equity (deficit)	6,650	(2,949)
Total Liabilities and Shareholders’ Equity (Deficit)	$ 17,220	$ 5,450

[1] The December 31, 2020 balances were derived from the Company’s audited annual financial statements.

[2] Reclassification

XML

Unaudited Interim Condensed Consolidated Statements of Loss and Other Comprehensive Loss - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020
Revenue:
Services		$ 2,875	$ 1,981
Products		50	29
Total revenue		2,925	2,010
Cost of revenue:
Cost of services		1,726	2,214
Cost of sales of products		58	320
Total cost of revenue		1,784	2,534
Gross profit (loss)		1,141	(524)
Operating expenses:
Research and development expenses		619	699
Selling, general and administrative expenses		4,532	3,375
Expected credit loss		263	36
Operating loss		(4,273)	(4,634)
Finance income		447	205
Finance expenses		950	561
Financial expenses, net		503	356
Loss before tax		(4,776)	(4,990)
Income tax benefit		5	9
Loss for the period		(4,771)	(4,981)
Other comprehensive income, net of tax:
Exchange gains arising on translation of foreign operations
Other comprehensive income
Total comprehensive loss for the period		(4,771)	(4,981)
Loss for the period attributed to:
Non-controlling interests		(77)	(81)
The Company’s shareholders		(4,694)	(4,900)
Total loss		(4,771)	(4,981)
Total comprehensive loss for the period attributed to:
Non-controlling interests		(77)	(81)
The Company’s shareholders		(4,694)	(4,900)
Total comprehensive loss		$ (4,771)	$ (4,981)
Basic and diluted loss per share attributable to the Company’s shareholders in USD (in Dollars per share)	[1]		$ (0.84)

[1] After giving effect to the reverse stock split (see also Note 4).

XML

Unaudited Interim Condensed Consolidated Statements of Changes in Equity (Deficit) - USD ($) $ in Thousands	Share capital	Other reserve	Translation reserve	Additional paid in capital	Accumulated deficit	Total	Non-controlling Interest	Total
Balance at Dec. 31, 2019	$ 410	$ 1,500	$ 2	$ 48,051	$ (63,340)	$ (13,377)	$ 3,501	$ (9,876)
Changes during the period:
Issuance of ordinary shares, net	131			5,173		5,304		5,304
Issuance of shares within share based compensation	11			467		478		478
Conversion of financial liability to shares	20			702		722		722
Conversion of loans from controlling shareholder into shares	93			4,907		5,000		5,000
Comprehensive loss for the period:
Loss for the period					(4,900)	(4,900)	(81)	(4,981)
Other comprehensive income
Total comprehensive loss for the period					(4,900)	(4,900)	(81)	(4,981)
Balance at Jun. 30, 2020	665	1,500	2	59,300	(68,240)	(6,773)	3,420	(3,353)
Balance at Dec. 31, 2020	819	1,500	2	67,257	(75,876)	(6,298)	3,349	(2,949)	[1]
Changes during the period:
Issuance of ordinary shares, net	270			13,144		13,414		13,414
Issuance of shares within share based compensation	95			(98)		(3)		(3)
Conversion of financial liability to shares	28			931		959		959
Comprehensive loss for the period:
Loss for the period					(4,694)	(4,694)	(77)	(4,771)
Other comprehensive income
Total comprehensive loss for the period					(4,694)	(4,694)	(77)	(4,771)
Balance at Jun. 30, 2021	$ 1,212	$ 1,500	$ 2	$ 81,234	$ (80,570)	$ 3,378	$ 3,272	$ 6,650

[1] The December 31, 2020 balances were derived from the Company’s audited annual financial statements.

XML

Unaudited Interim Condensed Consolidated Statements of Cash Flow - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flow from operating activities:
Net loss for the period	$ (4,771)	$ (4,981)
Adjustments:
Depreciation and amortization	691	1,031
Share based compensation	(3)	478
Change in fair value of derivative liabilities – warrants	(423)	(439)
Capital loss from sale of fixed assets	16
Accrued interest of long-term loans	81	52
Changes in deferred tax		(9)
Change in fair value of convertible debenture	794
Total adjustments	1,156	1,113
Changes in assets and liabilities:
Decrease (Increase) in trade receivable	45	(28)
Decrease in other accounts receivable	493	39
Decrease in inventories	44	254
Increase (decrease) in trade payables	196	(955)	[1]
Increase (decrease) in other accounts payable	1,650	1,799	[1]
Accrued interest on loan from controlling shareholder	23	260
Change in restricted deposit	1	6
Total assets and liabilities	2,452	1,375
Net cash used in operating activities	(1,163)	(2,493)
Cash flow from investing activities
Purchase of property, plant and equipment		(207)
Proceeds from sale of fixed assets	66
Deposit in restricted deposit		82
Net cash used in / provided by investing activities	66	(125)
Cash flow from financing activities
Issuance of ordinary shares, net	13,414	5,789
Loan received from controlling shareholder	347	121
Receipts of long-term loans		873
Principal paid on lease liabilities	(189)	(259)
Repayment of long -term loans	(123)	(194)
Short-term bank credit		(93)
Repayment of financial liability		(3,001)
Receipt (repayment (convertible debenture	343	(75)
Receipt of derivative liabilities – warrants	407
Net cash provided by financing activities	14,199	3,161
Increase (decrease) in cash and cash equivalents	13,102	543
Cash and cash equivalents at beginning of the period	278
Effects of exchange rate changes on cash and cash equivalents			[1]
Cash and cash equivalents at the end of the period	13,380	543
Conversion of convertible debenture into shares		722
Conversion of convertible debenture into financial liability		682
Conversion of loans into shares	959
Conversion of loan from controlling shareholder into shares		5,000
Non-cash issuance expenses in warrants		$ 485

[1] Reclassification

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Description of Business

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

DESCRIPTION OF BUSINESS

NOTE 1 - DESCRIPTION OF BUSINESS:

Overview

G Medical Innovations Holdings Ltd. (“G Medical” and together with its subsidiaries, the “Company”) was incorporated in October 2014 under the Cayman Island law. G Medical’s registered address is P.O. Box 10008, Willow House, Cricket Square, Grand Cayman, KY1-1001, Cayman Islands. 

In May 2017, the Company was admitted to the official list on the Australian Stock Exchange (“ASX”) under the symbol GMV. In October 2020, the Company voluntarily delisted itself from the Official List on the Australian Stock Exchange (“ASX”).

In June 2021, the Company succeeded to close its initial public offering of 3,000,000 units, each unit consisting of one ordinary share and one warrant to purchase one ordinary share of the Company for gross proceeds of approximately $15,000 before deducting underwriting discounts and commissions and other offering-related expenses in the amount of $2,150. Only the costs attributable to the issuance of new shares that were deducted from equity. Listing costs were expensed. The ordinary shares and warrants of the Company began trading on the Nasdaq Capital Market on June 25, 2021, under the symbols “GMVD” and “GMVDW,” respectively.

The Company is ushering in a new era of healthcare and wellness by utilizing its patent-pending wireless technologies, and proprietary information technology and service platforms operating by two segments (see note 7), to empower a new generation of consumers, patients and providers to improve quality of life. The Company develops the next generation of mobile technologies that will empower consumers and providers to better monitor, manage, and improve clinical and personal health outcomes. The Company offers a suite of both consumer and clinical grade products and platforms which are positioned to reduce inefficiencies in healthcare delivery, improve access, reduce costs, increase quality of care, and make healthcare more personalized and precise.

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Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:

Basis of preparation

These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standards (the “IAS”) 34 Interim Financial Reporting. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2020 annual consolidated financial statements. The Company has applied the same accounting policies and methods of computation in its interim consolidated financial statements as in its 2020 annual consolidated financial statements.

Impact of accounting standards to be applied in future periods

There are a number of standards and interpretations which have been issued by the International Accounting Standards Board that are effective for periods beginning subsequent to December 31, 2021 (the date on which the Company’s next annual financial statements will be prepared up to) that the Company has decided not to adopt early. The Company does not believe these standards and interpretations will have a material impact on the financial statements once adopted.

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Significant Events and Transactions in the Period

6 Months Ended

Jun. 30, 2021

Significant Events And Transactions In The Period [Abstract]

SIGNIFICANT EVENTS AND TRANSACTIONS IN THE PERIOD

NOTE 3 – SIGNIFICANT EVENTS AND TRANSACTIONS IN THE PERIOD:

A. CLA Transaction (Alpha Capital):  

On December 21, 2020, the Company entered into a transaction (the “Initial Alpha CLA Transaction”), whereby the Company entered into a securities purchase agreement with Alpha Capital Anstalt (“Alpha”), pursuant to which the Company obtained a convertible loan in the aggregate amount of $350 against issuance of a convertible debenture and warrants to purchase 79,666 ordinary shares.

The Initial Alpha CLA Transaction debenture has a six-month term from issuance and bear interest at 10% per annum. The Initial Alpha CLA Transaction debenture is convertible into the ordinary shares at a conversion price equal to 80% of the public offering price per share in the Company’s initial public offering on Nasdaq in June 2021. Initial Alpha CLA Transaction warrants have an exercise price per share equal to the per share price of the Company’s ordinary shares in the Nasdaq IPO in June, and have a five-year term.

In addition, Alpha was also provided a right to purchase an additional $150 of a convertible debenture and warrants on the same terms as in the Initial Alpha CLA transaction (the “Subsequent Alpha CLA Transaction”). On February 17, 2021 Alpha exercised the foregoing right to invest $150 against issuance of additional convertible debentures and warrants to purchase 34,142 ordinary shares (the “Second CLA Transaction”). As of June 30, 2021, these convertible debentures amounted to $588, and the warrants amounted to $136. As of June 21, 2021, the debentures issued pursuant to the Initial Alpha CLA Transaction matured, and as of August 21, 2021, the debentures issued pursuant to the Subsequent Alpha CLA Transaction matured. To date, the Company has not repaid the foregoing debentures, and is discussing with Alpha the terms of repayment, and/or conversion.

In case of cash consideration, the Company will pay Alpha $350 plus interest of 10% per annum in respect of the Initial Alpha CLA Transaction and $150 plus interest of 10% per annum in respect of the Subsequent Alpha CLA Transaction.

The convertible debentures, as well as the warrants and the right to purchase additional convertible debentures were classified as a derivative financial liability (see measurement method in note 6). The fair value of the Initial CLA Transaction  is based on the assumption of converting into Units (shares and warrants).

B. Change in authorized share capital and reverse stock split:

On March 17, 2021, the Company gave public notice of an extraordinary general shareholders meeting to approve a reverse stock split, such that:

All ordinary shares (issued and unissued) be consolidated on the basis that every five ordinary shares of par value $0.018 will be consolidated into one ordinary share of par value $0.09, such that the authorized ordinary share capital of the Company following such consolidation is $180,000 divided into 2,000,000,000 ordinary shares of a par value of $0.09 each.

The reverse stock split and the amendments to the Company’s authorized share capital entered into effect on March 25, 2021 (which is the date of the above referenced extraordinary general shareholders meeting).

All shares, per share information and notes thereto have been retroactively adjusted for the reverse stock split as if such split occurred on the first day of the first period presented.

C. CLA Transactions (Jonathan B. Rubini):

On April 7, 2021, the Company entered into a transaction, whereby the Company entered into a securities purchase agreement, with Jonathan B. Rubini, pursuant to which the Company obtained a convertible loan in an aggregate amount of $600, against issuance of a convertible debenture, and warrants to purchase 136,571 ordinary shares at the same terms as the Initial Alpha CLA Transactions. As of June 30, 2021, this convertible debenture amounted to $743, and the warrants amounted to $169. The foregoing convertible debenture, as well as the warrants and the right to purchase additional convertible debentures were classified as a derivative financial liability (see measurement method in note 6).

D. World event - Coronavirus (COVID 19):

The global pandemic resulting from the disease known as COVID-19, caused by a novel strain of coronavirus, SARS-CoV-2, has caused national and global economic and financial market disruptions and may adversely impact our business. Although the Company did see an increase in revenue for the six months ended June 30, 2021 due to the to the impact of lifting of social restrictions related to COVID-19 pandemic, which led to patients returning to their doctors for medical tests. The Company cannot predict the duration or magnitude of the pandemic or the full impact that it may have on the Company’s operations and workforce, including the Company’s research and clinical trials and its ability to raise capital, which in turn could have an adverse impact on the Company’s business, financial condition and results of operation.

In April 2020, under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) in the United States, the Company’s U.S. subsidiary signed an agreement with the U.S. Small Business Administration (“SBA”) to receive a loan according to the Paycheck Protection Program (“PPP”) in the amount of approximately $900 from Bank of America. According to the terms of the PPP loan, the payments will be deferred for six months from the funding date and no collateral or personal guarantees are required. The PPP loan has a maturity of two years and bears an interest rate of 1%. A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. The Company applied for forgiveness for the PPP Loan.

The PPP loan was accounted for as a deduction from wage expenses in 2020 and not as a loan liability since all conditions for waiver were met as of December 31, 2020.

On April 3, 2021, the Company received approval for full forgiveness from the SBA and the loan was fully paid from SBA to Bank of America.

E. Nasdaq IPO:

On June 29, 2021, the Company closed its initial public offering of 3,000,000 units. (See Note 1 and Note 5).

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Related Parties and Shareholders

6 Months Ended

Jun. 30, 2021

Related Party Transactions [Abstract]

RELATED PARTIES AND SHAREHOLDERS

NOTE 4 - RELATED PARTIES AND SHAREHOLDERS: 

During the six-month period ended June 30, 2021, the Company issued to the Company’s CEO, Dr. Yacov Geva, In addition to his ordinary salary, 1,055,555 ordinary shares and paid a bonus in the amount of $240 in consideration of his service to the Company and subject to the consummation of the June 2021 initial public offering.

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Shareholders' Equity (Deficit)

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY (DEFICIT)

NOTE 5 - SHAREHOLDERS’ EQUITY (DEFICIT):

The ordinary shares in the Company confer upon their holders the right to receive notice to participate and vote in general meetings of the Company, and the right to receive dividends, if and when declared.

	Number of shares
	June 30, 2021				December 31, 2020
	Unaudited
	Authorized		Issued and outstanding		Authorized			Issued and outstanding
Ordinary shares of $0.09 par value		2,000,000,000		13,464,746		2,000,000,000	*		9,103,924	*
Warrants**		3,450,000		3,450,000		-			-

(*) After giving effect to the reverse stock split of 18:1 on October 29, 2020 and reverse stock split of 5:1 on March 25, 2021 (see below).

(**) the Warrants will be exercisable at a price equal to $6.25 per share and for a period of five years, starting from June 2021.

On October 29, 2020, the Company shareholders approved, a one-for-18 consolidation (hereinafter referred to as the reverse stock split of 18:1) of the Company’s ordinary shares pursuant to which holders of the ordinary shares received one ordinary share for every 18 ordinary share held. In addition, on March 25, 2021, the Company’s shareholders approved, a one-for-5 consolidation (hereinafter referred to as a reverse stock split of 5:1) of the Company’s ordinary shares pursuant to which holders of the Company’s ordinary shares received one ordinary share for every 5 ordinary share held.

On June 29, 2021, the Company closed its initial public offering of 3,000,000 units. Each unit consisted of one Ordinary Shares and one warrant to purchase one ordinary share at a price to the public of $5 per unit. The gross proceeds to the Company from the initial public offering were $15,000 before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The total issue expenses were in the amount of $2,150 whereas only the costs attributable to the offer of new shares are deducted from equity.

The Company also granted an option to the underwriter to purchase up to 450,000 additional ordinary shares and/or warrants at the public offering price less the underwriting discount. The underwriters exercise the option to purchase 450,000 warrants.

The Warrant were immediately exercisable on the date of issuance at an exercise price of $6.25 per ordinary share (125% of the public offering price per Unit) and will expire four years from the date of issuance.

In addition, and upon the consummation of the Company’s initial public offering, the Company issued 305,267 ordinary shares upon the conversion of approximately $1,200 of outstanding debt (part of the Company short- and long-term loans) associated with the Company’s acquisition of CardioStaff in November 2017, which was calculated based upon 80% of the public offering price of $5 per unit in the initial public offering.

The Company issued 1,055,555 ordinary shares at par value of $0.09 to the Company’s CEO, Dr. Yacov Geva, as part of a bonus for completing the Company’s initial public offering.

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Fair Value Measurement

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

NOTE 6 - FAIR VALUE MEASUREMENT:

The following table sets out the Company’s liabilities that are measured at fair value in the financial statements:

	Fair value measurements using input type
	June 30, 2021 (Unaudited)
	Level 1	Level 2	Level 3			Total
Derivative liability - warrants				(343	)		(343	)
Convertible debentures				(1,331	)		(1,331	)

	Fair value measurements using input type
	December 31, 2020
	Level 1	Level 2	Level 3		Total
Derivative liability - warrants	-	-	(359	)	(359	)
Convertible debenture	-	-	(194	)	(194	)

As of June 30, 2021, the fair value measurement of the warrant’s securities in the table above, was estimated using the Black Scholes model, based on a variety of significant unobservable inputs and thus represent a level 3 measurement within the fair value hierarchy. The measurement of the convertible debentures in the table above, was estimated as follows:

1. Alpha Capital convertible debentures were estimated under the assumption of converting to shares according to the fair value of the shares.

2. Jonathan B. Rubini convertible debenture which conversion date is October 2021 were estimated using a Monte Carlo simulation analysis, based on a variety of significant unobservable inputs a thus represent a level 3 measurement within the fair value hierarchy.

The key inputs that were used in the convertible debenture and warrants valuation were: risk-free interest rate – 0.88%, expected volatility - 50 % and AUD/USD exchange rate - 0.75

As of December 31, 2020, the fair value measurement of the convertible debenture and the warrant’s securities in the table above, was estimated using a Monte Carlo simulation analysis, based on a variety of significant unobservable inputs a thus represent a level 3 measurement within the fair value hierarchy.

The key inputs that were used in warrants and the convertible securities were: the risk-free interest rate- 0.12%, the expected volatility-100% and the AUD/USD exchange rate -0.7724.

The following tables describes the change in the Company’s liabilities that are measured at level 3 in the financial statements:

	Derivative liability
Derivative liability - warrants as of December 31, 2020		(359	)
Issuance of financial instruments		(407	)
Change in fair value		423
Derivative liability - warrants as of June 30, 2021		(343	)

	Convertible debenture
Convertible debenture as of December 31, 2020		(194	)
issuance of convertible debenture		(343	)
Gain due to change in fair value of convertible debenture		(794	)
Convertible debenture as of June 30, 2021		(1,331	)

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Revenue

6 Months Ended

Jun. 30, 2021

Revenue from Contract with Customer [Abstract]

REVENUE

NOTE 7 - REVENUE:

For the six months ended June 30, 2020 and June 30, 2021 total revenues consist primarily of monitoring patient services (approximately 98.6% and 98.3% respectively) which were generated in the U.S.

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Segment Reporting

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

SEGMENT REPORTING

NOTE 8 - SEGMENT REPORTING:

The Company accounts for its segment information in accordance with IFRS 8 “Segment Reporting” which establishes annual and interim reporting standards for operating segments of a Company based on the Company’s internal accounting methods. Operating segments are based upon its internal organization structure, the manner in which our operations are managed and the availability of separate financial information. The Company has two operating segments: Products segment and Patient services segment.

Products: 

Development, manufacture and marketing of trans-telephonic and wireless diagnostic equipment for the medical industry and consumer market. Mobile medical device platform designed for self-testing of vital signs for the consumer market.

Patient Services:

Cardiac monitoring services of MCT, Event, Holter and Extended Holter.

Summarized financial information by segment, based on the Company’s internal financial reporting system utilized by the Company’s chief operating decision makers, follows: 

For the six-months period ended June 30, 2021:

	Products:		Patient Services:		Total:
	Unaudited
Revenues from external customers		50		2,875		2,925
Segment loss		1,528		883		2,411
Unallocated general and administrative expenses						1,862
Finance expenses, net						503
Loss before taxes on income						4,776

For the six-months period ended June 30, 2020:

	Products:		Patient Services:		Total:
	Unaudited
Revenues from external customers		29		1,981		2,010
Segment loss		1,739		1,828		3,567
Unallocated general and administrative expenses						1,067
Finance expenses, net						356
Loss before taxes on income						4,990

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Subsequent Events

6 Months Ended

Jun. 30, 2021

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 9 - SUBSEQUENT EVENTS:

Options granted to directors and management

On September 5, 2021, the Board of the Company approved to issue Options to the directors and to the management a total of 900,000 Options that will become vested and exercisable over a period of three years, with exercise price per Option of US$ 3.27.

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Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Basis of preparation

Basis of preparation

These interim condensed consolidated financial statements have been prepared in accordance with International Accounting Standards (the “IAS”) 34 Interim Financial Reporting. They do not include all disclosures that would otherwise be required in a complete set of financial statements and should be read in conjunction with the 2020 annual consolidated financial statements. The Company has applied the same accounting policies and methods of computation in its interim consolidated financial statements as in its 2020 annual consolidated financial statements.

Impact of accounting standards to be applied in future periods

Impact of accounting standards to be applied in future periods

There are a number of standards and interpretations which have been issued by the International Accounting Standards Board that are effective for periods beginning subsequent to December 31, 2021 (the date on which the Company’s next annual financial statements will be prepared up to) that the Company has decided not to adopt early. The Company does not believe these standards and interpretations will have a material impact on the financial statements once adopted.

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Shareholders' Equity (Deficit) (Tables)

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Schedule of confer upon their holders the right to receive notice to participate and vote in general meetings

	Number of shares
	June 30, 2021				December 31, 2020
	Unaudited
	Authorized		Issued and outstanding		Authorized			Issued and outstanding
Ordinary shares of $0.09 par value		2,000,000,000		13,464,746		2,000,000,000	*		9,103,924	*
Warrants**		3,450,000		3,450,000		-			-

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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of liabilities that are measured at fair value in the financial statements

	Fair value measurements using input type
	June 30, 2021 (Unaudited)
	Level 1	Level 2	Level 3			Total
Derivative liability - warrants				(343	)		(343	)
Convertible debentures				(1,331	)		(1,331	)

	Fair value measurements using input type
	December 31, 2020
	Level 1	Level 2	Level 3		Total
Derivative liability - warrants	-	-	(359	)	(359	)
Convertible debenture	-	-	(194	)	(194	)

Schedule of liabilities that are measured at level 3 in the derivative liability warrants financial statements

	Derivative liability
Derivative liability - warrants as of December 31, 2020		(359	)
Issuance of financial instruments		(407	)
Change in fair value		423
Derivative liability - warrants as of June 30, 2021		(343	)

Schedule of liabilities that are measured at level 3 in the convertible debenture financial statements

	Convertible debenture
Convertible debenture as of December 31, 2020		(194	)
issuance of convertible debenture		(343	)
Gain due to change in fair value of convertible debenture		(794	)
Convertible debenture as of June 30, 2021		(1,331	)

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Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2021

Segment Reporting [Abstract]

Schedule of products and patient services

	Products:		Patient Services:		Total:
	Unaudited
Revenues from external customers		50		2,875		2,925
Segment loss		1,528		883		2,411
Unallocated general and administrative expenses						1,862
Finance expenses, net						503
Loss before taxes on income						4,776

	Products:		Patient Services:		Total:
	Unaudited
Revenues from external customers		29		1,981		2,010
Segment loss		1,739		1,828		3,567
Unallocated general and administrative expenses						1,067
Finance expenses, net						356
Loss before taxes on income						4,990

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Description of Business (Details)	1 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Initial public offering description	In June 2021, the Company succeeded to close its initial public offering of 3,000,000 units, each unit consisting of one ordinary share and one warrant to purchase one ordinary share of the Company for gross proceeds of approximately $15,000 before deducting underwriting discounts and commissions and other offering-related expenses in the amount of $2,150.

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Significant Events and Transactions in the Period (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended			6 Months Ended
	Apr. 07, 2021	Jun. 29, 2021	Feb. 17, 2021	Dec. 21, 2020	Jun. 30, 2021	Mar. 17, 2021	Apr. 30, 2020
Significant Events and Transactions in the Period (Details) [Line Items]
Convertible loan amount				$ 350
Ordinary shares purchase (in Shares)			34,142	79,666
Bear interest					10.00%		1.00%
Conversion price, percentage					80.00%
Convertible debenture			$ 150		$ 150
Warrants amount					$ 136
Ordinary share par value (in Dollars per share)					$ 90.00	$ 0.09
Share capital value						$ 180,000
Ordinary shares authorized (in Shares)						2,000,000,000
Initial public offering (in Shares)		3,000,000,000
Initial Alpha CLA [Member]
Significant Events and Transactions in the Period (Details) [Line Items]
Convertible debenture					$ 588
Cash consideration					$ 350
Interest rate					10.00%
Subsequent alpha CLA [Member]
Significant Events and Transactions in the Period (Details) [Line Items]
Cash consideration					$ 150
Interest rate					10.00%
CLA [Member]
Significant Events and Transactions in the Period (Details) [Line Items]
Convertible loan amount	$ 600
Ordinary shares purchase (in Shares)	136,571
Convertible debenture					$ 743
Warrants amount					$ 169
Paycheck Protection Program [Member]
Significant Events and Transactions in the Period (Details) [Line Items]
Loan received							$ 900
Five ordinary shares [Member]
Significant Events and Transactions in the Period (Details) [Line Items]
Ordinary share par value (in Dollars per share)						$ 0.018
One ordinary shares [Member]
Significant Events and Transactions in the Period (Details) [Line Items]
Ordinary share par value (in Dollars per share)						$ 0.09
IPO [Member]
Significant Events and Transactions in the Period (Details) [Line Items]
Initial public offering (in Shares)		3,000,000

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Related Parties and Shareholders (Details) - Dr. Yacov Geva [Member] $ in Thousands	Jun. 30, 2021 USD ($) shares
Related Parties and Shareholders (Details) [Line Items]
Ordinary shares | shares	1,055,555
Paid bonus amount | $	$ 240

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Shareholders' Equity (Deficit) (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended
	Jun. 29, 2021	Nov. 30, 2017	Jun. 30, 2021	Mar. 17, 2021
Shareholders' Equity (Deficit) (Details) [Line Items]
Exercisable price per share	$ 6,250		$ 6,250
Number of shares	3,000,000,000
Price per share	$ 5,000	$ 5,000
Additional ordinary shares purchase	450,000,000
Exercise option to purchase warrants	450,000,000
Shares issued		305,267,000	1,055,555,000
Outstanding debt		$ 1,200
Par value			$ 90.00	$ 0.09
Warrant [Member]
Shareholders' Equity (Deficit) (Details) [Line Items]
Public offering price per unit percentage	125.00%
Common Stock [Member]
Shareholders' Equity (Deficit) (Details) [Line Items]
Public offering price per unit percentage		80.00%
Initial Public Offering [Member]
Shareholders' Equity (Deficit) (Details) [Line Items]
Number of shares	3,000,000
Initial public offering, description	The gross proceeds to the Company from the initial public offering were $15,000 before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The total issue expenses were in the amount of $2,150 whereas only the costs attributable to the offer of new shares are deducted from equity.

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Shareholders' Equity (Deficit) (Details) - Schedule of confer upon their holders the right to receive notice to participate and vote in general meetings - shares shares in Thousands		Jun. 30, 2021	Dec. 31, 2020
Common Stock [Member]
Shareholders' Equity (Deficit) (Details) - Schedule of confer upon their holders the right to receive notice to participate and vote in general meetings [Line Items]
Authorized, ordinary shares		2,000,000,000	2,000,000,000	[1]
Issued and outstanding, warrants		13,464,746	9,103,924	[1]
Warrant [Member]
Shareholders' Equity (Deficit) (Details) - Schedule of confer upon their holders the right to receive notice to participate and vote in general meetings [Line Items]
Authorized, ordinary shares	[2]	3,450,000
Issued and outstanding, warrants	[2]	3,450,000

[1] After giving effect to the reverse stock split of 18:1 on October 29, 2020 and reverse stock split of 5:1 on March 25, 2021 (see below).

[2] the Warrants will be exercisable at a price equal to $6.25 per share and for a period of five years, starting from June 2021.

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Fair Value Measurement (Details)	1 Months Ended	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Risk-free interest rate	0.12%	0.88%
Expected volatility		50.00%
Exchange rate	0.7724	0.75
Expected volatility ,description	the expected volatility-100% and the AUD/USD exchange rate -0.7724.

XML

Fair Value Measurement (Details) - Schedule of liabilities that are measured at fair value in the financial statements - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Fair Value Measurement (Details) - Schedule of liabilities that are measured at fair value in the financial statements [Line Items]
Derivative liability - warrants	$ (343)	$ (359)
Convertible debenture	(1,331)	(194)
Level 3 [Member]
Fair Value Measurement (Details) - Schedule of liabilities that are measured at fair value in the financial statements [Line Items]
Derivative liability - warrants	(343)	(359)
Convertible debenture	$ (1,331)	(194)
Level 1 [Member]
Fair Value Measurement (Details) - Schedule of liabilities that are measured at fair value in the financial statements [Line Items]
Derivative liability - warrants
Convertible debenture
Level 2 [Member]
Fair Value Measurement (Details) - Schedule of liabilities that are measured at fair value in the financial statements [Line Items]
Derivative liability - warrants
Convertible debenture

XML

Fair Value Measurement (Details) - Schedule of liabilities that are measured at level 3 in the derivative liability warrants financial statements - Derivative liability warrants [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Fair Value Measurement (Details) - Schedule of liabilities that are measured at level 3 in the derivative liability warrants financial statements [Line Items]
Derivative liability - warrants as of December 31, 2020	$ (359)
Issuance of financial instruments	(407)
Change in fair value	423
Derivative liability - warrants as of June 30, 2021	$ (343)

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Fair Value Measurement (Details) - Schedule of liabilities that are measured at level 3 in the convertible debenture financial statements - Convertible debenture [Member] $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($)
Short-term Debt [Line Items]
Convertible debenture as of December 31, 2020	$ (194)
issuance of convertible debenture	(343)
Gain due to change in fair value of convertible debenture	(794)
Convertible debenture as of June 30, 2021	$ (1,331)

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Revenue (Details)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Patient services	98.60%	98.30%

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Segment Reporting (Details) - Schedule of products and patient services - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Segment Reporting Information [Line Items]
Revenues from external customers	$ 2,925	$ 2,010
Segment loss	2,411	3,567
Unallocated general and administrative expenses	1,862	1,067
Finance expenses, net	503	356
Loss before taxes on income	4,776	4,990
Product [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	50	29
Segment loss	1,528	1,739
Patient Services [Member]
Segment Reporting Information [Line Items]
Revenues from external customers	2,875	1,981
Segment loss	$ 883	$ 1,828

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Subsequent Events (Details) - Forecast [Member]	Sep. 05, 2021 $ / shares shares
Subsequent Events (Details) [Line Items]
Issued options shares | shares	900,000
Vested period	3 years
Exercise price per share | $ / shares	$ 3.27