Registration of securities issued in business combination transactions

Leases

v3.22.2.2
Leases
12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases

Note 9 — Leases:

As of December 31, 2021, and 2020, the Company’s leases include office real estate and vehicles (mainly offices) for average lease of 3.5 years.

a.      Details of Lease Transactions:

 

December 31,

   

2021

 

2020

   

U.S. dollars in thousands

Interest expense on lease liability

 

55

 

115

Total cash paid for leases

 

490

 

629

b.      The Company has three agreements for leases of offices. The Company’s operations are carried out mainly from its offices in Petah Tikva, which the Company leases under three agreements with the same landlord. The agreements are valid until December 31, 2023, February 28, 2024, and November 30, 2024.

The Company also leases one property in Houston, Texas — a warehouse for the Company’s equipment and systems, which the Company rents on a monthly basis.

In addition, the Company leases several vehicles, and during 2021 it also temporarily leased an office in Dubai for the period of January 1, 2021 until December 31, 2021.

c.      Set out below are the carrying amounts of right-of-use assets recognized and the movements during the period:

 

U.S. dollars in
thousands

Balance as of January 1, 2020

 

913

 

Depreciation expenses

 

(360

)

Changes in the Consumer Price Index

 

(5

)

Additions during the year

 

740

 

Termination of leases

 

(396

)

     

 

Balance as of December 31, 2020

 

892

 

Depreciation expense

 

(296

)

Update due to changes in the Consumer Price Index

 

15

 

Additions during the year

 

63

 

     

 

Balance as of December 31, 2021

 

674