Annual report pursuant to Section 13 and 15(d)

Commitments and Contingent Liabilities - Consulting Agreements (Details Narrative)

v3.21.1
Commitments and Contingent Liabilities - Consulting Agreements (Details Narrative)
1 Months Ended 12 Months Ended
Mar. 15, 2021
shares
Feb. 17, 2021
shares
Feb. 01, 2021
shares
Feb. 01, 2021
shares
Aug. 25, 2020
USD ($)
shares
Jul. 29, 2020
USD ($)
Jul. 23, 2020
$ / shares
shares
Jun. 23, 2020
USD ($)
$ / shares
shares
Jun. 22, 2020
USD ($)
$ / shares
Jun. 14, 2020
USD ($)
Jun. 08, 2020
USD ($)
$ / shares
shares
Jun. 05, 2020
shares
May 27, 2020
shares
May 23, 2020
USD ($)
$ / shares
shares
Mar. 13, 2020
USD ($)
Feb. 10, 2020
USD ($)
$ / shares
shares
Feb. 06, 2020
USD ($)
$ / shares
shares
Jan. 13, 2020
shares
Nov. 24, 2019
shares
Oct. 10, 2019
USD ($)
Integer
Sep. 24, 2019
shares
Sep. 01, 2019
USD ($)
May 16, 2019
USD ($)
$ / shares
shares
Apr. 14, 2019
USD ($)
Mar. 28, 2019
USD ($)
$ / shares
shares
Mar. 28, 2019
USD ($)
Integer
$ / shares
shares
Dec. 20, 2018
Dec. 02, 2019
USD ($)
$ / shares
shares
Jun. 22, 2021
shares
Dec. 31, 2020
USD ($)
$ / shares
shares
Dec. 31, 2019
USD ($)
$ / shares
shares
Number of options, granted | shares                                                           2,523,427 [1] 1,129,836 [2]
Stock-based compensation                                                           $ 2,612,000 $ 1,254,000
Stock issued during the period, shares | shares                                                           2,164,502  
Marketing expenses                                                           $ 3,058,000 667,000
Consulting agreement description                                                           On April 2, 2020 (the "Effective Date"), the Company entered into Consulting Agreement with Provista Diagnostics, Inc. ("Provista"), whereby at Provista will be responsible for test validation and commercialization activities related to the distribution and sample processing of COVID-19 tests. This will include ensuring that all CLIA/CAP and FDA requirements are met prior to commencement of commercial activities. The Company will be responsible for covering all costs and expenses related to these activities. In addition, the Company will pay a monthly amount of $50 during the entire term of the Consulting Agreement.  
Research and development expense                                                           $ 9,863,000 $ 756,000
Expenses                                                           $ (14,081,000)  
Ordinary Shares [Member]                                                              
Number of shares issued for services | shares                                                           11,864,001 4,500,000
General and Administrative Expense [Member]                                                              
Stock-based compensation                                                           $ 349,000 $ 100,000
Shares issued, price per share | $ / shares                                                             $ 0.10
General and Administrative [Member]                                                              
Stock-based compensation                                               $ 60,000             $ 335,000
NIS [Member]                                                              
Ordinary shares, par value | $ / shares                                                           $ 0.01 $ 0.01
Restricted Stock [Member]                                                              
Stock-based compensation           $ 900,000                                                  
Distribution Agreement [Member]                                                              
Research and development expense                   $ 1,550,000                                          
CTO Consulting Agreement [Member]                                                              
Stock-based compensation                                                           $ 60,000 $ 12,000
Stock issued during the period, shares | shares                                                           1,599,499  
CTO Consulting Agreement [Member] | NIS [Member]                                                              
Shares issued, price per share | $ / shares                                                           $ 0.01  
CTO Consulting Agreement [Member] | NIS [Member] | Mr. Udi Zelig [Member]                                                              
Number of shares issued for services | shares                                     13,000                        
Consulting Agreement [Member]                                                              
Research and development expense                                                           $ 1,092,000  
Care G.B. Plus Ltd. [Member]                                                              
Annual milestone percentage                                                     50.00%        
Orot Plus Ltd. [Member]                                                              
Stock-based compensation                                                             219,000
Stock issued during the period, shares | shares                                   3,600,000                          
Orot Plus Ltd. [Member] | Distribution Agreement [Member]                                                              
Number of ordinary shares issued, value                                       $ 180,000   $ 180,000     $ 180,000            
Issued and outstanding percentage                                                 0.50% 0.50%          
Description of warrants exercise price percentage                                                 The warrants' exercise price shall be equal to 80% of the average closing sale price of the Company's ordinary shares during the five days period immediately prior to the First Commercial Sale Date.            
Warrant exercise price, amount                                                 $ 7,000,000 $ 7,000,000          
Convertible threshold percentage of stock price percentage                                       20.00%                      
Convertible threshold percentage of stock price days | Integer                                       10           30          
Number of options, granted | shares                                                 180,000            
Incremental modification amount of grant date                                                 $ 39,000            
Stock-based compensation                                           $ 280,000                  
Orot Plus Ltd. [Member] | Distribution Agreement [Member] | NIS [Member]                                                              
Ordinary shares, par value | $ / shares                                                 $ 0.01 $ 0.01          
Orion Capital Advisors, LLC [Member] | Business Development Agreement [Member]                                                              
Stock issued during the period, shares | shares                                             500,000                
Shares issued, price per share | $ / shares                                             $ 0.23                
Orion Capital Advisors, LLC [Member] | Business Development Agreement [Member] | Subsequent Event [Member]                                                              
Stock issued during the period, shares | shares       2,500,000                                                      
Orion Capital Advisors, LLC [Member] | Business Development Agreement [Member] | General and Administrative Expense [Member]                                                              
Stock-based compensation                                             $ 115,000                
Orion Capital Advisors, LLC [Member] | Business Development Agreement [Member] | NIS [Member]                                                              
Shares issued, price per share | $ / shares                               $ 0.01                              
Orion Capital Advisors, LLC [Member] | Business Development Agreement [Member] | NIS [Member]                                                              
Shares issued, price per share | $ / shares                                             $ 0.01                
Orion Capital Advisors, LLC [Member] | Business Development Agreement [Member] | Restricted Stock [Member]                                                              
Stock-based compensation                               $ 100,000                              
Stock issued during the period, shares | shares                               2,500,000                              
Shares issued, price per share | $ / shares                               $ 0.04                              
Steeltown Consulting Group LLC [Member] | Research and Development Arrangement [Member]                                                              
Stock-based compensation                                                             $ 70,000
Stock issued during the period, shares | shares                                                             500,000
Shares issued, price per share | $ / shares                                                             $ 0.14
Steeltown Consulting Group LLC [Member] | NIS [Member] | Research and Development Arrangement [Member]                                                              
Ordinary shares, par value | $ / shares                                                             $ 0.01
Steeltown Consulting Group LLC [Member] | Business Development Agreement [Member]                                                              
Number of shares issued for services | shares                                                   500,000          
Agree to pay cash amount                                                   $ 145,000          
Steeltown Consulting Group LLC [Member] | Business Development Agreement [Member] | NIS [Member]                                                              
Shares issued, price per share | $ / shares                                                 $ 0.01 $ 0.01          
Steeltown Consulting Group LLC [Member] | Business Development Agreement [Member] | Restricted Stock [Member]                                                              
Number of shares issued for services | shares                                                   3,000,000          
Al and J Media Inc. [Member] | Media Advertising Agreement [Member]                                                              
Stock-based compensation                                                             $ 420,000
Stock issued during the period, shares | shares                                                             3,000,000
Shares issued, price per share | $ / shares                                                             $ 0.14
Marketing expenses                                                             $ 565,000
Stock issued during period shares restricted stock | shares                       3,000,000                                      
Al and J Media Inc. [Member] | Media Advertising Agreement [Member] | Subsequent Event [Member]                                                              
Stock issued during the period, shares | shares 3,000,000                                                            
Al and J Media Inc. [Member] | Media Advertising Agreement [Member] | Sales and Marketing Expenses [Member]                                                              
Stock-based compensation                                                           $ 360,000  
Shares issued, price per share | $ / shares                                                           $ 0.07  
Al and J Media Inc. [Member] | Media Advertising Agreement [Member] | NIS [Member] | Sales and Marketing Expenses [Member]                                                              
Ordinary shares, par value | $ / shares                                                           $ 0.06  
Al and J Media Inc. [Member] | Media Advertising Agreement [Member] | NIS [Member]                                                              
Ordinary shares, par value | $ / shares                                                             $ 0.01
First Choice International Company, Inc. [Member] | General and Administrative Expense [Member]                                                              
Stock-based compensation                                                             $ 50,000
Stock issued during the period, shares | shares                                                             500,000
Shares issued, price per share | $ / shares                                                             $ 0.10
First Choice International Company, Inc. [Member] | NIS [Member] | General and Administrative Expense [Member]                                                              
Ordinary shares, par value | $ / shares                                                             $ 0.01
First Choice International Company, Inc. [Member] | Performance Milestones [Member]                                                              
Stock issued during period shares restricted stock | shares                                                             1,000,000
First Choice International Company, Inc. [Member] | Consulting Agreement [Member]                                                              
Shares issued, price per share | $ / shares                                 $ 0.3                            
Stock issued during period shares restricted stock | shares                                         500,000                    
First Choice International Company, Inc. [Member] | Consulting Agreement [Member] | Ordinary Shares [Member]                                                              
Stock-based compensation                                 $ 30,000                            
Stock issued during the period, shares | shares                                 1,000,000                            
Financial Buzz Media Networks LLC [Member]                                                              
Stock-based compensation                                                           $ 1,200,000  
Stock issued during the period, shares | shares                         2,500,000                                    
Shares issued, price per share | $ / shares                                                           $ 0.12  
Number of shares issued for services | shares                                                           10,000,000  
Financial Buzz Media Networks LLC [Member] | Subsequent Event [Member]                                                              
Stock issued during the period, shares | shares     5,000,000                                                        
Financial Buzz Media Networks LLC [Member] | PR and Media Service Provider Agreement [Member]                                                              
Shares issued, price per share | $ / shares                     $ 0.19                                 $ 0.15      
Number of shares issued for services | shares                     5,000,000                                 5,000,000      
Fair value of ordinary shares                     $ 450,000                                 $ 750,000      
Financial Buzz Media Networks LLC [Member] | PR and Media Service Provider Agreement [Member] | NIS [Member]                                                              
Ordinary shares, par value | $ / shares                     $ 0.01                                 $ 0.01      
3D Biomedicine Science and Technology Co. Limited [Member] | Distribution Agreement [Member]                                                              
Number of ordinary shares issued, value                             $ 250,000                                
Andrew Blumenthal [Member] | Consulting Agreement [Member]                                                              
Stock-based compensation                                                           $ 47,000  
Stock issued during the period, shares | shares                           2,500,000                                  
Shares issued, price per share | $ / shares                           $ 0.01                               $ 0.067  
Monthly retainer                           $ 15,000                                  
Expenses                                                           $ 159,000  
Vesting description                                                           1. 900,000 vested in 100,000 monthly increments over nine months commencing with the execution of the Consulting Agreement. 2. 400,000 for each contract that delivers over $1,000 in gross profits, up to 4 contracts.  
Andrew Blumenthal [Member] | Consulting Agreement [Member] | Revenue [Member]                                                              
Concentration risk percentage                           25.00%                                  
Singh Global LLC [Member] | Consulting Agreement [Member]                                                              
Stock-based compensation                                                           $ 49,000  
Stock issued during the period, shares | shares                           2,500,000                                  
Shares issued, price per share | $ / shares                           $ 0.01                                  
Monthly retainer                           $ 15,000                                  
Expenses                                                           $ 139,000  
Vesting description                                                           1. 900,000 vested in 100,000 monthly increments over nine months commencing with the execution of the Consulting Agreement. 2. 400,000 for each contract that delivers over $1,000 in gross profits, up to 4 contracts.  
Singh Global LLC [Member] | Consulting Agreement [Member] | Revenue [Member]                                                              
Concentration risk percentage                           25.00%                                  
Priyanka Misra [Member] | Consulting Agreement [Member]                                                              
Stock issued during the period, shares | shares                                                         1,250,000    
Shares issued, price per share | $ / shares                 $ 0.01                                            
Monthly retainer                 $ 15,000                                            
Vesting description                                                           1. 250,000 vested upon completion of salesforce implementation or equipment CRM. 2. 250,000 for each contract that delivers over $1,000 in gross profits, up to 4 contracts.  
Priyanka Misra [Member] | Consulting Agreement [Member] | Operating Profits [Member]                                                              
Concentration risk percentage                 25.00%                                            
Priyanka Misra [Member] | Consulting Agreement [Member] | Sales and Marketing Expenses [Member]                                                              
Stock-based compensation                                                           $ 14,000  
Shares issued, price per share | $ / shares                                                           $ 0.057  
Expenses                                                           $ 104,000  
CN Capital LLC [Member] | Consulting Agreement [Member]                                                              
Stock issued during the period, shares | shares               1,000,000                                              
Shares issued, price per share | $ / shares               $ 0.01                                              
Monthly retainer               $ 10,000                                              
CN Capital LLC [Member] | Consulting Agreement [Member] | Gross Profit [Member]                                                              
Concentration risk percentage               3.00%                                              
CN Capital LLC [Member] | Consulting Agreement [Member] | Subsequent Event [Member]                                                              
Stock issued during the period, shares | shares   1,000,000                                                          
CN Capital LLC [Member] | Consulting Agreement [Member] | Sales and Marketing Expenses [Member]                                                              
Stock-based compensation                                                           $ 27,000  
Shares issued, price per share | $ / shares                                                           $ 0.054  
Expenses                                                           $ 67,000  
Leomics Associates [Member] | Consulting Agreement [Member]                                                              
Stock issued during the period, shares | shares             1,000,000                                                
Shares issued, price per share | $ / shares                                                           $ 0.095  
Commitment description                                                           Annual fee amount of $250 which will be payable in 12 equals installments. Additional expenses of $25 which is due at signing of the Consulting Agreement.  
Leomics Associates [Member] | Consulting Agreement [Member] | General and Administrative [Member]                                                              
Stock-based compensation                                                           $ 44,000  
Expenses                                                           $ 173,000  
Leomics Associates [Member] | Consulting Agreement [Member] | NIS [Member]                                                              
Shares issued, price per share | $ / shares             $ 0.01                                                
Expansion Medical LLC [Member] | Consulting Agreement [Member]                                                              
Commitment description                                                           30% of monthly operating profits generated by all sales representatives working under Expansion, to be calculated as the value of gross sales received minus cost of goods sold (including shipping, accounting and bookkeeping expenses and sales commission paid to Expansion's sales force, less the Monthly Draw. In addition, representative is entitled to additional 10% override based on commission as described in the Consulting Agreement for each member of Representative sales ream they refer to the Company or Consultant. Moreover, each month the Representative shall receive a fixed commission per unit commission as described in the Consulting Agreement for laboratory supplies (together referring herein as "Commission Fees").  
Non-refundable monthly draw         $ 50,000                                                    
Monthly bonus percentage         5.00%                                                    
Expansion Medical LLC [Member] | Consulting Agreement [Member] | Minimum [Member]                                                              
Cumulative net sales milestone         $ 5,000                                                    
Stock option issued | shares         75,000                                                    
Cash bonus         $ 400                                                    
Expansion Medical LLC [Member] | Consulting Agreement [Member] | Maximum [Member]                                                              
Cumulative net sales milestone         $ 500,000                                                    
Stock option issued | shares         2,000,000                                                    
Cash bonus         $ 6,000                                                    
Expansion Medical LLC [Member] | Consulting Agreement [Member] | Sales and Marketing Expenses [Member]                                                              
Expenses                                                           $ 112,000  
AID Genomics [Member] | Consulting Agreement [Member]                                                              
Commitment description                                                           AID will assist Corona Diagnostic with financing CAPEX for equipment including liquid handlers and PCR in exchange for 50% of gross profit of selling of test kits by Corona Diagnostic; or AID will be the implementation partner where Corona Diagnostic will finance the liquid handlers in exchange for 33% of gross profit of selling of test kits by Corona Diagnostic.  
[1] On July 29, 2020 (the "Commitment Date"), the Company held its Annual General Meeting of Shareholders, at which the shareholders of the Company approved compensation packages for two officers that include inter alia the Company is obligated to grant of 2,545,083 stock options which are exercisable into the same number of shares of common stock at an exercise price of $0.095 per share and shall become vested quarterly over a 5-year period from its grant date. At the Commitment Date, the Company by assistance of third-party appraiser measured the fair value of the stock options in total amount of $206 by using Black-Scholes-Merton pricing model in which the assumptions that have been used are as follows: expected dividend yield of 0%; risk-free interest rate of 0.25%; expected volatility of 131.9%, and stock options exercise period based upon the stated terms. Consequently, the Company recorded stock-based compensation expense in total amount of $56 as part of "General and Administrative Expenses" line in operations in the accompanying consolidated statement of operations. In addition, as one-time bonus as compensation for uncompensated efforts to date, the Company is obligated to grant fully vested shares equal to $275 based on the fair market value of the Company's shares as of July 28, 2020. The Company recorded stock-based compensation expense of this amount as part of "General and Administrative Expenses" line in operations in the accompanying consolidated statement of operations. Moreover, upon consummation of the Company's planned public offering the Company will grant 30,000,000 restricted stock units bonus to the aforesaid officers. At the Commitment Date and December 31, 2020, the likelihood that the Performance Milestone for consummation of the Company's planned public offering was not considered as probable. Thus, During the year ended December 31, 2020, stock-based compensation expense has not been recorded with respect to the Performance Milestone. For the year ended December 31, 2020, the Company recorded stock-based compensation expense amounting to $331 as part of "General and Administrative Expenses" line in operations in the accompanying consolidated statement of operations.
[2] On March 25, 2019, the Company's Board of Directors approved the employment agreement (the "Agreement") with Dr. Herman Weiss, ("Dr. Weiss") whereby will serve as the Company"s Chief Executive Officer effective retroactive commencing August 1, 2018, in exchange for compensation package that include inter alia stock options to purchase 5% of the Company's issued and outstanding shares as of March 25, 2019, at an exercise price equal to the fair market value of the Company's shares on the grant date, in accordance with the vesting schedule under which 25% of the stock options will vest on grant and the remaining 75% of the stock options will vest upon consummation of the Company's planned public offering ("Performance Milestone"). On April 29, 2019 (the "Commitment Date"), the Company held its Annual General Meeting of Shareholders, at which the Company's shareholders approved inter alia the aforesaid Agreement. The likelihood that the Performance Milestone for consummation of the Company's planned public offering was determined to be remote due to termination of Dr. Weiss from his position as the Company's Chief Executive Officer at the beginning of January 2020. Thus, During the year ended December 31, 2019, stock-based compensation expense has not been recorded with respect to the Performance Milestone. At the Commitment Date, the Company by assistance of third-party appraiser measured the fair value of 1,129,836 stock options which are not subject to Performance Milestone in total amount of $208 by using Black-Scholes-Merton pricing model in which the assumptions that have been used are as follows: expected dividend yield of 0%; risk-free interest rate of 2.54%; expected volatility of 125.2%, and stock options exercise period based upon the stated terms. Consequently, the Company recorded stock-based compensation expense in such amount as part of "General and Administrative Expenses" line in operations in the accompanying consolidated statement of operations for the year ended December 31, 2019.