| SCHEDULE OF DISAGGREGATION OF REVENUE |
SCHEDULE
OF DISAGGREGATION OF REVENUE
| | |
2024 | | |
2023 | |
| | |
Three months ended March 31, | |
| | |
2024 | | |
2023 | |
| | |
USD in thousands | |
| Development Services (customer A) (*) | |
| 106 | | |
| 106 | |
| Products | |
| 81 | | |
| 197 | |
| Revenue | |
| 187 | | |
| 303 | |
| |
(*) |
During
the second quarter of 2022, the Company completed the development of to a customer-specific project for a Fortune 500 multinational
healthcare corporation (“Customer A”) and moved from the development phase of the project to its production phase. As a
result, during the three months ended March 31, 2024, the Company recognized development services revenues and related development
costs that had been previously deferred, in the amounts of $106
thousand and $60 thousand, respectively. The amounts were recognized based on the expected manufacturing term of the product, which
the Company estimates at seven
years. |
|
SCHEDULE
OF DISAGGREGATION OF REVENUE
| | |
2023 | | |
2022 | |
| | |
Year
ended on
December 31, | |
| | |
2023 | | |
2022 | |
| | |
USD
in thousands | |
| Development Services (customer
A) (*) | |
| 422 | | |
| 317 | |
| Products | |
| 2,611 | | |
| 348 | |
| Revenue | |
| 3,033 | | |
| 665 | |
| |
(*) |
During
the second quarter of 2022, the Company completed the development of to a customer-specific project for a Fortune 500 multinational
healthcare corporation (“Customer A”) and moved from the development phase of the project to its production phase. As a
result, during the year ended December 31, 2023, the Company recognized development services revenues and related development costs
that had been previously deferred, in the amounts of $422
thousand and $239 thousand, respectively. The amounts were recognized based on the expected manufacturing term of the product, which the Company estimates at 7
years. |
| |
|
|
| |
|
In
addition, following the commencement of the production phase, the Company recognized product revenues of $2,514 thousands during
the year ended December 31, 2023 from the sale of units of the product developed in the context of these development services. |
|
| SCHEDULE OF CONTRACT FULFILLMENT ASSETS AND CONTRACT LIABILITIES |
The
Company’s contract fulfillment assets and contract liabilities as of March 31, 2024 and December 31, 2023 were as follows:
SCHEDULE
OF CONTRACT FULFILLMENT ASSETS AND CONTRACT LIABILITIES
| | |
March 31, | | |
December 31, | |
| | |
2024 | | |
2023 | |
| | |
USD in thousands | |
| Contract fulfillment assets | |
| 1,196 | | |
| 1,256 | |
| Contract liabilities | |
| 2,247 | | |
| 2,322 | |
Contract
liabilities include deferred service and advance payments.
The
change in contract fulfillment assets:
| | |
March 31, | | |
December 31, | |
| | |
2024 | | |
2023 | |
| | |
USD in thousands | |
| Balance at beginning of period | |
| 1,256 | | |
| 1,495 | |
| Contract costs recognized during the period | |
| (60 | ) | |
| (239 | ) |
| Balance at end of period | |
| 1,196 | | |
| 1,256 | |
The
change in contract liabilities:
| | |
March 31, | | |
December 31, | |
| | |
2024 | | |
2023 | |
| | |
USD in thousands | |
| Balance at beginning of period | |
| 2,322 | | |
| 3,644 | |
| Revenue recognized during the period | |
| (75 | ) | |
| (1,322 | ) |
| Balance at end of period | |
| 2,247 | | |
| 2,322 | |
|
SCHEDULE
OF CONTRACT FULFILLMENT ASSETS AND CONTRACT LIABILITIES
| |
|
2023 |
|
|
2022 |
|
| |
|
December
31, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
USD
in thousands |
|
| Contract
fulfillment assets |
|
|
1,256 |
|
|
|
1,495 |
|
| Contract
liabilities |
|
|
2,322 |
|
|
|
3,644 |
|
The
change in contract fulfillment assets:
| | |
2023 | | |
2022 | |
| | |
December
31, | |
| | |
2023 | | |
2022 | |
| | |
USD
in thousands | |
| | |
| | |
| |
| Balance at beginning of year | |
| 1,495 | | |
| 1,675 | |
| Contract costs recognized
during the period | |
| (239 | ) | |
| (180 | ) |
| Balance at end of year | |
| 1,256 | | |
| 1,495 | |
The
change in contract liabilities:
| | |
2023 | | |
2022 | |
| | |
December
31, | |
| | |
2023 | | |
2022 | |
| | |
USD
in thousands | |
| | |
| | |
| |
| Balance at beginning of year | |
| 3,644 | | |
| 2,420 | |
| Deferred revenue relating to new sales | |
| - | | |
| 1,613 | |
| Revenue recognized during
the year | |
| (1,322 | ) | |
| (389 | ) |
| Balance at end of year | |
| 2,322 | | |
| 3,644 | |
|