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 October 2023 (Report No. 4)
Commission file number: 001-38041
SCISPARC LTD.
(Translation of registrant’s name into English)
20 Raul Wallenberg Street, Tower A,
Tel Aviv 6971916 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 ☐
CONTENTS
This
Report of Foreign Private Issuer on Form 6-K consists of: (i) SciSparc Ltd.’s (the “Registrant”) Unaudited Consolidated
Interim Financial Statements as of June 30, 2023, which is attached hereto as Exhibit 99.1; and (ii) the Registrant’s Management’s
Discussion and Analysis of Financial Condition and Results of Operations for the six months ended June 30, 2023, which is attached hereto
as Exhibit 99.2.
This
Report of Foreign Private Issuer on Form 6-K is incorporated by reference into the Registrant’s registration statements
on Form F-3 (File No. 333-269839,
File No. 333-266047,
File No. 333-233417, File
No. 333-248670 and
File No. 333-255408) and
on Form S-8 (File No. 333-225773)
filed with the Securities and Exchange Commission to be a part thereof from the date on which this report is submitted, to the
extent not superseded by documents or reports subsequently filed or furnished.
EXHIBIT INDEX
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.
|
SciSparc Ltd. |
|
|
|
Date: October 16, 2023 |
By: |
/s/ Oz
Adler |
|
Name: |
Oz Adler |
|
Title: |
Chief Executive Officer and Chief Financial Officer |
3
Exhibit 99.1
SCISPARC
LTD.
INTERIM
CONSOLIDATED FINANCIAL STATEMENTS
AS
OF JUNE 30, 2023
UNAUDITED
INDEX
SCISPARC
LTD.
CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
| |
| |
June
30, | | |
December 31, | |
| |
| |
2023 | | |
2022 | | |
2022 | |
| |
| |
Unaudited | | |
Audited | |
| |
Note | |
USD
in thousands | |
| |
| |
| | |
| | |
| |
ASSETS | |
| |
| | |
| | |
| |
| |
| |
| | |
| | |
| |
CURRENT ASSETS: | |
| |
| | |
| | |
| |
Cash
and cash equivalents | |
| |
$ | 2,081 | | |
$ | 12,945 | | |
$ | 3,574 | |
Restricted
deposit | |
| |
| 44 | | |
| 40 | | |
| 60 | |
Trade
receivables | |
| |
| 43 | | |
| - | | |
| 77 | |
Other
accounts receivable | |
| |
| 815 | | |
| 699 | | |
| 131 | |
Inventory | |
| |
| 660 | | |
| - | | |
| 668 | |
| |
| |
| | | |
| | | |
| | |
| |
| |
| 3,643 | | |
| 13,684 | | |
| 4,510 | |
| |
| |
| | | |
| | | |
| | |
NON-CURRENT
ASSETS: | |
| |
| | | |
| | | |
| | |
Intangible
asset, net | |
4 | |
| 4,474 | | |
| - | | |
| 4,717 | |
Investment
in company account for at equity | |
3 | |
| 893 | | |
| 659 | | |
| 591 | |
Investments
in financial assets | |
5 | |
| 849 | | |
| - | | |
| 730 | |
Property
and equipment, net | |
| |
| 33 | | |
| 79 | | |
| 57 | |
| |
| |
| | | |
| | | |
| | |
| |
| |
| 6,249 | | |
| 738 | | |
| 6,095 | |
| |
| |
| | | |
| | | |
| | |
| |
| |
$ | 9,892 | | |
$ | 14,422 | | |
$ | 10,605 | |
The
accompanying notes are an integral part of the interim consolidated financial statements.
SCISPARC
LTD.
CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
| |
| |
June
30, | | |
December 31, | |
| |
| |
2023 | | |
2022 | | |
2022 | |
| |
| |
Unaudited | | |
Audited | |
| |
Note | |
USD
in thousands | |
| |
| |
| | |
| | |
| |
LIABILITIES AND
EQUITY | |
| |
| | |
| | |
| |
| |
| |
| | |
| | |
| |
CURRENT LIABILITIES: | |
| |
| | |
| | |
| |
Trade
payables | |
| |
$ | 1,247 | | |
$ | 874 | | |
$ | 1,199 | |
Other
accounts payable | |
| |
| 153 | | |
| 214 | | |
| 193 | |
Warrants | |
8 | |
| 1,714 | | |
| 10,252 | | |
| 2,737 | |
| |
| |
| | | |
| | | |
| | |
Lease
liability | |
| |
| - | | |
| 45 | | |
| 27 | |
| |
| |
| | | |
| | | |
| | |
| |
| |
| 3,114 | | |
| 11,385 | | |
| 4,156 | |
| |
| |
| | | |
| | | |
| | |
EQUITY
ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY: | |
9 | |
| | | |
| | | |
| | |
Share
capital and premium | |
| |
| 58,898 | | |
| 58,547 | | |
| 58,592 | |
Reserve
from share-based payment transactions | |
| |
| 5,248 | | |
| 4,980 | | |
| 5,180 | |
Warrants | |
| |
| 5,190 | | |
| 5,190 | | |
| 5,190 | |
Foreign
currency translation reserve | |
| |
| 497 | | |
| 497 | | |
| 497 | |
Transactions
with non-controlling interests | |
| |
| 712 | | |
| 559 | | |
| 559 | |
Accumulated
deficit | |
| |
| (66,449 | ) | |
| (66,736 | ) | |
| (63,569 | ) |
| |
| |
| | | |
| | | |
| | |
| |
| |
| 4,096 | | |
| 3,037 | | |
| 6,449 | |
Non-controlling
interests | |
| |
| 2,682 | | |
| - | | |
| - | |
| |
| |
| | | |
| | | |
| | |
Total
equity | |
| |
$ | 6,778 | | |
$ | 3,037 | | |
$ | 6,449 | |
| |
| |
| | | |
| | | |
| | |
Total
liabilities and equity | |
| |
$ | 9,892 | | |
$ | 14,422 | | |
$ | 10,605 | |
The
accompanying notes are an integral part of the interim consolidated financial statements.
SCISPARC
LTD.
CONSOLIDATED
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE LOSS
| |
| |
Six
months ended
June 30, | | |
Year
Ended
December 31, | |
| |
| |
2023 | | |
2022 | | |
2022 | |
| |
| |
Unaudited | | |
Audited | |
| |
Note | |
USD
in thousands, except per share amounts | |
| |
| |
| | |
| | |
| |
Revenues | |
| |
$ | 1,972 | | |
$ | - | | |
$ | 1,347 | |
| |
| |
| | | |
| | | |
| | |
Cost
of goods sold | |
| |
| (1,267 | ) | |
| - | | |
| (322 | ) |
| |
| |
| | | |
| | | |
| | |
Gross
profit | |
| |
| 705 | | |
| - | | |
| 1,025 | |
| |
| |
| | | |
| | | |
| | |
Research
and development expenses | |
10a | |
| 781 | | |
| 1,474 | | |
| 2,803 | |
Sales
and marketing | |
| |
| 397 | | |
| - | | |
| - | |
General
and administrative expenses | |
11b | |
| 2,494 | | |
| 3,339 | | |
| 6,509 | |
Operating
loss | |
| |
| 2,967 | | |
| 4,813 | | |
| 8,287 | |
Company’s
share of losses of companies accounted for at equity, net | |
| |
| 99 | | |
| 41 | | |
| 109 | |
Finance
income | |
| |
| (1,024 | ) | |
| - | | |
| (7,832 | ) |
Finance
expenses | |
| |
| 877 | | |
| 905 | | |
| 2,014 | |
Loss
before income taxes | |
| |
| 2,919 | | |
| 5,759 | | |
| 2,578 | |
| |
| |
| | | |
| | | |
| | |
Taxes
on income | |
| |
| 13 | | |
| - | | |
| 14 | |
| |
| |
| | | |
| | | |
| | |
Total
comprehensive loss | |
| |
| 2,932 | | |
| 5,759 | | |
| 2,592 | |
Attributable
to: | |
| |
| | | |
| | | |
| | |
Equity
holders of the Company | |
| |
| 2,880 | | |
| 5,759 | | |
| 2,592 | |
Non-controlling
interests | |
| |
| 52 | | |
| - | | |
| - | |
| |
| |
| 2,932 | | |
| 5,759 | | |
| 2,592 | |
Basic
loss per share attributable to equity holders of the Company: | |
| |
| | | |
| | | |
| | |
Loss
from operations | |
| |
| 10.85 | | |
| 46.80 | | |
| 14.82 | |
Diluted
loss per share attributable to equity holders of the Company: | |
| |
| | | |
| | | |
| | |
Loss
from operations | |
| |
| 10.85 | | |
| 46.80 | | |
| 14.82 | |
The
accompanying notes are an integral part of the interim consolidated financial statements.
SCISPARC
LTD.
CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY (DEFICIT)
For the
six months ended June 30, 2023
| |
Attributable
to equity holders of the Company | | |
| | |
| |
| |
Share
capital and premium | | |
Reserve
from share-based payment transactions | | |
Warrants | | |
Transactions
with non- controlling interests | | |
Foreign
currency translation reserve | | |
Accumulated
deficit | | |
Total | | |
Non-
controlling interests | | |
Total
equity | |
| |
USD
in thousands | |
Balance
at January 1, 2023 | |
$ | 58,592 | | |
| 5,180 | | |
| 5,190 | | |
| 559 | | |
| 497 | | |
| (63,569 | ) | |
| 6,449 | | |
| - | | |
| 6,449 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income
(loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,880 | ) | |
| (2,880 | ) | |
| (52 | ) | |
| (2,932 | ) |
Issue
of share capital in respect of investment in affiliate | |
| 288 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 288 | | |
| - | | |
| 288 | |
Sale
of minority interest in subsidiary | |
| - | | |
| - | | |
| - | | |
| 153 | | |
| - | | |
| - | | |
| 153 | | |
| 2,734 | | |
| 2,887 | |
Issue of shares,
net of issue expenses | |
| (45 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (45 | ) | |
| - | | |
| (45 | ) |
Cost
of share-based payment | |
| 63 | | |
| 68 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 131 | | |
| - | | |
| 131 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at June
30, 2023 | |
$ | 58,898 | | |
| 5,248 | | |
| 5,190 | | |
| 712 | | |
| 497 | | |
| (66,449 | ) | |
| 4,096 | | |
| 2,682 | | |
| 6,778 | |
The
accompanying notes are an integral part of the interim consolidated financial statements.
SCISPARC
LTD.
CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY (DEFICIT)
For the
six months ended June 30, 2022
| |
Attributable
to equity holders of the Company | | |
| | |
| |
| |
Share
capital and premium | | |
Reserve
from share-based payment transactions | | |
Warrants | | |
Transactions
with non- controlling interests | | |
Foreign
currency translation reserve | | |
Accumulated
deficit | | |
Total | | |
Non-
controlling interests | | |
Total
equity | |
| |
USD
in thousands | |
Balance
at January 1, 2022 | |
$ | 58,541 | | |
| 4,331 | | |
| 5,190 | | |
| 559 | | |
| 497 | | |
| (60,977 | ) | |
| 8,141 | | |
| - | | |
| 8,141 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income
(loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (5,759 | ) | |
| (5,759 | ) | |
| - | | |
| (5,759 | ) |
Expiration of share
options | |
| 6 | | |
| (6 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Cost
of share-based payment | |
| - | | |
| 655 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 655 | | |
| - | | |
| 655 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at June
30, 2022 | |
$ | 58,547 | | |
| 4,980 | | |
| 5,190 | | |
| 559 | | |
| 497 | | |
| (66,736 | ) | |
| 3,037 | | |
| - | | |
| 3,037 | |
The
accompanying notes are an integral part of the interim consolidated financial statements.
SCISPARC
LTD.
CONSOLIDATED
STATEMENTS OF CHANGES IN EQUITY
For the
year ended December 31, 2022
| |
Attributable
to equity holders of the Company | | |
| | |
| |
| |
Share
capital and premium | | |
Reserve
from share-based payment transactions | | |
Warrants | | |
Transactions
with non- controlling interests | | |
Foreign
currency translation reserve | | |
Accumulated
deficit | | |
Total | | |
Non-
controlling interests | | |
Total
equity | |
| |
USD
in thousands | |
Balance
at January 1, 2022 | |
$ | 58,541 | | |
| 4,331 | | |
| 5,190 | | |
| 559 | | |
| 497 | | |
| (60,977 | ) | |
| 8,141 | | |
| - | | |
| 8,141 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income
(loss) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,592 | ) | |
| (2,592 | ) | |
| - | | |
| (2,592 | ) |
Exercise of warrants | |
| 3 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 3 | | |
| - | | |
| 3 | |
Cost
of share-based payment | |
| 48 | | |
| 849 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 897 | | |
| - | | |
| 897 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at December
31, 2021 | |
$ | 58,592 | | |
| 5,180 | | |
| 5,190 | | |
| 559 | | |
| 497 | | |
| (63,569 | ) | |
| 6,449 | | |
| - | | |
| 6,449 | |
The
accompanying notes are an integral part of the interim consolidated financial statements.
SCISPARC
LTD.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
| |
Six
months ended June 30, | | |
Year
Ended December 31, | |
| |
2023 | |
2022 | | |
2022 | |
| |
Unaudited | | |
Audited | |
| |
USD
in thousands | |
| |
| | |
| | |
| |
Cash
flows from operating activities: | |
| | |
| | |
| |
| |
| | |
| | |
| |
Loss | |
$ | (2,932 | ) | |
$ | (5,759 | ) | |
$ | (2,592 | ) |
| |
| | | |
| | | |
| | |
Adjustments
to reconcile net loss to net cash used in operating activities: | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Adjustments
to the profit or loss items: | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Depreciation
and amortization | |
| 267 | | |
| 21 | | |
| 187 | |
Cost
of share-based payment | |
| 131 | | |
| 655 | | |
| 897 | |
Finance
expenses, net | |
| (1,023 | ) | |
| 913 | | |
| (6,585 | ) |
Group’s
share of losses of company accounted for at equity, net | |
| 98 | | |
| 41 | | |
| 109 | |
Losses
from remeasurement of investment in financial assets | |
| 855 | | |
| - | | |
| 770 | |
| |
| | | |
| | | |
| | |
| |
| 328 | | |
| 1,630 | | |
| (4,622 | ) |
| |
| | | |
| | | |
| | |
Working
capital adjustments: | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Decrease
(increase) in other accounts receivable | |
| (684 | ) | |
| 2,205 | | |
| 3 | |
Increase
(decrease) in trade payables | |
| 48 | | |
| (324 | ) | |
| - | |
Increase
(decrease) in other accounts payable | |
| (40 | ) | |
| 60 | | |
| 39 | |
Decrease
(increase) in trade receivables | |
| 39 | | |
| - | | |
| (77 | ) |
Decrease
(increase) in inventory | |
| 8 | | |
| - | | |
| (668 | ) |
| |
| | | |
| | | |
| | |
| |
| (629 | ) | |
| 1,941 | | |
| (703 | ) |
| |
| | | |
| | | |
| | |
Net
cash used in operating activities | |
$ | (3,233 | ) | |
$ | (2,188 | ) | |
$ | (7,917 | ) |
The
accompanying notes are an integral part of the interim consolidated financial statements.
SCISPARC
LTD.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
| |
Six
months ended
June 30, | | |
Year
Ended December 31, | |
| |
2023 | |
2022 | | |
2022 | |
| |
Unaudited | | |
Audited | |
| |
USD
in thousands | | |
| |
| |
| | |
| | |
| |
Cash flows from investing
activities: | |
| | |
| | |
| |
| |
| | |
| | |
| |
Investment
(withdrawal) in restricted bank deposits | |
$ | 16 | | |
$ | (8 | ) | |
$ | (15 | ) |
Purchase
of property and equipment | |
| - | | |
| - | | |
| (8 | ) |
Investment
in a company accounted for at equity | |
| (400 | ) | |
| (700 | ) | |
| (700 | ) |
Purchase
of financial assets at fair value through profit or loss | |
| (687 | ) | |
| - | | |
| (1,500 | ) |
Purchase
of intangible asset | |
| - | | |
| - | | |
| (4,861 | ) |
| |
| | | |
| | | |
| | |
Net
cash provided by investing activities | |
| (1,071 | ) | |
| (708 | ) | |
| (7,084 | ) |
| |
| | | |
| | | |
| | |
Cash
flows from financing activities: | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Proceeds
from issue of share capital and warrants (net of issuance expenses) (Note 8) | |
| (50 | ) | |
| 9,005 | | |
| 9,005 | |
Repayment
of lease liability | |
| (26 | ) | |
| (39 | ) | |
| (70 | ) |
Interest
paid on lease liability | |
| - | | |
| - | | |
| (8 | ) |
Proceeds
from issuance of shares to minority interests in a subsidiary | |
| 2,887 | | |
| - | | |
| - | |
Exercise of warrants | |
| - | | |
| - | | |
| 2,770 | |
Payment
of issuance expenses related to previous period | |
| - | | |
| - | | |
| 3 | |
| |
| | | |
| | | |
| | |
Net
cash provided by financing activities | |
| 2,811 | | |
| 8,966 | | |
| 11,700 | |
| |
| | | |
| | | |
| | |
Increase
(decrease) in cash and cash equivalents | |
| (1,493 | ) | |
| 6,070 | | |
| (3,301 | ) |
Cash
and cash equivalents at the beginning of the period | |
| 3,574 | | |
| 6,875 | | |
| 6,875 | |
| |
| | | |
| | | |
| | |
Cash
and cash equivalents at the end of the period | |
| 2,081 | | |
$ | 12,945 | | |
$ | 3,574 | |
The
accompanying notes are an integral part of the interim consolidated financial statements.
SCISPARC
LTD.
CONSOLIDATED
STATEMENTS OF CASH FLOWS
| |
Six
months ended June 30, | | |
Year
Ended December 31, | |
| |
2023 | | |
2022 | | |
2022 | |
| |
Unaudited | | |
Audited | |
| |
USD
in thousands | |
| |
| | |
| | |
| |
(a)
Significant non-cash transactions: | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Mutual
share exchange of ordinary shares (see note 10) | |
$ | 288 | | |
$ | - | | |
$ | - | |
The
accompanying notes are an integral part of the interim consolidated financial statements.
SCISPARC
LTD.
NOTES
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (USD in thousands, except per share and per unit amounts)
NOTE
1:- GENERAL
|
a. |
SciSparc
Ltd. (formerly known as Therapix Biosciences Ltd.) (“SciSparc” or the “Company” or the “Group”),
a pharmaceutical company, was incorporated in Israel and commenced its operations on August 23, 2004. Until March 2014, SciSparc
and its subsidiaries at the time were mainly engaged in developing several innovative immunotherapy products and SciSparc’s
own patents in the immunotherapy field. In August 2015, the Company decided to adopt a different business strategy and began focusing
on developing a portfolio of approved drugs based on cannabinoid molecules. With this focus, the Company is currently engaged in
development programs based on Δ9-tetrahydrocannabinol (“THC”) and/or non-psychoactive cannabidiol for the treatment
of Tourette syndrome, Alzheimer’s disease and agitation, pain, autism spectrum disorder and Status Epilepticus. The headquarters
of the Company are located in Tel Aviv, Israel.
On
September 30, 2022, the Company announced the closing of the acquisition of WellutionTM, a top seller Amazon.com Marketplace
account (the “Brand”), American food supplements and cosmetics brand and trademark (the “Acquisition”). In
connection with the Acquisition, the Company incorporated a new wholly owned Delaware subsidiary, SciSparc Nutraceuticals Inc. (“SciSparc
US”), to hold the new assets. |
| | The Company’s ordinary shares are listed on Nasdaq and are trading under the symbol “SPRC”. As of June 30, 2023, the Company had three private subsidiaries, including a company incorporated under the laws of Israel: Evero Health Ltd (“Evero”); an inactive company incorporated under the laws of Israel: Brain Bright Ltd (“Brain Bright”); and a company incorporated under the laws of the State of Delaware: Scisparc US (together with Evero and Brain Bright, the “Subsidiaries”). On August 18, 2023, the Company convened a general meeting of its shareholders, whereby the shareholders approved, inter alia, a reverse split of the Company’s share capital up to a ratio of 30:1 (the “Reverse Split”). Following the implementation of the reverse split, the Company’s authorized share capital will not be adjusted under the Company’s articles of association, as currently in effect (the “Articles”), which as of the date hereof consists of 75,000,000 Ordinary Shares, no par value.
On
September 14, 2023, the Company’s Board resolved that the final ratio for the Reverse Split will be 26:1, which became effective
on September 28, 2023.
Consequently,
all share numbers, share prices, and exercise prices have been retroactively adjusted in these interim consolidated financial statements
for all periods presented. |
|
b. |
These interim consolidated
financial statements should be read in conjunction with the Company’s annual financial statements for the year ended December
31, 2022, and accompanying notes, that were approved on April 27, 2023, and signed on May 1, 2023 (the “2022 Annual Consolidated
Financial Statements”). |
SCISPARC
LTD.
NOTES
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (USD in thousands, except per share and per unit amounts)
NOTE
1:- GENERAL (cont.)
| c. | The Company incurred a net loss of $2,932 and had negative cash flows from operating activities of $3,233 for the six month period ended June 30, 2023. As of June 30, 2023, the Company had an accumulated deficit of $66,449 as a result of recurring operating losses. At June 30, 2023, the Company’s cash and cash equivalents position is not sufficient to fund the Company’s planned operations for at least a year beyond the date of the filing date of the consolidated financial statements.. The Company’s pharmaceuticals operations are dependent on its ability to raise additional funds from existing and/or new investors. This dependency will continue until the Group will be able to completely finance its operations by generating revenue from its pharmaceutical products. These abovementioned factors raise substantial doubt about the Group’s ability to continue as a going concern. The Company intends to finance operating costs over the next twelve months through a combination of actions that may include existing cash on hand, reducing operating expenses and issuing equity and/or debt securities. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and liabilities and commitments in the normal course of business. The interim consolidated financial statements for the period ended June 30, 2023, do not include any adjustments to the carrying amounts and classifications of assets and liabilities that might result should the Group be unable to continue as a going concern.
|
|
d. |
The interim consolidated financial statements
of the Company for the six-month period ended on June 30, 2023, were approved for issuance on October 2, 2023 (the “Approval
Date”). In connection with the preparation of the interim consolidated financial statements and in accordance with authoritative
guidance for subsequent events, the Company evaluated subsequent events after the consolidated statements of financial position date
of June 30, 2023, through September 27, 2023, the date on which the unaudited interim consolidated financial statements were available
to be issued. |
NOTE
2:- SIGNIFICANT ACCOUNTING POLICIES
Unaudited
Interim Financial Information
The
Company’s unaudited condensed consolidated financial statements have been prepared in accordance with International Accounting
Standard (“IAS”) 34, “Interim Financial Reporting”. The significant accounting policies adopted in the preparation
of the interim consolidated financial statements are consistent with those followed in the preparation of the 2022 Annual Consolidated
Financial Statements. Accordingly, these condensed consolidated financial statements should be read in conjunction with the 2022 Annual
Consolidated Financial Statements. The results for any interim period are not necessarily indicative of results for any future period.
The
unaudited condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the
opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments
that are necessary to present fairly the Company’s financial position and results of operations for the interim periods presented.
The results for the six month period ended June 30, 2023, are not necessarily indicative of the results for the year ending December 31,
2023, or for any future period.
As
of June 30, 2023, there have been no material changes in the Company’s significant accounting policies from those that were disclosed
in the 2022 Annual Consolidated Financial Statements.
SCISPARC
LTD.
NOTES
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (USD in thousands, except per share and per unit amounts)
NOTE
3:- INVESTMENT IN ASSOCIATE
On
March 10, 2022, the Company entered into a Founders and Investment Agreement with Dr. Alon Silberman, or the MitoCareX Agreement. Pursuant
to the MitoCareX Agreement, the Company invested an initial amount of $700, and agreed to invest over the next two years, an additional
$1,000, subject to the achievement of certain pre-determined milestones as agreed upon in the MitoCareX Agreement, for up to a 50.01%
ownership in MitoCareX Bio Ltd. (“MitoCareX”). MitoCareX is focused on the discovery and development of potential drugs for
cancers and other life-threatening conditions. The MitoCareX Agreement also contains customary representations, warranties, covenants,
and indemnification provisions. On March 31, 2022, the closing conditions were met, and the Company paid the initial investment amount
of $700 to MitoCareX. As of December 31, 2022, the Company owns 31.48% of the outstanding shares of MitoCareX.
On
February 17, 2023, MitoCareX achieved its first milestone pursuant to the MitoCareX Agreement. The first milestone refers to the establishment
of MitoCareX’s cloud-based computing infrastructure that is expected to allow its future expansion into machine learning system.
The system is harnessed to investigating mitochondrial carriers that are crucial for cell viability. As a result of MitoCareX meeting
this milestone, the Company will invest an additional $400 in MitoCareX and increase its share ownership in MitoCareX Bio from 31.48%
to 41.92%.
The
table below summarizes the fair value of the investment in MitoCareX:
Balance at January
1, 2022 | |
$ | - | |
Investment
date March 31, 2022 | |
| 700 | |
Equity
losses from investment in MitoCareX | |
| (109 | ) |
| |
| | |
Balance at December
31, 2022 | |
| 591 | |
| |
| | |
Investment date March
31, 2023 | |
| 400 | |
Equity
losses from investment in MitoCareX | |
| (98 | ) |
| |
| | |
Balance
at June 30, 2023 | |
$ | 893 | |
During
the six months ended June 30, 2023, and 2022, the Company recorded equity losses from the investment in MitoCareX in the amount of $98
and $41, respectively.
SCISPARC
LTD.
NOTES
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (USD in thousands, except per share and per unit amounts)
NOTE
4:- INTANGIBLE ASSET
On
September 30, 2022, the Company announced the closing of the Acquisition. In connection with the Acquisition, the Company incorporated
a new wholly owned Delaware subsidiary, SciSparc US, to hold the new assets. The definitive agreement for the acquisition of the Brand
was entered into with Merhavit M.R.M Holding and Management Ltd (“M.R.M”).
At
the closing, the Company paid a base cash payment of $4,540 and in 12 months following the closing agreed to pay an additional deferred
cash payment equal to a multiple of 3 times the amount by which the Brand’s EBITDA exceeds $1,120 during the 12-month period following
the closing of the Acquisition. The Company paid an additional $321 as purchase costs.
In
addition, the Company issued to M.R.M $15,000 worth of warrants to purchase ordinary shares of the Company at an exercise price of $7.00
per share (with a cashless exercise mechanism) and with an exercise period of five years from the closing of the Acquisition (the “September
2022 Warrants”). The September 2022 Warrants will become exercisable upon the earlier of (i) an achievement of $100,000 of gross
sales by the Brand in the aggregate or (ii) if the price of our Ordinary Shares closes at $10.00 or above.
The
Company reviewed the transaction and deemed it to be the purchase of assets for accounting purposes under generally accepted accounting
principles and not as a business combination. The Company reviewed the guidance under IFRS 3 for the transaction and determined that
the fair value of the gross assets acquired was concentrated in a single identifiable asset, a brand. Accordingly, the Company treated
the transaction as an asset acquisition. On the closing date of the Acquisition, the Company fully recognized the acquisition amount
total of $4,861 as an intangible asset, to be amortized over a period of 10 years.
The
table below summarizes the fair value of the intangible asset:
Balance at January
1, 2022 | |
$ | - | |
Purchase
date September 30, 2022 | |
| 4,861 | |
Depreciation
of intangible asset | |
| (144 | ) |
| |
| | |
Balance at December
31, 2022 | |
| 4,717 | |
| |
| | |
Depreciation
of intangible asset | |
| (243 | ) |
| |
| | |
Balance
at June 30, 2023 | |
$ | 4,474 | |
During
the year ended December 31, 2022, the Company recognized depreciation expenses in respect to intangible asset in the amount of $144.
The
estimated fair values of the tangible and intangible assets in respect of the Acquisition of the Wellution™ brand are provisional
and are based on information that was available as of the Acquisition date to estimate the fair value of these amounts. The Group’s
management believes the information provides a reasonable basis for estimating the fair values of these amounts but is waiting for additional
information necessary to finalize those fair values. Therefore, provisional measurements of fair value that appear are subject to change.
The Group expects to finalize the tangible and intangible assets valuation and complete the Acquisition accounting as soon as practicable
but no later than the measurement period.
During
the six months ended June 30, 2023, and 2022, the Company recorded depreciation expenses with respect to intangible asset in the amount
of $243 and $ nil, respectively.
SCISPARC
LTD.
NOTES
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (USD in thousands, except per share and per unit amounts)
NOTE
5:- INVESTMENT IN FINANCIAL ASSETS
On
June 25, 2023, the Company entered into a Share Purchase Agreement (the “Agreement”) with AutoMax Motors Ltd. (“AutoMax”),
an Israeli company traded on the Tel Aviv Stock Exchange (“TASE”) and the leading parallel importer and distributor of vehicles
in Israel, pursuant to which, at the closing and upon the terms and conditions set forth in the Agreement, the Company will invest NIS
2,500,000 in cash, in exchange for ordinary shares, NIS 0.05 par value, of AutoMax (the “AutoMax Shares”) based on a price
per share of NIS 0.5. As of June 30, 2023, the listed share price of AutoMax on the TASE was NIS 0.41, and the Company has recorded a
loss in its statements of comprehensive loss of $133 on its investment.
NOTE
6:- TRANSACTIONS AND BALANCES WITH RELATED PARTIES
| a. | Mr. Oz Adler, the Company’s Chief Executive Officer and Chief Financial Officer, is the chairman of the board of directors of Jeffs’ Brands Ltd. (“Jeffs’ Brands”) (see Note 11). |
| b. | On March 7, 2022, the Company entered into the Cooperation Agreement with Clearmind Medicine Inc. (“Clearmind”), a company in which Dr. Adi Zuloff-Shani, the Company’s Chief Technologies Officer, Mr. Weiss, the Company’s President, and Mr. Adler, the Company’s Chief Executive Officer and Chief Financial Officer, serve as officers and directors.
During
the year ended December 31, 2022, the Company recognized expenses in respect of the Cooperation Agreement with Clearmind in the amount
of $208, and the balance owed to Clearmind as of December 31, 2022, was $55.
On
November 17, 2022, the Company invested $1,500 thousand in Clearmind in connection with its initial public offering on the Nasdaq Capital
Market, in exchange for 230,769 common shares of Clearmind, representing 9.33% of the outstanding share capital of Clearmind.
|
| c. | Mr. Amitai Weiss, our chairman of the board of directors, is the chairman of the board of directors of AutoMax (see Note 5). |
NOTE
7:- FINANCIAL INSTRUMENTS
Classification
of financial assets and financial liabilities:
The
financial assets and financial liabilities in the consolidated statements of financial position are classified by groups of financial
instruments pursuant to IFRS 9, “Financial Instruments”:
| |
| |
June
30, | | |
December 31, | |
| |
| |
2023 | | |
2022 | | |
2022 | |
| |
| |
Unaudited | | |
Audited | |
| |
Note | |
USD
in thousands | |
| |
| |
| | |
| | |
| |
Financial assets: | |
| |
| | |
| | |
| |
Cash
and cash equivalents | |
| |
$ | 2,081 | | |
$ | 12,945 | | |
$ | 3,574 | |
Trade receivables | |
| |
| 43 | | |
| - | | |
| 60 | |
Government authorities | |
| |
| 100 | | |
| 77 | | |
| 45 | |
Other
receivables | |
| |
| 715 | | |
| 622 | | |
| 86 | |
Investments in financial
assets | |
| |
| 849 | | |
| - | | |
| 730 | |
| |
| |
| | | |
| | | |
| | |
| |
| |
$ | 3,778 | | |
$ | 13,644 | | |
$ | 4,495 | |
| |
| |
| | | |
| | | |
| | |
Financial liabilities: | |
| |
| | | |
| | | |
| | |
Credit from others | |
| |
$ | - | | |
$ | - | | |
$ | 102 | |
Warrants liability | |
| |
| 1,714 | | |
| 10,252 | | |
| 2,737 | |
Lease
liability | |
| |
| - | | |
| 45 | | |
| 27 | |
| |
| |
| | | |
| | | |
| | |
Total financial and
lease liabilities | |
| |
$ | 1,714 | | |
$ | 10,297 | | |
$ | 2,866 | |
SCISPARC
LTD.
NOTES
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (USD in thousands, except per share and per unit amounts)
NOTE
8:- WARRANTS
On
June 1, 2022, the Company completed a private offering with an investor for gross proceeds of $10,210 (the “June 2022 Private Placement”),
providing for the issuance of an aggregate of 136,388 units and pre-funded units, as follows: (a) 12,884 units at a price of $74.88 per
unit, each consisting of (i) one ordinary share of the Company, and (ii) two warrants each to purchase one ordinary share (the “June
2022 Warrants”), and (b) 123,504 pre-funded units at a price of $73.294 per unit, each consisting of (i) one pre-funded warrant
to purchase one ordinary share and (ii) two June 2022 Warrants.
The
June 2022 Warrants have an exercise price of $68.38 per ordinary share. The June 2022 Warrants were exercisable upon issuance and will
expire seven years from the date of issuance.
General
Overview of Valuation Approaches used in the Valuation:
Fair
value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date.
Economic
methodology:
The
June 2022 Warrants’ fair value was calculated using the Black–Scholes option pricing model, which takes into account the
parameters as disclosed below for each period valuated, in which a valuation was performed at (i) the issuance date, and (ii) each reporting
date with the following assumptions:
| |
December 31,
2022 | | |
June
30, 2023 | |
Dividend
yield (%) | |
| 0 | | |
| 0 | |
Expected
volatility (%) | |
| 72 | | |
| 72 | |
Risk-free
interest rate (%) | |
| 3.97 | | |
| 3.97 | |
Underlying share
price ($) | |
| 19.656 | | |
| 14.274 | |
Exercise price ($) | |
| 68.38 | | |
| 68.38 | |
Warrants fair value
($) | |
| 2,396 | | |
| 1,373 | |
The
June 2022 Warrants are classified as current warrant liability in the Company’s balance sheet, as they are exercisable at any given
time.
During
the six months ended June 30, 2023, and 2022, the Company recorded finance income from the change in fair value of the June 2022 Warrants
in the amount of $1,023 and $nil, respectively.
SCISPARC
LTD.
NOTES
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (USD in thousands, except per share and per unit amounts)
NOTE
9:- EQUITY
Reverse
Share Splits
On
August 18, 2023, the Company convened a general meeting of its shareholders, whereby the shareholders approved, inter alia, a reverse
split of the Company’s share capital up to a ratio of 30:1. Following the implementation of the Reverse Split, the Company’s
authorized share capital will not be adjusted under the Company’s Articles, which as of the date hereof consists of 75,000,000
Ordinary Shares, no par value.
On
September 14, 2023, the Company’s Board resolved that the final ratio for the Reverse Split will be 26:1, which became effective
on September 28, 2023.
| a. | Composition of share capital as of June 30, 2023, June 30, 2022, and December 31, 2022: |
| |
June
30, 2023 | | |
December
31, 2022 | | |
June
30, 2022 | |
| |
Authorized | | |
Issued
and outstanding | | |
Authorized | | |
Issued
and outstanding | | |
Authorized | | |
Issued
and outstanding | |
| |
Number
of shares | |
Ordinary
Shares of no par value each | |
| 75,000,000 | | |
| 282,782 | | |
| 75,000,000 | | |
| 261,494 | | |
| 25,714,286 | | |
| 135,644 | |
|
b. |
Changes in share capital: |
Issued
and outstanding share capital:
| |
Number
of ordinary shares | |
Balance
at January 1, 2023 | |
| 261,494 | |
| |
| | |
Issuance
of share capital – in respect of investment in affiliate (Note 6e) | |
| 13,858 | |
| |
| | |
Shares
issued to consultants (Note 6e) | |
| 7,134 | |
| |
| | |
Issuance
of share capital – in respect of shelf prospectus (Note 6e) | |
| 296 | |
| |
| | |
Balance
at June 30, 2023 | |
| 282,782 | |
SCISPARC
LTD.
NOTES
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (USD in thousands, except per share and per unit amounts)
NOTE
9:- EQUITY (cont.)
|
c. |
Rights attached to shares: |
Voting
rights at shareholders meetings, right to dividends, rights upon liquidation of the Company and right to nominate the directors in the
Company.
|
d. |
Capital management in the
Company: |
The
Company’s capital management objectives are to preserve the Company’s ability to ensure business continuity thereby creating
a return for the shareholders, investors and other interested parties. The Company is not under any minimal equity requirements nor is
it required to attain a certain level of capital return.
|
e. |
Additional issuance of
ordinary shares: |
On
August 2, 2022, the Company issued a consultant 923 ordinary shares in respect of services rendered.
On
November 1, 2022, the Company issued a consultant 1,423 ordinary shares in respect of services rendered.
On
March 22, 2023, the Company issued 13,858 ordinary shares in respect of the stock purchase agreement
entered into by and among Jeffs’ Brands and Jeffs’ Brands Holdings Inc. (“NewCo”) (see also note 8a)
On
May 31, 2023, the Company issued 7,134 ordinary shares to consultants in respect of services rendered.
|
f. |
March 2021 Financing Round |
On
March 4, 2021, the Company completed a private offering with several accredited and institutional investors for gross proceeds of $8,150,
providing for the issuance of an aggregate of 44,331 units, as follows: (a) 35,242 units at a price of $183,82 per unit, consisting of
(i) one ordinary share of the Company, and (ii) a Series A Warrant to purchase an equal number of units purchased (the “2021 Series
A Warrants”) and a Series B Warrant (the “2021 Series B Warrants” and, collectively with the 2021 Series A Warrants,
the March 2021 Warrants) to purchase half the number of units, and (b) 9,089 pre-funded units at a price of $183.794 per unit, consisting
of (i) one pre-funded warrant to purchase one ordinary share and (ii) one 2021 Series A Warrant and one 2021 Series B Warrant.
The
Series A Warrants have an exercise price of $183.82 per ordinary share and the Series B Warrants have an exercise price of $275.60 per
ordinary share). Both were exercisable upon issuance and will expire five years from the date of issuance.
The
March 2021 Warrants are classified as issued warrants in the Company’s equity.
During
the year ended December 31, 2021, the Company issued 4,929 ordinary shares in respect of the exercise of 385 2021 Series A Warrants and
the exercise of 4,544 of pre-funded warrants.
SCISPARC
LTD.
NOTES
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (USD in thousands, except per share and per unit amounts)
NOTE
9:- EQUITY (cont.)
During
the year ended December 31, 2022, the Company issued 3,846 ordinary shares in respect of the exercise of 3,846 pre-funded warrants. During
the six months ended June 30, 2023, there were no exercises of 2021 Series A Warrants.
|
g. |
June 2022 Financing Round
(see also note 8) |
On
June 1, 2022, the Company completed the June 2022 Private Placement with an investor for gross proceeds of $10,210, providing for the
issuance of an aggregate of 136,388 units and pre-funded units, as follows: (a) 12,884 units at a price of $74.88 per unit, each consisting
of (i) one ordinary share of the Company, and (ii) two warrants each to purchase one ordinary share (the “June 2022 Warrants”),
and (b) 123,504 pre-funded units at a price of $73.294 per unit, each consisting of (i) one pre-funded warrant to purchase one ordinary
share and (ii) two June 2022 Warrants.
The
June 2022 Warrants have an exercise price of $68.38 per ordinary share. The June 2022 Warrants were exercisable upon issuance
and will expire seven years from the date of issuance.
The
June 2022 Warrants are classified as current warrant liability in the Company’s balance sheet, as they are exercisable at any given
time.
During
the year ended December 31, 2022, the Company issued 123,504 ordinary shares in respect of the exercise of 123,504 pre-funded warrants.
During the six months ended June 30, 2023, there were no exercises of June 2022 Warrants.
SCISPARC
LTD.
NOTES
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (USD in thousands, except per share and per unit amounts)
NOTE
10:- ADDITIONAL INFORMATION TO THE ITEMS OF PROFIT OR LOSS
| |
Six
months ended June 30, | | |
Year
Ended December 31, | |
| |
2023 | | |
2022 | | |
2022 | |
| |
Unaudited | | |
Audited | |
| |
USD
in thousands | |
a.
Research and development expenses: | |
| | |
| | |
| |
| |
| | |
| | |
| |
Wages
and related expenses | |
$ | 202 | | |
$ | 243 | | |
$ | 436 | |
Share-based
payment | |
| 23 | | |
| 224 | | |
| 264 | |
Clinical
studies | |
| 145 | | |
| 106 | | |
| 369 | |
Regulatory,
professional and other expenses | |
| 366 | | |
| 373 | | |
| 750 | |
Research
and preclinical studies | |
| 45 | | |
| 410 | | |
| 703 | |
Chemistry
and formulations | |
| - | | |
| 118 | | |
| 281 | |
| |
| | | |
| | | |
| | |
| |
| 781 | | |
| 1,474 | | |
| 2,803 | |
| |
| | | |
| | | |
| | |
b.
General and administrative expenses: | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Wages
and related expenses | |
| 217 | | |
| 245 | | |
| 437 | |
Share-based
payment | |
| 45 | | |
| 431 | | |
| 633 | |
Professional
and directors’ fees | |
| 1,366 | | |
| 1,292 | | |
| 2,499 | |
Business
development expenses | |
| 38 | | |
| 2 | | |
| 161 | |
Office
maintenance, rent and other expenses | |
| 48 | | |
| 63 | | |
| 224 | |
Investor
relations and business expenses | |
| 310 | | |
| 1,193 | | |
| 1,486 | |
Wellution
operating expenses | |
| 366 | | |
| - | | |
| 907 | |
Regulatory
expenses | |
| 104 | | |
| 113 | | |
| 162 | |
| |
| | | |
| | | |
| | |
| |
$ | 2,494 | | |
$ | 3,339 | | |
| 6,509 | |
SCISPARC
LTD.
NOTES
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (USD in thousands, except per share and per unit amounts)
NOTE
11:- SIGNIFICANT EVENTS DURING THE REPORTING PERIOD
| a. | On February 23, 2023, the Company entered into an agreement with Jeffs’ Brands and NewCo, a newly-formed wholly owned subsidiary of Jeffs’ Brands, pursuant to which, at the closing and upon the terms and conditions set forth in the Agreement, NewCo Inc. acquired from the Company a number of shares of stock equal to approximately a 49% interest in the Company’s wholly owned subsidiary, SciSparc US which owns WellutionTM , for $2,500 in cash, and additional deferred cash payments of approximately $489,330 accounting for price adjustments related to inventory and working capital, which is to be paid in five equal monthly installments beginning in May 2023 (the “Price Adjustment”). As collateral for the payment in full of the Price Adjustment, SciSparc held back such number of shares of common stock of SciSparc US, equal to the outstanding due amount of the Price Adjustment (the “Holdback Shares”). Following the closing of the transaction on March 22, 2023, which included an equity conversion of financing amounts previously provided to SciSparc US. by the Company for working capital, and the release of the Holdback Shares upon the payment in full of the Price Adjustment the Company will hold approximately 51% of the share capital of SciSparc US. Pursuant to the agreement, at the closing of the transaction, Jeffs’ Brands and SciSparc US. entered into a consulting agreement, pursuant to which Jeffs’ Brands will provide management services to SciSparc US for the WellutionTM brand for a monthly fee of $20 and Jeffs’ Brands will receive a one-time signing bonus in the amount of $51. The consulting agreement is for an undefined period of time and may be terminated by either party with 30 days advance notice. In addition, in connection with the closing of the transaction, the Company and Jeffs’ Brands, engaged in a mutual share exchange in the amount of $288,238 of ordinary shares from each of the Company and Jeffs’ Brands. The number of shares in the share exchange was calculated based on the average closing price of the relevant company’s shares for 30 consecutive trading days ending on the third trading day immediately prior to the closing. Accordingly, the Company acquired 247,415 ordinary shares of Jeffs’ Brands and Jeffs’ Brands acquired 13,858 ordinary shares of the Company having an aggregate value of $288,238, which was adjusted from $300,000 according to the 4.99% ownership limit included in the definitive agreements. |
| | |
| b. | On May 2, 2023, Capital Point Ltd. (“Capital Point”) filed with the Tel Aviv-Jaffa District Court (the “Court”) a suit against the Company, case number 2050-05-23 (the “Suit”). The Suit names the Company as the sole defendant and includes allegations of breaches of contract by the Company under the Israeli Contracts Law, 1973, unjust enrichment under the Israeli Unjust Enrichment Law, 1979 and breaches of the Company under the Israeli Torts Ordinance, 1968. |
| | The Suit challenges a certain warrant issued by the Company to Capital Point (the “Capital Point Warrant”) to purchase $340,000 of ordinary shares of the Company (the “Warrant Shares”). The Capital Point Warrant was exercisable for 12 months from May 15, 2021, to May 15, 2022 and was issued in connection with the joint venture transaction, entered on May 15, 2020, by and between the Company, Capital Point and Evero Health Ltd., a majority owned subsidiary of the Company, as further described in the Company’s Report on Form 6-K, filed on May 19, 2020. The Suit claims that the Company unlawfully refused to accept the Capital Point Warrant exercise notice as of November 4, 2021 and accordingly the Company did not issue to Capital Point the Warrant Shares. The Suit claims damages in the amount of NIS 10,000,000 (approximately $2.75 million), which accounts for, as of the date of the filing of the Suit, the agreed compensation according to Section 2(d)(i) of the Capital Point Warrant, an injunction order for the Company to issue the Warrant Shares to Capital Point, return of any unlawful profits received by the Company and punitive damages. As of the Approval Date, the Company cannot predict the likelihood of success of the Suit. |
SCISPARC
LTD.
NOTES
TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (USD in thousands, except per share and per unit amounts)
NOTE
12:- EVENTS AFTER THE REPORTING PERIOD
| a. | On August 1, 2023, the Company issued a consultant 807 ordinary shares in respect of services rendered. |
| b. | On August 14, 2023, the Company closed an underwritten public offering (the “Public Offering”) of 212,500 ordinary shares, at a purchase price of $5.20 per ordinary share and pre-funded warrants to purchase up to 37,500 ordinary shares at a purchase price of $5.174 per pre-funded warrant, for aggregate gross proceeds of approximately $1.3 million, pursuant to an underwriting agreement between the Company and Aegis Capital Corp (“Aegis”), the underwriter in the Public Offering, dated August 10, 2023. Pursuant to the terms of the underwriting agreement, the Company also granted the underwriter a 45-day option to purchase up to an additional 37,500 ordinary shares solely to cover over-allotments, if any, at the share price of the Public Offering less underwriting discounts and commissions. The pre-funded warrants were exercisable immediately upon issuance and have an exercise price of $0.026 per share. Following the offering and as of the Approval Date, the Company issued 25,000 ordinary shares in respect of the exercise of 25,000 pre-funded warrants. |
| c. | On August 18, 2023, the Company convened a general meeting of its shareholders, whereby the shareholders approved, inter alia, a reverse split of the Company’s share capital up to a ratio of 30:1. Following the implementation of the Reverse Split, the Company’s authorized share capital will not be adjusted under the Company’s Articles, which as of the date hereof consists of 75,000,000 Ordinary Shares, no par value. On September 14, 2023, the Company’s Board resolved that the final ratio for the Reverse Split will be 26:1, which became effective on September 28, 2023.
|
| d. | On October 11, 2023, the Company entered into a private placement transaction (the “Private Placement”), pursuant to a Securities Purchase Agreement (the “Agreement”) and a Registration Rights Agreement (the “Registration Rights Agreement”) with an institutional investor (the “Purchaser”) for aggregate gross proceeds of approximately $5 million (representing a 30% original issue discount to the aggregate purchase price of approximately $7.18 million), before deducting fees to the placement agent and other expenses payable by the Company in connection with the Private Placement. The Company intends to use the net proceeds from the Private Placement for general corporate purposes, including working capital. Aegis, acted as the exclusive placement agent for the Private Placement. As part of the Private Placement, the Company issued units (the “Units”), at a purchase price of $3.72 per Unit, consisting of 1,930,108 pre-funded ordinary share purchase warrants (the “Pre-Funded Warrant”) to purchase up to 1,930,108 ordinary shares of the Company, no par value per share (the “Ordinary Shares”), and an additional accompanying Pre-Funded Warrant to purchase up to 1,930,108 Ordinary Shares. The Pre-Funded Warrants are immediately exercisable upon issuance and have a term of five years from issuance at an exercise price of $0.001 per Ordinary Share. |
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Exhibit 99.2
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion
and analysis of our financial condition and results of operations provides information that we believe to be relevant to an assessment
and understanding of our results of operations and financial condition for the periods described. This discussion should be read in conjunction
with our interim consolidated financial statements and the notes to such financial statements, which are included in this Report on Form
6-K. In addition, this information should also be read in conjunction with the information contained in our Annual Report on Form 20-F
for the year ended December 31, 2022, or the Annual Report, including the consolidated annual financial statements as of December 31,
2022, and their accompanying notes included therein, filed with the Securities and Exchange Commission, or the SEC, on May 1, 2023.
Unless otherwise indicated,
all references to the terms “we”, “us”, “our”, “SciSparc”, “the Company” and
“our Company” refer to SciSparc Ltd. and its wholly-owned subsidiaries. References to “Ordinary Shares, and “warrants”
refer to the ordinary shares, and warrants, respectively, of SciSparc.
We report financial information
under International Financial Reporting Standards, as issued by the International Accounting
Standards Board and none of the financial statements were prepared in accordance with generally accepted accounting principles in the
United States.
References
to “U.S. dollars,” “USD” and “$” are to currency of the United States of America, and references to
“NIS” are to New Israeli Shekels. Unless otherwise indicated, U.S. dollar translations of NIS amounts presented
herein are translated using the rate of NIS 3.70 to $1.00, the exchange rate reported by the Bank of Israel on June 30, 2023.
On August 18, 2023, we
convened a general meeting of our shareholders, whereby the shareholders approved, inter alia, a reverse split of our share capital up
to a ratio of 30:1. On September 14, 2023, our Board resolved that the final ratio for the reverse split of our share capital would be
26:1, which became effective on September 28, 2023 (the “Reverse Split”). Unless the context expressly indicates otherwise,
all references to share and per share amounts referred to herein reflect the amounts after giving effect to the Reverse Split.
Forward-Looking Statements
The following discussion contains
“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, statements that contain projections
of results of operations or of financial condition, expected capital needs and expenses, statements relating to the 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 and are subject to a number of factors and uncertainties that could
cause actual results to differ materially from those described in the forward-looking statements.
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:
|
● |
our ability to raise capital through the issuance of additional securities; |
|
● |
our ability to advance the development our product candidates, including the anticipated starting and ending dates of our anticipated clinical trials; |
|
● |
our assessment of the potential of our product candidates to treat certain indications; |
|
● |
our ability to successfully receive approvals from the U.S. Food and Drug Administration, or other regulatory bodies, including approval to conduct clinical trials, the scope of those trials and the prospects for regulatory approval of, or other regulatory action with respect to our product candidates, including the regulatory pathway to be designated to our product candidates; |
|
● |
the regulatory environment and changes in the health policies and regimes in the countries in which we operate, including the impact of any changes in regulation and legislation that could affect the pharmaceutical industry; |
|
● |
our ability to commercialize our existing product candidates and future sales of our existing product candidates or any other future potential product candidates; |
|
● |
our ability to meet our expectations regarding the commercial supply of our product candidates; |
|
|
|
|
● |
our ability to integrate successfully our e-Commerce business of the WellutionTM brand, which focuses on the sale of hemp-based products on the Amazon.com marketplace, held by our majority subsidiary owned, SciSparc Nutraceuticals Inc; |
|
|
|
|
|
our ability to pursue a restructuring plan and list NewCo (as defined below) on a leading stock exchange; |
|
● |
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; |
|
● |
the impact of competition and new technologies; |
|
● |
changes in our strategy, including our Restructuring Plan (as defined below); |
|
● |
our ongoing ability to remain eligible to list our ordinary shares on Nasdaq; and |
|
● |
those factors referred to in “Item 3. Key Information – D. Risk Factors,” “Item 4. Information on the Company,” and “Item 5. Operating and Financial Review and Prospects,” of the Annual Report as well other factors in the Annual Report. |
These statements are only
current predictions and are subject to known and unknown risks, uncertainties, and other factors that may cause our or our industry’s
actual results, levels of activity, performance or achievements to be materially different from those anticipated by the forward-looking
statements. We discuss many of these risks in the Annual Report. You should not rely upon forward-looking statements as predictions of
future events.
Although we believe that the
expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements.
Except as required by law, we are under no duty to update or revise any of the forward-looking statements, whether as a result of new
information, future events or otherwise, after the date of this Report of Foreign Private Issuer on Form 6-K.
Overview
We are a specialty clinical-stage
pharmaceutical company. Our focus is creating and enhancing a portfolio of technologies and assets based on cannabinoid therapies. With
this focus, we are currently engaged in the development of the following pharmaceutical compositions comprising N-acylethanolamines and
cannabinoids, such as Palmitoylethanolamide (PEA) and/or Δ9-tetrahydrocannabinol (THC) and/or non-psychoactive cannabidiol (CBD)
and/or other cannabinoid receptor agonists: SCI-110 for the treatment of Tourette syndrome, or TS and Alzheimer’s disease and agitation;
SCI-160 for the treatment of pain; and SCI-210 for the treatment of Autism Spectrum Disorder, or ASD, and Status Epilepticus, or SE. We
also have a majority-owned subsidiary whose business focuses on the sale of hemp-based products on the Amazon.com marketplace.
SCI-110 is a combination therapy
candidate based on two components: (1) THC, which is the major cannabinoid molecule in the cannabis plant, and (2) CannAmide™, a
proprietary PEA formulation. PEA is an endogenous fatty acid amide that belongs to the class of nuclear factor agonists, which are molecules
that regulate the expression of genes. We believe that the combination of THC and PEA may induce a synergistic effect, which has strong
potential to treat TS and Alzheimer’s disease and agitation.
SCI-160 is a novel pharmaceutical
preparation containing a CB2 receptor agonist for the treatment of pain. This innovative CB2 receptor agonist was synthesized by Raphael
Mechoulam, Ph.D., Professor of Medicinal Chemistry at the Hebrew University, a member of the SciSparc Scientific Advisory Board.
Pursuant to the positive results
obtained in the phase IIa TS study conducted at Yale School of Medicine, we are developing a regulatory dossier to be submitted to the
U.S. Food and Drug Administration, German Federal Institute for Drugs and Medical Devices and the Israeli Ministry Of Health for our SCI-110
program for TS. In February 2021, we announced an agreement with The Israeli Medical Center for Alzheimer’s, to conduct a phase
IIa clinical trial to evaluate the potential safety, tolerability and efficacy of SCI-110 in patients with Alzheimer’s disease and
agitation using our proprietary cannabinoid-based technology. Sporadic observation in healthy or sick individuals indicated that cannabis
products and in particular THC have calming and anti-anxiety effects. Based on our pre-clinical and clinical experience using SCI-110
we believe that this treatment may potentially be found to be more safe and efficacious than THC alone. In addition, we announced in November
2022 positive interim results from our Phase IIa clinical study in Alzheimer’s Disease Patients with Agitation, At the interim analysis,
the study met its primary endpoints of safety, including non-treatment related adverse events and drop out patients from the study; specifically,
SCI-110 did not cause delirium, oversedation, hypotension or falls even in the highest dose tested (12.5MG Dronabinol+400mg PEA). In addition,
SCI-110 treatment was also found to reduce agitation - 75% of patients did not need to use additional medication to control agitation
and 75% of patients experienced increased appetite. Similarly, following positive results in a pre-clinical study that consisted of in
vitro tests which showed synergy between CBD and PEA, we announced in December 2019 progression of SCI-210 into a clinical stage, and
our plans to initiate a randomized, double blind placebo controlled study to evaluate the potential efficacy, safety and tolerability
of SCI-210 in treating patients with ASD. In addition, in March 2021, we announced an agreement with The Sheba Fund for Health Services
and Research at Chaim Sheba Medical Center, to examine the potential role of SCI-210 on status epilepticus. In December 2022, we announced
positive study results from our pre-clinical study in SE indicating differences in mortality rate as well as seizure rates over time in
comparison to CBD monotherapy in two different doses and in an untreated control group. In the low-CBD group, a higher mortality rate
(although not significant) was found and therefore it is reasonable to believe that no significant impact on neuronal protection was achieved.
In the high-CBD group, greater, although not significant, levels of neuronal protection were found together with a decreased mortality
rate when compared to the control groups. The level of neuronal protection in the SCI-210 treatment was significantly higher compared
to the control group and no mortality was found in this group.
Recent Developments
On
September 14, 2022, we entered into a definitive agreement, or the Wellution Acquisition Agreement, to acquire Wellution™, or the
Brand, a top-seller account on Amazon.com marketplace, or Amazon, for a base cash consideration of $4.59 million and certain additional
deferred payments, based on the Brand’s EBITDA in the 12 month period following the closing, which was on September 30, 2022. In
connection with the Wellution Acquisition Agreement, we established a new wholly owned subsidiary, SciSparc Nutraceuticals Inc.,
or SciSparc Nutraceuticals, to hold the new assets. The Brand sells hemp-based products, including hemp gummies, hemp oil capsules, hemp
gel, hemp cream, detox pills, height pills, antibacterial creams, and anti-aging creams, among other beauty and hair treatment products
that are all manufactured in the United States.
On
February 23, 2023, we entered into a stock purchase agreement, or the Wellution Sales Agreement, with Jeffs’ Brands Ltd., or Jeffs
Brands, and Jeffs’ Brands Holdings Inc., a newly-formed wholly owned subsidiary, or Jeffs’ Brands Holdings, of Jeffs’
Brands, which closed on March 22, 2023. Pursuant to the Wellution Sales Agreement, Jeffs’ Brands Holdings acquired from us a number
of shares of stock equal to approximately a 49% interest in our wholly owned subsidiary, SciSparc Nutraceuticals which owns WellutionTM,
for $2.5 million in cash, and additional deferred cash payments of approximately $489,330 accounting for price adjustments related to
inventory and working capital, which is to be paid in five equal monthly installments beginning in May 2023, or the Price Adjustment.
As collateral for the payment in full of the Price Adjustment, we held back such number of shares of common stock of SciSparc Nutraceuticals,
equal to the outstanding due amount of the Price Adjustment, or the Holdback Shares. Following the closing of the transaction on March
22, 2023, which included an equity conversion of financing amounts previously provided by us to SciSparc Nutraceuticals for working capital,
and the release of the Holdback Shares upon the payment in full of the Price Adjustment, the Company will hold approximately 51% of the
share capital of SciSparc Nutraceuticals .In addition, in connection with the closing of the transaction, we and Jeffs’ Brands engaged
in a mutual share exchange in the amount of $288,238 of ordinary shares from each of us and Jeffs’ Brands. The number of shares
in the share exchange was calculated based on the average closing price of the relevant company’s shares for 30 consecutive trading
days ending on the third trading day immediately prior to the closing. Accordingly, we acquired 247,415 ordinary shares of Jeffs’
Brands and Jeffs’ Brands acquired 13,858 ordinary shares of us having an aggregate value of $288,238, which was adjusted from $300,000
according to the 4.99% ownership limit included in the definitive agreements, or the Share Exchange. As part of the Wellution Sales Agreement,
Jeffs Brands and SciSparc Nutraceuticals entered into a consulting agreement, pursuant to which Jeffs’ Brands will provide management
services to SciSparc Nutraceuticals for the WellutionTM brand for a monthly fee of $20,000 and Jeffs’ Brands received
a one-time signing bonus in the amount of $51,000. The consulting agreement is for an undefined period of time and may be terminated by
either party with 30 days advance notice.
On
January 25, 2023, we announced that our board of directors resolved to pursue a restructuring plan, or the Restructuring Plan, which involves
transferring our pharmaceutical activities to a new wholly-owned subsidiary, or NewCo. As part of the Restructuring Plan, we intend to
examine the possibility of listing NewCo on a leading stock exchange, while maintaining our controlling interest in NewCo such that we
will continue to control our current business activities. We also intend to explore other potential new opportunities, activities and
investments in a variety of sectors. Any restructuring and possible listing of NewCo on a stock exchange may be subject to, among other
things, market conditions, tax or other business analyses, regulatory approvals, receipt of any necessary consents, final approvals from
our board of directors and satisfaction of any closing conditions to effectuate such corporate restructuring and listing of NewCo. There
can be no assurance regarding the ultimate timing of the intended Restructuring Plan and listing of NewCo or that they will be completed
at all.
On
June 25, 2023 we entered into a share purchase agreement, or the AutoMax SPA, with AutoMax Motors Ltd., or AutoMax, an Israeli company
traded on the Tel Aviv Stock Exchange and the leading parallel importer and distributor of vehicles in Israel, pursuant to which, at the
closing and upon the terms and conditions set forth in the AutoMax SPA, we invested NIS 2,500,000 in cash, in exchange for ordinary shares
of AutoMax based on a price per share of NIS 0.5. Following the closing, we hold approximately 5.6% of the issued and outstanding share
capital of AutoMax.
On
August 18, 2023, we convened a general meeting of our shareholders, whereby the shareholders approved, among other things, a reverse split
of our share capital up to a ratio of 30:1 with the primary intent of increasing the price of our ordinary shares in order to meet minimum
bid price requirement of Nasdaq. On September 14, 2023, our Board resolved that the final ratio for the Reverse Split would be 26:1, which
became effective on September 28, 2023.
On October 11, 2023, the Company
entered into a private placement transaction (the “Private Placement”), pursuant to a Securities Purchase Agreement (the “Agreement”)
and a Registration Rights Agreement (the “Registration Rights Agreement”) with an institutional investor (the “Purchaser”)
for aggregate gross proceeds of approximately $5 million (representing a 30% original issue discount to the aggregate purchase price of
approximately $7.18 million), before deducting fees to the placement agent and other expenses payable by the Company in connection with
the Private Placement. The Company intends to use the net proceeds from the Private Placement for general corporate purposes, including
working capital. Aegis Capital Corp. (“Aegis”), acted as the exclusive placement agent for the Private Placement. As part
of the Private Placement, the Company issued units (the “Units”), at a purchase price of $3.72 per Unit, consisting of 1,930,108
pre-funded ordinary share purchase warrants (the “Pre-Funded Warrant”) to purchase up to 1,930,108 ordinary shares of the
Company, no par value per share (the “Ordinary Shares”), and an additional accompanying Pre-Funded Warrant to purchase up
to 1,930,108 Ordinary Shares. The Pre-Funded Warrants are immediately exercisable upon issuance and have a term of five years from issuance
at an exercise price of $0.001 per Ordinary Share.
Operating Results
During the year ended December
31, 2022, we began generating revenues through our subsidiary SciSparc Nutraceuticals, which owns the Wellution™ brand. Total revenues
recognized in the six months ended June 30, 2023, amounted to $1,972 thousand.
To date, we have not generated
revenue from our drug development segment from the sale of any pharmaceutical product candidates, and we do not expect to generate significant
revenue in this business within the next year at least. As of June 30, 2023, we had an accumulated deficit of approximately $66 million.
Our operating activities are described below under “Operating Expenses.”
Revenues
During the six months ended
June 30, 2023, we generated revenues in the amount of $1,972 thousand, compared to $0 revenue recorded during the six months ended June
30, 2022. Revenue in the six months ended June 30, 2023, was primarily attributable to our subsidiary SciSparc Nutraceuticals, which owns
the Wellution™ brand.
Cost of goods sold
The cost of goods sold comprises
mainly purchases of Wellution™ brand products, Amazon transaction fees, storage and transportation costs to the Company’s
warehouse. The cost of goods sold in the six months ended June 30, 2023 amounted to $1,267 thousand, compared to $0 cost of goods recorded
during the six months ended June 30, 2022.
Operating Expenses (in thousands of dollars)
Our current operating expenses
consist of two components – research and development expenses, and general and administrative expenses, including sales and marketing
expenses through our subsidiary SciSparc Nutraceuticals, which owns the Wellution™ brand.
Research and Development Expenses
Our
research and development expenses consist primarily of salaries and related personnel expenses, regulatory and other expenses and clinical
studies expenses.
The
following table discloses the breakdown of research and development expenses:
| |
Six month period ended June 30, | |
| |
2023 | | |
2022 | |
| |
(unaudited) | | |
(unaudited) | |
| |
(in thousands of USD) | |
| |
| |
Wages and related expenses | |
| 202 | | |
| 243 | |
Share-based payments | |
| 23 | | |
| 224 | |
Clinical studies | |
| 145 | | |
| 106 | |
Research and preclinical studies | |
| 45 | | |
| 410 | |
Chemistry and formulations | |
| - | | |
| 118 | |
Regulatory and other expenses | |
| 366 | | |
| 373 | |
Total | |
| 781 | | |
| 1,474 | |
General and Administrative Expenses
General
and administrative expenses consist primarily of salaries, share-based compensation expense, professional service fees for accounting,
legal, bookkeeping, facilities and other general and administrative expenses.
The following table discloses
the breakdown of general and administrative expenses:
| |
Six month period ended June 30, | |
| |
2023 | | |
2022 | |
| |
(unaudited) | | |
(unaudited) | |
| |
(in thousands of USD) | |
| |
| |
Wages and related expenses | |
| 217 | | |
| 245 | |
Share-based payment | |
| 45 | | |
| 431 | |
Professional and directors fees | |
| 1,366 | | |
| 1,292 | |
Investor relations and business expenses | |
| 310 | | |
| 1,193 | |
Office maintenance, rent and other expenses | |
| 48 | | |
| 63 | |
Regulatory expenses | |
| 104 | | |
| 113 | |
Wellution operating expenses | |
| 366 | | |
| - | |
Business development | |
| 38 | | |
| 2 | |
Total | |
| 2,494 | | |
| 3,339 | |
Comparison of the six months ended June 30,
2023 to the six months ended June 30, 2022
Research and Development Expenses, net
Our research and development
expenses for the six months ended June 30, 2023, amounted to $781 thousand, representing a decrease of $693 thousand, or 47%, compared
to $1,474 thousand for the six months ended June 30, 2022. The decrease was primarily attributable to a decrease of $201 thousand in share-based
expenses, a decrease of $365 thousand in research and preclinical studies, and a decrease of $118 thousand in chemistry and formulations
expenses.
General and Administrative Expenses
Our
general and administrative expenses totaled $2,494 thousand for the six months ended June 30, 2023, a decrease of $845 thousand, or 25%,
compared to $3,339 thousand for the six months ended June 30, 2022. The decrease was primarily attributable to a decrease of $883 thousand
in investor relations and business expenses, and a decrease of $386 thousand in share-based expenses, offset in part by an increase of
$366 thousand in operating expenses of the Wellution™ brand consisting primarily of advertising expenses, promotional rebates, and
other fees charged by Amazon.
Sales and marketing
The sales and marketing expenses
comprises mainly of advertising and promotional rebates on Amazon. The sales and marketing expenses in the six months ended June 30, 2023
amounted to $397 thousand, compared to $0 sales and marketing expenses recorded during the six months ended June 30, 2022. This increase
was primarily attributable to our subsidiary SciSparc Nutraceuticals, which owns the Wellution™ brand, and its sales and marketing
expenses.
Operating Loss
As a result of the foregoing,
our operating loss for the six months ended June 30, 2023, was $2,967 thousand, compared to an operating loss of $3,339 thousand for the
six months ended June 30, 2022, a decrease of $372 thousand, or 13%.
Finance Expense and Income
Finance
expenses and income consist of revaluation of debt instruments presented at fair value, related issuance expenses of debt instruments
and bank fees.
We
recognized finance income, net for the six months ended June 30, 2023, of $147 thousand, representing a change of $1,052 thousand compared
to finance expenses of $905 thousand for the six months ended June 30, 2022. The increase was primarily due to a change in the fair value
of the warrants we issued in June 2022, offset by impairment of financial assets. Changes in the fair value of the June 2022 warrants
are mainly due – and correlate – to the changes in the market price of the Company’s shares.
Total Comprehensive Loss
Our
total comprehensive loss for the six months ended June 30, 2023, was $2.93 million, representing a decrease of $2.83 million, or 49%,
compared to $5.76 million for the six months ended June 30, 2022.
Liquidity and Capital Resources
Overview
As of June 30, 2023, we had
$2,125,000 in cash, including short term restricted deposits.
The table below presents our
cash flows:
| |
Six months ended June 30, | |
| |
2023 | | |
2022 | |
| |
(unaudited) | | |
(unaudited) | |
| |
(in thousands of USD) | |
| |
| |
Net cash used in operating activities | |
| (3,201 | ) | |
| (2,188 | ) |
| |
| | | |
| | |
Net cash used in investing activities | |
| (1,071 | ) | |
| (708 | ) |
| |
| | | |
| | |
Net cash provided by financing activities | |
| 2,779 | | |
| 8,966 | |
Operating Activities
Net cash used in operating
activities was $3,233 thousand for the six months ended June 30, 2023, compared with net cash used in operating activities of $2,188 thousand
for the six months ended June 30, 2022. The increase is primarily due to decreases in adjustments to the profit or loss item of finance
expenses relating to the change in fair value of warrants of $1,023 thousand, offset in part by losses from remeasurement of investment
in financial assets of $855 thousand, and in adjustments to the working capital item of change in other accounts receivable of $684 thousand.
Investing Activities
Net cash used in investing
activities was $1,071 thousand for the six months ended June 30, 2023, compared with $708 thousand cash used in investing activities for
the six months ended June 30, 2022. Net cash used in investing activities was due to our investment in MitoCare X Bio Ltd. in the amount
of $400 thousand, and our investment in financial assets of $687 thousand.
Financing Activities
Net cash provided by financing
activities of $2,811 thousand in the six months ended June 30, 2023, primarily from the sale of a minority interest in a subsidiary pursuant
to the Wellution Sales Agreement in the amount of $2,886 thousand, offset by issuance expenses in respect of a shelf prospectus in the
amount of $50 thousand and by repayment of lease liability in the amount of $26 thousand. Net cash provided by financing activities of
$8.97 million in the six months ended June 30, 2022, consisted mainly of $9.0 million of net proceeds from the issuance of share capital
and warrants, offset by repayment of lease liability in the amount of $39 thousand.
Wellution Sales Agreement
On
February 23, 2023, we entered into the Wellution Sales Agreement with Jeffs’ Brands Holdings and Jeffs’ Brands, pursuant to
which, at the closing, which occurred on March 28, 2023, Jeffs’ Holdings acquired from us a number of shares of common stock of
SciSparc Nutraceuticals equal to approximately a 49% interest in our wholly owned subsidiary, SciSparc Nutraceuticals, which owns the
WellutionTM brand, for a consideration of $2.5 million in cash, and an additional deferred cash payment of approximately
$489 thousand.
In
connection with the closing, we and Jeffs’ Brands undertook a mutual share exchange in the amount of approximately $288 thousand
of ordinary shares from each of us and Jeffs’ Brands. The number of shares in the share exchange was calculated based on the average
closing price of the relevant company’s shares for 30 consecutive trading days ending on the third trading day immediately prior
to the closing. Accordingly, we acquired 247,415 ordinary shares of Jeffs’ Brands and Jeffs’ Brands acquired 13,858 ordinary
shares from us having an aggregate value of $288 thousand.
Following
the closing of the transaction, which included an equity conversion of the financing amounts of approximately $700 thousand previously
provided by the Company to SciSparc Nutraceuticals for working capital, into shares of common stock at the price per share of the Wellution
Sales Agreement and the release of the Holdback Shares, we will hold approximately 51% of SciSparc Nutraceuticals.
AutoMax SPA
On
June 25, 2023, we entered into the AutoMax SPA with AutoMax, pursuant to which, at the closing and upon the terms and conditions set forth
in the AutoMax SPA, we invested NIS 2,500 thousand in cash, in exchange for ordinary shares of AutoMax based on a price per share of NIS
0.5. Following the closing, we hold approximately 5.6% of the issued and outstanding share capital of AutoMax.
Underwritten Public
Offering
On
August 14, 2023, we closed an underwritten public offering, or the Public Offering, of 212,500 ordinary shares, at a purchase price of
$5.20 per ordinary share and pre-funded warrants to purchase up to 37,500 ordinary shares at a purchase price of $5.174 per pre-funded
warrant, for aggregate gross proceeds of approximately $1.3 million, pursuant to an underwriting agreement between us and Aegis, or the
Underwriter, on August 10, 2023. Pursuant to the terms of the Underwriting Agreement, we also granted the Underwriter a 45-day option
to purchase up to an additional 37,500 ordinary shares solely to cover over-allotments, if any, at the Public Offering share price less
underwriting discounts and commissions.
The
pre-funded warrants were exercisable immediately upon issuance and have an exercise price of $0.026 per share. Following the Public Offering
and as of September 27, 2023, the Company issued 25,000 ordinary shares in respect of the exercise of 25,000 pre-funded warrants.
Current Outlook
We have financed our operations
to date primarily through proceeds from sales of our ordinary shares and American Depositary Shares, or ADSs, as well as exercises of
warrants and options to purchase ordinary shares or ADSs, as the case may be. We have incurred losses and generated negative cash flows
from operations since August 2004. Since August 2004, we have not generated any revenue from the sale of our pharmaceutical product candidates
and we do not expect to generate revenues from sale of our pharmaceutical product candidates in the next few years.
As of June 30, 2023, our cash,
including short-term bank deposits, were $2,125 thousand.
We
believe that our existing cash resources will not be sufficient to finance our operating activities in the foreseeable future, and we
expect that we will require substantial additional capital to complete the development of, and to commercialize, our product candidates.
If we do seek to raise additional capital, there can be no guarantee or assurance that we will be successful in raising such additional
capital or that the term of such capital raise will be on terms favorable to us.
In September 2022, we purchased
Wellution™, a business and brand which sells hemp-based products on the Amazon.com marketplace.
On January 25, 2023, we announced
that our board of directors resolved to pursue a Restructuring Plan which involves transferring our pharmaceutical activities to NewCo.
As part of the Restructuring Plan, we intend to examine the possibility of listing NewCo on a leading stock exchange, while maintaining
our controlling interest in NewCo such that we will continue to control our current business activities. We also intend to explore other
potential new opportunities, activities and investments in a variety of sectors.
Any restructuring and possible
listing of NewCo on a stock exchange may be subject to, among other things, market conditions, tax or other business analyses, regulatory
approvals, receipt of any necessary consents, final approvals from our board of directors and satisfaction of any closing conditions to
effectuate such corporate restructuring and listing of NewCo. There can be no assurance regarding the ultimate timing of the intended
restructuring and listing of NewCo or that they will be completed at all.
In addition, our operating
plans may change as a result of many factors that may currently be unknown to us, and we may need to seek additional financing sooner
than planned. Our efforts to commercialize our proprietary PEA oral tablets CannAmide™ may not lead to any revenue or revenue at
the level at which we are expecting. Our future capital requirements will depend on many factors, including:
|
● |
the progress and costs of our research and development activities; |
|
|
|
|
● |
the costs of manufacturing our product candidates; |
|
|
|
|
● |
the costs of filing, prosecuting, enforcing and defending patent claims and other intellectual property rights; |
|
|
|
|
● |
the potential costs of contracting with third parties to provide marketing and distribution services for us or for building such capacities internally; and |
|
|
|
|
● |
the magnitude of our general and administrative expenses. |
Until we can generate significant
recurring revenues, we expect to satisfy our future cash needs through debt and/or equity financings. We cannot be certain that additional
funding will be available to us on acceptable terms, if at all. This raises substantial doubts about our ability to continue as a going
concern. If funds are not available, we may be required to delay, reduce the scope of, or eliminate research or development plans
for, or commercialization efforts with respect to our product candidates.
Research and development, patents and licenses,
etc.
A comprehensive discussion
of our research and development, patents and licenses, etc., is included in “Item 5. Operating and Financial Review and Prospects
- Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report.
Critical Accounting Policies
The
preparation of financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, obligations
and expenses during the reporting periods. A comprehensive discussion of our critical accounting policies is included in “Item
5. Operating and Financial Review and Prospects - Management’s Discussion and Analysis of Financial Condition and Results of Operations”
in our Annual Report.
9
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v3.23.3
Consolidated Statements of Financial Position - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
$ 2,081
|
$ 3,574
|
$ 12,945
|
Restricted deposit |
44
|
60
|
40
|
Trade receivables |
43
|
77
|
|
Other accounts receivable |
815
|
131
|
699
|
Inventory |
660
|
668
|
|
Total current assets |
3,643
|
4,510
|
13,684
|
NON-CURRENT ASSETS: |
|
|
|
Intangible asset, net |
4,474
|
4,717
|
|
Investment in company account for at equity |
893
|
591
|
659
|
Investments in financial assets |
849
|
730
|
|
Property and equipment, net |
33
|
57
|
79
|
Total non-current assets |
6,249
|
6,095
|
738
|
Total assets |
9,892
|
10,605
|
14,422
|
CURRENT LIABILITIES: |
|
|
|
Trade payables |
1,247
|
1,199
|
874
|
Other accounts payable |
153
|
193
|
214
|
Warrants |
1,714
|
2,737
|
10,252
|
Lease liability |
|
27
|
45
|
Total current liabilities |
3,114
|
4,156
|
11,385
|
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY: |
|
|
|
Share capital and premium |
58,898
|
58,592
|
58,547
|
Reserve from share-based payment transactions |
5,248
|
5,180
|
4,980
|
Warrants |
5,190
|
5,190
|
5,190
|
Foreign currency translation reserve |
497
|
497
|
497
|
Transactions with non-controlling interests |
712
|
559
|
559
|
Accumulated deficit |
(66,449)
|
(63,569)
|
(66,736)
|
Total equity attributable to equity holders of the company |
4,096
|
6,449
|
3,037
|
Non-controlling interests |
2,682
|
|
|
Total equity |
6,778
|
6,449
|
3,037
|
Total liabilities and equity |
$ 9,892
|
$ 10,605
|
$ 14,422
|
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v3.23.3
Consolidated Statements of Profit or Loss and Other Comprehensive Loss - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Profit or loss [abstract] |
|
|
|
Revenues |
$ 1,972
|
|
$ 1,347
|
Cost of goods sold |
(1,267)
|
|
(322)
|
Gross profit |
705
|
|
1,025
|
Research and development expenses |
781
|
1,474
|
2,803
|
Sales and marketing |
397
|
|
|
General and administrative expenses |
2,494
|
3,339
|
6,509
|
Operating loss |
2,967
|
4,813
|
8,287
|
Company’s share of losses of companies accounted for at equity, net |
99
|
41
|
109
|
Finance income |
(1,024)
|
|
(7,832)
|
Finance expenses |
877
|
905
|
2,014
|
Loss before income taxes |
2,919
|
5,759
|
2,578
|
Taxes on income |
13
|
|
14
|
Total comprehensive loss |
2,932
|
5,759
|
2,592
|
Attributable to: |
|
|
|
Equity holders of the Company |
2,880
|
5,759
|
2,592
|
Non-controlling interests |
52
|
|
|
Profit loss |
$ 2,932
|
$ 5,759
|
$ 2,592
|
Basic loss per share attributable to equity holders of the Company: |
|
|
|
Loss from operations (in Dollars per share) |
$ 10.85
|
$ 46.8
|
$ 14.82
|
Diluted loss per share attributable to equity holders of the Company: |
|
|
|
Loss from operations (in Dollars per share) |
$ 10.85
|
$ 46.8
|
$ 14.82
|
X |
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v3.23.3
Consolidated Statements of Changes in Equity (Deficit) - USD ($) $ in Thousands |
Share capital and premium |
Reserve from share-based payment transactions |
Warrants |
Transactions with non- controlling interests |
Foreign currency translation reserve |
Accumulated deficit |
Total |
Non- controlling interests |
Total |
Balance at Dec. 31, 2021 |
$ 58,541
|
$ 4,331
|
$ 5,190
|
$ 559
|
$ 497
|
$ (60,977)
|
$ 8,141
|
|
$ 8,141
|
Income (loss) |
|
|
|
|
|
(5,759)
|
(5,759)
|
|
(5,759)
|
Expiration of share options |
6
|
(6)
|
|
|
|
|
|
|
|
Cost of share-based payment |
|
655
|
|
|
|
|
655
|
|
655
|
Balance at Jun. 30, 2022 |
58,547
|
4,980
|
5,190
|
559
|
497
|
(66,736)
|
3,037
|
|
3,037
|
Balance at Dec. 31, 2021 |
58,541
|
4,331
|
5,190
|
559
|
497
|
(60,977)
|
8,141
|
|
8,141
|
Income (loss) |
|
|
|
|
|
(2,592)
|
(2,592)
|
|
(2,592)
|
Exercise of warrants |
3
|
|
|
|
|
|
3
|
|
3
|
Cost of share-based payment |
48
|
849
|
|
|
|
|
897
|
|
897
|
Balance at Dec. 31, 2022 |
58,592
|
5,180
|
5,190
|
559
|
497
|
(63,569)
|
6,449
|
|
6,449
|
Income (loss) |
|
|
|
|
|
(2,880)
|
(2,880)
|
(52)
|
(2,932)
|
Issue of share capital in respect of investment in affiliate |
288
|
|
|
|
|
|
288
|
|
288
|
Sale of minority interest in subsidiary |
|
|
|
153
|
|
|
153
|
2,734
|
2,887
|
Issue of shares, net of issue expenses |
(45)
|
|
|
|
|
|
(45)
|
|
(45)
|
Cost of share-based payment |
63
|
68
|
|
|
|
|
131
|
|
131
|
Balance at Jun. 30, 2023 |
$ 58,898
|
$ 5,248
|
$ 5,190
|
$ 712
|
$ 497
|
$ (66,449)
|
$ 4,096
|
$ 2,682
|
$ 6,778
|
X |
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v3.23.3
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Cash flows from operating activities: |
|
|
|
Loss |
$ (2,932)
|
$ (5,759)
|
$ (2,592)
|
Adjustments to the profit or loss items: |
|
|
|
Depreciation and amortization |
267
|
21
|
187
|
Cost of share-based payment |
131
|
655
|
897
|
Finance expenses, net |
(1,023)
|
913
|
(6,585)
|
Group’s share of losses of company accounted for at equity, net |
98
|
41
|
109
|
Losses from remeasurement of investment in financial assets |
855
|
|
770
|
Total adjustments to the profit or loss |
328
|
1,630
|
(4,622)
|
Working capital adjustments: |
|
|
|
Decrease (increase) in other accounts receivable |
(684)
|
2,205
|
3
|
Increase (decrease) in trade payables |
48
|
(324)
|
|
Increase (decrease) in other accounts payable |
(40)
|
60
|
39
|
Decrease (increase) in trade receivables |
39
|
|
(77)
|
Decrease (increase) in inventory |
8
|
|
(668)
|
Working capital |
(629)
|
1,941
|
(703)
|
Net cash used in operating activities |
(3,233)
|
(2,188)
|
(7,917)
|
Cash flows from investing activities: |
|
|
|
Investment (withdrawal) in restricted bank deposits |
16
|
(8)
|
(15)
|
Purchase of property and equipment |
|
|
(8)
|
Investment in a company accounted for at equity |
(400)
|
(700)
|
(700)
|
Purchase of financial assets at fair value through profit or loss |
(687)
|
|
(1,500)
|
Purchase of intangible asset |
|
|
(4,861)
|
Net cash provided by investing activities |
(1,071)
|
(708)
|
(7,084)
|
Cash flows from financing activities: |
|
|
|
Proceeds from issue of share capital and warrants (net of issuance expenses) (Note 8) |
(50)
|
9,005
|
9,005
|
Repayment of lease liability |
(26)
|
(39)
|
(70)
|
Interest paid on lease liability |
|
|
(8)
|
Proceeds from issuance of shares to minority interests in a subsidiary |
2,887
|
|
|
Exercise of warrants |
|
|
2,770
|
Payment of issuance expenses related to previous period |
|
|
3
|
Net cash provided by financing activities |
2,811
|
8,966
|
11,700
|
Increase (decrease) in cash and cash equivalents |
(1,493)
|
6,070
|
(3,301)
|
Cash and cash equivalents at the beginning of the period |
3,574
|
6,875
|
6,875
|
Cash and cash equivalents at the end of the period |
2,081
|
12,945
|
3,574
|
(a) Significant non-cash transactions: |
|
|
|
Mutual share exchange of ordinary shares (see note 10) |
$ 288
|
|
|
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v3.23.3
General
|
6 Months Ended |
Jun. 30, 2023 |
General [Abstract] |
|
GENERAL |
NOTE
1:- GENERAL
|
a. |
SciSparc
Ltd. (formerly known as Therapix Biosciences Ltd.) (“SciSparc” or the “Company” or the “Group”),
a pharmaceutical company, was incorporated in Israel and commenced its operations on August 23, 2004. Until March 2014, SciSparc
and its subsidiaries at the time were mainly engaged in developing several innovative immunotherapy products and SciSparc’s
own patents in the immunotherapy field. In August 2015, the Company decided to adopt a different business strategy and began focusing
on developing a portfolio of approved drugs based on cannabinoid molecules. With this focus, the Company is currently engaged in
development programs based on Δ9-tetrahydrocannabinol (“THC”) and/or non-psychoactive cannabidiol for the treatment
of Tourette syndrome, Alzheimer’s disease and agitation, pain, autism spectrum disorder and Status Epilepticus. The headquarters
of the Company are located in Tel Aviv, Israel.
On
September 30, 2022, the Company announced the closing of the acquisition of WellutionTM, a top seller Amazon.com Marketplace
account (the “Brand”), American food supplements and cosmetics brand and trademark (the “Acquisition”). In
connection with the Acquisition, the Company incorporated a new wholly owned Delaware subsidiary, SciSparc Nutraceuticals Inc. (“SciSparc
US”), to hold the new assets. |
| | The Company’s ordinary shares are listed on Nasdaq and are trading under the symbol “SPRC”. As of June 30, 2023, the Company had three private subsidiaries, including a company incorporated under the laws of Israel: Evero Health Ltd (“Evero”); an inactive company incorporated under the laws of Israel: Brain Bright Ltd (“Brain Bright”); and a company incorporated under the laws of the State of Delaware: Scisparc US (together with Evero and Brain Bright, the “Subsidiaries”). On August 18, 2023, the Company convened a general meeting of its shareholders, whereby the shareholders approved, inter alia, a reverse split of the Company’s share capital up to a ratio of 30:1 (the “Reverse Split”). Following the implementation of the reverse split, the Company’s authorized share capital will not be adjusted under the Company’s articles of association, as currently in effect (the “Articles”), which as of the date hereof consists of 75,000,000 Ordinary Shares, no par value.
On
September 14, 2023, the Company’s Board resolved that the final ratio for the Reverse Split will be 26:1, which became effective
on September 28, 2023.
Consequently,
all share numbers, share prices, and exercise prices have been retroactively adjusted in these interim consolidated financial statements
for all periods presented. |
|
b. |
These interim consolidated
financial statements should be read in conjunction with the Company’s annual financial statements for the year ended December
31, 2022, and accompanying notes, that were approved on April 27, 2023, and signed on May 1, 2023 (the “2022 Annual Consolidated
Financial Statements”). |
| c. | The Company incurred a net loss of $2,932 and had negative cash flows from operating activities of $3,233 for the six month period ended June 30, 2023. As of June 30, 2023, the Company had an accumulated deficit of $66,449 as a result of recurring operating losses. At June 30, 2023, the Company’s cash and cash equivalents position is not sufficient to fund the Company’s planned operations for at least a year beyond the date of the filing date of the consolidated financial statements.. The Company’s pharmaceuticals operations are dependent on its ability to raise additional funds from existing and/or new investors. This dependency will continue until the Group will be able to completely finance its operations by generating revenue from its pharmaceutical products. These abovementioned factors raise substantial doubt about the Group’s ability to continue as a going concern. The Company intends to finance operating costs over the next twelve months through a combination of actions that may include existing cash on hand, reducing operating expenses and issuing equity and/or debt securities. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and liabilities and commitments in the normal course of business. The interim consolidated financial statements for the period ended June 30, 2023, do not include any adjustments to the carrying amounts and classifications of assets and liabilities that might result should the Group be unable to continue as a going concern.
|
|
d. |
The interim consolidated financial statements
of the Company for the six-month period ended on June 30, 2023, were approved for issuance on October 2, 2023 (the “Approval
Date”). In connection with the preparation of the interim consolidated financial statements and in accordance with authoritative
guidance for subsequent events, the Company evaluated subsequent events after the consolidated statements of financial position date
of June 30, 2023, through September 27, 2023, the date on which the unaudited interim consolidated financial statements were available
to be issued. |
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v3.23.3
Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Significant Accounting Policies [Abstract] |
|
SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2:- SIGNIFICANT ACCOUNTING POLICIES
Unaudited
Interim Financial Information
The
Company’s unaudited condensed consolidated financial statements have been prepared in accordance with International Accounting
Standard (“IAS”) 34, “Interim Financial Reporting”. The significant accounting policies adopted in the preparation
of the interim consolidated financial statements are consistent with those followed in the preparation of the 2022 Annual Consolidated
Financial Statements. Accordingly, these condensed consolidated financial statements should be read in conjunction with the 2022 Annual
Consolidated Financial Statements. The results for any interim period are not necessarily indicative of results for any future period.
The
unaudited condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the
opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments
that are necessary to present fairly the Company’s financial position and results of operations for the interim periods presented.
The results for the six month period ended June 30, 2023, are not necessarily indicative of the results for the year ending December 31,
2023, or for any future period.
As
of June 30, 2023, there have been no material changes in the Company’s significant accounting policies from those that were disclosed
in the 2022 Annual Consolidated Financial Statements.
|
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v3.23.3
Investment in Associate
|
6 Months Ended |
Jun. 30, 2023 |
Investment in Associate [Abstract] |
|
INVESTMENT IN ASSOCIATE |
NOTE
3:- INVESTMENT IN ASSOCIATE
On
March 10, 2022, the Company entered into a Founders and Investment Agreement with Dr. Alon Silberman, or the MitoCareX Agreement. Pursuant
to the MitoCareX Agreement, the Company invested an initial amount of $700, and agreed to invest over the next two years, an additional
$1,000, subject to the achievement of certain pre-determined milestones as agreed upon in the MitoCareX Agreement, for up to a 50.01%
ownership in MitoCareX Bio Ltd. (“MitoCareX”). MitoCareX is focused on the discovery and development of potential drugs for
cancers and other life-threatening conditions. The MitoCareX Agreement also contains customary representations, warranties, covenants,
and indemnification provisions. On March 31, 2022, the closing conditions were met, and the Company paid the initial investment amount
of $700 to MitoCareX. As of December 31, 2022, the Company owns 31.48% of the outstanding shares of MitoCareX.
On
February 17, 2023, MitoCareX achieved its first milestone pursuant to the MitoCareX Agreement. The first milestone refers to the establishment
of MitoCareX’s cloud-based computing infrastructure that is expected to allow its future expansion into machine learning system.
The system is harnessed to investigating mitochondrial carriers that are crucial for cell viability. As a result of MitoCareX meeting
this milestone, the Company will invest an additional $400 in MitoCareX and increase its share ownership in MitoCareX Bio from 31.48%
to 41.92%.
The
table below summarizes the fair value of the investment in MitoCareX:
Balance at January
1, 2022 | |
$ | - | |
Investment
date March 31, 2022 | |
| 700 | |
Equity
losses from investment in MitoCareX | |
| (109 | ) |
| |
| | |
Balance at December
31, 2022 | |
| 591 | |
| |
| | |
Investment date March
31, 2023 | |
| 400 | |
Equity
losses from investment in MitoCareX | |
| (98 | ) |
| |
| | |
Balance
at June 30, 2023 | |
$ | 893 | |
During
the six months ended June 30, 2023, and 2022, the Company recorded equity losses from the investment in MitoCareX in the amount of $98
and $41, respectively.
|
X |
- DefinitionThe description of the entity's material accounting policy information for investment in associates and joint ventures. [Refer: Associates [member]; Joint ventures [member]]
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name IAS -Number 1 -IssueDate 2023-01-01 -Paragraph 117 -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=1&code=ifrs-tx-2023-en-r&anchor=para_117&doctype=Standard -URIDate 2023-03-23
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v3.23.3
Intangible Asset
|
6 Months Ended |
Jun. 30, 2023 |
Intangible Asset [Abstract] |
|
INTANGIBLE ASSET |
NOTE
4:- INTANGIBLE ASSET
On
September 30, 2022, the Company announced the closing of the Acquisition. In connection with the Acquisition, the Company incorporated
a new wholly owned Delaware subsidiary, SciSparc US, to hold the new assets. The definitive agreement for the acquisition of the Brand
was entered into with Merhavit M.R.M Holding and Management Ltd (“M.R.M”).
At
the closing, the Company paid a base cash payment of $4,540 and in 12 months following the closing agreed to pay an additional deferred
cash payment equal to a multiple of 3 times the amount by which the Brand’s EBITDA exceeds $1,120 during the 12-month period following
the closing of the Acquisition. The Company paid an additional $321 as purchase costs.
In
addition, the Company issued to M.R.M $15,000 worth of warrants to purchase ordinary shares of the Company at an exercise price of $7.00
per share (with a cashless exercise mechanism) and with an exercise period of five years from the closing of the Acquisition (the “September
2022 Warrants”). The September 2022 Warrants will become exercisable upon the earlier of (i) an achievement of $100,000 of gross
sales by the Brand in the aggregate or (ii) if the price of our Ordinary Shares closes at $10.00 or above.
The
Company reviewed the transaction and deemed it to be the purchase of assets for accounting purposes under generally accepted accounting
principles and not as a business combination. The Company reviewed the guidance under IFRS 3 for the transaction and determined that
the fair value of the gross assets acquired was concentrated in a single identifiable asset, a brand. Accordingly, the Company treated
the transaction as an asset acquisition. On the closing date of the Acquisition, the Company fully recognized the acquisition amount
total of $4,861 as an intangible asset, to be amortized over a period of 10 years.
The
table below summarizes the fair value of the intangible asset:
Balance at January
1, 2022 | |
$ | - | |
Purchase
date September 30, 2022 | |
| 4,861 | |
Depreciation
of intangible asset | |
| (144 | ) |
| |
| | |
Balance at December
31, 2022 | |
| 4,717 | |
| |
| | |
Depreciation
of intangible asset | |
| (243 | ) |
| |
| | |
Balance
at June 30, 2023 | |
$ | 4,474 | |
During
the year ended December 31, 2022, the Company recognized depreciation expenses in respect to intangible asset in the amount of $144.
The
estimated fair values of the tangible and intangible assets in respect of the Acquisition of the Wellution™ brand are provisional
and are based on information that was available as of the Acquisition date to estimate the fair value of these amounts. The Group’s
management believes the information provides a reasonable basis for estimating the fair values of these amounts but is waiting for additional
information necessary to finalize those fair values. Therefore, provisional measurements of fair value that appear are subject to change.
The Group expects to finalize the tangible and intangible assets valuation and complete the Acquisition accounting as soon as practicable
but no later than the measurement period.
During
the six months ended June 30, 2023, and 2022, the Company recorded depreciation expenses with respect to intangible asset in the amount
of $243 and $ nil, respectively.
|
X |
- DefinitionThe entire disclosure for intangible assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IAS -Number 38 -IssueDate 2023-01-01 -Section Disclosure -URI https://taxonomy.ifrs.org/xifrs-link?type=IAS&num=38&code=ifrs-tx-2023-en-r&doctype=Standard&dita_xref=IAS38_g118-128_TI -URIDate 2023-03-23
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v3.23.3
Investment in Financial Assets
|
6 Months Ended |
Jun. 30, 2023 |
Investment in Financial Assets [Abstract] |
|
INVESTMENT IN FINANCIAL ASSETS |
NOTE
5:- INVESTMENT IN FINANCIAL ASSETS
On
June 25, 2023, the Company entered into a Share Purchase Agreement (the “Agreement”) with AutoMax Motors Ltd. (“AutoMax”),
an Israeli company traded on the Tel Aviv Stock Exchange (“TASE”) and the leading parallel importer and distributor of vehicles
in Israel, pursuant to which, at the closing and upon the terms and conditions set forth in the Agreement, the Company will invest NIS
2,500,000 in cash, in exchange for ordinary shares, NIS 0.05 par value, of AutoMax (the “AutoMax Shares”) based on a price
per share of NIS 0.5. As of June 30, 2023, the listed share price of AutoMax on the TASE was NIS 0.41, and the Company has recorded a
loss in its statements of comprehensive loss of $133 on its investment.
|
X |
- DefinitionThe disclosure of the fair value of investments in equity instruments that the entity has designated at fair value through other comprehensive income. [Refer: Investments in equity instruments designated at fair value through other comprehensive income]
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Name IFRS -Number 7 -IssueDate 2023-01-01 -Paragraph 11A -Subparagraph c -URI https://taxonomy.ifrs.org/xifrs-link?type=IFRS&num=7&code=ifrs-tx-2023-en-r&anchor=para_11A_c&doctype=Standard -URIDate 2023-03-23
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v3.23.3
Transactions and Balances with Related Parties
|
6 Months Ended |
Jun. 30, 2023 |
Transactions and Balances with Related Parties [Abstract] |
|
TRANSACTIONS AND BALANCES WITH RELATED PARTIES |
NOTE
6:- TRANSACTIONS AND BALANCES WITH RELATED PARTIES
| a. | Mr. Oz Adler, the Company’s Chief Executive Officer and Chief Financial Officer, is the chairman of the board of directors of Jeffs’ Brands Ltd. (“Jeffs’ Brands”) (see Note 11). | | b. | On March 7, 2022, the Company entered into the Cooperation Agreement with Clearmind Medicine Inc. (“Clearmind”), a company in which Dr. Adi Zuloff-Shani, the Company’s Chief Technologies Officer, Mr. Weiss, the Company’s President, and Mr. Adler, the Company’s Chief Executive Officer and Chief Financial Officer, serve as officers and directors.
During
the year ended December 31, 2022, the Company recognized expenses in respect of the Cooperation Agreement with Clearmind in the amount
of $208, and the balance owed to Clearmind as of December 31, 2022, was $55.
On
November 17, 2022, the Company invested $1,500 thousand in Clearmind in connection with its initial public offering on the Nasdaq Capital
Market, in exchange for 230,769 common shares of Clearmind, representing 9.33% of the outstanding share capital of Clearmind.
| | c. | Mr. Amitai Weiss, our chairman of the board of directors, is the chairman of the board of directors of AutoMax (see Note 5). |
|
v3.23.3
Financial Instruments
|
6 Months Ended |
Jun. 30, 2023 |
Financial Instruments [Abstract] |
|
FINANCIAL INSTRUMENTS |
NOTE
7:- FINANCIAL INSTRUMENTS
Classification
of financial assets and financial liabilities:
The
financial assets and financial liabilities in the consolidated statements of financial position are classified by groups of financial
instruments pursuant to IFRS 9, “Financial Instruments”:
| |
| |
June
30, | | |
December 31, | |
| |
| |
2023 | | |
2022 | | |
2022 | |
| |
| |
Unaudited | | |
Audited | |
| |
Note | |
USD
in thousands | |
| |
| |
| | |
| | |
| |
Financial assets: | |
| |
| | |
| | |
| |
Cash
and cash equivalents | |
| |
$ | 2,081 | | |
$ | 12,945 | | |
$ | 3,574 | |
Trade receivables | |
| |
| 43 | | |
| - | | |
| 60 | |
Government authorities | |
| |
| 100 | | |
| 77 | | |
| 45 | |
Other
receivables | |
| |
| 715 | | |
| 622 | | |
| 86 | |
Investments in financial
assets | |
| |
| 849 | | |
| - | | |
| 730 | |
| |
| |
| | | |
| | | |
| | |
| |
| |
$ | 3,778 | | |
$ | 13,644 | | |
$ | 4,495 | |
| |
| |
| | | |
| | | |
| | |
Financial liabilities: | |
| |
| | | |
| | | |
| | |
Credit from others | |
| |
$ | - | | |
$ | - | | |
$ | 102 | |
Warrants liability | |
| |
| 1,714 | | |
| 10,252 | | |
| 2,737 | |
Lease
liability | |
| |
| - | | |
| 45 | | |
| 27 | |
| |
| |
| | | |
| | | |
| | |
Total financial and
lease liabilities | |
| |
$ | 1,714 | | |
$ | 10,297 | | |
$ | 2,866 | |
|
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v3.23.3
Warrants
|
6 Months Ended |
Jun. 30, 2023 |
Warrants [Abstract] |
|
WARRANTS |
NOTE
8:- WARRANTS
On
June 1, 2022, the Company completed a private offering with an investor for gross proceeds of $10,210 (the “June 2022 Private Placement”),
providing for the issuance of an aggregate of 136,388 units and pre-funded units, as follows: (a) 12,884 units at a price of $74.88 per
unit, each consisting of (i) one ordinary share of the Company, and (ii) two warrants each to purchase one ordinary share (the “June
2022 Warrants”), and (b) 123,504 pre-funded units at a price of $73.294 per unit, each consisting of (i) one pre-funded warrant
to purchase one ordinary share and (ii) two June 2022 Warrants.
The
June 2022 Warrants have an exercise price of $68.38 per ordinary share. The June 2022 Warrants were exercisable upon issuance and will
expire seven years from the date of issuance.
General
Overview of Valuation Approaches used in the Valuation:
Fair
value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date.
Economic
methodology:
The
June 2022 Warrants’ fair value was calculated using the Black–Scholes option pricing model, which takes into account the
parameters as disclosed below for each period valuated, in which a valuation was performed at (i) the issuance date, and (ii) each reporting
date with the following assumptions:
| |
December 31,
2022 | | |
June
30, 2023 | |
Dividend
yield (%) | |
| 0 | | |
| 0 | |
Expected
volatility (%) | |
| 72 | | |
| 72 | |
Risk-free
interest rate (%) | |
| 3.97 | | |
| 3.97 | |
Underlying share
price ($) | |
| 19.656 | | |
| 14.274 | |
Exercise price ($) | |
| 68.38 | | |
| 68.38 | |
Warrants fair value
($) | |
| 2,396 | | |
| 1,373 | |
The
June 2022 Warrants are classified as current warrant liability in the Company’s balance sheet, as they are exercisable at any given
time.
During
the six months ended June 30, 2023, and 2022, the Company recorded finance income from the change in fair value of the June 2022 Warrants
in the amount of $1,023 and $nil, respectively.
|
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v3.23.3
Equity
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
EQUITY |
NOTE
9:- EQUITY
Reverse
Share Splits
On
August 18, 2023, the Company convened a general meeting of its shareholders, whereby the shareholders approved, inter alia, a reverse
split of the Company’s share capital up to a ratio of 30:1. Following the implementation of the Reverse Split, the Company’s
authorized share capital will not be adjusted under the Company’s Articles, which as of the date hereof consists of 75,000,000
Ordinary Shares, no par value.
On
September 14, 2023, the Company’s Board resolved that the final ratio for the Reverse Split will be 26:1, which became effective
on September 28, 2023.
| a. | Composition of share capital as of June 30, 2023, June 30, 2022, and December 31, 2022: |
| |
June
30, 2023 | | |
December
31, 2022 | | |
June
30, 2022 | |
| |
Authorized | | |
Issued
and outstanding | | |
Authorized | | |
Issued
and outstanding | | |
Authorized | | |
Issued
and outstanding | |
| |
Number
of shares | |
Ordinary
Shares of no par value each | |
| 75,000,000 | | |
| 282,782 | | |
| 75,000,000 | | |
| 261,494 | | |
| 25,714,286 | | |
| 135,644 | |
|
b. |
Changes in share capital: |
Issued
and outstanding share capital:
| |
Number
of ordinary shares | |
Balance
at January 1, 2023 | |
| 261,494 | |
| |
| | |
Issuance
of share capital – in respect of investment in affiliate (Note 6e) | |
| 13,858 | |
| |
| | |
Shares
issued to consultants (Note 6e) | |
| 7,134 | |
| |
| | |
Issuance
of share capital – in respect of shelf prospectus (Note 6e) | |
| 296 | |
| |
| | |
Balance
at June 30, 2023 | |
| 282,782 | |
|
c. |
Rights attached to shares: |
Voting
rights at shareholders meetings, right to dividends, rights upon liquidation of the Company and right to nominate the directors in the
Company.
|
d. |
Capital management in the
Company: |
The
Company’s capital management objectives are to preserve the Company’s ability to ensure business continuity thereby creating
a return for the shareholders, investors and other interested parties. The Company is not under any minimal equity requirements nor is
it required to attain a certain level of capital return.
|
e. |
Additional issuance of
ordinary shares: |
On
August 2, 2022, the Company issued a consultant 923 ordinary shares in respect of services rendered.
On
November 1, 2022, the Company issued a consultant 1,423 ordinary shares in respect of services rendered.
On
March 22, 2023, the Company issued 13,858 ordinary shares in respect of the stock purchase agreement
entered into by and among Jeffs’ Brands and Jeffs’ Brands Holdings Inc. (“NewCo”) (see also note 8a)
On
May 31, 2023, the Company issued 7,134 ordinary shares to consultants in respect of services rendered.
|
f. |
March 2021 Financing Round |
On
March 4, 2021, the Company completed a private offering with several accredited and institutional investors for gross proceeds of $8,150,
providing for the issuance of an aggregate of 44,331 units, as follows: (a) 35,242 units at a price of $183,82 per unit, consisting of
(i) one ordinary share of the Company, and (ii) a Series A Warrant to purchase an equal number of units purchased (the “2021 Series
A Warrants”) and a Series B Warrant (the “2021 Series B Warrants” and, collectively with the 2021 Series A Warrants,
the March 2021 Warrants) to purchase half the number of units, and (b) 9,089 pre-funded units at a price of $183.794 per unit, consisting
of (i) one pre-funded warrant to purchase one ordinary share and (ii) one 2021 Series A Warrant and one 2021 Series B Warrant.
The
Series A Warrants have an exercise price of $183.82 per ordinary share and the Series B Warrants have an exercise price of $275.60 per
ordinary share). Both were exercisable upon issuance and will expire five years from the date of issuance.
The
March 2021 Warrants are classified as issued warrants in the Company’s equity.
During
the year ended December 31, 2021, the Company issued 4,929 ordinary shares in respect of the exercise of 385 2021 Series A Warrants and
the exercise of 4,544 of pre-funded warrants. During
the year ended December 31, 2022, the Company issued 3,846 ordinary shares in respect of the exercise of 3,846 pre-funded warrants. During
the six months ended June 30, 2023, there were no exercises of 2021 Series A Warrants.
|
g. |
June 2022 Financing Round
(see also note 8) |
On
June 1, 2022, the Company completed the June 2022 Private Placement with an investor for gross proceeds of $10,210, providing for the
issuance of an aggregate of 136,388 units and pre-funded units, as follows: (a) 12,884 units at a price of $74.88 per unit, each consisting
of (i) one ordinary share of the Company, and (ii) two warrants each to purchase one ordinary share (the “June 2022 Warrants”),
and (b) 123,504 pre-funded units at a price of $73.294 per unit, each consisting of (i) one pre-funded warrant to purchase one ordinary
share and (ii) two June 2022 Warrants.
The
June 2022 Warrants have an exercise price of $68.38 per ordinary share. The June 2022 Warrants were exercisable upon issuance
and will expire seven years from the date of issuance.
The
June 2022 Warrants are classified as current warrant liability in the Company’s balance sheet, as they are exercisable at any given
time.
During
the year ended December 31, 2022, the Company issued 123,504 ordinary shares in respect of the exercise of 123,504 pre-funded warrants.
During the six months ended June 30, 2023, there were no exercises of June 2022 Warrants.
|
X |
- DefinitionThe entire disclosure for share capital, reserves and other equity interest.
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v3.23.3
Additional Information to the Items of Profit or Loss
|
6 Months Ended |
Jun. 30, 2023 |
Additional Information to the Items of Profit or Loss [Abstract] |
|
ADDITIONAL INFORMATION TO THE ITEMS OF PROFIT OR LOSS |
NOTE
10:- ADDITIONAL INFORMATION TO THE ITEMS OF PROFIT OR LOSS
| |
Six
months ended June 30, | | |
Year
Ended December 31, | |
| |
2023 | | |
2022 | | |
2022 | |
| |
Unaudited | | |
Audited | |
| |
USD
in thousands | |
a.
Research and development expenses: | |
| | |
| | |
| |
| |
| | |
| | |
| |
Wages
and related expenses | |
$ | 202 | | |
$ | 243 | | |
$ | 436 | |
Share-based
payment | |
| 23 | | |
| 224 | | |
| 264 | |
Clinical
studies | |
| 145 | | |
| 106 | | |
| 369 | |
Regulatory,
professional and other expenses | |
| 366 | | |
| 373 | | |
| 750 | |
Research
and preclinical studies | |
| 45 | | |
| 410 | | |
| 703 | |
Chemistry
and formulations | |
| - | | |
| 118 | | |
| 281 | |
| |
| | | |
| | | |
| | |
| |
| 781 | | |
| 1,474 | | |
| 2,803 | |
| |
| | | |
| | | |
| | |
b.
General and administrative expenses: | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Wages
and related expenses | |
| 217 | | |
| 245 | | |
| 437 | |
Share-based
payment | |
| 45 | | |
| 431 | | |
| 633 | |
Professional
and directors’ fees | |
| 1,366 | | |
| 1,292 | | |
| 2,499 | |
Business
development expenses | |
| 38 | | |
| 2 | | |
| 161 | |
Office
maintenance, rent and other expenses | |
| 48 | | |
| 63 | | |
| 224 | |
Investor
relations and business expenses | |
| 310 | | |
| 1,193 | | |
| 1,486 | |
Wellution
operating expenses | |
| 366 | | |
| - | | |
| 907 | |
Regulatory
expenses | |
| 104 | | |
| 113 | | |
| 162 | |
| |
| | | |
| | | |
| | |
| |
$ | 2,494 | | |
$ | 3,339 | | |
| 6,509 | |
|
v3.23.3
Significant Events during the Reporting Period
|
6 Months Ended |
Jun. 30, 2023 |
Significant Events during the Reporting Period [Abstract] |
|
SIGNIFICANT EVENTS DURING THE REPORTING PERIOD |
NOTE
11:- SIGNIFICANT EVENTS DURING THE REPORTING PERIOD
| a. | On February 23, 2023, the Company entered into an agreement with Jeffs’ Brands and NewCo, a newly-formed wholly owned subsidiary of Jeffs’ Brands, pursuant to which, at the closing and upon the terms and conditions set forth in the Agreement, NewCo Inc. acquired from the Company a number of shares of stock equal to approximately a 49% interest in the Company’s wholly owned subsidiary, SciSparc US which owns WellutionTM , for $2,500 in cash, and additional deferred cash payments of approximately $489,330 accounting for price adjustments related to inventory and working capital, which is to be paid in five equal monthly installments beginning in May 2023 (the “Price Adjustment”). As collateral for the payment in full of the Price Adjustment, SciSparc held back such number of shares of common stock of SciSparc US, equal to the outstanding due amount of the Price Adjustment (the “Holdback Shares”). Following the closing of the transaction on March 22, 2023, which included an equity conversion of financing amounts previously provided to SciSparc US. by the Company for working capital, and the release of the Holdback Shares upon the payment in full of the Price Adjustment the Company will hold approximately 51% of the share capital of SciSparc US. Pursuant to the agreement, at the closing of the transaction, Jeffs’ Brands and SciSparc US. entered into a consulting agreement, pursuant to which Jeffs’ Brands will provide management services to SciSparc US for the WellutionTM brand for a monthly fee of $20 and Jeffs’ Brands will receive a one-time signing bonus in the amount of $51. The consulting agreement is for an undefined period of time and may be terminated by either party with 30 days advance notice. In addition, in connection with the closing of the transaction, the Company and Jeffs’ Brands, engaged in a mutual share exchange in the amount of $288,238 of ordinary shares from each of the Company and Jeffs’ Brands. The number of shares in the share exchange was calculated based on the average closing price of the relevant company’s shares for 30 consecutive trading days ending on the third trading day immediately prior to the closing. Accordingly, the Company acquired 247,415 ordinary shares of Jeffs’ Brands and Jeffs’ Brands acquired 13,858 ordinary shares of the Company having an aggregate value of $288,238, which was adjusted from $300,000 according to the 4.99% ownership limit included in the definitive agreements. | | | | | b. | On May 2, 2023, Capital Point Ltd. (“Capital Point”) filed with the Tel Aviv-Jaffa District Court (the “Court”) a suit against the Company, case number 2050-05-23 (the “Suit”). The Suit names the Company as the sole defendant and includes allegations of breaches of contract by the Company under the Israeli Contracts Law, 1973, unjust enrichment under the Israeli Unjust Enrichment Law, 1979 and breaches of the Company under the Israeli Torts Ordinance, 1968. | | | The Suit challenges a certain warrant issued by the Company to Capital Point (the “Capital Point Warrant”) to purchase $340,000 of ordinary shares of the Company (the “Warrant Shares”). The Capital Point Warrant was exercisable for 12 months from May 15, 2021, to May 15, 2022 and was issued in connection with the joint venture transaction, entered on May 15, 2020, by and between the Company, Capital Point and Evero Health Ltd., a majority owned subsidiary of the Company, as further described in the Company’s Report on Form 6-K, filed on May 19, 2020. The Suit claims that the Company unlawfully refused to accept the Capital Point Warrant exercise notice as of November 4, 2021 and accordingly the Company did not issue to Capital Point the Warrant Shares. The Suit claims damages in the amount of NIS 10,000,000 (approximately $2.75 million), which accounts for, as of the date of the filing of the Suit, the agreed compensation according to Section 2(d)(i) of the Capital Point Warrant, an injunction order for the Company to issue the Warrant Shares to Capital Point, return of any unlawful profits received by the Company and punitive damages. As of the Approval Date, the Company cannot predict the likelihood of success of the Suit. |
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v3.23.3
Events after the Reporting Period
|
6 Months Ended |
Jun. 30, 2023 |
Events after the Reporting Period [Abstract] |
|
EVENTS AFTER THE REPORTING PERIOD |
NOTE
12:- EVENTS AFTER THE REPORTING PERIOD
| a. | On August 1, 2023, the Company issued a consultant 807 ordinary shares in respect of services rendered. | | b. | On August 14, 2023, the Company closed an underwritten public offering (the “Public Offering”) of 212,500 ordinary shares, at a purchase price of $5.20 per ordinary share and pre-funded warrants to purchase up to 37,500 ordinary shares at a purchase price of $5.174 per pre-funded warrant, for aggregate gross proceeds of approximately $1.3 million, pursuant to an underwriting agreement between the Company and Aegis Capital Corp (“Aegis”), the underwriter in the Public Offering, dated August 10, 2023. Pursuant to the terms of the underwriting agreement, the Company also granted the underwriter a 45-day option to purchase up to an additional 37,500 ordinary shares solely to cover over-allotments, if any, at the share price of the Public Offering less underwriting discounts and commissions. The pre-funded warrants were exercisable immediately upon issuance and have an exercise price of $0.026 per share. Following the offering and as of the Approval Date, the Company issued 25,000 ordinary shares in respect of the exercise of 25,000 pre-funded warrants. | | c. | On August 18, 2023, the Company convened a general meeting of its shareholders, whereby the shareholders approved, inter alia, a reverse split of the Company’s share capital up to a ratio of 30:1. Following the implementation of the Reverse Split, the Company’s authorized share capital will not be adjusted under the Company’s Articles, which as of the date hereof consists of 75,000,000 Ordinary Shares, no par value. On September 14, 2023, the Company’s Board resolved that the final ratio for the Reverse Split will be 26:1, which became effective on September 28, 2023.
|
| d. | On October 11, 2023, the Company entered into a private placement transaction (the “Private Placement”), pursuant to a Securities Purchase Agreement (the “Agreement”) and a Registration Rights Agreement (the “Registration Rights Agreement”) with an institutional investor (the “Purchaser”) for aggregate gross proceeds of approximately $5 million (representing a 30% original issue discount to the aggregate purchase price of approximately $7.18 million), before deducting fees to the placement agent and other expenses payable by the Company in connection with the Private Placement. The Company intends to use the net proceeds from the Private Placement for general corporate purposes, including working capital. Aegis, acted as the exclusive placement agent for the Private Placement. As part of the Private Placement, the Company issued units (the “Units”), at a purchase price of $3.72 per Unit, consisting of 1,930,108 pre-funded ordinary share purchase warrants (the “Pre-Funded Warrant”) to purchase up to 1,930,108 ordinary shares of the Company, no par value per share (the “Ordinary Shares”), and an additional accompanying Pre-Funded Warrant to purchase up to 1,930,108 Ordinary Shares. The Pre-Funded Warrants are immediately exercisable upon issuance and have a term of five years from issuance at an exercise price of $0.001 per Ordinary Share. |
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v3.23.3
Accounting Policies, by Policy (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Unaudited Interim Financial Information |
Unaudited
Interim Financial Information The
Company’s unaudited condensed consolidated financial statements have been prepared in accordance with International Accounting
Standard (“IAS”) 34, “Interim Financial Reporting”. The significant accounting policies adopted in the preparation
of the interim consolidated financial statements are consistent with those followed in the preparation of the 2022 Annual Consolidated
Financial Statements. Accordingly, these condensed consolidated financial statements should be read in conjunction with the 2022 Annual
Consolidated Financial Statements. The results for any interim period are not necessarily indicative of results for any future period. The
unaudited condensed consolidated financial statements have been prepared on the same basis as the audited financial statements. In the
opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all adjustments
that are necessary to present fairly the Company’s financial position and results of operations for the interim periods presented.
The results for the six month period ended June 30, 2023, are not necessarily indicative of the results for the year ending December 31,
2023, or for any future period. As
of June 30, 2023, there have been no material changes in the Company’s significant accounting policies from those that were disclosed
in the 2022 Annual Consolidated Financial Statements.
|
X |
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v3.23.3
Investment in Associate (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Investment in Associate [Abstract] |
|
Schedule of Fair Value of the Investment |
The
table below summarizes the fair value of the investment in MitoCareX:
Balance at January
1, 2022 | |
$ | - | |
Investment
date March 31, 2022 | |
| 700 | |
Equity
losses from investment in MitoCareX | |
| (109 | ) |
| |
| | |
Balance at December
31, 2022 | |
| 591 | |
| |
| | |
Investment date March
31, 2023 | |
| 400 | |
Equity
losses from investment in MitoCareX | |
| (98 | ) |
| |
| | |
Balance
at June 30, 2023 | |
$ | 893 | |
|
X |
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v3.23.3
Intangible Asset (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Intangible Asset [Abstract] |
|
Schedule of Fair Value of the Intangible Asset |
The
table below summarizes the fair value of the intangible asset:
Balance at January
1, 2022 | |
$ | - | |
Purchase
date September 30, 2022 | |
| 4,861 | |
Depreciation
of intangible asset | |
| (144 | ) |
| |
| | |
Balance at December
31, 2022 | |
| 4,717 | |
| |
| | |
Depreciation
of intangible asset | |
| (243 | ) |
| |
| | |
Balance
at June 30, 2023 | |
$ | 4,474 | |
|
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v3.23.3
Financial Instruments (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Financial Instruments [Abstract] |
|
Schedule of Financial Assets and Financial Liabilities |
The
financial assets and financial liabilities in the consolidated statements of financial position are classified by groups of financial
instruments pursuant to IFRS 9, “Financial Instruments”:
| |
| |
June
30, | | |
December 31, | |
| |
| |
2023 | | |
2022 | | |
2022 | |
| |
| |
Unaudited | | |
Audited | |
| |
Note | |
USD
in thousands | |
| |
| |
| | |
| | |
| |
Financial assets: | |
| |
| | |
| | |
| |
Cash
and cash equivalents | |
| |
$ | 2,081 | | |
$ | 12,945 | | |
$ | 3,574 | |
Trade receivables | |
| |
| 43 | | |
| - | | |
| 60 | |
Government authorities | |
| |
| 100 | | |
| 77 | | |
| 45 | |
Other
receivables | |
| |
| 715 | | |
| 622 | | |
| 86 | |
Investments in financial
assets | |
| |
| 849 | | |
| - | | |
| 730 | |
| |
| |
| | | |
| | | |
| | |
| |
| |
$ | 3,778 | | |
$ | 13,644 | | |
$ | 4,495 | |
| |
| |
| | | |
| | | |
| | |
Financial liabilities: | |
| |
| | | |
| | | |
| | |
Credit from others | |
| |
$ | - | | |
$ | - | | |
$ | 102 | |
Warrants liability | |
| |
| 1,714 | | |
| 10,252 | | |
| 2,737 | |
Lease
liability | |
| |
| - | | |
| 45 | | |
| 27 | |
| |
| |
| | | |
| | | |
| | |
Total financial and
lease liabilities | |
| |
$ | 1,714 | | |
$ | 10,297 | | |
$ | 2,866 | |
|
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v3.23.3
Warrants (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Warrants [Abstract] |
|
Schedule of Warrants’ Fair Value |
The
June 2022 Warrants’ fair value was calculated using the Black–Scholes option pricing model, which takes into account the
parameters as disclosed below for each period valuated, in which a valuation was performed at (i) the issuance date, and (ii) each reporting
date with the following assumptions:
| |
December 31,
2022 | | |
June
30, 2023 | |
Dividend
yield (%) | |
| 0 | | |
| 0 | |
Expected
volatility (%) | |
| 72 | | |
| 72 | |
Risk-free
interest rate (%) | |
| 3.97 | | |
| 3.97 | |
Underlying share
price ($) | |
| 19.656 | | |
| 14.274 | |
Exercise price ($) | |
| 68.38 | | |
| 68.38 | |
Warrants fair value
($) | |
| 2,396 | | |
| 1,373 | |
|
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v3.23.3
Equity (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Schedule of Share Capital |
Composition of share capital as of June 30, 2023, June 30, 2022, and December 31, 2022:
| |
June
30, 2023 | | |
December
31, 2022 | | |
June
30, 2022 | |
| |
Authorized | | |
Issued
and outstanding | | |
Authorized | | |
Issued
and outstanding | | |
Authorized | | |
Issued
and outstanding | |
| |
Number
of shares | |
Ordinary
Shares of no par value each | |
| 75,000,000 | | |
| 282,782 | | |
| 75,000,000 | | |
| 261,494 | | |
| 25,714,286 | | |
| 135,644 | |
|
Schedule of Issued and Outstanding Share Capital |
Issued
and outstanding share capital:
| |
Number
of ordinary shares | |
Balance
at January 1, 2023 | |
| 261,494 | |
| |
| | |
Issuance
of share capital – in respect of investment in affiliate (Note 6e) | |
| 13,858 | |
| |
| | |
Shares
issued to consultants (Note 6e) | |
| 7,134 | |
| |
| | |
Issuance
of share capital – in respect of shelf prospectus (Note 6e) | |
| 296 | |
| |
| | |
Balance
at June 30, 2023 | |
| 282,782 | |
|
X |
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v3.23.3
Additional Information to the Items of Profit or Loss (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Additional Information to the Items of Profit or Loss [Abstract] |
|
Schedule of Information to the Items of Profit or Loss |
| |
Six
months ended June 30, | | |
Year
Ended December 31, | |
| |
2023 | | |
2022 | | |
2022 | |
| |
Unaudited | | |
Audited | |
| |
USD
in thousands | |
a.
Research and development expenses: | |
| | |
| | |
| |
| |
| | |
| | |
| |
Wages
and related expenses | |
$ | 202 | | |
$ | 243 | | |
$ | 436 | |
Share-based
payment | |
| 23 | | |
| 224 | | |
| 264 | |
Clinical
studies | |
| 145 | | |
| 106 | | |
| 369 | |
Regulatory,
professional and other expenses | |
| 366 | | |
| 373 | | |
| 750 | |
Research
and preclinical studies | |
| 45 | | |
| 410 | | |
| 703 | |
Chemistry
and formulations | |
| - | | |
| 118 | | |
| 281 | |
| |
| | | |
| | | |
| | |
| |
| 781 | | |
| 1,474 | | |
| 2,803 | |
| |
| | | |
| | | |
| | |
b.
General and administrative expenses: | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | |
Wages
and related expenses | |
| 217 | | |
| 245 | | |
| 437 | |
Share-based
payment | |
| 45 | | |
| 431 | | |
| 633 | |
Professional
and directors’ fees | |
| 1,366 | | |
| 1,292 | | |
| 2,499 | |
Business
development expenses | |
| 38 | | |
| 2 | | |
| 161 | |
Office
maintenance, rent and other expenses | |
| 48 | | |
| 63 | | |
| 224 | |
Investor
relations and business expenses | |
| 310 | | |
| 1,193 | | |
| 1,486 | |
Wellution
operating expenses | |
| 366 | | |
| - | | |
| 907 | |
Regulatory
expenses | |
| 104 | | |
| 113 | | |
| 162 | |
| |
| | | |
| | | |
| | |
| |
$ | 2,494 | | |
$ | 3,339 | | |
| 6,509 | |
|
v3.23.3
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- DefinitionThe cash flows from (used in) operating activities, which are the principal revenue-producing activities of the entity and other activities that are not investing or financing activities. [Refer: Revenue]
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v3.23.3
Financial Instruments (Details) - Schedule of Financial Assets and Financial Liabilities - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Financial assets: |
|
|
|
Cash and cash equivalents |
$ 2,081
|
$ 3,574
|
$ 12,945
|
Trade receivables |
43
|
60
|
|
Government authorities |
100
|
45
|
77
|
Other receivables |
715
|
86
|
622
|
Investments in financial assets |
849
|
730
|
|
Total financial assets at amortized cost |
3,778
|
4,495
|
13,644
|
Financial liabilities: |
|
|
|
Credit from others |
|
102
|
|
Warrants liability |
1,714
|
2,737
|
10,252
|
Lease liability |
|
27
|
45
|
Total financial and lease liabilities |
$ 1,714
|
$ 2,866
|
$ 10,297
|
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- DefinitionThe amount of liabilities that are: (a) a contractual obligation: (i) to deliver cash or another financial asset to another entity; or (ii) to exchange financial assets or financial liabilities with another entity under conditions that are potentially unfavourable to the entity; or (b) a contract that will, or may be, settled in the entity’s own equity instruments and is: (i) a non-derivative for which the entity is, or may be, obliged to deliver a variable number of the entity’s own equity instruments; or (ii) a derivative that will, or may be, settled other than by the exchange of a fixed amount of cash or another financial asset for a fixed number of the entity’s own equity instruments. For this purpose, rights, options or warrants to acquire a fixed number of the entity’s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. Also, for those purposes the entity’s own equity instruments do not include puttable financial instruments that are classified as equity instruments in accordance with paragraphs 16A-16B of IAS 32, instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation and are classified as equity instruments in accordance with paragraphs 16C-16D of IAS 32, or instruments that are contracts for the future receipt or delivery of the entity’s own equity instruments. As an exception, an instrument that meets the definition of a financial liability is classified as an equity instrument if it has all the features and meets the conditions in paragraphs 16A-16B or paragraphs 16C-16D of IAS 32. [Refer: Financial instruments, class [member]; Financial assets; Derivatives [member]]
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v3.23.3
Warrants (Details) - USD ($)
|
|
6 Months Ended |
Jun. 01, 2022 |
Jun. 30, 2022 |
Warrants (Details) [Line Items] |
|
|
Gross proceeds |
$ 10,210
|
|
Issuance of aggregate shares (in Shares) |
136,388
|
|
Warrants description |
(a) 12,884 units at a price of $74.88 per
unit, each consisting of (i) one ordinary share of the Company, and (ii) two warrants each to purchase one ordinary share (the “June
2022 Warrants”), and (b) 123,504 pre-funded units at a price of $73.294 per unit, each consisting of (i) one pre-funded warrant
to purchase one ordinary share and (ii) two June 2022 Warrants.
|
|
Warrant expiry period |
|
7 years
|
Warrant amount |
|
$ 1,023
|
Fair value |
|
|
Warrants [member] |
|
|
Warrants (Details) [Line Items] |
|
|
Exercise of price per share (in Dollars per share) |
|
$ 68.38
|
X |
- DefinitionThe fair value of defined benefit plan assets. Plan assets comprise assets held by a long-term employee benefit fund and qualifying insurance policies. [Refer: At fair value [member]]
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v3.23.3
Equity (Details) - $ / shares
|
|
|
|
6 Months Ended |
12 Months Ended |
|
|
|
|
Aug. 18, 2023 |
Aug. 14, 2023 |
Jun. 01, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
May 31, 2023 |
Mar. 22, 2023 |
Nov. 01, 2022 |
Aug. 02, 2022 |
Equity (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Reverse split ordinary shares |
75,000,000
|
|
|
|
|
|
|
|
|
|
Ordinary shares no par value (in Dollars per share) |
$ 0
|
|
|
|
|
|
|
|
|
|
Shares issued |
|
25,000
|
|
282,782
|
261,494
|
|
7,134
|
13,858
|
1,423
|
923
|
Exercise price (in Dollars per share) |
|
|
|
$ 68.38
|
$ 68.38
|
|
|
|
|
|
Date of issuance |
|
|
|
5 years
|
|
|
|
|
|
|
Ordinary shares issued |
|
|
|
|
3,846
|
|
|
|
|
|
Warrants and exercise |
|
|
|
|
123,504
|
|
|
|
|
|
Pre-funded warrants |
|
25,000
|
|
|
3,846
|
4,544
|
|
|
|
|
Ordinary shares issued |
|
|
|
|
123,504
|
|
|
|
|
|
Series A Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
Equity (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Ordinary shares issued |
|
|
|
|
|
4,929
|
|
|
|
|
Warrants and exercise |
|
|
|
|
|
385
|
|
|
|
|
June 2022 Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
Equity (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Exercise price (in Dollars per share) |
|
|
$ 68.38
|
|
|
|
|
|
|
|
Date of issuance |
|
|
7 years
|
|
|
|
|
|
|
|
March2021FinancingRound [Member] |
|
|
|
|
|
|
|
|
|
|
Equity (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Description of private offering |
|
|
|
the Company completed a private offering with several accredited and institutional investors for gross proceeds of $8,150,
providing for the issuance of an aggregate of 44,331 units, as follows: (a) 35,242 units at a price of $183,82 per unit, consisting of
(i) one ordinary share of the Company, and (ii) a Series A Warrant to purchase an equal number of units purchased (the “2021 Series
A Warrants”) and a Series B Warrant (the “2021 Series B Warrants” and, collectively with the 2021 Series A Warrants,
the March 2021 Warrants) to purchase half the number of units, and (b) 9,089 pre-funded units at a price of $183.794 per unit, consisting
of (i) one pre-funded warrant to purchase one ordinary share and (ii) one 2021 Series A Warrant and one 2021 Series B Warrant.
|
|
|
|
|
|
|
June 2022 Financing Round [Member] |
|
|
|
|
|
|
|
|
|
|
Equity (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Description of private offering |
|
|
|
the Company completed the June 2022 Private Placement with an investor for gross proceeds of $10,210, providing for the
issuance of an aggregate of 136,388 units and pre-funded units, as follows: (a) 12,884 units at a price of $74.88 per unit, each consisting
of (i) one ordinary share of the Company, and (ii) two warrants each to purchase one ordinary share (the “June 2022 Warrants”),
and (b) 123,504 pre-funded units at a price of $73.294 per unit, each consisting of (i) one pre-funded warrant to purchase one ordinary
share and (ii) two June 2022 Warrants.
|
|
|
|
|
|
|
Series A Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
Equity (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Exercise price (in Dollars per share) |
|
|
|
$ 183,820
|
|
|
|
|
|
|
Series B Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
Equity (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Exercise price (in Dollars per share) |
|
|
|
$ 275,600
|
|
|
|
|
|
|
X |
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v3.23.3
Equity (Details) - Schedule of Share Capital - shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Jun. 30, 2022 |
Schedule of Share Capital [Abstract] |
|
|
|
Ordinary shares, authorized |
75,000,000
|
75,000,000
|
25,714,286
|
Ordinary shares, issued and outstanding |
282,782
|
261,494
|
135,644
|
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v3.23.3
Additional Information to the Items of Profit or Loss (Details) - Schedule of Information to the Items of Profit or Loss - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Additional Information to the Items of Profit or Loss (Details) - Schedule of Information to the Items of Profit or Loss [Line Items] |
|
|
|
Research and development expenses |
$ 781
|
$ 1,474
|
$ 2,803
|
General and administrative expenses |
2,494
|
3,339
|
6,509
|
Wages and related expenses [Member] |
|
|
|
Additional Information to the Items of Profit or Loss (Details) - Schedule of Information to the Items of Profit or Loss [Line Items] |
|
|
|
Research and development expenses |
202
|
243
|
436
|
General and administrative expenses |
217
|
245
|
437
|
Share-based payment [Member] |
|
|
|
Additional Information to the Items of Profit or Loss (Details) - Schedule of Information to the Items of Profit or Loss [Line Items] |
|
|
|
Research and development expenses |
23
|
224
|
264
|
General and administrative expenses |
45
|
431
|
633
|
Clinical studies [Member] |
|
|
|
Additional Information to the Items of Profit or Loss (Details) - Schedule of Information to the Items of Profit or Loss [Line Items] |
|
|
|
Research and development expenses |
145
|
106
|
369
|
Regulatory, professional and other expenses [Member] |
|
|
|
Additional Information to the Items of Profit or Loss (Details) - Schedule of Information to the Items of Profit or Loss [Line Items] |
|
|
|
Research and development expenses |
366
|
373
|
750
|
Research and preclinical studies [Member] |
|
|
|
Additional Information to the Items of Profit or Loss (Details) - Schedule of Information to the Items of Profit or Loss [Line Items] |
|
|
|
Research and development expenses |
45
|
410
|
703
|
Chemistry and formulations [Member] |
|
|
|
Additional Information to the Items of Profit or Loss (Details) - Schedule of Information to the Items of Profit or Loss [Line Items] |
|
|
|
Research and development expenses |
|
118
|
281
|
Professional and directors’ fees [Member] |
|
|
|
Additional Information to the Items of Profit or Loss (Details) - Schedule of Information to the Items of Profit or Loss [Line Items] |
|
|
|
General and administrative expenses |
1,366
|
1,292
|
2,499
|
Business development expenses [Member] |
|
|
|
Additional Information to the Items of Profit or Loss (Details) - Schedule of Information to the Items of Profit or Loss [Line Items] |
|
|
|
General and administrative expenses |
38
|
2
|
161
|
Impairment of investment in associate [Member] |
|
|
|
Additional Information to the Items of Profit or Loss (Details) - Schedule of Information to the Items of Profit or Loss [Line Items] |
|
|
|
General and administrative expenses |
48
|
63
|
224
|
Investor relations and business expenses [Member] |
|
|
|
Additional Information to the Items of Profit or Loss (Details) - Schedule of Information to the Items of Profit or Loss [Line Items] |
|
|
|
General and administrative expenses |
310
|
1,193
|
1,486
|
Wellution operating expenses [Member] |
|
|
|
Additional Information to the Items of Profit or Loss (Details) - Schedule of Information to the Items of Profit or Loss [Line Items] |
|
|
|
General and administrative expenses |
366
|
|
907
|
Regulatory expenses [Member] |
|
|
|
Additional Information to the Items of Profit or Loss (Details) - Schedule of Information to the Items of Profit or Loss [Line Items] |
|
|
|
General and administrative expenses |
$ 104
|
$ 113
|
$ 162
|
X |
- DefinitionThe amount of expense relating to general and administrative activities of the entity.
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v3.23.3
Significant Events during the Reporting Period (Details)
|
6 Months Ended |
|
Jun. 30, 2023
USD ($)
shares
|
Jun. 30, 2023
ILS (₪)
shares
|
Feb. 23, 2023
USD ($)
|
Significant Events during the Reporting Period (Details) [Line Items] |
|
|
|
Interest percentage |
|
|
49.00%
|
Cash |
|
|
$ 2,500,000
|
Deferred cash payments |
|
|
$ 489,330,000
|
Share capital percentage |
|
|
51.00%
|
Fee expense |
$ 20,000
|
|
|
Bonus amount |
51,000
|
|
|
Mutual share exchange amount |
$ 288,238,000
|
|
|
Acquired ordinary shares (in Shares) | shares |
247,415
|
247,415
|
|
Aggregate value |
$ 288,238,000
|
|
|
Adjusted amount of aggregate value |
$ 300,000,000
|
|
|
Ownership percentage |
4.99%
|
4.99%
|
|
Purchase of warrants |
$ 15,000,000
|
|
|
Claims on damages |
2,750,000
|
₪ 10,000,000
|
|
Warrant [Member] |
|
|
|
Significant Events during the Reporting Period (Details) [Line Items] |
|
|
|
Purchase of warrants |
$ 340,000
|
|
|
Jeffs’ Brands [Member] |
|
|
|
Significant Events during the Reporting Period (Details) [Line Items] |
|
|
|
Acquired ordinary shares (in Shares) | shares |
13,858
|
13,858
|
|
X |
- DefinitionThe amount of cash on hand and demand deposits. [Refer: Cash on hand]
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v3.23.3
Events after the Reporting Period (Details) - USD ($)
|
|
|
1 Months Ended |
6 Months Ended |
12 Months Ended |
|
|
|
|
Oct. 11, 2023 |
Aug. 14, 2023 |
Aug. 18, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
May 31, 2023 |
Mar. 22, 2023 |
Nov. 01, 2022 |
Aug. 02, 2022 |
Events after the Reporting Period (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Description of public offering |
|
the Company closed an underwritten public offering (the “Public Offering”) of 212,500 ordinary shares, at a purchase price of $5.20 per ordinary share and pre-funded warrants to purchase up to 37,500 ordinary shares at a purchase price of $5.174 per pre-funded warrant, for aggregate gross proceeds of approximately $1.3 million, pursuant to an underwriting agreement between the Company and Aegis Capital Corp (“Aegis”), the underwriter in the Public Offering, dated August 10, 2023. Pursuant to the terms of the underwriting agreement, the Company also granted the underwriter a 45-day option to purchase up to an additional 37,500 ordinary shares solely to cover over-allotments, if any, at the share price of the Public Offering less underwriting discounts and commissions.
|
|
|
|
|
|
|
|
|
Warrants and exercise (in Dollars) |
|
$ 0.026
|
|
|
$ 3,000
|
|
|
|
|
|
Shares issued |
|
25,000
|
|
282,782
|
261,494
|
|
7,134
|
13,858
|
1,423
|
923
|
Exercise of pre-funded warrants |
|
25,000
|
|
|
3,846
|
4,544
|
|
|
|
|
Ordinary shares issued |
|
|
|
|
3,846
|
|
|
|
|
|
Purchase of ordinary share |
|
|
|
247,415
|
|
|
|
|
|
|
Subsequent [Member] |
|
|
|
|
|
|
|
|
|
|
Events after the Reporting Period (Details) [Line Items] |
|
|
|
|
|
|
|
|
|
|
Ordinary shares issued |
|
|
75,000,000
|
|
|
|
|
|
|
|
Ordinary shares par value (in Dollars per share) |
|
|
|
|
|
|
|
|
|
|
Aggregate gross proceeds (in Dollars) |
$ 5,000,000
|
|
|
|
|
|
|
|
|
|
Percentage of aggregate purchase price |
30.00%
|
|
|
|
|
|
|
|
|
|
Aggregate purchase price (in Dollars) |
$ 7,180,000
|
|
|
|
|
|
|
|
|
|
Purchase price per share (in Dollars per share) |
$ 3.72
|
|
|
|
|
|
|
|
|
|
Pre-funded ordinary share |
1,930,108
|
|
|
|
|
|
|
|
|
|
Purchase of ordinary share |
1,930,108
|
|
|
|
|
|
|
|
|
|
Purchase ordinary shares |
1,930,108
|
|
|
|
|
|
|
|
|
|
Term of issuance |
5 years
|
|
|
|
|
|
|
|
|
|
Exercise price (in Dollars per share) |
$ 0.001
|
|
|
|
|
|
|
|
|
|
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SciSparc (NASDAQ:SPRC)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
SciSparc (NASDAQ:SPRC)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024