UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2021
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
(Commission file number 0-24431)
________________
ARTEMIS THERAPEUTICS, INC.
(Exact name of registrant as specified in its charter)
DELAWARE |
84-1417774 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
18 East 16th Street, Suite 307, New York, NY |
10003 |
(Address of principal executive offices) |
(Zip Code) |
(646) 233-1454
(Registrant’s telephone number, including area code)
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
Common Stock, par value $0.01 per share |
ATMS |
OTCQB |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ |
Accelerated filer ☐ |
Non-accelerated filer ☒ |
Smaller reporting company ☒ |
Emerging growth company ☐ |
|
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☒ No ☐
The number of shares of Common Stock of the registrant outstanding was 5,153,461 as of November 10, 2021.
ARTEMIS THERAPEUTICS, INC.
INDEX TO FORM 10-Q
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
Artemis Therapeutics, Inc.
INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2021
U.S. DOLLARS IN THOUSANDS
(UNAUDITED)
INDEX
Artemis Therapeutics, Inc.
Interim Condensed Consolidated Balance Sheets
(USD in thousands, except share data)
(*) Represents an amount lower than $1,000 USD
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
Artemis Therapeutics, Inc.
Interim Condensed Consolidated Statements of Comprehensive (Loss)
(USD in thousands, except share data)
|
|
|
|
|
Nine Months Ended September 30, |
|
|
Three Months Ended September 30, |
|
|||||||||||
|
|
|
|
|
2021 |
|
|
2020 |
|
|
2021 |
|
|
2020 |
|
|||||
|
|
Note |
|
|
(Unaudited) |
|
|
(Unaudited) |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
General and administrative |
|
|
|
|
|
114 |
|
|
|
104 |
|
|
|
33 |
|
|
|
28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating loss |
|
|
|
|
|
114 |
|
|
|
104 |
|
|
|
33 |
|
|
|
28 |
|
|
Finance expense |
|
|
|
|
|
5 |
|
|
|
5 |
|
|
|
2 |
|
|
|
1 |
|
|
Income tax benefit |
|
|
|
|
|
- |
|
|
|
(53 |
) |
|
|
- |
|
|
|
- |
|
|
Net loss |
|
|
|
|
|
119 |
|
|
|
56 |
|
|
|
35 |
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share, basic and diluted |
|
6 |
|
|
|
(0.02 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common stock used in calculation of net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
|
|
|
|
|
5,153,461 |
|
|
|
5,153,461 |
|
|
|
5,153,461 |
|
|
|
5,153,461 |
|
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
Artemis Therapeutics, Inc.
Interim Condensed Statements of Stockholders’ Equity (Unaudited)
(USD in thousands)
|
|
Common Stock |
|
|
Preferred Stock A |
|
|
Preferred Stock C |
|
|
Additional paid-in |
|
|
Accumulated |
|
|
Total stockholders' |
|
||||||||||||||||||
|
|
Number |
|
|
USD |
|
|
Number |
|
|
Amount |
|
|
Number |
|
|
Amount |
|
|
Capital |
|
|
deficiency |
|
|
Equity |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2019 |
|
|
5,153,461 |
|
|
|
52 |
|
|
|
453 |
|
|
|
(* |
) |
|
|
250 |
|
|
|
(* |
) |
|
|
1,907 |
|
|
|
(2,197 |
) |
|
|
(238 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12 |
|
|
|
- |
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(56 |
) |
|
|
(56 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, 2020 |
|
|
5,153,461 |
|
|
|
52 |
|
|
|
453 |
|
|
|
(* |
) |
|
|
250 |
|
|
|
(* |
) |
|
|
1,919 |
|
|
|
(2,253 |
) |
|
|
(282 |
) |
|
|
Common Stock |
|
|
Preferred Stock A |
|
|
Preferred Stock C |
|
|
Additional paid-in |
|
|
Accumulated |
|
|
Total stockholders' |
|
||||||||||||||||||
|
|
Number |
|
|
USD |
|
|
Number |
|
|
Amount |
|
|
Number |
|
|
Amount |
|
|
Capital |
|
|
deficiency |
|
|
Equity |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2020 |
|
|
5,153,461 |
|
|
|
52 |
|
|
|
453 |
|
|
|
(* |
) |
|
|
250 |
|
|
|
(* |
) |
|
|
1,915 |
|
|
|
(2,224 |
) |
|
|
(257 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- |
|
|
|
(29 |
) |
|
|
(29 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, 2020 |
|
|
5,153,461 |
|
|
|
52 |
|
|
|
453 |
|
|
|
(* |
) |
|
|
250 |
|
|
|
(* |
) |
|
|
1,919 |
|
|
|
(2,253 |
) |
|
|
(282 |
) |
Artemis Therapeutics, Inc.
Interim Condensed Statements of Stockholders’ Equity (Unaudited)
(USD in thousands)
|
|
Common Stock |
|
|
Preferred Stock A |
|
|
Preferred Stock C |
|
|
Additional paid-in |
|
|
Accumulated |
|
|
Total stockholders' |
|
||||||||||||||||||
|
|
Number |
|
|
USD |
|
|
Number |
|
|
Amount |
|
|
Number |
|
|
Amount |
|
|
Capital |
|
|
deficiency |
|
|
Equity |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December 31, 2020 |
|
|
5,153,461 |
|
|
|
52 |
|
|
|
453 |
|
|
|
(* |
) |
|
|
250 |
|
|
|
(* |
) |
|
|
1,921 |
|
|
|
(2,318 |
) |
|
|
(345 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
12 |
|
|
|
- |
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(119 |
) |
|
|
(119 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, 2021 |
|
|
5,153,461 |
|
|
|
52 |
|
|
|
453 |
|
|
|
(* |
) |
|
|
250 |
|
|
|
(* |
) |
|
|
1,933 |
|
|
|
(2,437 |
) |
|
|
(452 |
) |
|
|
Common Stock |
|
|
Preferred Stock A |
|
|
Preferred Stock C |
|
|
Additional paid-in |
|
|
Accumulated |
|
|
Total stockholders' |
|
||||||||||||||||||
|
|
Number |
|
|
USD |
|
|
Number |
|
|
Amount |
|
|
Number |
|
|
Amount |
|
|
Capital |
|
|
deficiency |
|
|
Equity |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of June 30, 2021 |
|
|
5,153,461 |
|
|
|
52 |
|
|
|
453 |
|
|
|
(* |
) |
|
|
250 |
|
|
|
(* |
) |
|
|
1,929 |
|
|
|
(2,402 |
) |
|
|
(421 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share based compensation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(35 |
) |
|
|
(35 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of September 30, 2021 |
|
|
5,153,461 |
|
|
|
52 |
|
|
|
453 |
|
|
|
(* |
) |
|
|
250 |
|
|
|
(* |
) |
|
|
1,933 |
|
|
|
(2,437 |
) |
|
|
(452 |
) |
(*) Represents an amount lower than $1,000 USD
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
Artemis Therapeutics, Inc.
Interim Condensed Consolidated Statement of Cash Flows (Unaudited)
(USD in thousands)
|
|
Nine Months Ended September 30, |
|
|||||
|
|
2021 |
|
|
2020 |
|
||
|
|
|
|
|
|
|
||
Net cash used in operating activities |
|
|
|
|
|
|
||
Net loss |
|
|
(119 |
) |
|
|
(56 |
) |
|
|
|
|
|
|
|
|
|
Share based compensation expenses |
|
|
12 |
|
|
|
12 |
|
Income tax benefit |
|
|
- |
|
|
|
(53 |
) |
Income tax refund |
|
|
- |
|
|
|
53 |
|
Decrease in other accounts receivable and prepaid expenses |
|
|
2 |
|
|
|
13 |
|
Increase in accrued expenses and other payables |
|
|
56 |
|
|
|
30 |
|
Increase in related party liabilities |
|
|
18 |
|
|
|
5 |
|
|
|
|
|
|
|
|
|
|
Net cash used in operating activities |
|
|
(31 |
) |
|
|
4 |
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
- |
|
|
|
- |
|
Third party loan |
|
|
30 |
|
|
|
- |
|
Loan from related parties |
|
|
30 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities |
|
|
60 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Increase in cash and cash equivalents |
|
|
29 |
|
|
|
4 |
|
Cash and cash equivalents at the beginning of the period |
|
|
1 |
|
|
|
2 |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the end of the period |
|
|
30 |
|
|
|
6 |
|
The accompanying notes are an integral part of these interim condensed consolidated financial statements.
Artemis Therapeutics, Inc.
Notes to the Interim Condensed Consolidated Financial Statements
(USD in thousands)
NOTE 1 - GENERAL
A. Description of Business
New York Global Innovations Inc. (the “Predecessor Company”) was originally incorporated under the laws of the State of Nevada, on April 22, 1997. On July 8, 2003, the Predecessor Company effected a reincorporation from Nevada to Delaware through a merger with and into its wholly-owned subsidiary, Inksure Technologies (Delaware) Inc., which was incorporated on September 30, 2003. The surviving corporation in the merger was Inksure Technologies (Delaware) Inc., which thereupon renamed itself Inksure Technologies Inc. In 2014, following the sale of its assets to Spectra Systems Corporation, the Predecessor Company changed its name to New York Global Innovations Inc. On August 23, 2016, the Predecessor Company consummated an agreement and plan of merger (the “Merger Agreement”) with Artemis Pharma Inc.
The Merger between the Predecessor Company and Artemis was accounted for as a reverse recapitalization. As the stockholders of Artemis received the largest ownership interest in the Predecessor Company, Artemis was determined to be the "accounting acquirer" in the reverse acquisition. As a result, the historical financial statements of the Predecessor Company were replaced with the historical financial statements of Artemis. Following the Merger, the Predecessor Company and its subsidiary, Artemis, are collectively referred to as the "Company."
Based on the lack of Company business activities since January 10, 2019, our Company is classified as a “shell” company as defined by the Securities and Exchange Commission (the “SEC”).
B. Establishment of Artemis (the “accounting acquirer”):
Artemis was incorporated in the State of Delaware on April 19, 2016. Until January 10, 2019, the Company was engaged in the development of agents for the prevention and treatment of severe and potentially life-threatening infectious diseases.
On January 10, 2019, Artemis received a notice regarding the immediate termination of a certain license agreement, dated May 31, 2016 (the “License Agreement”), executed by and between the Company, Hadasit Medical Research Services and Development Ltd. (“Hadasit”) and the Hong Kong University of Science and Technology R and D Corporation Limited (“RDC”). Artemis relied primarily on the License Agreement with respect to the development of Artemisone, its lead product candidate. Since the termination of the License Agreement, Artemis no longer has any operating business.
Artemis Therapeutics, Inc.
Notes to the Interim Condensed Consolidated Financial Statements
(USD in thousands)
NOTE 1 - GENERAL (Cont.)
C. Going Concern:
To date, Artemis has not generated revenues from its activities and has incurred substantial operating losses. Management expects Artemis to continue to generate substantial operating losses and to continue to fund its operations primarily through additional raises of capital.
Such conditions raise substantial doubts about the Company’s ability to continue as a going concern. Management’s plan includes raising funds from outside potential investors. However, there is no assurance such funding will be available to the Company or that it will be obtained on terms favorable to the Company or will provide the Company with sufficient funds to meet its objectives. These financial statements do not include any adjustments relating to the recoverability and classification of assets, carrying amounts or the amount and classification of liabilities that may be required should the Company be unable to continue as a going concern.
Additionally, as discussed above, on January 10, 2019, Artemis received a notice regarding the immediate termination of the License Agreement.
Since the termination of the license agreement, Artemis no longer has any operating business and is classified as a “shell” company as defined by the Securities and Exchange Commission (the “SEC”).
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
A. Unaudited Interim Financial Statements
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of the SEC regulations. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed).
B. Use of estimates in the preparation of financial statements:
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company’s management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect reported amounts and disclosures made. Actual results could differ from those estimates.
C. Cash and cash equivalents
Cash equivalents are short-term highly liquid investments that are readily convertible to cash with maturities of three months or less as of the date acquired.
Artemis Therapeutics, Inc.
Notes to the Interim Condensed Consolidated Financial Statements
(USD in thousands)
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Cont.)
D. Fair value of financial instruments
The carrying values of cash and cash equivalents, other receivables and other accounts payable approximate their fair value due to the short-term maturity of these instruments.
The Company measures the fair value of certain of its financial instruments (such as the derivative warrant liabilities) on a recurring basis. The method of determining the fair value of derivative warrant liabilities is discussed in Note 7B.
A fair value hierarchy is used to rank the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories:
Level 1 - Quoted prices (unadjusted) in active markets for identical assets and liabilities.
Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as unadjusted quoted prices for similar assets and liabilities, unadjusted quoted prices in the markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
E. Financial statement in U.S. dollars:
The functional currency of the Company is the U.S dollar ("dollar") since the dollar is the currency of the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future.
Transactions and balances denominated in dollars are presented at their original amounts. Transactions and balances denominated in foreign currencies have been re-measured to dollars in accordance with the provisions of Accounting Standards Codification (“ASC”) 830-10, "Foreign Currency Translation".
All transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statement of operations as financial income or expenses, as appropriate.
F. Basic and diluted net loss per share
Basic loss per share is computed by dividing the net loss applicable to holders of common stock by the weighted average number of shares of common stock outstanding during the year. Diluted loss per share is computed by dividing the net loss applicable to holders of common stock by the weighted average number of shares of common stock outstanding plus the number of additional shares of common stock that would have been outstanding if all potentially dilutive common stock had been issued, using the treasury stock method, in accordance with Accounting Standards Codification (“ASC”) 260-10 “Earnings per Share.” Potentially dilutive shares of common stock were excluded from the diluted loss per share calculation because they were anti-dilutive.
The weighted average number of shares outstanding has been retroactively restated for the equivalent number of shares received by the accounting acquirer as a result of the reverse merger as if these shares had been outstanding as of the beginning of the earliest period presented.
Artemis Therapeutics, Inc.
Notes to the Interim Condensed Consolidated Financial Statements
(USD in thousands)
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES (Cont.)
G. Income Tax
The Company accounts for income taxes in accordance with ASC 740, “Income Taxes.” This topic prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities. As such, deferred taxes are computed based on the tax rates anticipated (under applicable law as of the balance sheet date) to be in effect when the deferred taxes are expected to be paid or realized.
H. Share-based compensation
The Company applies ASC 718-10, “Share-Based Payment,” which requires the measurement and recognition of compensation expenses for all share-based payment awards made to service providers, employees and directors including stock options under the Company's stock plans based on estimated fair values.
ASC 718-10 requires companies to estimate the fair value of stock options using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company's statement of operations.
The Company estimates the fair value of stock options granted as share-based payment awards using a Black-Scholes options pricing model. The option-pricing model requires a number of assumptions, of which the most significant are share price, expected volatility and the expected option term (the time from the grant date until the options are exercised or expire). Expected volatility is estimated based on the volatility of similar companies in the technology sector for equity awards granted prior to the Merger and on the Company's trading share price for equity awards granted subsequent to the Merger. The Company has historically not paid dividends and has no foreseeable plans to issue dividends. The risk-free interest rate is based on the yield from governmental zero-coupon bonds with an equivalent term. The expected stock option term is calculated for stock options granted to employees and directors using the "simplified" method. Grants to non-employees are based on the contractual term. Changes in the determination of each of the inputs can affect the fair value of the stock options granted and the results of operations of the Company.
Artemis Therapeutics, Inc.
Notes to the Interim Condensed Consolidated Financial Statements
(USD in thousands)
NOTE 4 - INCOME TAX
A. Tax rates applicable to the income
U.S. corporate tax
The maximum statutory federal tax rate in the U.S. is 21%. The Company is not subject to current federal taxes, as it has incurred losses.
Israel corporate tax
The Company's subsidiary in Israel is subject to income tax at a regular corporate tax of 23%.
B. Deferred income taxes
As the Company has not yet generated revenues, it is more likely than not that sufficient taxable income will not be available for the tax losses to be utilized in the future. Therefore, a valuation allowance was recorded to reduce the deferred tax assets to its recoverable amounts.
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As of September 30, 2021 |
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As of December 31, 2020 |
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Deferred tax assets: |
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Deferred taxes due to carryforward losses |
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2,932 |
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|
2,906 |
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|
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Valuation allowance |
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2,932 |
|
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2,906 |
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|
|
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Net deferred tax asset |
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- |
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- |
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C. Tax loss carry-forwards
Net operating loss carry-forwards as of September 30, 2021 and December 31, 2020 are as follows:
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As of September 30, 2021 |
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As of December 31, 2020 |
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Israel |
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|
5,008 |
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|
4,974 |
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United States (*) |
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8,477 |
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|
|
8,392 |
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|
|
|
|
|
|
|
|
|
|
|
|
13,485 |
|
|
|
13,366 |
|
Net operating losses in Israel may be carried forward indefinitely. Net operating losses in the U.S. are available through 2027.
(*) Utilization of U.S. net operating losses may be subject to substantial annual limitation due to the “change in ownership” provisions of the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses before utilization.
Artemis Therapeutics, Inc.
Notes to the Interim Condensed Consolidated Financial Statements
(USD in thousands)
NOTE 5 - WARRANTS ISSUED TO INVESTORS
The Company issued warrants to purchase common stock to investors. The below table lists these warrants and their material terms.
Issuance date |
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Number of warrants outstanding as of September 30, 2021 |
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Exercise price |
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Exercisable through |
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October 2017 |
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275,000 |
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$ |
2.00 |
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October 2022 |
The warrants contain a full ratchet anti-dilution price protection (See note 7B).
NOTE 6 - Computation of Net Loss per Share
Basic loss per share is computed by dividing the net loss, as adjusted, to include the dividend participation rights of preferred shares outstanding during the relevant fiscal year, by the weighted average number of shares of common stock outstanding during the relevant fiscal year. Diluted loss per share is computed by dividing the net loss, as adjusted, to include the dividend participation rights of preferred shares outstanding during the relevant fiscal year as well as of preferred shares that would have been outstanding if all potentially dilutive preferred shares had been issued, by the weighted average number of shares of common stock outstanding during the relevant fiscal year, plus the number of shares of common stock that would have been outstanding if all potentially dilutive common stock had been issued, using the treasury stock method, in accordance with ASC 260-10 “Earnings per Share”.
The loss and weighted average number of common stock used in the calculation of basic loss per share are as follows (in thousands, except share and per share data):
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Nine Months Ended September 30 |
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Three Months Ended September 30 |
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2021 |
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2020 |
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2021 |
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2020 |
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Unaudited |
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Unaudited |
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Net loss available to stockholders of the company |
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(119 |
) |
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(56 |
) |
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(35 |
) |
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(29 |
) |
Net loss attributable to stockholders of preferred shares |
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(18 |
) |
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(8 |
) |
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(5 |
) |
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(4 |
) |
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Net loss used in the calculation of basic loss per share |
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(101 |
) |
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(48 |
) |
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(30 |
) |
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(25 |
) |
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Net loss per share |
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(0.02 |
) |
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(0.01 |
) |
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(0.01 |
) |
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(0.01 |
) |
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Weighted average number of common stock used in the calculation of net loss per share |
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5,153,461 |
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|
5,153,461 |
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5,153,461 |
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5,153,461 |
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Artemis Therapeutics, Inc.
Notes to the Interim Condensed Consolidated Financial Statements
(USD in thousands)
NOTE 7 - STOCK CAPITAL
A. Stockholders Rights:
Shares of common stock confer upon their holders the right to receive notice to participate and vote in general meetings of stockholders of the Company, the right to receive dividends, if declared, and the right to receive a distribution of any surplus of assets upon liquidation of the Company.
The Series A Convertible Preferred shares confer upon their holders the right to receive dividends when paid to holders of common stock of the Company on an as-converted basis, and the right to receive a distribution of any surplus of assets upon liquidation of the Company before any distribution or payment shall be made to the holders of any common stock.
The Series C Convertible Preferred shares confer upon their holders the right to receive dividends when paid to holders of common stock of the Company on an as-converted basis. The shares of Series C Convertible Preferred Stock have the right to receive a distribution of any surplus of assets upon liquidation of the Company before any distribution or payment shall be made to the holders of any other securities.
B. Issuance of Shares
On August 19, 2016 and prior to consummation of the merger, Artemis issued 524 shares of common stock (221,307 shares as adjusted to reflect the reverse recapitalization and reverse stock split) for an aggregate purchase price of $127, which was received in October 2016.
In August 2016, immediately upon consummation of the Merger, the Company issued 68,321 shares of the Company’s common stock, as well as 453 shares of the Company’s newly designated Series A Convertible Preferred Stock convertible into 658,498 shares of common stock, to an investor for an aggregate purchase price of $481,000 (net of issuance expenses).
In October 2017, the Company issued 300,000 shares of the Company’s common stock, warrants to purchase 275,000 shares of common stock, as well as 250 shares newly designated Series C Convertible Preferred Stock to investors for an aggregate purchase price of $550,000 less issuance expenses. Each share of Series C Convertible Preferred Stock is convertible into 1,000 shares of common stock, subject to adjustments in the event of future financing at a price of less than the conversion price. Preferred shares confer upon their holders the right to receive dividends when paid to holders of common stock of the Company on an as-converted basis. The holders of shares of Series C Convertible Preferred Stock have the right to receive a distribution of any surplus of assets upon liquidation of the Company before any distribution or payment shall be made to the holders of any other securities.
Artemis Therapeutics, Inc.
Notes to the Interim Condensed Consolidated Financial Statements
(USD in thousands)
NOTE 7 - STOCK CAPITAL (Cont.)
B. Issuance of Shares (Cont.)
The warrants to purchase 275,000 shares of the Company’s common stock contain a full ratchet anti-dilution price protection so that, in most situations upon the issuance of any common stock or securities convertible into common stock at a price below the then-existing exercise price of the outstanding warrants, the warrant exercise price will be reset to the lower common stock sales price.
As such anti-dilution price protection did not meet the specific conditions for equity classification as of the date of issuance of the warrants, the Company was required to classify the fair value of these warrants as a liability, with changes in fair value to be recorded as income (loss) due to change in fair value of warrant liability. The estimated fair value of such derivative warrant liability at issuance date, was approximately $319.
Artemis Therapeutics, Inc.
Notes to the Interim Condensed Consolidated Financial Statements
(USD in thousands)
NOTE 7 - STOCK CAPITAL (Cont.)
C. Options issued to employees and consultants
A summary of the Company's option activity and related information is found below.
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For the Nine months ended September 30, 2021 |
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Number of stock options |
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Weighted average exercise price |
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Aggregate intrinsic value |
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Outstanding at beginning of period |
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141,528 |
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0.47 |
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21,051 |
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Granted |
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- |
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- |
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- |
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Exercised |
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- |
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- |
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- |
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Cancelled |
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- |
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- |
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- |
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Outstanding at end of period |
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141,528 |
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0.47 |
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132,224 |
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Options exercisable at period end |
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137,361 |
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0.44 |
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131,807 |
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The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the fair market value of the Company’s common stock on September 30, 2021 and the exercise price, multiplied by the number of in-the-money stock options on those dates) that would have been received by the stock option holders had all stock option holders exercised their stock options on those dates.
Artemis Therapeutics, Inc.
Notes to the Interim Condensed Consolidated Financial Statements
(USD in thousands)
NOTE 7 - STOCK CAPITAL (Cont.)
C. Options issued to employees and consultants (Cont.)
The stock options outstanding as of September 30, 2021, and December 31, 2020, have been separated into exercise price, as follows:
Exercise price |
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Stock options outstanding as of September 30, |
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Stock options outstanding as of December 31, |
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Weighted average remaining contractual life – years as of September 30, |
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Weighted average remaining contractual life – years as of December 31, |
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Stock options exercisable as of September 30, |
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Stock options exercisable as of December 31, |
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$ |
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2021 |
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2020 |
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2021 |
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2020 |
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2021 |
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2020 |
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0.01 |
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91,528 |
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91,528 |
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4.90 |
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5.64 |
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91,528 |
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91,528 |
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1.30 |
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50,000 |
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50,000 |
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6.46 |
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7.21 |
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45,833 |
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36,458 |
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0.47 |
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141,528 |
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141,528 |
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5.42 |
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6.17 |
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137,361 |
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127,986 |
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NOTE 8 - RELATED PARTIES
On May 15, 2019, the Company issued two unsecured promissory notes (each, a “Note” and collectively the “Notes”) in the aggregate principal amount of $100,000 to two related parties. $20,000 and $30,000 of the funds were received by the Company on March 22, 2019, and April 4, 2019, respectively. The balance of the funds was received in May 2019. Each Note accrues interest at a rate of 6% per annum until the Note is repaid in full. All payments of principal, interest and other amounts under each Note are payable by June 30, 2021. The proceeds of the Notes were used by the Company for general working capital purposes. The Company is currently in default on the Notes and intends to negotiate an extension for their repayment, however there is no guarantee that we will be successful in doing so.
NOTE 9 - SUBSEQUENT EVENTS
In accordance with ASC 855 “Subsequent Events” the Company evaluated subsequent events through the date the condensed consolidated financial statements were issued.
On November 4, 2021, the Company issued two unsecured promissory notes (each, a “Note” and collectively the “Notes”) in the aggregate principal amount of $60,000, with original issuance dates of September 19, 2021 and August 15, 2021. In that regard, one Note, with a principal aggregate balance of $30,000, was issued to KNRY Ltd., an entity related to Nadav Kidron, the natural person with voting and dispositive power over the securities held by Tonak Ltd., the Company’s largest shareholder and one Note, with an aggregate principal balance of $30,000, was issued to Harmony (H.A.) Investments Ltd. Each Note accrues interest at a rate of 10% per annum until the Note is repaid in full. All payments of principal, interest and other amounts under each Note are payable by December 19, 2021. The proceeds of the Notes will be used by the Company for general working capital purposes.
ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
In this section, “Management’s Discussion and Analysis of Financial Condition and Results of Operation,” references to “the Company” “we,” “us,” or “our,” refer to Artemis Therapeutics, Inc. and its consolidated subsidiaries and dollar amounts are in thousands, except as otherwise stated.
This Quarterly Report on Form 10-Q contains statements that may constitute “forward-looking statements.” Generally, forward-looking statements include words or phrases such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “projects,” “could,” “may,” “might,” “should,” “will,” the negative of such terms, and words and phrases of similar import. For example, when we discuss possible strategic alternatives, we are using forward-looking statements. Such statements are based on management’s current expectations and are subject to a number of risks and uncertainties, including, but not limited to, the risks detailed from time to time in our filings with the Securities and Exchange Commission, or the SEC. These risks and uncertainties could cause our actual results to differ materially from those described in our forward-looking statements. Any forward-looking statement represents our expectations or forecasts only as of the date it was made and should not be relied upon as representing its expectations or forecasts as of any subsequent date. Except as required by law, we undertake no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, even if our expectations or forecasts change.
The following discussion and analysis should be read in conjunction with the financial statements, related notes and other information included in this Quarterly Report on Form 10-Q and with the Risk Factors included in Part I, Item 1A of our Annual Report on Form 10-K.
OVERVIEW
Until January 10, 2019, we were engaged in the development of agents for the prevention and treatment of severe and potentially life-threatening infectious diseases. On January 10, 2019, we received a notice regarding the immediate termination of a certain license agreement, dated May 31, 2016 (the “License Agreement”), executed by and between the Company, Hadasit Medical Research Services and Development Ltd. and the Hong Kong University of Science and Technology R and D Corporation Limited. We relied primarily on the License Agreement with respect to the development of Artemisone, our former lead product candidate. Since the termination of the License Agreement, the Company no longer has any operating business.
We believe that we will continue to experience losses and increased negative working capital and negative cash flows in the near future and will not be able to return to positive cash flow without either obtaining additional financing in the near term or completing a business transaction. We have experienced difficulties accessing the equity and debt markets and raising capital and there can be no assurance that we will be able to raise such additional capital on favorable terms, or at all, or be able to complete a business transaction. If additional funds are raised through the issuance of equity securities or completing a business transaction, our existing stockholders will experience significant dilution. In order to conserve our cash and manage its liquidity, we have implemented cost-cutting initiatives including the reduction of employee headcount and overhead costs.
Our Board of Directors is exploring strategic alternatives, which may include future acquisitions, a merger with another company or the sale of the public shell company.
THREE MONTHS ENDED SEPTEMBER 30, 2021 COMPARED TO THE THREE MONTHS ENDED SEPTEMBER 30, 2020 (dollars in thousands)
REVENUES. We did not have any revenue-producing operations for the three months ended September 30, 2021 or for the three months ended September 30, 2020.
PROFIT FROM SALE OF OPERATIONS, NET. We did not incur a profit from the sale of operations in the three months ended September 30, 2021 or the three months ended September 30, 2020.
COST OF REVENUES. We had no cost of revenues for the three months ended September 30, 2021 or for the three months ended September 30, 2020 due to the fact that we had no revenue-producing operations.
RESEARCH AND DEVELOPMENT EXPENSES. We incurred no research and development expenses for the three months ended September 30, 2021 or for the three months ended September 30, 2020 due to the termination of the License Agreement resulting in the Company no longer having business operations.
SELLING AND MARKETING EXPENSES. We did not incur any selling and marketing expenses for the three months ended September 30, 2021 or for the three months ended September 30, 2020 due to us no longer having business operations.
GENERAL AND ADMINISTRATIVE EXPENSES. We incurred $33 in general and administrative expenses for the three months ended September 30, 2021 compared to $28 for the three months ended September 30, 2020, which consisted primarily of compensation costs for administrative, finance and general management personnel, legal, accounting and administrative costs and option expenses. The increase in general and administrative expenses is primarily due to a one time decrease of $9 in insurance expenses for the three months ended September 30, 2020 and a decrease of $4 in general administrative expenses for the three months ended September 30, 2021 due to us no longer having business operations.
FINANCIAL (EXPENSE) INCOME, NET. We incurred $2 in financial expense for the three months ended September 30, 2021 compared to $1 for the three months ended September 30, 2020. The interest expense is in respect of a related party loan.
OTHER EXPENSES. We incurred no other expenses in the three months ended September 30, 2021 or September 30, 2020.
NET LOSS. We incurred a net loss of $35 for the three months ended September 30, 2021 and $29 for the three months ended September 30, 2020. The increase in net loss is primarily due to a one time decrease in insurance expenses for the three months ended September 30, 2020.
NINE MONTHS ENDED JUNE 30, 2021 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER 30, 2020 (dollars in thousands)
REVENUES. We did not have any revenue-producing operations for the nine months ended September 30, 2021 or for the nine months ended September 30, 2020.
PROFIT FROM SALE OF OPERATIONS, NET. We did not incur a profit from the sale of operations in the nine months ended September 30, 2021 or for the nine months ended September 30, 2020.
COST OF REVENUES. We had no cost of revenues for the nine months ended September 30, 2021 or for the nine months ended September 30, 2020 due to the fact that we had no revenue-producing operations.
RESEARCH AND DEVELOPMENT EXPENSES. We incurred no research and development expenses for the nine months ended September 30, 2021 or for the nine months ended September 30, 2020 due to the termination of the License Agreement resulting in the Company no longer having business operations.
SELLING AND MARKETING EXPENSES. We did not incur any selling and marketing expenses for the nine months ended September 30, 2021 or for the nine months ended September 30, 2020 due to us no longer having business operations.
GENERAL AND ADMINISTRATIVE EXPENSES. We incurred $114 in general and administrative expenses for the nine months ended September 30, 2021 compared to $104 for the nine months ended September 30, 2020, which consisted primarily of compensation costs for administrative, finance and general management personnel, insurance, legal, accounting and administrative costs and option expenses. The increase in net loss is primarily due to a one time decrease of $9 in insurance expenses for the three months ended September 30, 2020.
FINANCIAL EXPENSE (INCOME), NET. We incurred $5 in financial expense for the nine months ended September 30, 2021 as compared to financial expense of $5 for the nine months ended September 30, 2020.
OTHER EXPENSES. We incurred no other expenses in the nine months ended September 30, 2021 or for the nine months ended September 30, 2020.
NET LOSS. We incurred a net loss of $119 for the nine months ended September 30, 2021 compared to incurring a net loss of $56 for the nine months ended September 30, 2020. The increase in net loss is primarily due to an income tax benefit received in 2020 with respect to previous tax years in the amount of $53.
LIQUIDITY AND CAPITAL RESOURCES
As of September 30, 2021, we had an accumulated deficit of $2,437 and a negative working capital (current assets less current liabilities) of $452. Losses will probably continue for the foreseeable future.
We do not have any material capital commitments for capital expenditures as of September 30, 2021.
Since the closing of our merger with Artemis Therapeutics Inc., a Delaware corporation and Artemis Acquisition Corp., a Delaware corporation and our wholly-owned subsidiary on August 23, 2016, we have financed our operations primarily through private placements of our securities. On October 23, 2017, we executed securities purchase agreements relating to a private placement offering of an aggregate of 300,000 shares of our common stock at a purchase price of $1.00 per share, and of 250 shares of our Series C Convertible Preferred Stock, at a purchase price of $1,000.00 per share, with such shares of Series C Preferred Stock initially convertible into an aggregate of 250,000 shares of common stock. In addition, each investor received a warrant to purchase fifty percent of the number of shares of common stock effectively purchased in the offering. The closing of the offering took place on October 23, 2017. On May 15, 2019, we issued two unsecured promissory notes (each, a “Note” and collectively the “Notes”) in the aggregate principal amount of $100 to two related parties. $20 and $30 of the funds were received by us on March 22, 2019, and April 4, 2019, respectively. The balance of the funds was received in May 2019. Each Note accrues interest at a rate of 6% per annum until the Note is repaid in full. All payments of principal, interest and other amounts under each Note are payable by September 30, 2021. The proceeds of the Note were used by us for general working capital purposes. The Company is currently in default on the Notes and intends to negotiate an extension for their repayment, however there is no guarantee that we will be successful in doing so.
In addition, on November 4, 2021, the Company issued two unsecured promissory notes (each, a “Note” and collectively the “Notes”) in the aggregate principal amount of $60,000, with original issuance dates of September 19, 2021 and August 15, 2021. In that regard, one Note, with a principal aggregate balance of $30,000, was issued to KNRY Ltd., an entity related to Nadav Kidron, the natural person with voting and dispositive power over the securities held by Tonak Ltd., the Company’s largest shareholder and one Note, with an aggregate principal balance of $30,000, was issued to Harmony (H.A.) Investments Ltd. Each Note accrues interest at a rate of 10% per annum until the Note is repaid in full. All payments of principal, interest and other amounts under each Note are payable by December 19, 2021. The proceeds of the Notes will be used by the Company for general working capital purposes.
We have sustained significant operating losses in recent periods, which have resulted in a significant reduction in our cash reserves. Due to the termination of the License Agreement, we no longer have any business operations. We believe that we will continue to experience losses and negative cash flows in the near future and will not be able to return to positive cash flow without obtaining additional financing in the near term or entering into a business transaction. We have experienced difficulties accessing the equity and debt markets and raising capital or entering into a business transaction, and there can be no assurance that we will be able to raise such additional capital on favorable terms or at all or entering into a business transaction. If additional funds are raised through the issuance of equity securities or entering into a business transaction, our existing stockholders will experience significant further dilution. In order to conserve our cash and manage its liquidity, we have implemented cost-cutting initiatives including the reduction of employee headcount and overhead costs.
As of September 30, 2021, we had accumulated liabilities of $490.
As of September 30, 2021, we had cash and cash equivalents of $30 and negative cash flows from operating activities of $31 for the period then ended. The negative cash flow from operating activities in the period ended September 30, 2021 is attributable mainly to the net loss of $119, share-based compensation expenses of $12, a decrease in other accounts receivable and prepaid expenses of $2 , an increase in accrued expenses and other payables of $56 and an increase of related liabilities of $18.
OFF BALANCE SHEET ARRANGEMENTS
None.
ITEM 4.CONTROLS AND PROCEDURES
Under the direction of the Chief Financial Officer, we evaluated our disclosure controls and procedures. Based on the evaluation, and as a result of the material weaknesses described below, the Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of September 30, 2021.
No change in our internal control over financial reporting occurred during the quarter ended September 30, 2021, that has materially affected, or is reasonably likely to materially affect, such internal control over financial reporting.
Our management has worked, and continues to work, to strengthen our internal control over financial reporting. We are committed to ensuring that such controls are designed and operating effectively. We intend to remediate the material weakness in internal controls identified in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, subject to possessing sufficient financial means to do so, by hiring internal staff to our financial department to assist our Chief Financial Officer as well as intend to form an audit committee comprised of independent directors with sufficient financial reporting experience.
PART II.OTHER INFORMATION
ITEM 6.EXHIBITS
The following exhibits are being filed or furnished with this Report:
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Unsecured Promissory Note issued to Harmony (H.A.) Investments Ltd. |
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101.1 |
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The following materials from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Interim Condensed Consolidated Balance Sheets, (ii) the Interim Condensed Consolidated Statements of Comprehensive Loss, (iii) the Condensed Consolidated Statements of Shareholders Equity, (iv) the Interim Condensed Consolidated Statements of Cash Flows and (v) related notes to these financial statements, tagged as blocks of text and in detail.* |
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104 |
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Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). |
* Filed herewith
**Furnished herewith
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.
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ARTEMIS THERAPEUTICS, INC. |
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Dated: November 10, 2021 |
By: |
/s/ Chanan Morris |
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Chanan Morris |
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Chief Financial Officer |
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(Principal Executive Officer and Principal Financial and Accounting Officer) |
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25
ARTEMIS THERAPEUTICS INC.
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By:
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/s/ Chanan Morris | |
Name: | Chanan Morris | ||
Title: | CFO |
ARTEMIS THERAPEUTICS INC.
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By:
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/s/ Chanan Morris | |
Name:
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Chanan Morris | ||
Title: |
CFO
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Date: November 10, 2021
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/s/ Chanan Morris
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By: Chanan Morris, Chief Financial Officer
(Principal Executive Officer, Principal Financial and
Accounting Officer)
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(i)
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That the Quarterly Report for the fiscal quarter ended September 30, 2021 (the “Form 10-Q”) of the Company fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and
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(ii)
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The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Company.
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Date: November 10, 2021
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/s/ Chanan Morris
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By: Chanan Morris, Chief Financial Officer
(Principal Executive Officer, Principal Financial and
Accounting Officer)
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