Financial Performance - Total revenues for the six months ended June 30, 2023, were $473,853, a decrease of 51% compared to $967,925 for the same period in 2022[10] - Gross loss for the six months ended June 30, 2023, was $170,627, compared to a gross profit of $316,776 for the same period in 2022[10] - Net loss for the six months ended June 30, 2023, was $2,264,027, slightly improved from a net loss of $2,273,700 in the same period of 2022[10] - Net cash used in operating activities for the six months ended June 30, 2023, was $2,250,995, an improvement from $2,949,778 in the same period of 2022[15] - The company anticipates continued net losses until its products achieve commercial profitability[31] Assets and Liabilities - Total current assets decreased to $9,654,670 as of June 30, 2023, from $12,253,858 as of December 31, 2022, representing a decline of approximately 21%[4] - Total liabilities decreased to $3,435,329 as of June 30, 2023, from $3,767,063 as of December 31, 2022, a reduction of about 9%[7] - Total shareholders' equity decreased to $7,301,787 as of June 30, 2023, from $9,596,853 as of December 31, 2022, a decline of approximately 24%[7] - The company had working capital of $7.9 million as of June 30, 2023, down from $10.4 million as of December 31, 2022[31] - As of June 30, 2023, the company had an accumulated deficit of $10.5 million, up from $8.2 million at the end of 2022[31] Cash and Equivalents - Cash and cash equivalents increased to $1,780,031 as of June 30, 2023, from $221,961 as of December 31, 2022, marking a significant increase of approximately 703%[4] - For the six months ended June 30, 2023, the company reported cash and cash equivalents of $1,780,031, a significant increase from $346,866 in the same period of 2022[18] Shareholder Information - The weighted average number of ordinary shares used in computing loss per ordinary share increased to 7,938,525 for the six months ended June 30, 2023, compared to 7,071,018 for the same period in 2022[10] - The weighted average shares for the calculation of basic and diluted net loss per share increased to 7,938,525 in 2023 from 7,071,018 in 2022[39] - The company repurchased 120,715 ordinary shares for a total amount of $119,133, representing approximately 1.5% of its issued and outstanding shares[43] Research and Development - Research and development expenses for the six months ended June 30, 2023, were $441,015, down from $650,404 in the same period of 2022, a decrease of about 32%[10] - The company received a grant approval of approximately $333,000 to support the development of an innovative system for nanosatellite platforms, covering 50% of the project's first-year budget[35] Strategic Moves - The company entered into a service agreement with Parazero Technologies Ltd. for $10,000 per month plus VAT, indicating a strategic move for business development services[46]
Maris(MTEK) - 2023 Q2 - Quarterly Report