Financial Performance - Total revenue for the year ended December 31, 2023 was $263,445, a decrease of 33% compared to $394,004 in 2022[362] - Gross profit for 2023 was $208,267, down 12% from $235,691 in 2022[364] - The total net loss for 2023 was $7,259,918, an increase of 26% compared to $5,779,841 in 2022[370] - The company incurred a net loss of $7,259,918 for the year ended December 31, 2023, with net cash used in operating activities decreasing to $3,232,759 from $5,097,126 in 2022[381] - Cash balance as of December 31, 2023 was $4,447,003, down from $5,700,709 in 2022[376] - Working capital decreased to $4,687,149 as of December 31, 2023, compared to $5,557,595 in 2022[376] - As of December 31, 2023, the company had an accumulated deficit of $29,360,235 and expects to incur losses for the foreseeable future, raising substantial doubt about its ability to continue as a going concern[388] Expenses - Research and development expenses increased by 151% to $1,938,234 in 2023, primarily due to IPR&D costs associated with a transaction with Yaaran Investment Ltd.[365] - Selling and marketing expenses decreased by 52% to $271,966 in 2023, reflecting cost reduction measures implemented by the company[366] - General and administrative expenses rose by 18% to $5,575,843 in 2023, mainly due to increased share-based compensation[367] - Net cash used in investing activities increased significantly to $1,519,560 in 2023, compared to $51,689 in 2022, primarily due to investments in Plantify[382] - The company provided $3,472,712 from financing activities in 2023, a decrease from $4,094,940 in 2022, attributed to lower proceeds from equity offerings[383] Corporate Actions - The company executed a securities exchange with Plantify, issuing 166,340 shares of common stock, representing 19.99% of its outstanding capital stock[377] - The company completed a reincorporation from Delaware to Nevada on November 6, 2023, which became effective on The Nasdaq Capital Market on November 10, 2023[391] - The company plans to change its name to N2OFF, Inc. to better reflect future business expansion, effective March 19, 2024[399] - The company appointed Liat Sidi and Asaf Itzhaik to its board of directors in November and December 2023, respectively[397][398] Future Plans and Investments - The company aims to become a global leader in eco-friendly solutions for the food industry, focusing on reducing spoilage and food loss[350] - The company purchased an additional 55,004,349 common shares of Plantify at C$0.01 per share, increasing its ownership to approximately 23%[379] - The company entered into a Standby Equity Purchase Agreement on December 22, 2023, allowing for the purchase of up to $20 million of common stock over 36 months at 94% of the lowest volume-weighted average price[392] - The company has the option to request pre-advances of up to $3,000,000 under the Purchase Agreement, with each pre-advance subject to a 3% discount and an 8% annual interest rate[387]
Save Foods(SVFD) - 2023 Q4 - Annual Report