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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q
(Mark
One)
|
☑ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended September 30, 2023
OR
|
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from ____ to ____
Commission
File No. 000-51783
Dror
Ortho-Design, Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
85-0461778 |
(State
or other jurisdiction
of
incorporation or organization) |
|
(I.R.S.
Employer
Identification
Number) |
|
|
|
Shatner
Street 3
Jerusalem, Israel |
|
N/A |
(Address
of principal executive office) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: +972 (0)74-700-6700
Novint
Technologies, Inc.
100 Merrick Road-Suite 400W, Rockville Center, NY, 11570
(Former
name or former address, if changed since last report) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol |
|
Name
of each exchange on which registered |
None |
|
None |
|
None |
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 and every Interactive Data File required to be submitted pursuant to
Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant has been required to submit
and post such files). Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the 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 check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
☐ No ☒
The
number of shares outstanding of the registrant’s Common Stock as of November 20, 2023 was 495,454,546 shares.
PART
I - FINANCIAL INFORMATION
Item
1. Condensed Consolidated Financial Statements
DROR ORTHO-DESIGN, INC
CONDENSED CONSOLIDATED BALANCE SHEETS
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
Unaudited | | |
Audited | |
Assets | |
| | |
| |
Current Assets: | |
| | | |
| | |
| |
| | | |
| | |
Cash and cash equivalents | |
$ | 4,015,551 | | |
$ | 1,039,059 | |
Receivables and prepaid expenses | |
| 146,842 | | |
| 101,353 | |
Total Current Assets | |
| 4,162,393 | | |
| 1,140,412 | |
| |
| | | |
| | |
Noncurrent Assets: | |
| | | |
| | |
Property and equipment, at cost, net | |
| 2,496 | | |
| 2,998 | |
Total Assets | |
| 4,164,889 | | |
| 1,143,410 | |
| |
| | | |
| | |
Liabilities And Stockholders’
Equity | |
| | | |
| | |
| |
| | | |
| | |
Current Liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 5,826 | | |
$ | 30,792 | |
Accrued royalties | |
| 720,632 | | |
| — | |
Founders claim accrual | |
| — | | |
| 240,000 | |
Accrued expenses and other payables | |
| 254,320 | | |
| 276,126 | |
Total Current Liabilities | |
| 980,778 | | |
| 546,918 | |
| |
| | | |
| | |
Noncurrent Liabilities: | |
| | | |
| | |
Accrued severance | |
| 383 | | |
| 416 | |
Total Liabilities | |
| 981,161 | | |
| 547,334 | |
| |
| | | |
| | |
Stockholders’ Equity* | |
| | | |
| | |
Preferred A Stock, $.0001 Par value, 12,500,000 shares authorized; 10,463,363 and 7,576,999 shares outstanding at September 30, 2023 and December 31, 2022, respectively* | |
| 1,047 | | |
| 758 | |
Common stock, $0.0001 par value; 500,000,000 shares authorized, 495,454,546 and 437,735,093 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively* | |
| 49,545 | | |
| 43,774 | |
Additional paid-in capital* | |
| 14,600,880 | | |
| 10,714,366 | |
Accumulated deficit* | |
| (11,467,744 | ) | |
| (10,162,822 | ) |
Total Stockholders’ Equity* | |
| 3,183,728 | | |
| 596,076 | |
| |
| | | |
| | |
Total Liabilities and Stockholders’ Equity | |
$ | 4,164,889 | | |
$ | 1,143,410 | |
DROR ORTHO-DESIGN INC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Three Months Ended | | |
Nine Months Ended | |
| |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2022 | |
| |
Unaudited | | |
Unaudited | |
Operating Expenses | |
| | | |
| | | |
| | | |
| | |
Research and development | |
| 247,025 | | |
| 129,424 | | |
| 596,608 | | |
| 459,940 | |
General and administrative expenses | |
| 308,335 | | |
| 152,453 | | |
| 724,678 | | |
| 637,679 | |
Total Operating Expenses | |
| 555,360 | | |
| 281,877 | | |
| 1,321,286 | | |
| 1,097,619 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (555,360 | ) | |
| (281,877 | ) | |
| (1,321,286 | ) | |
| (1,097,619 | ) |
| |
| | | |
| | | |
| | | |
| | |
Financial Expenses, net | |
| 1,824 | | |
| (2,149 | ) | |
| 16,364 | | |
| (4,055 | ) |
Total other expense | |
| 1,824 | | |
| (2,149 | ) | |
| 16,364 | | |
| (4,055 | ) |
| |
| | | |
| | | |
| | | |
| | |
Provision for income taxes | |
| — | | |
| — | | |
| — | | |
| — | |
Net earnings (loss) | |
| (553,536 | ) | |
| (284,026 | ) | |
| (1,304,922 | ) | |
| (1,101,674 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per common share | |
| | | |
| | | |
| | | |
| | |
Basic and Diluted | |
| (0.00 | ) | |
| (0.00 | ) | |
| (0.01 | ) | |
| (0.00 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average common shares outstanding | |
| | | |
| | | |
| | | |
| | |
Basic and Diluted* | |
| 309,567,766 | | |
| 437,735,093 | | |
| 230,124,665 | | |
| 437,735,093 | |
DROR ORTHO-DESIGN INC
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
Series
A Preferred Stock | | |
Common
Stock | | |
Treasury
Stock | | |
Additional Paid-In Capital | | |
Accumulated Deficit | | |
Total Stockholders’ Equity (Deficit) | |
| |
Shares* | | |
Amount | | |
Shares* | | |
Amount | | |
Shares | | |
Amount | | |
| | | |
| | | |
| | |
Balance at January 1, 2023 | |
| 7,576,999 | | |
| 758 | | |
| 437,735,093 | | |
| 43,774 | | |
| — | | |
| — | | |
| 10,714,366 | | |
| (10,162,822 | ) | |
| 596,076 | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 5,032 | | |
| — | | |
| 5,032 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (465,604 | ) | |
| (465,604 | ) |
Balance at March 31, 2023 | |
| 7,576,999 | | |
| 758 | | |
| 106,782,187 | | |
| 10,678 | | |
| 330,952,906 | | |
| 33,096 | | |
| 10,719,398 | | |
| (10,628,426 | ) | |
| 135,504 | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 5,088 | | |
| — | | |
| 5,088 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (285,782 | ) | |
| (285,782 | ) |
Balance at June 30, 2023 | |
| 7,576,999 | | |
| 758 | | |
| 106,782,187 | | |
| 10,678 | | |
| 330,952,906 | | |
| 33,096 | | |
| 10,724,486 | | |
| (10,914,208 | ) | |
| (145,190 | ) |
Private Placement Investment, net of issuance costs | |
| 2,886,364 | | |
| 289 | | |
| 186,363,631 | | |
| 18,636 | | |
| — | | |
| — | | |
| 4,634,279 | | |
| — | | |
| 4,653,204 | |
Settlement of Treasury Stock prior to recapitalization | |
| — | | |
| — | | |
| — | | |
| — | | |
| (330,952,906 | ) | |
| (33,096 | ) | |
| 33,096 | | |
| — | | |
| — | |
Reverse re-capitalization | |
| — | | |
| — | | |
| 202,308,728 | | |
| 20,231 | | |
| — | | |
| — | | |
| (793,497 | ) | |
| — | | |
| (773,266 | ) |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 2,516 | | |
| — | | |
| 2,516 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (553,536 | ) | |
| (553,536 | ) |
Balance at September 30, 2023 | |
| 10,463,363 | | |
| 1,047 | | |
| 495,454,546 | | |
| 49,545 | | |
| — | | |
| — | | |
| 14,600,880 | | |
| (11,467,744 | ) | |
| 3,183,728 | |
DROR ORTHO-DESIGN INC
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance at January 1, 2022 | |
| 7,576,999 | | |
| 758 | | |
| 437,735,093 | | |
| 43,774 | | |
| — | | |
| — | | |
| 10,694,458 | | |
| (8,479,323 | ) | |
| 2,259,667 | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 4,736 | | |
| — | | |
| 4,736 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (390,863 | ) | |
| (390,863 | ) |
Balance at March 31, 2022 | |
| 7,576,999 | | |
| 758 | | |
| 437,735,093 | | |
| 43,774 | | |
| | | |
| | | |
| 10,699,194 | | |
| (8,870,186 | ) | |
| 1,873,540 | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 4,884 | | |
| — | | |
| 4,884 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (426,785 | ) | |
| (426,785 | ) |
Balance at June 30, 2022 | |
| 7,576,999 | | |
| 758 | | |
| 437,735,093 | | |
| 43,774 | | |
| | | |
| | | |
| 10,704,078 | | |
| (9,296,971 | ) | |
| 1,451,639 | |
Stock-based compensation | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 5,144 | | |
| — | | |
| 5,144 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (284,026 | ) | |
| (284,026 | ) |
Balance at September 30, 2022 | |
| 7,576,999 | | |
| 758 | | |
| 437,735,093 | | |
| 43,774 | | |
| — | | |
| — | | |
| 10,709,222 | | |
| (9,580,997 | ) | |
| 1,172,757 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
DROR ORTHO-DESIGN INC
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
| |
For the Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
| |
| (Unaudited) | | |
| (Unaudited) | |
Cash flows from operating activities: | |
| | | |
| | |
Net loss | |
$ | (1,304,922 | ) | |
$ | (1,101,674 | ) |
Stock-based compensation expense | |
| 12,636 | | |
| 14,764 | |
Depreciation | |
| 502 | | |
| 502 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Receivables and prepaid expenses | |
| (40,006 | ) | |
| (30,876 | ) |
Accounts payable | |
| (56,896 | ) | |
| (4,055 | ) |
Accrued expenses and other payables | |
| (114,529 | ) | |
| 28,453 | |
Founders claim accrual | |
| (240,000 | ) | |
| — | |
Accrued royalties | |
| 6,438 | | |
| — | |
Accrued severance | |
| (33 | ) | |
| (6,639 | ) |
Net cash used in operating activities | |
| (1,736,810 | ) | |
| (1,099,525 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Cash acquired in reverse merger | |
| 17,966 | | |
| — | |
Net cash provided by investing activities | |
| 17,966 | | |
| — | |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Proceeds from private placement raise, net of expenses | |
| 4,695,336 | | |
| — | |
Net cash provided in financing activities | |
| 4,695,336 | | |
| — | |
| |
| | | |
| | |
Net increase (decrease) in cash and cash equivalents | |
| 2,976,492 | | |
| (1,099,525 | ) |
Cash and cash equivalents, beginning of period | |
| 1,039,059 | | |
| 2,556,237 | |
Cash and cash equivalents, end of period | |
$ | 4,015,551 | | |
$ | 1,456,712 | |
| |
| | | |
| | |
Supplemental cash flow information: | |
| | | |
| | |
Cash paid for interest | |
$ | — | | |
$ | — | |
Cash paid for taxes | |
$ | — | | |
$ | — | |
| |
| | | |
| | |
Non-cash activities: | |
| | | |
| | |
Shares issued at reverse recapitalization | |
$ | 20,231 | | |
| — | |
Net liabilities assumed in merger | |
$ | 791,232 | | |
| — | |
Accrued transaction costs | |
$ | 42,132 | | |
| — | |
DROR ORTHO-DESIGN INC
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Note
1 – Organization and Basis of Presentation
Organization
The Company was incorporated as Novint
Technologies, Inc. in the State of New Mexico in April 1999. On February 26, 2002, the Company changed its state of incorporation
to Delaware by merging with Novint Technologies, Inc., a Delaware corporation. On August 14, 2023, following a share exchange
agreement, the Company changed its name from “Novint Technologies, Inc.” to “Dror Ortho-Design, Inc.”.
Following the share exchange, the Company succeeded to the business of Dror Ortho-Design, Ltd (“Private Dror”) as its
sole line of business. The Company is involved in the research and development of an orthodontic alignment platform and has not
yet reached the sales stage for its product.
The Company’s stock is quoted on the OTC
Pink Market under the symbol DROR.
Reverse
Recapitalization
On July 5, 2023, Private Dror entered into
a share exchange agreement with the Company and on August 14, 2023 the share exchange was consummated (the “Share Exchange”).
As a result of the Share Exchange, The shareholders of Private Dror exchanged all 235,089 of their outstanding shares of common
stock, for 106,782,187 shares of the Company’s Common Stock and 7,576,999 shares of the Company’s Series A Preferred
Stock. As a result, Private Dror became a wholly owned subsidiary of the Company and the prior- Share Exchange Private Dror shareholders
hold 56.1 % of the Company’s common stock equivalents based on the common and preferred shares received in the Share Exchange.
The Share Exchange is being accounted for
as a recapitalization, with Private Dror deemed to be the accounting acquirer and the Company the acquired company. Accordingly,
Private Dror’s historical financial statements for periods prior to the consummation of the Share Exchange have become those
of the registrant. Assets and liabilities and the historical operations reported for periods prior to the Share Exchange are those
of Private Dror other than equity items. All references to common stock, preferred stock, share and per share amounts have been
retroactively restated to reflect the reverse recapitalization as if the transaction had taken place as of the beginning of the
earliest period presented.
Pursuant to the Share Exchange, the Company
issued shares of its common stock and preferred stock to Private Dror’s stockholders, at an exchange ratio of 3,677.27 shares
of the Company’s common stock.
As of August 14, 2023 the fair value of
the net liabilities of the Company was 793,497, which was recorded as Additional Paid-In Capital as part of the Share Exchange.
Nature
of Business
The
Company is involved in the research and development of an orthodontic alignment platform. The Company has several patents for the technology
used in the platform and is currently in the process of preparing the prototype for FDA approval.
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles for interim
financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, these unaudited consolidated condensed
financial statements do not include all information or notes required by generally accepted accounting principles for annual consolidated
financial statements and should be read in conjunction with the Company’s annual financial statements for the year ended December
31, 2022 included within the Company’s Current Report on Form 8-K, as amended, originally filed with the SEC on August 14, 2023.
DROR ORTHO-DESIGN INC
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
As
the Company completed a reverse recapitalization on August 14, 2023, the financial information for the periods prior to the reverse recapitalization
reflect those of Private Dror. From August 14, 2023 forward, the financial information presented is the consolidated financial information
of the Company and its subsidiary.
In
the opinion of management, the unaudited consolidated condensed financial statements included herein contain all adjustments necessary
to present fairly the Company’s financial position and the results of its operations and cash flows for the interim periods presented.
Such adjustments are of a normal recurring nature. The results of operations for the three and nine months ended September 30, 2023 may
not be indicative of results for the full year.
Use
of Estimates and Assumptions
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates or assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenue and expenses during the reporting periods. Actual results could vary from those estimates. Management
utilizes various other estimates, including but not limited to accrued royalties,
estimated lives of long-lived assets, the valuation of stock compensation, the valuation allowance for deferred tax assets and other
contingencies. The results of any changes in accounting estimates are reflected in the financial statements in the period in which the
changes become evident. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period
that they are determined to be necessary.
Functional
Currency
The
Company accounts for foreign currency transactions pursuant to ASC 830, “Foreign Currency Matters”. The functional currency
of the Company is the United States Dollars (“US$”) as the U.S. dollar is the currency of the primary economic environment
in which the Company operates. The accompanying financial statements have been expressed in US$. Transactions denominated in currencies
other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.
Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency
using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of
operations. The exchange rate of the US Dollar to the Israeli Shekel was 3.824 and 3.519 as of September 30, 2023 and December 31, 2022,
respectively.
Cash
and Cash Equivalents
The
Company considers all highly liquid instruments with an original maturity of three months or less when acquired to be cash equivalents.
As of both September 30, 2023 and December 31, 2022, the Company had no cash equivalents.
The Company’s cash is held with
financial institutions in the United States and Israel. Account balances held in the Unites States may, at times, exceed the Federal
Deposit Insurance Corporation (FDIC) insurance limit. As of September 30, 2023 and December 31, 2022, the Company had $255,188
and $643,658, respectively, in excess of the FDIC insurance limit. As of September 30, 2023 and December 31, 2022, the Company
had $3,490,760 and $144,399, respectively, in Israeli financial institutions. The Company has not experienced any losses in such
accounts with these financial institutions.
Property
and Equipment
Property
and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight–line method on the
various asset classes, which currently consists of office equipment over their estimated useful lives of seven years when placed in service.
The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired
or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in
income in the year of disposition.
DROR ORTHO-DESIGN INC
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Research
and Development
The
Company expenses all research and development costs as they are incurred. Research and development includes expenditures in connection
with in-house research and development salaries and staff costs, consulting fees, as well as proprietary products and technology.
DROR ORTHO-DESIGN INC
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Basic
and Diluted Net Loss Per Common Share
The Company computes net loss per share
in accordance with ASC 260, “Earnings per Share” which requires presentation of both basic and diluted earnings per
share (EPS) on the face of the income statement. Basic loss per ordinary share is computed by dividing the loss for the period
applicable to common shareholders, by the weighted average number of shares of common stock outstanding during the period. Diluted
net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for
the period and, if dilutive, potential common shares outstanding during the period. Potentially dilutive securities consist of
the incremental common shares issuable upon exercise of common stock equivalents such as stock options, warrants and convertible
debt instruments. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. As a result,
the basic and diluted per share amounts for all periods presented are identical.
For
the three and nine months ended September 30, 2023 and 2022, the Company incurred net losses which cannot be diluted; therefore, basic and diluted
loss per common share is the same. As of September 30, 2023 and 2022, shares issuable which could potentially dilute future earnings
were as follows:
| |
| | |
| |
| |
September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Preferred Shares | |
| 10,463,363 | | |
| 7,576,999 | |
Warrants | |
| 964,834,419 | | |
| 489,834,426 | |
Stock Options | |
| — | | |
| 163,142,084 | |
Shares excluded from the calculation of diluted loss per share | |
| 975,297,782 | | |
| 660,553,509 | |
Recently
Issued Accounting Pronouncements
The
Company has reviewed the recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American
Institute of Certified Public Accountants, and the SEC and determined that these pronouncements do not have a material impact on the
Company’s current or anticipated consolidated financial statement presentation or disclosures.
NOTE
3 – COMMITMENTS AND CONTINGENCIES
The
Company partially financed their research and development expenditures under grant programs sponsored by the Israel Innovation Authority
(“IIA”) of the Ministry of Economy and Industry (formerly the Office of Chief Scientist) for the support of research and
development activities conducted in Israel. At the time the grants were received from the IIA, successful development of the related
projects was not assured. In exchange for participation in the programs by the IIA, the Company agreed to pay 3% of total sales of products
developed within the framework of these programs. The royalties will be paid up to a maximum amount equaling 100% of the grants provided
by the IIA, linked to the dollar, bearing annual interest at a rate based on LIBOR. Beginning from January 1, 2024 the rate will be adjusted to SOFR (Secured Over Financing Rate). The obligation to pay these royalties is contingent on actual sales
of the products, and in the absence of such sales payment of royalties is not required. In some cases, the Government of Israel’s
participation (through the IIA) is subject to export sales or other conditions. The maximum amount of royalties is increased in the event
of production outside of Israel. The current contingent royalty obligation as of September 30, 2023 and December 31, 2022 is approximately
$1.12 and $1.08 million, respectively.
From
time to time in the normal course of business, the Company may be subject to routine litigation incidental to its business. Although
there can be no assurances as to the ultimate disposition of any such matters, it is the opinion of management, based upon the information
available at this time, that there are no matters, individually or in the aggregate, that would have a material adverse effect on the
results of operations and financial condition of the Company.
NOTE
4 – ACCRUED ROYALTIES
Accrued
royalties relate to the Company’s licensing agreements with various parties that provided gaming software to the Company. These
licensing agreements contain obligations to pay royalty fees ranging from 5% to 50% of either gross or net revenue, and a flat fee per
end user of $0.50, subject to an obligation to pay minimum annual royalties of $50,000 as specified in the licensing agreements. Accrued
royalties as of September 30, 2023 and December 31, 2022, including unpaid annual minimum royalties, were $720,632 and $0, respectively.
If contested by the licensors, the Company may be required to pay these amounts, thus the Company continues to report the remaining obligation
under the licensing agreements as a liability on the Company’s Balance Sheet. The Company does not believe that it remains obligated
to pay these royalties.
DROR ORTHO-DESIGN INC
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
NOTE
5 – FOUNDERS CLAIM ACCRUAL
The
Company has recorded a provision in respect of a claim made against Private Dror by its founders. The claim related to amounts claimed
as a repayment of loan balances and other amounts including salary and benefit related balances. In January 2023, Private Dror signed
an agreement with the founders, settling all-outstanding claims at $240,000 which included amounts representing the repayment of a loan,
reimbursement of expenses and an amount for pain and suffering. In addition, the agreement stipulated the transfer back of all shares
held by the founders to the Private Dror for no additional consideration. The settlement was paid in the first quarter of 2023.
NOTE
6 – STOCKHOLDERS’ EQUITY
All references to common stock, share and
per share amounts have been retroactively restated to reflect the reverse recapitalization as if the transaction had taken place
as of the beginning of the earliest period presented.
Common
Stock
The
Company is authorized to issue 500,000,000 shares of $0.0001 par value common stock. All issued shares of common
stock are entitled to vote on a 1 share/1 vote basis. The Company had 495,454,546 and 437,735,093 shares of common stock
issued and outstanding as of September 30, 2023, and December 31, 2022, respectively.
Holders
of our common stock have no preemptive, redemption, conversion or subscription rights. No sinking fund provisions are applicable to our
common stock. Upon liquidation, dissolution or winding-up, holders of our common stock are entitled to share in all assets remaining
after payment of all liabilities and the liquidation preferences of any of our outstanding shares of preferred stock. Subject to preferences
that may be applicable to any outstanding shares of preferred stock, holders of our common stock are entitled to receive dividends, if
any, as may be declared from time to time by our board of directors out of our assets which are legally available. Such dividends, if
any, are payable in cash, in property or in shares of capital stock.
As
part of the Private Dror founders claim settlement agreement (see Note 5), shares of Common Stock were returned to the Private Dror in February 2023.
On
August 14, 2023, as a result of the share exchange agreement and a round of private placement funding, the Company issued 388,672,359
shares of Common Stock. Pursuant to the terms of the Share Exchange, the Company raised $5,225,000 as part of a private placement funding, $5,025,000 the first closing on August 14, 2023 and an additional $200,000 from the second closing on September 13, 2023. The private placement investors received 186,363,631 shares of common stock and 2,886,364 shares of Series A Preferred Stock.
Transaction expenses relating to the private
placement funding and for the Share Exchange totaled $571,796, are presented net of the Additional Paid-In Capital recorded as
part of the private placement funding and the Share Exchange.
Preferred
Stock
The
Company is authorized to issue up to 12,500,000 shares of $0.0001 par value non-redeemable preferred stock with a
stated value of $1.10 per share. As of December 31, 2022, 7,576,999 shares of Series A Preferred Stock were outstanding. During the third
quarter of 2023, as a result of the private placement funding, 2,886,364 shares of Series A Preferred Stock were issued to investors.
The
following is a summary of the principal terms of the Series A Preferred Stock as set forth in the Certificate of Designation.
Dividends
The
holders of Series A Preferred Stock will be entitled to dividends, on an as-if converted basis, equal to and in the same form as dividends
actually paid on shares of common stock, when and if actually paid.
DROR ORTHO-DESIGN INC
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Voting
Rights
The
shareholders of Series A Preferred Stock are entitled to vote with holders of the Company’s common stock, par value $0.0001 per
share (the “Common Stock”) on all matters that such holders of Common Stock are entitled to vote upon, in the same manner
and with the same effect as the holders of Common Stock, voting together with the holders of Common Stock as a single class. Each share
of Preferred Stock shall entitle the shareholder to cast that number of votes per share of Preferred Stock equal to the number of shares
of Common Stock into which such share of Preferred Stock is convertible (after giving effect to certain limitations on conversion, as
applicable). As long as any shares of Series A Preferred Stock are outstanding, we may not, without the approval of a majority of the
then outstanding shares of Series A Preferred Stock (a) alter or change the powers, preferences or rights given to the Series A
Preferred Stock, (b) alter or amend our amended and restated certificate of incorporation, the Series A Certificate of Designation, or
our amended and restated bylaws in such a manner so as to materially adversely affect any rights given to the Series A Preferred Stock,
(c) authorize or create any class of stock ranking as to dividends, redemption or distribution of assets upon a Liquidation (as defined
below) senior to the Series A Preferred Stock, or (d) enter into any agreement to do any of the foregoing.
Liquidation
Upon
any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary (a “Liquidation”), the then holders
of the Series A Preferred Stock are entitled to receive out of the assets available for distribution to stockholders of the Company the
same amount that a holder of common stock would receive if the Series A Preferred Stock were fully converted (disregarding for such purposes
any conversion limitations hereunder) to common stock which amounts shall be paid pari passu with all holders of common stock.
Conversion
The
Series A Preferred Stock is convertible into common stock at any time at a conversion price of $0.011, or 100 shares of Common Stock
for each share of Preferred A Stock, subject to adjustment for certain anti-dilution provisions set forth in the Series A Certificate
of Designation. Upon conversion the shares of Series A Preferred Stock will resume the status of authorized but unissued shares of preferred
stock of the Company.
On
the trading day immediately following any day the Company is able to satisfy some or all of its reservation requirements pursuant to
the Certificate of Designation, all, but not less than all, of the outstanding shares of Series A Preferred Stock for which common stock
has been reserved will automatically convert, without any action on the part of the holder thereof and without payment of any additional
consideration, into that number of shares of reserved common stock, determined by dividing the stated value of such share of Series A
Preferred Stock by the Series A Conversion Price.
Warrants
On
August 14, 2023, the Company issued warrants to purchase up to 489,834,426 shares of Common Stock to Private Dror shareholders
in exchange for their outstanding warrants and warrants to purchase up to 456,818,176 shares of Common Stock to the private
placement investors in respect of their investment, in addition to warrants to purchase up to 18,181,817 shares of Common Stock
issued to private placement investors in a subsequent closing on September 13, 2023. The warrants expire five years from
issuance and are exercisable at an exercise price of $0.033 per share. The warrants contain provisions that protect their holders
against dilution by adjustment of the purchase price in certain events such as stock dividends, stock splits and other similar
events.
If
at the time of the warrant’s exercise there is no effective registration statement registering, or no current prospectus available
for, the resale of the shares of common stock underlying the warrant, then the holder will have the right to exercise warrant by means
of a cashless exercise. In addition, if (i) the volume-weighted average price of our common stock for 20 consecutive trading days
is at least 300% of the exercise price of the warrants, (ii) the dollar trading volume of our common stock for each trading day
within such 20-day trading period equals or exceeds $500,000, (iii) a registration statement providing for the resale of the private
placement shares is effective and such registration statement has been effective for six (6) months, (iv) the holder of the warrant
is not in possession of any information provided by the Company that constitutes material nonpublic information and (v) the Company
has not breached any of the terms of the investment documents (regardless of if such breach has been cured), then the warrants may be
redeemed at a price of $0.001 per warrant up to one-half, in the aggregate, of the warrants upon not less than 20 days’ prior written
notice of redemption to each holder, subject to certain customary restrictions.
DROR ORTHO-DESIGN INC
NOTES TO FINANCIAL STATEMENTS
(Unaudited)
Equity
Incentive Plan
Prior to the share exchange agreement, there
were 179,579,481 Private
Dror employee stock options that had been granted to two executives, a consultant and a director. As part of the share exchange
agreement, the outstanding employee stock options are to be exchanged and the Company is required to issue new employee stock
options under the Company’s 2023 Long-Term Incentive Plan with the same terms as the previously issued options. As the Company
does not have enough available authorized shares underlying the options to be issued, the new employee stock options have not yet
been issued. During the three and nine month periods ending September 30, 2023, the Company recorded share-based compensation
expense of $2,516 and $12,636,
respectively. During the three and nine month periods ending September 30, 2022, the Company recorded share-based compensation
expense of $5,144 and $14,764,
respectively. At the Share Exchange, there were $27,322 of
unamortized share-based compensation expense in respect of the outstanding options.
NOTE
7 – SUBSEQUENT EVENTS
The
Company has evaluated subsequent events through the date these financial statements were issued. In the opinion of management, there
were no subsequent events that would require disclosure or adjustments to the accompanying financial statements through the date the
financial statements were issued other than the following:
On October 7, 2023, Israel was attacked by
Hamas and other terrorist organizations from the Gaza Strip and Israel went to a war against them. Since the company’s
wholly-owned subsidiary is incorporated under the laws of the state of Israel and our operations are conducted in Israel, our
business and operations are directly affected by economic, political, geopolitical and military conditions in Israel. It is
currently not possible to predict the duration or severity of the ongoing conflict or its effects on our business, operations and
financial conditions. The ongoing conflict is rapidly evolving and developing, and could disrupt our business and operations,
interrupt our sources and availability of supply and hamper our ability to raise additional funds or sell our securities, among
others.
Item
2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
following discussion and analysis of the results of operations and financial condition of Dror-Ortho Design, Inc. (the “Company”)
as of September 30, 2023 and for the nine months ended September 30, 2023 and 2022 should be read in conjunction with our financial statements
and the notes to those financial statements that are included elsewhere in this Quarterly Report on Form 10-Q. This discussion and analysis
should be read in conjunction with the Company’s audited financial statements and related disclosures as of December 31, 2022,
which are included in the Form 8-K filed with the Securities and Exchange Commission (“SEC”) on August 14, 2023.
References in this Management’s Discussion and Analysis of Financial Condition and Results of Operations to “us”, “we”,
“our” and similar terms refer to the Company.
Cautionary
Note Regarding Forward-Looking Statements
This
Quarterly Report on Form 10-Q contains “forward-looking statements,” which include information relating to future events,
future financial performance, financial projections, strategies, expectations, competitive environment and regulation. Words such as
“may,” “should,” “could,” “would,” “predicts,” “potential,” “continue,”
“expects,” “anticipates,” “future,” “intends,” “plans,” “believes,”
“estimates,” and similar expressions, as well as statements in future tense, identify forward-looking statements. Forward-looking
statements should not be read as a guarantee of future performance or results and may not be accurate indications of when such performance
or results will be achieved. Forward-looking statements are based on information we have when those statements are made or management’s
good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance
or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could
cause such differences include, but are not limited to:
| ● | our
operations and financial performance depend on global and regional economic conditions. Inflation, fluctuations in currency exchange
rates, changes in consumer confidence and demand, and weakness in general economic conditions and threats, or actual recessions, could
materially affect our business, results of operations, and financial condition.; |
| ● | the
Company is in the development stage, is not generating revenues and has no operating history in the manufacturing and distribution of
orthodontic medical devices or platforms for consumer use; |
| ● | our
products and technologies may not be accepted by the intended commercial consumers of our products, which could harm our future financial
performance; |
| ● | we
expect continued operating losses and cannot be certain of our future profitability; |
| ● | our
net revenues will depend primarily on our Platform and any decline in sales or average selling price of our Platform may adversely affect
net revenues, gross margin and net income; |
| ● | the
Company will face competition from large internationally established aligner companies whose products have been widely accepted; |
| ● | our
growth and future success may depend on our ability to enhance our Platform or to develop, obtain regulatory clearance for, successfully
introduce, and achieve market acceptance of new products and services; |
| ● | we
are subject to operating risks, including excess or constrained capacity and operational inefficiencies, which could adversely affect
our results of operations; |
| ● | our
products and information technology systems are critical to our business. Issues with product development or enhancements, IT system
integration, implementation, updates and upgrades could disrupt our operations and have a material impact on our business and operating
results; |
| ● | complying
with regulations enforced by FDA and other regulatory authorities is expensive and time consuming, and failure to comply could result
in substantial penalties; |
| ● | we
may not receive the necessary authorizations to market our Platform or any future new products, and any failure to timely do so may adversely
affect our ability to grow our business. |
| ● | certain
modifications to our products may require new 510(k) clearance or other marketing authorizations; |
| ● | ongoing
changes in healthcare regulation could negatively affect our revenues, business and financial condition; |
| ● | we
are subject to certain federal, state, and foreign fraud and abuse laws, health information privacy and security laws, and transparency
laws, which, if violated, could subject us to substantial penalties. Additionally, any challenge to or investigation into our practices
under these laws could cause adverse publicity and be costly to respond to, and thus could harm our business’ |
| ● | our
success depends in part on our proprietary technology, and if we are unable to successfully enforce our intellectual property rights,
our competitive position may be harmed; |
| ● | the
relative lack of U.S. public company experience of our management team may put us at a competitive disadvantage; |
| ● | our
common stock is not listed on any stock exchange and there is a limited market for shares of our common stock. Even if a market for our
common stock develops, our common stock could be subject to wide fluctuations; and |
| ● | other
risks and uncertainties outlined in section entitled “Risk Factors” and other risks detailed from time to time in our filings
with the SEC or otherwise. |
The
foregoing does not represent an exhaustive list of matters that may be covered by the forward-looking statements contained herein or
risk factors that we are faced with that may cause our actual results to differ from those anticipated in our forward-looking statements.
For a discussion of these and other risks that relate to our business and financial performance, you should carefully review the risks
and uncertainties described under the heading “Item 1A. Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q
and in our Current Report on Form 8-K filed on August 14, 2023, and those described from time to time in our future reports
filed with the Securities and Exchange Commission. Moreover, new risks regularly emerge, and it is not possible for us to predict or
articulate all risks we face, nor can we assess the impact of all risks on our business or the extent to which any risk, or combination
of risks, may cause actual results to differ from those contained in any forward-looking statements. All forward-looking statements included
in this Quarterly Report on Form 10-Q are based on information available to us on the date of this Quarterly Report on Form 10-Q. Except
to the extent required by applicable laws or rules, we undertake no obligation to publicly update or revise any forward-looking statement,
whether as a result of new information, future events or otherwise.
Overview
The
Company was incorporated as Novint Technologies, Inc. in the State of New Mexico in April 1999. On February 26, 2002, the Company changed
its state of incorporation to Delaware by merging with Novint Technologies, Inc., a Delaware corporation. On July 5, 2023, the Company
entered into a share exchange agreement with the shareholders of Dror Ortho-Design, Ltd (“Private Dror”), pursuant to which
the shareholders of Private Dror agreed to exchange all of their outstanding ordinary shares Private Dror for shares of the Company’s
common stock and convertible preferred stock (the “Share Exchange”). On August 14, 2023 the Share Exchange was consummated
and the Company changed its name to “Dror Ortho-Design, Inc.”
Following
the Share Exchange, the Company succeeded to the business of Private Dror as its sole line of business. The Share Exchange is being accounted
for as a recapitalization, with Private Dror deemed to be the accounting acquirer and the Company the acquired company. Accordingly,
Private Dror’s historical financial statements for periods prior to the consummation of the Share Exchange have become those of
the registrant. Operations reported for periods prior to the Share Exchange are those of Private Dror.
Our
Company
We
have reimagined the way people can correct their smile.
We
plan to disrupt the aligner market by offering millions of people a revolutionary alternative. We believe that people do not need to
change their lifestyle to correct their smile as they are required to do with existing aligner solutions. Rather, they can get a perfect
smile discreetly and hassle-free even while they sleep with our FDA-cleared proprietary solution.
Existing
aligner solutions generally share the same treatment principles, which are different from our solution. In most cases, patients seeking
to improve their smile need to undergo a 12-to-15 month process of wearing plastic aligners, which need to be worn the entire day and
should only be removed while eating or drinking. Patients are prescribed a series of 20 to 30 aligners that are intended to forcefully
move teeth progressively closer to their intended final position. This process causes pain every time a new aligner is used and restricts
blood circulation, which counterproductively slows down tooth movement. All-day aligner solutions are also intrusive, as patients need
to conduct their lives at work or school wearing the plastic aligners. In addition, most existing aligner therapies require multiple
visits to an orthodontist to monitor the progress of treatment plans through intraoral scanning, physical examination and patient testimony.
We
believe that recent rapid advancements in technology have made traditional aligner solutions no longer the most effective treatment option
for smile correction. Our Company has developed a proprietary AI-based platform to correct people’s smiles in a discreet and less
painful manner (the “Platform”). The Platform uses only one smart aligner to gently move teeth into their optimum position
with pulsating air while the patient is sleeping or at home.
General
The
Company is involved in the research and development of an orthodontic alignment platform. The Company has several patents for the technology
used in the platform and is currently in the process of preparing the prototype for FDA approval.
Results
of Operations
Comparison
of the Three Months Ended September 30, 2023, and the Three Months Ended September 30, 2022
The
following table sets forth the results of operations of the Company for the three months ended September 30, 2023 and September 30, 2022:
| |
Three Months Ended September 30, | | |
| | |
| |
| |
2023 | | |
2022 | | |
Change $ | | |
Change % | |
Research and development | |
$ | 247,025 | | |
$ | 129,424 | | |
$ | 117,601 | | |
| 91 | % |
General and administrative | |
$ | 308,335 | | |
$ | 152,453 | | |
$ | 155,882 | | |
| 102 | % |
Financial (income) expenses, net | |
$ | 1,824 | | |
$ | (2,149 | ) | |
$ | 3,973 | | |
| (185 | %) |
| |
| | | |
| | | |
| | | |
| | |
Research
and development expenses
Research
and development expenses were $247,025 for the three months ended September 30, 2023, compared to $129,424 for the three months ended
September 30, 2022. The increase in research and development expenses of $117,601 or 91%, was primarily due to increased activities relating
to the development of our new product.
General
and administrative expenses
General and administrative expenses were
$308,335 for the three months ended September 30, 2023, compared to $152,453 for the three months ended September 30, 2022. The
increase in general and administrative expenses of $155,882 or 102%, was primarily due to an increase in professional fees as well
as salaries and related expenses during the three months ended September 30, 2023.
Financial
(income) expenses, net
Financial income was $1,824 for the three
months ended September 30, 2023, compared to $2,149 of expenses for the three months ended September 30, 2022. The increase in
financial income, net of $3,973 or 185%, was primarily due to exchange rate differences resulting from the translation of NIS based
assets and liabilities to US dollars.
Comparison
of the Nine Months Ended September 30, 2023, and the Nine Months Ended September 30, 2022
The
following table sets forth the results of operations of the Company for the nine months ended September 30, 2023 and September 30, 2022:
| |
Nine Months Ended September 30, | | |
| | |
| |
| |
2023 | | |
2022 | | |
Change $ | | |
Change % | |
Research and development | |
$ | 596,608 | | |
$ | 459,940 | | |
$ | 136,668 | | |
| 30 | % |
General and administrative | |
$ | 724,678 | | |
$ | 637,679 | | |
$ | 86,999 | | |
| 14 | % |
Financial (income) expenses, net | |
$ | 16,364 | | |
$ | (4,055 | ) | |
$ | 20,419 | | |
| (504 | %) |
| |
| | | |
| | | |
| | | |
| | |
Research
and development expenses
Research
and development expenses were $596,608 for the nine months ended September 30, 2023, compared to $459,940 for the nine months ended September
30, 2022. The increase in research and development expenses of $136,668 or 30%, was primarily due to increased activities relating to
the development of the new product.
General
and administrative expenses
General and administrative expenses were
$724,678 for the nine months ended September 30, 2023, compared to $637,679 for the nine months ended September 30, 2022. The increase
in general and administrative expenses of $86,999 or 14%, was primarily due to an increase in professional fees as well as salaries
during the nine months ended September 30, 2023.
Financial
(income) expenses, net
Financial income was $16,364 for the nine
months ended September 30, 2023, compared to $4,055 of expenses for the nine months ended September 30, 2022. The increase in financial
income, net of $20,419 or 504%, was primarily due to exchange rate differences resulting from the translation of NIS based assets
and liabilities to US dollars.
Liquidity and Capital Resources
Sources of Liquidity
The Company does not have revenues to fund operations.
The Company anticipates that it will continue to incur significant losses as it continues to develop its product. Historically, our primary
source of cash has been proceeds from the sale of equity instruments. The Company raised $5.225 million through a private placement sale
of shares to new investors concurrent with the Share Exchange. The Company intends to spend approximately $2.5 million over the next 18
months on software and hardware development as well as the accompanying regulatory approvals and IP protection associated with such software
and hardware projects.
The Company will need to raise additional capital
to fund operating losses and grow its operations. There can be no assurance however that the Company will be able to raise additional
capital when needed, or at terms deemed acceptable, if at all.
Cash Flows for the Nine months ended September 30, 2023 and 2022
| |
Nine months ended September 30, | |
| |
2023 | | |
2022 | |
Cash provided (used) in | |
| | | |
| | |
Operating activities | |
$ | (1,736,810 | ) | |
$ | (1,099,525 | ) |
Investing activities | |
| 17,966 |
| |
| — | |
Financing activities | |
| 4,695,336 | | |
| — | |
Net increase (decrease) in cash and cash equivalents | |
$ | 2,976,492 | | |
$ | (1,099,525 | ) |
Operating activities
Net cash used in operating activities was $1,736,810
for the nine months ended September 30, 2023 as compared to $1,099,525 for the nine months ended September 30, 2022. The amount for the
nine months ended September 30, 2023 primarily consisted of a net loss of $1,304,922 offset by non-cash charges of $13,138 (including:
Share-based compensation expense of $12,636 and depreciation of $502), and a decrease in working capital excluding cash of $445,026. The
amount for the nine months ended September 30, 2022 primarily consisted of a net loss of $1,101,674, partially offset by non-cash charges
of $14,764 related to share-based compensation expense, and a decrease in working capital excluding cash of $12,615.
Investing activities
During the nine months ended September 30, 2023, net
cash provided by investing activities was $17,966 relating to the cash received in the Share Exchange. During the nine months ended September
30, 2022, there was no cash provided by or used in investing activities.
Financing activities
During the nine months ended September 30, 2023, net
cash provided by financing activities was $4,695,336 relating to the net proceeds from the private placement raise. During the nine months
ended September 30, 2022, there was no cash provided by or used in financing activities.
Effects of Inflation
Management does not believe that inflation has had a material impact on
the Company’s business, sales, or operating results during the periods presented.
Off-Balance Sheet Arrangements
The Company currently does not have any off-balance
sheet arrangements or financing activities with special-purpose entities.
Critical
Accounting Policies and Use of Estimates
The
SEC defined a company’s critical accounting policies as the ones that are most important to the portrayal of has the Company’s
financial condition and results of operations and which require the Company to make its most difficult and subjective judgments, often
as a result of the need to make estimates of matters that are inherently uncertain.
Based
on this definition, we have identified the critical accounting policies and judgments addressed below. We also have other key accounting
policies that are significant to understanding our results.
Research
and Development
The
Company expenses all research and development costs as they are incurred. Research and development includes expenditures in connection
with in-house research and development salaries and staff costs, consulting fees, as well as proprietary products and technology.
Use
of Estimates
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates or assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenue and expenses during the reporting periods. Actual results could vary from those estimates. Management
utilizes various other estimates, including but not limited to accrued royalties,
estimated lives of long-lived assets, the valuation of stock-based compensation, the valuation allowance for deferred tax assets and
other contingencies. The results of any changes in accounting estimates are reflected in the financial statements in the period in which
the changes become evident. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period
that they are determined to be necessary.
Recent
Accounting Pronouncements
In
October 2021, the FASB issued ASU 2021-07-Compensation-Stock Compensation (Topic 718): Determining the Current Price of an Underlying
Share for Equity-Classified Share-Based Awards. The measurement objective in Topic 718 for share-based awards is fair value based, and
the current price input is measured at fair value. This input is used in determining an award’s fair value. The practical expedient
in this Update allows a non-public entity to determine the current price of a share underlying an equity classified share-based award
using the reasonable application of a reasonable valuation method. The practical expedient in this Update is effective prospectively
for all qualifying awards granted or modified during fiscal years beginning after December 15, 2021, and interim periods within fiscal
years beginning after December 15, 2022. Early application, including application in an interim period, is permitted for financial statements
that have not yet been issued or made available for issuance as of October 25, 2021. The implementation of this standard did not have
a material effect on the Company’s financial statements.
Item
3. Quantitative and Qualitative Disclosures about Market Risk
Not
applicable.
Item
4. CONTROLS AND PROCEDURES
Disclosure
Controls and Procedures
Our
principal executive officer and principal financial officer, after evaluating the effectiveness of our disclosure controls and procedures
(as defined in the Securities Exchange Act of 1934, as amended (the “Exchange Act”) Rule 13a-15(e) and 15d-15(e)) as of the
end of the period covered by this Quarterly Report on Form 10-Q, have concluded that, based on such evaluation, our disclosure controls
and procedures were effective to ensure that information required to be disclosed by us in the reports that we file or submit under the
Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and
is accumulated and communicated to our management, including our principal executive officer and principal financial officer as appropriate
to allow timely decisions regarding required disclosure.
Change
in Internal Control over Financial Reporting
There
were no changes in our internal control over financial reporting that occurred during our last fiscal quarter ended September 30, 2023
that have materially affected, or are reasonably likely to affect, our internal control over financial reporting.
PART
II - OTHER INFORMATION
Item
1. Legal Proceedings
From
time to time, we may be involved in litigation that arises through the normal course of business. As of the date of this filing, we are
not a party to any material litigation nor are we aware of any such threatened or pending litigation.
There
are no proceedings in which any of our directors, officers or affiliates or any registered or beneficial stockholders is an adverse party
or has a material interest adverse to our interest.
Item
1A. Risk Factors
The
following description of risk factors includes any material changes to, and supersedes the description of, the risk factors addressed
below associated with our business, financial condition and results of operations previously disclosed in “Item 1A. Risk Factors”
of our Annual Report for the year ended December 31, 2022 on Form 10-K, as filed with the SEC on March 24, 2023 and in
“Item 1A. Risk Factors” of our Current Report on Form 8-K as filed with the SEC on August 14, 2023. Our business,
financial condition and operating results can be affected by a number of factors, whether currently known or unknown, including but not
limited to those described below, any one or more of which could, directly or indirectly, cause our actual financial condition and operating
results to vary materially from past, or from anticipated future, financial condition and operating results. Any of these factors, in
whole or in part, could materially and adversely affect our business, financial condition, operating results and stock price.
The
following discussion of risk factor contains forward-looking statements. This risk factor may be important to understanding other statements
in this Quarterly Report on Form 10-Q. The following information should be read in conjunction with the condensed consolidated financial
statements and related notes in Part I, Item 1, “Financial Statements” and Part I, Item 2, “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” of this Quarterly Report on Form 10-Q.
We
conduct our operations in Israel. Conditions in Israel, including the recent attack by Hamas and other terrorist organizations from the
Gaza Strip and Israel’s war against them, may affect our operations.
Because
our wholly-owned subsidiary is incorporated under the laws of the state of Israel and our operations are conducted in Israel, our business
and operations are directly affected by economic, political, geopolitical and military conditions in Israel. Since the establishment
of the State of Israel in 1948, a number of armed conflicts have occurred between Israel and its neighboring countries and terrorist
organizations active in the region. These conflicts have involved missile strikes, hostile infiltrations and terrorism against civilian
targets in various parts of Israel, which have negatively affected business conditions in Israel.
In
October 2023, Hamas terrorists infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian
and military targets. Hamas also launched extensive rocket attacks on Israeli population and industrial centers located along Israel’s
border with the Gaza Strip and in other areas within the State of Israel. Following the attack, Israel’s security cabinet declared
war against Hamas and a military campaign against these terrorist organizations commenced in parallel to their continued rocket and terror
attacks. Moreover, the clash between Israel and Hezbollah in Lebanon may escalate in the future into a greater regional conflict.
Any
hostilities involving Israel, or the interruption or curtailment of trade within Israel or between Israel and its trading partners could
adversely affect our operations and results of operations and could make it more difficult for us to raise capital. Parties with whom
we may do business have sometimes declined to travel to Israel during periods of heightened unrest or tension, forcing us to make alternative
arrangements when necessary. The conflict situation in Israel could cause situations where medical product certifying or auditing bodies
could not be able to visit manufacturing facilities of our subcontractors in Israel in order to review our certifications or clearances,
thus possibly leading to temporary suspensions or even cancellations of our product clearances or certifications. The conflict situation
in Israel could also result in parties with whom we have agreements involving performance in Israel claiming that they are not obligated
to perform their commitments under those agreements pursuant to force majeure provisions in such agreements.
There have been travel advisories imposed as related
to travel to Israel, and restriction on travel, or delays and disruptions as related to imports and exports may be imposed in the future.
An inability to receive supplies and materials, shortages of materials or difficulties in procuring our materials, among others, may adversely
impact our ability to commercialize and manufacture our product candidates and products in a timely manner. This could cause a number
of delays and/or issues for our operations, including delay of the review of our product candidates by regulatory agencies, which in turn
would have a material adverse impact on our ability to commercialize our product candidates.
The Israel Defense Force (the “IDF”),
the national military of Israel, is a conscripted military service, subject to certain exceptions. Several employees of our vendors are
subject to military service in the IDF and have been and may be called to serve. It is possible that there will be further military reserve
duty call-ups in the future, which may affect our business due to a shortage of skilled labor and loss of institutional knowledge, and
necessary mitigation measures we may take to respond to a decrease in labor availability, such as overtime and third-party outsourcing,
for example, which may have unintended negative effects and adversely impact our results of operations, liquidity or cash flows.
It is currently not possible to predict the duration
or severity of the ongoing conflict or its effects on our business, operations and financial conditions. The ongoing conflict is rapidly
evolving and developing, and could disrupt our business and operations, interrupt our sources and availability of supply and hamper our
ability to raise additional funds or sell our securities, among others.
Item
2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities.
There
were no unregistered sales of the Company’s equity securities during the three months ended September 30, 2023, other than
those previously reported in a Current Report on Form 8-K.
Item
3. Defaults Upon Senior Securities
Not
applicable.
Item
4. Mine Safety Disclosures
Not
Applicable.
Item
5. Other Information
Not
Applicable.
Item
6. Exhibits
Exhibit
No. |
|
Description |
2.1 |
|
Share
Exchange Agreement, dated July 5, 2023, by and among the Company, Dror Ortho-Design Ltd., and certain shareholders of Dror Ortho-Design
Ltd. (incorporated by reference to Exhibit 2.1 to the Current Report on Form 8-K filed with the Securities and Exchange
Commission on August 14, 2023) |
2.2 |
|
Amendment
to the Share Exchange Agreement, dated August 14, 2023, by and among the Company, Dror Ortho-Design Ltd., and certain shareholders
of Dror Ortho-Design Ltd. (incorporated by reference to Exhibit 2.2 to the Current Report on Form 8-K filed with the Securities
and Exchange Commission on August 14, 2023) |
3.1 |
|
Amended
and Restated Certificate of Incorporation of Dror Ortho-Design, Inc. (incorporated by reference to Exhibit 3.1 to the Current
Report on Form 8-K filed with the Securities and Exchange Commission on August 14, 2023) |
3.2 |
|
Certificate
of Designations of Preferences, Rights and Limitations of Series A Convertible Preferred Stock (incorporated by reference to Exhibit 3.2
to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 14, 2023) |
3.3 |
|
Certificate
of Correction to the Certificate of Designation of Preferences, Rights and Limitations of Series A Convertible Preferred Stock of
Dror Ortho-Design, Inc. (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K, filed
with the Commission on November 14, 2023) |
3.4 |
|
Amended
and Restated Bylaws (incorporated by reference to Exhibit 3.5 to the Company’s Current Report on Form 8-K, filed
with the Commission on March 1, 2007) |
3.5 |
|
Second
Amended and Restated Bylaws (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K/A,
filed with the Commission on November 14, 2023) |
4.1 |
|
Form
of Class A Common Stock Purchase Warrant (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed
with the Securities and Exchange Commission on August 14, 2023) |
10.1+ |
|
Employment
Agreement, dated December 6, 2021, between the Company and Eliyahu (Lee) Haddad (incorporated by reference to Exhibit 10.1 to
the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 14, 2023) |
10.2+ |
|
Employment
Agreement, dated January 26, 2022, between the Company and Moshe Shvets (incorporated by reference to Exhibit 10.2 to the Current
Report on Form 8-K filed with the Securities and Exchange Commission on August 14, 2023) |
10.3+ |
|
Indemnification
Agreement, dated December 6, 2021, between Dror Ortho-Design Ltd. and Eliyahu (Lee) Haddad (incorporated by reference to Exhibit 10.3
to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 14, 2023) |
10.4+ |
|
Indemnification
Agreement, dated December 6, 2021, between Dror Ortho-Design Ltd. and Moshe Shvets (incorporated by reference to Exhibit 10.4
to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 14, 2023) |
10.5+ |
|
Indemnification
Agreement, dated December 6, 2021, between Dror Ortho-Design Ltd. and Chaim Hurvitz (incorporated by reference to Exhibit 10.5
to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 14, 2023) |
10.6+ |
|
Indemnification
Agreement, dated December 6, 2021, between Dror Ortho-Design Ltd. and Chaim Ravad (incorporated by reference to Exhibit 10.6
to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 14, 2023) |
10.7+ |
|
Indemnification
Agreement, dated December 6, 2021, between Dror Ortho-Design Ltd. and Yehuda Englander (incorporated by reference to Exhibit 10.7
to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 14, 2023) |
10.8+ |
|
Consulting
Agreement, dated December 6, 2021, between Dror Ortho-Design Ltd. and Yaacov Bodner (incorporated by reference to Exhibit 10.8
to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 14, 2023) |
10.9+ |
|
2021
Share Incentive Plan (incorporated by reference to Exhibit 10.9 to the Current Report on Form 8-K filed with the Securities
and Exchange Commission on August 14, 2023) |
10.10+ |
|
2023
Long-Term Incentive Plan (incorporated by reference to Exhibit 10.10 to the Current Report on Form 8-K filed with the Securities
and Exchange Commission on August 14, 2023) |
10.11 |
|
Securities
Purchase Agreement, dated August 14, 2023, between the Company and certain purchasers identified therein (incorporated by reference
to Exhibit 10.11 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 14,
2023) |
10.12 |
|
Registration
Rights Agreement, dated August 14, 2023, between the Company and certain purchasers identified therein (incorporated by reference
to Exhibit 10.12 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 14,
2023) |
10.13 |
|
Form
of Lock-Up Agreement (incorporated by reference to Exhibit 10.13 to the Current Report on Form 8-K filed with the Securities
and Exchange Commission on August 14, 2023) |
10.14+ |
|
Services
Agreement, dated June 1, 2022, between Dror Ortho-Design Ltd. And Yehuda Englander (incorporated by reference to Exhibit 10.4
to the Current Report on Form 8-K/A filed with the Securities and Exchange Commission on August 18, 2023) |
31.1* |
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
32.1** |
|
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
|
|
|
101
INS* |
|
Inline
XBRL Instance Document |
101
SCH* |
|
Inline
XBRL Taxonomy Extension Schema Document |
101
CAL* |
|
Inline
XBRL Taxonomy Calculation Linkbase Document |
101
DEF* |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document |
101
LAB* |
|
Inline
XBRL Taxonomy Labels Linkbase Document |
101
PRE* |
|
Inline
XBRL Taxonomy Presentation Linkbase Document |
104* |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
* Filed
herewith.
** Furnished herewith.
+ Management contract or compensatory plan or arrangement.
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.
|
DROR-ORTHO
DESIGN, INC. |
|
|
|
Date:
November 20, 2023 |
By: |
/s/
Eliyahu (Lee) Haddad |
|
Name: |
Eliyahu
(Lee) Haddad |
|
Title: |
Chief
Executive Officer |
|
|
(Principal
Executive Officer and
Principal Financial and Accounting Officer) |
|
|
|
Dror Ortho-Design, Inc. 10-Q
Exhibit
31.1
CERTIFICATIONS
UNDER SECTION 302
I,
Eliyahu (Lee) Haddad, certify that:
1. |
I
have reviewed this Quarterly Report on Form 10-Q of Dror-Ortho Design, Inc. (the “registrant”); |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
I
am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and
15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have: |
|
a) |
designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. |
I
have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
|
a) |
all
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
November 20, 2023 |
|
|
|
/s/
Eliyahu (Lee) Haddad |
|
Eliyahu
(Lee) Haddad |
|
Chief
Executive Officer
(Principal
Executive Officer and
Principal Financial and Accounting Officer) |
|
Dror Ortho-Design, Inc. 10-Q
Exhibit
32.1
CERTIFICATION
FURNISHED PURSUANT TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
This
certification is furnished solely pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350) and accompanies the Quarterly
Report on Form 10-Q (the “Form 10-Q”) for the quarter ended September 30, 2023, of Dror-Ortho Design, Inc. (the “Company”).
I, Eliyahu (Lee) Haddad, the Chief Executive Officer of the Company, certify that, based on my knowledge:
(1)
The Form 10-Q fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations
of the Company as of and for the periods covered in this report.
Date:
November 20, 2023 |
By: |
/s/
Eliyahu (Lee) Haddad |
|
|
Eliyahu
(Lee) Haddad |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer
Principal Financial and Accounting Officer) |
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 20, 2023 |
Entity Addresses [Line Items] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
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Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
000-51783
|
|
Entity Registrant Name |
Dror
Ortho-Design, Inc.
|
|
Entity Central Index Key |
0001282980
|
|
Entity Tax Identification Number |
85-0461778
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
Shatner
Street 3
|
|
Entity Address, City or Town |
Jerusalem
|
|
Entity Address, Country |
IL
|
|
Entity Address, Postal Zip Code |
N/A
|
|
City Area Code |
+972
|
|
Local Phone Number |
(0)74-700-6700
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
495,454,546
|
Entity Information, Former Legal or Registered Name |
Novint
Technologies, Inc.
|
|
Former Address [Member] |
|
|
Entity Addresses [Line Items] |
|
|
Entity Address, Address Line One |
100 Merrick Road-Suite 400W
|
|
Entity Address, City or Town |
Rockville Center
|
|
Entity Address, State or Province |
NY
|
|
Entity Address, Postal Zip Code |
11570
|
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v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Current Assets: |
|
|
|
Cash and cash equivalents |
|
$ 4,015,551
|
$ 1,039,059
|
Receivables and prepaid expenses |
|
146,842
|
101,353
|
Total Current Assets |
|
4,162,393
|
1,140,412
|
Noncurrent Assets: |
|
|
|
Property and equipment, at cost, net |
|
2,496
|
2,998
|
Total Assets |
|
4,164,889
|
1,143,410
|
Current Liabilities: |
|
|
|
Accounts payable |
|
5,826
|
30,792
|
Accrued royalties |
|
720,632
|
0
|
Founders claim accrual |
|
|
240,000
|
Accrued expenses and other payables |
|
254,320
|
276,126
|
Total Current Liabilities |
|
980,778
|
546,918
|
Noncurrent Liabilities: |
|
|
|
Accrued severance |
|
383
|
416
|
Total Liabilities |
|
981,161
|
547,334
|
Stockholders’ Equity* |
|
|
|
Preferred A Stock, $.0001 Par value, 12,500,000 shares authorized; 10,463,363 and 7,576,999 shares outstanding at September 30, 2023 and December 31, 2022, respectively |
[1] |
1,047
|
758
|
Common stock, $0.0001 par value; 500,000,000 shares authorized, 495,454,546 and 437,735,093 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively |
[1] |
49,545
|
43,774
|
Additional paid-in capital |
[1] |
14,600,880
|
10,714,366
|
Accumulated deficit |
[1] |
(11,467,744)
|
(10,162,822)
|
Total Stockholders’ Equity |
[1] |
3,183,728
|
596,076
|
Total Liabilities and Stockholders’ Equity |
|
$ 4,164,889
|
$ 1,143,410
|
|
|
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v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
|
Sep. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
Preferred stock, authorized |
12,500,000
|
12,500,000
|
Preferred stock, outstanding |
10,463,363
|
7,576,999
|
Common stock, par value (in dollars per share) |
$ 0.0001
|
$ 0.0001
|
Common stock, authorized |
500,000,000
|
500,000,000
|
Common stock, issued |
495,454,546
|
437,735,093
|
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495,454,546
|
437,735,093
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
|
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Operating Expenses |
|
|
|
|
|
Research and development |
|
$ 247,025
|
$ 129,424
|
$ 596,608
|
$ 459,940
|
General and administrative expenses |
|
308,335
|
152,453
|
724,678
|
637,679
|
Total Operating Expenses |
|
555,360
|
281,877
|
1,321,286
|
1,097,619
|
Loss from operations |
|
(555,360)
|
(281,877)
|
(1,321,286)
|
(1,097,619)
|
Financial Expenses, net |
|
1,824
|
(2,149)
|
16,364
|
(4,055)
|
Total other expense |
|
1,824
|
(2,149)
|
16,364
|
(4,055)
|
Loss before provision for income taxes |
|
(553,536)
|
(284,026)
|
(1,304,922)
|
(1,101,674)
|
Provision for income taxes |
|
|
|
|
|
Net earnings (loss) |
|
$ (553,536)
|
$ (284,026)
|
$ (1,304,922)
|
$ (1,101,674)
|
Net loss per common share |
|
|
|
|
|
Net loss per common share. basic |
|
$ (0.00)
|
$ (0.00)
|
$ (0.01)
|
$ (0.00)
|
Net loss per common share. diluted |
|
$ (0.00)
|
$ (0.00)
|
$ (0.01)
|
$ (0.00)
|
Weighted-average common shares outstanding. basic |
[1] |
309,567,766
|
437,735,093
|
230,124,665
|
437,735,093
|
Weighted-average common shares outstanding. diluted |
[1] |
309,567,766
|
437,735,093
|
230,124,665
|
437,735,093
|
|
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($)
|
Preferred Stock [Member] |
Common Stock [Member] |
Treasury Stock, Common [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
|
$ 758
|
|
$ 43,774
|
|
|
$ 10,694,458
|
$ (8,479,323)
|
$ 2,259,667
|
|
Beginning balance, shares at Dec. 31, 2021 |
[1] |
7,576,999
|
|
437,735,093
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
4,736
|
|
4,736
|
|
Net loss |
|
|
|
|
|
|
|
(390,863)
|
(390,863)
|
|
Ending balance, value at Mar. 31, 2022 |
|
$ 758
|
|
$ 43,774
|
|
|
10,699,194
|
(8,870,186)
|
1,873,540
|
|
Ending balance, shares at Mar. 31, 2022 |
[1] |
7,576,999
|
|
437,735,093
|
|
|
|
|
|
|
Beginning balance, value at Dec. 31, 2021 |
|
$ 758
|
|
$ 43,774
|
|
|
10,694,458
|
(8,479,323)
|
2,259,667
|
|
Beginning balance, shares at Dec. 31, 2021 |
[1] |
7,576,999
|
|
437,735,093
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
(1,101,674)
|
|
Ending balance, value at Sep. 30, 2022 |
|
$ 758
|
|
$ 43,774
|
|
|
10,709,222
|
(9,580,997)
|
1,172,757
|
|
Ending balance, shares at Sep. 30, 2022 |
[1] |
7,576,999
|
|
437,735,093
|
|
|
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
|
$ 758
|
|
$ 43,774
|
|
|
10,699,194
|
(8,870,186)
|
1,873,540
|
|
Beginning balance, shares at Mar. 31, 2022 |
[1] |
7,576,999
|
|
437,735,093
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
4,884
|
|
4,884
|
|
Net loss |
|
|
|
|
|
|
|
(426,785)
|
(426,785)
|
|
Ending balance, value at Jun. 30, 2022 |
|
$ 758
|
|
$ 43,774
|
|
|
10,704,078
|
(9,296,971)
|
1,451,639
|
|
Ending balance, shares at Jun. 30, 2022 |
[1] |
7,576,999
|
|
437,735,093
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
5,144
|
|
5,144
|
|
Net loss |
|
|
|
|
|
|
|
(284,026)
|
(284,026)
|
|
Ending balance, value at Sep. 30, 2022 |
|
$ 758
|
|
$ 43,774
|
|
|
10,709,222
|
(9,580,997)
|
1,172,757
|
|
Ending balance, shares at Sep. 30, 2022 |
[1] |
7,576,999
|
|
437,735,093
|
|
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
|
$ 758
|
|
$ 43,774
|
|
|
10,714,366
|
(10,162,822)
|
596,076
|
[2] |
Beginning balance, shares at Dec. 31, 2022 |
|
7,576,999
|
[1] |
437,735,093
|
[1] |
|
|
|
|
|
Return of founders shares to the Company as part of claim settlement |
|
|
|
$ (33,096)
|
|
$ 33,096
|
|
|
|
|
Return of founders shares to the Company as part of claim settlement, shares |
|
|
|
(330,952,906)
|
[1] |
330,952,906
|
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
5,032
|
|
5,032
|
|
Net loss |
|
|
|
|
|
|
|
(465,604)
|
(465,604)
|
|
Ending balance, value at Mar. 31, 2023 |
|
$ 758
|
|
$ 10,678
|
|
$ 33,096
|
10,719,398
|
(10,628,426)
|
135,504
|
|
Ending balance, shares at Mar. 31, 2023 |
|
7,576,999
|
[1] |
106,782,187
|
[1] |
330,952,906
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
|
$ 758
|
|
$ 43,774
|
|
|
10,714,366
|
(10,162,822)
|
596,076
|
[2] |
Beginning balance, shares at Dec. 31, 2022 |
|
7,576,999
|
[1] |
437,735,093
|
[1] |
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
|
(1,304,922)
|
|
Ending balance, value at Sep. 30, 2023 |
|
$ 1,047
|
|
$ 49,545
|
|
|
14,600,880
|
(11,467,744)
|
3,183,728
|
[2] |
Ending balance, shares at Sep. 30, 2023 |
|
10,463,363
|
[1] |
495,454,546
|
[1] |
|
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
|
$ 758
|
|
$ 10,678
|
|
$ 33,096
|
10,719,398
|
(10,628,426)
|
135,504
|
|
Beginning balance, shares at Mar. 31, 2023 |
|
7,576,999
|
[1] |
106,782,187
|
[1] |
330,952,906
|
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
5,088
|
|
5,088
|
|
Net loss |
|
|
|
|
|
|
|
(285,782)
|
(285,782)
|
|
Ending balance, value at Jun. 30, 2023 |
|
$ 758
|
|
$ 10,678
|
|
$ 33,096
|
10,724,486
|
(10,914,208)
|
(145,190)
|
|
Ending balance, shares at Jun. 30, 2023 |
|
7,576,999
|
[1] |
106,782,187
|
[1] |
330,952,906
|
|
|
|
|
Private Placement Investment, net of issuance costs |
|
$ 289
|
|
$ 18,636
|
|
|
4,634,279
|
|
4,653,204
|
|
Private Placement Investment, net of issuance costs, shares |
[1] |
2,886,364
|
|
186,363,631
|
|
|
|
|
|
|
Settlement of Treasury Stock prior to recapitalization |
|
|
|
|
|
$ (33,096)
|
33,096
|
|
|
|
Settlement of Treasury Stock prior to recapitalization, shares |
|
|
|
|
|
(330,952,906)
|
|
|
|
|
Reverse re-capitalization |
|
|
|
$ 20,231
|
|
|
(793,497)
|
|
(773,266)
|
|
Reverse re-capitalization, shares |
[1] |
|
|
202,308,728
|
|
|
|
|
|
|
Stock-based compensation |
|
|
|
|
|
|
2,516
|
|
2,516
|
|
Net loss |
|
|
|
|
|
|
|
(553,536)
|
(553,536)
|
|
Ending balance, value at Sep. 30, 2023 |
|
$ 1,047
|
|
$ 49,545
|
|
|
$ 14,600,880
|
$ (11,467,744)
|
$ 3,183,728
|
[2] |
Ending balance, shares at Sep. 30, 2023 |
|
10,463,363
|
[1] |
495,454,546
|
[1] |
|
|
|
|
|
|
|
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- DefinitionEquity impact of settlement of treasury stock prior to recapitalization.
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash flows from operating activities: |
|
|
Net loss |
$ (1,304,922)
|
$ (1,101,674)
|
Stock-based compensation expense |
12,636
|
14,764
|
Depreciation |
502
|
502
|
Changes in operating assets and liabilities: |
|
|
Receivables and prepaid expenses |
(40,006)
|
(30,876)
|
Accounts payable |
(56,896)
|
(4,055)
|
Accrued expenses and other payables |
(114,529)
|
28,453
|
Founders claim accrual |
(240,000)
|
|
Accrued royalties |
6,438
|
|
Accrued severance |
(33)
|
(6,639)
|
Net cash used in operating activities |
(1,736,810)
|
(1,099,525)
|
Cash flows from investing activities: |
|
|
Cash acquired in reverse merger |
17,966
|
|
Net cash provided by investing activities |
17,966
|
|
Cash flows from financing activities: |
|
|
Proceeds from private placement raise, net of expenses |
4,695,336
|
|
Net cash provided in financing activities |
4,695,336
|
|
Net increase (decrease) in cash and cash equivalents |
2,976,492
|
(1,099,525)
|
Cash and cash equivalents, beginning of period |
1,039,059
|
2,556,237
|
Cash and cash equivalents, end of period |
4,015,551
|
1,456,712
|
Supplemental cash flow information: |
|
|
Cash paid for interest |
|
|
Cash paid for taxes |
|
|
Non-cash activities: |
|
|
Shares issued at reverse recapitalization |
20,231
|
|
Net liabilities assumed in merger |
791,232
|
|
Accrued transaction costs |
$ 42,132
|
|
X |
- DefinitionAmount of accrued transaction costs.
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v3.23.3
Organization and Basis of Presentation
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Organization and Basis of Presentation |
Note
1 – Organization and Basis of Presentation
Organization
The Company was incorporated as Novint
Technologies, Inc. in the State of New Mexico in April 1999. On February 26, 2002, the Company changed its state of incorporation
to Delaware by merging with Novint Technologies, Inc., a Delaware corporation. On August 14, 2023, following a share exchange
agreement, the Company changed its name from “Novint Technologies, Inc.” to “Dror Ortho-Design, Inc.”.
Following the share exchange, the Company succeeded to the business of Dror Ortho-Design, Ltd (“Private Dror”) as its
sole line of business. The Company is involved in the research and development of an orthodontic alignment platform and has not
yet reached the sales stage for its product.
The Company’s stock is quoted on the OTC
Pink Market under the symbol DROR.
Reverse
Recapitalization
On July 5, 2023, Private Dror entered into
a share exchange agreement with the Company and on August 14, 2023 the share exchange was consummated (the “Share Exchange”).
As a result of the Share Exchange, The shareholders of Private Dror exchanged all 235,089 of their outstanding shares of common
stock, for 106,782,187 shares of the Company’s Common Stock and 7,576,999 shares of the Company’s Series A Preferred
Stock. As a result, Private Dror became a wholly owned subsidiary of the Company and the prior- Share Exchange Private Dror shareholders
hold 56.1 % of the Company’s common stock equivalents based on the common and preferred shares received in the Share Exchange.
The Share Exchange is being accounted for
as a recapitalization, with Private Dror deemed to be the accounting acquirer and the Company the acquired company. Accordingly,
Private Dror’s historical financial statements for periods prior to the consummation of the Share Exchange have become those
of the registrant. Assets and liabilities and the historical operations reported for periods prior to the Share Exchange are those
of Private Dror other than equity items. All references to common stock, preferred stock, share and per share amounts have been
retroactively restated to reflect the reverse recapitalization as if the transaction had taken place as of the beginning of the
earliest period presented.
Pursuant to the Share Exchange, the Company
issued shares of its common stock and preferred stock to Private Dror’s stockholders, at an exchange ratio of 3,677.27 shares
of the Company’s common stock.
As of August 14, 2023 the fair value of
the net liabilities of the Company was 793,497, which was recorded as Additional Paid-In Capital as part of the Share Exchange.
Nature
of Business
The
Company is involved in the research and development of an orthodontic alignment platform. The Company has several patents for the technology
used in the platform and is currently in the process of preparing the prototype for FDA approval.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles for interim
financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, these unaudited consolidated condensed
financial statements do not include all information or notes required by generally accepted accounting principles for annual consolidated
financial statements and should be read in conjunction with the Company’s annual financial statements for the year ended December
31, 2022 included within the Company’s Current Report on Form 8-K, as amended, originally filed with the SEC on August 14, 2023.
As
the Company completed a reverse recapitalization on August 14, 2023, the financial information for the periods prior to the reverse recapitalization
reflect those of Private Dror. From August 14, 2023 forward, the financial information presented is the consolidated financial information
of the Company and its subsidiary.
In
the opinion of management, the unaudited consolidated condensed financial statements included herein contain all adjustments necessary
to present fairly the Company’s financial position and the results of its operations and cash flows for the interim periods presented.
Such adjustments are of a normal recurring nature. The results of operations for the three and nine months ended September 30, 2023 may
not be indicative of results for the full year.
Use
of Estimates and Assumptions
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates or assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenue and expenses during the reporting periods. Actual results could vary from those estimates. Management
utilizes various other estimates, including but not limited to accrued royalties,
estimated lives of long-lived assets, the valuation of stock compensation, the valuation allowance for deferred tax assets and other
contingencies. The results of any changes in accounting estimates are reflected in the financial statements in the period in which the
changes become evident. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period
that they are determined to be necessary.
Functional
Currency
The
Company accounts for foreign currency transactions pursuant to ASC 830, “Foreign Currency Matters”. The functional currency
of the Company is the United States Dollars (“US$”) as the U.S. dollar is the currency of the primary economic environment
in which the Company operates. The accompanying financial statements have been expressed in US$. Transactions denominated in currencies
other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.
Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency
using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of
operations. The exchange rate of the US Dollar to the Israeli Shekel was 3.824 and 3.519 as of September 30, 2023 and December 31, 2022,
respectively.
Cash
and Cash Equivalents
The
Company considers all highly liquid instruments with an original maturity of three months or less when acquired to be cash equivalents.
As of both September 30, 2023 and December 31, 2022, the Company had no cash equivalents.
The Company’s cash is held with
financial institutions in the United States and Israel. Account balances held in the Unites States may, at times, exceed the Federal
Deposit Insurance Corporation (FDIC) insurance limit. As of September 30, 2023 and December 31, 2022, the Company had $255,188
and $643,658, respectively, in excess of the FDIC insurance limit. As of September 30, 2023 and December 31, 2022, the Company
had $3,490,760 and $144,399, respectively, in Israeli financial institutions. The Company has not experienced any losses in such
accounts with these financial institutions.
Property
and Equipment
Property
and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight–line method on the
various asset classes, which currently consists of office equipment over their estimated useful lives of seven years when placed in service.
The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired
or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in
income in the year of disposition.
Research
and Development
The
Company expenses all research and development costs as they are incurred. Research and development includes expenditures in connection
with in-house research and development salaries and staff costs, consulting fees, as well as proprietary products and technology.
Basic
and Diluted Net Loss Per Common Share
The Company computes net loss per share
in accordance with ASC 260, “Earnings per Share” which requires presentation of both basic and diluted earnings per
share (EPS) on the face of the income statement. Basic loss per ordinary share is computed by dividing the loss for the period
applicable to common shareholders, by the weighted average number of shares of common stock outstanding during the period. Diluted
net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for
the period and, if dilutive, potential common shares outstanding during the period. Potentially dilutive securities consist of
the incremental common shares issuable upon exercise of common stock equivalents such as stock options, warrants and convertible
debt instruments. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. As a result,
the basic and diluted per share amounts for all periods presented are identical.
For
the three and nine months ended September 30, 2023 and 2022, the Company incurred net losses which cannot be diluted; therefore, basic and diluted
loss per common share is the same. As of September 30, 2023 and 2022, shares issuable which could potentially dilute future earnings
were as follows:
| |
| | |
| |
| |
September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Preferred Shares | |
| 10,463,363 | | |
| 7,576,999 | |
Warrants | |
| 964,834,419 | | |
| 489,834,426 | |
Stock Options | |
| — | | |
| 163,142,084 | |
Shares excluded from the calculation of diluted loss per share | |
| 975,297,782 | | |
| 660,553,509 | |
Recently
Issued Accounting Pronouncements
The
Company has reviewed the recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American
Institute of Certified Public Accountants, and the SEC and determined that these pronouncements do not have a material impact on the
Company’s current or anticipated consolidated financial statement presentation or disclosures.
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
NOTE
3 – COMMITMENTS AND CONTINGENCIES
The
Company partially financed their research and development expenditures under grant programs sponsored by the Israel Innovation Authority
(“IIA”) of the Ministry of Economy and Industry (formerly the Office of Chief Scientist) for the support of research and
development activities conducted in Israel. At the time the grants were received from the IIA, successful development of the related
projects was not assured. In exchange for participation in the programs by the IIA, the Company agreed to pay 3% of total sales of products
developed within the framework of these programs. The royalties will be paid up to a maximum amount equaling 100% of the grants provided
by the IIA, linked to the dollar, bearing annual interest at a rate based on LIBOR. Beginning from January 1, 2024 the rate will be adjusted to SOFR (Secured Over Financing Rate). The obligation to pay these royalties is contingent on actual sales
of the products, and in the absence of such sales payment of royalties is not required. In some cases, the Government of Israel’s
participation (through the IIA) is subject to export sales or other conditions. The maximum amount of royalties is increased in the event
of production outside of Israel. The current contingent royalty obligation as of September 30, 2023 and December 31, 2022 is approximately
$1.12 and $1.08 million, respectively.
From
time to time in the normal course of business, the Company may be subject to routine litigation incidental to its business. Although
there can be no assurances as to the ultimate disposition of any such matters, it is the opinion of management, based upon the information
available at this time, that there are no matters, individually or in the aggregate, that would have a material adverse effect on the
results of operations and financial condition of the Company.
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v3.23.3
ACCRUED ROYALTIES
|
9 Months Ended |
Sep. 30, 2023 |
Accrued Royalties |
|
ACCRUED ROYALTIES |
NOTE
4 – ACCRUED ROYALTIES
Accrued
royalties relate to the Company’s licensing agreements with various parties that provided gaming software to the Company. These
licensing agreements contain obligations to pay royalty fees ranging from 5% to 50% of either gross or net revenue, and a flat fee per
end user of $0.50, subject to an obligation to pay minimum annual royalties of $50,000 as specified in the licensing agreements. Accrued
royalties as of September 30, 2023 and December 31, 2022, including unpaid annual minimum royalties, were $720,632 and $0, respectively.
If contested by the licensors, the Company may be required to pay these amounts, thus the Company continues to report the remaining obligation
under the licensing agreements as a liability on the Company’s Balance Sheet. The Company does not believe that it remains obligated
to pay these royalties.
|
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v3.23.3
FOUNDERS CLAIM ACCRUAL
|
9 Months Ended |
Sep. 30, 2023 |
Related Party Transactions [Abstract] |
|
FOUNDERS CLAIM ACCRUAL |
NOTE
5 – FOUNDERS CLAIM ACCRUAL
The
Company has recorded a provision in respect of a claim made against Private Dror by its founders. The claim related to amounts claimed
as a repayment of loan balances and other amounts including salary and benefit related balances. In January 2023, Private Dror signed
an agreement with the founders, settling all-outstanding claims at $240,000 which included amounts representing the repayment of a loan,
reimbursement of expenses and an amount for pain and suffering. In addition, the agreement stipulated the transfer back of all shares
held by the founders to the Private Dror for no additional consideration. The settlement was paid in the first quarter of 2023.
|
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v3.23.3
STOCKHOLDERS’ EQUITY
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY |
NOTE
6 – STOCKHOLDERS’ EQUITY
All references to common stock, share and
per share amounts have been retroactively restated to reflect the reverse recapitalization as if the transaction had taken place
as of the beginning of the earliest period presented.
Common
Stock
The
Company is authorized to issue 500,000,000 shares of $0.0001 par value common stock. All issued shares of common
stock are entitled to vote on a 1 share/1 vote basis. The Company had 495,454,546 and 437,735,093 shares of common stock
issued and outstanding as of September 30, 2023, and December 31, 2022, respectively.
Holders
of our common stock have no preemptive, redemption, conversion or subscription rights. No sinking fund provisions are applicable to our
common stock. Upon liquidation, dissolution or winding-up, holders of our common stock are entitled to share in all assets remaining
after payment of all liabilities and the liquidation preferences of any of our outstanding shares of preferred stock. Subject to preferences
that may be applicable to any outstanding shares of preferred stock, holders of our common stock are entitled to receive dividends, if
any, as may be declared from time to time by our board of directors out of our assets which are legally available. Such dividends, if
any, are payable in cash, in property or in shares of capital stock.
As
part of the Private Dror founders claim settlement agreement (see Note 5), shares of Common Stock were returned to the Private Dror in February 2023.
On
August 14, 2023, as a result of the share exchange agreement and a round of private placement funding, the Company issued 388,672,359
shares of Common Stock. Pursuant to the terms of the Share Exchange, the Company raised $5,225,000 as part of a private placement funding, $5,025,000 the first closing on August 14, 2023 and an additional $200,000 from the second closing on September 13, 2023. The private placement investors received 186,363,631 shares of common stock and 2,886,364 shares of Series A Preferred Stock.
Transaction expenses relating to the private
placement funding and for the Share Exchange totaled $571,796, are presented net of the Additional Paid-In Capital recorded as
part of the private placement funding and the Share Exchange.
Preferred
Stock
The
Company is authorized to issue up to 12,500,000 shares of $0.0001 par value non-redeemable preferred stock with a
stated value of $1.10 per share. As of December 31, 2022, 7,576,999 shares of Series A Preferred Stock were outstanding. During the third
quarter of 2023, as a result of the private placement funding, 2,886,364 shares of Series A Preferred Stock were issued to investors.
The
following is a summary of the principal terms of the Series A Preferred Stock as set forth in the Certificate of Designation.
Dividends
The
holders of Series A Preferred Stock will be entitled to dividends, on an as-if converted basis, equal to and in the same form as dividends
actually paid on shares of common stock, when and if actually paid.
Voting
Rights
The
shareholders of Series A Preferred Stock are entitled to vote with holders of the Company’s common stock, par value $0.0001 per
share (the “Common Stock”) on all matters that such holders of Common Stock are entitled to vote upon, in the same manner
and with the same effect as the holders of Common Stock, voting together with the holders of Common Stock as a single class. Each share
of Preferred Stock shall entitle the shareholder to cast that number of votes per share of Preferred Stock equal to the number of shares
of Common Stock into which such share of Preferred Stock is convertible (after giving effect to certain limitations on conversion, as
applicable). As long as any shares of Series A Preferred Stock are outstanding, we may not, without the approval of a majority of the
then outstanding shares of Series A Preferred Stock (a) alter or change the powers, preferences or rights given to the Series A
Preferred Stock, (b) alter or amend our amended and restated certificate of incorporation, the Series A Certificate of Designation, or
our amended and restated bylaws in such a manner so as to materially adversely affect any rights given to the Series A Preferred Stock,
(c) authorize or create any class of stock ranking as to dividends, redemption or distribution of assets upon a Liquidation (as defined
below) senior to the Series A Preferred Stock, or (d) enter into any agreement to do any of the foregoing.
Liquidation
Upon
any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary (a “Liquidation”), the then holders
of the Series A Preferred Stock are entitled to receive out of the assets available for distribution to stockholders of the Company the
same amount that a holder of common stock would receive if the Series A Preferred Stock were fully converted (disregarding for such purposes
any conversion limitations hereunder) to common stock which amounts shall be paid pari passu with all holders of common stock.
Conversion
The
Series A Preferred Stock is convertible into common stock at any time at a conversion price of $0.011, or 100 shares of Common Stock
for each share of Preferred A Stock, subject to adjustment for certain anti-dilution provisions set forth in the Series A Certificate
of Designation. Upon conversion the shares of Series A Preferred Stock will resume the status of authorized but unissued shares of preferred
stock of the Company.
On
the trading day immediately following any day the Company is able to satisfy some or all of its reservation requirements pursuant to
the Certificate of Designation, all, but not less than all, of the outstanding shares of Series A Preferred Stock for which common stock
has been reserved will automatically convert, without any action on the part of the holder thereof and without payment of any additional
consideration, into that number of shares of reserved common stock, determined by dividing the stated value of such share of Series A
Preferred Stock by the Series A Conversion Price.
Warrants
On
August 14, 2023, the Company issued warrants to purchase up to 489,834,426 shares of Common Stock to Private Dror shareholders
in exchange for their outstanding warrants and warrants to purchase up to 456,818,176 shares of Common Stock to the private
placement investors in respect of their investment, in addition to warrants to purchase up to 18,181,817 shares of Common Stock
issued to private placement investors in a subsequent closing on September 13, 2023. The warrants expire five years from
issuance and are exercisable at an exercise price of $0.033 per share. The warrants contain provisions that protect their holders
against dilution by adjustment of the purchase price in certain events such as stock dividends, stock splits and other similar
events.
If
at the time of the warrant’s exercise there is no effective registration statement registering, or no current prospectus available
for, the resale of the shares of common stock underlying the warrant, then the holder will have the right to exercise warrant by means
of a cashless exercise. In addition, if (i) the volume-weighted average price of our common stock for 20 consecutive trading days
is at least 300% of the exercise price of the warrants, (ii) the dollar trading volume of our common stock for each trading day
within such 20-day trading period equals or exceeds $500,000, (iii) a registration statement providing for the resale of the private
placement shares is effective and such registration statement has been effective for six (6) months, (iv) the holder of the warrant
is not in possession of any information provided by the Company that constitutes material nonpublic information and (v) the Company
has not breached any of the terms of the investment documents (regardless of if such breach has been cured), then the warrants may be
redeemed at a price of $0.001 per warrant up to one-half, in the aggregate, of the warrants upon not less than 20 days’ prior written
notice of redemption to each holder, subject to certain customary restrictions.
Equity
Incentive Plan
Prior to the share exchange agreement, there
were 179,579,481 Private
Dror employee stock options that had been granted to two executives, a consultant and a director. As part of the share exchange
agreement, the outstanding employee stock options are to be exchanged and the Company is required to issue new employee stock
options under the Company’s 2023 Long-Term Incentive Plan with the same terms as the previously issued options. As the Company
does not have enough available authorized shares underlying the options to be issued, the new employee stock options have not yet
been issued. During the three and nine month periods ending September 30, 2023, the Company recorded share-based compensation
expense of $2,516 and $12,636,
respectively. During the three and nine month periods ending September 30, 2022, the Company recorded share-based compensation
expense of $5,144 and $14,764,
respectively. At the Share Exchange, there were $27,322 of
unamortized share-based compensation expense in respect of the outstanding options.
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v3.23.3
SUBSEQUENT EVENTS
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
7 – SUBSEQUENT EVENTS
The
Company has evaluated subsequent events through the date these financial statements were issued. In the opinion of management, there
were no subsequent events that would require disclosure or adjustments to the accompanying financial statements through the date the
financial statements were issued other than the following:
On October 7, 2023, Israel was attacked by
Hamas and other terrorist organizations from the Gaza Strip and Israel went to a war against them. Since the company’s
wholly-owned subsidiary is incorporated under the laws of the state of Israel and our operations are conducted in Israel, our
business and operations are directly affected by economic, political, geopolitical and military conditions in Israel. It is
currently not possible to predict the duration or severity of the ongoing conflict or its effects on our business, operations and
financial conditions. The ongoing conflict is rapidly evolving and developing, and could disrupt our business and operations,
interrupt our sources and availability of supply and hamper our ability to raise additional funds or sell our securities, among
others.
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements were prepared using generally accepted accounting principles for interim
financial information and the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, these unaudited consolidated condensed
financial statements do not include all information or notes required by generally accepted accounting principles for annual consolidated
financial statements and should be read in conjunction with the Company’s annual financial statements for the year ended December
31, 2022 included within the Company’s Current Report on Form 8-K, as amended, originally filed with the SEC on August 14, 2023.
As
the Company completed a reverse recapitalization on August 14, 2023, the financial information for the periods prior to the reverse recapitalization
reflect those of Private Dror. From August 14, 2023 forward, the financial information presented is the consolidated financial information
of the Company and its subsidiary.
In
the opinion of management, the unaudited consolidated condensed financial statements included herein contain all adjustments necessary
to present fairly the Company’s financial position and the results of its operations and cash flows for the interim periods presented.
Such adjustments are of a normal recurring nature. The results of operations for the three and nine months ended September 30, 2023 may
not be indicative of results for the full year.
|
Use of Estimates and Assumptions |
Use
of Estimates and Assumptions
The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates or assumptions that affect the
reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements
and the reported amounts of revenue and expenses during the reporting periods. Actual results could vary from those estimates. Management
utilizes various other estimates, including but not limited to accrued royalties,
estimated lives of long-lived assets, the valuation of stock compensation, the valuation allowance for deferred tax assets and other
contingencies. The results of any changes in accounting estimates are reflected in the financial statements in the period in which the
changes become evident. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the period
that they are determined to be necessary.
|
Functional Currency |
Functional
Currency
The
Company accounts for foreign currency transactions pursuant to ASC 830, “Foreign Currency Matters”. The functional currency
of the Company is the United States Dollars (“US$”) as the U.S. dollar is the currency of the primary economic environment
in which the Company operates. The accompanying financial statements have been expressed in US$. Transactions denominated in currencies
other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction.
Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency
using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statements of
operations. The exchange rate of the US Dollar to the Israeli Shekel was 3.824 and 3.519 as of September 30, 2023 and December 31, 2022,
respectively.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all highly liquid instruments with an original maturity of three months or less when acquired to be cash equivalents.
As of both September 30, 2023 and December 31, 2022, the Company had no cash equivalents.
The Company’s cash is held with
financial institutions in the United States and Israel. Account balances held in the Unites States may, at times, exceed the Federal
Deposit Insurance Corporation (FDIC) insurance limit. As of September 30, 2023 and December 31, 2022, the Company had $255,188
and $643,658, respectively, in excess of the FDIC insurance limit. As of September 30, 2023 and December 31, 2022, the Company
had $3,490,760 and $144,399, respectively, in Israeli financial institutions. The Company has not experienced any losses in such
accounts with these financial institutions.
|
Property and Equipment |
Property
and Equipment
Property
and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight–line method on the
various asset classes, which currently consists of office equipment over their estimated useful lives of seven years when placed in service.
The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired
or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in
income in the year of disposition.
|
Research and Development |
Research
and Development
The
Company expenses all research and development costs as they are incurred. Research and development includes expenditures in connection
with in-house research and development salaries and staff costs, consulting fees, as well as proprietary products and technology.
|
Basic and Diluted Net Loss Per Common Share |
Basic
and Diluted Net Loss Per Common Share
The Company computes net loss per share
in accordance with ASC 260, “Earnings per Share” which requires presentation of both basic and diluted earnings per
share (EPS) on the face of the income statement. Basic loss per ordinary share is computed by dividing the loss for the period
applicable to common shareholders, by the weighted average number of shares of common stock outstanding during the period. Diluted
net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding for
the period and, if dilutive, potential common shares outstanding during the period. Potentially dilutive securities consist of
the incremental common shares issuable upon exercise of common stock equivalents such as stock options, warrants and convertible
debt instruments. Potentially dilutive securities are excluded from the computation if their effect is anti-dilutive. As a result,
the basic and diluted per share amounts for all periods presented are identical.
For
the three and nine months ended September 30, 2023 and 2022, the Company incurred net losses which cannot be diluted; therefore, basic and diluted
loss per common share is the same. As of September 30, 2023 and 2022, shares issuable which could potentially dilute future earnings
were as follows:
| |
| | |
| |
| |
September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Preferred Shares | |
| 10,463,363 | | |
| 7,576,999 | |
Warrants | |
| 964,834,419 | | |
| 489,834,426 | |
Stock Options | |
| — | | |
| 163,142,084 | |
Shares excluded from the calculation of diluted loss per share | |
| 975,297,782 | | |
| 660,553,509 | |
|
Recently Issued Accounting Pronouncements |
Recently
Issued Accounting Pronouncements
The
Company has reviewed the recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American
Institute of Certified Public Accountants, and the SEC and determined that these pronouncements do not have a material impact on the
Company’s current or anticipated consolidated financial statement presentation or disclosures.
|
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
As of September 30, 2023 and 2022, shares issuable which could potentially dilute future earnings were as follows: |
For
the three and nine months ended September 30, 2023 and 2022, the Company incurred net losses which cannot be diluted; therefore, basic and diluted
loss per common share is the same. As of September 30, 2023 and 2022, shares issuable which could potentially dilute future earnings
were as follows:
| |
| | |
| |
| |
September 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Preferred Shares | |
| 10,463,363 | | |
| 7,576,999 | |
Warrants | |
| 964,834,419 | | |
| 489,834,426 | |
Stock Options | |
| — | | |
| 163,142,084 | |
Shares excluded from the calculation of diluted loss per share | |
| 975,297,782 | | |
| 660,553,509 | |
|
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v3.23.3
Organization and Basis of Presentation (Details Narrative)
|
Aug. 14, 2023
USD ($)
shares
|
Novint Technologies, Inc. [Member] |
|
Net liabilities | $ |
$ 793,497
|
Private Dror [Member] | Novint Technologies, Inc. [Member] |
|
Ownership percentage |
56.10%
|
Common Stock [Member] |
|
Conversion of Stock, Shares Issued |
106,782,187
|
Conversion of Stock Exchange Ratio |
3,677.27
|
Private Dror Shares [Member] |
|
Conversion of Stock, Shares Converted |
235,089
|
Series A Preferred Stock [Member] |
|
Conversion of Stock, Shares Issued |
7,576,999
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v3.23.3
As of September 30, 2023 and 2022, shares issuable which could potentially dilute future earnings were as follows: (Details) - shares
|
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Accounting Policies [Abstract] |
|
|
Preferred Shares |
10,463,363
|
7,576,999
|
Warrants |
964,834,419
|
489,834,426
|
Stock Options |
|
163,142,084
|
Shares excluded from the calculation of diluted loss per share |
975,297,782
|
660,553,509
|
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v3.23.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)
|
Sep. 30, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
UNITED STATES |
|
|
Cash, Uninsured Amount |
$ 255,188
|
$ 643,658
|
ISRAEL |
|
|
Cash, Uninsured Amount |
$ 3,490,760
|
$ 144,399
|
Israel, New Shekels |
|
|
Currency Exchange Rate |
3.824
|
3.519
|
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v3.23.3
v3.23.3
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
3 Months Ended |
9 Months Ended |
|
Sep. 13, 2023 |
Aug. 14, 2023 |
Sep. 13, 2023 |
Feb. 28, 2023 |
Sep. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, authorized |
|
|
|
|
|
500,000,000
|
|
|
|
500,000,000
|
|
500,000,000
|
Common stock, par value (in dollars per share) |
|
|
|
|
|
$ 0.0001
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
Common stock, voting rights |
|
|
|
|
|
|
|
|
|
common
stock are entitled to vote on a 1 share/1 vote basis
|
|
|
Common stock, issued |
|
|
|
|
|
495,454,546
|
|
|
|
495,454,546
|
|
437,735,093
|
Common stock, outstanding |
|
|
|
|
|
495,454,546
|
|
|
|
495,454,546
|
|
437,735,093
|
Proceeds from private placement |
|
$ 200,000
|
$ 5,025,000
|
$ 5,225,000
|
|
|
|
|
|
$ 4,695,336
|
|
|
Transaction expenses |
|
|
|
$ 571,796
|
|
|
|
|
|
|
|
|
Preferred stock, authorized |
|
|
|
|
|
12,500,000
|
|
|
|
12,500,000
|
|
12,500,000
|
Preferred stock, par value (in dollars per share) |
|
|
|
|
|
$ 0.0001
|
|
|
|
$ 0.0001
|
|
$ 0.0001
|
Preferred stock, stated value (in dollars per share) |
|
|
|
|
|
$ 1.10
|
|
|
|
$ 1.10
|
|
|
Preferred stock, outstanding |
|
|
|
|
|
10,463,363
|
|
|
|
10,463,363
|
|
7,576,999
|
Preferred stock, voting rights |
|
|
|
|
|
|
|
|
|
Each share
of Preferred Stock shall entitle the shareholder to cast that number of votes per share of Preferred Stock equal to the number of shares
of Common Stock into which such share of Preferred Stock is convertible (after giving effect to certain limitations on conversion, as
applicable)
|
|
|
Warrants term |
|
|
|
|
|
5 years
|
|
|
|
5 years
|
|
|
Warrants exercise price |
|
|
|
|
|
$ 0.033
|
|
|
|
$ 0.033
|
|
|
Period of trading days condition for warrant redemption |
|
|
|
|
|
|
|
|
|
20 days
|
|
|
Weighted average trading price percentage of warrant exercise price, condition for warrant redemption |
|
|
|
|
|
|
|
|
|
300.00%
|
|
|
Minimum trading volume of common stock each trading day, condition for warrant redemption |
|
|
|
|
|
|
|
|
|
$ 500,000
|
|
|
Warrants redemption price |
|
|
|
|
|
$ 0.001
|
|
|
|
$ 0.001
|
|
|
Required notice period for warrant redemption |
|
|
|
|
|
|
|
|
|
20 days
|
|
|
Share-based compensation expense |
|
|
|
|
|
$ 2,516
|
|
|
$ 5,144
|
$ 12,636
|
$ 14,764
|
|
Private Dror Employee Stock Options [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Options outstanding |
|
|
179,579,481
|
|
|
|
|
|
|
|
|
|
Unamortized share-based compensation expense |
|
|
$ 27,322
|
|
|
|
|
|
|
|
|
|
Private Dror Common Stock Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of warrants issued |
|
|
489,834,426
|
|
|
|
|
|
|
|
|
|
Private Placement Common Stock Warrants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Number of warrants issued |
|
18,181,817
|
456,818,176
|
18,181,817
|
|
|
|
|
|
|
|
|
Series A Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Private Placement, shares |
|
|
|
2,886,364
|
|
2,886,364
|
|
|
|
|
|
|
Stock conversion price |
|
|
|
|
|
$ 0.011
|
|
|
|
$ 0.011
|
|
|
Common shares issuable per share converted |
|
|
|
|
|
100
|
|
|
|
100
|
|
|
Treasury Stock, Common [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Return of founders shares as part of claim settlement, shares |
|
|
|
|
330,952,906
|
|
|
330,952,906
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
Return of founders shares as part of claim settlement, shares |
[1] |
|
|
|
|
|
|
(330,952,906)
|
|
|
|
|
Share exchange agreement and private placement, shares |
|
|
388,672,359
|
|
|
|
|
|
|
|
|
|
Private Placement, shares |
|
|
|
186,363,631
|
|
186,363,631
|
[1] |
|
|
|
|
|
|
|
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Grafico Azioni Novint Technologies (PK) (USOTC:NVNT)
Storico
Da Apr 2024 a Mag 2024
Grafico Azioni Novint Technologies (PK) (USOTC:NVNT)
Storico
Da Mag 2023 a Mag 2024