FORESIGHT AUTONOMOUS HOLDINGS LTD. This press release contains forward-looking statements within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as 'expects,' 'anticipates,' 'intends,' 'plans,' 'believes,' 'seeks,' "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. For example, Foresight is using forward-looking statements in this press release when it discusses the potential of the Company's QuadSight^(R) vision system in the agricultural equipment market and the continued appeal of Foresight's technology to the automotive industry, long-term growth anticipated by both Rail Vision and Eye-Net Mobile, that following the successful completion of the POC project, the European passenger car manufacturer may consider integrating Foresight's solutions into its vehicle safety applications, that Rail Vision intends to test the prevailing conditions on the Israeli capital markets towards a potential public offering, that Eye-Net Mobile intends to pursue a potential listing on the Nasdaq Stock Market, that WebSIA will exclusively promote the Eye-Net Protect accident prevention solution and serve as Eye-Net's distributor in the city of Sao Paulo, and that successful demonstrations of Rail Vision's Collision Avoidance System may lead to Rail Vision outfitting Rio Tinto's entire fleet. Because such statements deal with future events and are based on Foresight's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Foresight could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading 'Risk Factors' in Foresight's annual report on Form 20-F filed with the Securities and Exchange Commission ('SEC') on March 30, 2021, and in any subsequent filings with the SEC. Except as otherwise required by law, Foresight undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.
Investor Relations Contact:
Miri Segal-Scharia
CEO
MS-IR LLC
msegal@ms-ir.com
917-607-8654
FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
As of As of As of
June 30 June 30 December 31
2021 2020 2020
ASSETS
Current assets:
USD USD USD
Cash and cash equivalents
23,750 10,312 38,772
Restricted cash 133 - -
Short term deposits 28,462 7,129 5,166
Marketable equity securities 11 14 42
Other receivables 524 311 401
Total current assets 52,880 17,766 44,381
Non-current assets:
ROU asset 1,916 1,172 1,104
Investment in affiliate company - 5,385 -
Investment in equity securities 4,011 - 4,011
Fixed assets, net 408 509 427
6,335 7,066 5,542
USD USD USD
Total assets
59,215 24,832 49,923
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
USD USD USD
Trade payables
220 94 391
Operating lease liability 416 394 427
Other accounts payables 1,689 1,269 1,207
Total current liabilities 2,325 1,757 2,025
Non-current liabilities:
Operating lease liability 1,547 888 853
Total liabilities 3,872 2,645 2,878
Shareholders' equity:
Common stock of no par value; - - -
Additional paid-in capital 127,492 78,960 111,739
Accumulated deficit (72,293) (56,773) (64,768)
Total Foresight Autonomous Holdings Ltd. shareholders' equity 55,199 22,187 46,971
Non-controlling interest 144 - 74
Total equity 55,343 22,187 47,045
USD USD USD
Total liabilities and shareholders' equity
59,215 24,832 49,923 FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
U.S. dollars in thousands
Six months ended Three months ended
June 30, June 30,
2021 2020 2021 2020
Research and development expenses, net (5,095) (4,217) (2,436) (1,876)
Marketing and sales (985) (666) (489) (233)
General and administrative expenses (2,018) (1,294) (812) (634)
Operating loss (8,098) (6,177) (3,737) (2,743)
Equity in net loss of an affiliated company - (1,344) (598)
Financing income, net 573 141 574 10
Net loss (7,525) (7,380) (3,163) (3,331) FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands
Six months ended Three months ended
June 30, June 30,
2021 2020 2021 2020
Net cash used in operating activities
Loss for the Period (7,525) (7,380) (3,163) (3,331)
Adjustments to reconcile loss to net cash used in operating activities: 1,761 1,603 (808) 803
Net cash used in operating activities (5,764) (5,777) (3,971) (2,528)
Cash Flows from Investing Activities
Changes in short term deposits (23,296) (1,896) (3,343) (2,892)
Proceed from sales marketable securities - 68 - 68
Purchase of fixed assets (61) (9) (42) (3)
Net cash used by investing activities (23,357) (1,837) (3,385) (2,827)
Cash flows from Financing Activities:
Issuance of ordinary shares and warrants, net of issuance expenses 13,508 13,082 - 13,082
Proceeds from exercise of warrants 595 - - -
Proceeds from exercise of options 57 - - -
Net cash provided by financing activities 14,160 13,082 _ 13,082
Effect of exchange rate changes on cash and cash equivalents 72 17 (126) 1
Increase (decrease) in cash and cash equivalents (14,889) 5,485 (7,482) 7,728
Cash and cash equivalents at the beginning of the period 38,772 4,827 31,365 2,584
Cash and cash equivalents and Restricted cash at the end of the period 23,883 10,312 23,883 10,312 FORESIGHT AUTONOMOUS HOLDINGS LTD.
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOW
U.S. dollars in thousands
Six months ended Three months ended
Adjustments to reconcile loss to net cash used in operating activities: June 30, June 30
2021 2020 2021 2020
Share-based payment 1,663 350 502 195
Depreciation 80 131 36 65
Equity in loss of an affiliated company - 1,344 - 598
Revaluation of securities 31 (59) 4 (16)
exchange rate changes on cash and cash equivalents (72) (17) 126 (1)
Changes in assets and liabilities:
Decrease (increase) in other receivables (123) 302 (52) 41 (MORE TO FOLLOW) Dow Jones Newswires
August 20, 2021 16:05 ET (20:05 GMT)
