Save Foods(SVFD) - 2024 Q2 - Quarterly Report

Financial Performance - The company reported revenues from product sales of $60,377 for the six months ended June 30, 2024, a decrease of 61.7$157,618 for the same period in 2023[11]. - Gross profit for the six months ended June 30, 2024, was $26,615, down 69.7$87,865 in the prior year[11]. - The company incurred a net loss of $1,622,500 for the six months ended June 30, 2024, compared to a net loss of$2,436,484 for the same period in 2023, representing a 33.5% improvement[11]. - The company reported a basic and diluted loss per share of $0.49 for the six months ended June 30, 2024, compared to$2.8 for the same period in 2023[11]. - The company reported a comprehensive loss of $787,448 for the period ending June 30, 2024, compared to a loss of$1,713,678 for the same period in 2023, indicating a decrease in losses[16]. - The company reported a net loss of $(611,311) for the six months ended June 30, 2024, compared to a net loss of$(1,765,274) for the same period in 2023[70]. Assets and Liabilities - Total current assets as of June 30, 2024, were $5,463,727, slightly down from$5,465,621 as of December 31, 2023[9]. - Total liabilities increased to $1,594,040 as of June 30, 2024, compared to$785,653 at the end of 2023[10]. - The company’s accumulated deficit reached $30,917,247 as of June 30, 2024, up from$29,360,235 at the end of 2023[10]. - The company’s cash and cash equivalents were $4,467,529 as of June 30, 2024, compared to$4,447,003 at the end of 2023[9]. - As of June 30, 2024, the company's cash, cash equivalents, and restricted cash totaled $4,490,266, an increase from$3,017,403 at the end of the same period in 2023[23]. - The Company holds a convertible loan with a fair value of $1,164,500 as of June 30, 2024, which is part of its total assets valued at$1,931,129[44]. Operational Changes and Corporate Actions - The company changed its name from "Save Foods, Inc." to "N2OFF, Inc." and its trading symbol from "SVFD" to "NITO" on March 19, 2024[6]. - The company entered into a merger agreement on November 6, 2023, which was approved by stockholders and became effective on November 10, 2023, resulting in a change of corporate structure[25]. - A reverse stock split of one for seven was executed on October 5, 2023, affecting the outstanding common stock[28]. - The Company approved a credit facility of up to $250,000 to Plantify, of which$162,000 was borrowed as of June 30, 2024, at an interest rate of 8% per annum[54]. - The Company entered into a Loan Agreement to loan Solterra €500,000 (approximately $541,541) at an interest rate of 7$127,556, a decrease from $135,765 in the same period of 2023[11]. Strategic Partnerships and Investments - The company has engaged in new strategic partnerships, including a securities exchange agreement with Plantify Foods, Inc., focusing on plant-based products[26]. - The Company entered into a Securities Exchange Agreement with Plantify, exchanging 19.99$1,500,000 (approximately US$1,124,000) to Plantify under a debenture with an 8$2,037,468 for the six months ended June 30, 2024, compared to $1,634,418 for the same period in 2023, reflecting increased operational costs[23]. - The company reported a significant decrease in cash flows from investing activities, with net cash used amounting to$161,886 for the six months ended June 30, 2024, compared to $1,101,669 in the same period of 2023[23]. Stock and Compensation - The Company issued 1,170,813 shares of common stock valued at$977,044 under the Standby Equity Purchase Agreement during the six months ended June 30, 2024[59]. - The Company recorded share-based compensation expenses of $187,935 related to shares issued to service providers during the six months ended June 30, 2024[63]. - The outstanding stock options as of June 30, 2024, were 27,518, with a weighted average exercise price of$23.69[65]. - Directors' compensation for the six months ended June 30, 2024, was $170,275, a decrease from$192,789 in the same period of 2023[67]. Revenue Sources - Revenue from Israel increased significantly to $19,303 for the six months ended June 30, 2024, compared to$5,221 in the same period of 2023[70]. - The company reported a significant increase in sales from Peru, generating $2,100 for the six months ended June 30, 2024, compared to no sales in the same period of 2023[70]. - Sales to Customer B were$38,974 for the six months ended June 30, 2024, compared to $41,554 in the same period of 2023[72].