NOTE 12: - LIABILITIES IN RESPECT OF GOVERNMENT GRANTS
| |
|
2017
|
|
|
2016
|
|
| |
|
|
|
|
|
|
|
Balance at January 1,
|
|
$
|
3,428
|
|
|
$
|
3,139
|
|
|
Grants received
|
|
|
302
|
|
|
|
474
|
|
|
Royalties paid
|
|
|
(158
|
)
|
|
|
(333
|
)
|
|
BIRD repayment
|
|
|
(50
|
)
|
|
|
-
|
|
|
Amounts recorded in profit or loss
|
|
|
20
|
|
|
|
148
|
|
| |
|
|
|
|
|
|
|
|
|
Balance at December 31,
|
|
$
|
3,542
|
|
|
$
|
3,428
|
|
The Company received research and development grants from the IIA, and undertook to pay royalties of 3% of revenues derived from research and development projects that were financed by the IIA, of up to 100% of the grants received. As of December 31, 2017, the Company received grants amounting to $6,401, (including accrued interest), while total royalties paid as of that date amounted to $3,332.
The Company received research and development grants from BIRD, and undertook to pay royalties of 5% of revenues derived from research and the development projects that were financed by BIRD, of up to 150% of all grants received. As of December 31, 2017, the Company received grants in the amount of $937. No royalties have yet been paid through December 31, 2017 as no revenues were derived from products developed using these grants.
The Company received research and development grants from CIIRDF, and undertook to pay royalties of 2.5% of revenues derived from research and the development projects that were financed by CIIRDF, of up to 100% of all grants received. As of December 31, 2017, the Company received grants amounting to $334. No royalties have yet been paid through December 31, 2017 as no revenues were derived from products developed using these grants.
