Company: SATT
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001683168-25-002119
Chunk: 380

Company: SATIVUS TECH CORP.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 4
Chunk 380
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 public companies for fiscal years
beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than
fiscal years beginning after December 15, 2020, including interim periods within those fiscal years. The Company is currently evaluating
the impact that the adoption of ASU 2020-06 will have on the Company’s consolidated financial statement presentation or disclosures.

Other new pronouncements issued but
not effective as of December 31, 2024, are not expected to have a material impact on the Company’s consolidated financial statements.

     F-16 

SATIVUS TECH CORP.

NOTES TO FINANCIAL STATEMENTS

U.S. dollars in thousands, except per share
data

    NOTE 3:-
    CONVERTIBLE LOANS

    a.
    On February 21, 2019, the Company received a convertible loan from third party (“February 2019 Lender”), with a two-year term, in the principal amount of $550, which bears 10% annual interest rate (“February 2019 Loan”).

The Company, at its option, shall have
the right to redeem, in part or in whole, the outstanding principal amount and interest under this loan agreement prior to the
maturity date. The Company shall pay an amount equal to the principal amount being redeemed plus a redemption premium equal to 20%
of the outstanding principal amount being redeemed plus outstanding and accrued interest.

The February 2019 Lender shall be entitled
to convert at its option any portion of the outstanding and unpaid principal or accrued interest into fully paid and non-assessable shares
of common stock, at the lower of the fixed conversion price then in effect or the market conversion price. The number of shares of common
stock issuable upon conversion of any conversion amount shall be determined by dividing (x) such conversion amount by (y) the fixed conversion
price of $20.00 or (z) 80% of the lowest the volume-weighted average price of the Company’s shares of common stock during the 30
trading days immediately preceding the conversion date.

The Company accounted for the February
2019 Loan in accordance with ASC 470-20, Debt with conversion and other Options. As of December 31, 2024, the BCF was revalued at $144.

On November 1, 2024, the loan
agreement was extended until March
31,