10-Q
Glucotrack, Inc. (GCTK)
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<br> the quarterly period ended June 30, 2023 |
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|---|
| For<br> the transition period from ________________ to ________________ |
Commission
File Number: 001-41141
GLUCOTRACK,
INC.
(Exact name of registrant as specified in its charter)
| Delaware | 98-0668934 |
|---|---|
| (State<br> or other jurisdiction of<br><br> <br>incorporation<br> or organization) | (I.R.S.<br> Employer<br><br> <br>Identification<br> No.) |
| 301<br> Route 17 North, Suite 800<br><br> <br>Rutherford,<br> NJ | 07070 |
| (Address<br> of principal executive offices) | (Zip<br> Code) |
(201) 842-7715
(Registrant’s telephone number, including area code)
N/A
(Former name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock | GCTK | NASDAQ<br> Capital Market |
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 posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was 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, 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<br> accelerated filer ☐ | Accelerated<br> filer ☐ |
|---|---|
| Non-accelerated<br> filer ☒ | Smaller<br> reporting company ☒ |
| Emerging<br> 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 ☒
As
of August 11, 2023, 20,892,193 shares of the Company’s common stock, par value $0.001 per share, were outstanding.
GLUCOTRACK
INC.
TABLE
OF CONTENTS
| Page | |
|---|---|
| PART I - FINANCIAL INFORMATION | 3 |
| Item 1. Financial Statements. | 3 |
| Condensed Consolidated Balance Sheets | 3 |
| Condensed Consolidated Statements of Operations and Comprehensive Loss | 4 |
| Condensed Consolidated Statement of Changes in Stockholders’ Equity | 5 |
| Condensed Consolidated Statements of Cash Flows | 6 |
| Notes to Condensed Consolidated Financial Statements | 7 |
| Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 10 |
| Item 3. Quantitative and Qualitative Disclosures About Market Risk. | 14 |
| Item 4. Controls and Procedures. | 14 |
| PART II - OTHER INFORMATION | 15 |
| Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 15 |
| Item 6. Exhibits. | 15 |
| EXHIBIT INDEX | 15 |
| SIGNATURES | 16 |
| 2 |
| --- |
GLUCOTRACK
INC.
PART
I - FINANCIAL INFORMATION
Item
- Financial Statements
GLUCOTRACK
INC.
CONDENSED
CONSOLIDATED BALANCE SHEETS
| December 31, <br> 2022 | |||||
|---|---|---|---|---|---|
| December 31, <br> 2022 | |||||
| Current Assets | |||||
| Cash and cash equivalents | 8,774 | $ | 2,312 | ||
| Other current assets | 171 | 67 | |||
| Total current assets | 8,945 | 2,379 | |||
| Property and equipment, net | 27 | 40 | |||
| Restricted Cash | 10 | 19 | |||
| TOTAL ASSETS | 8,982 | 2,438 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Current Liabilities | |||||
| Accounts payable | 832 | 672 | |||
| Other current liabilities | 218 | 341 | |||
| Total Current Liabilities | 1,050 | $ | 1,013 | ||
| Non-current Liabilities | |||||
| Loans from Stockholders | 189 | 195 | |||
| Total Non-current liabilities | 189 | 195 | |||
| Total Liabilities | 1,239 | 1,208 | |||
| Stockholders’ Equity | |||||
| Common Stock of 0.001 par value (“Common Stock”): | |||||
| 500,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 20,892,193 and 15,500,730 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively | 20 | 15 | |||
| Common Stock of 0.001 par value (“Common Stock”) : 500,000,000 shares authorized as of<br> June 30, 2023 and December 31, 2022; 20,892,193 and 15,500,730 shares issued and outstanding as of June 30, 2023 and December 31,<br> 2022, respectively | 20 | 15 | |||
| Additional paid-in capital | 112,918 | 103,095 | |||
| Accumulated other comprehensive income | 28 | 17 | |||
| Receipts on account of shares | - | 4 | |||
| Accumulated deficit | (105,218 | ) | (101,901 | ) | |
| Total Stockholders’ equity | 7,743 | 1,230 | |||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | 8,982 | $ | 2,438 |
All values are in US Dollars.
The
accompanying notes are an integral part of these condensed consolidated financial statements.
| 3 |
| --- |
GLUCOTRACK
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
| 2023 | 2022 | 2023 | 2022 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| US dollars (except share data) | US dollars (except share data) | |||||||||||
| Six-month<br> <br>period ended June 30, | Three-month<br> <br>period ended June 30, | |||||||||||
| (Unaudited) | (Unaudited) | |||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||
| Research and development | $ | 1,269 | $ | 929 | $ | 627 | $ | 469 | ||||
| General and administrative | 1,194 | 1,287 | 552 | 654 | ||||||||
| Total operating expenses | 2,463 | 2,216 | 1,179 | 1,123 | ||||||||
| Operating Loss | 2,463 | 2,216 | 1,179 | 1,123 | ||||||||
| Finance Income (Expenses), net | (1 | ) | 4 | (3 | ) | 4 | ||||||
| Net Loss | 2,462 | 2,220 | 1,176 | 1,127 | ||||||||
| Other comprehensive income: | ||||||||||||
| Foreign currency translation adjustment | (11 | ) | (37 | ) | (6 | ) | (30 | ) | ||||
| Comprehensive loss for the period | $ | 2,451 | $ | (2,183 | ) | $ | 1,170 | $ | (1,097 | ) | ||
| Basic net loss per common stock | $ | (0.18 | ) | $ | (0.14 | ) | $ | (0.09 | ) | $ | (0.07 | ) |
| Diluted net loss per common stock | $ | (0.18 | ) | $ | (0.14 | ) | $ | (0.09 | ) | $ | (0.07 | ) |
| Weighted average number of common shares used in computing basic and diluted loss per common stock | 18,532,553 | 15,465,692 | 21,561,473 | 15,473,813 |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
| 4 |
| --- |
GLUCOTRACK
INC.
CONDENSED
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
| Numbers <br> of Shares | Amount | Paid-in <br> Capital | of shares | Comprehensive <br> Income (Loss) | Accumulated <br> Deficit | Stockholders’<br><br> <br>Equity | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| In thousands of US Dollars (except share data) | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| Common Stock | Additional | Receipts <br> on <br> account | Accumulated <br> Other | Total | |||||||||||||||
| Numbers <br> of Shares | Amount | Paid-in <br> Capital | of shares | Comprehensive <br> Income (Loss) | Accumulated <br> Deficit | Stockholders’<br><br> <br>Equity | |||||||||||||
| Balance at January 1, 2023 | 15,550,730 | $ | 15 | $ | 103,095 | $ | 4 | $ | 17 | $ | (101,901 | ) | $ | 1,230 | |||||
| Loss for the period | - | - | - | - | - | (2,462 | ) | (2,462 | ) | ||||||||||
| Other comprehensive income | - | - | - | - | 11 | - | 11 | ||||||||||||
| Deemed dividend resulted from trigger of down round protection feature of certain warrants granted | - | - | 855 | - | - | (855 | ) | - | |||||||||||
| Issuance of Ordinary Shares upon completion of public offering, net of offering expenses | 5,376,472 | 5 | 8,725 | - | - | - | 8,730 | ||||||||||||
| Issuance of restricted shares as compensation towards directors and officer | 14,991 | - | (*) | 9 | (4 | ) | - | - | 5 | ||||||||||
| Stock-based compensation | - | - | 229 | - | - | - | 229 | ||||||||||||
| Balance at June 30, 2023 | 20,892,193 | $ | 20 | $ | 112,913 | $ | - | $ | 28 | $ | (105,218 | ) | $ | 7,743 | |||||
| Balance at April 1, 2023 | 15,503,632 | $ | 15 | $ | 103,156 | $ | 5 | $ | 22 | $ | (103,187 | ) | $ | 11 | |||||
| Loss for the period | - | - | - | - | - | (1,176 | ) | (1,176 | ) | ||||||||||
| Other comprehensive income | - | - | - | - | 6 | - | 6 | ||||||||||||
| Deemed dividend resulted from trigger of down round protection feature of certain warrants granted | - | - | 855 | - | - | (855 | ) | - | |||||||||||
| Issuance of Ordinary Shares upon completion of public offering, net of offering expenses | 5,376,472 | 5 | 8,725 | - | - | - | 8,730 | ||||||||||||
| Issuance of restricted shares as compensation towards directors and officer | 12,089 | - | (*) | 5 | (5 | ) | - | - | - | ||||||||||
| Stock-based compensation | - | - | 172 | - | - | - | 172 | ||||||||||||
| Balance at June 30, 2023 | 20,892,193 | $ | 20 | $ | 112,913 | $ | - | $ | 28 | $ | (105,218 | ) | $ | 7,743 | |||||
| Balance at January 1, 2022 | 15,452,285 | $ | 15 | $ | 102,612 | $ | - | $ | (6 | ) | $ | (97,466 | ) | $ | 5,155 | ||||
| Loss for the period | (2,220 | ) | (2,220 | ) | |||||||||||||||
| Other comprehensive income | - | - | - | - | 37 | - | 37 | ||||||||||||
| Issuance of restricted shares as compensation towards directors (**) | 7,872 | - | (*) | 11 | 9 | - | - | 20 | |||||||||||
| Stock-based compensation | 13,105 | - | 198 | - | - | - | 198 | ||||||||||||
| Balance at June 30, 2022 | 15,473,262 | $ | 15 | $ | 102,821 | $ | 9 | $ | 31 | $ | (99,686 | ) | $ | 3,190 | |||||
| Balance at April 1, 2022 | 15,452,285 | $ | 15 | $ | 102,763 | $ | 11 | $ | 1 | $ | (98,559 | ) | $ | 4,231 | |||||
| Beginning balance | 15,452,285 | $ | 15 | $ | 102,763 | $ | 11 | $ | 1 | $ | (98,559 | ) | $ | 4,231 | |||||
| Loss for the period | - | - | - | - | - | (1,127 | ) | (1,127 | ) | ||||||||||
| Other comprehensive income | - | - | - | - | 30 | - | 30 | ||||||||||||
| Issuance of restricted shares as compensation towards directors (**) | 7,872 | - | (*) | 11 | (2 | ) | - | - | 9 | ||||||||||
| Stock-based compensation | 13,105 | - | (*) | 47 | - | - | - | 47 | |||||||||||
| Balance at June 30, 2022 | 15,473,262 | $ | 15 | $ | 102,821 | $ | 9 | $ | 31 | $ | (99,686 | ) | $ | 3,190 | |||||
| Ending balance | 15,473,262 | $ | 15 | $ | 102,821 | $ | 9 | $ | 31 | $ | (99,686 | ) | $ | 3,190 | |||||
| (*) | Represents<br> amount lower than $1. | ||||||||||||||||||
| --- | --- | ||||||||||||||||||
| (**) | Actual<br> issuance occurred subsequent to the balance sheet date. | ||||||||||||||||||
| --- | --- |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
| 5 |
| --- |
GLUCOTRACK
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
| 2023 | 2022 | |||||
|---|---|---|---|---|---|---|
| US Dollars | ||||||
| Six-month period ended June 30. | ||||||
| 2023 | 2022 | |||||
| (Unaudited) | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
| Loss for the period | $ | (2,462 | ) | $ | (2,220 | ) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||
| Depreciation | 7 | 14 | ||||
| Stock-based compensation | 229 | 198 | ||||
| Issuance of restricted shares as compensation towards directors | 5 | 20 | (*) | |||
| Linkage difference on principal of loans from stockholders | 6 | 6 | ||||
| Changes in assets and liabilities: | ||||||
| Increase in other current assets | (104 | ) | (331 | ) | ||
| Increase in accounts payable | 173 | 18 | ||||
| Increase (Decrease) in other current liabilities | (121 | ) | 114 | |||
| Net cash used in operating activities | (2,267 | ) | (2,181 | ) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
| Purchase of property and equipment | - | (4 | ) | |||
| Net cash used in investing activities | - | (4 | ) | |||
| CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
| Net proceeds received from underwritten U.S. public offering | 8,730 | - | ||||
| Net cash provided by financing activities | 8,730 | - | ||||
| Effect of exchange rate changes on cash and cash equivalents, and restricted cash | (10 | ) | (30 | ) | ||
| Change in cash, cash equivalents, and restricted cash | 6,453 | (2,215 | ) | |||
| Cash, cash equivalents, and restricted cash at beginning of the period | 2,331 | 6,113 | ||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 8,784 | $ | 3,898 | ||
| Non-cash financing activities | ||||||
| Deemed dividend upon trigger of down round protection | $ | 855 | $ | - | ||
| (*) | Actual<br> issuance occurred subsequent to the balance sheet date. | |||||
| --- | --- |
The
accompanying notes are an integral part of these condensed consolidated financial statements.
| 6 |
| --- |
GLUCOTRACK
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE
1 – GENERAL
| A. | GlucoTrack<br> Inc. (the “Company”) was incorporated on May 18, 2010 under the laws of the State of Delaware. The Company is a medical<br> device company, focused on the design, development and commercialization of novel technologies for use by people with diabetes and<br> prediabetes. The Company is currently developing two products; a non-invasive glucose monitor for use by persons with Type 2 diabetes<br> and prediabetes, and an implantable continuous glucose monitor for persons with Type 1 diabetes and insulin-dependent Type 2 diabetes. |
|---|---|
| B. | Liquidity and Going Concern Uncertainty |
| To<br> date, the Company has not yet generated significant revenues from selling of GlucoTrack 1.0 product, a product that has been<br> discontinued. In addition, development and commercialization of both GlucoTrack 2.0 product and the implantable continuous glucose<br> monitor is expected to require substantial expenditures;therefore, the Company is dependent upon external sources for financing its<br> operations. As of June 30, 2023, the Company has incurred accumulated deficit of $105,218<br> thousand. Furthermore, the Company has generated operating losses and negative operating cash flow for all reported<br> periods. | |
| Management<br> has considered the significance of such conditions in relation to the Company’s ability to meet its current obligations and<br> to achieve its business targets and determined that these conditions do not raise substantial doubt about the Company’s ability<br> to continue as a going concern, taking into consideration the net proceeds received in total amount of $8,730 thousand upon closing<br> of a public offering through prospectus supplement on Form S-3 on April 17 2023 (see also Note 3 below). Based on its assessment,<br> management believe that such funds are sufficient for the Company to realize its business plans for the twelve months subsequent<br> to the reporting period. | |
| --- |
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A.Basic of Presentation
| 1. | Accounting Principles |
|---|---|
| The<br> accompanying unaudited condensed consolidated interim financial statements and related notes should be read in conjunction with the<br> consolidated financial statements and related notes contained in the Annual Report on Form 10-K for the fiscal year ended December<br> 31, 2022, filed with the Securities and Exchange Commission (“SEC”) on March 31, 2023. The unaudited condensed consolidated<br> financial statements have been prepared in accordance with the rules and regulations of the SEC related to interim financial statements.<br> As permitted under those rules, certain information and footnote disclosures normally required or included in financial statements<br> prepared in accordance with U.S. GAAP have been condensed or omitted. The financial information contained herein is unaudited; however,<br> management believes all adjustments have been made that are considered necessary to present fairly the results of the Company’s<br> financial position and operating results for the interim periods. All such adjustments are of a normal recurring nature. | |
| The<br> results for the period of six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the year<br> ending December 31, 2023 or for any other interim period or for any future period. | |
| 2. | Principles of Consolidation |
| The<br> consolidated financial statements include the accounts of the Company and its subsidiary. Significant intercompany balances and transactions<br> have been eliminated in consolidation. |
| 7 |
| --- |
GLUCOTRACK
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
NOTE
2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)
A.Basic of Presentation
| 3. | Net Loss Per Common Stock |
|---|---|
| Basic<br> net loss per Common Stock is computed by dividing the loss for the period applicable for holders of Common Stock and pre-funded<br> warrants by the weighted average number of shares of Common Stock and pre-funded warrants outstanding during the period. Diluted<br> loss per share gives effect to all potentially dilutive common shares outstanding during the period using the treasury stock method<br> with respect to stock options and certain stock warrants. In computing diluted loss per Common Stock, the average stock price for<br> the period is used in determining the number of Common Stock assumed to be purchased from the exercise of stock options or stock<br> warrants. | |
| Shares<br> to be issued upon exercise of all stock options and stock warrants have been excluded from the calculation of the diluted net loss<br> per Common Stock for all the reported periods for which net loss was reported because the effect of the Common Stock issuable upon<br> exercise of these instruments was anti-dilutive. | |
| The<br> net loss and the weighted average number of shares of Common Stock used in computing basic and diluted net loss per Common Stock<br> for the period of six and three months ended June 30, 2023 and 2022, is as follows: |
SCHEDULE
OF ANTIDILUTIVE NET LOSS AND WEIGHTED AVERAGE
| 2023 | 2022 | 2023 | 2022 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| US dollars (except share data) | US dollars (except share data) | |||||||||||
| Six-month period ended June 30, | Three-month period ended June 30, | |||||||||||
| (Unaudited) | (Unaudited) | |||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||
| Numerator: | ||||||||||||
| Net loss | $ | 2,462 | $ | 2,220 | $ | 1,176 | $ | 1,127 | ||||
| Deemed dividend related to trigger of down round protection feature (see Note 3A below) | 855 | - | 855 | - | ||||||||
| Net loss attributable to common stockholders | $ | 3,317 | $ | 2,220 | $ | 2,031 | $ | 1,127 | ||||
| Denominator: | ||||||||||||
| Ordinary shares used in computing basic and diluted net loss per common stock | (*)18,532,553 | 15,465,692 | (*)21,561,473 | 15,473,813 | ||||||||
| Basic and diluted net loss per common stock | $ | (0.19 | ) | $ | (0.14 | ) | $ | (0.10 | ) | $ | (0.07 | ) |
| (*) | Including pre-funded<br>warrants issued upon completion of underwritten U.S. public offering. | |||||||||||
| --- | --- |
| 8 |
| --- |
GLUCOTRACK
INC.
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (CONT.)
NOTE
3 - SIGNIFICANT TRANSACTIONS
| A. | Completion of underwritten U.S. public offering |
|---|---|
| On<br> April 13, 2023, the Company completed an underwritten public offering under which the Company received gross proceeds of approximately<br> $10,000 thousand for issuance of (i) 5,376,472 shares of common stock and (ii) 1,976,470 pre-funded warrants at a price to the public<br> of $1.36 per share. The pre-funded warrants are exercisable for the same number of shares of common stock and may be exercised at<br> any time until exercised in full at an exercise price of $0.001. | |
| Upon<br> satisfaction of customary closing conditions, the closing date of the above underwritten public offering was April 17, 2023 (the<br> “Closing Date”). | |
| The Company received substantially all the pre-funded warrant’s proceeds upfront (without any conditions) as part of the pre-funded<br> warrant’s purchase price and in return the Company is obligated to issue fixed number of shares of common stock to the holders.<br> Thus, pre-funded warrants were accounted for and were classified as additional paid-in capital as part of the Company’s stockholders’<br> equity. | |
| Total<br> incremental and direct issuance costs amounted to $1,270 thousand. These expenses were deducted from additional paid-in capital as<br> they were allocated to shares of Common Stock and pre-funded warrants. | |
| Upon<br> closing of underwritten U.S. public offering, a<br> down round protection feature of certain warrants granted in previous years to service providers was triggered by the way of reduction<br> of their exercise price from a price in a range of $3.35-$70.20 to a price of $1.36 which represented the above public offering price.<br> Such reduction was accounted for as deemed dividend estimated at total amount of $855 thousand which was recorded as part of the<br> additional paid-in capital versus increase of accumulated deficit. Regarding the effect of the loss per share, see also Note 2.A.3.<br> above. | |
| --- | |
| B. | Intellectual Property Purchase Agreement |
| --- | --- |
| In<br> the middle of June 2023, the Company achieved the first performance milestone out of the five performance milestones outlined in<br> the Intellectual Property Purchase Agreement (the “Agreement”) executed between the Company and Paul Goode, which is<br> the Company’s Chief Executive Officer (the “Seller”) as October 7, 2022 (the “Closing Date”). As result,<br> the Company is committed to issue 100,000 restricted shares to the Seller. During the periods of three and six months ended June<br> 30, 2023, the Company recorded stock-based compensation expenses amounted to $131 thousand which representing the quoted price of<br> its Common Stock at the Closing Date, after taking into consideration a discount for lack of marketability in a rate of 30.4% over<br> a restriction period of 1-year. As of June 30, 2023, achievement of all other performance milestones was not considered probable<br> and thus no stock-based compensation expenses were recorded with respect to thereof. | |
| C. | Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard |
| On<br> May 26, 2023, the Company received a letter from Nasdaq that it no longer complies with Rule 5550(a)(2) of Nasdaq’s Listing<br> Rules (the “Rules”) which require listed securities to maintain a minimum bid price of $1 per share. However, the Rules<br> provide the Company a compliance period of 180-days to regain compliance under which if at any time during 180-days period the closing<br> bid price of the Company’s security is at least $1 for a minimum of ten consecutive business days, Nasdaq will provide the<br> Company written confirmation of compliance and this matter will be closed. In the event the Company does not regain compliance by<br> the 180th day, the Company may be eligible for additional time to regain compliance or may face delisting. |
NOTE
4 - SUBSEQUENT EVENTS
The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the condensed interim consolidated financial statements were issued (August 14, 2023). Based upon this review, the Company did not identify any other subsequent events that would have required adjustment or disclosure in the financial statements.
| 9 |
| --- |
Item2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Cautionary
Note Regarding Forward-Looking Statements
ThisQuarterly Report on Form 10-Q contains forward-looking statements. These forward-looking statements include statements about our expectations,beliefs or intentions regarding our product development efforts, business, financial condition, results of operations, strategies andprospects. All statements other than statements of historical fact included in this Quarterly Report on Form 10-Q, including statementsregarding our future activities, events or developments, including such things as future revenues, capital raising and financing, productdevelopment, clinical trials, regulatory approval, market acceptance, responses from competitors, capital expenditures (including theamount and nature thereof), business strategy and measures to implement strategy, competitive strengths, goals, expansion and growthof our business and operations, plans, references to future success, projected performance and trends, and other such matters, are forward-lookingstatements. The words “believe,” “expect,” “anticipate,” “intend,” “estimate,”“plan,” “may,” “will,” “could,” “would,” “should” and other similarwords and phrases, are intended to identify forward-looking statements. The forward-looking statements made in this Quarterly Reporton Form 10-Q are based on certain historical trends, current conditions and expected future developments as well as other factors webelieve are appropriate in the circumstances. These statements relate only to events as of the date on which the statements are madeand we undertake no obligation to update publicly any forward-looking statements, whether as a result of new information, future eventsor otherwise, except as required by law. All of the forward-looking statements made in this Quarterly Report on Form 10-Q are qualifiedby these cautionary statements and there can be no assurance that the actual results anticipated by us will be realized or, even if substantiallyrealized, that they will have the expected consequences to or effects on us or our business or operations. Whether actual results willconform to our expectations and predictions is subject to a number of risks and uncertainties that may cause actual results to differmaterially. Risks and uncertainties, the occurrence of which could adversely affect our business, include the risks identified underthe caption “Risk Factors” included in our annual report on Form 10-K for the year ended December 31, 2022. The followingdiscussion should be read in conjunction with the condensed consolidated financial statements and the notes thereto included in Item1 of this Quarterly Report on Form 10-Q.
Overview
We are a medical device company focused on the design, development and commercialization of novel technologies for use by people with diabetes and prediabetes. We are currently developing two products; a non-invasive glucose monitor for use by those with Type 2 diabetes and prediabetes, and an implantable continuous glucose monitor for those with Type 1 diabetes and insulin-dependent Type 2 diabetes.
The Company was founded with a mission to develop GlucoTrack®, a noninvasive glucose monitoring device designed to help people with diabetes and pre-diabetics obtain glucose level readings without the pain, inconvenience, cost and difficulty of conventional (invasive) spot finger stick devices. The first generation GlucoTrack (“GlucoTrack 1.0”), which successfully received CE Mark approval and ISO certifications, utilized a combination of ultrasound, electromagnetic and thermal technologies to obtain glucose measurements in approximately one minute via a small sensor that is clipped onto one’s earlobe and connected to a small, handheld control and display unit, all without drawing blood or interstitial fluid. After a limited release beta test in Europe and the Middle East, the Company determined that it would focus its efforts on developing its next generation non-invasive monitor (“GlucoTrack 2.0”), and we have since withdrawn our CE Mark and ISO certifications for GlucoTrack 1.0 and are no longer pursuing commercialization of this product.
Instead, we are currently developing GlucoTrack 2.0. The current clinical prototype utilizes ultrasound-only sensor technology, reduces the overall cost and complexity of the device, and reduces the measurement time from approximately sixty seconds to less than two seconds. Initial testing has produced promising results, suggesting measurement accuracies could be relatively comparable with those of conventional, already in-the-market CGM technologies. Internal development efforts continue toward a robust measurement technique that consistently achieves significant measurement accuracy in normal use applications. A first-in-human (FIH) clinical study will begin once this metric has been achieved.. Collecting data for sensor characterization and algorithm development will be the primary goals of the FIH study. The results of this study will also drive the development of the commercial version of the device, which is expected to commence early 2024. Once the development of the commercial device version is complete, we intend to conduct a scaled down version of the FDA pivotal trial to resolve any lingering device performance or human factors issues prior to executing the larger pivotal trial for FDA submission.
| 10 |
| --- |
Following the acquisition of certain IP in the fourth quarter of 2022, we are also developing an implantable continuous glucose monitor for use by Type 1 diabetes patients as well as insulin-dependent Type 2 patients. Implant longevity is key to the success of such a device, and we have recently completed our feasibility study successfully demonstrating that a minimum two-year implant life is highly probable with the current sensor design. We believe our technology, if successful, has the potential to be more accurate, more convenient and have a longer duration than other implantable glucose monitors that are either in the market or currently under development.
We are currently developing our own companion applications and a cloud-based solutions to offer an effective platform to provide real time, data driven personalized tools to effectively help a user manage their diabetes, which will be utilized during the clinical trials. In addition to being a critical and effective management tool for the end user, we believe that third parties such as insurers, pharmaceutical companies and advertisers would be willing to pay for the de-identified data that we will obtain through our platform, and that this is an opportunity for us to develop an additional revenue source.
Our Senior Management team includes; CEO and President, Paul V. Goode PhD, who has a decorated career developing innovative medical technologies, including at DexCom and MiniMed, CFO and General Counsel, Jolie Kahn, Esq., who has a multidecade career as a well respected securities attorney and finance professional, James P. Thrower PhD, Vice President of Engineering, a seasoned executive formerly of Sterling Medical Devices, Mindray DS USA and DexCom, Inc., and Mark Tapsak PhD, Vice President of Sensor Technology, a medical research scientist who brings over 25 years of experience in the diabetes industry, including previous senior roles at DexCom and Medtronic. Luis J. Malavé, formerly of Insulet Corp, Medtronic and MiniMed has joined as an independent board member. Several highly talented and accomplished executives joined the Company as senior advisors to the Board. These include Yair Briman, the former CEO of Philips Healthcare Informatics, Daniel McCaffrey MBA MA, a world-renowned behavioral scientist and digital health expert formerly at Samsung Health and Dexcom, Inc., Dr. Alexander Raykhman PhD, a measurement and artificial intelligence expert and Dr. David C. Klonoff, world renowned endocrinologist and diabetes technology thought leader. We intend to continue to invest in our talent and to expand and strengthen all areas within the Company.
RecentEvents
On March 14, 2022, we changed our name to GlucoTrack, Inc. and our trading symbol to GCTK.
On March 22, 2022, Shalom Shushan, Chief Technology Officer, provided notice of his resignation from the Company, effective May 22, 2022, for personal reasons. In connection with the Company’s previously announced plans to migrate certain aspects of product development to the United States, James P. Thrower PhD, Vice President of Engineering, assumed Mr. Shushan’s responsibilities.
In connection with the Company’s previously announced plans to migrate certain aspects of the product development to the United States, as well as in preparation for U.S. clinical trials, Erez Ben-Zvi, VP of Product in Israel, resigned from the Company, effective June 12, 2022.
| 11 |
| --- |
On October 10, 2022, the Company announced that it has acquired certain IP related to a long-term implantable continuous glucose monitor and that it intends to develop the technology to address the growing Type 1 and insulin dependent Type 2 diabetes market.
On October 14, 2022, the Company announced the hiring of Dr. Mark Tapsak as Vice President of Sensor Technology.
On November 22, 2022, Nasdaq provided notice that pursuant to Nasdaq Listing Rule 5550(b)(1), the Company did not meet the alternatives of market value of listed securities or net income from continuing operations.
On January 4, 2023, Nasdaq provided notice that since the Company had not held an annual meeting of shareholders within twelve months of the end of the Company’s fiscal year end ended December 31, 2021, it no longer complied with Listing Rules for continued listing.
On February 7, 2023, Nasdaq issued a letter to the Company granting an extension until May 22, 2023 to obtain compliance with the Listing Rule 5550(b).
On March 31, 2023, GlucoTrack, Inc. held its 2022 Annual Meeting of Shareholders. The results of the voting with respect to this Annual Meeting are as set forth below.
| Directors Information | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Dir # | Votes<br> <br>For | Votes Withheld | Broker Non-Vote | % Votes<br> <br>For | ||||||
| Dr. Robert Fischell | 2,881,036.00 | 5,250,502.00 | 488,583.00 | 18.58 | ||||||
| Luis Malave | 2,880,918.00 | 5,250,620.00 | 488,583.00 | 18.58 | ||||||
| Andrew Sycoff | 2,945,847.00 | 5,185,691.00 | 488,583.00 | 19.00 | ||||||
| Shimon Rapps | 2,882,073.00 | 5,249,465.00 | 488,583.00 | 18.59 | ||||||
| Allen Danzig | 2,880,916.00 | 5,250,622.00 | 488,583.00 | 18.58 | ||||||
| Proposals Information | ||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Prop # | Votes<br> <br>For | Votes Against | Votes Abstain | Broker Non-Vote | % Votes For | |||||
| Ratify Auditor | 8,612,584.00 | 7,481.00 | 56.00 | 0.00 | 55.55 | |||||
| Nonbinding Say on Pay | 2,844,095.00 | 5,205,181.00 | 82,262.00 | 488,583.00 | 18.34 |
On April 17, 2023, the Company announced the closing of a firm commitment underwritten public offering of shares of its common stock with gross proceeds to the Company of approximately $10 million, before deducting underwriting discounts and other estimated expenses. The offering consisted of 5,376,472 shares of common stock and 1,976,470 pre-funded warrants to purchase shares of common stock at a price to the public of $1.36 per share (less $0.001 in exercise price per pre-funded warrant). The Company entered into an underwriting agreement with Aegis Capital Corp. on April 13, 2023. The Company intends to use the net proceeds from this offering primarily for working capital and general corporate purposes, which may include, without limitation, engaging in acquisitions or other business combinations or investments, sales and marketing activities, general and administrative matters and capital expenditures.
On July 25, 2023, the Company announced the completion and positive results of its feasibility study for its implantable continuous glucose monitor technology for patients with Type 1 and Type 2 insulin-dependent diabetes. The primary goal of the feasibility study was to demonstrate that the CGM sensor design could reliably report glucose measurements for two years post-implant. Laboratory bench testing confirmed that a minimum two-year implant longevity is highly probable with the current sensor design. The implant longevity was independently verified by a third-party using sensor parameters to simulate sensor performance over time. Given the positive results of the study, the Company is now preparing for long-term animal studies, which are expected to begin later this year.
The summary of our significant accounting policies is included under Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations of our fiscal 2022 Form 10-K. An accounting policy is deemed to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made, if different estimates reasonably could have been used, or if changes in the estimate that are reasonably possible could materially impact the financial statements. There have been no material changes to the critical accounting policies and estimates as filed in such report.
| 12 |
| --- |
CriticalAccounting Policies
This Management’s Discussion and Analysis of Financial Condition and Results of Operations discuss our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). In connection with the preparation of our financial statements, we are required to make assumptions and estimates about future events and apply judgments that affect the reported amounts of assets, liabilities, expenses and the related disclosures. We base our assumptions, estimates and judgments on historical experience, current trends and other factors that management believes to be relevant at the time our consolidated financial statements are prepared. On a regular basis, management reviews the accounting policies, assumptions, estimates and judgments to ensure that our financial statements are presented fairly and in accordance with U.S. GAAP. However, because future events and their effects cannot be determined with certainty, actual results could differ from our assumptions and estimates, and such differences could be material.
Resultsof Operations
The following discussion of our operating results explains material changes in our results of operations for the six month period ended June 30, 2023 compared with the same period ended June 30, 2022. The discussion should be read in conjunction with the financial statements and related notes included elsewhere in this report.
SixMonths ended June 30, 2023 compared to Six Months ended June 30, 2022
Research and development expenses
Research and development expenses were $1,269 thousand for the six-month period ended June 30, 2023, as compared to $929 thousand for the prior-year period. The increase is attributable to professional fees we accrued during the period.
Research and development expenses consist primarily of salaries and other personnel-related expenses, materials, clinical trials and other expenses. We expect research and development expenses to increase in 2023 and beyond, primarily due to hiring additional personnel and developing and validating our next generation product line, however, we may adjust or allocate the level of our research and development expenses based on available financial resources and based on our commercial needs, including the FDA registration process, specific requirements from customers, development of new GlucoTrack® models and others.
General and administrative expenses
General and administrative expenses were $1,194 thousand for the six-month period ended June 30, 2023, as compared to $1,287 thousand for the prior-year period. The decrease is attributable to professional fees we accrued during the period.
General and administrative expenses consist primarily of professional services, salaries, consulting fees, insurance, travel expenses and other related expenses for executive, finance and administrative personnel, including stock-based compensation expenses. Other general and administrative costs and expenses include facility-related costs not otherwise included in research and development costs and expenses, and professional fees for legal and accounting services.
Financing income (expenses), net
Financing expenses, net was approximately $1 thousand for the six-month period ended June 30, 2023, as compared to financing income of $4 thousand for the prior-year period. The change is immaterial.
Net Loss
Net loss was $2,462 thousand for the six-month period ended June 30, 2023, as compared to $2,220 thousand for the prior-year period. The increase in net loss is attributable primarily to the increase in our operating expenses, as described above.
| 13 |
| --- |
GoingConcern Uncertainty
The development and commercialization of GlucoTrack 2.0 product are expected to require substantial further expenditures. We remain dependent upon external sources for financing our operations. Since inception, we have incurred substantial accumulated losses and negative operating cash flow and have a significant accumulated deficit. However, in April 2023, we completed an underwriting U.S. public offering under which net proceeds of $8,730 thousand has been raised. As of June 30, 2023, our cash on hand is sufficient to continue our operations for a period of twelve-months subsequent to the reporting period.
NetCash Used in Operating Activities for the Six-Month Periods Ended June 30, 2023 and June 30, 2022
Net cash used in operating activities was $2,269 thousand and $2,181 thousand for the six-month periods ended June 31, 2023 and 2022, respectively. Net cash used in operating activities primarily reflects the net loss for those periods of $2,462 thousand and $2,220 thousand, respectively.
NetCash Used in Investing Activities for the Six-Month Periods Ended June 30, 2023 and June 30, 2022
Net cash used in investing activities was $0 thousand and $4 thousand for the six-month periods ended June 30, 2023 and 2022, respectively. Net cash used in investing activities primarily reflects the purchasing of fixed assets.
NetCash Used in Financing Activities for the Six-Month Periods Ended June 30, 2023 and June 30, 2022
Net cash provided by financing activities was $8,730 thousand and $0 thousand for the six-month periods ended June 30, 2023 and 2022, respectively. Net cash provided by financing activities primarily reflects the net proceeds received from public offering, net of offering expenses.
Off-BalanceSheet Arrangements
As of June 30, 2023, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4) of Regulation S-K.
Item3. Quantitative and Qualitative Disclosures About Market Risk.
Not required for smaller reporting companies.
Item4. Controls and Procedures.
Evaluationof Disclosure Controls and Procedures
Our management, with the participation of our Principal Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2023, or the Evaluation Date. Based on such evaluation, those officers have concluded that, as of the Evaluation Date, our disclosure controls and procedures are ineffective in recording, processing, summarizing and reporting, on a timely basis, information required to be included in periodic filings under the Exchange Act and that such information is not accumulated and communicated to management, including our principal executive and financial officers, in a manner sufficient to allow timely decisions regarding required disclosure, due to the material weaknesses in internal control over financial reporting related to lack of sufficient internal accounting personnel, segregation of duties, and lack of sufficient internal controls (including IT general controls) that encompass the Company as a whole with respect to entity and transactions level controls in order to ensure complete documentation of complex and non-routine transactions and adequate financial reporting.
Management has identified corrective actions to remediate such material weaknesses, which includes hiring additional employees. Management intends to implement procedures to remediate such material weaknesses during the fiscal year 2023; however, the implementation of these initiatives may not fully address any material weaknesses that we may have in our internal control over financial reporting.
Changesin Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting during our most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
| 14 |
| --- |
PART
II - OTHER INFORMATION
Item2. Unregistered Sales of Equity Securities and Use of Proceeds.
None
Item3. Defaults Upon Senior Securities
None
Item4. Mine Safety Disclosures
None
Item6. Exhibits.
| Exhibit No. | Description |
|---|---|
| 31.1 | Certification of Principal Executive Officer and Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
| 32.1 | Certification of Principal Executive Officer and Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
| 101.INS | Inline<br> XBRL Instance Document |
| 101.SCH | Inline<br> XBRL Schema Document |
| 101.CAL | Inline<br> XBRL Calculation Linkbase Document |
| 101.LAB | Inline<br> XBRL Label Linkbase Document |
| 101.PRE | Inline<br> XBRL Presentation Linkbase Document |
| 101.DEF | Inline<br> XBRL Definition Linkbase Document |
| 104 | Cover<br> Page Interactive Data File (embedded within the Inline XBRL document) |
| 15 |
| --- |
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.
Dated: August 14, 2023
| GLUCOTRACK, INC. | |
|---|---|
| By: | /s/ Jolie Kahn |
| Name: | Jolie<br> Kahn |
| Title | Chief<br> Financial Officer |
| (Principal<br> Financial Officer) |
| 16 |
| --- |
Exhibit31.1
CERTIFICATIONPURSUANT TO RULE 13a-14(a) OR 15d-14(a) OF
THESECURITIES EXCHANGE ACT OF 1934,
ASADOPTED PURSUANT TO SECTION 302 OF
THESARBANES-OXLEY ACT OF 2002
I, Paul Goode, certify that:
| 1. | I<br> have reviewed this quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2023 of GlucoTrack, Inc.; | |
|---|---|---|
| 2. | Based<br> on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary<br> to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to<br> the period covered by this report; | |
| 3. | Based<br> on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material<br> respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in<br> this report; | |
| 4. | The<br> registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures<br> (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange<br> Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |
| (a) | designed<br> such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,<br> to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others<br> within those entities, particularly during the period in which this report is being prepared; | |
| --- | --- | |
| (b) | designed<br> such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our<br> supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements<br> for external purposes in accordance with generally accepted accounting principles; | |
| (c) | evaluated<br> the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about<br> the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;<br> and | |
| (d) | disclosed<br> in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s<br> most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,<br> or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
| 5. | The<br> registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial<br> reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing<br> the equivalent functions): | |
| --- | --- | |
| (a) | all<br> significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are<br> reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;<br> and | |
| --- | --- | |
| (b) | any<br> fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s<br> internal control over financial reporting. | |
| Date:<br> August 14, 2023 | By: | /s/ Paul Goode |
| --- | --- | --- |
| Paul<br> Goode | ||
| Principal<br> Executive Officer |
Exhibit31.2
CERTIFICATIONPURSUANT TO RULE 13a-14(a) OR 15d-14(a) OF
THESECURITIES EXCHANGE ACT OF 1934,
ASADOPTED PURSUANT TO SECTION 302 OF
THESARBANES-OXLEY ACT OF 2002
I, Jolie Kahn, certify that:
| 1. | I<br> have reviewed this quarterly report on Form 10-Q for the fiscal quarter ended June 30, 2023 of GlucoTrack, Inc.; | |
|---|---|---|
| 2. | Based<br> on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary<br> to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to<br> the period covered by this report; | |
| 3. | Based<br> on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material<br> respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in<br> this report; | |
| 4. | The<br> registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures<br> (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange<br> Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: | |
| (a) | designed<br> such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,<br> to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others<br> within those entities, particularly during the period in which this report is being prepared; | |
| --- | --- | |
| (b) | designed<br> such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our<br> supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements<br> for external purposes in accordance with generally accepted accounting principles; | |
| (c) | evaluated<br> the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about<br> the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;<br> and | |
| (d) | disclosed<br> in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s<br> most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,<br> or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and | |
| 5. | The<br> registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial<br> reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing<br> the equivalent functions): | |
| --- | --- | |
| (a) | all<br> significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are<br> reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;<br> and | |
| --- | --- | |
| (b) | any<br> fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s<br> internal control over financial reporting. | |
| Date:<br> August 14, 2023 | By: | /s/ Jolie Kahn |
| --- | --- | --- |
| Jolie<br> Kahn | ||
| Principal<br> Financial Officer |
Exhibit32.1
CERTIFICATIONPURSUANT TO
18U.S.C. SECTION 1350,
ASADOPTED PURSUANT TO
SECTION906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of GlucoTrack, Inc. (the “Company”) for the period ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Paul Goode, Principal Executive Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
| (1) | the<br> Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|---|---|
| (2) | the<br> information contained in the Report fairly presents, in all material respects, the financial condition and results of operations<br> of the Company. |
| By: | /s/ Paul Goode |
| --- | --- |
| Paul<br> Goode | |
| Principal<br> Executive Officer | |
| Dated: August 14, 2023 |
Exhibit32.2
CERTIFICATIONPURSUANT TO
18U.S.C. SECTION 1350,
ASADOPTED PURSUANT TO
SECTION906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report on Form 10-Q of GlucoTrack, Inc. (the “Company”) for the period ended June 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Jolie Kahn, Principal Financial Officer, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:
| (1) | the<br> Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|---|---|
| (2) | the<br> information contained in the Report fairly presents, in all material respects, the financial condition and results of operations<br> of the Company. |
| By: | /s/ Jolie Kahn |
| --- | --- |
| Jolie<br> Kahn | |
| Principal<br> Financial Officer | |
| Dated: August 14, 2023 |