My Size Inc
For the period ended Jun 30, 2024. Filed Aug 12, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 12, 2024
MYSZ$0.80-0.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-15.
0001493152-24-019910
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-12.
0001493152-24-031274
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 47 previous paragraphs and 55 current paragraphs.
30 unchanged; 16 reworded; 3 added; 1 removed; 0 previous and 6 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (3)
Current report
Six and Three Months Ended June 30, 2024 Compared to Six and Three Months Ended June 30, 2023
Current report
Our general and administrative expenses for the six months ended June 30, 2024 amounted to $1,932,000 compared to $1,923,000 for the six months ended June 30, 2023.
Current report
Our financial expenses, net for the three months ended June 30, 2024 amounted to $87,000 as opposed to financial income of $46,000 for the three months ended June 30, 2023. During the three months ended June 30, 2024, we had financial expenses mainly from exchange rate differences whereas in the three months ended June 30, 2023 we had financial income from exchange rate differences.
Removed paragraphs (1)
Previous report
Three Months Ended March 31, 2024 Compared to Three Months Ended March 31, 2023
Reworded paragraphs (16)
Previous wording
References to “U.S. dollars” and “$” are to currency of the United States of America, and references to “NIS” are to New Israeli Shekels. Unless otherwise indicated, U.S. dollar translations of NIS amounts presented in this Quarterly Report on Form 10-Q for three months ended on March 31, 2024 are translated using the rate of NIS 3.681 to $1.00.
Current wording
References to “U.S. dollars” and “$” are to currency of the United States of America, and references to “NIS” are to New Israeli Shekels. Unless otherwise indicated, U.S. dollar translations of NIS amounts presented in this Quarterly Report on Form 10-Q for three months ended on June 30, 2024 are translated using the rate of NIS 3.759 to $1.00.
Previous wording
We are an omnichannel e-commerce platform and provider of AI-driven SaaS measurement solutions, including MySizeID and our subsidiaries, Naiz Fit, which provides SaaS technology solutions that solve size and fit issues and AI solutions for smarter design through data driven decisions for fashion ecommerce companies, and Orgad, an online retailer operating in the global markets. To date, we have generated almost all our revenue as a third-party seller on Amazon. Our advanced software and solutions assists us in supply chain, identifying products that can drive growth and provides a user-friendly experience and best customer service.
Current wording
We are an omnichannel e-commerce platform and provider of AI-driven software-as-a-service (“SaaS”) measurement solutions, including MySizeID and our subsidiaries, Naiz Fit, which provides SaaS technology solutions that solve size and fit issues and AI solutions for smarter design through data driven decisions for fashion ecommerce companies, and Orgad, an online retailer operating in the global markets. To date, we have generated almost all our revenue as a third-party seller on Amazon. Our advanced software and solutions assists us in the supply chain, identifying products that can drive growth and provides a user-friendly experience and best customer service.
Previous wording
Our flagship innovative tech products, MySizeID, enables shoppers to generate highly accurate measurements of their body to find the accurate fitting apparel by using our application on their mobile phone or through the MySizeID Widget: a simple questionnaire which uses a database collected over the years.
Current wording
Our flagship innovative tech product, MySizeID, enables shoppers to generate highly accurate measurements of their body to find the accurate fitting apparel by using our application on their mobile phone or through the MySizeID Widget: a simple questionnaire which uses a database collected over the years.
Previous wording
In October 2023, Hamas terrorists infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets. Hamas also launched extensive rocket attacks on the Israeli population and industrial centers located along Israel’s border with the Gaza Strip and in other areas within the State of Israel. These attacks resulted in thousands of deaths and injuries, and Hamas additionally kidnapped many Israeli civilians and soldiers. Following the attack, Israel’s security cabinet declared war against Hamas and commenced a military campaign against Hamas and other terrorist organizations in parallel to their continued rocket and terror attacks. In addition, since the commencement of these events, there have been continued hostilities along Israel’s northern border with Lebanon (with the Hezbollah terror organization) and southern border (with the Houthi movement in Yemen). It is possible that hostilities with Hezbollah in Lebanon will escalate, and that other terrorist organizations, including Palestinian military organizations in the West Bank as well as other hostile countries will join the hostilities. In addition, Iran recently launched a direct attack on Israel involving hundreds of drones and missiles and has threatened to continue to attack Israel and is widely believed to be developing nuclear weapons. Iran is also believed to have a strong influence among extremist groups in the region, such as Hamas in Gaza, Hezbollah in Lebanon, the Houthi movement in Yemen and various rebel militia groups in Syria and Iraq. Such clashes may escalate in the future into a greater regional conflict.
Current wording
In October 2023, Hamas terrorists infiltrated Israel’s southern border from the Gaza Strip and conducted a series of attacks on civilian and military targets. Hamas also launched extensive rocket attacks on the Israeli population and industrial centers located along Israel’s border with the Gaza Strip and in other areas within the State of Israel. These attacks resulted in thousands of deaths and injuries, and Hamas additionally kidnapped many Israeli civilians and soldiers. Following the attack, Israel’s security cabinet declared war against Hamas and commenced a military campaign against Hamas and other terrorist organizations in parallel to their continued rocket and terror attacks. In addition, since the commencement of these events, there have been continued hostilities along Israel’s northern border with Lebanon (with the Hezbollah terror organization) and southern border (with the Houthi movement in Yemen). It is possible that hostilities with Hezbollah in Lebanon will escalate, and that other terrorist organizations, including Palestinian military organizations in the West Bank as well as other hostile countries will join the hostilities. In addition, Iran recently launched a direct attack on Israel involving hundreds of drones and missiles and has threatened to continue to attack Israel and is widely believed to be developing nuclear weapons. Iran is also believed to have a strong influence among extremist groups in the region, such as Hamas in Gaza, Hezbollah in Lebanon, the Houthi movement in Yemen and various rebel militia groups in Syria and Iraq. Such clashes may escalate in the future into a greater regional conflict. To date, the war with Hamas has had an immaterial effect on our operations and financial results. This is attributable to our global footprint and the offices in Spain, which has become a hub for our sizing solutions business and the majority of Orgad’s inventory utilizes fulfillment by Amazon rather than fulfilling directly.
Previous wording
Our revenues for the three months ended March 31, 2024 amounted to $2,984,000 compared to $720,000 for the three months ended March 31, 2023. The increase in the three months ended March 31, 2024 from the corresponding period is primarily attributable to an increase in Orgad sales.
Current wording
Our revenues for the three months ended June 30, 2024 amounted to $1,979,000 compared to $1,290,000 for the three months ended June 30, 2023. The increase in the three months ended June 30, 2024 from the corresponding period is primarily attributable to an increase in Orgad sales.
Previous wording
Our cost of revenues expenses for the three months ended March 31, 2024 amounted to $1,788,000 compared to $1,147,000 for the three months ended March 31, 2023. The increase in comparison with the corresponding period was mainly due to an increase in revenues described above offset by an inventory mark-down of $643,000 due to the fire that occurred in Orgad’s warehouse during January 2023.
Current wording
Our cost of revenues expenses for the six months ended June 30, 2024 amounted to $2,783,000 compared to $1,918,000 for the six months ended June 30, 2023. The increase in comparison with the corresponding period was mainly due to an increase in revenues described above offset by an inventory mark-down of $643,000 due to the fire that occurred in Orgad’s warehouse during January 2023.
Previous wording
Our research and development expenses for the three months ended March 31, 2024 amounted to $132,000 compared to $342,000 for the three months ended March 31, 2023. The decrease from the corresponding period was mainly due to a decrease in salaries expenses due to reduced headcount and a decrease in subcontractor expenses.
Current wording
Our research and development expenses for the three months ended June 30, 2024 amounted to $131,000 compared to $227,000 for the three months ended June 30, 2023. The decrease from the corresponding period was mainly due to a decrease in salaries expenses due to reduced headcount and a decrease in subcontractor expenses.
Previous wording
Our sales and marketing expenses for the three months ended March 31, 2024 amounted to $1,102,000 compared to $679,000 for the three months ended March 31, 2023. The increase primarily resulted from an increase in Amazon fees due to the increase in sales offset by a decrease in salary expenses due to reduced headcount, consultant expenses, travel and marketing expenses.
Current wording
Our sales and marketing expenses for the three months ended June 30, 2024 amounted to $831,000 compared to $967,000 for the three months ended June 30, 2023. The decrease primarily resulted from a decrease in salary expenses due to reduced headcount, consultant expenses, travel and marketing expenses offset by an increase in Amazon fees due to the increase in sales.
Previous wording
Our general and administrative expenses for the three months ended March 31, 2024 amounted to $1,033,000 compared to $1,044,000 for the three months ended March 31, 2023.
Current wording
Our general and administrative expenses for the three months ended June 30, 2024 amounted to $899,000 compared to $879,000 for the three months ended June 30, 2023.
Previous wording
As a result of the foregoing, for the three months ended March 31, 2024, our operating loss was $1,071,000 a decrease of $1,421,000 or 57.0%, compared to our operating loss for the three months ended March 31, 2023 of $2,492,000.
Current wording
As a result of the foregoing, for the three months ended June 30, 2024, our operating loss was $877,000 a decrease of $677,000 or 43.6%, compared to our operating loss for the three months ended June 30, 2023 of $1,554,000.
Previous wording
Our financial income, net for the three months ended March 31, 2024 amounted to $55,000 compared to financial expense of $146,000 for the three months ended March 31, 2023 The increase compared to the corresponding period was mainly due to an increase in financial expenses exchange rate differences.
Current wording
Our financial expenses, net for the six months ended June 30, 2024 amounted to $32,000 compared to financial expenses of $100,000 for the six months ended June 30, 2023 The decrease compared to the corresponding period was mainly due to a decrease in financial expenses exchange rate differences.
Previous wording
As a result of the foregoing, our net loss for the three months ended March 31, 2024 was $1,016,000, compared to net loss of $2,654,000 for the three months ended March 31, 2023. The decrease in net loss was mainly due to the reasons mentioned above.
Current wording
As a result of the foregoing, our net loss for the three months ended June 30, 2024 was $964,000, compared to net loss of $1,291,000 for the three months ended June 30, 2023. The decrease in net loss was mainly due to the reasons mentioned above.
Previous wording
As of March 31, 2024, we had cash, cash equivalents, and restricted cash of $1,211,000 compared to $2,264,000 of cash, cash equivalents and restricted cash as of December 31, 2023. This decrease primarily resulted from payments that were made to suppliers, resources that were deployed to grow both businesses and payments related to the Orgad acquisition.
Current wording
As of June 30, 2024, we had cash, cash equivalents, and restricted cash of $3,275,000 compared to $2,264,000 of cash, cash equivalents and restricted cash as of December 31, 2023. This increase primarily resulted from the warrant repricing transaction that was completed in May 2024, offset by payments that were made to suppliers, resources that were deployed to grow our businesses and payments related to the Orgad acquisition.
Previous wording
Cash used in operating activities amounted to $1,417,000 for the three months ended March 31, 2024, compared to $2,313,000 for the three months ended March 31, 2023. The decrease in cash used in operating activity is derived mainly from a decrease in trade payables, account receivables and a decrease in the net loss offset by an increase in inventory and the net loss.
Current wording
Cash used in operating activities amounted to $2,076,000 for the six months ended June 30, 2024, compared to $3,640,000 for the six months ended June 30, 2023. The decrease in cash used in operating activity is derived mainly from a change in inventory and a decrease in the net loss offset by a change in account receivables and trade payables.
Previous wording
Net cash provided by investing activities was $60,000 or the three months ended March 31, 2024, compared to none for the three months ended March 31, 2023.
Current wording
Net cash provided by investing activities was $60,000 or the six months ended June 30, 2024, compared to none for the six months ended June 30, 2023.
Previous wording
Net cash provided by financing activities was $407,000 for the three months ended March 31, 2024, compared to $2,676,000 for the three months ended March 31, 2023. The cash flow from financing activities for the three months ended March 31, 2024 resulted from a loan compared to the public and private offering that occurred in January 2023.
Current wording
Net cash provided by financing activities was $2,961,000 for the six months ended June 30, 2024, compared to $2,596,000 for the six months ended June 30, 2023. The cash flow from financing activities for the six months ended June 30, 2024 resulted from the May 2024 warrant repricing transaction and a loan that was received compared to the public and private offering that occurred in January 2023.
Rearranged current paragraphs (6)
Current report — wording carried from elsewhere
Our revenues for the six months ended June 30, 2024 amounted to $4,963,000 compared to $2,010,000 for the six months ended June 30, 2023. The increase in the six months ended June 30, 2024 from the corresponding period is primarily attributable to an increase in Orgad sales.
Current report — wording carried from elsewhere
Our cost of revenues expenses for the three months ended June 30, 2024 amounted to $995,000 compared to $771,000 for the three months ended June 30, 2023. The increase in comparison with the corresponding period was mainly due to an increase in revenues described above.
Current report — wording carried from elsewhere
Our research and development expenses for the six months ended June 30, 2024 amounted to $263,000 compared to $569,000 for the six months ended June 30, 2023. The decrease from the corresponding period was mainly due to a decrease in salaries expenses due to reduced headcount and a decrease in subcontractor expenses.
Current report — wording carried from elsewhere
Our sales and marketing expenses for the six months ended June 30, 2024 amounted to $1,933,000 compared to $1,646,000 for the six months ended June 30, 2023. The increase primarily resulted from an increase in Amazon fees due to the increase in sales offset by a decrease in salary expenses due to reduced headcount, consultant expenses, travel and marketing expenses.
Current report — wording carried from elsewhere
As a result of the foregoing, for the six months ended June 30, 2024, our operating loss was $1,948,000 a decrease of $2,098,000 or 51.9%, compared to our operating loss for the six months ended June 30, 2023 of $4,046,000.
Current report — wording carried from elsewhere
As a result of the foregoing, our net loss for the six months ended June 30, 2024 was $1,980,000, compared to net loss of $3,945,000 for the six months ended June 30, 2023. The decrease in net loss was mainly due to the reasons mentioned above.