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R&D expenses in the first quarter of 2022 are offset by participation from the European Horizon 2020 program in the amount of $172,000. Research and development (R&D) expenses, net for the first quarter of 2022 were $2,692,000, compared to $2,659,000 in the first quarter of 2021.The revenues were generated primarily from the successful completion of the first milestone of a proof-of-concept (POC) project with a leading Japanese Tier One supplier for the automotive industry. Revenues for the three months ended Maamounted to $35,000.As Foresight demonstrates the ability to tailor its technology to the needs of specific applications and industries, we expect to see growing interest from customers with specialized requirements,” concluded Mr. This technology is expected to replace LiDAR in the defense integrator’s 3D perception products. Additionally, Foresight is now developing a custom 3D sensor solution for a leading Israeli defense integrator, for which the Israeli Defense Force (IDF) is the end customer. We believe that working seamlessly with local partners, manufacturers and suppliers in China will allow more collaborations and joint undertakings. “The establishment of Foresight Changzhou Automotive Ltd., (“Foresight Changzhou”), our fully owned subsidiary in Jiangsu Province, China, demonstrates our belief in the potential of the Chinese market. (“Eye-Net Mobile”), our wholly owned subsidiary, continue to expand into new regions and addressable industries, demonstrating the breadth of our potential markets,” said Haim Siboni, CEO of Foresight. Following successful demonstrations to customers of our wide range of solutions, we are now engaging in new partnerships to deploy our technology on a larger scale. “The milestones achieved during the first quarter of 2022 demonstrate that our long-term product roadmap and business strategy are beginning to enter a significant new phase. The Company reported a GAAP net loss of $2.02 million for the first quarter of 2022 and a non-GAAP net loss for the same period of $1.53 million. Foresight ended the first quarter of 2022 with $40.4 million in cash, cash equivalent, restricted cash and short-term deposits. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members.Foresight Autonomous Holdings Ltd., an innovator in automotive vision systems (Nasdaq and TASE: FRSX) (“Foresight or the “Company”), today reported financial results for the first quarter of 2022. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct.
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Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. On this news, Foresight Autonomous's stock price fell $0.10 per share, or 2.01%, to close at $4.88 per share on April 28, 2021.
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On April 28, 2021, short seller Fuzzy Panda Research ("Fuzzy Panda") issued a report entitled "Foresight Autonomous (FRSX): A Minefield of Criminals, Self-dealing, Fake Sales, and Old Technology." The Fuzzy Panda report describes Foresight Autonomous as "an aggressive stock promotion where insiders are siphoning cash to entities they control." The report further alleges that "fter examining the full cast of characters at Foresight, we discovered connections to accused money launderers, convicted felons, numerous penny stock promotions, and financiers who have settled SEC charges of market manipulation."
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The investigation concerns whether Foresight and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. NEW YORK, /PRNewswire/ - Pomerantz LLP is investigating claims on behalf of investors of Foresight Autonomous Holdings Ltd. ("Foresight" or the "Company") (NASDAQ: FRSX). Such investors are advised to contact Robert S.