Innoviz Technologies Ltd. Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Depreciation is calculated on a straight-line basis over the estimated useful lives of the related assets, at the following annual rates:


		%
Computers and software		33
Office furniture and equipment		7-15 (mainly 15)
Electronic equipment		15
Leasehold improvements		Over the shorter of the related lease period or the useful life of the assets

Contract liabilities consisted of the following as of December 31, 2020 and December 31, 2019:


	December 31,
	2020		2019
	(in thousands)
Contract Liabilities, Current
Deferred Revenue, Current	$	996	$	291
Customer Advance Payment		665		172

Total	$	1,661	$	463

Contract Liabilities, Long-Term
Deferred Revenue, Long-Term		3,473		3,473

Total Contract Liabilities	$	5,134	$	3,936

Changes in the warranty provision, presented in other accrued expenses, was as follow:


	Year ended December 31,
	2020			2019
Balance at beginning of the year	$	61		$	*	)
Warranty Provision		198			118
Warranty Claims Settled		(232	)		(57	)

Balance at end of the year	$	27		$	61

Represents amount lower than $1.