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INCOME TAX (Tables)

6 Months Ended

Jun. 30, 2012

INCOME TAX [Abstract]

Reconciliation of Statutory Tax Rate to the Effective Income Tax Rate

		US dollars
		Six month period ended June 30,								Three month period ended June 30,								Year ended December 31,
		2012				2011				2012				2011				2011				2010				2009
		(unaudited)								(unaudited)
Pretax loss			(1,372,411	)			(1,056,921	)			(737,458	)			(516,657	)			(2,364,339	)			(2,788,446	)			(1,202,296	)
Federal tax rate			35	%			35	%			35	%			35	%			35	%			35	%			35	%
Income tax benefit computed at the ordinary tax rate			(480,344	)			(369,922	)			(258,110	)			(180,830	)			(827,519	)			(975,956	)			(420,804	)
Non-deductible expenses			2,306				2,483				1,153				1,241				4,885				4,688				4,463
Stock-based compensation			69,033				66,274				35,952				33,081				132,325				5,101				4,260
Stock-based interest compensation to holders of convertible notes			-				-				-				-				-				425,229				-
Tax in respect of differences in corporate tax rates			137,241				105,692				73,746				51,666				236,434				278,844				252,483
Losses and timing differences in respect of which no deferred taxes were generated			271,764				195,473				147,259				94,842				453,875				262,094				159,598
			-				-				-				-				-				-				-

Schedule of Deferred Taxes

		US dollars
		June 30,								December 31,
		2012				2011				2011				2010				2009
		(unaudited)
Composition of deferred tax assets:
Provision for employee-related obligation			44,862				39,183				42,137				36,568				37,561
Non-capital loss carry forwards			3,184,220				2,551,746				2,890,426				2,393,919				1,768,416
Valuation allowance			(3,229,082	)			(2,590,929	)			(2,932,563	)			(2,430,487	)			(1,805,977	)
			-				-				-				-				-

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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Topic 740

-SubTopic 10

-Publisher FASB

-Number

-Article

-Subparagraph

-Name Accounting Standards Codification

-Paragraph 2

-Section 50

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Topic 740

-SubTopic 10

-Publisher FASB

-Number

-Article

-Subparagraph

-Name Accounting Standards Codification

-Paragraph 12

-Section 50

-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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