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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2013
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]  
Schedule of Fair Value Assumptions Used
The key inputs used in the September 30, 2013 fair value calculations were as follows:

   
September 30, 2013
  
Dividend yield (%)
     1  
Expected volatility (%) (*)
     96.66  
Risk free interest rate (%)
     0.9  
Expected term of options (years) (**)
     4.45  
Exercise price (US dollars)
     6.96  
Common Stock Share price  (US dollars) (***)
     2.77  
Fair value of Detachable Warrant
     1.42  
 
 
(*)
Due to the low trading volume of the Company's Common Stock, the expected volatility was based on the historic volatility of public companies which operate in the same industry sector as opposed to the volatility of the price per share of the Company's Common Stock on the OTC Bulletin Board.
 
 
(**)
Due to the fact that the Company does not have sufficient historical exercise data, the expected term was determined based on the "simplified method" in accordance with Staff Accounting Bulletin No. 110.
 
 
(***)
The fair value per share of the Company's Common Stock was based on an external appraisal of the Common Stock.