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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2013

INCOME TAX [Abstract]

Reconciliation of Statutory Tax Rate to the Effective Income Tax Rate

The following is a reconciliation between the theoretical tax on pre-tax income, at the tax rate applicable to the Company (federal tax rate) and the tax expense reported in the financial statements:

		US dollars
		Year ended December 31,
		2013				2012				2011
Pretax loss			(9,796,853	)			(2,772,307	)			(2,364,339	)
Federal tax rate			35	%			35	%			35	%
Income tax benefit computed at the ordinary tax rate			(3,428,899	)			(970,307	)			(827,519	)
Non-deductible expenses			21,250				4,553				4,885
Stock-based compensation			10,570				122,333				132,325
Amortization of warrants with down round protection			2,324,760				-				-
Tax in respect of differences in corporate tax rates			253,942				277,231				236,434
Losses and timing differences in respect of which no deferred taxes assets were recognized			818,377				566,190				453,875
			-				-				-

Schedule of Deferred Taxes

Deferred taxes result principally from temporary differences in the recognition of certain revenue and expense items for financial and income tax reporting purposes.  Significant components of the Group's future tax assets are as follows:

		US dollars
		December 31,
		2013				2012				2011
Composition of deferred tax assets:
Provision for employee-related obligation			33,629				47,440				42,137
Non-capital loss carry forwards			4,364,466				3,496,123				2,890,426
Valuation allowance			(4,398,095	)			(3,543,563	)			(2,932,563	)
			-				-				-

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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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 2

-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

-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

-SubTopic 10

-Section 50

-Paragraph 12

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

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