XML 21 R22.htm IDEA: XBRL DOCUMENT v2.4.0.8
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)
 9 Months Ended
Sep. 30, 2014
Jun. 30, 2014
Common Stock [Member]
    
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]    
Share price $ 2.31 [1]  
Warrant [Member]
    
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]    
Dividend yield     
Expected volatility 105.14% [2]  
Risk free interest rate 1.14%  
Expected term of options 3 years 5 months 12 days [3]  
Exercise price $ 5.80 [4] $ 6.96
Fair value per Warrant with down-round protection $ 1.19  
[1] The Common Stock price, per share reflects the Company's management's estimation of the fair value per share of Common Stock as of September 30, 2014. In reaching its estimation, management considered, among other things, a valuation report prepared by a third-party valuation firm following the issuance of the Series B Units (See Note 1B and Note 3).
[2] Due to the very low trading volume of the Company's Common Stock, the expected volatility was based on the historical volatility of the share price of other
[3] 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.
[4] As a result of the issuance of the Series B Units, pursuant to the terms of the Series A Warrants, on August 29, 2014, the exercise price per share of the Series A Warrants decreased from $6.96 per share to $5.80 per share and the number of shares of Common Stock issuable upon exercise of each such warrant, in the aggregate, increased such that the aggregate exercise price payable thereunder, after taking into account the decrease in the exercise price, will be equal to the aggregate exercise price prior to such adjustment.