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SUBSEQUENT EVENTS | 12 Months Ended
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Dec. 31, 2014
SUBSEQUENT EVENTS [Abstract] |
SUBSEQUENT EVENTS | NOTE 19 – SUBSEQUENT EVENTS On March 11, 2015, the arbitrator issued a binding arbitration decision (the “Arbitration Decision”) which documents the parties' negotiated settlement of the arbitration proceedings among Integrity Israel, Dimri, and the other parties thereto (See Note 10D). Pursuant to the terms of the Arbitration Decision, (1) Avner Gal, David Malka, Zvi Cohen, Ilana Freger and Alexander Reykhman transferred to Dimri, on March 18, 2015, an aggregate of 440,652 shares of the Company's outstanding Common Stock, (2) Integrity Israel (A) paid to Dimri on March 23, 2015, NIS 1,767,674 (approximately $439,939 based on the exchange rate of 4.018 NIS:$1 as of March 23, 2015), as repayment in full of the outstanding principal amount under the Investment Agreement, as adjusted for changes in the Israeli consumer price index since the date on which the loan was made, and (B) is required to pay to Dimri, upon the receipt of the appropriate documentation thereof approximately NIS 290,000 (approximately $72,175 based on the exchange rate as of March 23, 2015), as partial reimbursement of Dimri's attorney's fees in the arbitration. As of December 31, 2014, the Company presented the loan repayment amount of NIS 1,767,674 ($454,532 based on the exchange rate of 3.889 NIS:$1 as of December 31, 2014) under current liabilities and accrued for the NIS 290,000 ($74,569 based on the exchange rate of 3.889 NIS:$1 as of December 31, 2014) fee reimbursement obligation as part of the professional fees within the Group's selling, marketing and general and administrative expenses. Subject to the completion of the foregoing transfers and payments, the Arbitration Decision releases Integrity Israel, the Company and the other defendants in the arbitration from any legal claim by Yigal Dimri, the principal shareholder of Dimri, and any other companies under his control in respect of the subject matter of the arbitration, including the shareholder loan granted under and any claim of anti-dilution rights under the Investment Agreement, and similarly releases Mr. Dimri and all companies under his control from any legal claim by Integrity Israel, the Company and the other defendants in the arbitration in respect of the subject matter of the arbitration.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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