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COMMON STOCK, PREFERRED STOCK AND WARRANTS WITH-DOWN ROUND PROTECTION (Tables) | 12 Months Ended
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Dec. 31, 2014
COMMON STOCK, PREFERRED STOCK AND WARRANTS WITH-DOWN ROUND PROTECTION |
Schedule of Fair Value Assumptions Used |
|  | 201 4 |  |  | 201 3 |  |  | 201 2 |
Dividend yield (%) |  |  | 0 |  |  |  | - |  |  |  | 0 |
Expected volatility (%) (*) |  |  | 105.14 |  |  |  | - |  |  |  | 50 |
Risk free interest rate (%) |  |  | 1.61 |  |  |  | - |  |  |  | 2 |
Expected term of options (years) (**) |  |  | 5-6 |  |  |  | - |  |  |  | 5-6 |
Exercise price (US dollars) |  |  | 7.00 |  |  |  | - |  |  |  | 6.25 |
Stock price (US dollars) (***) |  |  | 2.31 |  |  |  | - |  |  |  | 6.25 |
Fair value (US dollars) |  |  | 1.59 |  |  |  | - |  |  |  | 3.08 |
(*) | Due to the low trading volume of the Company's Common Stock, the expected volatility was based on the historical volatility of the share price of other public companies that operate in the same industry sector as the Company.
(**) | 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 Common Stock price, per share for the year ended December 31, 2014 reflects the Company's management's estimation of the fair value per share of Common Stock. In reaching its estimation for December 31, 2014, management considered, among other things, a valuation prepared by a third-party valuation firm following the issuance of the Series B Units (See Note 1B, Note 11A.3 and Note 11C). The fair value of the share for the year ended December 31, 2012 was based on the most recent share prices, as applicable at the date of each grant.
Schedule of Stock Grants Activity |
|  |  |  |  |  | Weighted average |
|  |  |  |  |  | exercise price |
|  | Number |  |  | (US$) |
Year ended December 31, 201 4 |  |  |  |  |  |  |  |
Balance outstanding at beginning of year |  |  | 414,847 |  |  |  | 5.74 |
Granted |  |  | 44,000 |  |  |  | 7.00 |
Exercised |  |  | - |  |  |  | - |
Forfeited |  |  | (8,000 | ) |  |  | 6.25 |
Balance outstanding at end of the year |  |  | 450,847 |  |  |  | 5.85 |
Balance exercisable at the end of the year |  |  | 302,360 |  |  |  | 5.58 |
|  |  |  |  |  | Weighted average |
|  |  |  |  |  | exercise price |
|  | Number |  |  | (US$) |
Year ended December 31, 201 3 |  |  |  |  |  |  |  |
Balance outstanding at beginning of year |  |  | 471,854 |  |  |  | 5.47 |
Granted |  |  | - |  |  |  | - |
Exercised |  |  | - |  |  |  | - |
Forfeited |  |  | (57,007 | ) |  |  | 3.48 |
Balance outstanding at end of the year |  |  | 414,847 |  |  |  | 5.74 |
Balance exercisable at the end of the year |  |  | 298,910 |  |  |  | 5.55 |
Schedule of Stock Grants, by Exercise Price Range |
Exercise price (US$) |  |  | Outstanding at December 31, 201 4 |  |  | Weighted average remaining contractual life (years) |  |  | Weighted average exercise price |  |  | Exercisable at December 31, 201 4 |  |  | Weighted average remaining contractual life (years) |
| 1.72 |  |  |  | 40,408 |  |  |  | 2.60 |  |  |  | 1.72 |  |  |  | 40,408 |  |  |  | 2.60 |
| 3.49 |  |  |  | 4,486 |  |  |  | 0.90 |  |  |  | 3.48 |  |  |  | 4,486 |  |  |  | 0.90 |
| 3.63 |  |  |  | 4,849 |  |  |  | 2.60 |  |  |  | 3.63 |  |  |  | 4,849 |  |  |  | 2.60 |
| 5.52 |  |  |  | 1,119 |  |  |  | 4.16 |  |  |  | 5.52 |  |  |  | 1,119 |  |  |  | 4.16 |
| 6.03 |  |  |  | 4,273 |  |  |  | 3.04 |  |  |  | 6.03 |  |  |  | 4,273 |  |  |  | 3.04 |
| 6.25 |  |  |  | 351,712 |  |  |  | 7.20 |  |  |  | 6.25 |  |  |  | 236,975 |  |  |  | 7.20 |
| 7.00 |  |  |  | 44,000 |  |  |  | 7.00 |  |  |  | 7.00 |  |  |  | 10,250 |  |  |  | 9.50 |
|  |  |  |  | 450,847 |  |  |  |  |  |  |  |  |  |  |  | 302,360 |  |  |  |  |
Schedule of Assumptions Used to Value Options |
|  | December 31, 201 4 |  |  | December 31, 2013 |
Dividend yield (%) |  |  | - |  |  |  | - |
Expected volatility (%) (*) |  |  | 105.14 |  |  |  | 105.14 |
Risk free interest rate (%) |  |  | 1.14 |  |  |  | 1.36 |
Expected term of options (years) (**) |  |  | 3.20 |  |  |  | 4.20 |
Exercise price (US dollars) |  |  | 5.8 |  |  |  | 6.96 |
Share price (US dollars) (***) |  |  | 2.31 |  |  |  | 8.50 |
Fair value (US dollars) |  |  | 1.13 |  |  |  | 6.405 |
(*) | Due to the low trading volume of the Company's Common Stock, the expected volatility was based on the historical volatility of the share price of other public companies that operate in the same industry sector as the Company.
(**) | 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 Common Stock p rice, per share reflects the Company's management's estimation of the fair value per share of Common Stock as of December 3 1, 2014 and 2013. In reaching its estimation for December 31, 2014, management considered, among other things, a valuation prepared by a third-party valuation firm following the issuance of the Series B Units (See Note 1B, Note 11A.3 and Note 11C). The fair value per share of the Company's Common Stock as of December 31, 2013 was based on the management's estimate which was based among other factors on the closing price per share of the Company's C ommon S tock on December 27, 2013, as reported on the OTCQB which was, the last reported sale of Common Stock in 2013.

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