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COMMON STOCK, PREFERRED STOCK AND WARRANTS WITH-DOWN ROUND PROTECTION (Tables)

12 Months Ended

Dec. 31, 2014

COMMON STOCK, PREFERRED STOCK AND WARRANTS WITH-DOWN ROUND PROTECTION

Schedule of Fair Value Assumptions Used

		2014				2013				2012
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, 2014
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, 2013
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, 2014				Weighted average remaining contractual life (years)				Weighted average exercise price				Exercisable at December 31, 2014				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, 2014				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 price, per share reflects the Company's management's estimation of the fair value per share of Common Stock as of December 31, 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 Common Stock on December 27, 2013, as reported on the OTCQB which was, the last reported sale of Common Stock in 2013.

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