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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAX [Abstract]

Reconciliation of Statutory Tax Rate to the Effective Income Tax Rate

		US dollars
		Year ended December 31,
		2014				2013				2012
Pretax income (loss)			2,980,426				(9,796,853	)			(2,772,307	)
Federal tax rate			35	%			35	%			35	%
Income tax expenses (benefit) computed at the ordinary tax rate			1,043,149				(3,428,899	)			(970,307	)
Non-deductible expenses			27,250				21,250				4,553
Stock-based compensation			14,415				10,570				122,333
Amortization of warrants with down round protection			(2,295,915	)			2,324,760				-
Tax in respect of differences in corporate tax rates			278,466				253,942				277,231
Losses and timing differences in respect of which no deferred taxes assets were recognized			932,635				818,377				566,190
			-				-				-

Schedule of Deferred Taxes

		US dollars
		December 31,
		2014				2013				2012
Composition of deferred tax assets:
Provision for employee-related obligation			20,220				33,629				47,440
Non-capital loss carry forwards			4,810,780				4,364,466				3,496,123
Valuation allowance			(4,831,000	)			(4,398,095	)			(3,543,563	)
			-				-				-

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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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