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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Reconciliation of Statutory Tax Rate to the Effective Income Tax Rate

The following is a reconciliation between the theoretical tax on pre-tax income, at the tax rate applicable to the Company (federal tax rate) and the tax expense reported in the financial statements:

		US dollars
		Year ended December 31,
		2015				2014				2013
Pretax income (loss)			(5,842,172	)			2,980,426				(9,796,853	)
Federal tax rate			34	%			35	%			35	%
Income tax expenses (benefit) computed at the ordinary tax rate			(1,986, 338	)			1,043,149				(3,428,899	)
Non-deductible expenses			31,050				27,250				21,250
Stock-based compensation			4,503				14,415				10,570
Amortization of warrants with down round protection			(50,691	)			(2,295,915	)			2,324,760
Loss on partial extinguishment of Series A Preferred Stock and Series A Warrants			436,680				-				-
Tax in respect of differences in corporate tax rates			340,263				278,466				253,942
Losses and timing differences in respect of which no deferred taxes assets were recognized			1,224,533				932,635				818,377
			-				-				-

Schedule of Deferred Taxes

		US dollars
		December 31,
		2015				2014				2013
Composition of deferred tax assets:
Provision for employee-related obligation			23,494				20,220				33,629
Non-capital loss carry forwards			6,233,314				4,810,780				4,364,466
Valuation allowance			(6,256,808	)			(4,831,000	)			(4,398,095	)
			-				-				-

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- References

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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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