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INCOME (LOSS) PER SHARE | 12 Months Ended
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Dec. 31, 2016
Earnings Per Share [Abstract] |
INCOME (LOSS) PER SHARE | NOTE 16 – INCOME (LOSS) PER SHARE The loss and the weighted average number of shares used in computing basic and diluted loss per share for the years ended December 31, 2016, 2015 and 2014, are as follows:
|  | US dollars |
|  | Year ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Income (loss) for the year |  |  | (5,409,737 | ) |  |  | (5,842,172 | ) |  |  | 2,980,426 |
Cash dividend on Series A Preferred Stock |  |  | (18,229 | ) |  |  | (57,061 | ) |  |  | (370,441 | )
Stock dividend on Series B Preferred Stock |  |  | (647,215 | ) |  |  | (390,219 | ) |  |  | (43,858 | )
Stock dividend on Series C Preferred Stock |  |  | (152,480 | ) |  |  | - |  |  |  | - |
Income attributable to participating securities (Preferred Stock) |  |  | - |  |  |  | - |  |  |  | (596,472 | )
Income (loss) for the period attributable to common stockholders |  |  | (6,227,661 | ) |  |  | (6,289,452 | ) |  |  | 1,969,655 |
|  | Number of shares |
|  | Year ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
Common shares used in computing Basic income (loss) per share |  |  | 5,788,842 |  |  |  | 5,476,870 |  |  |  | 5,304,500 |
Common shares used in computing Diluted income (loss) per share (*) |  |  | 5,788,842 |  |  |  | 5,476, 870 |  |  |  | 5,349,242 |
Total weighted average number of Common shares related to outstanding convertible Preferred Stock, options and warrants excluded from the calculations of diluted income (loss) per share (**) |  |  | 12,745,874 |  |  |  | 9,431,728 |  |  |  | 4,557,612 |
| (*) | In applying the treasury method, the average market price of Common Stock was based on management estimate. For December 31, 2016, management considered, among other things, a valuation prepared by a third-party valuation firm following the issuance of the Series C Units. For December 31, 2015 and 2014, management estimation considered, among other things, a valuation prepared by a third-party valuation firm following the issuance of the Series B Units (See Note 10C).
| (**) | The Company excludes from the calculation of diluted income (loss) per share, shares that will be issued upon the exercise of options and warrants with exercise prices, that are greater than the estimated average market value of the Company’s Common Stock and shares issuable upon conversion of Preferred Stock because their effect would be anti-dilutive. Outstanding shares that will be issued upon conversion or exercise, as applicable, of all convertible Preferred Stock, stock options and warrants, have been excluded from the calculation of the diluted net loss per share for all the reported periods for which net loss was reported because the effect of the common shares issuable as a result of the exercise or conversion of these instruments was anti-dilutive.

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