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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2016

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,
		2016				2015				2014
Pretax income (loss)			(5,409,737	)			(5,842,172	)			2,980,426
Federal tax rate			34	%			34	%			35	%
Income tax expenses (benefit) computed at the ordinary tax rate			(1,839,311	)			(1,986, 338	)			1,043,149
Non-deductible expenses			34,500				31,050				27,250
Stock-based compensation			17,562				4,503				14,415
Warrants with down round protection			(98,473	)			(50,691	)			(2,295,915	)
Loss on partial extinguishment of Series A Preferred Stock and Series A Warrants			-				436,680				-
Tax in respect of differences in corporate tax rates			396,956				340,263				278,466
Losses and timing differences in respect of which no deferred taxes assets were recognized			1,488,766				1,224,533				932,635
			-				-				-

Schedule of Deferred Taxes

Significant components of the Group's future tax assets are as follows:

		US dollars
		December 31,
		2016				2015				2014
Composition of deferred tax assets:
Provision for employee-related obligation			28,526				23,494				20,220
Non-capital loss carry forwards			7,823,828				6,233,314				4,810,780
Valuation allowance			(7,852,354	)			(6,256,808	)			(4,831,000	)
			-				-				-

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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=65882285&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=65882285&loc=d3e32687-109319

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