XML 22 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)
 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Income Statement [Abstract]      
Revenues $ 611,689 $ 143,167 $ 59,775
Research and development expenses (Note 11) 2,881,817 2,268,345 1,849,624
Selling and Marketing expenses (Note 12) 1,127,915 1,127,434 230,759
General and administrative expenses (Note 13) 2,257,799 1,402,741 1,586,751
Total operating expenses 6,267,531 4,798,520 3,667,134
Operating loss 5,655,842 4,655,353 3,607,359
Financing (income) expenses, net (Note 14) (246,105) 1,186,819 (6,587,785)
Income (loss) for the period (5,409,737) (5,842,172) 2,980,426
Other comprehensive income (loss):      
Foreign currency translation adjustment (27,592) 23,498 13,968
Comprehensive income (loss) for the period $ (5,437,329) $ (5,818,674) $ 2,994,394
Income (loss) per share (Basic) (Note 16) $ (1.08) $ (1.15) $ 0.37
Income (loss) per share (Diluted) (Note 16) $ (1.08) $ (1.15) $ 0.37
Common shares used in computing Basic income (loss) per share (Note 16) 5,788,842 5,476,870 5,304,500
Common shares used in computing Diluted income (loss) per share (Note 16) [1] 5,788,842 5,476,870 5,349,242
[1] 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).