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SHARE CAPITAL AND STOCK OPTIONS
3 Months Ended
Sep. 30, 2011
Stockholders' Equity Note [Abstract] 
SHARE CAPITAL AND STOCK OPTIONS
NOTE 6: - SHARE CAPITAL AND STOCK OPTIONS
 
 
a.
The Company's authorized common stock consists of 100,000,000 shares with a par value of $0.00001 per share.  All shares have equal voting rights and are entitled to one vote per share in all matters to be voted upon by stockholders. The shares have no pre-emptive, subscription, conversion or redemption rights and may be issued only as fully paid and non-assessable shares. Holders of the common stock are entitled to equal ratable rights to dividends and distributions with respect to the common stock, as may be declared by the Board of Directors out of funds legally available.
 
The Company's authorized preferred stock consists of 10,000,000 shares of preferred stock, par value $0.00001 per share, with series, rights, preferences, privileges and restrictions as may be designated from time to time by the Company's Board of Directors.  No shares of preferred stock have been currently issued.
 
 
b.
In July-September 2011, a total of 60,000 warrants were exercised via a "cashless" manner, resulting in the issuance of 23,514 shares of common stock to investors of the Company.  In addition 175,200 warrants were exercised and resulted in the issuance of 175,200 shares of common stock by investors of the Company. The aggregate cash consideration received was $315.
 
 
c.
The following table summarizes the issuance of shares of common stock to the Company's investor relations consultants as compensation for their services since July 1, 2010.
 
 
Period of service
    
Number of shares issued
      
Fair market value of the shares issued at the issuance date
      
Expenses in the
statements of operations
 for the Year ended June 30
  
                     
2011
      
2012
  
July 2010 - March 2011
     90,000       155       155       -  
    Total
     90,000     $ 155     $ 155     $ -  
 
The issuance of shares to the consultants was in some cases in addition to cash compensation the consultants were entitled to.
 
 
d.
Options, warrants, restricted stock and restricted stock units to employees, directors and consultants:
 
The Company has approved two incentive option plans from 2003 and from 2005 (the "2003 Plan" and the "2005 Plan", and collectively, the "Plans").  Under these Plans, options, restricted stock and restricted stock units (the "Awards") may be granted to the Company's officers, directors, employees and consultants.  Any Awards that are cancelled or forfeited before expiration become available for future grants.
 
As of September 30, 2011, the number of shares of common stock authorized for issuance under the 2005 Plan amounted to 10,187,764.  2,346,716 shares are still available for future grant under the 2005 Plan as of September 30, 2011.  Under the 2003 Plan 20,500 options are authorized for issuance, and 13,040 options are still available for future grant as of September 30, 2011.
 
 
a.  Options to employees and directors:
 
The Company accounted for its options to employees and directors under the fair value method in accordance with ASC 718, "Compensation - Stock Compensation". A summary of the Company's share option activity for options granted to employees and directors under the Plans is as follows:
 
   
Three months ended September 30,
2011
  
   
Number
    
Weighted Average Exercise Price
    
Weighted Average Remaining Contractual Terms (in years)
    
Aggregate Intrinsic Value Price
  
Options outstanding at beginning of period
     2,200,616     $ 3.84              
Options exercised
     (7,500 )     0.62               
Options forfeited
     (9,384 )     3.54              
Options outstanding at end of the period
     2,183,732     $ 3.86       5.51     $ 824  
Options exercisable at the end of the period
     2,183,732     $ 3.86       5.51     $ 824  
Options vested and expected to vest
     2,183,732     $ 3.86       5.51     $ 824  
 
Intrinsic value of exercisable options (the difference between the Company's closing stock price on the last trading day in the period and the exercise price, multiplied by the number of in-the-money options) represents the amount that would have been received by the employees and directors option holders had all option holders exercised their options on September 30, 2011. This amount changes based on the fair market value of the Company's common stock.
 
Compensation expenses related to options granted to employees and directors were recorded as follows:
 
   
Three months ended September 30,
  
   
2011
    
2010
  
Research and development expenses
   $ -     $ 4  
General and administrative expenses
     -       2  
                 
    $ -     $ 6  
 
 
b. Options and warrants to non-employees:
 
A summary of the Company's activity related to options and warrants to consultants is as follows:

   
Three months ended September 30, 2011
  
   
Number
    
Weighted Average
Exercise Price
    
Weighted Average
Remaining Contractual
Terms (in years)
    
Aggregate
 Intrinsic
Value Price
  
Options and warrants outstanding at beginning of period
     425,000     $ 3.65              
Options and warrants exercised
     (5,000 )   $ 0.62              
Options and warrants outstanding at end of the period
     420,000     $ 3.68       4.71     $ 351  
                                 
Options and warrants exercisable at the end of the period
     373,000     $ 4.01       4.88     $ 300  
                                 
Options and warrants vested and expected to vest
     420,000     $ 3.68       4.71     $ 351  
 
 
Compensation expenses related to options and warrants granted to consultants were recorded as follows:
 
   
Three months ended September 30,
  
   
2011
    
2010
  
Research and development expenses
   $ 10     $ 10  
General and administrative expenses
     7       1  
    $ 17     $ 11  
 
Future expenses related to options and warrants granted to consultants for an average time of almost two  years is $23.
 
c.  Restricted stock and restricted stock units to employees and directors:
 
The following table summarizes the activities for unvested restricted stock units and restricted stock granted to employees and directors for the three months ended September 30, 2011:
 
   
Number
  
Unvested at the beginning of period
     2,138,955  
Forfeited
     (10,623 )
Vested
     (305,845 )
Unvested at the end of the period
      1,822,487  
Expected to vest after September 30, 2011
     1,784,207  
 
Compensation expenses related to restricted stock and restricted stock units granted to employees and directors were recorded as follows:
 
   
Three months ended September 30,
  
   
2011
    
2010
  
Research and development expenses
   $ 253     $ 135  
General and administrative expenses
     679       233  
    $ 932     $ 368  

 
 
Future expenses related to restricted stock and restricted stock units granted to employees and directors for an average time of almost two years is $1,826.
 
 
d.   Restricted stock and restricted stock units to consultants:
 
The following table summarizes the activities for unvested restricted stock units and restricted stock granted to consultants for the three months ended September 30, 2011:
 
   
Number
  
Unvested at the beginning of period
     149,998  
Vested
     (24,999 )
Unvested at the end of the period
     124,999  
Expected to vest after September 30, 2011
     124,999  
 
Compensation expenses related to restricted stock and restricted stock units granted to consultants were recorded as follows:
 
   
Three months ended September 30,
  
   
2011
    
2010
  
Research and development expenses
   $ 92     $ 24  
General and administrative expenses
     -       53  
    $ 92     $ 77  
 
            Future expenses related to restricted stock and restricted stock units granted to consultants for an average time of almost two years is $90.
 
e.     Summary of warrants and options:
 
       A summary of all the warrants and options outstanding as of September 30, 2011 is presented in this table:
 
 
Warrants / Options
  
Exercise Price per Share
    
Options and Warrants for Common Stock
    
Options and Warrants Exercisable
    
Weighted Average Remaining Contractual Terms(in years)
  
Warrants:
   $ 1.00       2,059,972       2,059,972       2.17  
    $ 1.12       114,794       114,794       0.57  
    $ 1.20       12,500       12,500       1.05  
    $ 1.25 - 1.28       774,642       774,642       1.24  
    $ 1.40 - $ 1.50       1,806,707       1,806,707       3.08  
    $ 1.60       181,221       181,221       3.53  
    $ 1.80 - $ 1.96       3,752,345       3,752,345       2.71  
    $ 2.50       81,298       81,298       0.71  
    $ 4.20       5,060,000       5,060,000       4.84  
    $ 5.00       2,394,585       2,394,585       0.74  
Total warrants
             16,238,064       16,238,064          
                                 
Options:
   $ 0.00       98,000       86,000       8.02  
    $ 0.62       482,112       482,112       7.12  
    $ 1.04-$ 1.45       145,006       110,006       3.87  
    $ 2.97       20,000       20,000       6.61  
    $ 3.50       982,938       982,938       4.92  
    $ 3.72 - $ 3.80       32,696       32,696       5.01  
    $ 4.00       42,500       42,500       5.05  
    $ 4.38 - $ 4.40       474,060       474,060       5.48  
    $ 6.80       36,250       36,250       6.12  
    $ 8.20       46,670       46,670       4.29  
    $ 20.00       142,500       142,500       4.73  
Total options
             2,502,732       2,455,732          
                                 
Total warrants and options
       18,740,796       18,693,796          
 
This summary does not include 1,947,487 restricted stock units that are not vested as of September 30, 2011.