Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Significant Accounting Policies (Tables)

v3.5.0.2
Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2015
Significant Accounting Policies [Abstract]  
Schedule of property and equipment, net of accumulated depreciation

 

    %
     
  Computers 15 – 33
  Office furniture and equipment 6 – 15
  Leasehold improvements *)

 

*) Leasehold improvements are amortized on a straight-line basis over the shorter of the lease term (including the extension option held by the Company and intended to be exercised) and the expected life of the improvement.
Schedule of fair value for options granted using the black-scholes option-pricing model

      2013   2014   2015
               
  Dividend yield   0%   *)   0%
  Expected volatility   53.7%-64%    *)   64%- 69%
  Risk-free interest   0.5%-1.7%    *)   1.12%-1.63%
  Expected life (in years)   3.5-4.9    *)   4.375

 

*)    No grants were made in 2014.

Schedule of fair value, assets and liabilities measured on recurring basis

      Fair value measurements using input type  
      Level 1     Level 2     Level 3     Total  
                           
  Warrants presented at fair value          -           -     $ 844,818     $ 844,818  
                                   
  Capital note     -       -       37,480       37,480  
                                   
  Total financial liabilities     -       -     $ 882,298     $ 882,298  

 

      Fair value measurements using input type  
      Level 1     Level 2     Level 3     Total  
                           
  Warrants presented at fair value         -          -     $ 961,922     $ 961,922  
                                   
  Capital note     -       -       43,568       43,568  
                                   
  Total financial liabilities     -       -     $ 1,005,490     $ 1,005,490  
Schedule of liabilities measured at fair value on a recurring basis

 

      Level 3  
         
  Balance at January 1, 2013   $ 389,000  
           
  Fair value of warrants to investors and service provider     7,500  
  Fair value of embedded conversion feature presented in fair value     19,990  
  Change in fair value of warrants and embedded conversion feature presented in fair value     59,901  
  Reclassification of embedded conversion feature presented in fair value  from liability to equity     (358,891 )
  Reclassification of warrants presented at fair value to equity     (117,500 )
           
  Balance at December 31, 2013     -  
           
  Fair value of warrants and capital note     882,298  
           
  Balance at December 31, 2014     882,298  
           
  Fair value of warrants to investors     142,470  
  Changes in Fair value of warrants and capital note     (19,278 )
           
  Balance at December 31, 2015   $ 1,005,490