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

Significant Accounting Policies (Tables)

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2017

Significant Accounting Policies [Abstract]

Schedule of property and equipment, net of accumulated depreciation

			%

	Computers		15 – 33
	Equipment		7 – 33
	Office furniture		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 intangible assets and estimated useful lives

			Estimated useful life

	Technology		Ten (10) years
	Backlog		One (1) year

Schedule of fair value for options granted using the black-scholes option-pricing model

	Year ended December 31,
	2017	2016	2015

Dividend yield	0%	0%	0%
Expected volatility	64%-70%	68%-71%	64%- 69%
Risk-free interest	1.78%-2.28%	0.83%-0.97%	1.12%-1.63%
Expected life (in years)	7	2.98	4.38

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

The following table presents liabilities measured at fair value on a recurring basis as of December 31, 2017:

	Fair value measurements using input type
	Level 1		Level 2		Level 3		Total

Warrants		-		-	$	2,035,378	$	2,035,378
Capital note		-		-		57,658		57,658

Total financial liabilities		-		-	$	2,093,036	$	2,093,036

The following table presents liabilities measured at fair value on a recurring basis as of December 31, 2016:

	Fair value measurements using input type
	Level 1		Level 2		Level 3		Total

Warrants	$	-	$	-	$	1,117,321	$	1,117,321
Capital note		-		-		45,493		45,493

Total financial liabilities	$	-	$	-	$	1,162,814	$	1,162,814

Schedule of liabilities measured at fair value on a recurring basis

	Level 3

Balance at January 1, 2015	$	882,298

Fair value of warrants issued and capital note		142,470
Changes in Fair value of warrants and capital note		(19,278	)

Balance at December 31, 2015		1,005,490

Fair value of warrants issued to investors		183,260
Changes in Fair value of warrants and capital note		(25,936	)

Balance at December 31, 2016		1,162,814

Proceeds from issuance of shares		684,015
Fair value of warrants granted for services		738,091
Changes in Fair value of warrants and capital note		(491,884	)

Balance at December 31, 2017	$	2,093,036

- Definition

Tabular disclosure of the application of the fair value option for measurement and reporting of eligible financial assets and liabilities (as defined), as well as certain other eligible items (as defined) included in the statement of financial position, whether such option is elected for a single eligible item or a group of similar eligible items and is in addition to other disclosures concerning fair value which the company may be required to provide. Such disclosure might be expected to include: (1) for items included in the statement of financial position: (a) for each line item in the statement of financial position that includes an item or items for which the fair value option has been elected, provide the aggregate carrying amount of ineligible items included in each line item in the balance sheet, if any; (b) the difference between the aggregate fair value and the aggregate unpaid principal balance (assuming contractual principal amounts and fair value option elected) of: (i) loans and long-term receivables (other than securities otherwise reported at fair value) and (ii) long-term debt instruments; (c) for loans held as assets for which the fair value option has been elected: (i) the aggregate fair value of loans that are 90 days or more past due, (ii) if the policy is to recognize interest income separately from other changes in fair value, the aggregate fair value of loans in nonaccrual status, and (iii) the difference between the aggregate fair value and the aggregate unpaid principal balance for loans that are 90 days or more past due, in nonaccrual status, or both; (2) for items included in the income statement: (a) the amounts of gains and losses from fair value changes included in earnings and in which line in the income statement those gains and losses are reported whether or not combined with gains and losses from items required to be accounted for at fair value; (b) for loans and other receivables held as assets, the estimated amount of gains or losses included in earnings attributable to changes in instrument-specific credit risk; (c) for liabilities with fair values that have been significantly affected during the reporting period by changes in the instrument-specific credit risk, the estimated amount of gains and losses from fair value changes included in earnings that are attributable to changes in the instrument-specific credit risk; and (3) certain other disclosures as required or determined to be provided.

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