NanoVibronix (NAOV) 10-Q 16 Nov 15 2015 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 16, 2015
Document Information [Line Items]
Entity Registrant Name	NanoVibronix, Inc.
Entity Central Index Key	1,326,706
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	NVBXU
Entity Common Stock, Shares Outstanding		2,611,328
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,015

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 1,994	$ 90
Trade receivables	6	21
Prepaid expenses and other accounts receivable	77	19
Inventories	74	35
Total current assets	2,151	165
PROPERTY AND EQUIPMENT, NET	12	18
DEFERRED ISSUANCE COSTS	0	358
SEVERANCE PAY FUND	190	182
Total assets	2,353	723
CURRENT LIABILITIES:
Accounts payable	39	101
Other accounts payable	231	702
Convertible Promissory notes	0	4,617
Total current liabilities	270	5,420
LONG-TERM LIABILITIES:
Warrants to purchase Common stock	1,386	734
Accrued severance pay	192	185
Total long-term liabilities	$ 1,578	$ 919
COMMITMENTS AND CONTINGENT LIABILITIES
STOCKHOLDERS' EQUITY (DEFICIENCY):
Stock capital - Common stock of $ 0.001 par value - Authorized: 24,000,000 shares at June 30, 2015 and December 31, 2014; Issued and outstanding: 2,611,328 and 163,580 shares at June 30, 2015 and December 31, 2014, respectively.	$ 2		[1]
Additional paid-in capital	19,454	$ 11,234
Accumulated deficit	(18,953)	(16,850)
Total stockholders' equity (deficiency)	505	(5,616)
Total liabilities and stockholders' equity (deficiency)	2,353	$ 723
Series A1 Preferred StocK [Member]
STOCKHOLDERS' EQUITY (DEFICIENCY):
Stock capital - Preferred stock	0		[1]
Series A2 Preferred Stock [Member]
STOCKHOLDERS' EQUITY (DEFICIENCY):
Stock capital - Preferred stock	0		[1]
Series C Preferred Stock [Member]
STOCKHOLDERS' EQUITY (DEFICIENCY):
Stock capital - Preferred stock	$ 2
[1]	Represents an amount lower than $ 1 thousand.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares Authorized	24,000,000	24,000,000
Common Stock, Shares, Issued	2,611,328	163,580
Common Stock, Shares, Outstanding	2,611,328	163,580
Series A1 Preferred StocK [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	400,000	400,000
Preferred Stock, Shares Issued	0	222,620
Preferred Stock, Shares Outstanding	0	222,620
Series A2 Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	300,000	300,000
Preferred Stock, Shares Issued	0	171,612
Preferred Stock, Shares Outstanding	0	171,612
Series C Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	5,500,000	5,500,000
Preferred Stock, Shares Issued	1,951,261	0
Preferred Stock, Shares Outstanding	1,951,261	0

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues	$ 40	$ 25	$ 108	$ 151
Cost of revenues	10	35	35	82
Gross profit	30	(10)	73	69
Operating expenses:
Research and development	87	101	297	280
Selling and marketing	73	142	207	255
General and administrative	208	265	533	464
Total operating expenses	368	508	1,037	999
Operating loss	338	518	964	930
Financial expense, net	683	247	1,112	888
Loss before taxes on income	1,021	765	2,076	1,818
Taxes on income	18	1	27	29
Net loss	1,039	766	2,103	1,847
Total comprehensive loss	$ 1,039	$ 766	$ 2,103	$ 1,847
Net basic and diluted loss per share (in dollars per share)	$ (0.40)	$ (4.94)	$ (1.19)	$ (11.92)
Weighted average number of shares of Common stock used in computing basic and diluted net loss per share (in shares)	2,611,328	155,009	1,767,417	155,009

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIENCY) - USD ($) $ in Thousands	Total		Preferred stock		Common stock		Additional paid-in capital		Accumulated deficit
Balance as of December 31, 2014 (audited) at Dec. 31, 2013	$ (3,297)		$ 0	[1]	$ 0	[1]	$ 10,906		$ (14,203)
Balance (in shares) at Dec. 31, 2013			394,232		155,009
Stock-based compensation related to options granted to consultants and employees	14						14
Benefit component of convertible notes	213						$ 213
Total comprehensive loss	(1,847)								$ (1,847)
Balance at Sep. 30, 2014	(4,917)			[1]		[1]	$ 11,133		(16,050)
Balance (in shares) at Sep. 30, 2014					155,009
Balance as of December 31, 2014 (audited) at Dec. 31, 2013	(3,297)		$ 0	[1]	$ 0	[1]	10,906		(14,203)
Balance (in shares) at Dec. 31, 2013			394,232		155,009
Stock-based compensation related to options granted to consultants and employees	24		$ 0		$ 0		24		0
Exercise of options	0	[1]	0		$ 0	[1]	0		0
Exercise of options (in shares)					8,571
Benefit component of convertible notes	304		0		$ 0	[1]	304		0
Total comprehensive loss	(2,647)		0		0		0		(2,647)
Balance at Dec. 31, 2014	(5,616)		$ 0	[1]	$ 0	[1]	11,234		(16,850)
Balance (in shares) at Dec. 31, 2014			394,232		163,580
Issuance of Common stock, net of issuance costs	511		$ 0		$ 0	[1]	511		0
Issuance of Common stock, net of issuance costs (in shares)					216,667
Issuance of Preferred C stock, net of issuance costs	1,964		$ 0	[1]	$ 0		1,964		0
Issuance of Preferred C stock, net of issuance costs (in shares)			833,333
Issuance of warrants to Common stock	446		$ 0		0		446		0
Conversion of Promissory Notes into Preferred B-1 stock and Preferred C stock	1,359		$ 1		0		1,358		0
Conversion of Promissory Notes into Preferred B-1 stock and Preferred C stock (in shares)			683,651
Conversion of Promissory Notes into Preferred B-2 stock and Preferred C stock	2,101		$ 2		0		2,099		0
Conversion of Promissory Notes into Preferred B-2 stock and Preferred C stock (in shares)			1,508,001
Conversion of Preferred A-1, A-2, B-1 and B-2 stock into Common stock	0		$ (2)		$ 2		0		0
Conversion of Preferred A-1, A-2, B-1 and B-2 stock into Common stock (in shares)			(2,128,868)		2,131,081
Conversion of Convertible Promissory Notes into Preferred C stock	1,606		$ 1		$ 0		1,605		0
Conversion of Convertible Promissory Notes into Preferred C stock (in shares)			603,769
Issuance of warrants to consultant	84		$ 0		0		84		0
Issuance of Preferred C stock to a consultant	0		$ 0	[1]	0		0	[1]	0
Issuance of Preferred C stock to a consultant (in shares)			57,143
Issuance of Common stock to a consultant	0		$ 0		$ 0	[1]	0	[1]	0
Issuance of Common stock to a consultant (in shares)					100,000
Stock-based compensation related to options granted to consultants and employees	153		0		$ 0		153		0
Total comprehensive loss	(2,103)		0		0		0		(2,103)
Balance at Sep. 30, 2015	$ 505		$ 2		$ 2		$ 19,454		$ (18,953)
Balance (in shares) at Sep. 30, 2015			1,951,261		2,611,328
[1]	Represents an amount lower than $ 1 thousand.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (2,103)	$ (1,847)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	7	6
Stock-based compensation	153	14
Benefit component of Promissory Notes	384	889
Valuation of warrants to purchase Common stock	652	(267)
Decrease in trade receivables	15	2
Increase in prepaid expenses and other accounts receivable	(58)	(33)
Decrease (increase) in inventories	(39)	31
Increase (decrease) in accounts payable	(62)	30
Increase (decrease) in other accounts payable	(113)	252
Increase (decrease) in accrued severance pay, net	(1)	1
Accrued interest on Promissory Notes	65	269
Net cash used in operating activities	(1,100)	(653)
Cash flows from investment activities:
Purchase of property and equipment	(1)	(3)
Net cash used in investment activities	(1)	(3)
Cash flows from financing activities:
Proceeds from issuance of Common stock, Preferred stock and warrants, net of issuance costs	3,005
Proceeds from issuance of Promissory Notes and warrants	0	600
Net cash provided by financing activities	3,005	600
Increase in cash and cash equivalents	1,904	(56)
Cash and cash equivalents at the beginning of the period	90	94
Cash and cash equivalents at the end of the period	1,994	38
Supplemental information and disclosure of non-cash financing transactions:
Issuance costs	0	191
Conversion of Promissory Notes into Preferred B-1, B-2 stock and Preferred C stock	$ 5,066	$ 0

GENERAL

GENERAL	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	NOTE 1:- GENERAL a. NanoVibronix, Inc. ("the Company"), a U.S. (Delaware) corporation, commenced operations on October 20, 2003 and is a medical device company focusing on noninvasive biological response-activating devices that target wound healing and pain therapy and can be administered at home, without the assistance of medical professionals. The Company's principal research and development activities are conducted in Israel through its wholly-owned subsidiary, NanoVibronix (Israel 2003) Ltd., a company registered in Israel, which commenced operations in October 2003. b. The Company’s ability to continue to operate is dependent mainly on its ability to successfully market and sell its products and the receipt of additional financing until profitability is achieved. During the nine month periods ended on September 30, 2015 and 2014, the Company continued to incur losses and negative cash flows from operating activities amounting to $ 2,103 1,100 c. On February 9, 2015, the Company filed a Registration Statement on Form 10 under the Securities Exchange Act of 1934, as amended, to register its Common stock under Section 12(g) of that act. The Form 10 was effective on April 10, 2015.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2014 are applied consistently in these financial statements.

UNAUDITED INTERIM FINANCIAL STA

UNAUDITED INTERIM FINANCIAL STATEMENTS	9 Months Ended
	Sep. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Financial Statements [Text Block]	NOTE 3:- UNAUDITED INTERIM FINANCIAL STATEMENTS The accompanying unaudited condensed consolidated financial statements as of September 30, 2015 have been prepared in accordance with the U.S. generally accepted accounting principles for interim financial information. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair presentation of the Company’s consolidated financial position as of September 30, 2015 and the Company’s consolidated results of operation and the consolidated cash flows for the nine months ended September 30, 2015. Results for the nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015.

FAIR VALUE MEASURMENTS

FAIR VALUE MEASURMENTS	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value, Measurement Inputs, Disclosure [Text Block]	FAIR VALUE MEASURMENTS ASC 820, "Fair Value Measurements and Disclosures" ("ASC 820"), defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions and risk of nonperformance. ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. ASC 820 establishes three levels of inputs that may be used to measure fair value. Level 1 - quoted prices in active markets for identical assets or liabilities; Level 2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. During February 2013, the Company signed a convertible Promissory Notes agreement (the “Agreement”) pursuant to which the Company issued secured convertible Promissory Notes (the “Notes”) to certain investors on February 5, 2013. On each of March 28, 2013, June 3, 2013, August 5, 2013, October 7, 2013, December 9, 2013, February 6, 2014, April 1, 2014, May 15, 2014, June 16, 2014, August 7, 2014, September 7, 2014, October 13, 2014, November 19, 2014 and December 11, 2014, the Agreement and the Notes were amended and restated to increase the principal amount by $ 100 37,594 100 2.66 In April 2015, the holders of the Notes elected to convert the outstanding principal and interest thereunder into shares of the Company’s series C preferred stock. On that date, an aggregate principal balance of $ 1,500,000 106,027 603,769 The Company measures the warrants at fair value by applying the Black-Scholes option pricing model in each reporting period until they are exercised or expired, with changes in fair value being recognized in the Company’s consolidated statement of comprehensive loss as financial income or expense. September 30, 2015 Dividend yield (1) 0% Expected volatility (2) 62.9%-65.5% Risk-free interest (3) 0.85%-1.09% Expected term (years) (4) 2.3-4.2 (1) Dividend yield - was based on the fact that the Company has not paid dividends to its stockholders in the past and does not expect to pay dividends to its stockholders in the future. (2) Expected volatility - was calculated based on actual historical stock price movements of companies in the same industry over a term that is equivalent to the expected term of the warrants. (3) Risk-free interest – was based on yield rate of non-index linked U.S. Federal Reserve treasury stock. (4) Expected term - was based on the maturity date of the warrants. Fair value of Balance at January 1, 2015 $ 734 Change in fair value of warrants 652 Balance at September 30, 2015 $ 1.386 In addition, the Company’s financial instruments also include cash and cash equivalents, trade receivables, prepaid expenses and other accounts receivable, accounts payable and other accounts payable. The fair value of these financial instruments was not materially different from their carrying values as of September 30, 2015 due to the short-term maturities of such instruments.

STOCKHOLDERS' EQUITY (DEFICIENC

STOCKHOLDERS' EQUITY (DEFICIENCY)	9 Months Ended
	Sep. 30, 2015
Stockholders' Equity Note [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	STOCKHOLDERS' EQUITY (DEFICIENCY) a. In January and February 2015, the Company entered into securities purchase agreements with certain investors providing for the issuance of shares of Common stock, shares of Series C Preferred stock and warrants to purchase shares of Common stock. Pursuant to these agreements, the Company issued an aggregate of 833,333 216,667 420,000 3.00 420,000 6.00 3,005 145 b. In February 2015, upon the receipt by the Company of investment amounts aggregating $ 3,150 560,594 123,057 1,174,042 333,959 c. In April 2015, the holders of the Fifteenth Amended and Restated Secured Convertible Promissory Notes elected to convert the outstanding principal and interest thereunder into 603,769 d. In April 2015, upon the effectiveness of the Company's Form 10 filed with the Securities and Exchange Commission, the outstanding shares of Series A-1 Preferred stock, Series A-2 Preferred stock, Series B-1 Preferred stock and Series B-2 Preferred stock converted by their terms into 2,131,081 e. In April 2015, the Company issued 100,000 f. In April 2015, the Company issued 57,143

GEOGRAPHIC INFORMATION AND MAJO

GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA Summary information about geographic areas: The Company manages its business on the basis of one reportable segment, and derives revenues from selling its products directly to patients as well as through distributor agreements. Nine months ended Three months ended September 30, September 30, 2015 2014 2015 2014 United States $ 41 $ 64 $ 11 $ 4 Europe 15 23 7 2 Israel 10 21 5 0 India 7 7 0 3 Rest of the world 35 36 17 16 $ 108 $ 151 $ 40 $ 25 During the nine month 27 40 During the three month period ended September 30, 2015, revenues from a distributor accounted for 32 32 The Company's long-lived assets are all located in Israel.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	RELATED PARTY TRANSACTIONS a. On March 25, 2015, the Company entered into an employment agreement with its chief executive officer. Under this employment agreement, he is entitled to a fee based on sales of the Company’s PainShield® product in the United States or Canada during the term of the employment agreement. b. On March 25, 2015, the Company issued warrants to purchase up to 61,000 2.57 c. On March 25, 2015, the Company entered into an agreement with a member of the board of directors, pursuant to which, as consideration for his efforts developing, pursuing approval of, and/or raising market awareness and acceptance of the Company’s vibrating urology catheter-related products, the director is entitled to a fee for all such products sold in the United States or Canada during the term of the agreement. At the Company’s option, the fee may be paid in the form of cash or shares of Common stock. If paid in cash, the director must use a portion of the fee to purchase shares of Common stock in the open market within 30 days, subject to any limitations or restrictions that may apply under applicable laws.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events [Text Block]	SUBSEQUENT EVENTS The Company evaluates events or transactions that occur after the balance sheet date but prior to the issuance of financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. For its interim consolidated financial statements as of September 30, 2015 (unaudited) and for the nine months period then ended (unaudited), the Company evaluated subsequent events through November 16, 2015 the date that the consolidated financial statements were issued.

FAIR VALUE MEASURMENTS (Tables)

FAIR VALUE MEASURMENTS (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block]	September 30, 2015 Dividend yield (1) 0% Expected volatility (2) 62.9%-65.5% Risk-free interest (3) 0.85%-1.09% Expected term (years) (4) 2.3-4.2 (1) Dividend yield - was based on the fact that the Company has not paid dividends to its stockholders in the past and does not expect to pay dividends to its stockholders in the future. (2) Expected volatility - was calculated based on actual historical stock price movements of companies in the same industry over a term that is equivalent to the expected term of the warrants. (3) Risk-free interest – was based on yield rate of non-index linked U.S. Federal Reserve treasury stock. (4) Expected term - was based on the maturity date of the warrants.
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Fair value measurement using significant unobservable inputs (Level 3): Fair value of Balance at January 1, 2015 $ 734 Change in fair value of warrants 652 Balance at September 30, 2015 $ 1.386

GEOGRAPHIC INFORMATION AND MA16

GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	The Company manages its business on the basis of one reportable segment, and derives revenues from selling its products directly to patients as well as through distributor agreements. Nine months ended Three months ended September 30, September 30, 2015 2014 2015 2014 United States $ 41 $ 64 $ 11 $ 4 Europe 15 23 7 2 Israel 10 21 5 0 India 7 7 0 3 Rest of the world 35 36 17 16 $ 108 $ 151 $ 40 $ 25

GENERAL (Details Textual)

GENERAL (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Net Income (Loss) Attributable to Parent	$ 1,039	$ 766	$ 2,103	$ 1,847
Net Cash Provided by (Used in) Operating Activities, Continuing Operations			$ 1,100	$ 653

FAIR VALUE MEASURMENTS (Details

FAIR VALUE MEASURMENTS (Details)	9 Months Ended
	Sep. 30, 2015
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Dividend yield	0.00%	[1]
Maximum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Expected volatility	65.50%	[2]
Risk-free interest	1.09%	[3]
Expected term (years)	4 years 2 months 12 days	[4]
Minimum [Member]
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Expected volatility	62.90%	[2]
Risk-free interest	0.85%	[3]
Expected term (years)	2 years 3 months 18 days	[4]
[1]	Dividend yield - was based on the fact that the Company has not paid dividends to its stockholders in the past and does not expect to pay dividends to its stockholders in the future.
[2]	Expected volatility - was calculated based on actual historical stock price movements of companies in the same industry over a term that is equivalent to the expected term of the warrants.
[3]	Risk-free interest – was based on yield rate of non-index linked U.S. Federal Reserve treasury stock.
[4]	Expected term - was based on the maturity date of the warrants.

FAIR VALUE MEASURMENTS (Detai19

FAIR VALUE MEASURMENTS (Details 1) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Change in fair value of warrants	$ (652,000)	$ 267,000
Warrant [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance at January 1, 2015	734,000
Change in fair value of warrants	652,000
Balance at June 30, 2015	$ 1,386

FAIR VALUE MEASURMENTS (Detai20

FAIR VALUE MEASURMENTS (Details Textual) - USD ($)	9 Months Ended		12 Months Ended	23 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2014	Feb. 28, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights					37,594
Class of Warrant or Right, Exercise Price of Warrants or Rights					$ 2.66
Proceeds From Issuance Of Warrants And Notes				$ 100,000
Debt Conversion, Original Debt, Amount	$ 5,066,000	$ 0
Convertible Promissory Note Agreement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Conversion, Original Debt, Amount				$ 100,000
Series C Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Proceeds From Issuance Of Warrants And Notes	$ 1,500,000		$ 106,027
Debt Conversion, Converted Instrument, Shares Issued	603,769

STOCKHOLDERS' EQUITY (DEFICIE21

STOCKHOLDERS' EQUITY (DEFICIENCY) (Details Textual) - USD ($)	1 Months Ended	2 Months Ended	9 Months Ended
	Apr. 30, 2015	Feb. 28, 2015	Sep. 30, 2015	Feb. 28, 2013
Class of Stock [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				37,594
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 2.66
Proceeds from Issuance or Sale of Equity		$ 3,005,000	$ 3,005,000
Payments of Stock Issuance Costs		145,000
Equity Method Investment, Aggregate Cost		$ 3,150
Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			216,667
Conversion of Stock, Shares Issued	2,131,081		2,131,081
Stock Issued During Period, Shares, Issued for Services	100,000		100,000
Exercise Price One [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		420,000
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 3
Exercise Price Two [Member]
Class of Stock [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		420,000
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 6
Series C Preferred Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues		833,333	216,667
Convertible Preferred Stock, Shares Issued upon Conversion	603,769	123,057
Stock Issued During Period, Shares, Issued for Services	57,143
Series B-1 Preferred Stock [Member]
Class of Stock [Line Items]
Convertible Preferred Stock, Shares Issued upon Conversion		560,594

GEOGRAPHIC INFORMATION AND MA22

GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 40	$ 25	$ 108	$ 151
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	11	4	41	64
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	7	2	15	23
Israel
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	5	0	10	21
India
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	0	3	7	7
Rest of the world
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenues	$ 17	$ 16	$ 35	$ 36

GEOGRAPHIC INFORMATION AND MA23

GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Sales Revenue, Net [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration Risk, Percentage	32.00%	32.00%	27.00%	40.00%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - $ / shares	Sep. 30, 2015	Feb. 28, 2013
Related Party Transaction [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 2.66
Consideration for Provision of Guidance and Assistance [Member]
Related Party Transaction [Line Items]
Class of Warrant or Right, Outstanding	61,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 2.57