Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 23, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | LabStyle Innovations Corp. | ||
Entity Central Index Key | 1533998 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Smaller Reporting Company | ||
Trading Symbol | DRIO | ||
Entity Common Stock, Shares Outstanding | 27,917,267 | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2014 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $23,013,889 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
CURRENT ASSETS: | |||
Cash and cash equivalents | $1,453 | $2,263 | |
Restricted cash | 0 | 38 | |
Short-term bank deposits | 83 | 154 | |
Inventories | 234 | 0 | |
Other accounts receivable and prepaid expenses | 286 | 475 | |
Total current assets | 2,056 | 2,930 | |
LEASE DEPOSITS | 47 | 41 | |
PROPERTY AND EQUIPMENT, NET | 978 | 1,145 | |
Total assets | 3,081 | 4,116 | |
CURRENT LIABILITIES: | |||
Trade payables | 708 | 586 | |
Other accounts payable and accrued expenses | 908 | 920 | |
Total current liabilities | 1,616 | 1,506 | |
LIABILITY RELATED TO WARRANTS | 4,003 | 2,696 | |
COMMITMENTS AND CONTINGENT LIABILITIES | |||
CONVERTIBLE PREFERRED SHARES: | |||
Series A Preferred Stock of $0.0001 par value - Authorized: 60,000 shares at December 31, 2014 and 2013; Issued and Outstanding: 41,652 shares and none at December 31, 2014 and 2013, respectively; Aggregate liquidation preference of $4,165 and none at December 31, 2014 and 2013, respectively | 2,757 | 0 | |
STOCKHOLDERS' DEFICIT | |||
Common Stock of $0.0001 par value - Authorized: 80,000,000 and 45,000,000 shares at December 31, 2014 and 2013, respectively; Issued and Outstanding: 16,233,430 and 4,014,381 shares at December 31, 2014 and 2013, respectively | 2 | [1] | |
Preferred Stock of $0.0001 par value - Authorized: 4,940,000 and 5,000,000 shares at December 31, 2014 and 2013, respectively; Issued and Outstanding: None at December 31, 2014 and 2013 | 0 | 0 | |
Additional paid-in capital | 30,761 | 19,917 | |
Accumulated deficit | -36,058 | -20,003 | |
Total stockholders' deficit | -5,295 | -86 | |
Total liabilities and stockholders' deficit | $3,081 | $4,116 | |
[1] | Represents an amount lower than $1. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 80,000,000 | 45,000,000 |
Common stock, shares issued | 16,233,430 | 4,014,381 |
Common stock, shares, outstanding | 16,233,430 | 4,014,381 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 4,940,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series A Preferred Stock [Member] | ||
Temporary equity, par value (in dollars per share) | $0.00 | $0.00 |
Temporary Equity, Shares Authorized | 60,000 | 60,000 |
Temporary Equity, Shares Issued | 41,652 | 0 |
Temporary Equity, Shares Outstanding | 41,652 | 0 |
Temporary Equity, Liquidation Preference | $4,165 | $0 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Revenues | $51 | $0 |
Cost of revenues | 2,274 | 0 |
Impairment of production line | 489 | 0 |
Gross loss | 2,712 | 0 |
Operating expenses: | ||
Research and development | 3,943 | 4,912 |
Sales, Marketing and pre-production costs | 1,063 | 2,354 |
General and administrative | 3,640 | 6,296 |
Total operating expenses | 8,646 | 13,562 |
Operating loss | 11,358 | 13,562 |
Financial expenses, net: | ||
Revaluation of fair value of warrants | -2,194 | 293 |
Other financial expenses, net | 3,713 | 76 |
Total financial expenses, net | 1,519 | 369 |
Net loss | 12,877 | 13,931 |
Deemed dividend related to exchange agreement | 279 | 0 |
Deemed dividend related to Series A Preferred Stock | 2,899 | 0 |
Net loss attributable to holders of Common Stock | $16,055 | $13,931 |
Net loss per share: | ||
Basic and diluted loss per share (in dollars per share) | $1.85 | $3.80 |
Weighted average number of Common Stock used in computing basic and diluted net loss per share (in shares) | 8,678,953 | 3,662,615 |
STATEMENTS_OF_CHANGES_IN_STOCK
STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated deficit [Member] | |||
In Thousands, except Share data | |||||||
Balance at Dec. 31, 2012 | ($1,070) | $0 | [1] | $5,002 | ($6,072) | ||
Balance (in shares) at Dec. 31, 2012 | 2,909,554 | ||||||
Issuance of common stock and warrants in February and June 2013 at $5.00 per unit, net of issuance cost | 996 | 0 | [1] | 996 | 0 | ||
Issuance of common stock and warrants in February and June 2013 at $5.00 per unit, net of issuance cost (in shares) | 200,005 | ||||||
Cost related to issuance of common stock to service provider | 488 | 0 | [1] | 488 | 0 | ||
Cost related to issuance of common stock to service provider (in shares) | 41,667 | ||||||
Cost related to issuance of warrants to service provider in March and May 2013 | 523 | 0 | 523 | 0 | |||
Cost related to issuance of warrants to service provider in March and May 2013 (in shares) | 0 | ||||||
Issuance of common stock and warrants in April and May 2013 at $12.50 per unit, net of issuance cost (in shares) | 800,000 | ||||||
Issuance of common stock and warrants in April and May 2013 at $12.50 per unit, net of issuance cost | 8,987 | 0 | [1] | 8,987 | 0 | ||
Conversion of Series A Preferred Stock | 0 | ||||||
Exercise of warrants | 708 | 0 | [1] | 708 | 0 | ||
Exercise of warrants (in shares) | 60,155 | ||||||
Exercise of options | 0 | [1] | 0 | [1] | 0 | [1] | 0 |
Exercise of options (in shares) | 3,000 | ||||||
Stock-based compensation | 3,213 | 0 | 3,213 | 0 | |||
Net loss | -13,931 | 0 | 0 | -13,931 | |||
Balance at Dec. 31, 2013 | -86 | 0 | [1] | 19,917 | -20,003 | ||
Balance (in shares) at Dec. 31, 2013 | 4,014,478 | ||||||
Issuance of Common Stock in February 2014 at $2.75 per unit, net of issuance cost | 1,013 | 0 | [1] | 1,013 | 0 | ||
Issuance of Common Stock in February 2014 at $2.75 per unit, net of issuance cost (in shares) | 445,392 | ||||||
Issuance of Common Stock in July 2014 upon reset price mechanism | 0 | [1] | 0 | [1] | 0 | [1] | 0 |
Issuance of Common Stock in July 2014 upon reset price mechanism (in shares) | 496,884 | ||||||
Deemed dividend related to exchange agreement | 0 | 0 | 279 | -279 | |||
Issuance of additional shares upon Exchange Agreement in August 2014 | 4,558 | 2 | 4,556 | 0 | |||
Issuance of additional shares upon Exchange Agreement in August 2014 (in shares) | 10,957,515 | ||||||
Deemed dividend related to Series A Preferred Stock | 0 | 0 | 2,899 | -2,899 | |||
Conversion of Series A Preferred Stock | 46 | 0 | [1] | 46 | 0 | ||
Conversion of Series A Preferred Stock (in shares) | 176,137 | ||||||
Exercise of warrants | 352 | 0 | [1] | 352 | 0 | ||
Exercise of warrants (in shares) | 68,524 | ||||||
Exercise of options | 7 | 0 | [1] | 7 | 0 | ||
Exercise of options (in shares) | 74,500 | 74,500 | |||||
Stock-based compensation | 1,692 | 0 | 1,692 | 0 | |||
Net loss | -12,877 | 0 | 0 | -12,877 | |||
Balance at Dec. 31, 2014 | ($5,295) | $2 | $30,761 | ($36,058) | |||
Balance (in shares) at Dec. 31, 2014 | 16,233,430 | ||||||
[1] | Represents an amount lower than $1. |
STATEMENTS_OF_CHANGES_IN_STOCK1
STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (Parenthetical) (Common Stock [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Common Stock [Member] | ||
Issuance Of Common Stock And Warrants In February And June 2013 | $5 | |
Issuance Of Common Stock And Warrants In April And May 2013 | $12.50 | |
Issuance Of Common Stock And Warrants In February 2014 | $2.75 |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities: | ||
Net loss | ($12,877) | ($13,931) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation and restricted shares | 1,692 | 4,224 |
Issuance cost related to warrants to investors and service provider | 533 | 0 |
Depreciation | 549 | 839 |
Write-off of a production line | 489 | 0 |
Decrease in other accounts receivable and prepaid expenses | 158 | 2 |
Increase in inventories | -234 | 0 |
Decrease (increase) in trade payables | -186 | 271 |
Decrease in other accounts payable and accrued expenses | 365 | 603 |
Incremental value to February 2014 Investors that resulted from Exchange Agreement | 3,124 | 0 |
Change in the fair value of warrants to purchase shares of Common Stock | -2,194 | 293 |
Others | 0 | 98 |
Net cash used in operating activities | -8,581 | -7,601 |
Cash flows from investing activities: | ||
Investment in short-term bank deposits | -91 | -162 |
Proceeds of maturities of short-term bank deposit | 231 | 14 |
Investment in lease deposit | -6 | -92 |
Purchase of property and equipment | -563 | -1,400 |
Net cash used in investing activities | -429 | -1,640 |
Cash flows from financing activities: | ||
Proceeds from issuance of Common Stocks and warrants, net of issuance cost | 3,754 | 9,982 |
Proceeds from issuance of Series A Preferred Stock and warrants, net of issuance cost | 4,096 | 0 |
Proceeds from exercise of options and warrants | 350 | 292 |
Net cash provided by financing activities | 8,200 | 10,274 |
Increase (decrease) in cash and cash equivalents | -810 | 1,033 |
Cash and cash equivalents at beginning of year | 2,263 | 1,230 |
Cash and cash equivalents at end of year | 1,453 | 2,263 |
Non-cash investing and financing activities: | ||
Purchase of property and equipment | 308 | 64 |
Conversion of liability related to warrants to common stock | 9 | 416 |
Conversation of Series A Preferred Stock | $46 | $0 |
GENERAL
GENERAL | 12 Months Ended | ||
Dec. 31, 2014 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1:- | GENERAL | |
a. | LabStyle Innovations Corp. (the "Company") was incorporated in Delaware and commenced operations on August 11, 2011. The Company is a mobile health (mHealth) company developing and commercializing patented technologies to provide consumers with laboratory-testing capabilities using smart phones and other mobile devices. The Company’s initial product, Dario™, is a mobile, cloud-based, diabetes management solution which includes a pocket-sized blood glucose monitoring device (the "Dario™ Smart Meter") that, utilizing proprietary software, integrates with smart phones and other mobile devices to offer users the ability to record, save, track, analyze, manage and share diabetes related information. | ||
The Company has a wholly owned subsidiary, LabStyle Innovation Ltd. ("Ltd."), incorporated and located in Israel, which commenced operations on September 14, 2011. Its principal business activity is to hold the Company’s intellectual property and to perform research and development, manufacturing, marketing and other business activities. Ltd. has a wholly-owned subsidiary, LabStyle Innovations US LLC, a Delaware limited liability company ("LabStyle US"), which was established in 2014 in anticipation of U.S. operations for the Company. | |||
b. | During the year ended December 31, 2014, the Company incurred operating losses and negative cash flows from operating activities amounting to $11,358 and $8,581, respectively. The Company will be required to obtain additional capital resources in the near term to support its products commercialization, ramp up manufacturing and maintain its research and development activities. The Company is addressing its liquidity needs by seeking for additional funding from public and/or private sources and by commencing its commercial sales. There are no assurances, however, that the Company will be able to obtain an adequate level of financial resources that are required for the short and long-term development and commercialization of its product. | ||
Subsequent to the balance sheet date, in February and March 2015, the Company raised funds through a private placement issuance of an aggregate of 11,286,444 shares of common stock, par value $0.0001 per share, of the Company (the “Common Stock”) and warrants to purchase an aggregate of 5,643,226 shares of Common Stock for total gross consideration of approximately $2 million (see also Note 12). According to management estimates, the Company has sufficient liquidity resources to continue its planned activity into July 2015. | |||
These conditions raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. | |||
c. | On January 7, 2014, the Company announced the filing of a Premarket Notification Application (known as a 510(k) application) for the Dario™ blood glucose monitoring system with the U.S. Food and Drug Administration ("FDA") to notify the FDA of the Company’s intention to market the Dario™ in the United States. The Company is planning for other regulatory filings in other jurisdictions. | ||
d. | On March 2014, the Company commenced a soft launch of Dario™ devices. The Company’s first shipments to distributers commenced in late March 2014 in selected jurisdictions including, the United Kingdom, Netherland and New Zealand. The Company received CE mark certification for the Dario™ Smart Meter in September 2013. | ||
e. | On April 28, 2014 the Company received a national approval and regional reimbursement for the Dario™ in Italy. On June 25, 2014, the Company received reimbursement status for strips and lancets to be utilized together with Dario™, effective September 1, 2014 in England, Wales, Scotland and Northern Ireland. In December 2014, the Company was granted reimbursement status for the Dario™ test strips in Australia. | ||
f. | On May 1, 2014, the Company announced the receipt of a U.S Notice of Allowance for a key patent relating to how the Dario™ blood glucose monitor draws power from and transmits data to a smart phone via the audio jack port. Such patent was issued in the U.S. in August 2014. | ||
g. | On July 2014, the Company received an approval from Israel's Ministry of Health to sell the Dario™ for diabetes in Israel. | ||
h. | On June 17, 2014, the Company held its 2014 Annual Meeting of Stockholders in which, among other matters, Company stockholders approved an amendment to the Company's Certificate of Incorporation ("COI") to increase the number of authorized shares of Common Stock from 45,000,000 to 80,000,000 and to effect a reverse stock split of the Common Stock at a ratio of between one-for-two and one-for-five with such ratio to be determined at the sole discretion of the Company's Board of Directors (the "Reverse Split"). | ||
On September 18, 2014, the Company's Board of Directors approved the Reverse Split at a ratio of one-for-five. Such Reverse Split was implemented on October 6, 2014. The amount of authorized Common Stock as well as the par value for the Common Stock was not affected. Any fractional shares resulting from the reverse stock split were rounded up to the nearest whole share. | |||
All Common Stock, warrants, options and per share amounts set forth herein are presented to give retroactive effect to the Reverse Split for all periods presented. | |||
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Significant Accounting Policies [Text Block] | NOTE 2:- | SIGNIFICANT ACCOUNTING POLICIES | |||
The consolidated financial statements are prepared according to United States generally accepted accounting principles ("U.S. GAAP"). | |||||
a. | Use of estimates: | ||||
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates, judgments and assumptions. The Company's management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||
b. | Financial statements in U.S. dollars ("dollar" or "dollars"): | ||||
The accompanying consolidated financial statements have been prepared in dollars. | |||||
The Company’s financing activities are incurred in U.S. dollars. Although a portion of Ltd.'s expenses are denominated in New Israeli Shekels ("NIS") (mostly salaries and rent), a substantial portion of its expenses are denominated in dollars. The Company's management believes that the currency of the primary economic environment in which the operations of the Company and its subsidiaries are conducted is the dollar; thus, the dollar is the functional currency of the Company. | |||||
Transactions and balances denominated in dollars are presented at their original amounts. Monetary accounts denominated in currencies other than the dollar are re-measured into dollars in accordance with ASC No. 830, "Foreign Currency Matters". All transaction gains and losses of the re-measurement of monetary balance sheet items are reflected in the consolidated statement of comprehensive loss as financial income or expenses, as appropriate. | |||||
c. | Principles of consolidation: | ||||
The consolidated financial statements include the accounts of the Company, Ltd. and LabStyle US. All intercompany balances and transactions have been eliminated upon consolidation. | |||||
d. | Cash and cash equivalents: | ||||
The Company considers all highly liquid investments, which are readily convertible to cash with a maturity of three months or less at the date of acquisition, to be cash equivalents. | |||||
e. | Restricted cash: | ||||
Restricted cash is invested in a bank deposit, which is pledged in favor of the bank as a security for the Company's credit card. | |||||
f. | Short-term bank deposits: | ||||
Short-term bank deposits are deposits with maturities of more than three months and up to one year. The short-term bank deposits are denominated in NIS and bear interest at an average rate of 0.42% and 1.09% as of December 31, 2014 and 2013, respectively. The short-term bank deposits are presented at their cost, including accrued interest. | |||||
g. | Inventories: | ||||
Inventories are stated at the lower of cost plus allocable indirect manufacturing costs or net realized value. Cost is determined on a "moving average" basis. Inventory write-downs are provided to cover technological obsolescence, excess inventories and discontinued products. | |||||
Inventory write-down is also measured as the difference between the cost of the inventory and net realized value based upon assumptions about future demand, and is charged to the cost of sales. At the point of the loss recognition, a new, lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. | |||||
Work-in-process is immaterial, given the typically short manufacturing cycle, and therefore is disclosed in conjunction with raw materials. | |||||
Total write-off during the year ended December 31, 2014 amounted to $1,046. | |||||
h. | Long-term lease deposits: | ||||
Long-term lease deposit includes long-term deposits for car lease. | |||||
i. | Property and equipment: | ||||
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates: | |||||
% | |||||
Computers, and peripheral equipment | 15-33 | ||||
Office furniture and equipment | 6 | ||||
Production lines | 20-100 | ||||
Leasehold improvements | Over the shorter of the lease term or useful economic life | ||||
j. | Impairment of long-lived assets: | ||||
Property and equipment are reviewed for impairment in accordance with ASC No. 360, "Property, Plant and Equipment," whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the year ended December 31, 2013, no impairment losses have been recorded. During the year ended December 31, 2014, the Company decided to cease the operation of one of its production lines and thus performed a recoverability test for such facility. In conjunction with this analysis, the Company recorded a non-cash charge with respect to impairment of its production line amounted to $489 in accordance with ASC No. 360. This charge was recorded as separate line in the consolidated statements of comprehensive loss. | |||||
Subsequent to the balance sheet date, the Company entered into a separation agreement with the subcontractor according to which the parties agreed that this production line will no longer be in the Company’s possession and following such, neither party will have any further performance, payment or any liability obligation with respect to each other. This agreement had no material effect over the Company’s consolidated financial statements. | |||||
k. | Revenue recognition: | ||||
The Company derives revenues from the sale of its Dario™ Smart Meter and its related device-specific disposables test strip cartridges and lancets through independent distributers. The Dario™ software application is offered for a free download and the Company does not obtain a recurring hosting commitment towards the end users relating specifically to the application. | |||||
Revenues from product sales are recognized in accordance with ASC 605-10 "Revenue Recognition", when delivery has occurred, persuasive evidence of an agreement exists, the vendor’s fee is fixed or determinable, no further obligation exists and collectability is probable. | |||||
The Company generally has a standard contract with its distributors. According to the agreements, all sales to distributors are final, no rights of return or price protection right is granted to such distributors and the Company is not a party of the agreements between distributors and their customers. In certain arrangement, the Company has granted to the distributors limited rights of return on unsold products. | |||||
Through December 31, 2014, product sales to distributors are recognized as revenues upon receipt of payment unless the distributer has a right of return on unsold products. The Company will apply this policy until it will have sufficient historical experience with each distributor in order to conclude that fee is fixed or determinable and collectability is probable. | |||||
Deferred revenues include advances and payments received from customers, for which revenue has not yet been recognized. | |||||
Company’s shipping and handling costs are included in cost of revenues. | |||||
l. | Cost of revenues: | ||||
Cost of revenues is comprised of cost of device production, employees' salaries and related overhead costs, depreciation of production line and related equipment costs used in production, shipping and handling costs and inventory write-downs. | |||||
m. | Concentrations of credit risk: | ||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term bank deposits and other accounts receivable and prepaid expenses. | |||||
The majority of cash and cash equivalents of the Company and its subsidiaries are invested in deposits and current accounts with major U.S. and Israeli banks. Such cash and cash equivalents may be in excess of insured limits and are not insured in other jurisdictions. Generally, cash and cash equivalents may be redeemed and therefore a minimal credit risk exists with respect to these deposits and investments. | |||||
n. | Income taxes: | ||||
The Company accounts for income taxes in accordance with ASC No. 740, "Income Taxes". This Statement prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value. As of December 31, 2014 and 2013, a full valuation allowance was provided by the Company. | |||||
ASC 740 contains a two-step approach to recognizing and measuring a liability for uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. As of December 31, 2014 and 2013, no liability for unrecognized tax benefits was recorded as a result of the implementation of ASC 740. | |||||
o. | Research and development costs: | ||||
Research and development costs are charged to the statement of comprehensive loss, as incurred. | |||||
p. | Advertising expenses: | ||||
Advertising expenses are charged to the statement of comprehensive loss, as incurred. For the year ended December 31, 2014 and 2013, advertising expenses amounted $126 and $175, respectively. | |||||
q. | Series A Preferred Stock: | ||||
The Company classifies the Series A Preferred Stock (as defined in Note 9d) outside of Stockholders' deficit because certain features of the COI would require redemption of some or all of the Series A Preferred Stock upon events not solely within the control of the Company. | |||||
r. | Warrants: | ||||
The Company accounts for certain warrants held by investors and the Company’s previous placement agent and its permitted designees which include priced-based anti-dilution protection or certain net settlement cash feature and liquidated damages penalties as a liability according to the provisions of ASC 815-40, "Derivatives and Hedging - Contracts in Entity's Own Equity" ("ASC 815"), which provides new two-step model to be applied in determining whether a financial instrument or an embedded feature is indexed to an issuer's own stock and thus able to qualify to be a derivative financial instrument. The Company measures the warrants at fair value by using Binomial option-pricing model in each reporting period until they are exercised or expired, with changes in the fair values being recognized in the Company's statement of comprehensive loss as financial income or expense. | |||||
s. | Accounting for stock-based compensation: | ||||
The Company accounts for stock-based compensation in accordance with ASC 718, "Compensation - Stock Compensation" ("ASC 718"), which requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company's consolidated statement of comprehensive loss. | |||||
The Company recognizes compensation expenses for the value of its awards granted based on the straight-line method over the requisite service period of each of the awards, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||
The Company estimates the fair value of stock options granted using the Black-Scholes-Merton option-pricing model. The option-pricing model requires a number of assumptions, of which the most significant are the expected stock price volatility and the expected option term. Expected volatility was calculated based upon historical volatilities of similar entities in the related sector index until the Company's own volatility data will be reliable. The expected option term represents the period that the Company's stock options are expected to be outstanding and is determined based on the simplified method until sufficient historical exercise data will support using expected life assumptions. The risk-free interest rate is based on the yield from U.S. treasury bonds with an equivalent term. The Company has historically not paid dividends and has no foreseeable plans to pay dividends. | |||||
The Company applies ASC 505-50, "Equity-Based Payments to Non-Employees" with respect to options and warrants issued to non-employees. | |||||
Until the Company received a ticker symbol for its Common Stock and caused the Common Stock to be eligible for trading on April 9, 2013, The fair value of the shares of Common Stock underlying the options and warrants granted through such date, had been determined by the Company's management with assistance of an independent valuation firm by applying of market approach using recent third-party transactions in the equity of the Company. | |||||
t. | Fair value of financial instruments: | ||||
The Company applies ASC 820, "Fair Value Measurements and Disclosures". Under this standard, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. | |||||
In determining fair value, the Company uses various valuation approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent from the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. | |||||
The hierarchy is broken down into three levels based on the inputs as follows: | |||||
Level 1 - | Valuations based on quoted prices in active markets for identical assets that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. | ||||
Level 2 - | Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | ||||
Level 3 - | Valuations based on inputs that are unobservable and significant to the overall fair value measurement. | ||||
The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including, for example, the type of investment, the liquidity of markets and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment and the investments are categorized as Level 3. | |||||
The carrying amounts of cash and cash equivalents, short-term bank deposits, other accounts receivable and prepaid expenses, trade payables and other accounts payable and accrued expenses approximate their fair value due to the short-term maturity of such instruments. Warrants are classified within Level 3 because they are valued using valuation techniques. Some of the inputs to these models are unobservable in the market and are significant. | |||||
u. | Basic and diluted net loss per share: | ||||
Basic net loss per share is computed based on the weighted average number of shares of Common Stock outstanding during each year. Diluted net loss per share is computed based on the weighted average number of shares of Common Stock outstanding during each year, plus dilutive potential Common Stock considered outstanding during the year, in accordance with ASC topic 260, "Earnings Per Share". | |||||
The total weighted average number of shares related to the outstanding warrants and options excluded from the calculations of diluted net loss per share due to their anti-dilutive effect was 8,243,762 and 2,171,714 for the year ended December 31, 2014 and 2013, respectively. | |||||
v. | Severance pay: | ||||
Since inception date, all of Ltd.'s employees who are entitled to receive severance pay in accordance with the applicable law in Israel are included under section 14 of the Israeli Severance Compensation Law ("Section 14"). Under this section, they are entitled only to monthly deposits, at a rate of 8.33% of their monthly salary, made on their behalf with insurance companies. Payments in accordance with Section 14 release Ltd. from any future severance payments in respect of those employees. Deposits under Section 14 are not recorded as an asset in the Company's balance sheet | |||||
w. | Legal and other contingencies: | ||||
The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. The Company is currently not involved in any claims and legal proceedings. | |||||
x. | Impact of recently issued accounting pronouncements: | ||||
In June 2014 the Financial Accounting Standards Board (“FASB”) issued Update No. 2014-10 Development Stage Entities (Topic 915): “Elimination of Certain Financial Reporting Requirements”, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this Update remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of comprehensive loss, cash flows, and stockholder deficiency, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective prospectively for reporting periods beginning after December 15, 2014 early adoption is permitted. Although the Company has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the Jumpstart Our Business Act of 2012, since early adoption is permitted the Company chose to early adopt the update commencing June 30, 2014 consolidated financial statement. | |||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09) "Revenue from Contracts with Customers" which supersedes the revenue recognition requirements in "Revenue Recognition"(Topic 605), and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods and services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently in the process of evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial statements. | |||||
In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (ASU 2014-15), “Presentation of Financial Statements-Going Concern” (Subtopic 205-40): “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”, which defines management’s responsibility to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. ASU 2014-15 is effective for annual reporting periods ending after December 15, 2016 with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. | |||||
OTHER_ACCOUNTS_RECEIVABLE_AND_
OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Accounts Receivable And Prepaid Expenses Disclosure [Abstract] | ||||||||
Other Accounts Receivable And Prepaid Expenses Disclosure [Text Block] | NOTE 3:- | OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES | ||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Prepaid expenses | $ | 159 | $ | 423 | ||||
Government authorities | 33 | 52 | ||||||
Deferred charges (*) | 94 | - | ||||||
$ | 286 | $ | 475 | |||||
(*) | Refer to inventory delivered to customers but for which revenue criteria have not been met yet. | |||||||
INVENTORIES
INVENTORIES | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Inventory Disclosure [Text Block] | NOTE 4:- | INVENTORIES | ||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Raw materials | $ | 68 | $ | - | ||||
Finished products | 166 | - | ||||||
$ | 234 | $ | - | |||||
PROPERTY_AND_EQUIPMENT_NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5:- | PROPERTY AND EQUIPMENT, NET | ||||||
Composition of assets, grouped by major classification, is as follows: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Cost: | ||||||||
Computers and peripheral equipment | $ | 194 | $ | 138 | ||||
Office furniture and equipment | 62 | 62 | ||||||
Production lines | 813 | 1,769 | ||||||
Leasehold improvement | 6 | - | ||||||
1,075 | 1,969 | |||||||
Accumulated depreciation: | ||||||||
Computers and peripheral equipment | 88 | 37 | ||||||
Office furniture and equipment | 7 | 3 | ||||||
Production lines | - | 784 | ||||||
Leasehold improvement | 2 | - | ||||||
97 | 824 | |||||||
Property and equipment, net | $ | 978 | $ | 1,145 | ||||
Depreciation expenses for the year ended December 31, 2014 and 2013 amounted to $549 and $839, respectively. In addition, during the year ended December 31, 2014, the Company recorded losses from write-off of one production line, which ceased to be used in operations amounted to $489. | ||||||||
OTHER_ACCOUNTS_PAYABLE_AND_ACC
OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 6:- | OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES | ||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Employees and payroll accruals | $ | 205 | $ | 329 | ||||
Accrued expenses | 679 | 591 | ||||||
Deferred revenues | 24 | - | ||||||
$ | 908 | $ | 920 | |||||
COMMITMENTS_AND_CONTINGENT_LIA
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||
Commitments and Contingencies Disclosure [Text Block] | NOTE 7:- | COMMITMENTS AND CONTINGENT LIABILITIES | |||||||||
a. | The facilities and motor vehicles of Ltd. are leased under several operating lease agreements. | ||||||||||
Ltd. is party to a lease agreement in Israel for its offices for a period of 36 months commencing January 1, 2014 and scheduled to expire on December 31, 2016. | |||||||||||
Commencing November 13, 2011 and through the year ended 2014, Ltd. entered into several motor vehicle lease agreement for a period of 36 months. As of December 31, 2014 the Company maintains 13 leased cars. | |||||||||||
As of December 31, 2014, the future minimum aggregate lease commitments under non-cancelable operating lease agreements are as follows: | |||||||||||
Motor | |||||||||||
As of ended December 31, | Facilities | vehicles | Total | ||||||||
2015 | $ | 135 | $ | 112 | $ | 247 | |||||
2016 | 135 | 62 | 197 | ||||||||
2017 | - | 20 | 20 | ||||||||
$ | 270 | $ | 194 | $ | 464 | ||||||
Facility and motor vehicle lease expenses for the year ended December 31, 2014 and 2013 were $273 and $468, respectively. | |||||||||||
b. | As of December 31, 2014, Ltd. established guarantees to cover rent agreements and credit cards commitments amounted to $58 and $23, respectively. | ||||||||||
TAXES_ON_INCOME
TAXES ON INCOME | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Income Tax Disclosure [Text Block] | NOTE 8:- | TAXES ON INCOME | ||||||
a. | The Company and Ltd. are separately taxed under the domestic tax laws of the state of incorporation of each entity. LabStyle US is a pass through entity for U.S. income tax purposes. | |||||||
b. | Tax rates applicable to Ltd.: | |||||||
On July 30, 2013, the Israeli Parliament (the Knesset) approved the second and third readings of the Economic Plan for 2013-2014 which includes, among other items, raising the Israeli corporate tax rate from 25% to 26.5%. | ||||||||
c. | Net operating loss carryforward: | |||||||
Ltd. has accumulated net operating losses for Israeli income tax purposes as of December 31, 2014 in the amount of approximately $13,076. The net operating losses may be carried forward and offset against taxable income in the future for an indefinite period. | ||||||||
As of December 31, 2014, the Company had a U.S. federal net operating loss carry forward of approximately $4,086 that can be carried forward and offset against taxable income and that expires during the years 2031 to 2034. Utilization of U.S. loss carry forward may be subject to substantial annual limitation due to the "change in ownership" provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitations may result in the expiration of losses before utilization. | ||||||||
d. | Deferred income taxes: | |||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets are as follows: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Deferred tax assets: | ||||||||
Net operating loss carry forward | $ | 5,099 | $ | 3,101 | ||||
Temporary differences | 927 | 942 | ||||||
Deferred tax assets before valuation allowance | 6,026 | 4,043 | ||||||
Valuation allowance | -6,026 | -4,043 | ||||||
Net deferred tax asset | $ | - | $ | - | ||||
The net change in the total valuation allowance for the year ended December 31, 2014 was an increase of $1,983 and is mainly relates to increase in deferred taxes on net operating loss for which a full valuation allowance was recorded. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the periods in which those temporary differences and tax loss carryforward are deductible. Management considers the projected taxable income and tax-planning strategies in making this assessment. In consideration of the Company's accumulated losses and the uncertainty of its ability to utilize its deferred tax assets in the future, management currently believes that it is more likely than not that the Company will not realize its deferred tax assets and accordingly recorded a valuation allowance to fully offset all the deferred tax assets. | ||||||||
e. | Loss before taxes on income consists of the following: | |||||||
Year ended | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Domestic | $ | 3,598 | $ | 4,340 | ||||
Foreign | 9,279 | 9,591 | ||||||
$ | 12,877 | $ | 13,931 | |||||
f. | The main reconciling item between the statutory tax rate of the Company and the effective tax rate is the recognition of valuation allowance in respect of deferred taxes relating to accumulated net operating losses carried forward due to the uncertainty of the realization of such deferred taxes. | |||||||
STOCKHOLDERS_DEFICIT_AND_CONVE
STOCKHOLDERS' DEFICIT AND CONVERTIBLE PREFERRED SHARES | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Equity [Abstract] | ||||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | NOTE 9:- | STOCKHOLDERS' DEFICIT AND CONVERTIBLE PREFERRED SHARES | ||||||||||||
a. | The holders of Common Stock have the right to one vote for each share of Common Stock held of record by such holder with respect to all matters on which holders of Common Stock are entitled to vote, to receive dividends as they may be declared in the discretion of the Company’s Board of Directors, to participate in the balance of the Company's assets remaining after liquidation, dissolution or winding up, ratably in proportion to the number of shares of Common Stock held by them. Except for contractual rights of certain investors, the holders of Common Stock has no pre-emptive or similar rights and are not subject to redemption rights and carry no subscription or conversion rights. | |||||||||||||
b. | The holders of Series A Preferred Stock have rights, preferences and privileges, as follows: | |||||||||||||
Liquidation preference - Based on preference of distribution, the holders of Series A Preferred Stock shall be entitled to receive, out of funds legally available thereof, as determined by the Company's Board of Directors, dividends at an amount per share which is equal (on an as converted to Common Stock basis) to and in the same form as dividends actually paid on shares of Common Stock, as and if such dividends are paid on shares of Common Stock. | ||||||||||||||
Based on preference of any distribution, liquidation, dissolution or winding up of the Company, whether voluntary or involuntary, including, without limitation, upon any deemed liquidation as determined in the COI, the Company's assets or surplus funds legally available for distribution shall be distributed to the holders of Series A Preferred Stock pursuant to which each Series A Preferred Stock will be entitled to receive the original issue price paid by each Series A Preferred stockholder, plus all accrued but unpaid dividends for each share of Common Stock. The aggregate liquidation preference as of December 31, 2014 amounted to $4,165. | ||||||||||||||
Preemptive rights - One Series A Preferred Stockholder shall have preemptive right to participate in future financings for a period two years in an amount necessary to maintain such investor fully-diluted percentage interest in the Company. | ||||||||||||||
Voting - Each stockholder shall have one vote for each Common Stock held by such stockholder of record or such Common Stock as would be held by each holder of Series A Preferred Stock if all shares of Series A Preferred Stock were converted to Common Stock at the then effective conversion rate, on every resolution. | ||||||||||||||
Conversion - Each holder of a Series A Preferred Stock shall be entitled to convert, at any time and from time to time, and without payment of additional consideration, into such number of fully paid and non-assessable shares of Common Stock in ratio as determined in the COI. The conversion price shall be subject to standard anti-dilution adjustments as described in the COI. | ||||||||||||||
Upon the written election of the holders of a majority of the outstanding Series A Preferred Stock, all shares of Series A Preferred Stock shall automatically be converted into fully paid and non-assessable shares of Common Stock. | ||||||||||||||
c. | On February 18, 2014, the Company consummated the February 2014 Private Placement with institutional and other accredited investors (the "February 2014 Investors"), pursuant to which the Company issued units comprised of an aggregate of (i) 445,392 shares of Common Stock (the "February 2014 Shares") and (ii) warrants initially exercisable to purchase an aggregate of 334,044 shares of Common Stock (the "February 2014 Warrants"). The price per unit issued in this offering was $9.40, yielding proceeds of approximately $3,754 net of issuance costs. | |||||||||||||
The placement agent in the February 2014 Private Placement received in addition to cash fees, the right to receive warrants to purchase 28,977 shares of Common Stock having the same terms and conditions as the February 2014 Warrants. | ||||||||||||||
Pursuant to the terms of the February 2014 Private Placement, the Company was required to issue additional shares of Common Stock (the "Adjustment Shares") to the February 2014 Investors at a specified time in the event that the price per share of Common Stock issued in the February 2014 Private Placement was greater than the price per share of Common Stock, calculated as 90% of the average of the ten lowest weighted average prices of Common Stock during the twenty trading day period starting immediately following the earlier of the date on which the February 2014 Shares, shares of Common Stock underlying the February 2014 Warrants and Adjustment Shares were registered for resale with the SEC or were able to be sold without restriction under Rule 144 under the Securities Act (the "Reset Price"); provided, that, subject to the terms and conditions of the February 2014 Private Placement, the Company was required to issue further additional shares of Common Stock at one or more additional specified times if the shares of Common Stock issued in the February 2014 Private Placement were not freely tradable for certain specified minimum periods. | ||||||||||||||
The February 2014 Warrants were immediately exercisable at an exercise price of $11.75 per share and expire five years after the date that the shares of Common Stock underlying such warrants have been registered for resale with the SEC or are able to be sold without restriction under Rule 144 under the Securities Act. The February 2014 Warrants were subject to adjustment under certain circumstances, including "full ratchet" anti-dilution protection upon the issuance of any Common Stock (including the Adjustment Shares), securities convertible into Common Stock, or certain other issuances at a price below the then-existing exercise price, with certain exceptions. In addition, upon certain changes in control events, the holders of the warrants were granted the right to receive, subject to certain limitations and assumptions, cash equal to the Black-Scholes value of the outstanding warrants. | ||||||||||||||
Based on the aforementioned terms the February 2014 Warrants have been accounted for as liability according to the provisions of ASC 815-40 amounted to $3,230. | ||||||||||||||
In connection with the February 2014 Private Placement, the Company also entered into a Registration Rights Agreement (the "RRA") with the February 2014 Investors. Pursuant to the terms of the RRA, the Company granted to the February 2014 Investors certain registration rights related to the February 2014 Shares, Warrants and the Adjustment Shares issued and issuable in this private placement. According to the RRA, the Company was required to file a registration statement for the resale of the shares of Common Stock underlying the February 2014 Warrants and Adjustment Shares within 30 days following the closing date of the February 2014 Private Placement and to use its reasonable best efforts to cause such registration statement to be declared effective within 60 days following the closing date (or 120 days following the closing date if the SEC reviewed the registration statement). The Company was subject to potential liquidated damages to each February 2014 Investor of up to nine percent (the "Registration Fee") of the pro-rata purchase price of the Shares for failure to meet its registration obligations under the RRA. | ||||||||||||||
On March 20, 2014, the Company filed a registration statement (the "Third Registration Statement") with the Securities and Exchange Commission (the "SEC") covering the public resale of up to 779,436 shares of Common Stock, par value $0.0001 per share (including 334,044 shares of Common Stock underlying warrants) previously issued to the investors from the February 2014 Private Placement. The Third Registration Statement was declared effective on June 3, 2014. | ||||||||||||||
Following the effectiveness of the Third Registration Statement, and in accordance with the terms of the February 2014 Private Placement, on July 2, 2014 the Company issued 496,884 Adjustments Shares based on a reset price of $4.45 to the February 2014 Investors. In addition, the exercise price for the investors and placement agent warrants of the February 2014 Private Placement was adjusted to $4.45 and additional 549,338 and 47,653 warrants became eligible for issuance upon exercise of such warrants, respectively. | ||||||||||||||
On August 15, 2014, the Company entered into a separate amendment and exchange agreements with the February 2014 Investors (each, an "Exchange Agreement") pursuant to which certain terms of the original investment agreements were eliminated and all of the aforesaid warrants were exchanged and terminated in consideration of the issuance on August 22, 2014 of an aggregate of 10,806,190 shares of Common Stock pursuant to the formula described in the Exchange Agreement. | ||||||||||||||
On September 22, 2014, and following to such Exchange Agreement, the Company entered into an agreement with the placement agent of the February 2014 Private Placement to terminate its right to receive warrants in exchange for 151,325 shares of Common Stock pursuant to the same formula as described in the Exchange Agreement. Such Common Stock were issued to the placement agent on October 7, 2014. | ||||||||||||||
The exchange to the February 2014 Investors and placement agent is considered as a modification of the terms of the February 2014 Private Placement. The incremental value that was generated to the investors from the aforementioned exchanged warrants (including other eliminated rights) and the fair value of new shares of Common Stock that were issued, amounted to $3,403 and was allocated to the exchanged warrants and eliminated reset feature based on their relative fair value which was determined by the Company's management by assistance of third party appraiser. Therefore, $279 out of the above amount was allocated to the eliminated reset feature and was accounted for as deemed dividend in the Statement of Changes in Shareholders’ Deficit. The remaining amount of $3,124 was allocated to the exchanged warrants and was recorded as part of the finance expenses in the consolidated statement of comprehensive loss. | ||||||||||||||
d. | On September 23, 2014, the Company entered into and closed the transactions contemplated by a definitive Securities Purchase Agreement (the "September 2014 Private Placement") with existing and new institutional and accredited investors (the "September 2014 Investors") pursuant to which the Company raised $4,096 in net proceeds by issuance of aggregate 42,350 units which consist of 42,350 shares of newly designated Series A Convertible Preferred Stock (the "Series A Preferred Stock") which are convertible into 10,683,662 shares of Common Stock and warrants to purchase 5,341,834 shares of Common Stock with an exercise price of $0.48 per share. | |||||||||||||
The warrants issued in the September 2014 Private Placement are exercisable immediately upon issuance and may be exercised at any time prior to September 23, 2018. They also are eligible for "cashless exercise" only if the underlying shares of Common Stock are not registered for resale. If the Company fails to timely deliver registered shares of Common Stock to the September 2014 Investors upon exercise, it would be subject to certain net settlement cash feature and liquidated damages penalties and therefore these warrants are accounted and recorded as a liability according to the provisions of ASC 815-40. | ||||||||||||||
The Series A Preferred Stock have certain rights and privileges among others, a liquidation preference which might be applied in certain deemed liquidation events such as changes in control of the Company and therefore are accounted and recorded out of the Company's equity, as mezzanine according to the provisions of ASC 480-10-S99 "Distinguishing Liabilities from Equity". | ||||||||||||||
In addition, based on the fair value of each of the Series A Preferred Stock and the Common Stock as of September 23, 2014 and subject to the conversion right pursuant to which each Series A Preferred Stock shall be converted into shares of Common Stock at a ratio of 1 to 252 at any time by election of the September 2014 Investors, the Company has measured a beneficial conversion feature ("BCF") which was accounted as deemed dividend and was recorded as additional paid in capital during the year ended December 31, 2014. | ||||||||||||||
The table below shows the allocation of proceeds from the September 2014 Private Placement and carrying value of the Series A Preferred Stock and warrants issued in such placement: | ||||||||||||||
Year ended | ||||||||||||||
December 31, | ||||||||||||||
2014 | ||||||||||||||
Gross proceeds on September 23, 2014 | $ | 4,235 | ||||||||||||
Fair value of warrants on September 23,2014 | -1,336 | |||||||||||||
Related issuance costs allocated | -96 | |||||||||||||
Net value allocated to Series A Preferred Stock | $ | 2,803 | ||||||||||||
Calculated BCF value | -2,899 | |||||||||||||
Deemed dividend | 2,899 | |||||||||||||
Conversion of Series A Preferred Stock, net of issuance costs | -46 | |||||||||||||
Balance at December 31, 2014 | $ | 2,757 | ||||||||||||
The Company was obligated to file a registration statement registering all of such Common Stock underlying the above warrants and Series A Preferred Stock (the "Registrable Shares") within 30 days following the closing date of the September 2014 Private Placement and cause such registration statement to become effective within 60 days (or 120 days following the closing date if the SEC determines to review the registration statement) after such filing and ensure that after the applicable effective dates, all the Registrable Shares are able to be sold (whether pursuant to a registration statement or otherwise). Failure to comply with any one of these registration requirements (subject to applicable grace periods) triggers certain liquidated damages payable by the Company to each of the September 2014 Investors. | ||||||||||||||
On October 15, 2014, the Company filed a registration statement covering the public resale of up to 10,683,662 Registrable Shares underlying the Series A Preferred Stock and 5,341,834 Registrable Shares underlying warrants, sold in the September 2014 Private Placement (the "Fourth Registration Statement"). The Fourth Registration Statement was declared effective on October 30, 2014. | ||||||||||||||
As of December 31, 2014, 698 Series A Preferred Stock had been converted into 176,137 shares of Common Stock and therefore an amount of $46 was accounted for as additional paid in capital in the Company's statement of changes in stockholders deficiency. | ||||||||||||||
e. | The Exchange Agreement and the September 2014 Private Placement, as described in Notes 9c and 9d, triggered the anti-dilution mechanism of the warrants issued in the Company’s private placement which closed in March 2012 (the "2011-2012 Private Placement") by adjusting the current exercise price of the warrants for the investors and placement agent from $6.50 to $1.23 and additional 2,297,624 and 437,537 shares became subject to such warrants, respectively. In addition, the exercise price for the placement agent warrants of the 2011-2012 Private Placement, with a current exercise price of $5.00 was adjusted to $1.00 and additional 338,099 warrants were issued (see also Note 10a). | |||||||||||||
f. | The table below summarizes the outstanding warrants as of December 31, 2014: | |||||||||||||
Warrants | ||||||||||||||
outstanding as | ||||||||||||||
of December | Exercise | |||||||||||||
31, 2014 | price | Expiration date | ||||||||||||
$ | ||||||||||||||
Investors of the 2011-2012 Private Placement | 2,835,787 | 1.23 | 26-Oct-16 | |||||||||||
Placement agent of the 2011-2012 Private Placement | 423,496 | 1 | 8-Apr-16 | |||||||||||
Placement agent of the 2011-2012 Private Placement | 540,046 | 1.23 | 8-Apr-16 | |||||||||||
October 2012 Private Placement FINRA member | 29,585 | 7.5 | 16-Oct-16 | |||||||||||
August 2012 Private Placement | 141,269 | 5 | 8-Apr-15 | |||||||||||
April-May 2013 Private Placement | 400,000 | 25 | 4-Apr-16 | |||||||||||
Placement agent of the April-May 2013 Private Placement | 80,003 | 12.5 | 4-Apr-16 | |||||||||||
Placement agent of the April-May 2013 Private Placement | 40,005 | 25 | 4-Apr-16 | |||||||||||
Investors of the September 2014 Private Placement | 5,341,834 | 0.48 | 23-Sep-18 | |||||||||||
Consulting Agreement | 50,000 | 7.5 | 8-Apr-15 | |||||||||||
Total outstanding | 9,882,025 | |||||||||||||
During the year ended December 31, 2013, proceeds from warrants exercised amounted to $292 following the issuance of 60,155 Common Stock out of which 12,567 were issued utilizing a cashless exercise feature. During the year ended December 31, 2014, proceeds from warrants exercised amounted to $343 following the issuance of 68,524 Common Stock out of which none were issued utilizing a cashless exercise feature. | ||||||||||||||
g. | Stock-based compensation: | |||||||||||||
1 | On January 23, 2012, an equity incentive plan (the "2012 Plan") was adopted by the Board of Directors of the Company and approved by a majority of the Company's stockholders, under which options to purchase up to 572,000 shares of Common Stock have been reserved. Under the 2012 Plan, options to purchase shares of Common Stock may be granted to employees and non-employees of the Company or any affiliate, each option granted can be exercised to one share of Common Stock. | |||||||||||||
On January 23, 2012, the 2012 Israeli equity sub plan (the "Sub Plan") was adopted by the Board of Directors of the Company, which set forth the terms for the grant of stock awards to Israeli employees or Israeli non-employees. The Sub Plan was adopted in accordance with the amended sections 102 and 3(i) of Israel's Income Tax Ordinance. The Sub Plan is part of the 2012 Plan and subject to the same terms and conditions. | ||||||||||||||
During February 2013, the Board of Directors and majority stockholders of the Company approved an increase in the size of the 2012 Plan from 572,000 shares of Common Stock to 1,000,000 shares of Common Stock. | ||||||||||||||
On June 17, 2014, the Board of Directors and majority stockholders of the Company approved an increase in the size of the 2012 Plan from 1,000,000 shares of Common Stock to 1,500,000 shares of Common Stock. | ||||||||||||||
2 | On January 7, 2014, the Company's Compensation Committee of the Board of Directors approved the grants of 124,000 and 10,000 options to employees and to a consultant of the Company, respectively, at an exercise price of $9.25 per share. Such options to the Company’s employees vest over a period of two years commencing on the grant date. The options granted to the consultant of the Company were fully vested as of the grant date. All of the aforementioned options have ten year term and were issued under 2012 Plan. | |||||||||||||
Following the approval of the Company's Board of Directors of the Annual Directors Plan, on May 7, 2014 our Board of Directors approved the 2014 grant of the Annual Directors Plan with 5,000 options granted to each of the Company's then current non-employee directors. These options have an exercise price of $6.95 and shall vest in quarterly arrears over one year ended December 31, 2014. | ||||||||||||||
These options also have a cashless exercise feature and a ten year term. | ||||||||||||||
On the same date, the Board of Directors also approved a one-time grant of fully-vested 30,000 options to each of the two newest non-employee directors. These options have an exercise price of $6.95, a cashless exercise feature and a ten year term. | ||||||||||||||
In addition, on the same date, the Board of Directors approved the grant of 76,000 options to the member of the Company’s Scientific Advisory Board (the "SAB"). These options have an exercise price of $6.95, shall vest in four quarterly arrears, have a cashless exercise feature and a ten year term. | ||||||||||||||
The abovementioned options to non-employee directors and the SAB were not issued under the Company’s 2012 Equity Incentive Plan and shall be deemed to have been issued under an "employee benefit plan" as defined in Rule 405 promulgated under the Securities Act. | ||||||||||||||
On July 7, 2014, the Company's Board of Directors approved the grant of 236,000 and 63,000 options to employees and consultants, respectively, at an exercise price of $4.90 per share. Such options shall vest in 8 quarterly instalments over a period of two years commencing the above date. The options have a cashless exercise feature and a ten years term and shall be issued under the 2012 Plan. | ||||||||||||||
In addition on the same date, the Board of Directors approved a one-time grant of fully-vested 30,000 options to a new non-employee director. These options have an exercise price of $4.90, have a cashless exercise feature and a ten years. The non-employee director options were not issued under the Company’s 2012 Equity Incentive Plan and shall be deemed to have been issued under an "employee benefit plan" as defined in Rule 405 promulgated under the Securities Act. | ||||||||||||||
Upon such approvals, the remaining 432,500 options to purchase Common Stock are available for future grants under the 2012 Plan to employees and non-employees of the Company or Ltd. | ||||||||||||||
Transactions related to the grant of options to employees, directors and non-employees under the above plans during the year ended December 31, 2014 were as follows: | ||||||||||||||
Weighted | ||||||||||||||
Weighted | average | |||||||||||||
average | remaining | Aggregate | ||||||||||||
Number of | exercise | contractual | Intrinsic | |||||||||||
options | price | life | value | |||||||||||
$ | Years | $ | ||||||||||||
Options outstanding at beginning of year | 945,750 | 6.9 | 7.69 | 2,935 | ||||||||||
Options granted | 624,000 | 6.36 | ||||||||||||
Options exercised | 74,500 | 0.09 | ||||||||||||
Options expired | 89,250 | 11.21 | ||||||||||||
Options forfeited | 88,600 | 13.54 | ||||||||||||
Options outstanding at end of year | 1,317,400 | 6.59 | 6.98 | 8 | ||||||||||
Options vested and expected to vest at end of year | 1,284,800 | 6.58 | 6.96 | 8 | ||||||||||
Exercisable at end of year | 962,875 | 6.74 | 6.42 | 8 | ||||||||||
Weighted average fair value of options granted during the year ended December 31, 2014 and 2013 is $2.82 and $7.20, respectively. | ||||||||||||||
The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the Company's closing stock price on the last day of fiscal | ||||||||||||||
2014 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2014. This amount is impacted by the changes in the fair market value of the Common Stock. | ||||||||||||||
The following table presents the assumptions used to estimate the fair values of the options granted in the period presented: | ||||||||||||||
Year ended | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Volatility | 54.57%-64.74% | 58.63%-75.77% | ||||||||||||
Risk-free interest rate | 1.65%-2.84% | 0.33%-2.98% | ||||||||||||
Dividend yield | 0% | 0% | ||||||||||||
Expected life (years) | 10-May | 2.7-9.72 | ||||||||||||
As of December 31, 2014, the total unrecognized estimated compensation cost related to non-vested stock options granted prior to that date was $669, which is expected to be recognized over a weighted average period of approximately 0.65 years. | ||||||||||||||
The total compensation cost related to all of the Company's equity-based awards, recognized during year ended December 31, 2014 and 2013 was comprised as follows: | ||||||||||||||
Year ended | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Cost of revenues | $ | 39 | $ | - | ||||||||||
Research and development | 409 | 612 | ||||||||||||
Sales, Marketing and pre-production costs | 29 | 212 | ||||||||||||
General and administrative (*) | 1,215 | 2,389 | ||||||||||||
Total stock-based compensation expenses | $ | 1,692 | $ | 3,213 | ||||||||||
(*) | Excluding restricted Common Stock and warrants to purchase Common Stock that were granted to service provider and for which expenses amounted to $1,011 were recorded during the year ended December 31, 2013. | |||||||||||||
FAIR_VALUE_MEASURMENTS
FAIR VALUE MEASURMENTS | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Fair Value Disclosures [Abstract] | |||||||||
Fair Value Disclosures [Text Block] | NOTE 10:- | FAIR VALUE MEASURMENTS | |||||||
a. | On March 30, 2012, the Company consummated the final closing of the 2011-2012 Private Placement pursuant to which certain accredited investors purchased an aggregate of 492,200 shares of Common Stock and warrants to purchase 492,200 shares of Common Stock at an exercise price of $7.50 for total consideration of $2,461. | ||||||||
The placement agent for the 2011-2012 Private Placement and its permitted designees were granted warrants to purchase an aggregate of (i) 96,440 shares of Common Stock at the exercise price of $5.00 per share and (ii) 96,440 shares of Common Stock at the exercise price of $7.50 per share. | |||||||||
Subsequent to the issuance of the 2011-2012 Private Placement warrants the original exercise price of the warrants for the investors and placement agent was adjusted from $7.50 to $1.23 and additional 2,371,827 and 452,028 warrants were issued, respectively. In addition, the exercise price for the placement agent warrants of the 2011-2012 Private Placement, with an original exercise price of $5.00 was adjusted to $1.00 and additional 338,099 warrants were issued. | |||||||||
b. | On February 18, 2014, the Company consummated the February 2014 Private Placement (see also Note 9c). | ||||||||
c. | On September 23, 2014, the Company consummated the September 2014 Private Placement (see also Note 9d). | ||||||||
The warrants of 2011-2012 Private Placement and February 2014 Private Placement contain non-standard anti-dilution protection provisions and the warrants of September 2014 Private Placement contain certain net settlement cash feature and liquidated damages penalties and therefore the Company accounts for such warrants as a liability according to the provisions of ASC 815-40 and re-measured using the Binomial option-pricing model as described below. | |||||||||
In estimating the warrants' fair value, the Company used the following assumptions: | |||||||||
Investors' warrants in 2011-2012 Private Placement: | |||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Risk-free interest rate (1) | 0.59 | % | 0.7 | % | |||||
Expected volatility (2) | 47.72 | % | 52.09 | % | |||||
Expected life (in years) (3) | 1.82 | 2.82 | |||||||
Expected dividend yield (4) | 0 | % | 0 | % | |||||
Fair value per warrant | $ | 1.05 | $ | 3.7 | |||||
Placement agent's warrants 2011-2012 Private Placement: | |||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Risk-free interest rate (1) | 0.36% | 0.50% | |||||||
Expected volatility (2) | 46.46% | 50.91% | |||||||
Expected life (in years) (3) | 1.27 | 2.25 | |||||||
Expected dividend yield (4) | 0% | 0% | |||||||
Fair value per warrant | $ 0.83-1.06 | $ 3.35-4.15 | |||||||
Investors and placement agent's warrants in February 2014 Private Placement: | |||||||||
August 15, | Issuance | ||||||||
2014 | date | ||||||||
Risk-free interest rate (1) | 1.48 | % | 1.63 | % | |||||
Expected volatility (2) | 51.21 | % | 61.49 | % | |||||
Expected life (in years) (3) | 4.8 | 5.2 | |||||||
Expected dividend yield (4) | 0 | % | 0 | % | |||||
Fair value per warrant | $ | 1.1 | $ | 8.9 | |||||
Investors' warrants in September 2014 Private Placement: | |||||||||
December 31, | Issuance | ||||||||
2014 | date | ||||||||
Risk-free interest rate (1) | 1.3 | % | 1.42 | % | |||||
Expected volatility (2) | 49.14 | % | 48.75 | % | |||||
Expected life (in years) (3) | 3.73 | 4 | |||||||
Expected dividend yield (4) | 0 | % | 0 | % | |||||
Fair value per warrant | $ | 0.02 | $ | 0.25 | |||||
-1 | Risk-free interest rate - based on yield rates of non-index linked U.S. Federal Reserve treasury bonds. | ||||||||
-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 option. | ||||||||
-3 | Expected life - the expected life was based on the expiration date of the warrants. | ||||||||
-4 | Expected dividend yield - was based on the fact that the Company has not paid dividends to its shareholders in the past and does not expect to pay dividends to its shareholders in the future. | ||||||||
The changes in Level 3 liabilities associated with the 2011-2012 Private Placement, the February 2014 Private Placement and September 2014 Private Placement warrants are measured at fair value on a recurring basis. The following tabular presentation reflects the components of the liability associated with such warrants as of December 31, 2014: | |||||||||
Fair value | |||||||||
of liability | |||||||||
related to | |||||||||
warrants | |||||||||
Balance at December 31, 2013 | $ | 2,696 | |||||||
Fair value of warrants to investors and placement agent that were issued in the February 2014 Private Placement (see also Note 9c) | 3,230 | ||||||||
Exchange of warrants from issuance of Common Stock in the February 2014 Private Placement (see also Note 9c) | -1,056 | ||||||||
Fair value of warrants to investors and placement agent that were issued in the September 2014 Private Placement (see also Note 9d) | 1,336 | ||||||||
Change in fair value of warrants during the period | -2,194 | ||||||||
Exercise of warrants (*) | -9 | ||||||||
Balance at December 31, 2014 | $ | 4,003 | |||||||
(*) | During the year ended December 31, 2014, 1,824 warrants from the above issuances were exercised for an aggregate of 1,824 shares of Common Stock. | ||||||||
As of December 31, 2014, there were outstanding warrants to purchase 9,141,163 shares of Common Stock from the above issuances which were recorded as a liability. | |||||||||
SELECTED_STATEMENTS_OF_OPERATI
SELECTED STATEMENTS OF OPERATIONS DATA | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||
Quarterly Financial Information [Text Block] | NOTE 11:- | SELECTED STATEMENTS OF OPERATIONS DATA | ||||||
a. | General and administrative: | |||||||
Year ended | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Payroll, office and related | $ | 945 | $ | 1,517 | ||||
Legal and professional fees | 1,103 | 1,342 | ||||||
Stock-based compensation | 1,215 | 2,389 | ||||||
Issuance of Common Stock and warrants to service provider | - | 1,011 | ||||||
Other | 377 | 37 | ||||||
Total General and administrative | $ | 3,640 | $ | 6,296 | ||||
b. | Financial expenses, net: | |||||||
Year ended | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Bank charges | $ | 23 | $ | 21 | ||||
Foreign currency adjustments losses | 33 | 55 | ||||||
Issuance cost related to warrants to investors and service provider | 533 | - | ||||||
Incremental value to the February 2014 Investors that resulted from Exchange Agreement | 3,124 | - | ||||||
Change in the fair value of warrants | -2,194 | 293 | ||||||
Total Financial expenses, net | $ | 1,519 | $ | 369 | ||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended | ||
Dec. 31, 2014 | |||
Subsequent Events [Abstract] | |||
Subsequent Events [Text Block] | NOTE 12:- | SUBSEQUENT EVENTS | |
On February 25, 2015 (the "Closing Date"), the Company entered into a Securities Purchase Agreement (the "February 2015 Private Placement") with existing and new institutional and accredited investors (the "Buyers") to raise approximately $1.6 million in gross proceeds through the private placement of 9,064,222 shares of Common Stock, and series A warrants to purchase 2,266,057 shares of Common Stock (the "Series A Warrants") and series B warrants to purchase 2,266,057 shares of Common Stock (the "Series B Warrants"). Out of the above issuance, 1,150,000 shares of Common Stock, 287,500 Series A Warrants and 287,500 Series B Warrants were purchased by the chief financial officer of the Company for gross proceeds of $207. The Series A Warrants are immediately exercisable at an exercise price of $0.24 per share and expire 9 months from the Closing Date. The Series B Warrants are immediately exercisable at an exercise price of $0.30 per share and expire 36 months from the Closing Date. The Series A Warrants and Series B Warrants are eligible also for "cashless exercise" only if the underlying shares of Common Stock are not registered for resale. Such warrants contain standard anti-dilution protections clause and therefore will be classified as part of the Company’s stockholder’s deficiency. The Series B Warrants are callable by the Company for nominal consideration in the event that the share price of the Common Stock trades over $0.80 (adjusted for splits and the like) for 20 consecutive trading days. | |||
With relation to the February 2015 Private Placement the Company entered into a finder’s fee agreement with a finder according to which the f inder shall receive a cash fee of approximately $43 and warrants to purchase 241,423, 60,356 and 60,356 shares of Common Stock with an exercise price of $0.20, $0.27 and $0.34, respectively and an exercise term of up to 3 years from the Closing Date. | |||
The Company is required to file a registration statement for the resale of the shares and warrants shares issued in the February 2015 Private Placement within 60 days following the Closing Date and to use its reasonable best efforts to cause such registration statement to be declared effective within 75 days following the Closing Date (or 150 days following the Closing Date if the SEC determines to review the registration statement). The Company may incur liquidated damages if it does not meet the abovementioned registration obligations. | |||
On March 16, 2015, the Company raised additional $400 in gross proceeds under the same terms and conditions of the February 2015 Private Placement and issued 2,222,222 shares of Common Stock, series A warrants to purchase 555,556 shares of Common Stock and series B warrants to purchase 555,556 shares of Common Stock. Out of the above issuance, 1,111,111 shares of Common Stock, 277,778 Series A Warrants and 277,778 Series B Warrants were purchased by one of the directors of the Company for gross proceeds of $200. | |||
The February 2015 Private Placement triggered the anti-dilution mechanism of the warrants issued in the 2011-2012 Private Placement by adjusting the current exercise price of the warrants for the investors and placement agent from $1.23 to $0.66 and additional 2,426,084 and 462,001 shares became subject to such warrants, respectively. In addition, the exercise price for the placement agent warrants of the 2011-2012 Private Placement, with current exercise price of $1.00 was adjusted to $0.55 and additional 347,028 warrants were issued (see also Note 10a). | |||
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Use of Estimates, Policy [Policy Text Block] | a. | Use of estimates: | |||
The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates, judgments and assumptions. The Company's management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |||||
Reported Currency In Financial Statements [Policy Text Block] | b. | Financial statements in U.S. dollars ("dollar" or "dollars"): | |||
The accompanying consolidated financial statements have been prepared in dollars. | |||||
The Company’s financing activities are incurred in U.S. dollars. Although a portion of Ltd.'s expenses are denominated in New Israeli Shekels ("NIS") (mostly salaries and rent), a substantial portion of its expenses are denominated in dollars. The Company's management believes that the currency of the primary economic environment in which the operations of the Company and its subsidiaries are conducted is the dollar; thus, the dollar is the functional currency of the Company. | |||||
Transactions and balances denominated in dollars are presented at their original amounts. Monetary accounts denominated in currencies other than the dollar are re-measured into dollars in accordance with ASC No. 830, "Foreign Currency Matters". All transaction gains and losses of the re-measurement of monetary balance sheet items are reflected in the consolidated statement of comprehensive loss as financial income or expenses, as appropriate. | |||||
Consolidation, Policy [Policy Text Block] | c. | Principles of consolidation: | |||
The consolidated financial statements include the accounts of the Company, Ltd. and LabStyle US. All intercompany balances and transactions have been eliminated upon consolidation. | |||||
Cash and Cash Equivalents, Unrestricted Cash and Cash Equivalents, Policy [Policy Text Block] | d. | Cash and cash equivalents: | |||
The Company considers all highly liquid investments, which are readily convertible to cash with a maturity of three months or less at the date of acquisition, to be cash equivalents. | |||||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | e. | Restricted cash: | |||
Restricted cash is invested in a bank deposit, which is pledged in favor of the bank as a security for the Company's credit card. | |||||
Investment, Policy [Policy Text Block] | f. | Short-term bank deposits: | |||
Short-term bank deposits are deposits with maturities of more than three months and up to one year. The short-term bank deposits are denominated in NIS and bear interest at an average rate of 0.42% and 1.09% as of December 31, 2014 and 2013, respectively. The short-term bank deposits are presented at their cost, including accrued interest. | |||||
Inventory, Policy [Policy Text Block] | g. | Inventories: | |||
Inventories are stated at the lower of cost plus allocable indirect manufacturing costs or net realized value. Cost is determined on a "moving average" basis. Inventory write-downs are provided to cover technological obsolescence, excess inventories and discontinued products. | |||||
Inventory write-down is also measured as the difference between the cost of the inventory and net realized value based upon assumptions about future demand, and is charged to the cost of sales. At the point of the loss recognition, a new, lower-cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. | |||||
Work-in-process is immaterial, given the typically short manufacturing cycle, and therefore is disclosed in conjunction with raw materials. | |||||
Total write-off during the year ended December 31, 2014 amounted to $1,046. | |||||
Lease, Policy [Policy Text Block] | h. | Long-term lease deposits: | |||
Long-term lease deposit includes long-term deposits for car lease. | |||||
Property, Plant and Equipment, Policy [Policy Text Block] | i. | Property and equipment: | |||
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates: | |||||
% | |||||
Computers, and peripheral equipment | 15-33 | ||||
Office furniture and equipment | 6 | ||||
Production lines | 20-100 | ||||
Leasehold improvements | Over the shorter of the lease term or useful economic life | ||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | j. | Impairment of long-lived assets: | |||
Property and equipment are reviewed for impairment in accordance with ASC No. 360, "Property, Plant and Equipment," whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the year ended December 31, 2013, no impairment losses have been recorded. During the year ended December 31, 2014, the Company decided to cease the operation of one of its production lines and thus performed a recoverability test for such facility. In conjunction with this analysis, the Company recorded a non-cash charge with respect to impairment of its production line amounted to $489 in accordance with ASC No. 360. This charge was recorded as separate line in the consolidated statements of comprehensive loss. | |||||
Subsequent to the balance sheet date, the Company entered into a separation agreement with the subcontractor according to which the parties agreed that this production line will no longer be in the Company’s possession and following such, neither party will have any further performance, payment or any liability obligation with respect to each other. This agreement had no material effect over the Company’s consolidated financial statements. | |||||
Revenue Recognition, Software [Policy Text Block] | k. | Revenue recognition: | |||
The Company derives revenues from the sale of its Dario™ Smart Meter and its related device-specific disposables test strip cartridges and lancets through independent distributers. The Dario™ software application is offered for a free download and the Company does not obtain a recurring hosting commitment towards the end users relating specifically to the application. | |||||
Revenues from product sales are recognized in accordance with ASC 605-10 "Revenue Recognition", when delivery has occurred, persuasive evidence of an agreement exists, the vendor’s fee is fixed or determinable, no further obligation exists and collectability is probable. | |||||
The Company generally has a standard contract with its distributors. According to the agreements, all sales to distributors are final, no rights of return or price protection right is granted to such distributors and the Company is not a party of the agreements between distributors and their customers. In certain arrangement, the Company has granted to the distributors limited rights of return on unsold products. | |||||
Through December 31, 2014, product sales to distributors are recognized as revenues upon receipt of payment unless the distributer has a right of return on unsold products. The Company will apply this policy until it will have sufficient historical experience with each distributor in order to conclude that fee is fixed or determinable and collectability is probable. | |||||
Deferred revenues include advances and payments received from customers, for which revenue has not yet been recognized. | |||||
Company’s shipping and handling costs are included in cost of revenues. | |||||
Cost of Sales, Policy [Policy Text Block] | l. | Cost of revenues: | |||
Cost of revenues is comprised of cost of device production, employees' salaries and related overhead costs, depreciation of production line and related equipment costs used in production, shipping and handling costs and inventory write-downs. | |||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | m. | Concentrations of credit risk: | |||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term bank deposits and other accounts receivable and prepaid expenses. | |||||
The majority of cash and cash equivalents of the Company and its subsidiaries are invested in deposits and current accounts with major U.S. and Israeli banks. Such cash and cash equivalents may be in excess of insured limits and are not insured in other jurisdictions. Generally, cash and cash equivalents may be redeemed and therefore a minimal credit risk exists with respect to these deposits and investments. | |||||
Income Tax, Policy [Policy Text Block] | n. | Income taxes: | |||
The Company accounts for income taxes in accordance with ASC No. 740, "Income Taxes". This Statement prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value. As of December 31, 2014 and 2013, a full valuation allowance was provided by the Company. | |||||
ASC 740 contains a two-step approach to recognizing and measuring a liability for uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. As of December 31, 2014 and 2013, no liability for unrecognized tax benefits was recorded as a result of the implementation of ASC 740. | |||||
Research and Development Expense, Policy [Policy Text Block] | o. | Research and development costs: | |||
Research and development costs are charged to the statement of comprehensive loss, as incurred. | |||||
Advertising Costs, Policy [Policy Text Block] | p. | Advertising expenses: | |||
Advertising expenses are charged to the statement of comprehensive loss, as incurred. For the year ended December 31, 2014 and 2013, advertising expenses amounted $126 and $175, respectively. | |||||
Stockholders' Equity, Policy [Policy Text Block] | q. | Series A Preferred Stock: | |||
The Company classifies the Series A Preferred Stock (as defined in Note 9d) outside of Stockholders' deficit because certain features of the COI would require redemption of some or all of the Series A Preferred Stock upon events not solely within the control of the Company. | |||||
Warrants [Policy Text Block] | r. | Warrants: | |||
The Company accounts for certain warrants held by investors and the Company’s previous placement agent and its permitted designees which include priced-based anti-dilution protection or certain net settlement cash feature and liquidated damages penalties as a liability according to the provisions of ASC 815-40, "Derivatives and Hedging - Contracts in Entity's Own Equity" ("ASC 815"), which provides new two-step model to be applied in determining whether a financial instrument or an embedded feature is indexed to an issuer's own stock and thus able to qualify to be a derivative financial instrument. The Company measures the warrants at fair value by using Binomial option-pricing model in each reporting period until they are exercised or expired, with changes in the fair values being recognized in the Company's statement of comprehensive loss as financial income or expense. | |||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | s. | Accounting for stock-based compensation: | |||
The Company accounts for stock-based compensation in accordance with ASC 718, "Compensation - Stock Compensation" ("ASC 718"), which requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company's consolidated statement of comprehensive loss. | |||||
The Company recognizes compensation expenses for the value of its awards granted based on the straight-line method over the requisite service period of each of the awards, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||
The Company estimates the fair value of stock options granted using the Black-Scholes-Merton option-pricing model. The option-pricing model requires a number of assumptions, of which the most significant are the expected stock price volatility and the expected option term. Expected volatility was calculated based upon historical volatilities of similar entities in the related sector index until the Company's own volatility data will be reliable. The expected option term represents the period that the Company's stock options are expected to be outstanding and is determined based on the simplified method until sufficient historical exercise data will support using expected life assumptions. The risk-free interest rate is based on the yield from U.S. treasury bonds with an equivalent term. The Company has historically not paid dividends and has no foreseeable plans to pay dividends. | |||||
The Company applies ASC 505-50, "Equity-Based Payments to Non-Employees" with respect to options and warrants issued to non-employees. | |||||
Until the Company received a ticker symbol for its Common Stock and caused the Common Stock to be eligible for trading on April 9, 2013, The fair value of the shares of Common Stock underlying the options and warrants granted through such date, had been determined by the Company's management with assistance of an independent valuation firm by applying of market approach using recent third-party transactions in the equity of the Company. | |||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | t. | Fair value of financial instruments: | |||
The Company applies ASC 820, "Fair Value Measurements and Disclosures". Under this standard, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the "exit price") in an orderly transaction between market participants at the measurement date. | |||||
In determining fair value, the Company uses various valuation approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent from the Company. Unobservable inputs are inputs that reflect the Company's assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. | |||||
The hierarchy is broken down into three levels based on the inputs as follows: | |||||
Level 1 - | Valuations based on quoted prices in active markets for identical assets that the Company has the ability to access. Valuation adjustments and block discounts are not applied to Level 1 instruments. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. | ||||
Level 2 - | Valuations based on one or more quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. | ||||
Level 3 - | Valuations based on inputs that are unobservable and significant to the overall fair value measurement. | ||||
The availability of observable inputs can vary from investment to investment and is affected by a wide variety of factors, including, for example, the type of investment, the liquidity of markets and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment and the investments are categorized as Level 3. | |||||
The carrying amounts of cash and cash equivalents, short-term bank deposits, other accounts receivable and prepaid expenses, trade payables and other accounts payable and accrued expenses approximate their fair value due to the short-term maturity of such instruments. Warrants are classified within Level 3 because they are valued using valuation techniques. Some of the inputs to these models are unobservable in the market and are significant. | |||||
Earnings Per Share, Policy [Policy Text Block] | u. | Basic and diluted net loss per share: | |||
Basic net loss per share is computed based on the weighted average number of shares of Common Stock outstanding during each year. Diluted net loss per share is computed based on the weighted average number of shares of Common Stock outstanding during each year, plus dilutive potential Common Stock considered outstanding during the year, in accordance with ASC topic 260, "Earnings Per Share". | |||||
The total weighted average number of shares related to the outstanding warrants and options excluded from the calculations of diluted net loss per share due to their anti-dilutive effect was 8,243,762 and 2,171,714 for the year ended December 31, 2014 and 2013, respectively. | |||||
Severance Pay [Policy Text Block] | v. | Severance pay: | |||
Since inception date, all of Ltd.'s employees who are entitled to receive severance pay in accordance with the applicable law in Israel are included under section 14 of the Israeli Severance Compensation Law ("Section 14"). Under this section, they are entitled only to monthly deposits, at a rate of 8.33% of their monthly salary, made on their behalf with insurance companies. Payments in accordance with Section 14 release Ltd. from any future severance payments in respect of those employees. Deposits under Section 14 are not recorded as an asset in the Company's balance sheet | |||||
Commitments and Contingencies, Policy [Policy Text Block] | w. | Legal and other contingencies: | |||
The Company reviews the status of each matter and assesses its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. The Company is currently not involved in any claims and legal proceedings. | |||||
New Accounting Pronouncements, Policy [Policy Text Block] | x. | Impact of recently issued accounting pronouncements: | |||
In June 2014 the Financial Accounting Standards Board (“FASB”) issued Update No. 2014-10 Development Stage Entities (Topic 915): “Elimination of Certain Financial Reporting Requirements”, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this Update remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of comprehensive loss, cash flows, and stockholder deficiency, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective prospectively for reporting periods beginning after December 15, 2014 early adoption is permitted. Although the Company has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the Jumpstart Our Business Act of 2012, since early adoption is permitted the Company chose to early adopt the update commencing June 30, 2014 consolidated financial statement. | |||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09) "Revenue from Contracts with Customers" which supersedes the revenue recognition requirements in "Revenue Recognition"(Topic 605), and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods and services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently in the process of evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial statements. | |||||
In August 2014, the FASB issued Accounting Standards Update No. 2014-15 (ASU 2014-15), “Presentation of Financial Statements-Going Concern” (Subtopic 205-40): “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”, which defines management’s responsibility to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. ASU 2014-15 is effective for annual reporting periods ending after December 15, 2016 with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. | |||||
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Schedule Of Rate Of Depreciation [Table Text Block] | Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates: | ||||
% | |||||
Computers, and peripheral equipment | 15-33 | ||||
Office furniture and equipment | 6 | ||||
Production lines | 20-100 | ||||
Leasehold improvements | Over the shorter of the lease term or useful economic life | ||||
OTHER_ACCOUNTS_RECEIVABLE_AND_1
OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Other Accounts Receivable And Prepaid Expenses Disclosure [Abstract] | ||||||||
Other Accounts Receivable And Prepaid Expenses Disclosure [Table Text Block] | December 31, | |||||||
2014 | 2013 | |||||||
Prepaid expenses | $ | 159 | $ | 423 | ||||
Government authorities | 33 | 52 | ||||||
Deferred charges (*) | 94 | - | ||||||
$ | 286 | $ | 475 | |||||
(*) | Refer to inventory delivered to customers but for which revenue criteria have not been met yet. | |||||||
INVENTORIES_Tables
INVENTORIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory Disclosure [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | December 31, | |||||||
2014 | 2013 | |||||||
Raw materials | $ | 68 | $ | - | ||||
Finished products | 166 | - | ||||||
$ | 234 | $ | - | |||||
PROPERTY_AND_EQUIPMENT_NET_Tab
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Composition of assets, grouped by major classification, is as follows: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Cost: | ||||||||
Computers and peripheral equipment | $ | 194 | $ | 138 | ||||
Office furniture and equipment | 62 | 62 | ||||||
Production lines | 813 | 1,769 | ||||||
Leasehold improvement | 6 | - | ||||||
1,075 | 1,969 | |||||||
Accumulated depreciation: | ||||||||
Computers and peripheral equipment | 88 | 37 | ||||||
Office furniture and equipment | 7 | 3 | ||||||
Production lines | - | 784 | ||||||
Leasehold improvement | 2 | - | ||||||
97 | 824 | |||||||
Property and equipment, net | $ | 978 | $ | 1,145 | ||||
OTHER_ACCOUNTS_PAYABLE_AND_ACC1
OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts Payable and Accrued Liabilities [Abstract] | ||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, | |||||||
2014 | 2013 | |||||||
Employees and payroll accruals | $ | 205 | $ | 329 | ||||
Accrued expenses | 679 | 591 | ||||||
Deferred revenues | 24 | - | ||||||
$ | 908 | $ | 920 | |||||
COMMITMENTS_AND_CONTINGENT_LIA1
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of December 31, 2014, the future minimum aggregate lease commitments under non-cancelable operating lease agreements are as follows: | ||||||||||
Motor | |||||||||||
As of ended December 31, | Facilities | vehicles | Total | ||||||||
2015 | $ | 135 | $ | 112 | $ | 247 | |||||
2016 | 135 | 62 | 197 | ||||||||
2017 | - | 20 | 20 | ||||||||
$ | 270 | $ | 194 | $ | 464 | ||||||
TAXES_ON_INCOME_Tables
TAXES ON INCOME (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company's deferred tax assets are as follows: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Deferred tax assets: | |||||||||
Net operating loss carry forward | $ | 5,099 | $ | 3,101 | |||||
Temporary differences | 927 | 942 | |||||||
Deferred tax assets before valuation allowance | 6,026 | 4,043 | |||||||
Valuation allowance | (6,026 | ) | (4,043 | ) | |||||
Net deferred tax asset | $ | - | $ | - | |||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Loss before taxes on income consists of the following: | ||||||||
Year ended | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Domestic | $ | 3,598 | $ | 4,340 | |||||
Foreign | 9,279 | 9,591 | |||||||
$ | 12,877 | $ | 13,931 | ||||||
STOCKHOLDERS_DEFICIT_AND_CONVE1
STOCKHOLDERS' DEFICIT AND CONVERTIBLE PREFERRED SHARES (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Equity [Abstract] | ||||||||||||||
Schedule of Stockholders Equity [Table Text Block] | The table below shows the allocation of proceeds from the September 2014 Private Placement and carrying value of the Series A Preferred Stock and warrants issued in such placement: | |||||||||||||
Year ended | ||||||||||||||
December 31, | ||||||||||||||
2014 | ||||||||||||||
Gross proceeds on September 23, 2014 | $ | 4,235 | ||||||||||||
Fair value of warrants on September 23,2014 | -1,336 | |||||||||||||
Related issuance costs allocated | -96 | |||||||||||||
Net value allocated to Series A Preferred Stock | $ | 2,803 | ||||||||||||
Calculated BCF value | -2,899 | |||||||||||||
Deemed dividend | 2,899 | |||||||||||||
Conversion of Series A Preferred Stock, net of issuance costs | -46 | |||||||||||||
Balance at December 31, 2014 | $ | 2,757 | ||||||||||||
Schedule of Stockholders Equity Note, Warrants or Rights [Table Text Block] | The table below summarizes the outstanding warrants as of December 31, 2014: | |||||||||||||
Warrants | Exercise | Expiration date | ||||||||||||
outstanding as | price | |||||||||||||
of December | ||||||||||||||
31, 2014 | ||||||||||||||
$ | ||||||||||||||
Investors of the 2011-2012 Private Placement | 2,835,787 | 1.23 | 26-Oct-16 | |||||||||||
Placement agent of the 2011-2012 Private Placement | 423,496 | 1 | 8-Apr-16 | |||||||||||
Placement agent of the 2011-2012 Private Placement | 540,046 | 1.23 | 8-Apr-16 | |||||||||||
October 2012 Private Placement FINRA member | 29,585 | 7.5 | 16-Oct-16 | |||||||||||
August 2012 Private Placement | 141,269 | 5 | 8-Apr-15 | |||||||||||
April-May 2013 Private Placement | 400,000 | 25 | 4-Apr-16 | |||||||||||
Placement agent of the April-May 2013 Private Placement | 80,003 | 12.5 | 4-Apr-16 | |||||||||||
Placement agent of the April-May 2013 Private Placement | 40,005 | 25 | 4-Apr-16 | |||||||||||
Investors of the September 2014 Private Placement | 5,341,834 | 0.48 | 23-Sep-18 | |||||||||||
Consulting Agreement | 50,000 | 7.5 | 8-Apr-15 | |||||||||||
Total outstanding | 9,882,025 | |||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Transactions related to the grant of options to employees, directors and non-employees under the above plans during the year ended December 31, 2014 were as follows: | |||||||||||||
Weighted | ||||||||||||||
Weighted | average | |||||||||||||
average | remaining | Aggregate | ||||||||||||
Number of | exercise | contractual | Intrinsic | |||||||||||
options | price | life | value | |||||||||||
$ | Years | $ | ||||||||||||
Options outstanding at beginning of year | 945,750 | 6.9 | 7.69 | 2,935 | ||||||||||
Options granted | 624,000 | 6.36 | ||||||||||||
Options exercised | 74,500 | 0.09 | ||||||||||||
Options expired | 89,250 | 11.21 | ||||||||||||
Options forfeited | 88,600 | 13.54 | ||||||||||||
Options outstanding at end of year | 1,317,400 | 6.59 | 6.98 | 8 | ||||||||||
Options vested and expected to vest at end of year | 1,284,800 | 6.58 | 6.96 | 8 | ||||||||||
Exercisable at end of year | 962,875 | 6.74 | 6.42 | 8 | ||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The following table presents the assumptions used to estimate the fair values of the options granted in the period presented: | |||||||||||||
Year ended | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Volatility | 54.57%-64.74% | 58.63%-75.77% | ||||||||||||
Risk-free interest rate | 1.65%-2.84% | 0.33%-2.98% | ||||||||||||
Dividend yield | 0% | 0% | ||||||||||||
Expected life (years) | 10-May | 2.7-9.72 | ||||||||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | The total compensation cost related to all of the Company's equity-based awards, recognized during year ended December 31, 2014 and 2013 was comprised as follows: | |||||||||||||
Year ended | ||||||||||||||
December 31, | ||||||||||||||
2014 | 2013 | |||||||||||||
Cost of revenues | $ | 39 | $ | - | ||||||||||
Research and development | 409 | 612 | ||||||||||||
Sales, Marketing and pre-production costs | 29 | 212 | ||||||||||||
General and administrative (*) | 1,215 | 2,389 | ||||||||||||
Total stock-based compensation expenses | $ | 1,692 | $ | 3,213 | ||||||||||
(*) | Excluding restricted Common Stock and warrants to purchase Common Stock that were granted to service provider and for which expenses amounted to $1,011 were recorded during the year ended December 31, 2013. | |||||||||||||
FAIR_VALUE_MEASURMENTS_Tables
FAIR VALUE MEASURMENTS (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following tabular presentation reflects the components of the liability associated with such warrants as of December 31, 2014: | ||||||||
Fair value | |||||||||
of liability | |||||||||
related to | |||||||||
warrants | |||||||||
Balance at December 31, 2013 | $ | 2,696 | |||||||
Fair value of warrants to investors and placement agent that were issued in the February 2014 Private Placement (see also Note 9c) | 3,230 | ||||||||
Exchange of warrants from issuance of Common Stock in the February 2014 Private Placement (see also Note 9c) | (1,056 | ) | |||||||
Fair value of warrants to investors and placement agent that were issued in the September 2014 Private Placement (see also Note 9d) | 1,336 | ||||||||
Change in fair value of warrants during the period | (2,194 | ) | |||||||
Exercise of warrants (*) | (9 | ) | |||||||
Balance at December 31, 2014 | $ | 4,003 | |||||||
(*) | During the year ended December 31, 2014, 1,824 warrants from the above issuances were exercised for an aggregate of 1,824 shares of Common Stock. | ||||||||
Investors Warrants [Member] | Private Placement Warrants 2011-2012 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | Investors' warrants in 2011-2012 Private Placement: | ||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Risk-free interest rate (1) | 0.59 | % | 0.7 | % | |||||
Expected volatility (2) | 47.72 | % | 52.09 | % | |||||
Expected life (in years) (3) | 1.82 | 2.82 | |||||||
Expected dividend yield (4) | 0 | % | 0 | % | |||||
Fair value per warrant | $ | 1.05 | $ | 3.7 | |||||
Investors Warrants [Member] | September 2014 Private Placement [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | Investors' warrants in September 2014 Private Placement: | ||||||||
December 31, | Issuance | ||||||||
2014 | date | ||||||||
Risk-free interest rate (1) | 1.3 | % | 1.42 | % | |||||
Expected volatility (2) | 49.14 | % | 48.75 | % | |||||
Expected life (in years) (3) | 3.73 | 4 | |||||||
Expected dividend yield (4) | 0 | % | 0 | % | |||||
Fair value per warrant | $ | 0.02 | $ | 0.25 | |||||
-1 | Risk-free interest rate - based on yield rates of non-index linked U.S. Federal Reserve treasury bonds. | ||||||||
-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 option. | ||||||||
-3 | Expected life - the expected life was based on the expiration date of the warrants. | ||||||||
-4 | Expected dividend yield - was based on the fact that the Company has not paid dividends to its shareholders in the past and does not expect to pay dividends to its shareholders in the future. | ||||||||
Placement Agent Warrants [Member] | Private Placement Warrants 2011-2012 [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | Placement agent's warrants 2011-2012 Private Placement: | ||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Risk-free interest rate (1) | 0.36 | % | 0.5 | % | |||||
Expected volatility (2) | 46.46 | % | 50.91 | % | |||||
Expected life (in years) (3) | 1.27 | 2.25 | |||||||
Expected dividend yield (4) | 0 | % | 0 | % | |||||
Fair value per warrant | $ | 0.83-1.06 | $ | 3.35-4.15 | |||||
Investors And Placement Agent Warrants [Member] | February 2014 Private Placement warrants [Member] | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | Investors and placement agent's warrants in February 2014 Private Placement: | ||||||||
August 15, | Issuance | ||||||||
2014 | date | ||||||||
Risk-free interest rate (1) | 1.48 | % | 1.63 | % | |||||
Expected volatility (2) | 51.21 | % | 61.49 | % | |||||
Expected life (in years) (3) | 4.8 | 5.2 | |||||||
Expected dividend yield (4) | 0 | % | 0 | % | |||||
Fair value per warrant | $ | 1.1 | $ | 8.9 | |||||
SELECTED_STATEMENTS_OF_OPERATI1
SELECTED STATEMENTS OF OPERATIONS DATA (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | a. | General and administrative: | ||||||
Year ended | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Payroll, office and related | $ | 945 | $ | 1,517 | ||||
Legal and professional fees | 1,103 | 1,342 | ||||||
Stock-based compensation | 1,215 | 2,389 | ||||||
Issuance of Common Stock and warrants to service provider | - | 1,011 | ||||||
Other | 377 | 37 | ||||||
Total General and administrative | $ | 3,640 | $ | 6,296 | ||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | b. | Financial expenses, net: | ||||||
Year ended | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Bank charges | $ | 23 | $ | 21 | ||||
Foreign currency adjustments losses | 33 | 55 | ||||||
Issuance cost related to warrants to investors and service provider | 533 | - | ||||||
Incremental value to the February 2014 Investors that resulted from Exchange Agreement | 3,124 | - | ||||||
Change in the fair value of warrants | -2,194 | 293 | ||||||
Total Financial expenses, net | $ | 1,519 | $ | 369 | ||||
GENERAL_Details_Textual
GENERAL (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 18, 2015 | Feb. 25, 2015 | Mar. 31, 2015 | Jun. 17, 2014 |
Organization And Presentation Of Financial Statements [Line Items] | ||||||
Operating Income (Loss) | ($11,358) | ($13,562) | ||||
Net Cash Provided by (Used in) Operating Activities | 8,581 | 7,601 | ||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $0.00 | $0.00 | ||||
Common Stock, Shares Authorized | 80,000,000 | 45,000,000 | 45,000,000 | |||
Proceeds From Issuance Of Common Stock and Warrants | 3,754 | 9,982 | ||||
Subsequent Event [Member] | February 2015 Private Placement [Member] | ||||||
Organization And Presentation Of Financial Statements [Line Items] | ||||||
Proceeds From Issuance Of Common Stock and Warrants | $400 | $1,600 | $2,000 | |||
Subsequent Event [Member] | February 2015 Private Placement [Member] | Warrant [Member] | ||||||
Organization And Presentation Of Financial Statements [Line Items] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,643,226 | |||||
Subsequent Event [Member] | Private Placement [Member] | Common Stock [Member] | ||||||
Organization And Presentation Of Financial Statements [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | 2,222,222 | 9,064,222 | 11,286,444 |
SIGNIFICANT_ACCOUNTING_POLICIE3
SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Computers and Peripheral Equipment [Member] | Minimum [Member] | |
Rate Of Depreciation [Line Items] | |
Rate Of Annual Depreciation | 15.00% |
Computers and Peripheral Equipment [Member] | Maximum [Member] | |
Rate Of Depreciation [Line Items] | |
Rate Of Annual Depreciation | 33.00% |
Office Furniture and Equipment [Member] | |
Rate Of Depreciation [Line Items] | |
Rate Of Annual Depreciation | 6.00% |
Production Lines [Member] | Minimum [Member] | |
Rate Of Depreciation [Line Items] | |
Rate Of Annual Depreciation | 20.00% |
Production Lines [Member] | Maximum [Member] | |
Rate Of Depreciation [Line Items] | |
Rate Of Annual Depreciation | 100.00% |
Leasehold Improvements [Member] | |
Rate Of Depreciation [Line Items] | |
Annual Depreciation Description | Over the shorter of the lease term or useful economic life |
SIGNIFICANT_ACCOUNTING_POLICIE4
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,243,762 | 2,171,714 |
Percentage Of Monthly Deposits Behalf Of Insurance Companies | 8.33% | |
Inventory Write-down | $1,046 | |
Advertising Expense | 126 | 175 |
Asset Impairment Charges | $489 | $0 |
Bank Time Deposits [Member] | ||
Accounting Policies [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.42% | 1.09% |
OTHER_ACCOUNTS_RECEIVABLE_AND_2
OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Other Accounts Receivable And Prepaid Expenses [Line Items] | ||||
Prepaid expenses | $159 | $423 | ||
Government authorities | 33 | 52 | ||
Deferred charges | 94 | [1] | 0 | [1] |
Prepaid Expense and Other Assets, Current | $286 | $475 | ||
[1] | Refer to inventory delivered to customers but for which revenue criteria have not been met yet. |
INVENTORIES_Details
INVENTORIES (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ||
Raw materials | $68 | $0 |
Finished products | 166 | 0 |
Inventory, Net | $234 | $0 |
PROPERTY_AND_EQUIPMENT_NET_Det
PROPERTY AND EQUIPMENT, NET (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $1,075 | $1,969 |
Accumulated depreciation | 97 | 824 |
Property and equipment, net | 978 | 1,145 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 194 | 138 |
Accumulated depreciation | 88 | 37 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 62 | 62 |
Accumulated depreciation | 7 | 3 |
Production Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 813 | 1,769 |
Accumulated depreciation | 0 | 784 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 6 | 0 |
Accumulated depreciation | $2 | $0 |
PROPERTY_AND_EQUIPMENT_NET_Det1
PROPERTY AND EQUIPMENT, NET (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $549 | $839 |
Asset Impairment Charges | $489 | $0 |
OTHER_ACCOUNTS_PAYABLE_AND_ACC2
OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Accounts Payable And Accrued Expenses [Line Items] | ||
Employees and payroll accruals | $205 | $329 |
Accrued expenses | 679 | 591 |
Deferred Revenue | 24 | 0 |
Other Accounts Payable and Accrued Expenses | $908 | $920 |
COMMITMENTS_AND_CONTINGENT_LIA2
COMMITMENTS AND CONTINGENT LIABILITIES (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | |
2015 | $247 |
2016 | 197 |
2017 | 20 |
Operating Leases, Future Minimum Payments Due, Total | 464 |
Motor Vehicles [Member] | |
Operating Leased Assets [Line Items] | |
2015 | 112 |
2016 | 62 |
2017 | 20 |
Operating Leases, Future Minimum Payments Due, Total | 194 |
Facilities [Member] | |
Operating Leased Assets [Line Items] | |
2015 | 135 |
2016 | 135 |
2017 | 0 |
Operating Leases, Future Minimum Payments Due, Total | $270 |
COMMITMENTS_AND_CONTINGENT_LIA3
COMMITMENTS AND CONTINGENT LIABILITIES (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Operating Leased Assets [Line Items] | ||
Operating Leases, Rent Expense, Net, Total | $273 | $468 |
Credit Card Receivable [Member] | ||
Operating Leased Assets [Line Items] | ||
Other Commitment | 23 | |
Rental Agreement [Member] | ||
Operating Leased Assets [Line Items] | ||
Other Commitment | $58 |
TAXES_ON_INCOME_Details
TAXES ON INCOME (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Net operating loss carry forward | $5,099 | $3,101 |
Temporary differences | 927 | 942 |
Deferred tax assets before valuation allowance | 6,026 | 4,043 |
Valuation allowance | -6,026 | -4,043 |
Net deferred tax asset | $0 | $0 |
TAXES_ON_INCOME_Details_1
TAXES ON INCOME (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Valuation Allowance [Line Items] | ||
Domestic | $3,598 | $4,340 |
Foreign | 9,279 | 9,591 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest, Total | $12,877 | $13,931 |
TAXES_ON_INCOME_Details_Textua
TAXES ON INCOME (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Valuation Allowance [Line Items] | ||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 26.50% | 25.00% |
Operating Loss Carryforwards | $4,086 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 1,983 | |
Maximum [Member] | ||
Valuation Allowance [Line Items] | ||
Operating Loss Carry forwards Expiration Period | 2034 | |
Minimum [Member] | ||
Valuation Allowance [Line Items] | ||
Operating Loss Carry forwards Expiration Period | 2031 | |
Domestic Tax Authority [Member] | ||
Valuation Allowance [Line Items] | ||
Operating Loss Carryforwards | $13,076 |
STOCKHOLDERS_DEFICIT_AND_CONVE2
STOCKHOLDERS' DEFICIT AND CONVERTIBLE PREFERRED SHARES (Details) (USD $) | 12 Months Ended | 3 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 |
Convertible Preferred Securities [Line Items] | |||
Gross proceeds on September 23, 2014 | $0 | ||
Deemed dividend | 2,899 | 0 | |
Conversion of Series A Preferred Stock, net of issuance costs | -46 | 0 | |
Balance at December 31, 2014 | 2,757 | 0 | 2,757 |
September 2014 Private Placement [Member] | |||
Convertible Preferred Securities [Line Items] | |||
Gross proceeds on September 23, 2014 | 4,235 | ||
Fair value of warrants on September 23,2014 | -1,336 | ||
Related issuance costs allocated | -96 | ||
Net value allocated to Series A Preferred Stock | 2,803 | 2,803 | |
Calculated BCF value | -2,899 | ||
Deemed dividend | 2,899 | ||
Conversion of Series A Preferred Stock, net of issuance costs | -46 | ||
Balance at December 31, 2014 | $2,757 | $2,757 |
STOCKHOLDERS_DEFICIT_AND_CONVE3
STOCKHOLDERS' DEFICIT AND CONVERTIBLE PREFERRED SHARES (Details 1) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants outstanding as of December | 9,882,025 |
Exercise price | $5 |
Consulting Agreement [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants outstanding as of December | 50,000 |
Exercise price | $7.50 |
Expiration date | 8-Apr-15 |
2011-2012 First Private Placement [Member] | Placement Agents [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants outstanding as of December | 423,496 |
Exercise price | $1 |
Expiration date | 8-Apr-16 |
2011-2012 First Private Placement [Member] | Investor [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants outstanding as of December | 2,835,787 |
Exercise price | $1.23 |
Expiration date | 26-Oct-16 |
September 2014 Private Placement [Member] | Investor [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants outstanding as of December | 5,341,834 |
Exercise price | $0.48 |
Expiration date | 23-Sep-18 |
October 2012 Private Placement [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants outstanding as of December | 29,585 |
Exercise price | $7.50 |
Expiration date | 16-Oct-16 |
August 2012 First Private Placement [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants outstanding as of December | 141,269 |
Exercise price | $5 |
Expiration date | 8-Apr-15 |
April-May 2013 Private Placement [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants outstanding as of December | 400,000 |
Exercise price | $25 |
Expiration date | 4-Apr-16 |
April-May 2013 First Private Placement [Member] | Placement Agents [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants outstanding as of December | 80,003 |
Exercise price | $12.50 |
Expiration date | 4-Apr-16 |
April-May 2013 Second Private Placement [Member] | Placement Agents [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants outstanding as of December | 40,005 |
Exercise price | $25 |
Expiration date | 4-Apr-16 |
Second Private Placement 2011-2012 [Member] | Placement Agents [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Warrants outstanding as of December | 540,046 |
Exercise price | $1.23 |
Expiration date | 8-Apr-16 |
STOCKHOLDERS_DEFICIT_AND_CONVE4
STOCKHOLDERS' DEFICIT AND CONVERTIBLE PREFERRED SHARES (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding at beginning of year, Number of options | 945,750 | |
Options granted, Number of options | 624,000 | |
Options exercised, Number of options | 74,500 | |
Options expired, Number of options | 89,250 | |
Options forfeited, Number of options | 88,600 | |
Options outstanding at end of year, Number of options | 1,317,400 | 945,750 |
Options vested and expected to vest at end of year, Number of options | 1,284,800 | |
Exercisable at end of year, Number of options | 962,875 | |
Options outstanding at beginning of year, Weighted average exercise price | $6.90 | |
Options granted, Weighted average exercise price | $6.36 | |
Options exercised, Weighted average exercise price | $0.09 | |
Options expired, Weighted average exercise price | $11.21 | |
Options forfeited, Weighted average exercise price | $13.54 | |
Options outstanding at end of year, Weighted average exercise price | $6.59 | $6.90 |
Options vested and expected to vest at end of year, Weighted average exercise price | $6.58 | |
Exercisable at end of year, Weighted average exercise price | $6.74 | |
Options outstanding at, Weighted average remaining contractual life | 6 years 11 months 23 days | 7 years 8 months 8 days |
Options vested and expected to vest at end of year, Weighted average remaining contractual life | 6 years 11 months 16 days | |
Exercisable at end of year, Weighted average remaining contractual life | 6 years 5 months 1 day | |
Options outstanding at beginning of year, Intrinsic value | $2,935 | |
Options outstanding at end of year, Intrinsic value | 8 | 2,935 |
Options vested and expected to vest at end of year, Intrinsic value | 8 | |
Exercisable at end of year, Intrinsic value | $8 |
STOCKHOLDERS_DEFICIT_AND_CONVE5
STOCKHOLDERS' DEFICIT AND CONVERTIBLE PREFERRED SHARES (Details 3) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility, Minimum | 54.57% | 58.63% |
Volatility, Maximum | 64.74% | 75.77% |
Risk-free interest rate, Minimum | 1.65% | 0.33% |
Risk-free interest rate, Maximum | 2.84% | 2.98% |
Dividend yield | 0.00% | 0.00% |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 10 years | 9 years 8 months 19 days |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 5 years | 2 years 8 months 12 days |
STOCKHOLDERS_DEFICIT_AND_CONVE6
STOCKHOLDERS' DEFICIT AND CONVERTIBLE PREFERRED SHARES (Details 4) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expenses | $1,692 | $3,213 | ||
Cost of revenues [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expenses | 39 | 0 | ||
Research and Development Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expenses | 409 | 612 | ||
Marketing and Pre Production Costs [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expenses | 29 | 212 | ||
General and Administrative Expense [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expenses | $1,215 | [1] | $2,389 | [1] |
[1] | Excluding restricted Common Stock and warrants to purchase Common Stock that were granted to service provider and for which expenses amounted to $1,011 were recorded during the year ended December 31, 2013. |
STOCKHOLDERS_DEFICIT_AND_CONVE7
STOCKHOLDERS' DEFICIT AND CONVERTIBLE PREFERRED SHARES (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | 31-May-14 | Jan. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2012 | Feb. 18, 2014 | Aug. 31, 2014 | Sep. 30, 2014 | Oct. 31, 2014 | Mar. 20, 2014 | Jan. 23, 2012 | Jun. 17, 2014 | Feb. 28, 2013 | Feb. 25, 2015 | Mar. 18, 2015 | Oct. 15, 2014 | Mar. 31, 2012 | |
Class of Stock [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 624,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $2.82 | $7.20 | |||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $669 | ||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 7 months 24 days | ||||||||||||||||||
Deemed Dividend Related To Exchange Agreement | 279 | 0 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $5 | ||||||||||||||||||
Preferred Stock, Liquidation Preference, Value | 4,165 | ||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 3,230 | ||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 46 | 0 | |||||||||||||||||
Proceeds from Warrant Exercises | 343 | 292 | |||||||||||||||||
Stock Issued During Period Shares Warrants Cash Less Exercise | 12,567 | ||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Conversion of Stock, Shares Converted | 698 | ||||||||||||||||||
February 2014 Private Placement warrants [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | 11.75 | ||||||||||||||||||
Third Registration Statement [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Shares Reported Under Registration Statement Covering Public Resale | 779,436 | ||||||||||||||||||
Consulting Agreement One [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $7.50 | ||||||||||||||||||
Equity Incentive Plan 2012 [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 572,000 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 432,500 | ||||||||||||||||||
Equity Incentive Plan 2012 [Member] | Minimum [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 | 572,000 | |||||||||||||||||
Equity Incentive Plan 2012 [Member] | Maximum [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,500,000 | 1,000,000 | |||||||||||||||||
Annual Director Plan [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 5,000 | ||||||||||||||||||
Share Based Compensation Arrangements By Share Based Payment Award Options Grants To Nonemployees In Period Weighted Average Exercise Price | $6.95 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | vest in 8 quarterly instalments over a period of two years commencing the above date | ||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued For Services (in shares) | 41,667 | ||||||||||||||||||
Stock Issued During Period Shares Upon Exchange Agreement | 10,957,515 | ||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 176,137 | ||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 0 | [1] | |||||||||||||||||
Stock Issued During Period Shares Warrants Exercised | 68,524 | 60,155 | |||||||||||||||||
July 2, 2014 Adjustment issuance | 496,884 | ||||||||||||||||||
Stock Issued During Period Shares New Issues February 2014 | 445,392 | ||||||||||||||||||
Additional Paid-in Capital [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | 46 | ||||||||||||||||||
Subsequent Event [Member] | Common Stock [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Share Price | $0.80 | ||||||||||||||||||
Chief Executive Officer [Member] | Equity Incentive Plan 2012 [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | ten | ||||||||||||||||||
Board of Directors Chairman [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Share Based Compensation Arrangements By Share Based Payment Award Options Grants To Nonemployee Director In Period Weighted Average Exercise Price | $6.95 | ||||||||||||||||||
Scientific Advisory Board [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 76,000 | ||||||||||||||||||
Employees [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 124,000 | 236,000 | |||||||||||||||||
Consultants [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 63,000 | ||||||||||||||||||
Non Employee Directors [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Share Based Compensation Arrangements By Share Based Payment Award Options Grants To Nonemployee Director In Period Weighted Average Exercise Price | $6.95 | ||||||||||||||||||
Share-based Goods and Nonemployee Services Transaction, Shares Approved for Issuance | 30,000 | 30,000 | |||||||||||||||||
Non Employees [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 10,000 | ||||||||||||||||||
Employees and Consultants [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Share Based Compensation Arrangements By Share Based Payment Award Options Grants To Nonemployees In Period Weighted Average Exercise Price | $9.25 | 4.9 | |||||||||||||||||
Restricted Stock [Member] | Warrant [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Other Selling, General and Administrative Expense | 1,011 | ||||||||||||||||||
Private Placement [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | 3,230 | ||||||||||||||||||
Private Placement [Member] | Investor [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Proceeds from Issuance of Private Placement (in dollars) | 2,461 | ||||||||||||||||||
Private Placement [Member] | Common Stock [Member] | Investor [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period Shares New Issues February 2014 | 445,392 | ||||||||||||||||||
April-May 2013 Private Placement [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $25 | ||||||||||||||||||
October 2012 Private Placement [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $7.50 | ||||||||||||||||||
February 2015 Private Placement [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Share Price | $0.00 | ||||||||||||||||||
Percentage Of Aggregate Of Weighted Average Prices Of Common Stock | 90.00% | ||||||||||||||||||
February 2015 Private Placement [Member] | Investors And Placement Agent Warrants [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Share Price | 4.45 | ||||||||||||||||||
February 2015 Private Placement [Member] | Warrant [Member] | Preferred Stock [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Proceeds from Issuance of Private Placement (in dollars) | 3,754 | ||||||||||||||||||
February 2015 Private Placement [Member] | Subsequent Event [Member] | Warrant [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,643,226 | ||||||||||||||||||
February 2014 Investors [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period Shares Upon Exchange Agreement | 10,806,190 | ||||||||||||||||||
February 2014 Investors And Placement Agent [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Fair value Of Common Stock Issued | 3,403 | 3,124 | |||||||||||||||||
September 2014 Private Placement [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Stock Issued During Period, Shares, Issued For Services (in shares) | 42,350 | ||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,341,834 | 5,341,834 | |||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $4,096 | ||||||||||||||||||
Preferred Stock Convertible Into Common Stock | 10,683,662 | 10,683,662 | |||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $0.48 | ||||||||||||||||||
September 2014 Investors And Placement Agent [Member] | Minimum [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Warrants Exercise Price Per Share Adjusted | $1.23 | ||||||||||||||||||
September 2014 Investors And Placement Agent [Member] | Maximum [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $6.50 | ||||||||||||||||||
Warrants 2011 To 2012 Private Placement [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 338,099 | ||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $5 | ||||||||||||||||||
Warrants Exercise Price Per Share Adjusted | $1 | ||||||||||||||||||
Warrants 2011 To 2012 Private Placement [Member] | Investor [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 437,537 | ||||||||||||||||||
Warrants 2011 To 2012 Private Placement [Member] | Placement Agents [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,297,624 | ||||||||||||||||||
February 2014 Private Placement [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Sale Of Stock Price Per Unit | 9.4 | ||||||||||||||||||
July 2, 2014 Adjustment issuance | 496,884 | ||||||||||||||||||
February 2014 Private Placement [Member] | Investor [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Warrants Rights Cancelled During Period | 549,338 | 334,044 | |||||||||||||||||
February 2014 Private Placement [Member] | Placement Agents [Member] | |||||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||||
Warrants Rights Cancelled During Period | 47,653 | 28,977 | |||||||||||||||||
Stock Issued During Period Shares Upon Exchange Agreement | 151,325 | ||||||||||||||||||
[1] | Represents an amount lower than $1. |
FAIR_VALUE_MEASURMENTS_Details
FAIR VALUE MEASURMENTS (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 23, 2014 | Aug. 15, 2014 | Feb. 18, 2014 | ||||||
Investors Warrants [Member] | Private Placement Warrants 2011-2012 [Member] | ||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||||||
Risk-free interest rate | 0.59% | [1] | 0.70% | [1] | ||||||
Expected volatility | 47.72% | [2] | 52.09% | [2] | ||||||
Expected life (in years) | 1 year 9 months 25 days | [3] | 2 years 9 months 25 days | [3] | ||||||
Expected dividend yield | 0.00% | [4] | 0.00% | [4] | ||||||
Fair value Warrants | $1.05 | $3.70 | ||||||||
Investors Warrants [Member] | September 2014 Private Placement [Member] | ||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||||||
Risk-free interest rate | 1.30% | [1] | 1.42% | [1] | ||||||
Expected volatility | 49.14% | [2] | 48.75% | [2] | ||||||
Expected life (in years) | 3 years 8 months 23 days | [3] | 4 years | [3] | ||||||
Expected dividend yield | 0.00% | [4] | 0.00% | [4] | ||||||
Fair value Warrants | $0.02 | $0.25 | ||||||||
Placement Agent Warrants [Member] | Private Placement Warrants 2011-2012 [Member] | ||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||||||
Risk-free interest rate | 0.36% | [1] | 0.50% | [1] | ||||||
Expected volatility | 46.46% | [2] | 50.91% | [2] | ||||||
Expected life (in years) | 1 year 3 months 7 days | [3] | 2 years 3 months | [3] | ||||||
Expected dividend yield | 0.00% | [4] | 0.00% | [4] | ||||||
Placement Agent Warrants [Member] | Private Placement Warrants 2011-2012 [Member] | Maximum [Member] | ||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||||||
Fair value Warrants | $1.06 | $4.15 | ||||||||
Placement Agent Warrants [Member] | Private Placement Warrants 2011-2012 [Member] | Minimum [Member] | ||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||||||
Fair value Warrants | $0.83 | $3.35 | ||||||||
Investors And Placement Agent Warrants [Member] | February 2014 Private Placement warrants [Member] | ||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||||||||||
Risk-free interest rate | 1.48% | [1] | 1.63% | [1] | ||||||
Expected volatility | 51.21% | [2] | 61.49% | [2] | ||||||
Expected life (in years) | 4 years 9 months 18 days | [3] | 5 years 2 months 12 days | [3] | ||||||
Expected dividend yield | 0.00% | [4] | 0.00% | [4] | ||||||
Fair value Warrants | $1.10 | $8.90 | ||||||||
[1] | Risk-free interest rate - based on yield rates of non-index linked U.S. Federal Reserve treasury bonds. | |||||||||
[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 option. | |||||||||
[3] | Expected life - the expected life was based on the expiration date of the warrants. | |||||||||
[4] | Expected dividend yield - was based on the fact that the Company has not paid dividends to its shareholders in the past and does not expect to pay dividends to its shareholders in the future. |
FAIR_VALUE_MEASURMENTS_Details1
FAIR VALUE MEASURMENTS (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Fair value of warrants to investors and placement agent that were issued in the February 2014 Private Placement (see also Note 9c) | $3,230 | |
Private Placement [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Balance at December 31, 2013 | 2,696 | |
Fair value of warrants to investors and placement agent that were issued in the February 2014 Private Placement (see also Note 9c) | 3,230 | |
Exchange of warrants from issuance of Common Stock in the February 2014 Private Placement (see also Note 9c) | -1,056 | |
Fair value of warrants to investors and placement agent that were issued in the September 2014 Private Placement (see also Note 9d) | 1,336 | |
Change in fair value of warrants during the period | -2,194 | |
Exercise of warrants | -9 | [1] |
Balance at December 31, 2014 | $4,003 | |
[1] | During the year ended December 31, 2014, 1,824 warrants from the above issuances were exercised for an aggregate of 1,824 shares of Common Stock. |
FAIR_VALUE_MEASURMENTS_Details2
FAIR VALUE MEASURMENTS (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Mar. 30, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $5 | ||
Outstanding warrants | 9,882,025 | ||
2011-2012 Placement Agent And Investor [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Exercise Price Of Warrants Adjusted | $1 | ||
2011-2012 Placement Agent And Investor [Member] | Maximum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Exercise Price Of Warrants Adjusted | $1.23 | ||
2011-2012 Investor [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Stock To Be Issued Upon Conversion Of Warrants Additional Issue | 2,371,827 | ||
2011-2012 Placement agent $5.00 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Stock To Be Issued Upon Conversion Of Warrants Additional Issue | 338,099 | ||
2011-2012 Placement agent $7.50 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Stock To Be Issued Upon Conversion Of Warrants Additional Issue | 452,028 | ||
2011-2012 Private placement [Member] | Investors And Placement Agent Warrants [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $7.50 | ||
Placement Agents [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Stock Issued During Period Warrants Exercised | 1,824 | ||
Placement Agents [Member] | Private Placement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Exercise Price Of Warrants 1 | $7.50 | ||
Warrants Issued | 96,440 | ||
Placement Agents [Member] | 2011-2012 Private placement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $7.50 | ||
Investor [Member] | Private Placement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Proceeds from Issuance of Private Placement (in dollars) | $2,461 | ||
Warrants Issued | 492,200 | ||
Investor [Member] | 2011-2012 Private placement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $7.50 | ||
Common Stock [Member] | Placement Agents [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Conversion of Stock, Shares Issued | 1,824 | ||
Common Stock [Member] | Placement Agents [Member] | Private Placement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Stock To Be Issued Upon Conversion Of Warrants | 96,440 | ||
Common Stock [Member] | Investor [Member] | Private Placement [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Stock To Be Issued Upon Conversion Of Warrants | 492,200 | ||
Warrants Measured At Fair Value [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Outstanding warrants | 9,141,163 |
SELECTED_STATEMENTS_OF_OPERATI2
SELECTED STATEMENTS OF OPERATIONS DATA (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Selected Statements Of Operations Data [Line Items] | ||
Payroll, office and related | $945 | $1,517 |
Legal and professional fees | 1,103 | 1,342 |
Stock-based compensation | 1,215 | 2,389 |
Issuance of Common Stock and warrants to service provider | 0 | 1,011 |
Other | 377 | 37 |
Total General and administrative | $3,640 | $6,296 |
SELECTED_STATEMENTS_OF_OPERATI3
SELECTED STATEMENTS OF OPERATIONS DATA (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Selected Statements Of Operations Data [Line Items] | ||
Bank charges | $23 | $21 |
Foreign currency adjustments losses | 33 | 55 |
Issuance cost related to warrants to investors and service provider | 533 | 0 |
Incremental value to the February 2014 Investors that resulted from Exchange Agreement | 3,124 | 0 |
Change in the fair value of warrants | -2,194 | 293 |
Total financial expenses, net | $1,519 | $369 |
SUBSEQUENT_EVENTS_Details_Text
SUBSEQUENT EVENTS (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 25, 2015 | Mar. 18, 2015 | Mar. 31, 2015 | Dec. 31, 2011 | Dec. 31, 2012 | Feb. 28, 2014 |
Subsequent Event [Line Items] | ||||||||
Proceeds From Issuance Of Common Stock and Warrants | $3,754 | $9,982 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $5 | |||||||
Subsequent Event [Member] | Chief Financial Officer [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Proceeds From Issuance Of Common Stock and Warrants | 207 | |||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Share Price | $0.80 | |||||||
Subsequent Event [Member] | Common Stock [Member] | Chief Financial Officer [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 1,150,000 | |||||||
Subsequent Event [Member] | Series A Warrants [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Exercise Price Of Warrants | $0.24 | |||||||
Subsequent Event [Member] | Series A Warrants [Member] | Chief Financial Officer [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 287,500 | |||||||
Subsequent Event [Member] | Series B Warrants [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Exercise Price Of Warrants | $0.30 | |||||||
Subsequent Event [Member] | Series B Warrants [Member] | Chief Financial Officer [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 287,500 | |||||||
Subsequent Event [Member] | Warrants 2011 To 2012 Private Placement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $1 | |||||||
Warrants Exercise Price Per Share Adjusted | $0.55 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 347,028 | |||||||
Subsequent Event [Member] | Investor [Member] | Warrants 2011 To 2012 Private Placement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,426,084 | |||||||
Private Placement [Member] | Subsequent Event [Member] | Common Stock [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 9,064,222 | 2,222,222 | 11,286,444 | |||||
Private Placement [Member] | Subsequent Event [Member] | Series A Warrants [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,266,057 | |||||||
Private Placement [Member] | Subsequent Event [Member] | Series B Warrants [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,266,057 | |||||||
Placement Agents [Member] | Subsequent Event [Member] | Warrants 2011 To 2012 Private Placement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 462,001 | |||||||
Placement Agents [Member] | Subsequent Event [Member] | Investor [Member] | Warrants 2011 To 2012 Private Placement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $1.23 | |||||||
Warrants Exercise Price Per Share Adjusted | $0.66 | |||||||
February 2015 Private Placement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Exercise Price Of Warrants | $11.75 | |||||||
Share Price | $0.00 | |||||||
February 2015 Private Placement [Member] | Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Proceeds From Issuance Of Common Stock and Warrants | 1,600 | 400 | 2,000 | |||||
Payments for Fees | 43 | |||||||
Warrant Exercise Term | 3 years | |||||||
February 2015 Private Placement [Member] | Subsequent Event [Member] | Exercise price 0.20 [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Exercise Price Of Warrants | $0.20 | |||||||
February 2015 Private Placement [Member] | Subsequent Event [Member] | Exercise price 0.27 [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Exercise Price Of Warrants | $0.27 | |||||||
February 2015 Private Placement [Member] | Subsequent Event [Member] | Exercise price 0.34 [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Exercise Price Of Warrants | $0.34 | |||||||
February 2015 Private Placement [Member] | Subsequent Event [Member] | Director [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Proceeds From Issuance Of Common Stock and Warrants | 200 | |||||||
February 2015 Private Placement [Member] | Subsequent Event [Member] | Common Stock [Member] | Exercise price 0.20 [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 241,423 | |||||||
February 2015 Private Placement [Member] | Subsequent Event [Member] | Common Stock [Member] | Exercise price 0.27 [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 60,356 | |||||||
February 2015 Private Placement [Member] | Subsequent Event [Member] | Common Stock [Member] | Exercise price 0.34 [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 60,356 | |||||||
February 2015 Private Placement [Member] | Subsequent Event [Member] | Common Stock [Member] | Director [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 1,111,111 | |||||||
February 2015 Private Placement [Member] | Subsequent Event [Member] | Series A Warrants [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 555,556 | |||||||
February 2015 Private Placement [Member] | Subsequent Event [Member] | Series A Warrants [Member] | Director [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 277,778 | |||||||
February 2015 Private Placement [Member] | Subsequent Event [Member] | Series B Warrants [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 555,556 | |||||||
February 2015 Private Placement [Member] | Subsequent Event [Member] | Series B Warrants [Member] | Director [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 277,778 |