Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 08, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Entity Registrant Name | LabStyle Innovations Corp. | ||
Entity Central Index Key | 1,533,998 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Smaller Reporting Company | ||
Trading Symbol | DRIO | ||
Entity Common Stock, Shares Outstanding | 53,498,649 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 9,323,900 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 2,671 | $ 1,453 |
Short-term bank deposits | 80 | 83 |
Inventories | 601 | 234 |
Other accounts receivable and prepaid expenses | 935 | 286 |
Total current assets | 4,287 | 2,056 |
LEASE DEPOSITS | 41 | 47 |
PROPERTY AND EQUIPMENT, NET | 749 | 978 |
Total assets | 5,077 | 3,081 |
CURRENT LIABILITIES: | ||
Trade payables | 978 | 708 |
Deferred revenues | 31 | 24 |
Other accounts payable and accrued expenses | 681 | 884 |
Total current liabilities | 1,690 | 1,616 |
LIABILITY RELATED TO WARRANTS | $ 2,610 | $ 4,003 |
COMMITMENTS AND CONTINGENT LIABILITIES | ||
CONVERTIBLE PREFERRED SHARES: | ||
Series A Preferred Stock of $0.0001 par value - Authorized: 60,000 shares at December 31, 2015 and 2014; Issued and Outstanding: 35,600 and 41,652 shares at December 31, 2015 and 2014, respectively; Aggregate liquidation preference of $3,560 and $4,165 at December 31, 2015 and 2014, respectively | $ 2,357 | $ 2,757 |
STOCKHOLDERS' DEFICIT | ||
Common Stock of $0.0001 par value - Authorized: 160,000,000 and 80,000,000 shares at December 31, 2015 and 2014, respectively; Issued and Outstanding: 52,407,057 and 16,233,430 shares at December 31, 2015 and 2014, respectively | 5 | 2 |
Preferred Stock of $0.0001 par value - Authorized: 4,940,000 shares at December 31, 2015 and 2014; Issued and Outstanding: None at December 31, 2015 and 2014 | 0 | 0 |
Additional paid-in capital | 41,769 | 30,761 |
Accumulated deficit | (43,354) | (36,058) |
Total stockholders' deficiency | (1,580) | (5,295) |
Total liabilities and stockholders' deficiency | $ 5,077 | $ 3,081 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 160,000,000 | 80,000,000 |
Common stock, shares issued | 52,407,057 | 16,233,430 |
Common stock, shares, outstanding | 52,407,057 | 16,233,430 |
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 4,940,000 | 4,940,000 |
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) | $ 0.0001 | $ 0.0001 |
Temporary Equity, Shares Authorized | 60,000 | 60,000 |
Temporary Equity, Shares Issued | 35,600 | 41,652 |
Temporary Equity, Shares Outstanding | 35,600 | 41,652 |
Temporary Equity, Liquidation Preference | $ 3,560 | $ 4,165 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues | $ 823 | $ 51 |
Cost of revenues and ramp up of manufacturing | 1,678 | 2,274 |
Impairment of production line | 0 | 489 |
Gross loss | 855 | 2,712 |
Operating expenses: | ||
Research and development | 2,565 | 3,943 |
Sales, Marketing and pre-production costs | 1,330 | 1,063 |
General and administrative | 2,948 | 3,640 |
Total operating expenses | 6,843 | 8,646 |
Operating loss | 7,698 | 11,358 |
Financial expenses (income), net: | ||
Revaluation of warrants | (571) | (2,194) |
Other financial expense, net | 15 | 3,713 |
Total financial expenses (income), net | (556) | 1,519 |
Net loss | 7,142 | 12,877 |
Deemed dividend related to May 2015 exchange agreement | 154 | 0 |
Deemed dividend related to February 2014 exchange agreement | 0 | 279 |
Deemed dividend related to Series A Preferred Stock | 0 | 2,899 |
Net loss attributable to holders of Common Stock | $ 7,296 | $ 16,055 |
Net loss per share: | ||
Basic and diluted loss per share (in dollars per share) | $ 0.21 | $ 1.85 |
Weighted average number of Common Stock used in computing basic and diluted net loss per share (in shares) | 34,159,595 | 8,678,953 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated deficit [Member] | |||
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 into Common Stock | 46 | $ 0 | [1] | 46 | 0 | ||
Conversion of Series A Preferred Stock into Common 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 | ||||||
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 | ||||||
Issuance of Common Stock and warrants in February 2015 at $0.18 per unit, net of issuance cost | 1,956 | $ 1 | 1,955 | 0 | |||
Issuance of Common Stock and warrants in February 2015 at $0.18 per unit, net of issuance cost (in shares) | 11,286,444 | ||||||
Issuance of Common Stock in July and August 2015 at $0.30 per unit, net of issuance cost | 2,325 | $ 1 | 2,324 | 0 | |||
Issuance of Common Stock in July and August 2015 at $0.30 per unit, net of issuance cost (in shares) | 8,646,203 | ||||||
Issuance of Common stock in November 2015 at $0.30 per unit, net of issuance cost | 2,294 | $ 1 | 2,293 | 0 | |||
Issuance of Common stock in November 2015 at $0.30 per unit, net of issuance cost (in shares) | 8,031,734 | ||||||
Issuance of Common stock in December 2015 at $0.34 per unit, net of issuance cost | 500 | $ 0 | [1] | 500 | 0 | ||
Issuance of Common stock in December 2015 at $0.34 per unit, net of issuance cost (in shares) | 1,461,988 | ||||||
Issuance of Common Stock in April, August and December 2015 to service provider | 118 | $ 0 | [1] | 118 | 0 | ||
Issuance of Common Stock in April, August and December 2015 to service provider (in shares) | 300,000 | ||||||
Issuance of Common Stock in September 2015 to employees as compensation | 591 | $ 0 | [1] | 591 | 0 | ||
Issuance of Common Stock in September 2015 to employees as compensation (in shares) | 1,748,166 | ||||||
Issuance of Common Stock in September 2015 to service provider | 16 | $ 0 | [1] | 16 | 0 | ||
Issuance of Common Stock in September 2015 to service provider (in shares) | 50,000 | ||||||
Payment for executives and directors under Salary Program | 304 | $ 0 | [1] | 304 | 0 | ||
Payment for executives and directors under Salary Program (in shares) | 998,403 | ||||||
Exercise of warrants into Common Stock in May 2015, net of issuance cost | 453 | $ 0 | [1] | 453 | 0 | ||
Exercise of warrants into Common Stock in May 2015, net of issuance cost (in shares) | 1,923,636 | ||||||
Deemed dividend related to inducement of warrant exercise in May 2015 | 0 | $ 0 | 154 | (154) | |||
Issuance of warrants related to warrant replacement agreement in November and December 2015 | 822 | 0 | 822 | 0 | |||
Receipts on Account of shares | 20 | 0 | 20 | 0 | |||
Conversion of Series A Preferred Stock into Common Stock | $ 400 | $ 0 | [1] | 400 | 0 | ||
Conversion of Series A Preferred Stock into Common Stock (in shares) | 6,052 | 1,526,609 | |||||
Exercise of warrants | $ 60 | $ 0 | [1] | 60 | 0 | ||
Exercise of warrants (in shares) | 194,444 | ||||||
Exercise of options | $ 0 | [1] | $ 0 | [1] | 0 | [1] | 0 |
Exercise of options (in shares) | 6,000 | 6,000 | |||||
Stock-based compensation | $ 998 | $ 0 | 998 | 0 | |||
Net loss | (7,142) | 0 | 0 | (7,142) | |||
Balance at Dec. 31, 2015 | $ (1,580) | $ 5 | $ 41,769 | $ (43,354) | |||
Balance (in shares) at Dec. 31, 2015 | 52,407,057 | ||||||
[1] | Represents an amount lower than $1. |
STATEMENTS OF CHANGES IN STOCK6
STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Issuance Of Common Stock In February 2014 | $ 2.75 | |
Issuance Of Common Stock and Warrants In February 2015 | $ 0.18 | |
Issuance Of Common Stock In July And August 2015 | 0.30 | |
Issuance Of Common Stock November 2015 | 0.30 | |
Issuance Of Common Stock December 2015 | $ 0.34 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (7,142) | $ (12,877) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation and Common Stock to service providers | 1,723 | 1,692 |
Issuance cost related to warrants to investors and service provider | 0 | 533 |
Depreciation | 335 | 549 |
Write-off of a production line | 0 | 489 |
Increase in deferred revenues | 7 | 24 |
Decrease (increase) in other accounts receivable and prepaid expenses | (649) | 158 |
Increase in inventories | (366) | (234) |
Increase (decrease) in trade payables | 292 | (186) |
Decrease in other accounts payable and accrued expenses | 102 | 341 |
Incremental value to February 2014 Investors that resulted from Exchange Agreement | 0 | 3,124 |
Change in the fair value of warrants to purchase shares of Common Stock | (571) | (2,194) |
Loss from disposal of fixed assets | (8) | 0 |
Net cash used in operating activities | (6,277) | (8,581) |
Cash flows from investing activities: | ||
Investment in short-term bank deposits | (282) | (91) |
Proceeds of maturities of short-term bank deposit | 285 | 231 |
Investment in lease deposit, net | (6) | (6) |
Purchase of property and equipment | (110) | (563) |
Net cash used in investing activities | (113) | (429) |
Cash flows from financing activities: | ||
Proceeds from issuance of Common Stocks and warrants, net of issuance cost | 7,075 | 3,754 |
Proceeds from issuance of Series A Preferred Stock and warrants, net of issuance cost | 0 | 4,096 |
Proceeds from exercise of options and warrants | 533 | 350 |
Net cash provided by financing activities | 7,608 | 8,200 |
Increase (decrease) in cash and cash equivalents | 1,218 | (810) |
Cash and cash equivalents at beginning of year | 1,453 | 2,263 |
Cash and cash equivalents at end of year | 2,671 | 1,453 |
Non-cash investing and financing activities: | ||
Purchase of property and equipment | 27 | 308 |
Classification of liability related to warrants as a result of September 2014 round Replacement Agreement | 822 | 0 |
Conversion of liability related to warrants to Common stock as a result of 2011-2012 Private Placement round warrants conversion | 0 | 9 |
Conversion of Series A Preferred Stock to Common stock | 400 | 46 |
Payment for executives and directors under Salary Program | $ 304 | $ 0 |
GENERAL
GENERAL | 12 Months Ended |
Dec. 31, 2015 | |
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 digital health (mHealth) company that is developing and commercializing a patented and proprietary technology providing consumers with laboratory-testing capabilities using smart phones and other mobile devices. The Company's flagship product, Dario, also referred to as the Dario Smart Diabetes Management Solution, is a mobile, real-time, cloud-based, diabetes management solution based on an innovative, multi-feature software application combined with a stylish, ‘all-in-one’, pocket-sized, blood glucose monitoring device, which we call the Dario Smart Meter. b. The Company's wholly owned subsidiary, LabStyle Innovation Ltd. ("Ltd." or "Subsidiary"), was incorporated and commenced operations on September 14, 2011 in Israel. 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, however it has not started its operations to date. c. During the year ended December 31, 2015, the Company incurred operating losses and negative cash flows from operating activities amounting to $ 7,698 6,277 These conditions raise substantial doubt about the Company's ability to continue as a going concern. The accompanying consolidated 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. d. 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 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 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. e. On June 15, 2015, the Company held its 2015 Annual Meeting of Stockholders in which, among other matters, Company stockholders approved an amendment to the Company's Certificate of Incorporation to increase the number of authorized shares of Common Stock from 80,000,000 160,000,000 11,925,000 1,500,000 13,425,000 f. In February 2015, the Company obtained National Pharmaceutical Product Interface approval and registered Dario for sale in South Africa. g. In March 2015, the Company started marketing the Dario Smart Diabetes Management Solution in the Netherlands and New Zealand as a private, out of pocket offering (no reimbursement). h. In May 2015, the Company received Health Canada approval to market and sell Dario in Canada and commenced sales in Canada in June 2015. The majority of Canadian medical plans are currently providing reimbursement coverage for Dario. i. In December 2015, the United States Food and Drug Administration ("FDA") granted the Subsidiary 510(k) clearance for the Dario Blood Glucose Monitoring System, including its components, the Dario Blood Glucose Meter, Dario Blood Glucose Test Strips, Dario Glucose Control Solutions and the Dario app on the Apple iOS 6.1 platform and higher. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
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 and related disclosures in conformity with U.S. generally accepted accounting principles (“GAAP”) and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management to make judgments, assumptions and estimates that affect the amounts reported in its consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates, and such differences may be material. Management believes the Company’s critical accounting policies and estimates 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 the Subsidiary's expenses is denominated in New Israeli Shekels 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 Accounting Standard Codification ("ASC") 830, "Foreign Currency Matters". All transaction gains and losses of the re-measurement of monetary balance sheet items are reflected in the consolidated statements of comprehensive loss as financial income or expenses, as appropriate. c. Principles of consolidation: The consolidated financial statements include the accounts of the Company, its Subsidiary and LabStyle US. Intercompany accounts and transactions have been eliminated. 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. Short-term bank deposits: Short-term bank deposits are restricted deposits with maturities of up to one year and are pledged in favor of the bank as a security for the Company's rent and credit payments. The short-term bank deposits are denominated in NIS and bear interest at an average rate of 0.01 0.42 f. Inventories: Inventories are stated at the lower of cost plus allocable indirect costs or net realized value. Cost is determined on a "moving average" basis. Inventory write-down is provided to cover technological obsolescence, excess inventories and discontinued products. Inventory write-down represents the difference between the cost of the inventory and net realizable value. Inventory write-down is charged to the cost of revenues and ramp up of manufacturing when a new lower cost basis is established. 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-offs during the years ended December 31, 2015 and 2014 amounted to $ 193 1,046 g. Long-term lease deposits: Long-term lease deposits include mainly long-term deposits for the Company's leased vehicles. h. 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 33 Leasehold improvements Over the shorter of the lease term or useful economic life i. Impairment of long-lived assets: Property and equipment are reviewed for impairment in accordance with ASC 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, 2015, no impairment loss has been recorded. During the year ended December 31, 2014, the Company decided to cease the operation of one of its production lines and performed a recoverability test for such long-lived assets. Based on its analysis, the Company recorded a non-cash charge with respect to impairment of its production line in the amount of $489. This charge was recorded as separate line in the consolidated statements of comprehensive loss. j. Revenue recognition: 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 derives revenues from the sale of its Dario Smart Meter and its related device-specific disposables test strip cartridges and lancets through independent distributors or directly to end users. 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. 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. Through the year ended December 31, 2015, product sales to distributors are recognized as revenues upon receipt of payment. 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. The Company also generates revenues from arrangements with health care providers which include supply of Dario Smart Meters and software platform that requires certain customization followed by monthly service, support and maintenance. When a sales arrangement contains multiple elements, such as software and non-software components, the Company allocates revenue to each element based on a selling price hierarchy as required according to ASC 605-25, “Multiple-Element Arrangements”. The selling price for a deliverable is based on its Vendor Specific Objective Evidence (“VSOE”), if available, third party evidence (“TPE”) if VSOE is not available, or estimated selling price (“ESP”) if neither VSOE nor TPE is available. The best estimate of selling price is established considering several internal factors including, but not limited to, historical sales, pricing practices and geographies in which the Company offers its products. The determination of ESP is judgmental. Revenues from software components in sales arrangement contains multiple elements are recognized when all criteria outlined in ASC 985-605, “Software Revenue Recognition” (“ASC 985-605”), are met. Revenue from services is recognized when persuasive evidence of an arrangement exists, delivery of the product has occurred or the services have been rendered, the fee is fixed or determinable and collectability is probable. For multiple element arrangements within ASC 985-605, revenues are allocated to the different elements in the arrangement under the “residual method” when VSOE of fair value exist for all undelivered elements and no VSOE exists for the delivered elements. Under the residual method, at the outset of the arrangement with the customer, the fair value of the undelivered elements is deferred and the remaining portion of the arrangement fee is allocated to the delivered elements and is recognized as revenue when the basic criteria in ASC 985-605 have been met. Any discount in the arrangement is allocated to the delivered element. Since VSOE does not exist for undelivered elements, revenues are recognized as one unit of accounting, on a straight-line basis over the term of the last deliverable based on ASC 605-15, “Products” and ASC 985-605. Deferred revenues include advances and payments received from customers, for which revenue has not yet been recognized. k. Cost of revenues and ramp up of manufacturing: Cost of revenues is comprised of the cost of production, shipping and handling inventory, personnel and related overhead costs, depreciation of production line and related equipment costs and inventory write-downs. l. Concentrations of credit risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and short-term bank deposits. All of the cash and cash equivalents and short-term bank deposits of the Company and its Subsidiary are invested in deposits and current accounts with major U.S. and Israeli banks. Such cash and cash equivalents and short-term bank deposits may be in excess of insured limits and are not insured in other jurisdictions. Generally, cash and cash equivalents and short-term bank deposits may be redeemed and therefore a minimal credit risk exists with respect to these deposits and investments. m. Income taxes: The Company accounts for income taxes in accordance with ASC 740, "Income Taxes" ("ASC 740"). This guidance 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 amounts that are more likely than not to be realized. As of December 31, 2015 and 2014, 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, 2015 and 2014, no liability for unrecognized tax benefits was recorded as a result of the implementation of ASC 740. n. Research and development costs: Research and development costs are charged to the consolidated statements of comprehensive loss, as incurred. o. Series A Preferred Stock: The Company classifies the Series A Preferred Stock (as defined in Note 9b) outside of Stockholders' deficiency 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. p. 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 features 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 a 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. q. 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. r. Fair value of financial instruments: The Company applies ASC 820, "Fair Value Measurements and Disclosures" (“ASC 820”). 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. s. 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 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 18,479,898 8,243,762 t. 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 u. Legal and other contingencies: From time to time the Company is involved in claims and legal proceedings. 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. v. Impact of recently issued accounting pronouncements: In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"), which will replace most of the existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606)," which defers the effective date of ASU 2014-09 by one year to fiscal years beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019, with early adoption permitted. The Company is in the process of determining the method of adoption and assessing the impact of ASU 2014-09 on the Company’s consolidated financial position, results of operations and cash flows. In August 2014, the FASB issued ASU 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" ("ASU 2014-15"), 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. In July 2015, the FASB issued ASU No. 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." Under this accounting guidance, inventory will be measured at the lower of cost and net realizable value and other options that currently exist for market value will be eliminated. ASU No. 2015-11 defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017, with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. In November 2015, the FASB issued ASU No. 2015-17, "Income Taxes Balance Sheet Classification of Deferred Taxes” ("ASU 2015-17"). The purpose of the standard is to simplify the presentation of deferred taxes on a classified balance sheet. Under current GAAP, deferred income tax assets and liabilities are separated into current and noncurrent amounts in the balance sheet. The amendments in ASU 2015-17 require that all deferred tax assets and liabilities be classified as noncurrent in the balance sheet. ASU 2015-17 is effective for interim and annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Companies can adopt the guidance either prospectively or retrospectively. The Company does not expect the adoption of ASU 2015-17 to have a material impact on its consolidated financial statements or presentation. |
OTHER ACCOUNTS RECEIVABLE AND P
OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Prepaid expenses $ 622 $ 159 Government authorities 22 33 Deferred costs (*) 291 94 $ 935 $ 286 (*) Inventory delivered to customers for which revenue criteria have not been met. |
INVENTORIES
INVENTORIES | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Disclosure [Text Block] | NOTE 4:- INVENTORIES December 31, 2015 2014 Raw materials $ 469 $ 68 Finished products 132 166 $ 601 $ 234 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5:- PROPERTY AND EQUIPMENT, NET December 31, 2015 2014 Cost: Computers and peripheral equipment $ 209 $ 194 Office furniture and equipment 62 62 Production lines 903 813 Leasehold improvement 7 6 1,181 1,075 Accumulated depreciation: Computers and peripheral equipment 140 88 Office furniture and equipment 12 7 Production lines 276 - Leasehold improvement 4 2 432 97 Property and equipment, net $ 749 $ 978 Depreciation expenses for the year ended December 31, 2015 and 2014 amounted to $ 335 549 |
OTHER ACCOUNTS PAYABLE AND ACCR
OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 6:- OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES December 31, 2015 2014 Employees and payroll accruals $ 247 $ 205 Accrued expenses 434 679 $ 681 $ 884 |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 7:- COMMITMENTS AND CONTINGENT LIABILITIES a. The facilities and motor vehicles of the Subsidiary 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 2015, Ltd. also entered into several motor vehicle lease agreements for a period of 36 months. As of December 31, 2015 the Company maintains 11 leased cars. b. In December 2015 the Company entered into a lease agreement in the United States for its offices for a period of 12 months commencing February 1, 2016 and scheduled to expire on January 31, 2017. c. As of ended December 31, Facilities Motor Total 2016 139 81 220 2017 1 38 39 2018 - 15 15 $ 140 $ 134 $ 274 Facility and motor vehicle lease expenses for the year ended December 31, 2015 and 2014 were $ 232 273 d. As of December 31, 2015, Ltd. established guarantees to cover rent agreements and credit cards commitments that amounted to $ 50 |
TAXES ON INCOME
TAXES ON INCOME | 12 Months Ended |
Dec. 31, 2015 | |
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.: Corporate tax rate in Israel in 2014 and 2015 is 26.5 On January 4, 2016, the Israeli Parliament's Plenum approved by a second and third reading the Bill for Amending the Income Tax Ordinance (No. 217) (Reduction of Corporate Tax Rate), 2015, which consists of the reduction of the corporate tax rate from 26.5% to 25 c. Net operating loss carryforward: Ltd. has accumulated net operating losses for Israeli income tax purposes as of December 31, 2015 in the amount of approximately $ 18,675 As of December 31, 2015, the Company had a U.S. federal net operating loss carryforward of approximately $ 4,877 2031 2035 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. December 31, 2015 2014 Deferred tax assets: Net operating loss carry forward $ 6,900 $ 5,099 Temporary differences 713 927 Deferred tax assets before valuation allowance 7,613 6,026 Valuation allowance (7,613) (6,026) Net deferred tax asset $ - $ - The deferred tax balances included in the financial statements as of December 31, 2015 are calculated according to the tax rates that were in effect as of the reporting date and do not take into account the potential effects of the reduction in the tax rate. Said effects will be included in the financial statements that will be issued starting from the date on which the new tax rate is substantially enacted, namely in the first quarter of 2016. The net change in the total valuation allowance for the year ended December 31, 2015 was an increase of $ 1,587 e. Year ended December 31, 2015 2014 Domestic $ 783 $ 3,598 Foreign 6,359 9,279 $ 7,142 $ 12,877 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, 2015 | |
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 and 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 after giving effect to any rights of holders of preferred stock. Except for contractual rights of certain investors, the holders of Common Stock have no pre-emptive or similar rights and are not subject to redemption rights and carry no subscription or conversion rights. b. On September 23, 2014, the Company consummated the final closing of a private placement with existing and new institutional and accredited investors (the "September 2014 Private Placement") 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 up to an aggregate of 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 which is subject to a standard anti-dilution protection clause. Such warrants contain a net settlement cash feature and liquidated damages penalties and therefore accounted as a liability according to the provisions of ASC 815-40 “Contracts in entity's own equity”. 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, 2015 amounted to $3,560. Preemptive rights - One Series A Preferred Stockholder has a preemptive right to participate in future financings for a period of two years in an amount necessary to maintain such investor’s fully-diluted percentage interest in the Company. Voting - Each stockholder shall have one vote for each share of Common Stock held by such stockholder of record of 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. During 2015, 6,052 shares of Series A Preferred Stock have been converted into 1,526,609 shares of Common Stock and therefore an amount of $400 was credited to additional paid in capital in the Company's statement of changes in stockholders' deficiency. c. On February 25, 2015 and March 16, 2015, the Company completed two closings of a private placement (the “February 2015 Private Placement”) with existing and new institutional and accredited investors and raised $1,956 in net proceeds through the issuance of 11,286,444 shares of Common Stock, and series A warrants to purchase 2,821,613 shares of Common Stock (the “Series A Warrants”) and series B warrants to purchase 2,821,613 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 and 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 Series A Warrants are immediately exercisable at an exercise price of $0.24 per share and expire 9 months from the closing of the February 2015 Private Placement in which such warrants were purchased. The Series B Warrants are immediately exercisable at an exercise price of $0.30 per share and expire 36 months from the closing of the February 2015 Private Placement in which such warrants were purchased. 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. The Series A Warrants and the Series B Warrants contain a standard anti-dilution protection clause. 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 respect to the February 2015 Private Placement the Company entered into a finder’s fee agreement with a finder according to which the finder shall receive a cash fee of approximately $43 and immediately exercisable warrants to purchase: i) 241,423 shares of Common Stock with an exercise price of $0.18, with a “cashless exercise” feature and which are exercisable by February 25, 2018; ii) 60,356 shares of Common Stock with an exercise price of $0.24 which expired on November 25, 2015; and iii) 60,356 shares of Common Stock with an exercise price of $0.30 and which are exercisable by February 25, 2018. All finders' warrants contain a standard anti-dilution protection clause. The Company was 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 Securities and Exchange Commission determines to review the registration statement). The Company could incur liquidated damages if it did not meet the registration obligations. On April 8, 2015, the Company filed a registration statement covering the public resale of up to 11,286,444 shares of Common Stock, 2,821,613 shares of Common Stock underlying the Series A Warrants and 2,821,613 shares of Common Stock underlying the Series B Warrants, sold in the February 2015 Private Placement (the “Fifth Registration Statement”). The Fifth Registration Statement was declared effective on April 24, 2015. d. On April 3, 2015, the Company's Board of Directors approved the following: 1. To reserve 400,000 shares of Common Stock under the terms of an engagement agreement with a service provider (“Service Provider Agreement”) dated March 15, 2015 (the “Effective Date”) offering investor relations services (“Services”) to the Company. The Service Provider Agreement is for a period of one year beginning with the Effective Date (the “Term”), pursuant to which in addition to monthly retainer Company shall issue 100,000 shares of Common Stock on a quarterly basis over the Term in consideration for the Services. The Company recorded General and Administrative expenses amounting to $118 in connection with 300,000 shares of Common Stock that have been issued during the year ended December 31, 2015. 2. A salary program pursuant to which the Company will issue up to 2,200,000 compensation shares of restricted Common Stock (“Compensation Shares”) to directors, officers and employees of the Company as consideration for a reduction in or waiver of cash salary or fees owed to such individuals. The waiver of cash salary will be done upon the average closing price of the Common Stock for the 30 trading days prior to the date the Compensation Shares are granted. During the year ended December 31, 2015, the Company issued 998,403 Compensation Shares to certain members of the Board of Directors and officers as consideration for a waiver of cash owed to such individuals amounting to $304. e. On May 5, 2015 (the "Commitment Date"), the Company’s Board of Directors approved a warrant exercise and replacement agreement according to which upon the Company's request for a period of eight business days the holders of warrants from the February 2015 Private Placement were able to exercise for cash their outstanding 2,881,694 warrants. Upon such exercise, the Company issued the participating holders additional warrants to purchase the same number of additional shares of Common Stock, for an exercise price of $0.24 per share, having the same terms and conditions of the exercised warrants. The transaction was accounted for in accordance with ASC 470-20 "Debt with Conversion and Other Options" (“ASC 470”), pursuant to which the induced conversion privileges are exercisable only for a limited period of time and includes the issuance of all of the equity securities issuable pursuant to conversion privileges included in the terms of the warrants at issuance for each warrant instrument that is converted. Therefore, the induced conversion was accounted for as a deemed dividend and measured at the Commitment Date in a total amount of $154. Under this offer, 1,923,636 warrants were exercised into 1,923,636 shares of Common Stock for a total net consideration of $453. f. On July 23, 2015 and August 28, 2015, the Company completed two closings of a private placement (the “July 2015 Private Placement”) with existing and new institutional and retail investors and raised approximately $2,325 in net proceeds through the issuance of 8,646,203 shares of Common Stock, and series A warrants to purchase 4,709,821 shares of Common Stock (the “2015 Series A Warrants”) and Series B Warrants to purchase 4,709,821 shares of Common Stock (the “2015 Series B Warrants”) and 449,157 shares of Common Stock underlying Placement Agent Warrants. Out of the above issuance, 750,000 shares of Common Stock, 375,000 2015 Series A Warrants and 375,000 2015 Series B Warrants were purchased by the Chief Financial Officer of the Company for gross proceeds of $225 and 40,000 shares of Common Stock, 20,000 2015 Series A Warrants and 20,000 2015 Series B Warrants were purchased by the Chief Executive Officer of the Company for gross proceeds of $12. Out of the above issuances, 245,333 and 50,000 restricted shares of Common Stock were issued to finders and to a placement agent, respectively. In addition, the Company also issued to a finder 439,630 non-plan stock options. The 2015 Series A Warrants are immediately exercisable at an exercise price of $0.35 per share and expire 12 months from the closing date. The 2015 Series B Warrants are immediately exercisable at an exercise price of $0.40 per share and expire 36 months from the closing date. The 2015 Series A and Series B Warrants are exercisable for cash or on a cashless basis if a registration statement covering the shares issuable upon exercise of the Warrants is unavailable. The non-plan stock options issued to the finder are fully vested and exercisable after the lapse of four months from the grant date in December 2015. With respect to the July 2015 Private Placement, the Company entered into finder's fee agreements with certain finders according to which the finders received 245,333 restricted shares of Common Stock and 619,606 warrants, evenly divided between “Series A Finders Warrants” and “Series B Finders Warrants”. The Series A Finders Warrants are exercisable at an exercise price of $0.35 per share and expire 12 months from the date of the closing of the July 2015 Private Placement at which such warrants were issued. The Series B Finders Warrants are exercisable at an exercise price of $0.40 per share and expire 3 years from the date of the closing of the July 2015 Private Placement at which such warrants were issued. Issuance costs related to the July 2015 Private Placement were approximately $181 ($122 out of which related to the placement agent). In addition, the Company issued to the placement agent 50,000 restricted shares of Common Stock and an aggregate of 898,313 warrants to the placement agent and to a selected dealer (the “Placement Agent Warrants”). The Company issued three types of Placement Agent Warrants, of which (i) the first will have an exercise price of $0.30 per share exercisable over a period of three years, (ii) the second will have an exercise price of $0.35 per share, exercisable over a period of one year; and (iii) the third will have an exercise price of $0.40 per share, exercisable over a period of three years. The Placement Agent Warrants are exercisable for cash or on a cashless basis and have similar registration rights as the shares but also include piggyback registration rights. The Company was required to file a registration statement for the resale of the shares and warrants shares issued in the July 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 Securities and Exchange Commission determines to review the registration statement). On September 21, 2015, the Company filed a registration statement covering the public resale of up to 8,350,870 shares of Common Stock, 4,400,018 shares of Common Stock underlying the 2015 Series A Warrants, 4,400,018 shares of Common Stock underlying the 2015 Series B Warrants and 449,157 shares of Common Stock underlying the Placement Agent Warrants issued in the July 2015 Private Placement (the “Sixth Registration Statement”) which was declared effective on October 2, 2015. The July 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 $0.64 to $0.45 per share and an additional 2,307,106 and 439,347 shares became subject to such warrants, respectively. In addition, the exercise price of the placement agent's warrants in the 2011-2012 Private Placement, was adjusted from $0.53 to $0.38 per share and an additional 311,874 warrants were issued. g. On September 3, 2015, the Company's Board of Directors approved the issuance of 1,748,166 shares of Common Stock under the 2012 Equity Incentive Plan to certain employees according to the Israeli sub-plan. Consequently, the Company recorded General and Administrative and Research and Development expenses amounting to $514 and $77, respectively. h. On September 17, 2015, the Company's Board of Directors approved the issuance of 50,000 shares of Common Stock to a service provider. Consequently, the Company recorded General and Administrative expenses amounting to $16 in the statements of comprehensive loss. i. On November 19, 2015 the Company completed a closing of a private placement (the "November 2015 Private Placement") with existing shareholders and private investors and raised approximately $2,924 in net proceeds through the issuance of 8,031,734 shares of Common Stock, 5,929,955 Series A Warrants (the "November 2015 Series A Warrants") and 2,541,409 Series B Warrants (the "November 2015 Series B Warrants"). Out of the above issuances, 383,467 restricted shares of Common Stock, 576,168 November 2015 Series A Warrants and 246,929 November 2015 Series B Warrants were issued to finders. In connection with the November 2015 Private Placement the Company also issued to a finder 439,630 non-plan stock options. The November 2015 Series A Warrants are immediately exercisable at an exercise price of $0.37 per share and expire 16 months from the closing date. The November 2015 Series B Warrants are immediately exercisable at an exercise price of $0.43 per share and expire 36 months from the closing date. The November 2015 Series A Warrants and November 2015 Series B Warrants are eligible also for “cashless exercise” only if the underlying shares of Common Stock are not registered for resale. With respect to the November 2015 Private Placement the Company entered into a finder’s fee agreements with certain finders according to which the finders received 383,467 restricted shares of Common Stock, 576,168 November 2015 Series A Warrants, 246,929 November 2015 Series B Warrants and 439,630 fully vested non-plan stock options having an exercise price of $0.0001. The non-plan stock options are fully vested and exercisable after the lapse of four months from the grant date in December 2015. The warrants issued to the finders are subject to the same terms as those issued to the investors. The November 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 $0.45 to $0.36 per share and an additional 1,930,017 and 367,526 shares became subject to such warrants, respectively. In addition, the exercise price of the placement agent's warrants in the 2011-2012 Private Placement, was adjusted from $0.38 to $0.31 per share and an additional 249,977 warrants were issued. j. On October 22 2015, the Company's Board of Directors approved a warrant replacement agreement (the "September 2014 round Replacement Agreement") with the September 2014 Private Placement Purchasers pursuant to which up to 5,341,834 outstanding warrants that contain a net settlement cash feature will be replaced by new warrants to acquire up to an aggregate of 5,876,021 shares of common stock at an exercise price of $0.4755 per share, which warrants are subject to standard anti-dilution protections. Consequently, certain investors replaced 4,320,135 outstanding warrants that contain certain net settlement cash features by 4,752,147 new warrants to acquire an aggregate of 4,752,147 shares of Common Stock at an exercise price of $0.4755 per share which are subject to standard anti-dilution protections and do not contain a net settlement cash feature. As of December 31, 2015 the Company's offer to the warrant holders expired. The above replacement is considered as a modification of the warrants' terms of the September 2014 Private Placement. As a result, and in accordance with ASC 470 the incremental value that was generated to the particular Purchasers from the aforementioned exchanged warrants was recorded as financial expenses in the amount of $75 in the consolidated statement of comprehensive loss. The September 2014 round Replacement Agreement triggered the anti-dilution mechanism of the warrants issued in the 2011-2012 Private Placement and an additional 81,840 and 15,581 shares became subject to such warrants, respectively. In addition, 13,159 additional shares became subject to the warrants issued to the placement agent of the 2011-2012 Private Placement. The table below presents the September 2014 Private Placement carrying value of the warrants issued in such placement: Year ended Fair value of warrants at December 31, 2014 $ 101 Revaluation of warrants during 2015 1,099 Reclassification of warrants to additional paid-in capital upon warrant replacement agreement in November and December 2015 (822 ) Fair value of warrants at December 31, 2015 $ 378 k. On December 24, 2015, the Company completed a private placement (the “December 2015 Private Placement”) with a new investor and raised $500 in net proceeds through the issuance of 1,461,988 shares of Common Stock and warrants to purchase 1,461,988 shares of Common Stock (the "December 2015 Warrants"). The December 2015 Warrants are immediately exercisable at an exercise price of $0.34 per share and expire 6 months from the closing of the December 2015 Private Placement. The December 2015 Warrants are eligible also for “cashless exercise” only if the underlying shares of Common Stock are not registered for resale. The December 2015 Private Placement triggered the anti-dilution mechanism of the warrants issued in the 2011-2012 Private Placement to the investors and placement agent by adjusting the current exercise price of the warrants from $0.36 to $0.35 per share and an additional 283,068 and 53,906 shares became subject to such warrants, respectively. l. The table below summarizes the outstanding warrants as of December 31, 2015: Warrants Exercise price Expiration date $ Investors of the 2011-2012 Private Placement 10,090,941 0.35 October 26, 2016 Placement agent of the 2011-2012 Private Placement 1,921,642 0.35 April 8, 2016 Placement agent of the 2011-2012 Private Placement 1,374,773 0.31 April 8, 2016 October 2012 Private Placement FINRA member 29,585 7.50 October 16, 2016 April-May 2013 Private Placement 400,000 25.00 April 4, 2016 Placement agent of the April-May 2013 Private Placement 80,003 12.50 April 4, 2016 Placement agent of the April-May 2013 Private Placement 40,005 25.00 April 4, 2016 Investors of the September 2014 Private Placement 1,021,699 0.48 September 23, 2018 September 2014 PPM-Warrant Replacement Agreement 4,752,147 0.48 September 23, 2018 February 2015 PPM A (*) 83,334 0.24 November 25,2015 February 2015 PPM B 2,266,057 0.30 February 25,2018 February 2015 PPM A-Finders 241,422 0.18 February 25,2018 February 2015 PPM - C Finders 60,356 0.30 February 25,2018 February 2015 PPM - B 2nd closing 555,556 0.30 March 16, 2018 May 2015 replacement warrants 1,863,280 0.24 February 15, 2016 May 2015 replacement warrants (PA) 60,356 0.24 February 15, 2016 July 2015 PPM - 2015 Series A Warrants - 1st Closing 2,375,135 0.35 July 23, 2016 July 2015 PPM - 2015 Series B Warrants - 1st Closing 2,500,135 0.40 July 23, 2018 July 2015 PPM - 2015 Series A Warrants (Finder's warrants) 309,803 0.35 August 28, 2016 July 2015 PPM - 2015 Series B Warrants (Finder's warrants) 309,803 0.40 August 28, 2018 July 2015 PPM - 2015 Series B Warrants-2nd Closing 1,675,305 0.40 August 28, 2018 July 2015 PPM (PA) - 1st Closing 425,022 0.30 July 23, 2018 July 2015 PPM (PA) - 2015 Series A Warrants 212,511 0.35 July 23, 2016 July 2015 PPM (PA) - 2015 Series B Warrants - 2nd Closing 12,067 0.35 August 28, 2016 July 2015 PPM (PA) - 2nd Closing 212,511 0.40 July 23, 2018 July 2015 PPM - 2015 Series A Warrants-2nd Closing 1,675,305 July 2015 PPM (PA) - 2015 Series B Warrants - 2nd Closing 12,067 0.40 August 28, 2018 July 2015 PPM (PA) - 2nd Closing 24,135 0.30 August 28, 2018 November 2015 PPM - 2015 Series A Warrants (Finder's warrants) 576,168 0.37 March 19, 2017 November 2015 PPM - 2015 Series B Warrants (Finder's warrants) 246,929 0.43 November 19, 2018 November 2015 PPM - Series A Warrants 5,353,787 0.37 March 19, 2017 November 2015 PPM - Series B Warrants 2,294,480 0.43 November 19, 2018 December 2015 PPM - Warrants 1,461,988 0.34 June 24, 2016 Total outstanding 44,518,307 (*) Warrants for which cash has been received by the Company but no securities issued. During the year ended December 31, 2015, proceeds from warrants exercised amounted to $513 following the issuance of 2,118,080 shares of Common Stock out of which none 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 shares of Common Stock out of which none were issued utilizing a cashless exercise feature. m. 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. On June 15, 2015, the Company held its 2015 Annual Meeting of Stockholders in which, among other matters, Company stockholders approved an amendment to the 2012 Plan to increase the number of shares authorized for issuance under the 2012 Plan by 11,925,000 shares from 1,500,000 to 13,425,000 shares of Common Stock. 2. On September 3, 2015, the Company's Compensation Committee of the Board of Directors approved the grants of 6,308,634, 1,368,000 and 650,000 options to employees, directors and consultants of the Company, respectively, at an exercise price of $0.32 per share. 2,360,543 of such stock options are vested upon grant and the remainder shall vest over a period of two to three years commencing on the grant date. All of the aforementioned options have six year term. 7,345,834 options were issued under the 2012 Plan and 980,800 options are non-plan. On December 17, 2015, the Company's Compensation Committee of the Board of Directors approved the grants of 652,500, and 657,000 options to employees and consultants of the Company, respectively, at an exercise price of $0.39 per share. The options shall vest over a period of three years commencing on the grant date. All of the aforementioned options have a six year term. 1,259,500 options were issued under the 2012 Plan and 50,000 options were issued to a member of the Company’s Scientific Advisory Board which are non-plan. Transactions related to the grant of options to employees, directors and non-employees under the above plans during the year ended December 31, 2015 were as follows: Number of Weighted Weighted Aggregate $ Years $ Options outstanding at beginning of year 1,317,400 6.59 6.98 8 Options granted 9,636,134 0.33 Options exercised 6,000 0.01 Options expired 172,775 7.78 Options forfeited 198,225 2.05 Options outstanding at end of year 10,576,534 0.94 5.80 1,264 Options vested and expected to vest at end of year 9,870,821 0.97 0.67 1,173 Exercisable at end of year 3,975,581 1.85 5.85 441 Weighted average fair value of options granted during the year ended December 31, 2015 and 2014 is $0.33 and $2.82, 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 2015 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, 2015. 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 2015 2014 Volatility 82.39%-87.28% 54.57%-64.74% Risk-free interest rate 1.00%-1.54% 1.65%-2.84% Dividend yield 0% 0% Expected life (years) 5.68-8.51 5-10 As of December 31, 2015, the total unrecognized estimated compensation cost related to non-vested stock options granted prior to that date was $1,415, which is expected to be recognized over a weighted average period of approximately 1.16 years. The total compensation cost related to all of the Company's equity-based awards, recognized during year ended December 31, 2015 and 2014 were comprised as follows: Year ended 2015 2014 Cost of revenues $ 49 $ 39 Research and development 185 409 Sales, Marketing and pre-production costs 111 29 General and administrative 653 1,215 Total stock-based compensation expenses $ 998 $ 1,692 |
FAIR VALUE MEASURMENTS
FAIR VALUE MEASURMENTS | 12 Months Ended |
Dec. 31, 2015 | |
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 492,200 492,200 7.50 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 5.00 96,440 7.50 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 0.35 9,626,982 1,833,624 0.30 1,289,376 b. On September 23, 2014, the Company consummated the September 2014 Private Placement (see also Notes 9b and 9j). The warrants of the 2011-2012 Private Placement and the warrants of the September 2014 Private Placement contain certain net settlement cash features 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: December 31, December 31, 2015 2014 Risk-free interest rate (1) 0.60 % 0.59 % Expected volatility (2) 74.64 % 47.72 % Expected life (in years) (3) 0.82 1.82 Expected dividend yield (4) 0 % 0 % Fair value per warrant $ 0.17 $ 1.05 December 31, December 31, 2015 2014 Risk-free interest rate (1) 0.19 % 0.36 % Expected volatility (2) 86.65 % 46.46 % Expected life (in years) (3) 0.27 1.27 Expected dividend yield (4) 0 % 0 % Fair value per warrant $ 0.14-0.18 $ 0.83-1.06 December 31, Issuance 2015 date Risk-free interest rate (1) 1.24 % 1.42 % Expected volatility (2) 158.68 % 48.75 % Expected life (in years) (3) 2.73 4.00 Expected dividend yield (4) 0 % 0 % Fair value per warrant $ 0.37 $ 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 the Company and other 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 and the September 2014 Private Placement warrants are measured at fair value on a recurring basis. Fair value of liability related to warrants Balance at December 31, 2014 $ 4,003 Exchange of warrants in November-December 2015 (see also Note 9j) (822) Change in fair value of warrants during the period (571) Balance at December 31, 2015 $ 2,610 As of December 31, 2015, there were outstanding warrants to purchase 14,409,055 |
SELECTED STATEMENTS OF OPERATIO
SELECTED STATEMENTS OF OPERATIONS DATA | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | NOTE 11:- SELECTED STATEMENTS OF OPERATIONS DATA a. General and administrative: Year ended 2015 2014 Payroll, office and related $ 1,150 $ 945 Legal and professional fees 408 1,103 Stock-based compensation 1,169 1,215 Issuance of Common Stock and warrants to service provider 134 - Other 87 377 Total General and administrative $ 2,948 $ 3,640 b. Financial expenses, net: Year ended 2015 2014 Bank charges $ 22 $ 23 Foreign currency adjustments losses (gain) (7) 33 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 (571) (2,194) Total Financial expenses (income), net $ (556) $ 1,519 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 12:- SUBSEQUENT EVENTS a. In January 2016, 177,216 b. In January 2016, the Company issued 100,000 c. In January and February 2016 the Company issued 814,377 1,249,001 765,861 116 287,500 69 |
SIGNIFICANT ACCOUNTING POLICI20
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | a. Use of estimates: The preparation of the consolidated financial statements and related disclosures in conformity with U.S. generally accepted accounting principles (“GAAP”) and the Company’s discussion and analysis of its financial condition and operating results require the Company’s management to make judgments, assumptions and estimates that affect the amounts reported in its consolidated financial statements and accompanying notes. Management bases its estimates on historical experience and on various other assumptions it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ from these estimates, and such differences may be material. Management believes the Company’s critical accounting policies and estimates 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 the Subsidiary's expenses is denominated in New Israeli Shekels 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 Accounting Standard Codification ("ASC") 830, "Foreign Currency Matters". All transaction gains and losses of the re-measurement of monetary balance sheet items are reflected in the consolidated statements 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, its Subsidiary and LabStyle US. Intercompany accounts and transactions have been eliminated. |
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. |
Investment, Policy [Policy Text Block] | e. Short-term bank deposits: Short-term bank deposits are restricted deposits with maturities of up to one year and are pledged in favor of the bank as a security for the Company's rent and credit payments. The short-term bank deposits are denominated in NIS and bear interest at an average rate of 0.01 0.42 |
Inventory, Policy [Policy Text Block] | f. Inventories: Inventories are stated at the lower of cost plus allocable indirect costs or net realized value. Cost is determined on a "moving average" basis. Inventory write-down is provided to cover technological obsolescence, excess inventories and discontinued products. Inventory write-down represents the difference between the cost of the inventory and net realizable value. Inventory write-down is charged to the cost of revenues and ramp up of manufacturing when a new lower cost basis is established. 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-offs during the years ended December 31, 2015 and 2014 amounted to $ 193 1,046 |
Lease, Policy [Policy Text Block] | g. Long-term lease deposits: Long-term lease deposits include mainly long-term deposits for the Company's leased vehicles. |
Property, Plant and Equipment, Policy [Policy Text Block] | h. 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 33 Leasehold improvements Over the shorter of the lease term or useful economic life |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | i. Impairment of long-lived assets: Property and equipment are reviewed for impairment in accordance with ASC 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, 2015, no impairment loss has been recorded. During the year ended December 31, 2014, the Company decided to cease the operation of one of its production lines and performed a recoverability test for such long-lived assets. Based on its analysis, the Company recorded a non-cash charge with respect to impairment of its production line in the amount of $489. This charge was recorded as separate line in the consolidated statements of comprehensive loss. |
Revenue Recognition, Software [Policy Text Block] | j. Revenue recognition: 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 derives revenues from the sale of its Dario Smart Meter and its related device-specific disposables test strip cartridges and lancets through independent distributors or directly to end users. 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. 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. Through the year ended December 31, 2015, product sales to distributors are recognized as revenues upon receipt of payment. 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. The Company also generates revenues from arrangements with health care providers which include supply of Dario Smart Meters and software platform that requires certain customization followed by monthly service, support and maintenance. When a sales arrangement contains multiple elements, such as software and non-software components, the Company allocates revenue to each element based on a selling price hierarchy as required according to ASC 605-25, “Multiple-Element Arrangements”. The selling price for a deliverable is based on its Vendor Specific Objective Evidence (“VSOE”), if available, third party evidence (“TPE”) if VSOE is not available, or estimated selling price (“ESP”) if neither VSOE nor TPE is available. The best estimate of selling price is established considering several internal factors including, but not limited to, historical sales, pricing practices and geographies in which the Company offers its products. The determination of ESP is judgmental. Revenues from software components in sales arrangement contains multiple elements are recognized when all criteria outlined in ASC 985-605, “Software Revenue Recognition” (“ASC 985-605”), are met. Revenue from services is recognized when persuasive evidence of an arrangement exists, delivery of the product has occurred or the services have been rendered, the fee is fixed or determinable and collectability is probable. For multiple element arrangements within ASC 985-605, revenues are allocated to the different elements in the arrangement under the “residual method” when VSOE of fair value exist for all undelivered elements and no VSOE exists for the delivered elements. Under the residual method, at the outset of the arrangement with the customer, the fair value of the undelivered elements is deferred and the remaining portion of the arrangement fee is allocated to the delivered elements and is recognized as revenue when the basic criteria in ASC 985-605 have been met. Any discount in the arrangement is allocated to the delivered element. Since VSOE does not exist for undelivered elements, revenues are recognized as one unit of accounting, on a straight-line basis over the term of the last deliverable based on ASC 605-15, “Products” and ASC 985-605. Deferred revenues include advances and payments received from customers, for which revenue has not yet been recognized. |
Cost of Sales, Policy [Policy Text Block] | k. Cost of revenues and ramp up of manufacturing: Cost of revenues is comprised of the cost of production, shipping and handling inventory, personnel and related overhead costs, depreciation of production line and related equipment costs and inventory write-downs. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | l. Concentrations of credit risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and short-term bank deposits. All of the cash and cash equivalents and short-term bank deposits of the Company and its Subsidiary are invested in deposits and current accounts with major U.S. and Israeli banks. Such cash and cash equivalents and short-term bank deposits may be in excess of insured limits and are not insured in other jurisdictions. Generally, cash and cash equivalents and short-term bank deposits may be redeemed and therefore a minimal credit risk exists with respect to these deposits and investments. |
Income Tax, Policy [Policy Text Block] | m. Income taxes: The Company accounts for income taxes in accordance with ASC 740, "Income Taxes" ("ASC 740"). This guidance 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 amounts that are more likely than not to be realized. As of December 31, 2015 and 2014, 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, 2015 and 2014, 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] | n. Research and development costs: Research and development costs are charged to the consolidated statements of comprehensive loss, as incurred. |
Stockholders' Equity, Policy [Policy Text Block] | o. Series A Preferred Stock: The Company classifies the Series A Preferred Stock (as defined in Note 9b) outside of Stockholders' deficiency 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] | p. 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 features 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 a 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] | q. 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] | r. Fair value of financial instruments: The Company applies ASC 820, "Fair Value Measurements and Disclosures" (“ASC 820”). 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] | s. 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 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 18,479,898 8,243,762 |
Severance Pay [Policy Text Block] | t. 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] | u. Legal and other contingencies: From time to time the Company is involved in claims and legal proceedings. 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | v. Impact of recently issued accounting pronouncements: In May 2014, the Financial Accounting Standards Board ("FASB") issued ASU 2014-09, "Revenue from Contracts with Customers" ("ASU 2014-09"), which will replace most of the existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. In August 2015, the FASB issued ASU 2015-14, "Revenue from Contracts with Customers (Topic 606)," which defers the effective date of ASU 2014-09 by one year to fiscal years beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019, with early adoption permitted. The Company is in the process of determining the method of adoption and assessing the impact of ASU 2014-09 on the Company’s consolidated financial position, results of operations and cash flows. In August 2014, the FASB issued ASU 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" ("ASU 2014-15"), 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. In July 2015, the FASB issued ASU No. 2015-11, "Inventory (Topic 330): Simplifying the Measurement of Inventory." Under this accounting guidance, inventory will be measured at the lower of cost and net realizable value and other options that currently exist for market value will be eliminated. ASU No. 2015-11 defines net realizable value as the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. No other changes were made to the current guidance on inventory measurement. ASU 2015-11 is effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017, with early adoption permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. In November 2015, the FASB issued ASU No. 2015-17, "Income Taxes Balance Sheet Classification of Deferred Taxes” ("ASU 2015-17"). The purpose of the standard is to simplify the presentation of deferred taxes on a classified balance sheet. Under current GAAP, deferred income tax assets and liabilities are separated into current and noncurrent amounts in the balance sheet. The amendments in ASU 2015-17 require that all deferred tax assets and liabilities be classified as noncurrent in the balance sheet. ASU 2015-17 is effective for interim and annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Companies can adopt the guidance either prospectively or retrospectively. The Company does not expect the adoption of ASU 2015-17 to have a material impact on its consolidated financial statements or presentation. |
SIGNIFICANT ACCOUNTING POLICI21
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 33 Leasehold improvements Over the shorter of the lease term or useful economic life |
OTHER ACCOUNTS RECEIVABLE AND22
OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Accounts Receivable And Prepaid Expenses Disclosure [Abstract] | |
Other Accounts Receivable And Prepaid Expenses Disclosure [Table Text Block] | December 31, 2015 2014 Prepaid expenses $ 622 $ 159 Government authorities 22 33 Deferred costs (*) 291 94 $ 935 $ 286 (*) Inventory delivered to customers for which revenue criteria have not been met. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2015 2014 Raw materials $ 469 $ 68 Finished products 132 166 $ 601 $ 234 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Composition of assets, grouped by major classification, is as follows: December 31, 2015 2014 Cost: Computers and peripheral equipment $ 209 $ 194 Office furniture and equipment 62 62 Production lines 903 813 Leasehold improvement 7 6 1,181 1,075 Accumulated depreciation: Computers and peripheral equipment 140 88 Office furniture and equipment 12 7 Production lines 276 - Leasehold improvement 4 2 432 97 Property and equipment, net $ 749 $ 978 |
OTHER ACCOUNTS PAYABLE AND AC25
OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable and Accrued Liabilities [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2015 2014 Employees and payroll accruals $ 247 $ 205 Accrued expenses 434 679 $ 681 $ 884 |
COMMITMENTS AND CONTINGENT LI26
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | As of ended December 31, Facilities Motor Total 2016 139 81 220 2017 1 38 39 2018 - 15 15 $ 140 $ 134 $ 274 |
TAXES ON INCOME (Tables)
TAXES ON INCOME (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 2014 Deferred tax assets: Net operating loss carry forward $ 6,900 $ 5,099 Temporary differences 713 927 Deferred tax assets before valuation allowance 7,613 6,026 Valuation allowance (7,613) (6,026) Net deferred tax asset $ - $ - |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year ended December 31, 2015 2014 Domestic $ 783 $ 3,598 Foreign 6,359 9,279 $ 7,142 $ 12,877 |
STOCKHOLDERS' DEFICIT AND CON28
STOCKHOLDERS' DEFICIT AND CONVERTIBLE PREFERRED SHARES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | The table below presents the September 2014 Private Placement carrying value of the warrants issued in such placement: Year ended December 31, 2015 Fair value of warrants at December 31, 2014 $ 101 Revaluation of warrants during 2015 1,099 Reclassification of warrants to additional paid-in capital upon warrant replacement agreement in November and December 2015 (822) Fair value of warrants at December 31, 2015 $ 378 |
Schedule of Stockholders Equity Note, Warrants or Rights [Table Text Block] | The table below summarizes the outstanding warrants as of December 31, 2015: Warrants Exercise price Expiration date $ Investors of the 2011-2012 Private Placement 10,090,941 0.35 October 26, 2016 Placement agent of the 2011-2012 Private Placement 1,921,642 0.35 April 8, 2016 Placement agent of the 2011-2012 Private Placement 1,374,773 0.31 April 8, 2016 October 2012 Private Placement FINRA member 29,585 7.50 October 16, 2016 April-May 2013 Private Placement 400,000 25.00 April 4, 2016 Placement agent of the April-May 2013 Private Placement 80,003 12.50 April 4, 2016 Placement agent of the April-May 2013 Private Placement 40,005 25.00 April 4, 2016 Investors of the September 2014 Private Placement 1,021,699 0.48 September 23, 2018 September 2014 PPM-Warrant Replacement Agreement 4,752,147 0.48 September 23, 2018 February 2015 PPM A (*) 83,334 0.24 November 25,2015 February 2015 PPM B 2,266,057 0.30 February 25,2018 February 2015 PPM A-Finders 241,422 0.18 February 25,2018 February 2015 PPM - C Finders 60,356 0.30 February 25,2018 February 2015 PPM - B 2nd closing 555,556 0.30 March 16, 2018 May 2015 replacement warrants 1,863,280 0.24 February 15, 2016 May 2015 replacement warrants (PA) 60,356 0.24 February 15, 2016 July 2015 PPM - 2015 Series A Warrants - 1st Closing 2,375,135 0.35 July 23, 2016 July 2015 PPM - 2015 Series B Warrants - 1st Closing 2,500,135 0.40 July 23, 2018 July 2015 PPM - 2015 Series A Warrants (Finder's warrants) 309,803 0.35 August 28, 2016 July 2015 PPM - 2015 Series B Warrants (Finder's warrants) 309,803 0.40 August 28, 2018 July 2015 PPM - 2015 Series B Warrants-2nd Closing 1,675,305 0.40 August 28, 2018 July 2015 PPM (PA) - 1st Closing 425,022 0.30 July 23, 2018 July 2015 PPM (PA) - 2015 Series A Warrants 212,511 0.35 July 23, 2016 July 2015 PPM (PA) - 2015 Series B Warrants - 2nd Closing 12,067 0.35 August 28, 2016 July 2015 PPM (PA) - 2nd Closing 212,511 0.40 July 23, 2018 July 2015 PPM - 2015 Series A Warrants-2nd Closing 1,675,305 July 2015 PPM (PA) - 2015 Series B Warrants - 2nd Closing 12,067 0.40 August 28, 2018 July 2015 PPM (PA) - 2nd Closing 24,135 0.30 August 28, 2018 November 2015 PPM - 2015 Series A Warrants (Finder's warrants) 576,168 0.37 March 19, 2017 November 2015 PPM - 2015 Series B Warrants (Finder's warrants) 246,929 0.43 November 19, 2018 November 2015 PPM - Series A Warrants 5,353,787 0.37 March 19, 2017 November 2015 PPM - Series B Warrants 2,294,480 0.43 November 19, 2018 December 2015 PPM - Warrants 1,461,988 0.34 June 24, 2016 Total outstanding 44,518,307 (*) Warrants for which cash has been received by the Company but no securities issued. |
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, 2015 were as follows: Number of Weighted Weighted Aggregate $ Years $ Options outstanding at beginning of year 1,317,400 6.59 6.98 8 Options granted 9,636,134 0.33 Options exercised 6,000 0.01 Options expired 172,775 7.78 Options forfeited 198,225 2.05 Options outstanding at end of year 10,576,534 0.94 5.80 1,264 Options vested and expected to vest at end of year 9,870,821 0.97 0.67 1,173 Exercisable at end of year 3,975,581 1.85 5.85 441 |
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 2015 2014 Volatility 82.39%-87.28% 54.57%-64.74% Risk-free interest rate 1.00%-1.54% 1.65%-2.84% Dividend yield 0% 0% Expected life (years) 5.68-8.51 5-10 |
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, 2015 and 2014 were comprised as follows: Year ended 2015 2014 Cost of revenues $ 49 $ 39 Research and development 185 409 Sales, Marketing and pre-production costs 111 29 General and administrative 653 1,215 Total stock-based compensation expenses $ 998 $ 1,692 |
FAIR VALUE MEASURMENTS (Tables)
FAIR VALUE MEASURMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015: Fair value of liability related to warrants Balance at December 31, 2014 $ 4,003 Exchange of warrants in November-December 2015 (see also Note 9j) (822) Change in fair value of warrants during the period (571) Balance at December 31, 2015 $ 2,610 |
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, 2015 2014 Risk-free interest rate (1) 0.60 % 0.59 % Expected volatility (2) 74.64 % 47.72 % Expected life (in years) (3) 0.82 1.82 Expected dividend yield (4) 0 % 0 % Fair value per warrant $ 0.17 $ 1.05 |
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 2015 date Risk-free interest rate (1) 1.24 % 1.42 % Expected volatility (2) 158.68 % 48.75 % Expected life (in years) (3) 2.73 4.00 Expected dividend yield (4) 0 % 0 % Fair value per warrant $ 0.37 $ 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 the Company and other 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, 2015 2014 Risk-free interest rate (1) 0.19 % 0.36 % Expected volatility (2) 86.65 % 46.46 % Expected life (in years) (3) 0.27 1.27 Expected dividend yield (4) 0 % 0 % Fair value per warrant $ 0.14-0.18 $ 0.83-1.06 |
SELECTED STATEMENTS OF OPERAT30
SELECTED STATEMENTS OF OPERATIONS DATA (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | a. General and administrative: Year ended 2015 2014 Payroll, office and related $ 1,150 $ 945 Legal and professional fees 408 1,103 Stock-based compensation 1,169 1,215 Issuance of Common Stock and warrants to service provider 134 - Other 87 377 Total General and administrative $ 2,948 $ 3,640 |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | b. Financial expenses, net: Year ended 2015 2014 Bank charges $ 22 $ 23 Foreign currency adjustments losses (gain) (7) 33 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 (571) (2,194) Total Financial expenses (income), net $ (556) $ 1,519 |
GENERAL (Details Textual)
GENERAL (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 15, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 17, 2014 | |
Organization And Presentation Of Financial Statements [Line Items] | ||||
Operating Income (Loss) | $ 7,698 | $ 11,358 | ||
Net Cash Provided by (Used in) Operating Activities | $ 6,277 | $ 8,581 | ||
Common Stock, Shares Authorized | 80,000,000 | 160,000,000 | 80,000,000 | 45,000,000 |
Equity Incentive Plan 2012 [Member] | ||||
Organization And Presentation Of Financial Statements [Line Items] | ||||
Common Stock, Shares Authorized | 11,925,000 | 13,425,000 | ||
Increase In Common Stock Shares Authorized | 1,500,000 |
SIGNIFICANT ACCOUNTING POLICI32
SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2015 | |
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] | |
Rate Of Depreciation [Line Items] | |
Rate Of Annual Depreciation | 33.00% |
Leasehold Improvements [Member] | |
Rate Of Depreciation [Line Items] | |
Annual Depreciation Description | Over the shorter of the lease term or useful economic life |
SIGNIFICANT ACCOUNTING POLICI33
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accounting Policies [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 18,479,898 | 8,243,762 |
Percentage Of Monthly Deposits Behalf Of Insurance Companies | 8.33% | |
Inventory Write-down | $ 193 | $ 1,046 |
Asset Impairment Charges | $ 0 | $ 489 |
Bank Time Deposits [Member] | ||
Accounting Policies [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 0.01% | 0.42% |
OTHER ACCOUNTS RECEIVABLE AND34
OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Accounts Receivable And Prepaid Expenses [Line Items] | |||
Prepaid expenses | $ 622 | $ 159 | |
Government authorities | 22 | 33 | |
Deferred costs | [1] | 291 | 94 |
Prepaid Expense and Other Assets, Current | $ 935 | $ 286 | |
[1] | Inventory delivered to customers for which revenue criteria have not been met. |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Raw materials | $ 469 | $ 68 |
Finished products | 132 | 166 |
Inventory, Net | $ 601 | $ 234 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 1,181 | $ 1,075 |
Accumulated depreciation | 432 | 97 |
Property and equipment, net | 749 | 978 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 209 | 194 |
Accumulated depreciation | 140 | 88 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 62 | 62 |
Accumulated depreciation | 12 | 7 |
Production Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 903 | 813 |
Accumulated depreciation | 276 | 0 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 7 | 6 |
Accumulated depreciation | $ 4 | $ 2 |
PROPERTY AND EQUIPMENT, NET (37
PROPERTY AND EQUIPMENT, NET (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 335 | $ 549 |
OTHER ACCOUNTS PAYABLE AND AC38
OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Accounts Payable And Accrued Expenses [Line Items] | ||
Employees and payroll accruals | $ 247 | $ 205 |
Accrued expenses | 434 | 679 |
Other Accounts Payable and Accrued Expenses | $ 681 | $ 884 |
COMMITMENTS AND CONTINGENT LI39
COMMITMENTS AND CONTINGENT LIABILITIES (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Operating Leased Assets [Line Items] | |
2,016 | $ 220 |
2,017 | 39 |
2,018 | 15 |
Operating Leases, Future Minimum Payments Due, Total | 274 |
Facilities [Member] | |
Operating Leased Assets [Line Items] | |
2,016 | 139 |
2,017 | 1 |
2,018 | 0 |
Operating Leases, Future Minimum Payments Due, Total | 140 |
Motor Vehicles [Member] | |
Operating Leased Assets [Line Items] | |
2,016 | 81 |
2,017 | 38 |
2,018 | 15 |
Operating Leases, Future Minimum Payments Due, Total | $ 134 |
COMMITMENTS AND CONTINGENT LI40
COMMITMENTS AND CONTINGENT LIABILITIES (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leased Assets [Line Items] | ||
Operating Leases, Rent Expense, Net, Total | $ 232 | $ 273 |
Credit Card Receivable [Member] | ||
Operating Leased Assets [Line Items] | ||
Other Commitment | 50 | |
Rental Agreement [Member] | ||
Operating Leased Assets [Line Items] | ||
Other Commitment | $ 50 |
TAXES ON INCOME (Details)
TAXES ON INCOME (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Net operating loss carry forward | $ 6,900 | $ 5,099 |
Temporary differences | 713 | 927 |
Deferred tax assets before valuation allowance | 7,613 | 6,026 |
Valuation allowance | (7,613) | (6,026) |
Net deferred tax asset | $ 0 | $ 0 |
TAXES ON INCOME (Details 1)
TAXES ON INCOME (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation Allowance [Line Items] | ||
Domestic | $ 783 | $ 3,598 |
Foreign | 6,359 | 9,279 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest, Total | $ 7,142 | $ 12,877 |
TAXES ON INCOME (Details Textua
TAXES ON INCOME (Details Textual) - USD ($) $ in Thousands | Jan. 04, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Valuation Allowance [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 26.50% | 26.50% | |
Operating Loss Carryforwards | $ 4,877 | ||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 1,587 | ||
Subsequent Event [Member] | |||
Valuation Allowance [Line Items] | |||
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 25.00% | ||
Maximum [Member] | |||
Valuation Allowance [Line Items] | |||
Operating Loss Carry forwards Expiration Period | 2,035 | ||
Minimum [Member] | |||
Valuation Allowance [Line Items] | |||
Operating Loss Carry forwards Expiration Period | 2,031 | ||
Domestic Tax Authority [Member] | |||
Valuation Allowance [Line Items] | |||
Operating Loss Carryforwards | $ 18,675 |
STOCKHOLDERS' DEFICIT AND CON44
STOCKHOLDERS' DEFICIT AND CONVERTIBLE PREFERRED SHARES (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair value of warrants at December 31, 2014 | $ 101 |
Revaluation of warrants during 2015 | 1,099 |
Reclassification of warrants to additional paid-in capital upon warrant replacement agreement in November and December 2015 | (822) |
Fair value of warrants at December 31, 2015 | $ 378 |
STOCKHOLDERS' DEFICIT AND CON45
STOCKHOLDERS' DEFICIT AND CONVERTIBLE PREFERRED SHARES (Details 1) | 12 Months Ended | |
Dec. 31, 2015$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 44,518,307 | |
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 | 1,921,642 | |
Exercise price | $ / shares | $ 0.35 | |
Expiration date | Apr. 8, 2016 | |
2011-2012 First Private Placement [Member] | Investor [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 10,090,941 | |
Exercise price | $ / shares | $ 0.35 | |
Expiration date | Oct. 26, 2016 | |
2011-2012 Second Private Placement [Member] | Placement Agents [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 1,374,773 | |
Exercise price | $ / shares | $ 0.31 | |
Expiration date | Apr. 8, 2016 | |
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 | $ / shares | $ 7.50 | |
Expiration date | Oct. 16, 2016 | |
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 | $ / shares | $ 25 | |
Expiration date | Apr. 4, 2016 | |
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 | $ / shares | $ 12.50 | |
Expiration date | Apr. 4, 2016 | |
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 | $ / shares | $ 25 | |
Expiration date | Apr. 4, 2016 | |
September 2014 Private Placement [Member] | Investor [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 1,021,699 | |
Exercise price | $ / shares | $ 0.48 | |
Expiration date | Sep. 23, 2018 | |
September 2014 PPM Warrant Replacement Agreement [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 4,752,147 | |
Exercise price | $ / shares | $ 0.48 | |
Expiration date | Sep. 23, 2018 | |
February 2015 PPM A [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 83,334 | [1] |
Exercise price | $ / shares | $ 0.24 | [1] |
Expiration date | Nov. 25, 2015 | [1] |
February 2015 PPM A [Member] | Finder [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 241,422 | |
Exercise price | $ / shares | $ 0.18 | |
Expiration date | Feb. 25, 2018 | |
February 2015 PPM B [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 2,266,057 | |
Exercise price | $ / shares | $ 0.30 | |
Expiration date | Feb. 25, 2018 | |
February 2015 PPM C [Member] | Finder [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 60,356 | |
Exercise price | $ / shares | $ 0.30 | |
Expiration date | Feb. 25, 2018 | |
February 2015 PPM B 2nd closing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 555,556 | |
Exercise price | $ / shares | $ 0.30 | |
Expiration date | Mar. 16, 2018 | |
May 2015 replacement warrants [member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 1,863,280 | |
Exercise price | $ / shares | $ 0.24 | |
Expiration date | Feb. 15, 2016 | |
May 2015 replacement warrants (PA) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 60,356 | |
Exercise price | $ / shares | $ 0.24 | |
Expiration date | Feb. 15, 2016 | |
July 2015 PPM - 2015 Series A Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 2,375,135 | |
Exercise price | $ / shares | $ 0.35 | |
Expiration date | Jul. 23, 2016 | |
July 2015 PPM - 2015 Series A Warrants [Member] | Finder [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 309,803 | |
Exercise price | $ / shares | $ 0.35 | |
Expiration date | Aug. 28, 2016 | |
July 2015 PPM - 2015 Series B Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 2,500,135 | |
Exercise price | $ / shares | $ 0.40 | |
Expiration date | Jul. 23, 2018 | |
July 2015 PPM - 2015 Series B Warrants [Member] | Finder [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 309,803 | |
Exercise price | $ / shares | $ 0.40 | |
Expiration date | Aug. 28, 2018 | |
July 2015 PPM - 2015 Series B Warrants-2nd Closing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 1,675,305 | |
Exercise price | $ / shares | $ 0.40 | |
Expiration date | Aug. 28, 2018 | |
July 2015 PPM (PA) - 1st Closing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 425,022 | |
Exercise price | $ / shares | $ 0.30 | |
Expiration date | Jul. 23, 2018 | |
July 2015 PPM (PA) - 2015 Series A Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 212,511 | |
Exercise price | $ / shares | $ 0.35 | |
Expiration date | Jul. 23, 2016 | |
July 2015 PPM (PA) - 2015 Series B Warrants - 2nd Closing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 12,067 | |
Exercise price | $ / shares | $ 0.35 | |
Expiration date | Aug. 28, 2016 | |
July 2015 PPM (PA) - 2nd Closing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 212,511 | |
Exercise price | $ / shares | $ 0.40 | |
Expiration date | Jul. 23, 2018 | |
July 2015 PPM - 2015 Series A Warrants-2nd Closing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 1,675,305 | |
July 2015 PPM (PA) - 2015 Second Series B Warrants - 2nd Closing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 12,067 | |
Exercise price | $ / shares | $ 0.40 | |
Expiration date | Aug. 28, 2018 | |
July 2015 PPM Second (PA) - 2nd Closing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 24,135 | |
Exercise price | $ / shares | $ 0.30 | |
Expiration date | Aug. 28, 2018 | |
November 2015 PPM 2015 Series A Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 5,353,787 | |
Exercise price | $ / shares | $ 0.37 | |
Expiration date | Mar. 19, 2017 | |
November 2015 PPM 2015 Series A Warrants [Member] | Finder [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 576,168 | |
Exercise price | $ / shares | $ 0.37 | |
Expiration date | Mar. 19, 2017 | |
November 2015 PPM 2015 Series B Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 2,294,480 | |
Exercise price | $ / shares | $ 0.43 | |
Expiration date | Nov. 19, 2018 | |
November 2015 PPM 2015 Series B Warrants [Member] | Finder [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 246,929 | |
Exercise price | $ / shares | $ 0.43 | |
Expiration date | Nov. 19, 2018 | |
December 2015 PPM Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants outstanding as of December | 1,461,988 | |
Exercise price | $ / shares | $ 0.34 | |
Expiration date | Jun. 24, 2016 | |
[1] | Warrants for which cash has been received by the Company but no securities issued. |
STOCKHOLDERS' DEFICIT AND CON46
STOCKHOLDERS' DEFICIT AND CONVERTIBLE PREFERRED SHARES (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options outstanding at beginning of year, Number of options | 1,317,400 | |
Options granted, Number of options | 9,636,134 | |
Options exercised, Number of options | 6,000 | |
Options expired, Number of options | 172,775 | |
Options forfeited, Number of options | 198,225 | |
Options outstanding at end of year, Number of options | 10,576,534 | 1,317,400 |
Options vested and expected to vest at end of year, Number of options | 9,870,821 | |
Exercisable at end of year, Number of options | 3,975,581 | |
Options outstanding at beginning of year, Weighted average exercise price | $ 6.59 | |
Options granted, Weighted average exercise price | 0.33 | |
Options exercised, Weighted average exercise price | 0.01 | |
Options expired, Weighted average exercise price | 7.78 | |
Options forfeited, Weighted average exercise price | 2.05 | |
Options outstanding at end of year, Weighted average exercise price | 0.94 | $ 6.59 |
Options vested and expected to vest at end of year, Weighted average exercise price | 0.97 | |
Exercisable at end of year, Weighted average exercise price | $ 1.85 | |
Options outstanding at, Weighted average remaining contractual life | 5 years 9 months 18 days | 6 years 11 months 23 days |
Options vested and expected to vest at end of year, Weighted average remaining contractual life | 8 months 1 day | |
Exercisable at end of year, Weighted average remaining contractual life | 5 years 10 months 6 days | |
Options outstanding at beginning of year, Aggregate Intrinsic value | $ 8 | |
Options outstanding at end of year, Aggregate Intrinsic value | 1,264 | $ 8 |
Options vested and expected to vest at end of year, Aggregate Intrinsic value | 1,173 | |
Exercisable at end of year, Aggregate Intrinsic value | $ 441 |
STOCKHOLDERS' DEFICIT AND CON47
STOCKHOLDERS' DEFICIT AND CONVERTIBLE PREFERRED SHARES (Details 3) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility, Minimum | 82.39% | 54.57% |
Volatility, Maximum | 87.28% | 64.74% |
Risk-free interest rate, Minimum | 1.00% | 1.65% |
Risk-free interest rate, Maximum | 1.54% | 2.84% |
Dividend yield | 0.00% | 0.00% |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 8 years 6 months 4 days | 10 years |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 5 years 8 months 5 days | 5 years |
STOCKHOLDERS' DEFICIT AND CON48
STOCKHOLDERS' DEFICIT AND CONVERTIBLE PREFERRED SHARES (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expenses | $ 998 | $ 1,692 |
Cost of revenues [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expenses | 49 | 39 |
Research and Development Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expenses | 185 | 409 |
Sales, marketing and pre-production costs [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expenses | 111 | 29 |
General and administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expenses | $ 653 | $ 1,215 |
STOCKHOLDERS' DEFICIT AND CON49
STOCKHOLDERS' DEFICIT AND CONVERTIBLE PREFERRED SHARES (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Sep. 03, 2015 | May. 05, 2015 | Apr. 08, 2015 | Dec. 24, 2015 | Dec. 17, 2015 | Nov. 19, 2015 | Oct. 22, 2015 | Sep. 21, 2015 | Jul. 23, 2015 | Mar. 16, 2015 | Sep. 23, 2014 | Mar. 30, 2012 | Sep. 17, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Jul. 31, 2015 | Jun. 15, 2015 | Apr. 30, 2015 | Jun. 17, 2014 | Feb. 28, 2013 | Jan. 23, 2012 | |
Class of Stock [Line Items] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 9,636,134 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 0.33 | $ 2.82 | ||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 1,415 | |||||||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 1 month 28 days | |||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,923,636 | |||||||||||||||||||||
Preferred Stock, Liquidation Preference, Value | $ 3,560 | |||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 6,052 | |||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | $ 400 | $ 46 | ||||||||||||||||||||
Proceeds from Warrant Exercises | 453 | 343 | ||||||||||||||||||||
General and Administrative Expense | 2,948 | 3,640 | ||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 304 | |||||||||||||||||||||
Deemed Dividend, Inducement of Warrant Exercise in May 2015 | $ 154 | $ 0 | ||||||||||||||||||||
Stock Issued During Period Warrants Exercised | 1,923,636 | |||||||||||||||||||||
Research and Development Expense | $ 2,565 | 3,943 | ||||||||||||||||||||
Fair Value Adjustment of Warrants | (571) | $ (2,194) | ||||||||||||||||||||
November 2015 Series A Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.37 | |||||||||||||||||||||
Exercisable Term | 16 months | |||||||||||||||||||||
November 2015 Series B Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.43 | |||||||||||||||||||||
Exercisable Term | 36 months | |||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,000,000 | |||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,500,000 | |||||||||||||||||||||
Equity Incentive Plan 2012 [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,748,166 | 572,000 | ||||||||||||||||||||
General and Administrative Expense | $ 514 | |||||||||||||||||||||
Research and Development Expense | $ 77 | |||||||||||||||||||||
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 | 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 | 1,000,000 | |||||||||||||||||||||
2012 Plan Amendment [Member] | Minimum [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,500,000 | |||||||||||||||||||||
2012 Plan Amendment [Member] | Maximum [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 13,425,000 | |||||||||||||||||||||
2012 Plan [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 11,925,000 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 2,360,543 | |||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options issued | 7,345,834 | 1,259,500 | ||||||||||||||||||||
2012 Plan [Member] | Minimum [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years | |||||||||||||||||||||
Service Provider Agreement [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 50,000 | |||||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 400,000 | |||||||||||||||||||||
General and Administrative Expense | $ 16 | $ 118 | ||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 1,526,609 | 176,137 | ||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Convertible Securities | [1] | $ 0 | $ 0 | |||||||||||||||||||
Stock Issued During Period Shares Warrants Exercised | 194,444 | 68,524 | ||||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 300,000 | |||||||||||||||||||||
Stock Issued During Period, Shares, Other | 496,884 | |||||||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 998,403 | |||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | [1] | $ 0 | ||||||||||||||||||||
Deemed Dividend, Inducement of Warrant Exercise in May 2015 | $ 0 | |||||||||||||||||||||
Number Of Shares Authorized For Resale | 11,286,444 | |||||||||||||||||||||
Series A Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Resale Of Maximum Common Stock Underlying Warrants Resale On Registration Statement | 2,821,613 | |||||||||||||||||||||
Series B Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Callable price per share (in dollars per share) | $ 0.80 | |||||||||||||||||||||
Trading Period For Callable Option | 20 days | |||||||||||||||||||||
Resale Of Maximum Common Stock Underlying Warrants Resale On Registration Statement | 2,821,613 | |||||||||||||||||||||
Scientific Advisory Board [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Options issued | 980,800 | 50,000 | ||||||||||||||||||||
Management [Member] | Common Stock [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 2,200,000 | |||||||||||||||||||||
U.S. Members of the Board of Director [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 998,403 | |||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 304 | |||||||||||||||||||||
Board of Directors Chairman [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,752,147 | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.4755 | |||||||||||||||||||||
Warrants Acquired | 4,752,147 | |||||||||||||||||||||
Employees [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 6,308,634 | 652,500 | ||||||||||||||||||||
Consultants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 650,000 | 657,000 | ||||||||||||||||||||
Directors [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,368,000 | |||||||||||||||||||||
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 | $ 0.32 | $ 0.39 | ||||||||||||||||||||
Restricted Stock [Member] | Service Provider Agreement [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 100,000 | |||||||||||||||||||||
Private Placement [Member] | Placement Agents [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Warrants Issued | 96,440 | |||||||||||||||||||||
Exercise Price Per Share | $ 7.50 | |||||||||||||||||||||
Private Placement [Member] | Common Stock [Member] | Placement Agents [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5 | |||||||||||||||||||||
Private Placement [Member] | Series A Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Exercisable Term | 9 months | |||||||||||||||||||||
Exercise Price Per Share | $ 0.24 | |||||||||||||||||||||
Private Placement [Member] | Series B Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Exercisable Term | 36 months | |||||||||||||||||||||
Exercise Price Per Share | $ 0.30 | |||||||||||||||||||||
February 2015 Private Placement [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,881,694 | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.24 | |||||||||||||||||||||
September 2014 Private Placement [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,320,135 | 5,341,834 | ||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 4,096 | |||||||||||||||||||||
Preferred Stock Convertible Into Common Stock | 10,683,662 | |||||||||||||||||||||
Warrants Exercise Price Per Share Adjusted | $ 0.48 | |||||||||||||||||||||
Preferred Units, Issued | 42,350 | |||||||||||||||||||||
Fair Value Adjustment of Warrants | $ 75 | |||||||||||||||||||||
September 2014 Private Placement [Member] | Board of Directors Chairman [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,876,021 | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.4755 | |||||||||||||||||||||
February 2015 Private Placement [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 1,956 | |||||||||||||||||||||
February 2015 Private Placement [Member] | Finders Fee Agreement [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Exercisable Date of Warrants | Feb. 25, 2018 | |||||||||||||||||||||
February 2015 Private Placement [Member] | Finders Fee Agreement [Member] | Exercisable by November 25, 2018 | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Exercisable Date of Warrants | Nov. 25, 2015 | |||||||||||||||||||||
February 2015 Private Placement [Member] | Finders Fee Agreement [Member] | Exercisable by February 25, 2018 | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Exercisable Date of Warrants | Feb. 25, 2018 | |||||||||||||||||||||
February 2015 Private Placement [Member] | Common Stock [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Other | 11,286,444 | |||||||||||||||||||||
February 2015 Private Placement [Member] | Series A Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,821,613 | |||||||||||||||||||||
February 2015 Private Placement [Member] | Series B Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,821,613 | |||||||||||||||||||||
Stock Issued During Period, Shares, Other | 287,500 | |||||||||||||||||||||
February 2015 Private Placement [Member] | Chief Financial Officer [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 207 | |||||||||||||||||||||
February 2015 Private Placement [Member] | Chief Financial Officer [Member] | Common Stock [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Other | 1,150,000 | |||||||||||||||||||||
February 2015 Private Placement [Member] | Chief Financial Officer [Member] | Series A Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Other | 287,500 | |||||||||||||||||||||
February 2015 Private Placement [Member] | Directors [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 200 | |||||||||||||||||||||
February 2015 Private Placement [Member] | Directors [Member] | Common Stock [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Other | 1,111,111 | |||||||||||||||||||||
February 2015 Private Placement [Member] | Directors [Member] | Series A Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Other | 277,778 | |||||||||||||||||||||
February 2015 Private Placement [Member] | Directors [Member] | Series B Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Other | 277,778 | |||||||||||||||||||||
July 2015 Private Placement [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Other | 8,646,203 | |||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 2,325 | |||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 50,000 | |||||||||||||||||||||
Payments of Stock Issuance Costs | $ 122 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Beginning Balance | 439,630 | |||||||||||||||||||||
July 2015 Private Placement [Member] | Placement Agents [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 898,313 | |||||||||||||||||||||
July 2015 Private Placement [Member] | Common Stock [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period Warrants Exercised | 8,350,870 | |||||||||||||||||||||
July 2015 Private Placement [Member] | Series A Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,709,821 | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.35 | |||||||||||||||||||||
Resale Of Maximum Common Stock Underlying Warrants Resale On Registration Statement | 4,400,018 | |||||||||||||||||||||
Exercisable Term | 12 months | |||||||||||||||||||||
July 2015 Private Placement [Member] | Series B Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,709,821 | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.40 | |||||||||||||||||||||
Resale Of Maximum Common Stock Underlying Warrants Resale On Registration Statement | 4,400,018 | |||||||||||||||||||||
Exercisable Term | 36 months | |||||||||||||||||||||
July 2015 Private Placement [Member] | Placement Agent Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 449,157 | |||||||||||||||||||||
Warrants Exercise Price Per Share Adjusted | $ 0.53 | |||||||||||||||||||||
Resale Of Maximum Common Stock Underlying Warrants Resale On Registration Statement | 449,157 | |||||||||||||||||||||
Stock Issued During Period Warrants Exercised | 439,347 | |||||||||||||||||||||
July 2015 Private Placement [Member] | Series A Finders Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.35 | |||||||||||||||||||||
Exercisable Term | 12 months | |||||||||||||||||||||
July 2015 Private Placement [Member] | Series B Finders Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.40 | |||||||||||||||||||||
Exercisable Term | 3 years | |||||||||||||||||||||
July 2015 Private Placement [Member] | Placement Agent Warrants One [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.30 | |||||||||||||||||||||
Exercisable Term | 3 years | |||||||||||||||||||||
July 2015 Private Placement [Member] | Placement Agent Warrants Two [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.35 | |||||||||||||||||||||
Exercisable Term | 1 year | |||||||||||||||||||||
July 2015 Private Placement [Member] | Placement Agent Warrants Three [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.40 | |||||||||||||||||||||
Exercisable Term | 3 years | |||||||||||||||||||||
July 2015 Private Placement [Member] | Chief Financial Officer [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Other | 750,000 | |||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 225 | |||||||||||||||||||||
July 2015 Private Placement [Member] | Chief Financial Officer [Member] | Series A Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 375,000 | |||||||||||||||||||||
July 2015 Private Placement [Member] | Chief Financial Officer [Member] | Series B Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 375,000 | |||||||||||||||||||||
July 2015 Private Placement [Member] | Finders [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 619,606 | |||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 245,333 | |||||||||||||||||||||
July 2015 Private Placement [Member] | Placement Agent [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Warrants Exercise Price Per Share Adjusted | $ 0.45 | |||||||||||||||||||||
Payments of Stock Issuance Costs | $ 181 | |||||||||||||||||||||
July 2015 Private Placement [Member] | Investors [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Warrants Exercise Price Per Share Adjusted | $ 0.64 | |||||||||||||||||||||
Stock Issued During Period Warrants Exercised | 2,307,106 | |||||||||||||||||||||
July 2015 Private Placement [Member] | Chief Operating Officer [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Other | 40,000 | |||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 12 | |||||||||||||||||||||
July 2015 Private Placement [Member] | Chief Operating Officer [Member] | Series A Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 20,000 | |||||||||||||||||||||
July 2015 Private Placement [Member] | Chief Operating Officer [Member] | Series B Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 20,000 | |||||||||||||||||||||
July 2015 Private Placement [Member] | Restricted Stock [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures, Total | 245,333 | |||||||||||||||||||||
Second Private Placement 2011-2012 [Member] | Placement Agents [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.31 | |||||||||||||||||||||
Second Private Placement 2011-2012 [Member] | Placement Agent Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Warrants Exercise Price Per Share Adjusted | $ 0.38 | |||||||||||||||||||||
Stock Issued During Period Warrants Exercised | 311,874 | |||||||||||||||||||||
November 2015 Private Placement [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Proceeds from Issuance of Private Placement | $ 2,924 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Beginning Balance | 439,630 | |||||||||||||||||||||
November 2015 Private Placement [Member] | November 2015 Series A Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 576,168 | |||||||||||||||||||||
November 2015 Private Placement [Member] | November 2015 Series B Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 246,929 | |||||||||||||||||||||
November 2015 Private Placement [Member] | Finders Fee Agreement [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares, Beginning Balance | 439,630 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Exercise Price, Beginning Balance | $ 0.0001 | |||||||||||||||||||||
November 2015 Private Placement [Member] | Common Stock [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Other | 8,031,734 | |||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 383,467 | |||||||||||||||||||||
November 2015 Private Placement [Member] | Common Stock [Member] | Finders Fee Agreement [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 383,467 | |||||||||||||||||||||
November 2015 Private Placement [Member] | Series A Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,929,955 | |||||||||||||||||||||
November 2015 Private Placement [Member] | Series A Warrants [Member] | Finders Fee Agreement [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 576,168 | |||||||||||||||||||||
November 2015 Private Placement [Member] | Series B Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,541,409 | |||||||||||||||||||||
November 2015 Private Placement [Member] | Series B Warrants [Member] | Finders Fee Agreement [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 246,929 | |||||||||||||||||||||
2012 Private Placement | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 53,906 | 15,581 | ||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.35 | |||||||||||||||||||||
2012 Private Placement | Investors And Placement Agent Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 367,526 | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.36 | |||||||||||||||||||||
2012 Private Placement | Placement Agent Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.31 | |||||||||||||||||||||
2011 Private Placement | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 283,068 | 81,840 | ||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.36 | |||||||||||||||||||||
2011 Private Placement | Investors And Placement Agent Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,930,017 | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.45 | |||||||||||||||||||||
2011 Private Placement | Placement Agent Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.38 | |||||||||||||||||||||
2011-2012 Private Placement | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 13,159 | |||||||||||||||||||||
2011-2012 Private Placement | Placement Agent Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Warrants Issued | 249,977 | |||||||||||||||||||||
December 2015 Private Placement [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Proceeds from Warrant Exercises | $ 500 | |||||||||||||||||||||
December 2015 Private Placement [Member] | December 2015 Warrants [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,461,988 | |||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,461,988 | |||||||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.34 | |||||||||||||||||||||
Exercisable Term | 6 months | |||||||||||||||||||||
Finder Fee [Member] | February 2015 Private Placement [Member] | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Payments for Fees | $ 43 | |||||||||||||||||||||
Stock to be Issued Upon Exercise of Warrants | 241,423 | |||||||||||||||||||||
Exercise Price Per Share | $ 0.18 | |||||||||||||||||||||
Finder Fee [Member] | February 2015 Private Placement [Member] | Exercisable by November 25, 2018 | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock to be Issued Upon Exercise of Warrants | 60,356 | |||||||||||||||||||||
Exercise Price Per Share | $ 0.24 | |||||||||||||||||||||
Finder Fee [Member] | February 2015 Private Placement [Member] | Exercisable by February 25, 2018 | ||||||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||||||
Stock to be Issued Upon Exercise of Warrants | 60,356 | |||||||||||||||||||||
Exercise Price Per Share | $ 0.30 | |||||||||||||||||||||
[1] | Represents an amount lower than $1. |
FAIR VALUE MEASURMENTS (Details
FAIR VALUE MEASURMENTS (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Investors Warrants [Member] | Private Placement Warrants 2011-2012 [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Risk-free interest rate | [1] | 0.60% | 0.59% |
Expected volatility | [2] | 74.64% | 47.72% |
Expected life (in years) | [3] | 9 months 25 days | 1 year 9 months 25 days |
Expected dividend yield | [4] | 0.00% | 0.00% |
Fair value per warrant | $ 0.17 | $ 1.05 | |
Investors Warrants [Member] | September 2014 Private Placement [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Risk-free interest rate | [1] | 1.24% | 1.42% |
Expected volatility | [2] | 158.68% | 48.75% |
Expected life (in years) | [3] | 2 years 8 months 23 days | 4 years |
Expected dividend yield | [4] | 0.00% | 0.00% |
Fair value per warrant | $ 0.37 | $ 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 | [1] | 0.19% | 0.36% |
Expected volatility | [2] | 86.65% | 46.46% |
Expected life (in years) | [3] | 3 months 7 days | 1 year 3 months 7 days |
Expected dividend yield | [4] | 0.00% | 0.00% |
Placement Agent Warrants [Member] | Private Placement Warrants 2011-2012 [Member] | Maximum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value per warrant | $ 0.18 | $ 1.06 | |
Placement Agent Warrants [Member] | Private Placement Warrants 2011-2012 [Member] | Minimum [Member] | |||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair value per warrant | $ 0.14 | $ 0.83 | |
[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 the Company and other 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 (Detai51
FAIR VALUE MEASURMENTS (Details 1) - Private Placement [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |
Balance at December 31, 2014 | $ 4,003 |
Exchange of warrants in November-December 2015 (see also Note 9j) | (822) |
Change in fair value of warrants during the period | (571) |
Balance at December 31, 2015 | $ 2,610 |
FAIR VALUE MEASURMENTS (Detai52
FAIR VALUE MEASURMENTS (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended |
Mar. 30, 2012 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Outstanding warrants | 44,518,307 | |
2011-2012 Placement Agent And Investor [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Exercise Price Of Warrants Adjusted | $ 0.30 | |
2011-2012 Placement Agent And Investor [Member] | Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Exercise Price Of Warrants Adjusted | $ 0.35 | |
2011-2012 Investor [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stock To Be Issued Upon Conversion Of Warrants Additional Issue | 9,626,982 | |
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 | 1,289,376 | |
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 | 1,833,624 | |
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 Placement Agent [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] | Private Placement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stock To Be Issued Upon Conversion Of Warrants | 96,440 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5 | |
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 | |
Proceeds from Issuance of Private Placement (in dollars) | $ 2,461 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 7.50 | |
Warrants Issued | 492,200 | |
Warrants Measured At Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Outstanding warrants | 14,409,055 |
SELECTED STATEMENTS OF OPERAT53
SELECTED STATEMENTS OF OPERATIONS DATA (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Selected Statements Of Operations Data [Line Items] | ||
Payroll, office and related | $ 1,150 | $ 945 |
Legal and professional fees | 408 | 1,103 |
Stock-based compensation | 1,169 | 1,215 |
Issuance of Common Stock and warrants to service provider | 134 | 0 |
Other | 87 | 377 |
Total General and administrative | $ 2,948 | $ 3,640 |
SELECTED STATEMENTS OF OPERAT54
SELECTED STATEMENTS OF OPERATIONS DATA (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Selected Statements Of Operations Data [Line Items] | ||
Bank charges | $ 22 | $ 23 |
Foreign currency translation adjustments | (7) | 33 |
Issuance cost related to warrants to investors and service provider | 0 | 533 |
Consideration granted to the February 2014 investors from exchange agreement | 0 | 3,124 |
Change in fair value of warrants | (571) | (2,194) |
Total financial expenses (income), net | $ (556) | $ 1,519 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 29, 2016 | Jan. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | ||||
Proceeds from Warrant Exercises | $ 453 | $ 343 | ||
Proceeds From Issuance Of Common Stock and Warrants | $ 7,075 | $ 3,754 | ||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,923,636 | |||
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 814,377 | 100,000 | ||
Proceeds from Warrant Exercises | $ 116 | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,249,001 | |||
Stock to be Issued Upon Exercise of Warrants | 765,861 | |||
Subsequent Event [Member] | Chief Financial Officer [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 287,500 | |||
Proceeds From Issuance Of Common Stock and Warrants | $ 69 | |||
Subsequent Event [Member] | Board of Director and Officer [Member] | ||||
Subsequent Event [Line Items] | ||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 177,216 |