RELATED PARTIES

3 Months Ended

Mar. 31, 2015

RELATED PARTIES [Abstract]

RELATED PARTIES

NOTE 10 - RELATED PARTIES:

a. During the three month period ended March 31, 2015, the Company's chief executive officer was granted options to purchase 307,736 shares of common stock at an exercise price of $0.72 per share, as well as 517,583 shares of restricted stock. Of the 517,583 shares of restricted stock, 312,500 were in lieu of salary as part of his amendment for his base salary to be paid 50% in cash payments with the remaining 50% to be paid in an equivalent amount of shares of restricted common stock. See Note 4.

b. During the three month period ended March 31, 2015, directors of the Company were granted options to purchase an aggregate of 733,012 shares of common stock at exercise prices ranging from $0.32-$0.78, of which, 425,059 were in lieu of cash compensation that was owed to them for their servcies as directors for the third and fourth quarters of 2014 and the first quarter of 2015. See Note 4a.