LIABILITY RELATED TO WARRANTS (Tables)

12 Months Ended

Dec. 31, 2013

Fair Value Disclosures [Abstract]

Warrants Fair Value [Table Text Block]

In estimating the warrants' fair value, the Company used the following assumptions:

Investors warrants:

		December 31, 2013			December 31, 2012			Issuance date
Risk-free interest rate (1)		0.70	%		0.51	%		1.2	%
Expected volatility (2)		52.09	%		70	%		80	%
Expected life (in years) (3)		2.82			3.82			5
Expected dividend yield (4)		0	%		0	%		0	%
Fair value Warrants	$	0.74		$	0.81		$	0.39

Placement agent warrants:

 

	December 31, 2013			December 31, 2012			Issuance date
Risk-free interest rate (1)		50	%		41	%		86	%
Expected volatility (2)		51	%		59	%		75	%
Expected life (in years) (3)		2.25			3			3.93
Expected dividend yield (4)		0	%		0	%		0	%
Fair value Warrants	$	0.67 – 0.83		$	0.65-0.79		$	0.31-0.32

(1) Risk-free interest rate - based on yield rates of non-index linked U.S. Federal Reserve treasury bonds.

(2) Expected volatility - was calculated based on actual historical stock price movements of companies in the same industry over a term that is equivalent to the expected term of the option.

(3) Expected life - the expected life was based on the maturity 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, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

     Fair value measurements using significant unobservable inputs (Level 3):

	Fair value
	of liability related to warrants
Balance at August 11, 2011 (inception date)	$	-
Fair value of warrants to investors and service provider		680,230
Change in fair value of warrants		(15,867)
Balance at December 31, 2011		664,363
Fair value of warrants to investors and service provider		547,000
Change in fair value of warrants		1,606,378
Balance at December 31, 2012	$	2,817,741
Change in fair value of warrants		293,542
Exercise of warrants (*)		(415,232)
Balance at December 31, 2013	$	2,696,051

(*)  During the year ended December 31, 2013, 141,305 and 88,485 investors and placement agent warrants, respectively, were exercised for a total amount of 194,146 Common Stock of the Company (See also Note 9g).