STOCKHOLDERS' DEFICIT (Tables)
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12 Months Ended |
Dec. 31, 2013
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Equity [Abstract] |
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Schedule of Stockholders Equity Note, Warrants or Rights [Table Text Block] |
The table below summarizes the outstanding warrants as of December 31, 2013: | | Warrants outstanding as of December 31, 2013 | | Exercise price | | Expiration date | | | | | | $ | | | | | | | | | | | | Investors of the 2011-2012 Private Placement (**) | | 2,690,712 | | 1.30 | | October 26, 2016 | | Placement agent of the 2011-2012 Private Placement (*) (**) | | 434,480 | | 1.00 | | April 8, 2016 | | Placement agent of the 2011-2012 Private Placement (*) (**) | | 513,890 | | 1.30 | | April 8, 2016 | | October 2012 Private Placement FINRA member (*) | | 148,192 | | 1.50 | | October 16, 2016 | | August 2012 Private Placement | | 658,019 | | 1.00 | | April 8, 2014 | | August 2012 Private Placement | | 750,019 | | 1.00 | | April 8, 2015 | | April-May 2013 Private Placement | | 2,000,000 | | 5.00 | | April 4, 2016 | | Placement agent of the April-May 2013 Private Placement (*) | | 400,000 | | 2.50 | | April 4, 2016 | | Placement agent of the April-May 2013 Private Placement (*) | | 200,000 | | 5.00 | | April 4, 2016 | | Consulting Agreement | | 200,000 | | 1.50 | | October 7, 2014 | | Consulting Agreement | | 250,000 | | 1.50 | | April 8, 2015 | | | | | | | | | | Total outstanding | | 8,245,312 | | | | | | | (*) | Contain a "cashless exercise" feature | | (**) | Including certain non-standard anti-dilutive provisions (see also Note 6) | |
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, 2013, were as follows: | | Number of options | | Weighted average exercise price | | Weighted average remaining contractual life | | Intrinsic value | | | | | | $ | | Years | | $ | | | | | | | | | | | | Options outstanding at beginning of year | | 2,100,000 | | 0.32 | | 7.69 | | 1.18 | | Options granted | | 3,013,250 | | 2.13 | | | | | | Options exercised | | 15,000 | | 0.00 | | | | | | Options expired | | - | | - | | | | | | Options forfeited | | 369,500 | | 1.53 | | | | | | | | | | | | | | | | Options outstanding at end of year | | 4,728,750 | | 1.38 | | 7.69 | | 0.62 | | | | | | | | | | | | Options vested and expected to vest at end of year | | 3,394,500 | | 1.12 | | 7.03 | | 0.74 | | | | | | | | | | | | Exercisable at end of year | | 3,410,750 | | 1.13 | | 7.07 | | 0.74 | | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
The following table presents the assumptions used to estimate the fair values of the options granted in the period presented: | | Year ended December 31, 2013 | | Year ended December 31, 2012 | | | | | | | | Volatility | | 58.63%-75.77% | | 49.9%-75.1% | | Risk-free interest rate | | 0.33%-2.98% | | 0.37%-0.96% | | Dividend yield | | 0% | | 0% | | Expected life (years) | | 2.7-9.72 | | 2.5-5 | | |
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, 2013 and 2012 was comprised as follows: | | Year ended December 31, 2013 | | Year ended December 31, 2012 | | | | | | | | | | Research and development | | $ | 611,595 | | $ | 173,740 | | Marketing and pre-production costs | | | 213,260 | | | - | | General and administrative | | | 2,388,415 | | | 390,403 | | | | | | | | | | Total stock-based compensation expenses | | $ | 3,213,270 | | $ | 564,143 | | |