Contingencies

9 Months Ended

Sep. 30, 2015

Contingencies [Abstract]

CONTINGENCIES

NOTE 6 - CONTINGENCIES:

1. In October 2015, CYSEC imposed a fine of $382 thousand against the Company. The fine was imposed pursuant the Investment Services and Activities and Regulated Markets Law of 2007, as in force, for non-compliance with the several provisions of such law.

The Company has the legal right, and intends, to appeal the CYSEC decision to the Supreme Court of Cyprus within 75 days from the date of the decision. A full provision has been recorded in the consolidated the financial statements.

2. The Company evaluates estimated losses for indemnifications due to product infringement under FASB Topic ASC 450 "Contingencies". At this time, it is not possible to determine the maximum potential amount under these indemnification clauses due to lack of prior indemnification claims and the unique facts and circumstances involved in each particular agreement. Such indemnification agreements may not be subject to maximum loss clauses. Historically, the Company has not incurred material costs as a result of obligations under these agreements and has not accrued any liabilities related to such indemnification obligations in the Company’s financial statements.