Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2014

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

NOTE 3:- COMMITMENTS AND CONTINGENT LIABILITIES

a. Liens:

The Company has several liens granted to financial institutions mainly to secure various operating lease agreements in connection with its office space.

b. Lease Commitments:

The Company rents its facilities in all locations under operating leases with lease periods expiring from 2014 - 2016. The lease agreements of VSL include extension options. VSL leases cars for its employees under operating lease agreements expiring at various dates from 2014 – 2016

Aggregate minimum rental commitments under non-cancelable leases as of March 31, 2014 for the upcoming years were as follows:

	Unaudited
2014	$	1,463
2015		1,000
2016		844
	$	3,307

Total rent expenses for the period ended March 31, 2014 and the year ended December 31, 2013 were $ 501, and $ 1,636, respectively.

c. Pursuant to the amended loan and security agreement between the Company and TriplePoint Capital LLC (“TriplePoint”), which was entered into on May 21, 2013, the Company has a credit line of up to $15,000 which is available to be drawn down until June 30, 2015. Such credit line is secured by a first priority security interest in substantially all of the Company’s assets other than its Intellectual Property. Any advances withdrawn will bear interest at the Prime Rate (which shall not be less than 3.25% annually) plus 6.25%. As of March 31, 2014, that rate amounted to 9.50%. As of March 31, 2014, the entire amount is available to be drawn as the Company did not utilize the credit line, and, therefore, no interest expenses were recorded during the three month period ended March 31, 2014.

d. On March 31, 2014, the Company entered into a promissory note and related loan documents with Bank Leumi USA allowing the Company to borrow up to $7,000 against certain of its accounts receivable outstanding amount, based on several conditions, at an annual interest rate of the Wall Street Journal Prime Rate less 0.15%. As of March 31, 2014 that rate amounted to 3.1%. This promissory note enables the Company to engage in foreign currency forward contracts with Bank Leumi USA to manage the Company’s exposure to foreign currency risk without restricted cash requirements. Amounts may be borrowed under the promissory note until March 31, 2015 at which time the principal sum of each such loan, together with accrued and unpaid interest payable, will become due and payable. As of March 31, 2014, the Company did not borrow any amounts under the promissory note, and, as such, apart from the fees described above, no additional interest expense has been recorded.